Delaware Group Income Funds NCSR Certified annual shareholder report (management investment company)

Delaware Group Income Funds N-CSRCertified 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:	610 Market Street Philadelphia, PA 19106

Name and address of agent for service:	David F. Connor, Esq. 610 Market Street Philadelphia, PA 19106

Registrant’s telephone number, including area code:	(800) 523-1918

Date of fiscal year end:	July 31

Date of reporting period:	July 31, 2022

Item 1. Reports to Stockholders

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Annual report

Fixed income mutual funds

Delaware Corporate Bond Fund

Delaware Extended Duration Bond Fund

July 31, 2022

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

You can obtain shareholder reports and prospectuses online instead of in the mail.
Visit delawarefunds.com/edelivery.

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Experience Delaware Funds by Macquarie^®

Macquarie Asset Management (MAM) is a global asset manager that aims to deliver positive impact for everyone. MAM Public Investments traces its roots to 1929 and partners with institutional and individual clients to deliver specialist active investment capabilities across global equities, fixed income, and multi-asset solutions using a conviction-based, long-term approach to investing. In the US, retail investors recognize our Delaware Funds by Macquarie family of funds as one of the oldest mutual fund families.

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

You can learn more about Delaware Funds or obtain a prospectus for Delaware Corporate Bond Fund and Delaware Extended Duration Bond Fund at delawarefunds.com/literature.

Manage your account online

●	Check your account balance and transactions
●	View statements and tax forms
●	Make purchases and redemptions

Visit delawarefunds.com/account-access.

Macquarie Asset Management (MAM) is the asset management division of Macquarie Group. MAM is a full-service asset manager offering a diverse range of products across public and private markets including fixed income, equities, multi-asset solutions, private credit, infrastructure, renewables, natural assets, real estate, and asset finance. The Public Investments business is a part of MAM and includes the following investment advisers: Macquarie Investment Management Business Trust (MIMBT), Macquarie Funds Management Hong Kong Limited, Macquarie Investment Management Austria Kapitalanlage AG, Macquarie Investment Management Global Limited, Macquarie Investment Management Europe Limited, and Macquarie Investment Management Europe S.A.

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

Other than Macquarie Bank Limited ABN 46 008 583 542 ("Macquarie Bank"), any Macquarie Group entity noted in this document is not an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these other Macquarie Group entities do not represent deposits or other liabilities of Macquarie Bank. Macquarie Bank does not guarantee or otherwise provide assurance in respect of the obligations of these other Macquarie Group entities. In addition, if this document relates to an investment, (a) the investor is subject to investment risk including possible delays in repayment and loss of income and principal invested and (b) none of Macquarie Bank or any other Macquarie Group entity guarantees any particular rate of return on or the performance of the investment, nor do they guarantee repayment of capital in respect of the investment.

The Funds are governed by US laws and regulations.

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Unless otherwise noted, views expressed herein are current as of July 31, 2022, and subject to change for events occurring after such date.

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

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

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

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Portfolio management review

Delaware Corporate Bond Fund and
Delaware Extended Duration Bond Fund	July 31, 2022 (Unaudited)

Performance preview (for the year ended July 31, 2022)
Delaware Corporate Bond Fund (Institutional Class shares)	1-year return	-13.69	%
Delaware Corporate Bond Fund (Class A shares)	1-year return	-13.91	%
Bloomberg US Corporate Investment Grade Index (benchmark)	1-year return	-12.61	%

Past performance does not guarantee future results.

For complete, annualized performance for Delaware Corporate Bond Fund, please see the table on page 7. Institutional Class shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Institutional Class shares pay no distribution and service fee.

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

Please see page 10 for a description of the index. Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

Delaware Extended Duration Bond Fund (Institutional Class shares)	1-year return	-19.90	%
Delaware Extended Duration Bond Fund (Class A shares)	1-year return	-20.07	%
Bloomberg Long US Corporate Index (benchmark)	1-year return	-19.79	%

Past performance does not guarantee future results.

For complete, annualized performance for Delaware Extended Duration Bond Fund, please see the table on page 12. Institutional Class shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Institutional Class shares pay no distribution and service fee.

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

Please see page 15 for a description of the index. Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

Investment objectives

The Funds seek to provide investors with total return.

Market review

The first five months of the Funds’ fiscal year ended July 31, 2022 – August through December 2021 – can best be described as calm, with little movement in rates. Although the overall economic environment was slowing after the superheated recovery that characterized the latter half of the previous fiscal period, economic fundamentals were still sound. The one concern that many investors shared was inflation.

When the fiscal year began, the US Federal Reserve noted various pressures on prices and concluded that inflation was real but transitory. As 2022 began, however, it became apparent to all that inflation was severe and sticky, owing to a combination of labor shortages, low unemployment, high consumer demand, and supply chain shortages.

As did many investors, we foresaw that the Fed would react by raising rates. What we did not anticipate was just how fast, steep, and tenacious those increases would be. Many investors expected that rates would rise gradually and were surprised by the Fed’s pace of hikes that began with a

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Portfolio management review
Delaware Corporate Bond Fund and
Delaware Extended Duration Bond Fund

0.25-percentage-point increase in mid-March followed by a 0.50-percentage-point hike in early May and increases of 0.75 percentage points in both mid-June and late July. That said, we believe the Fed appears to have made the right call. Though the Fed was initially constrained by the need to reduce its balance sheet, by the time it acted, a more aggressive approach seemed necessary.

The Russia-Ukraine war and China’s economic lockdowns to prevent the spread of COVID-19 also surprised investors. Both caused severe disruptions of the global supply chain, putting significant pressure on inflation. The world learned an expensive lesson on just how important Ukraine is to the global supply of agricultural and energy products. While less surprising, the disruption in the supply of Russian energy was also painful. The problems in China were unexpected as the spread of the virus began to increase despite the onset of warmer weather. Rather than take a more moderate approach to managing the virus as many observers had predicted, China reacted with a broad swath of shutdowns that sharply curtailed industrial output.

All three events – the Fed’s aggressive response to inflation, the Russia-Ukraine war, and China’s zero-COVID policy – had a dramatic effect on bond markets in the latter half of the Funds' fiscal year. Driven primarily by rates and inflation, the first half of 2022 was the corporate bond market’s worst opening six months of any calendar year on record. This was attributable mainly to duration, a measure of a portfolio’s sensitivity to higher interest rates. The longer the duration of a portfolio, the more sensitive it is to higher rates.

As 2022 progressed, we saw significant rate volatility. When the Fed began raising rates aggressively, and investors began talking of an imminent recession, spreads reacted negatively and began to widen. The 10-year Treasury yield rose from 1.51% at December 31, 2021 to 2.65% at end of July 2022, an increase of 114 basis points (or 1.14 percentage points), which sharply stung long-duration credits. While spreads in the investment grade market increased only about 45 to 50 basis points, the combination of rising rates and widening spreads was both unusual and painful to investors.

Looking at the relative performance of investment grade versus high yield securities, duration was the key differentiator, with the activity from January through July 2022 driving results for the entire fiscal year. High yield performed much better than investment grade, with most of the damage in the investment grade market resulting more from duration than from widening spreads. Because high yield tends to be a shorter-duration asset class, it held up better. Given the perception that the corporate finance world is in good shape, with solid credit metrics and profit margins, investment grade credits tend to be longer duration. The result was a 12.6% decline for investment grade bonds, as measured by the Bloomberg US Corporate Investment Grade Index, for the fiscal year. High yield bonds, as measured by the Bloomberg US Corporate High-Yield Index, declined 8.0%, about two-thirds of investment grade’s loss.

Issuance in 2021 was the second-highest annual total ever, behind only the record pace set in 2020. While tapering off somewhat in 2022, it remained stronger than we would have expected. At July 31, 2022, year-to-date issuance was running about 15% below the previous year’s torrid pace. With rate hikes looming, however, many companies rushed to obtain financing before rates could rise even higher. So even though issuance was down, it was generally higher than anticipated. Some

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sectors, notably banking, unexpectedly flooded the market with new issuance.

As difficult as the first half of 2022 was, there was some good news for bond investors. Throughout the first half of the Funds’ fiscal year and well into the second half, corporate profitability was never higher, with record-setting margins and healthy cash flows. From a fundamental standpoint, the corporate bond market was extremely healthy. We entered 2022 with the expectation that credit upgrades would outnumber downgrades, and this proved to be true. Even at fiscal year-end, despite the worries of recession, credit upgrades were still outpacing downgrades. We think that may continue into 2023.

Source: Bloomberg.

Within the Funds

For the fiscal year ended July 31, 2022, Delaware Corporate Bond Fund underperformed its benchmark, the Bloomberg US Corporate Investment Grade Index. The Fund’s Institutional Class shares returned -13.69%. The Fund’s Class A shares returned -13.91% at net asset value and -17.83% at maximum offer price. These figures reflect all distributions reinvested. During the same period, the benchmark returned -12.61%. For complete, annualized performance of Delaware Corporate Bond Fund, please see the table on page 7.

During the same period, Delaware Extended Duration Bond Fund underperformed its benchmark, the Bloomberg Long US Corporate Index. The Fund’s Institutional Class shares returned -19.90%. The Fund’s Class A shares returned -20.07% at net asset value and -23.71% at maximum offer price. These figures reflect all distributions reinvested. During the same period, the benchmark returned -19.79%. For complete, annualized performance of Delaware Extended Duration Bond Fund, please see the table on page 12.

Duration was the chief factor in the underperformance of both Funds. Given the overweight to BBB-rated spread duration of the Funds’ holdings, higher interest rates drove the price of credits held in the portfolios sharply lower. Somewhat offsetting that, both Funds benefited from out-of-benchmark investments in high yield (non-investment-grade) securities, which generally outperformed their investment grade counterparts for the fiscal year by virtue of their lower-duration nature. The Funds are each allowed to invest up to 20% of their assets in high yield securities; each maintained a portfolio allocation that varied throughout the fiscal year, as described later.

The fiscal year was an unusual period for the Funds, in our view. Although we believe that most of the underperformance was attributable to rising rates and higher duration, we acknowledge that credit spreads widened meaningfully as well. It is rare to see rates rise and spreads widen at the same time. Usually spreads increase in the face of a potential recession and consequently weigh on issuers’ earnings. But this year, rates and spreads moved in the same direction, resulting in the corporate bond market’s worst start to a calendar year in its history.

Delaware Corporate Bond Fund

Although the Fund performed fairly well in the latter part of 2021, we knew that valuations were rich coming into 2022. At the same time, credit fundamentals and credit metrics were still extremely strong, and we wanted the Fund to own bonds that exhibited higher yields or had higher spreads than the overall benchmark. We still believed there was a long

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Portfolio management review
Delaware Corporate Bond Fund and
Delaware Extended Duration Bond Fund

runway before the Fed would become aggressive in raising rates. And of course, we did not anticipate the Russia-Ukraine war. So, we began 2022 with the assumption that the best way to add performance in this environment was through higher yield, given that we did not expect further price appreciation or spread compression, either of which would also have contributed to performance, if available. We purchased credits that had higher spreads and higher yields, believing that the strong economic backdrop would afford us some time for the Fund to benefit from this strategy.

When sentiment turned, however, the Fund’s positions were affected more than those in the benchmark, which contained higher-quality credits with less income, less spread, and less yield, the types of credits that we would not have gravitated toward unless the economy were signaling problems ahead. We got no such signals in January and February. Our attempt to achieve a higher yield and carry higher spreads than the benchmark was the source of a large part of the Fund’s underperformance.

On a more granular level, the banking sector detracted the most from the Fund’s performance. Ironically, the credit quality in the banking industry has generally been pristine, much stronger today than it was during the recession of 2008-2009. The Fund underperformed entirely due to security selection. In an effort to add yield, we invested in longer-duration and subordinated instruments, under the assumption that fundamentals were strong and valuations were attractive, in our view, relative to other sectors. As the year progressed, however, the combination of higher rates and longer duration proved detrimental for such a strategy. Banking credits that the Fund owned included Credit Suisse Group AG and Deutsche Bank AG.

Aside from banking, the remainder of the financial sector also detracted significantly from performance, again mainly during the latter half of the fiscal year. Although the Fund’s holdings were primarily BBB-rated credits (investment grade), life insurers were more volatile than the overall market because of capital market volatility. Aircraft lessors underperformed as some bonds had exposure to Russian aircraft that could not be seized after the outbreak of war in Ukraine. Real estate investment trusts (REITs) also lagged mainly due to rate volatility. Fund holdings in the sector included life insurer Brighthouse Financial Inc. and retirement services provider Athene Holding Ltd., which merged into Apollo Global Management during the fiscal year.

Among contributors to performance during the period, the Fund’s overweight in energy, particularly midstream and production, was beneficial. While we didn’t expect oil prices to reach, much less exceed, $100 a barrel, the Fund did benefit from the increase. Cheniere Energy Inc., a producer of liquefied natural gas; Devon Energy Corp., an exploration company; and ONEOK Inc., a midstream service provider, were among the Fund’s holdings in the sector.

The Fund likewise benefited from its transportation holdings, particularly airlines, including Delta Air Lines Inc. and United Airlines Holdings Inc. We recognize that airlines could struggle in a recession, but the Fund’s holdings have shorter duration and what we view as an attractive structure that includes collateral packages.

In addition, the Fund’s out-of-benchmark allocation to risk-free assets, including Treasurys and short-duration sectors, such as

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bank loans and convertibles, contributed to performance during the fiscal year.

Most of the changes that we made to the Fund’s portfolio occurred in the second half of the fiscal year. Once higher rates and wider spreads had done material damage to the asset class, we sought to increase the credit quality of the Fund. With prices at historic lows, we began buying lower-priced bonds. The asset class experienced some of the lowest dollar prices on securities in the past 30 to 40 years. Consequently, the decision to buy bonds of high-quality issuers at historically low prices appeared to us to be an attractive opportunity.

At fiscal year end, the Fund was positioned with 90% of its assets in investment grade securities and the balance in high yield. Earlier in the fiscal year, the Fund had as much as 15% in high yield. We also reduced the Fund’s BBB-rated allocation within investment grade, having moved up in quality within the asset class.

During the fiscal year, the Fund held a small position in credit default swaps on the investment grade index as a temporary hedge given valuations and technicals we observed in the market. The Fund also held a small position in credit default swaps on the investment grade index via options as a way to add incremental income with upside potential for performance gains. Neither position had a material impact on the Fund’s performance.

Delaware Extended Duration Bond Fund

Delaware Extended Duration Bond Fund is designed to provide investors with access to the long end of the US investment grade corporate market. The management of the Fund is strategically like that of Delaware Corporate Bond Fund. As many companies do not issue longer-duration bonds, however, we identify additional opportunities as needed to complete the Fund’s portfolio.

On a sector basis, financials were a leading detractor from performance as higher interest rates roiled capital markets and, in turn, life insurance companies, including Brighthouse Financial Inc. and Athene Holding Ltd., mentioned earlier. The Fund also had exposure to several aircraft lessors, who were blindsided by the outbreak of war in Ukraine. Economic sanctions imposed on Russia made it impossible for lessors to collect payments or reclaim aircraft, and those credits suffered.

The Fund also held bonds issued by chemical companies in the industrials sector. These were typically long duration and given the overweight positions, it detracted from performance during the fiscal year. Fund holdings included petrochemical producer Westlake Corp. and coatings manufacturer The Sherwin-Williams Co.

The Fund’s exposure to long Treasury futures used to control duration also detracted from performance. The Fund was invested in securities issued by banks and aircraft lessors, and in bank loans and high yield bonds. While these are often strong-performing securities, they are typically issued in the intermediate part of the yield curve that is not consistent with an extended duration portfolio. We use Treasury futures to add duration to the Fund’s portfolio, offsetting the shorter-duration credits. In this case, the long-duration futures show as detractors from performance, even as the underlying securities, in many cases, outperformed by virtue of being in the right spot on the curve.

As was the case with Delaware Corporate Bond Fund, the Fund benefited from investments in airlines Delta Air Lines Inc. and United Airlines Holdings Inc. The Fund also benefited from several high yield credits

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Portfolio management review
Delaware Corporate Bond Fund and
Delaware Extended Duration Bond Fund

including US Foods Inc., a food service distributor, and NCR Corp., a developer and supplier of point-of-sale systems and services for retailers.

At the end of the fiscal year, approximately 9% of the Fund’s portfolio was invested in high yield credits and bank loans, down from a peak exposure of about 13% in high yield earlier in the period. The remainder of the portfolio was invested in investment grade securities, where we have reduced the Fund’s position in BBB-rated bonds somewhat to go higher in quality, given the dramatic dollar-price drops that have taken place. The average dollar price in the Fund’s portfolio at the close of the period was $80, compared with the benchmark’s average price of $93.

During the period, the Fund made minimal use of Treasury futures to hedge out unwanted exposures to the Treasury yield curve. The Fund also held a small position in credit default swaps on the investment grade index as a temporary hedge given valuations and technicals we observed in the market. Lastly, the Fund held a small position in credit default swaps on the investment grade index via options as a way to add incremental income with upside potential for performance gains. None of these positions had a material impact on the Fund’s performance.

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Performance summaries
Delaware Corporate Bond Fund	July 31, 2022 (Unaudited)

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

Fund and benchmark performance^1,2	Average annual total returns through July 31, 2022
	1 year			5 year			10 year			Lifetime
Class A (Est. September 15, 1998)
Excluding sales charge		-13.91	%		+1.67	%		+2.74	%		+5.55	%
Including sales charge		-17.83	%		+0.73	%		+2.28	%		+5.35	%
Class C (Est. September 15, 1998)
Excluding sales charge		-14.55	%		+0.91	%		+1.98	%		+4.77	%
Including sales charge		-15.38	%		+0.91	%		+1.98	%		+4.77	%
Class R (Est. June 2, 2003)
Excluding sales charge		-14.26	%		+1.41	%		+2.47	%		+4.63	%
Including sales charge		-14.26	%		+1.41	%		+2.47	%		+4.63	%
Institutional Class (Est. September 15, 1998)
Excluding sales charge		-13.69	%		+1.92	%		+3.00	%		+5.82	%
Including sales charge		-13.69	%		+1.92	%		+3.00	%		+5.82	%
Class R6 (Est. January 31, 2019)
Excluding sales charge		-13.78	%		—			—			+2.62	%
Including sales charge		-13.78	%		—			—			+2.62	%
Bloomberg US Corporate Investment
Grade Index		-12.61	%		+1.78	%		+2.65	%		+4.83	%*

*	The benchmark lifetime return is for Institutional Class share comparison only and is calculated using the last business day in the month of the Fund’s Institutional Class inception date.
¹	Returns reflect the reinvestment of all distributions and are presented both with and without the applicable sales charges described below. Returns do not reflect the deduction of taxes the shareholder would pay on Fund distributions or redemptions of Fund shares.

Expense limitations were in effect for certain classes during some or all of the periods shown in the “Fund and benchmark performance” table. Expenses for each class are listed in the “Fund expense ratios” table on page 9. Performance would have been lower had expense limitations not been in effect.

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

Class A shares are sold with a maximum front-end sales charge of 4.50%, and have an annual 12b-1 fee of 0.25% of average daily net assets.

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Performance summaries
Delaware Corporate Bond Fund

Performance for Class A shares, excluding sales charges, assumes that no front-end sales charge applied.

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

Class R shares are available only for certain retirement plan products. They are sold without a sales charge and have an annual 12b-1 fee of 0.50% of average daily net assets.

Class R6 shares are available only to certain investors. In addition, Class R6 shares do not pay any service fees, sub-accounting fees, and/or sub-transfer agency fees to any brokers, dealers, or other financial intermediaries. Class R6 shares pay no 12b-1 fee.

Fixed income securities and bond funds can lose value, and investors can lose principal as interest rates rise. They also may be affected by economic conditions that hinder an issuer’s ability to make interest and principal payments on its debt. This includes prepayment risk, the risk that the principal of a bond that is held by a portfolio will be prepaid prior to maturity at the time when interest rates are lower than what the bond was paying. A portfolio may then have to reinvest that money at a lower interest rate.

High yielding, non-investment-grade bonds (junk bonds) involve higher risk than investment grade bonds. The high yield secondary market is particularly susceptible to liquidity problems when institutional investors, such as mutual funds and certain other financial institutions, temporarily stop buying bonds for regulatory, financial, or other reasons. In addition, a less liquid secondary market makes it more difficult to obtain precise valuations of the high yield securities.

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

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

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

International investments entail risks including fluctuation in currency values, differences in accounting principles, or economic or political instability. Investing in emerging markets can be riskier than investing in established foreign markets due to increased volatility, lower trading volume, and higher risk of market closures. In many emerging markets, there is substantially less publicly available information and the available information may be incomplete or misleading. Legal claims are generally more difficult to pursue.

IBOR risk is the risk that changes related to the use of the London interbank offered rate (LIBOR) or similar rates (such as EONIA) could have adverse impacts on financial instruments that reference these rates. The abandonment of these rates and transition to alternative rates could affect the value and liquidity of instruments that reference them and could affect investment strategy performance.

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

This document may mention bond ratings published by nationally recognized statistical rating organizations (NRSROs) Standard & Poor’s, Moody’s Investors Service, and Fitch, Inc. For securities rated by an NRSRO other than S&P, the rating is converted to the equivalent S&P credit rating. Bonds rated AAA are rated as having the highest quality and are generally considered to have the lowest degree of investment risk. Bonds rated AA are considered to be of high quality, but with a slightly higher degree of risk than bonds rated AAA. Bonds rated A are considered to have many favorable investment qualities, though they are somewhat more susceptible to adverse economic conditions. Bonds rated BBB are believed to be of medium-grade quality and generally riskier over the long term. Bonds rated BB, B, and CCC are regarded as having significant speculative characteristics, with BB indicating the least degree of speculation of the three.

The Fund’s expense ratios, as described in the most recent prospectus, are disclosed in the following “Fund expense ratios” table. The expense ratios below may differ from the expense ratios in the “Financial highlights” since they are based on different time periods and the expense ratios in the prospectus include acquired fund fees and expenses, if any. See Note 2 in “Notes to financial statements” for additional details. Please see the “Financial highlights” section in this report for the most recent expense ratios.

										Institutional
Fund expense ratios	Class A			Class C			Class R			Class			Class R6
Total annual operating expenses (without fee waivers)		0.91	%		1.66	%		1.16	%		0.66	%		0.57	%
Net expenses (including fee waivers, if any)		0.82	%		1.57	%		1.07	%		0.57	%		0.48	%
Type of waiver	Contractual			Contractual			Contractual			Contractual			Contractual

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Performance summaries
Delaware Corporate Bond Fund

Performance of a $10,000 investment¹
For the period July 31, 2012 through July 31, 2022

	Starting value		Ending value
Delaware Corporate Bond Fund — Institutional Class shares		$10,000	$13,441
Bloomberg US Corporate Investment Grade Index		$10,000	$12,991
Delaware Corporate Bond Fund — Class A shares		$9,550	$12,529

The “Performance of a $10,000 investment” graph assumes $10,000 invested in Institutional Class and Class A shares of the Fund on July 31, 2012, and includes the effect of a 4.50% front-end sales charge (for Class A shares) and the reinvestment of all distributions. The graph does not reflect the deduction of taxes the shareholders would pay on Fund distributions or redemptions of Fund shares. Expense limitations were in effect for some or all of the periods shown. Performance would have been lower had expense limitations not been in effect. Expenses are listed in the “Fund expense ratios” table on page 9. Please note additional details on pages 7 through 11.

The graph also assumes $10,000 invested in the Bloomberg US Corporate Investment Grade Index as of July 31, 2012. The Bloomberg US Corporate Investment Grade Index is composed of US dollar-denominated, investment grade corporate bonds that are SEC-registered or 144A with registration rights, and issued by industrial, utility, and financial companies. All bonds in the index have at least one year to maturity.

The Bloomberg US Corporate High-Yield Index, mentioned on page 2, is composed of US dollar-denominated, non-investment-grade corporate bonds for which the middle rating among Moody’s Investors Service, Inc., Fitch, Inc., and Standard & Poor’s is Ba1/BB+/BB+ or below.

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

Performance of other Fund classes will vary due to different charges and expenses.

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	Nasdaq symbols		CUSIPs
Class A		DGCAX	245908785
Class C		DGCCX	245908769
Class R		DGCRX	245908744
Institutional Class		DGCIX	245908751
Class R6		DGCZX	24610J100

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Performance summaries
Delaware Extended Duration Bond Fund	July 31, 2022 (Unaudited)

Fund and benchmark performance^1,2	Average annual total returns through July 31, 2022
	1 year	5 year	10 year	Lifetime
Class A (Est. September 15, 1998)
Excluding sales charge	-20.07%	+1.43%	+3.06%	+6.67%
Including sales charge	-23.71%	+0.51%	+2.58%	+6.47%
Class C (Est. September 15, 1998)
Excluding sales charge	-20.66%	+0.71%	+2.30%	+5.89%
Including sales charge	-21.40%	+0.71%	+2.30%	+5.89%
Class R (Est. October 3, 2005)
Excluding sales charge	-20.35%	+1.18%	+2.81%	+5.78%
Including sales charge	-20.35%	+1.18%	+2.81%	+5.78%
Institutional Class (Est. September 15, 1998)
Excluding sales charge	-19.90%	+1.68%	+3.32%	+6.94%
Including sales charge	-19.90%	+1.68%	+3.32%	+6.94%
Class R6 (Est. May 2, 2016)
Excluding sales charge	-19.83%	+1.76%	—	+2.76%
Including sales charge	-19.83%	+1.76%	—	+2.76%
Bloomberg Long US Corporate Index	-19.79%	+1.86%	+3.20%	+5.77%*

*	The benchmark lifetime return is for Institutional Class share comparison only and is calculated using the last business day in the month of the Fund’s Institutional Class inception date.
¹	Returns reflect the reinvestment of all distributions and are presented both with and without the applicable sales charges described below. Returns do not reflect the deduction of taxes the shareholder would pay on Fund distributions or redemptions of Fund shares.

Expense limitations were in effect for certain classes during some or all of the periods shown in the “Fund and benchmark performance” table. Expenses for each class are listed in the “Fund expense ratios” table on page 14. Performance would have been lower had expense limitations not been in effect.

Class A shares are sold with a maximum front-end sales charge of 4.50%, and have an annual 12b-1 fee of 0.25% of average daily net assets. Performance for Class A shares,

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excluding sales charges, assumes that no front-end sales charge applied.

Class R shares are available only for certain retirement plan products. They are sold without a sales charge and have an annual 12b-1 fee of 0.50% of average daily net assets.

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

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

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Performance summaries
Delaware Extended Duration Bond Fund

				Institutional
Fund expense ratios	Class A	Class C	Class R	Class	Class R6
Total annual operating expenses
(without fee waivers)	0.99%	1.74%	1.24%	0.74%	0.65%
Net expenses (including fee
waivers, if any)	0.82%	1.57%	1.07%	0.57%	0.48%
Type of waiver	Contractual	Contractual	Contractual	Contractual	Contractual

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Performance of a $10,000 investment¹
For the period July 31, 2012 through July 31, 2022

	Starting value	Ending value
Delaware Extended Duration Bond Fund — Institutional Class shares	$10,000	$13,862
Bloomberg Long US Corporate Index	$10,000	$13,708
Delaware Extended Duration Bond Fund — Class A shares	$9,550	$12,907

The “Performance of a $10,000 investment” graph assumes $10,000 invested in Institutional Class and Class A shares of the Fund on July 31, 2012, and includes the effect of a 4.50% front-end sales charge (for Class A shares) and the reinvestment of all distributions. The graph does not reflect the deduction of taxes the shareholders would pay on Fund distributions or redemptions of Fund shares. Expense limitations were in effect for some or all of the periods shown. Performance would have been lower had expense limitations not been in effect. Expenses are listed in the “Fund expense ratios” table on page 14. Please note additional details on pages 12 through 16.

The graph also assumes $10,000 invested in the Bloomberg Long US Corporate Index as of July 31, 2012. The Bloomberg Long US Corporate Index is composed of US dollar-denominated, investment grade corporate bonds that are SEC-registered or 144A with registration rights, and issued by industrial, utility, and financial companies. All bonds in the index have at least 10 years to maturity.

The Bloomberg US Corporate Investment Grade Index, mentioned on page 2, is composed of US dollar-denominated, investment grade corporate bonds that are US Securities and Exchange Commission (SEC)-registered or 144A with registration rights, and issued by industrial, utility, and financial companies. All bonds in the index have at least one year to maturity.

The Bloomberg US Corporate High-Yield Index, mentioned on page 2, is composed of US dollar-denominated, non-investment-grade corporate bonds for which the middle rating

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Performance summaries
Delaware Extended Duration Bond Fund

among Moody’s Investors Service, Inc., Fitch, Inc., and Standard & Poor’s is Ba1/BB+/BB+ or below.

Performance of other Fund classes will vary due to different charges and expenses.

	Nasdaq symbols		CUSIPs
Class A		DEEAX	245908835
Class C		DEECX	245908819
Class R		DEERX	245908728
Institutional Class		DEEIX	245908793
Class R6		DEZRX	245908629

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Disclosure of Fund expenses
For the six-month period from February 1, 2022 to July 31, 2022 (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 service (12b-1) fees; and other Fund expenses. The 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 February 1, 2022 to July 31, 2022.

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 and assume reinvestment of all dividends and distributions.

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Disclosure of Fund expenses
For the six-month period from February 1, 2022 to July 31, 2022 (Unaudited)

Delaware Corporate Bond Fund
Expense analysis of an investment of $1,000

	Beginning		Ending					Expenses
	Account Value		Account Value		Annualized			Paid During Period
	2/1/22		7/31/22		Expense Ratio			2/1/22 to 7/31/22*
Actual Fund return^†
Class A		$1,000.00		$904.40		0.82	%		$3.87
Class C		1,000.00		901.00		1.57	%		7.40
Class R		1,000.00		901.80		1.07	%		5.05
Institutional Class		1,000.00		905.50		0.57	%		2.69
Class R6		1,000.00		904.20		0.47	%		2.22
Hypothetical 5% return (5% return before expenses)
Class A		$1,000.00		$1,020.73		0.82	%		$4.11
Class C		1,000.00		1,017.01		1.57	%		7.85
Class R		1,000.00		1,019.49		1.07	%		5.36
Institutional Class		1,000.00		1,021.97		0.57	%		2.86
Class R6		1,000.00		1,022.46		0.47	%		2.36

Delaware Extended Duration Bond Fund
Expense analysis of an investment of $1,000

	Beginning		Ending					Expenses
	Account Value		Account Value		Annualized			Paid During Period
	2/1/22		7/31/22		Expense Ratio			2/1/22 to 7/31/22*
Actual Fund return^†
Class A		$1,000.00		$851.40		0.82	%		$3.76
Class C		1,000.00		849.60		1.57	%		7.20
Class R		1,000.00		850.60		1.07	%		4.91
Institutional Class		1,000.00		853.50		0.57	%		2.62
Class R6		1,000.00		852.50		0.48	%		2.20
Hypothetical 5% return (5% return before expenses)
Class A		$1,000.00		$1,020.73		0.82	%		$4.11
Class C		1,000.00		1,017.01		1.57	%		7.85
Class R		1,000.00		1,019.49		1.07	%		5.36
Institutional Class		1,000.00		1,021.97		0.57	%		2.86
Class R6		1,000.00		1,022.41		0.48	%		2.41

*	“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 181/365 (to reflect the one-half year period).

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^†	Because actual returns reflect only the most recent six-month period, the returns shown may differ significantly from fiscal year returns.

In addition to the Funds' expenses reflected on the previous page, each Fund also indirectly bears its portion of the fees and expenses of any investment companies (Underlying Funds) in which it invests. The tables on the previous page do not reflect the expenses of any Underlying Funds.

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Security type / sector allocations
Delaware Corporate Bond Fund	As of July 31, 2022 (Unaudited)

Sector designations may be different from the sector designations presented in other Fund materials. The sector designations may represent the investment manager’s internal sector classifications, 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		0.39	%
Corporate Bonds		88.94	%
Banking		18.64	%
Basic Industry		3.97	%
Brokerage		1.34	%
Capital Goods		5.83	%
Communications		9.94	%
Consumer Cyclical		3.77	%
Consumer Non-Cyclical		5.88	%
Electric		8.81	%
Energy		7.82	%
Finance Companies		3.33	%
Insurance		5.28	%
Natural Gas		0.77	%
Real Estate Investment Trusts		2.54	%
Technology		8.33	%
Transportation		2.28	%
Utilities		0.41	%
Municipal Bonds		0.33	%
Non-Agency Asset-Backed Securities		1.79	%
Loan Agreements		2.52	%
US Treasury Obligation		1.14	%
Convertible Preferred Stock		0.25	%
Short-Term Investments		4.80	%
Total Value of Securities Before Options Written		100.16	%
Options Written		0.00	%
Liabilities Net of Receivables and Other Assets		(0.16	%)
Total Net Assets		100.00	%

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Security type / sector allocations
Delaware Extended Duration Bond Fund	As of July 31, 2022 (Unaudited)

Security type / sector	Percentage of net assets
Convertible Bond		0.15	%
Corporate Bonds		93.16	%
Banking		9.45	%
Basic Industry		3.93	%
Brokerage		0.93	%
Capital Goods		4.85	%
Communications		11.28	%
Consumer Cyclical		4.25	%
Consumer Non-Cyclical		7.64	%
Electric		14.11	%
Energy		11.95	%
Finance Companies		1.84	%
Insurance		10.87	%
Natural Gas		4.21	%
Real Estate Investment Trusts		0.92	%
Technology		4.79	%
Transportation		1.84	%
Utilities		0.30	%
Municipal Bonds		2.27	%
Loan Agreements		0.64	%
Convertible Preferred Stock		0.86	%
Short-Term Investments		2.70	%
Total Value of Securities Before Options Written		99.78	%
Options Written		0.00	%
Receivables and Other Assets Net of Liabilities		0.22	%
Total Net Assets		100.00	%

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Schedules of investments
Delaware Corporate Bond Fund	July 31, 2022

			Principal
			amount^°	Value (US $)
Convertible Bonds – 0.39%
	Kaman 3.25% exercise price $65.26, maturity date
		5/1/24	3,500,000	$	3,335,938
	Spirit Airlines 1.00% exercise price $49.07, maturity
		date 5/15/26	1,790,000		1,619,055
Total Convertible Bonds (cost $5,106,654)					4,954,993

Corporate Bonds – 88.94%
Banking – 18.64%
	Ally Financial
		4.70% 5/15/26 µ, Ψ	3,525,000		2,981,533
		5.75% 11/20/25	4,525,000		4,588,158
		8.00% 11/1/31	1,840,000		2,083,682
	Bank of America
		2.482% 9/21/36 µ	11,720,000		9,483,941
		2.676% 6/19/41 µ	1,795,000		1,359,151
		4.948% 7/22/28 µ	3,090,000		3,181,005
		5.015% 7/22/33 µ	1,865,000		1,946,565
		6.125% 4/27/27 µ, Ψ	3,505,000		3,531,288
	Bank of New York Mellon
		4.596% 7/26/30 µ	7,560,000		7,807,700
		4.70% 9/20/25 µ, Ψ	8,770,000		8,756,845
	BPCE 144A 3.582% 10/19/42 #, µ		2,695,000		2,017,330
	Fifth Third Bancorp 4.337% 4/25/33 µ		4,180,000		4,115,948
	Goldman Sachs Group
		1.542% 9/10/27 µ	10,839,000		9,705,456
		2.383% 7/21/32 µ	10,220,000		8,628,784
	Huntington National Bank 4.552% 5/17/28 µ		9,310,000		9,486,417
	JPMorgan Chase & Co.
		1.764% 11/19/31 µ	15,640,000		12,801,385
		4.851% 7/25/28 µ	9,705,000		9,965,178
		4.912% 7/25/33 µ	1,865,000		1,946,376
	KeyBank 4.39% 12/14/27		1,445,000		1,469,244
	KeyCorp 4.789% 6/1/33 µ		2,350,000		2,391,162
	Morgan Stanley
		1.928% 4/28/32 µ	11,065,000		9,123,221
		2.484% 9/16/36 µ	14,899,000		12,064,577
	NatWest Group 4.60% 6/28/31 µ, Ψ		4,175,000		3,303,728
	PNC Bank 4.05% 7/26/28		3,665,000		3,625,441
	PNC Financial Services Group 6.00% 5/15/27 µ, Ψ		3,675,000		3,707,156
	Popular 6.125% 9/14/23		5,020,000		5,070,150

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		Principal
		amount^°	Value (US $)
Corporate Bonds (continued)
Banking (continued)
	State Street
	1.684% 11/18/27 µ	4,165,000	$	3,810,544
	2.203% 2/7/28 µ	3,630,000		3,381,664
	4.421% 5/13/33 µ	2,125,000		2,178,860
	SVB Financial Group
	2.10% 5/15/28	5,155,000		4,490,279
	4.00% 5/15/26 µ, ψ	4,072,000		3,306,060
	4.57% 4/29/33 µ	3,810,000		3,695,839
	Toronto-Dominion Bank 4.108% 6/8/27	9,770,000		9,890,965
	Truist Bank 2.636% 9/17/29 µ	10,460,000		9,982,100
	Truist Financial
	4.916% 7/28/33 µ	5,721,000		5,776,410
	4.95% 9/1/25 µ, ψ	8,635,000		8,747,255
	UBS 7.625% 8/17/22	4,145,000		4,149,965
	UBS Group 144A 4.375% 2/10/31 #, µ, ψ	4,390,000		3,539,438
	US Bancorp
	2.491% 11/3/36 µ	3,030,000		2,557,020
	2.677% 1/27/33 µ	2,230,000		1,998,368
	4.548% 7/22/28 µ	14,185,000		14,563,288
	Wells Fargo & Co.
	4.611% 4/25/53 µ	3,260,000		3,197,445
	4.808% 7/25/28 µ	8,190,000		8,385,511
				238,792,432
Basic Industry – 3.97%
	Celanese US Holdings
	6.05% 3/15/25	5,245,000		5,291,412
	6.165% 7/15/27	1,215,000		1,234,618
	Georgia-Pacific 8.00% 1/15/24	4,345,000		4,630,098
	Graphic Packaging International 144A 3.50% 3/1/29 #	3,155,000		2,847,928
	Newmont
	2.25% 10/1/30	3,210,000		2,742,335
	2.60% 7/15/32	2,570,000		2,195,643
	2.80% 10/1/29	9,845,000		8,909,545
	Sherwin-Williams 2.90% 3/15/52	11,730,000		8,220,997
	Steel Dynamics 1.65% 10/15/27	2,520,000		2,208,507
	Suzano Austria 3.125% 1/15/32	7,100,000		5,779,507
	Westlake 3.125% 8/15/51	9,465,000		6,809,349
				50,869,939

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Schedules of investments
Delaware Corporate Bond Fund

		Principal
		amount^°	Value (US $)
Corporate Bonds (continued)
Brokerage – 1.34%
	Blackstone Holdings Finance 144A 1.625% 8/5/28 #	2,865,000	$	2,491,597
	Charles Schwab 5.375% 6/1/25 µ, ψ	4,195,000		4,280,578
	Jefferies Group
	2.625% 10/15/31	10,260,000		8,287,362
	6.50% 1/20/43	2,090,000		2,119,056
				17,178,593
Capital Goods – 5.83%
	Amphenol 2.20% 9/15/31	3,585,000		3,050,424
	Ardagh Metal Packaging Finance USA 144A 4.00%
	9/1/29 #	3,515,000		3,030,598
	Ashtead Capital
	144A 1.50% 8/12/26 #	6,880,000		6,056,824
	144A 2.45% 8/12/31 #	4,995,000		4,014,861
	Boeing 3.75% 2/1/50	9,770,000		7,417,531
	Lockheed Martin
	3.90% 6/15/32	3,205,000		3,307,256
	4.15% 6/15/53	2,390,000		2,347,072
	Madison IAQ 144A 4.125% 6/30/28 #	1,880,000		1,666,253
	Pactiv Evergreen Group Issuer 144A 4.00% 10/15/27 #	3,385,000		2,986,958
	Parker-Hannifin 4.25% 9/15/27	10,885,000		11,131,838
	Republic Services 2.375% 3/15/33	12,537,000		10,753,231
	Teledyne Technologies 2.25% 4/1/28	13,780,000		12,218,740
	Waste Connections 2.95% 1/15/52	2,315,000		1,767,310
	Weir Group 144A 2.20% 5/13/26 #	5,605,000		4,966,885
				74,715,781
Communications – 9.94%
	Altice France
	144A 5.125% 1/15/29 #	3,720,000		3,156,067
	144A 5.50% 10/15/29 #	3,395,000		2,923,944
	AMC Networks
	4.25% 2/15/29	600,000		529,193
	4.75% 8/1/25	3,325,000		3,195,807
	AT&T
	3.50% 9/15/53	16,340,000		12,937,437
	4.50% 5/15/35	3,270,000		3,249,574
	CCO Holdings
	144A 4.50% 6/1/33 #	945,000		800,845
	144A 4.75% 2/1/32 #	3,870,000		3,426,982
	Cellnex Finance 144A 3.875% 7/7/41 #	3,267,000		2,332,780
	Charter Communications Operating 3.85% 4/1/61	9,585,000		6,566,019

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		Principal
		amount^°	Value (US $)
Corporate Bonds (continued)
Communications (continued)
	Comcast 3.20% 7/15/36	12,674,000	$	11,330,254
	CSC Holdings 144A 4.50% 11/15/31 #	5,855,000		4,991,124
	Directv Financing 144A 5.875% 8/15/27 #	3,965,000		3,700,753
	Discovery Communications 4.00% 9/15/55	7,970,000		5,803,039
	Magallanes 144A 5.141% 3/15/52 #	7,660,000		6,755,505
	Netflix 4.875% 4/15/28	2,970,000		2,954,467
	Rogers Communications 144A 4.55% 3/15/52 #	1,235,000		1,159,242
	Sprint Spectrum 144A 4.738% 9/20/29 #	2,884,069		2,899,651
	Time Warner Cable 7.30% 7/1/38	2,930,000		3,175,568
	Time Warner Entertainment 8.375% 3/15/23	6,100,000		6,269,154
	T-Mobile USA
	3.00% 2/15/41	5,100,000		3,971,462
	3.375% 4/15/29	13,605,000		12,723,804
	Verizon Communications
	2.875% 11/20/50	4,285,000		3,174,383
	4.50% 8/10/33	10,110,000		10,301,228
	Virgin Media Secured Finance 144A 5.50% 5/15/29 #	7,158,000		6,813,306
	VZ Secured Financing 144A 5.00% 1/15/32 #	2,540,000		2,268,995
				127,410,583
Consumer Cyclical – 3.77%
	ADT Security 144A 4.875% 7/15/32 #	3,663,000		3,249,795
	Amazon.com 2.50% 6/3/50	15,385,000		11,578,942
	Aptiv 3.10% 12/1/51	15,996,000		10,665,035
	General Motors 5.60% 10/15/32	1,585,000		1,584,458
	General Motors Financial 5.70% 9/30/30 µ, ψ	2,922,000		2,779,553
	Levi Strauss & Co. 144A 3.50% 3/1/31 #	2,866,000		2,594,475
	Lowe's 2.80% 9/15/41	3,855,000		2,953,571
	Prime Security Services Borrower 144A 3.375%
	8/31/27 #	952,000		870,528
	VICI Properties 4.95% 2/15/30	8,305,000		8,144,929
	Volkswagen Group of America Finance 144A 4.35%
	6/8/27 #	3,845,000		3,826,897
				48,248,183
Consumer Non-Cyclical – 5.88%
	Amgen 3.00% 1/15/52	2,970,000		2,246,660
	Baxter International
	2.539% 2/1/32	3,645,000		3,167,294
	3.132% 12/1/51	6,660,000		5,074,834
	Bimbo Bakeries USA 144A 4.00% 5/17/51 #	3,540,000		2,946,295
	Bunge Finance 2.75% 5/14/31	7,475,000		6,453,340

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Schedules of investments
Delaware Corporate Bond Fund

		Principal
		amount^°	Value (US $)
Corporate Bonds (continued)
Consumer Non-Cyclical (continued)
	CVS Health 2.70% 8/21/40	12,941,000	$	9,873,914
	JBS USA LUX 144A 3.00% 2/2/29 #	3,287,000		2,833,614
	Keurig Dr Pepper 3.95% 4/15/29	3,425,000		3,403,391
	Merck & Co. 2.75% 12/10/51	4,532,000		3,528,361
	PepsiCo 3.90% 7/18/32	3,385,000		3,502,577
	Perrigo Finance Unlimited 4.375% 3/15/26	7,415,000		7,306,037
	Royalty Pharma 3.35% 9/2/51	12,513,000		8,910,606
	Sodexo
	144A 1.634% 4/16/26 #	5,520,000		5,082,041
	144A 2.718% 4/16/31 #	2,290,000		2,005,674
	Tenet Healthcare 144A 4.25% 6/1/29 #	3,575,000		3,332,258
	US Foods 144A 4.75% 2/15/29 #	3,265,000		3,054,653
	Viatris 4.00% 6/22/50	3,778,000		2,623,404
				75,344,953
Electric – 8.81%
	Appalachian Power 4.50% 8/1/32	2,415,000		2,433,362
	Berkshire Hathaway Energy 2.85% 5/15/51	5,078,000		3,851,582
	Commonwealth Edison 2.75% 9/1/51	5,025,000		3,783,905
	Duke Energy Carolinas 3.95% 11/15/28	6,187,000		6,296,496
	Enel Finance International 144A 4.25% 6/15/25 #	7,357,000		7,307,687
	Entergy Texas 3.55% 9/30/49	2,695,000		2,251,605
	Fells Point Funding Trust 144A 3.046% 1/31/27 #	4,685,000		4,415,477
	IPALCO Enterprises 4.25% 5/1/30	3,220,000		3,070,777
	Liberty Utilities Finance GP 1 144A 2.05% 9/15/30 #	3,000,000		2,556,679
	NextEra Energy Capital Holdings
	3.00% 1/15/52	5,850,000		4,419,641
	5.00% 7/15/32	5,470,000		5,850,499
	NRG Energy
	144A 2.45% 12/2/27 #	2,470,000		2,179,669
	144A 3.375% 2/15/29 #	1,051,000		907,859
	Oglethorpe Power
	3.75% 8/1/50	5,235,000		4,266,923
	144A 4.50% 4/1/47 #	5,500,000		4,931,633
	Pacific Gas and Electric
	3.30% 8/1/40	1,125,000		823,091
	3.50% 8/1/50	1,690,000		1,197,552
	4.60% 6/15/43	4,405,000		3,492,249
	4.95% 7/1/50	3,615,000		3,000,776
	PacifiCorp 2.90% 6/15/52	13,799,000		10,615,231
	Public Service Co. of Colorado 4.10% 6/1/32	6,405,000		6,609,651

Table of Contents

		Principal
		amount^°	Value (US $)
Corporate Bonds (continued)
Electric (continued)
	Public Service Co. of Oklahoma 3.15% 8/15/51	4,285,000	$	3,278,146
	San Diego Gas & Electric 3.32% 4/15/50	2,270,000		1,853,532
	Southern California Edison
	3.45% 2/1/52	1,680,000		1,326,416
	4.125% 3/1/48	3,090,000		2,680,104
	4.875% 3/1/49	1,865,000		1,767,037
	6.00% 1/15/34	1,415,000		1,566,727
	Southwestern Electric Power 3.25% 11/1/51	4,281,000		3,296,731
	Vistra Operations
	144A 3.55% 7/15/24 #	4,381,000		4,248,242
	144A 5.125% 5/13/25 #	2,360,000		2,362,537
	Xcel Energy 4.60% 6/1/32	6,075,000		6,303,277
				112,945,093
Energy – 7.82%
	BP Capital Markets 4.875% 3/22/30 µ, ψ	8,805,000		8,032,292
	BP Capital Markets America 2.939% 6/4/51	2,260,000		1,708,733
	Cheniere Corpus Christi Holdings 7.00% 6/30/24	6,760,000		7,014,181
	ConocoPhillips 3.80% 3/15/52	5,860,000		5,266,036
	Continental Resources
	144A 2.875% 4/1/32 #	3,721,000		3,042,029
	4.375% 1/15/28	2,809,000		2,710,750
	Diamondback Energy
	3.125% 3/24/31	4,840,000		4,384,175
	4.25% 3/15/52	2,125,000		1,828,501
	Enbridge
	1.60% 10/4/26	3,180,000		2,905,780
	5.75% 7/15/80 µ	4,710,000		4,448,124
	Energy Transfer
	6.25% 4/15/49	3,410,000		3,416,842
	6.50% 11/15/26 µ, ψ	9,654,000		8,785,140
	Enterprise Products Operating 3.30% 2/15/53	8,920,000		6,973,734
	EQM Midstream Partners 144A 4.75% 1/15/31 #	3,775,000		3,419,489
	Galaxy Pipeline Assets Bidco 144A 2.94% 9/30/40 #	4,181,006		3,523,921
	Kinder Morgan 5.45% 8/1/52	6,365,000		6,390,043
	NuStar Logistics 5.625% 4/28/27	4,294,000		4,114,446
	ONEOK 7.50% 9/1/23	6,625,000		6,823,266
	Targa Resources Partners
	4.00% 1/15/32	2,880,000		2,573,971
	4.875% 2/1/31	3,225,000		3,035,800
	5.00% 1/15/28	2,810,000		2,763,888

Table of Contents

Schedules of investments
Delaware Corporate Bond Fund

		Principal
		amount^°	Value (US $)
Corporate Bonds (continued)
Energy (continued)
	Valero Energy 3.65% 12/1/51	8,850,000	$	7,045,950
				100,207,091
Finance Companies – 3.33%
	AerCap Ireland Capital DAC
	3.00% 10/29/28	5,966,000		5,238,597
	3.40% 10/29/33	6,712,000		5,545,806
	Air Lease
	2.875% 1/15/32	3,880,000		3,200,738
	4.125% 12/15/26 µ, ψ	4,080,000		3,050,451
	Aviation Capital Group
	144A 1.95% 1/30/26 #	7,894,000		6,908,770
	144A 5.50% 12/15/24 #	8,565,000		8,505,609
	Avolon Holdings Funding 144A 2.75% 2/21/28 #	9,935,000		8,226,085
	DAE Sukuk DIFC 144A 3.75% 2/15/26 #	2,140,000		2,033,663
				42,709,719
Insurance – 5.28%
	Aon 2.90% 8/23/51	7,710,000		5,638,611
	Athene Global Funding 144A 1.985% 8/19/28 #	4,980,000		4,222,768
	Athene Holding
	3.45% 5/15/52	3,215,000		2,261,576
	3.95% 5/25/51	5,365,000		4,043,517
	Berkshire Hathaway Finance 3.85% 3/15/52	9,335,000		8,479,633
	Brighthouse Financial
	3.85% 12/22/51	2,395,000		1,668,992
	4.70% 6/22/47	9,863,000		8,052,181
	Global Atlantic 144A 4.70% 10/15/51 #, µ	5,070,000		4,206,781
	Hartford Financial Services Group 2.90% 9/15/51	3,625,000		2,618,624
	Humana 1.35% 2/3/27	4,087,000		3,672,337
	Jackson Financial
	144A 3.125% 11/23/31 #	3,140,000		2,554,414
	144A 4.00% 11/23/51 #	135,000		95,554
	Prudential Financial 3.70% 10/1/50 µ	7,005,000		6,141,660
	UnitedHealth Group 4.00% 5/15/29	13,655,000		14,021,388
				67,678,036
Natural Gas – 0.77%
	Atmos Energy 2.85% 2/15/52	473,000		359,718

Table of Contents

			Principal
			amount^°	Value (US $)
Corporate Bonds (continued)
Natural Gas (continued)
	Sempra Energy
		4.125% 4/1/52 µ	2,775,000	$	2,349,082
		4.875% 10/15/25 µ, Ψ	7,360,000		7,153,326
					9,862,126
Real Estate Investment Trusts – 2.54%
	American Homes 4 Rent 3.625% 4/15/32		4,840,000		4,395,828
	Corporate Office Properties 2.75% 4/15/31		5,520,000		4,516,183
	Crown Castle
		1.05% 7/15/26	5,500,000		4,897,105
		2.10% 4/1/31	4,563,000		3,806,745
	Extra Space Storage 2.35% 3/15/32		9,040,000		7,341,766
	Global Net Lease 144A 3.75% 12/15/27 #		3,160,000		2,773,376
	MPT Operating Partnership 3.50% 3/15/31		3,180,000		2,744,658
	Public Storage 1.85% 5/1/28		2,240,000		2,012,031
					32,487,692
Technology – 8.33%
	Alphabet 2.05% 8/15/50		10,280,000		7,352,205
	Autodesk 2.40% 12/15/31		7,435,000		6,371,859
	Broadcom 144A 3.469% 4/15/34 #		9,922,000		8,503,074
	Broadridge Financial Solutions 2.60% 5/1/31		8,112,000		7,066,119
	CDW 3.276% 12/1/28		11,570,000		10,191,911
	Clarivate Science Holdings 144A 3.875% 7/1/28 #		3,763,000		3,432,872
	CoStar Group 144A 2.80% 7/15/30 #		4,235,000		3,587,392
	Entegris Escrow
		144A 4.75% 4/15/29 #	3,650,000		3,522,250
		144A 5.95% 6/15/30 #	3,680,000		3,657,221
	Fidelity National Information Services 4.70% 7/15/27		1,505,000		1,540,281
	Global Payments
		2.15% 1/15/27	2,335,000		2,118,312
		2.90% 11/15/31	6,595,000		5,555,191
	KLA 4.95% 7/15/52		4,345,000		4,683,326
	Marvell Technology
		1.65% 4/15/26	4,460,000		4,094,861
		2.45% 4/15/28	2,820,000		2,517,671
	NCR 144A 5.125% 4/15/29 #		3,525,000		3,392,002
	NXP
		3.125% 2/15/42	2,940,000		2,221,094
		4.40% 6/1/27	2,010,000		2,017,167
		5.55% 12/1/28	3,750,000		3,899,902

Table of Contents

Schedules of investments
Delaware Corporate Bond Fund

			Principal
			amount^°	Value (US $)
Corporate Bonds (continued)
Technology (continued)
	PayPal Holdings
		3.90% 6/1/27	9,490,000	$	9,679,638
		4.40% 6/1/32	2,475,000		2,569,539
	Sensata Technologies 144A 3.75% 2/15/31 #		4,715,000		4,103,276
	Workday
		3.50% 4/1/27	590,000		579,663
		3.70% 4/1/29	915,000		883,529
		3.80% 4/1/32	3,285,000		3,137,656
					106,678,011
Transportation – 2.28%
	Burlington Northern Santa Fe 2.875% 6/15/52		5,602,000		4,438,291
	DAE Funding
		144A 1.55% 8/1/24 #	2,260,000		2,117,278
		144A 3.375% 3/20/28 #	1,105,000		976,197
	Delta Air Lines 144A 7.00% 5/1/25 #		4,097,000		4,283,800
	Mileage Plus Holdings 144A 6.50% 6/20/27 #		5,115,000		5,174,053
	Penske Truck Leasing 144A 4.40% 7/1/27 #		8,115,000		8,124,524
	Seaspan 144A 5.50% 8/1/29 #		3,050,000		2,394,616
	United Airlines 2019-1 Class AA Pass Through Trust
		Series 2019-1 AA 4.15% 2/25/33 ◆	1,767,857		1,675,812
					29,184,571
Utilities – 0.41%
	American Water Capital 4.45% 6/1/32		5,080,000		5,256,236
					5,256,236
Total Corporate Bonds (cost $1,253,533,411)					1,139,569,039

Municipal Bonds – 0.33%
	Commonwealth of Puerto Rico
		(Restructured)
		Series A-1 2.993% 7/1/24^	60,624		56,412
		Series A-1 4.00% 7/1/33	182,199		174,860
		Series A-1 4.00% 7/1/35	132,326		125,273
		Series A-1 4.00% 7/1/37	140,560		131,670
		Series A-1 4.364% 7/1/33^	234,472		139,736
		Series A-1 5.625% 7/1/29	153,227		169,593
	GDB Debt Recovery Authority of Puerto Rico (Taxable)
		7.50% 8/20/40	3,821,632		3,391,698
Total Municipal Bonds (cost $4,470,723)					4,189,242

Table of Contents

			Principal
			amount^°	Value (US $)
Non-Agency Asset-Backed Securities – 1.79%
	Enterprise Fleet Financing
		Series 2022-2 A2 144A 4.65% 5/21/29 #	6,100,000	$	6,166,487
	Ford Credit Floorplan Master Owner Trust
		Series 2019-2 A 3.06% 4/15/26	5,550,000		5,487,610
	Toyota Auto Loan Extended Note Trust
		Series 2022-1A A 144A 3.82% 4/25/35 #	6,100,000		6,138,582
	Volkswagen Auto Lease Trust
		Series 2022-A A3 3.44% 7/21/25	5,200,000		5,195,407
Total Non-Agency Asset-Backed Securities (cost $22,916,456)					22,988,086

Loan Agreements – 2.52%
	AmWINS Group 4.622% (LIBOR01M + 2.25%)
		2/19/28 ●	2,846,667		2,766,072
	Applied Systems 1st Lien 5.25% (LIBOR03M + 3.00%)
		9/19/24 ●	2,925,158		2,879,713
	Gates Global Tranche B-3 4.872% (LIBOR01M +
		2.50%) 3/31/27 ●	2,964,850		2,865,898
	Horizon Therapeutics USA Tranche B-2 4.063%
		(LIBOR01M + 1.75%) 3/15/28 ●	2,853,875		2,811,957
	Informatica 5.125% (LIBOR01M + 2.75%) 10/27/28 ●		2,992,500		2,920,180
	Prime Security Services Borrower Tranche B-1 4.46%
		(LIBOR01M + 2.75%) 9/23/26 ●	2,972,375		2,895,147
	RealPage 1st Lien 5.372% (LIBOR01M + 3.00%)
		4/24/28 ●	3,007,275		2,901,082
	Reynolds Group Holdings Tranche B-2 5.622%
		(LIBOR01M + 3.25%) 2/5/26 ●	2,969,779		2,888,853
	Standard Industries 3.788% (LIBOR03M + 2.50%)
		9/22/28 ●	9,578,483		9,431,061
Total Loan Agreements (cost $33,006,039)					32,359,963

US Treasury Obligation – 1.14%
	US Treasury Notes
		2.875% 5/15/25	14,595,000		14,555,662
Total US Treasury Obligation (cost $14,488,098)					14,555,662

Table of Contents

Schedules of investments
Delaware Corporate Bond Fund

		Number of
		shares		Value (US $)
Convertible Preferred Stock – 0.25%
	El Paso Energy Capital Trust I 4.75% exercise price
	$34.49, maturity date 3/31/28	22,731		$	1,040,853
Lyondellbasell Advanced Polymers 6.00% exercise
	price $52.33 ω	2,808			2,232,360
Total Convertible Preferred Stock (cost $4,053,106)					3,273,213

Short-Term Investments – 4.80%
Money Market Mutual Funds – 4.80%
	BlackRock Liquidity FedFund – Institutional Shares
	(seven-day effective yield 1.73%)	15,377,423			15,377,423
	Fidelity Investments Money Market Government
	Portfolio – Class I (seven-day effective yield 1.49%)	15,377,423			15,377,423
	GS Financial Square Government Fund – Institutional
	Shares (seven-day effective yield 1.73%)	15,377,423			15,377,423
	Morgan Stanley Institutional Liquidity Funds
	Government Portfolio – Institutional Class
	(seven-day effective yield 1.60%)	15,377,424			15,377,424
Total Short-Term Investments (cost $61,509,693)					61,509,693
Total Value of Securities Before
	Options Written–100.16%
	(cost $1,399,084,180)				1,283,399,891

		Notional
		amount
Options Written – (0.00%)
Put Swaptions – (0.00%)
	CDX.NA.IG 38 5 yr, strike price $130.00 expiration date
	8/17/22 (MS)	(2,800,000	)		(258	)
Total Options Written (premium received $4,130)				$	(258	)

°	Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
µ	Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at July 31, 2022. Rate will reset at a future date.
Ψ	Perpetual security. Maturity date represents next call date.
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At July 31, 2022, the aggregate value of Rule 144A securities was $248,639,962, which represents 19.40% of the Fund's net assets. See Note 11 in “Notes to financial statements."

Table of Contents

◆	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.
^	Zero-coupon security. The rate shown is the effective yield at the time of purchase.
●	Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at July 31, 2022. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.
ω	Perpetual security with no stated maturity date.

Summary of abbreviations:

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

DAC – Designated Activity Company

DIFC – Dubai International Financial Centre

GS – Goldman Sachs

ICE – Intercontinental Exchange, Inc.

LIBOR – London Interbank Offered Rate

LIBOR01M – ICE LIBOR USD 1 Month

LIBOR03M – ICE LIBOR USD 3 Month

LIBOR06M – ICE LIBOR USD 6 Month

MS – Morgan Stanley

USD – US Dollar

yr – Year

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

Table of Contents

Schedules of investments
Delaware Extended Duration Bond Fund	July 31, 2022

			Principal
			amount^°	Value (US $)
Convertible Bond – 0.15%
	Spirit Airlines 1.00% exercise price $49.07, maturity
		date 5/15/26	680,000	$	615,060
Total Convertible Bond (cost $590,862)					615,060

Corporate Bonds – 93.16%
Banking – 9.45%
	Ally Financial
		4.70% 5/15/26 µ, Ψ	1,635,000		1,382,924
		8.00% 11/1/31	595,000		673,799
	Bank of America
		2.676% 6/19/41 µ	7,570,000		5,731,909
		6.125% 4/27/27 µ, Ψ	1,205,000		1,214,037
	Bank of New York Mellon 4.70% 9/20/25 µ, Ψ		2,600,000		2,596,100
	BPCE 144A 3.582% 10/19/42 #, µ		1,080,000		808,429
	Credit Agricole 144A 2.811% 1/11/41 #		2,410,000		1,713,335
	Credit Suisse Group 144A 5.25% 2/11/27 #, µ, Ψ		1,305,000		1,079,888
	JPMorgan Chase & Co.
		3.109% 4/22/51 µ	3,000,000		2,298,044
		3.328% 4/22/52 µ	5,105,000		4,083,821
	Morgan Stanley
		2.484% 9/16/36 µ	1,510,000		1,222,734
		2.802% 1/25/52 µ	7,065,000		5,130,293
	NatWest Group 4.60% 6/28/31 µ, Ψ		1,625,000		1,285,882
	PNC Financial Services Group 6.00% 5/15/27 µ, Ψ		690,000		696,038
	SVB Financial Group 4.00% 5/15/26 µ, Ψ		1,325,000		1,075,769
	Truist Financial 4.95% 9/1/25 µ, Ψ		3,440,000		3,484,720
	UBS 7.625% 8/17/22		720,000		720,862
	UBS Group 144A 4.375% 2/10/31 #, µ, Ψ		1,640,000		1,322,250
	Wells Fargo & Co. 4.611% 4/25/53 µ		3,340,000		3,275,909
					39,796,743
Basic Industry – 3.93%
	Graphic Packaging International 144A 3.50% 3/1/29 #		1,265,000		1,141,879
	Packaging Corp. of America
		3.05% 10/1/51	2,915,000		2,187,579
		4.05% 12/15/49	2,200,000		1,916,528
	Sherwin-Williams 2.90% 3/15/52		5,230,000		3,665,458
	Steel Dynamics 3.25% 10/15/50		4,335,000		3,063,541
	Westlake 3.125% 8/15/51		6,390,000		4,597,120
					16,572,105

Table of Contents

			Principal
			amount^°	Value (US $)
Corporate Bonds (continued)
Brokerage – 0.93%
	Charles Schwab 5.375% 6/1/25 µ, ψ		1,855,000	$	1,892,842
	Jefferies Group 6.50% 1/20/43		1,985,000		2,012,596
					3,905,438
Capital Goods – 4.85%
	Ardagh Metal Packaging Finance USA 144A 4.00%
		9/1/29 #	1,285,000		1,107,914
	Boeing 3.75% 2/1/50		4,055,000		3,078,617
	Emerson Electric 2.80% 12/21/51		3,220,000		2,488,683
	Lockheed Martin 4.15% 6/15/53		875,000		859,284
	Masco 3.125% 2/15/51		7,435,000		5,260,813
	Pactiv Evergreen Group Issuer 144A 4.00% 10/15/27 #		1,315,000		1,160,369
	Rockwell Automation 2.80% 8/15/61		1,585,000		1,092,329
	Waste Connections 2.95% 1/15/52		7,030,000		5,366,821
					20,414,830
Communications – 11.28%
	Altice France
		144A 5.125% 1/15/29 #	1,425,000		1,208,977
		144A 5.50% 10/15/29 #	1,360,000		1,171,300
	AMC Networks 4.25% 2/15/29		2,000,000		1,763,975
	AT&T
		3.50% 9/15/53	9,580,000		7,585,107
		4.50% 5/15/35	540,000		536,627
	CCO Holdings 144A 4.75% 2/1/32 #		1,460,000		1,292,866
	Cellnex Finance 144A 3.875% 7/7/41 #		1,221,000		871,847
	Charter Communications Operating 3.85% 4/1/61		3,670,000		2,514,063
	Comcast
		2.80% 1/15/51	2,830,000		2,107,688
		3.20% 7/15/36	1,575,000		1,408,013
	CSC Holdings 144A 4.50% 11/15/31 #		2,230,000		1,900,975
	Directv Financing 144A 5.875% 8/15/27 #		1,400,000		1,306,697
	Discovery Communications 4.00% 9/15/55		5,873,000		4,276,192
	Magallanes 144A 5.141% 3/15/52 #		1,925,000		1,697,695
	Rogers Communications 144A 4.55% 3/15/52 #		460,000		431,783
	Time Warner Cable 7.30% 7/1/38		2,360,000		2,557,795
	T-Mobile USA 3.00% 2/15/41		8,460,000		6,587,955
	Verizon Communications
		2.875% 11/20/50	1,230,000		911,200
		3.55% 3/22/51	5,015,000		4,213,885
	Virgin Media Secured Finance 144A 5.50% 5/15/29 #		2,460,000		2,341,539

Table of Contents

Schedules of investments
Delaware Extended Duration Bond Fund

			Principal
			amount^°	Value (US $)
Corporate Bonds (continued)
Communications (continued)
	VZ Secured Financing 144A 5.00% 1/15/32 #		955,000	$	853,106
					47,539,285
Consumer Cyclical – 4.25%
	ADT Security 144A 4.875% 7/15/32 #		1,365,000		1,211,021
	Amazon.com 2.50% 6/3/50		5,715,000		4,301,180
	Aptiv 3.10% 12/1/51		7,649,000		5,099,828
	General Motors 6.25% 10/2/43		1,070,000		1,055,263
	General Motors Financial 5.70% 9/30/30 µ, ψ		1,550,000		1,474,438
	Levi Strauss & Co. 144A 3.50% 3/1/31 #		305,000		276,104
	Lowe's 2.80% 9/15/41		5,360,000		4,106,651
	Prime Security Services Borrower 144A 3.375%
		8/31/27 #	426,000		389,543
					17,914,028
Consumer Non-Cyclical – 7.64%
	Amgen 3.00% 1/15/52		1,650,000		1,248,145
	Baxter International 3.132% 12/1/51		6,225,000		4,743,370
	Bimbo Bakeries USA 144A 4.00% 5/17/51 #		1,385,000		1,152,717
	CVS Health 2.70% 8/21/40		4,166,000		3,178,636
	JBS USA LUX 144A 4.375% 2/2/52 #		2,580,000		1,960,645
	Merck & Co. 2.75% 12/10/51		2,215,000		1,724,475
	Regeneron Pharmaceuticals 2.80% 9/15/50		6,003,000		4,323,095
	Royalty Pharma 3.35% 9/2/51		7,591,000		5,405,611
	Takeda Pharmaceutical 3.175% 7/9/50		4,290,000		3,374,064
	Tenet Healthcare 144A 4.25% 6/1/29 #		1,345,000		1,253,674
	US Foods 144A 4.75% 2/15/29 #		2,000,000		1,871,150
	Viatris 4.00% 6/22/50		2,819,000		1,957,485
					32,193,067
Electric – 14.11%
	Arizona Public Service
		4.20% 8/15/48	2,720,000		2,410,607
		4.25% 3/1/49	2,324,000		2,070,786
	Baltimore Gas and Electric 4.55% 6/1/52		3,220,000		3,287,686
	Berkshire Hathaway Energy
		2.85% 5/15/51	1,048,000		794,891
		144A 4.60% 5/1/53 #	3,170,000		3,197,264
	Commonwealth Edison 2.75% 9/1/51		4,745,000		3,573,061
	Entergy Arkansas 3.35% 6/15/52		1,880,000		1,546,822
	Evergy Kansas Central 3.25% 9/1/49		1,117,000		901,556
	Florida Power & Light Co. 2.875% 12/4/51		1,820,000		1,443,283
	NextEra Energy Capital Holdings 3.00% 1/15/52		5,875,000		4,438,528

Table of Contents

			Principal
			amount^°	Value (US $)
Corporate Bonds (continued)
Electric (continued)
	Oglethorpe Power
		3.75% 8/1/50	3,190,000	$	2,600,093
		144A 4.50% 4/1/47 #	2,075,000		1,860,570
		5.05% 10/1/48	2,580,000		2,450,204
	Pacific Gas and Electric
		3.30% 8/1/40	1,105,000		808,459
		4.60% 6/15/43	5,775,000		4,578,374
		4.95% 7/1/50	1,620,000		1,344,746
	PacifiCorp 2.90% 6/15/52		6,055,000		4,657,963
	Public Service Co. of Oklahoma 3.15% 8/15/51		1,680,000		1,285,247
	San Diego Gas & Electric 3.32% 4/15/50		1,195,000		975,758
	Southern California Edison
		3.45% 2/1/52	1,700,000		1,342,207
		3.65% 2/1/50	1,125,000		899,207
		4.125% 3/1/48	5,220,000		4,527,554
	Southwestern Electric Power 3.25% 11/1/51		3,535,000		2,722,248
	Tampa Electric 3.45% 3/15/51		4,087,000		3,402,322
	Union Electric 3.90% 4/1/52		490,000		456,260
	Virginia Electric and Power 2.95% 11/15/51		2,420,000		1,893,607
					59,469,303
Energy – 11.95%
	BP Capital Markets 4.875% 3/22/30 µ, ψ		2,400,000		2,189,381
	BP Capital Markets America 2.939% 6/4/51		6,320,000		4,778,405
	ConocoPhillips 3.80% 3/15/52		1,980,000		1,779,309
	Diamondback Energy
		4.25% 3/15/52	1,485,000		1,277,800
		4.40% 3/24/51	4,530,000		4,064,918
	Enbridge 5.75% 7/15/80 µ		1,840,000		1,737,696
	Energy Transfer
		6.25% 4/15/49	780,000		781,565
		6.50% 11/15/26 µ, ψ	2,197,000		1,999,270
	Enterprise Products Operating
		3.20% 2/15/52	3,648,000		2,774,224
		3.30% 2/15/53	4,175,000		3,264,051
	EQM Midstream Partners 144A 4.75% 1/15/31 #		1,450,000		1,313,446
	Galaxy Pipeline Assets Bidco 144A 2.94% 9/30/40 #		1,542,698		1,300,248
	Kinder Morgan
		3.25% 8/1/50	5,860,000		4,272,870
		5.45% 8/1/52	1,405,000		1,410,528

Table of Contents

Schedules of investments
Delaware Extended Duration Bond Fund

			Principal
			amount^°	Value (US $)
Corporate Bonds (continued)
Energy (continued)
	MPLX 4.95% 3/14/52		2,285,000	$	2,097,482
	Northern Natural Gas 144A 3.40% 10/16/51 #		1,080,000		834,966
	NuStar Logistics
		5.625% 4/28/27	305,000		292,246
		6.375% 10/1/30	2,000,000		1,846,592
	Shell International Finance 3.00% 11/26/51		6,620,000		5,320,076
	Valero Energy 3.65% 12/1/51		3,585,000		2,854,207
	Williams 3.50% 10/15/51		5,285,000		4,165,053
					50,354,333
Finance Companies – 1.84%
	AerCap Holdings 5.875% 10/10/79 µ		260,000		231,130
	AerCap Ireland Capital DAC 3.85% 10/29/41		7,405,000		5,629,748
	Air Lease 4.125% 12/15/26 µ, ψ		1,470,000		1,099,060
	DAE Sukuk DIFC 144A 3.75% 2/15/26 #		830,000		788,757
					7,748,695
Insurance – 10.87%
	Aon 2.90% 8/23/51		5,800,000		4,241,756
	Arthur J Gallagher & Co. 3.50% 5/20/51		4,805,000		3,814,123
	Athene Holding
		3.45% 5/15/52	1,215,000		854,686
		3.95% 5/25/51	1,600,000		1,205,895
	Berkshire Hathaway Finance 3.85% 3/15/52		5,835,000		5,300,338
	Brighthouse Financial
		3.85% 12/22/51	975,000		679,444
		4.70% 6/22/47	4,911,000		4,009,354
	Chubb INA Holdings 2.85% 12/15/51		2,255,000		1,715,424
	Elevance Health 4.55% 5/15/52		3,270,000		3,273,600
	Global Atlantic 144A 4.70% 10/15/51 #, µ		1,980,000		1,642,885
	Hartford Financial Services Group 2.90% 9/15/51		6,120,000		4,420,960
	High Street Funding Trust II 144A 4.682% 2/15/48 #		3,660,000		3,471,273
	Jackson Financial 144A 4.00% 11/23/51 #		1,031,000		729,747
	MetLife 5.00% 7/15/52		4,400,000		4,699,556
	Nationwide Mutual Insurance 144A 4.95% 4/22/44 #		3,141,000		2,955,740
	Old Republic International 3.85% 6/11/51		1,565,000		1,239,027
	Pacific Life Insurance 144A 4.30% 10/24/67 #, µ		1,789,000		1,568,416
					45,822,224
Natural Gas – 4.21%
	Atmos Energy 2.85% 2/15/52		2,825,000		2,148,422
	Brooklyn Union Gas 144A 4.273% 3/15/48 #		689,000		574,315
	Piedmont Natural Gas 3.64% 11/1/46		3,035,000		2,490,823

Table of Contents

			Principal
			amount^°	Value (US $)
Corporate Bonds (continued)
Natural Gas (continued)
	Sempra Energy
		4.125% 4/1/52 µ	510,000	$	431,723
		4.875% 10/15/25 µ, ψ	1,485,000		1,443,300
	Southern California Gas 4.30% 1/15/49		4,500,000		4,207,137
	Southwest Gas
		3.80% 9/29/46	2,150,000		1,683,191
		4.15% 6/1/49	2,430,000		2,017,265
	Spire Missouri 3.30% 6/1/51		3,440,000		2,743,725
					17,739,901
Real Estate Investment Trusts – 0.92%
	Crown Castle 2.90% 4/1/41		5,115,000		3,882,807
					3,882,807
Technology – 4.79%
	Alphabet 2.05% 8/15/50		8,405,000		6,011,214
	Analog Devices 2.95% 10/1/51		4,350,000		3,516,960
	Apple 2.70% 8/5/51		1,335,000		1,050,116
	Broadcom 144A 3.137% 11/15/35 #		3,330,000		2,680,696
	Entegris Escrow 144A 5.95% 6/15/30 #		1,300,000		1,291,953
	KLA 4.95% 7/15/52		1,580,000		1,703,028
	NCR 144A 5.125% 4/15/29 #		1,255,000		1,207,649
	NXP
		3.125% 2/15/42	1,195,000		902,792
		3.25% 11/30/51	2,535,000		1,820,192
					20,184,600
Transportation – 1.84%
	Burlington Northern Santa Fe
		2.875% 6/15/52	1,690,000		1,338,935
		4.45% 1/15/53	1,420,000		1,452,459
	Canadian Pacific Railway 3.10% 12/2/51		2,675,000		2,111,477
	DAE Funding 144A 3.375% 3/20/28 #		415,000		366,626
	Mileage Plus Holdings 144A 6.50% 6/20/27 #		1,550,000		1,567,895
	Seaspan 144A 5.50% 8/1/29 #		1,175,000		922,516
					7,759,908
Utilities – 0.30%
	Essential Utilities 4.276% 5/1/49		1,381,000		1,251,400
					1,251,400
Total Corporate Bonds (cost $467,416,899)					392,548,667

Table of Contents

Schedules of investments
Delaware Extended Duration Bond Fund

			Principal
			amount^°	Value (US $)
Municipal Bonds – 2.27%
	Commonwealth of Puerto Rico
		(Restructured)
		Series A 2.993% 7/1/24^	22,980	$	21,383
		Series A 4.364% 7/1/33^	88,880		52,969
		Series A-1 4.00% 7/1/33	69,065		66,283
		Series A-1 4.00% 7/1/35	50,160		47,487
		Series A-1 4.00% 7/1/37	53,281		49,911
		Series A-1 5.625% 7/1/29	58,083		64,287
	GDB Debt Recovery Authority of Puerto Rico
		7.50% 8/20/40	1,436,975		1,275,315
	Long Island, New York Power Authority Electric System
		Revenue
		Series B 5.85% 5/1/41	3,600,000		4,205,664
	Metropolitan Transportation Authority, New York
		Revenue
		Series A-2 6.089% 11/15/40	3,205,000		3,795,585
Total Municipal Bonds (cost $8,508,090)					9,578,884

Loan Agreements – 0.64%
	Applied Systems 1st Lien 5.25% (LIBOR03M + 3.00%)
		9/19/24 ●	1,182,244		1,163,877
	Prime Security Services Borrower Tranche B-1 4.463%
		(LIBOR01M + 2.75%) 9/23/26 ●	245,258		238,886
	Reynolds Group Holdings Tranche B-2 5.622%
		(LIBOR01M + 3.25%) 2/5/26 ●	1,349,450		1,312,677
Total Loan Agreements (cost $2,779,252)					2,715,440

			Number of
			shares
Convertible Preferred Stock – 0.86%
	Bank of America 7.25% exercise price $50.00, maturity
		date 12/31/99 ω	1,360		1,691,908
	El Paso Energy Capital Trust I 4.75% exercise price
		$34.49, maturity date 3/31/28	14,912		682,821
	Lyondellbasell Advanced Polymers 6.00% exercise
		price $52.33 ω	1,597		1,269,615
Total Convertible Preferred Stock (cost $4,194,316)					3,644,344

Table of Contents

			Number of
			shares		Value (US $)
Short-Term Investments – 2.70%
Money Market Mutual Funds – 2.70%
	BlackRock Liquidity FedFund – Institutional Shares
		(seven-day effective yield 1.73%)	2,843,351		$	2,843,351
	Fidelity Investments Money Market Government
		Portfolio – Class I (seven-day effective yield 1.49%)	2,843,352			2,843,352
	GS Financial Square Government Fund – Institutional
		Shares (seven-day effective yield 1.73%)	2,843,352			2,843,352
	Morgan Stanley Institutional Liquidity Funds
		Government Portfolio – Institutional Class
		(seven-day effective yield 1.60%)	2,843,351			2,843,351
Total Short-Term Investments (cost $11,373,406)						11,373,406
Total Value of Securities Before
	Options Written – 99.78%
	(cost $494,862,825)					420,475,801

			Notional
			amount
Options Written – (0.00%)
Put Swaptions – (0.00%)
	CDX.NA.IG 38 5 yr, strike price $130.00 expiration date
		8/17/22 (MS)	(1,000,000	)		(92	)
Total Options Written (premium received $1,475)					$	(92	)

°	Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
µ	Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at July 31, 2022. Rate will reset at a future date.
ψ	Perpetual security. Maturity date represents next call date.
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At July 31, 2022, the aggregate value of Rule 144A securities was $57,800,665, which represents 13.72% of the Fund's net assets. See Note 11 in “Notes to financial statements."
^	Zero-coupon security. The rate shown is the effective yield at the time of purchase.

Table of Contents

Schedules of investments
Delaware Extended Duration Bond Fund

●

Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at July 31, 2022. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.

Perpetual security with no stated maturity date.

Summary of abbreviations:
CDX.NA.IG – Credit Default Swap Index North America Investment Grade
DAC – Designated Activity Company
DIFC – Dubai International Financial Centre
GS – Goldman Sachs
ICE – Intercontinental Exchange, Inc.
LIBOR – London Interbank Offered Rate
LIBOR01M – ICE LIBOR USD 1 Month
LIBOR03M – ICE LIBOR USD 3 Month
LIBOR06M – ICE LIBOR USD 6 Month
MS – Morgan Stanley
USD – US Dollar
yr – Year
See accompanying notes, which are an integral part of the financial statements.

Table of Contents

Statement of assets and liabilities

July 31, 2022

		Delaware			Delaware
		Corporate			Extended Duration
		Bond Fund			Bond Fund
Assets:
	Investments, at value*	$	1,283,399,891		$	420,475,801
	Cash		—			22,693
	Dividends and interest receivable		12,119,420			5,050,792
	Receivable for securities sold		5,738,655			4,628,804
	Receivable for fund shares sold		2,191,422			667,950
	Prepaid expenses		16,566			12,746
	Other assets		9,447			3,582
	Total Assets		1,303,475,401			430,862,368
Liabilities:
	Options written, at value^Σ		258			92
	Due to custodian		42,679			—
	Payable for securities purchased		15,438,621			2,268,768
	Payable for fund shares redeemed		4,344,004			6,746,738
	Distribution payable		1,403,801			47,958
	Other accrued expenses		632,172			336,544
	Investment management fees payable to affiliates		203,684			44,731
	Administration expenses payable to affiliates		57,042			24,466
	Distribution fees payable to affiliates		15,093			4,038
	Total Liabilities		22,137,354			9,473,335
Total Net Assets		$	1,281,338,047		$	421,389,033

Net Assets Consist of:
	Paid-in capital	$	1,469,268,623		$	510,533,200
	Total distributable earnings (loss)		(187,930,576	)		(89,144,167	)
Total Net Assets		$	1,281,338,047		$	421,389,033

Table of Contents

Statement of assets and liabilities

		Delaware			Delaware
		Corporate			Extended Duration
		Bond Fund			Bond Fund
Net Asset Value

Class A:
Net assets		$	285,976,656		$	66,507,890
Shares of beneficial interest outstanding, unlimited
	authorization, no par		53,597,380			12,618,714
Net asset value per share		$	5.34		$	5.27
Sales charge			4.50	%		4.50	%
Offering price per share, equal to net asset value per share
	/ (1 - sales charge)	$	5.59		$	5.52

Class C:
Net assets		$	15,994,975		$	5,318,685
Shares of beneficial interest outstanding, unlimited
	authorization, no par		2,997,286			1,009,947
Net asset value per share		$	5.34		$	5.27

Class R:
Net assets		$	9,419,370		$	5,489,414
Shares of beneficial interest outstanding, unlimited
	authorization, no par		1,763,877			1,039,596
Net asset value per share		$	5.34		$	5.28

Institutional Class:
Net assets		$	957,741,186		$	332,409,596
Shares of beneficial interest outstanding, unlimited
	authorization, no par		179,509,445			63,199,119
Net asset value per share		$	5.34		$	5.26

Class R6:
Net assets		$	12,205,860		$	11,663,448
Shares of beneficial interest outstanding, unlimited
	authorization, no par		2,289,176			2,215,587
Net asset value per share		$	5.33		$	5.26
____________________
* Investments, at cost		$	1,399,084,180		$	494,862,825
^Σ Options written, premium received			(4,130	)		(1,475	)

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

Table of Contents

Statement of operations

Year ended July 31, 2022

		Delaware			Delaware
		Corporate			Extended Duration
		Bond Fund			Bond Fund
Investment Income:
	Interest	$	43,815,818		$	19,513,930
	Dividends		358,974			251,001
			44,174,792			19,764,931

Expenses:
	Management fees		6,377,578			2,766,557
	Distribution expenses – Class A		872,634			213,776
	Distribution expenses – Class C		220,585			71,842
	Distribution expenses – Class R		56,111			35,484
	Dividend disbursing and transfer agent fees and
	expenses		1,565,761			667,761
	Accounting and administration expenses		254,403			123,034
	Reports and statements to shareholders expenses		182,693			65,625
	Legal fees		121,814			28,865
	Audit and tax fees		51,359			45,283
	Custodian fees		49,641			19,912
	Trustees’ fees and expenses		46,828			18,756
	Registration fees		16,376			11,847
	Other		138,597			71,520
			9,954,380			4,140,262
	Less expenses waived		(1,207,865	)		(958,580	)
	Less expenses paid indirectly		(910	)		(144	)
	Total operating expenses		8,745,605			3,181,538
Net Investment Income (Loss)			35,429,187			16,583,393

Table of Contents

Statement of operations

			Delaware			Delaware
			Corporate			Extended Duration
			Bond Fund			Bond Fund
Net Realized and Unrealized Gain (Loss):
	Net realized gain (loss) on:
		Investments	$	(50,396,296	)	$	(6,474,533	)
		Futures contracts		—			642,309
		Swap contracts		(9,976	)		(4,582	)
	Net realized gain (loss)			(50,406,272	)		(5,836,806	)

	Net change in unrealized appreciation (depreciation) on:
		Investments		(179,547,576	)		(118,546,240	)
		Futures contracts		—			(2,191,831	)
		Options written		3,872			1,383
		Swap contracts		11,692			5,014
	Net change in unrealized appreciation (depreciation)			(179,532,012	)		(120,731,674	)
Net Realized and Unrealized Gain (Loss)				(229,938,284	)		(126,568,480	)
Net Increase (Decrease) in Net Assets Resulting from
	Operations		$	(194,509,097	)	$	(109,985,087	)

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

Table of Contents

Statements of changes in net assets
Delaware Corporate Bond Fund

			Year ended
			7/31/22			7/31/21
Increase (Decrease) in Net Assets from Operations:
	Net investment income (loss)		$	35,429,187		$	30,698,769
	Net realized gain (loss)			(50,406,272	)		33,398,236
	Net change in unrealized appreciation (depreciation)			(179,532,012	)		(28,924,755	)
	Net increase (decrease) in net assets resulting from
		operations		(194,509,097	)		35,172,250

Dividends and Distributions to Shareholders from:
	Distributable earnings:
		Class A		(16,079,147	)		(6,667,398	)
		Class C		(858,429	)		(995,269	)
		Class R		(492,487	)		(399,494	)
		Institutional Class		(45,575,390	)		(33,363,113	)
		Class R6		(529,812	)		(272,178	)
				(63,535,265	)		(41,697,452	)

Capital Share Transactions:
	Proceeds from shares sold:
		Class A		31,818,415			89,400,561
		Class C		2,590,744			6,407,377
		Class R		1,803,944			4,124,114
		Institutional Class		540,621,303			430,105,546
		Class R6		4,583,181			7,795,723

	Net assets from merger:¹
		Class A		—			173,482,646
		Institutional Class		—			1,526,668
		Class R6		—			59,774

	Net asset value of shares issued upon reinvestment of
		dividends and distributions:
		Class A		15,010,949			6,018,329
		Class C		766,552			893,767
		Class R		491,081			403,318
		Institutional Class		29,700,204			22,695,053
		Class R6		428,765			135,585
				627,815,138			743,048,461

Table of Contents

Statements of changes in net assets
Delaware Corporate Bond Fund

			Year ended
			7/31/22			7/31/21
Capital Share Transactions (continued):
	Cost of shares redeemed:
		Class A	$	(104,971,738	)	$	(56,017,472	)
		Class C		(11,422,953	)		(26,706,524	)
		Class R		(3,438,764	)		(5,730,495	)
		Institutional Class		(467,733,349	)		(315,442,776	)
		Class R6		(1,514,701	)		(1,381,056	)
				(589,081,505	)		(405,278,323	)
	Increase in net assets derived from capital share
		transactions		38,733,633			337,770,138
Net Increase (Decrease) in Net Assets				(219,310,729	)		331,244,936
Net Assets:
	Beginning of year			1,500,648,776			1,169,403,840
	End of year		$	1,281,338,047		$	1,500,648,776

¹	See Note 7 in the "Notes to financial statements."

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

Table of Contents

Statements of changes in net assets
Delaware Extended Duration Bond Fund

			Year ended
			7/31/22			7/31/21
Increase (Decrease) in Net Assets from Operations:
	Net investment income (loss)		$	16,583,393		$	16,961,452
	Net realized gain (loss)			(5,836,806	)		27,853,333
	Net change in unrealized appreciation (depreciation)			(120,731,674	)		(36,050,970	)
	Net increase (decrease) in net assets resulting from
		operations		(109,985,087	)		8,763,815

Dividends and Distributions to Shareholders from:
	Distributable earnings:
		Class A		(6,861,085	)		(10,259,343	)
		Class C		(533,847	)		(1,069,037	)
		Class R		(558,490	)		(1,012,132	)
		Institutional Class		(30,946,647	)		(36,442,248	)
		Class R6		(1,338,802	)		(5,456,563	)
				(40,238,871	)		(54,239,323	)

Capital Share Transactions:
	Proceeds from shares sold:
		Class A		8,345,796			21,708,782
		Class C		427,503			1,964,039
		Class R		1,038,551			4,476,571
		Institutional Class		111,528,548			154,398,160
		Class R6		5,415,600			4,411,563

	Net asset value of shares issued upon reinvestment of
		dividends and distributions:
		Class A		6,742,603			10,028,703
		Class C		527,072			1,061,090
		Class R		558,211			1,018,084
		Institutional Class		29,697,854			35,026,097
		Class R6		1,338,417			5,471,382
				165,620,155			239,564,471

Table of Contents

Statements of changes in net assets
Delaware Extended Duration Bond Fund

			Year ended
			7/31/22			7/31/21
Capital Share Transactions (continued):
	Cost of shares redeemed:
		Class A	$	(21,978,244	)	$	(52,885,444	)
		Class C		(2,642,980	)		(6,570,699	)
		Class R		(2,616,360	)		(7,930,331	)
		Institutional Class		(97,645,636	)		(132,963,122	)
		Class R6		(51,208,958	)		(2,680,014	)
				(176,092,178	)		(203,029,610	)
	Increase (decrease) in net assets derived from capital
		share transactions		(10,472,023	)		36,534,861
Net Decrease in Net Assets				(160,695,981	)		(8,940,647	)
Net Assets:
		Beginning of year		582,085,014			591,025,661
		End of year	$	421,389,033		$	582,085,014

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

Table of Contents

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 income¹

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return²

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets³

Ratio of expenses to average net assets prior to fees waived³

Ratio of net investment income to average net assets

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

Portfolio turnover

¹	Calculated using average shares outstanding.
²	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
³	Expense ratios do not include expenses of any Underlying Funds in which the Fund invests.

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

Table of Contents

Year ended
7/31/22			7/31/21			7/31/20			7/31/19			7/31/18
$	6.49		$	6.54		$	5.97		$	5.61		$	5.90


	0.15			0.15			0.17			0.21			0.19
	(1.03	)		0.01			0.58			0.37			(0.27	)
	(0.88	)		0.16			0.75			0.58			(0.08	)


	(0.17	)		(0.17	)		(0.18	)		(0.22	)		(0.21	)
	(0.10	)		(0.04	)		—			—			—
	(0.27	)		(0.21	)		(0.18	)		(0.22	)		(0.21	)

$	5.34		$	6.49		$	6.54		$	5.97		$	5.61

	(13.91%	)		2.47%			12.90%			10.65%			(1.44%	)


$	285,977		$	412,495		$	199,500		$	168,910		$	200,600
	0.82%			0.82%			0.82%			0.82%			0.88%
	0.91%			0.91%			0.91%			0.92%			0.92%
	2.49%			2.31%			2.71%			3.68%			3.26%
	2.40%			2.22%			2.62%			3.58%			3.22%
	109%			123%			172%			173%			158%

Table of Contents

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 income¹

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return²

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets³

Ratio of expenses to average net assets prior to fees waived³

Ratio of net investment income to average net assets

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

Portfolio turnover

¹	Calculated using average shares outstanding.
²	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
³	Expense ratios do not include expenses of any Underlying Funds in which the Fund invests.

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

Table of Contents

Year ended
7/31/22			7/31/21			7/31/20			7/31/19			7/31/18
$	6.49		$	6.54		$	5.97		$	5.61		$	5.90


	0.10			0.10			0.12			0.17			0.14
	(1.02	)		0.01			0.59			0.37			(0.27	)
	(0.92	)		0.11			0.71			0.54			(0.13	)


	(0.13	)		(0.12	)		(0.14	)		(0.18	)		(0.16	)
	(0.10	)		(0.04	)		—			—			—
	(0.23	)		(0.16	)		(0.14	)		(0.18	)		(0.16	)

$	5.34		$	6.49		$	6.54		$	5.97		$	5.61

	(14.55%	)		1.70%			12.05%			9.83%			(2.18%	)


$	15,995		$	28,365		$	48,283		$	68,277		$	88,274
	1.57%			1.57%			1.57%			1.57%			1.63%
	1.66%			1.66%			1.66%			1.67%			1.67%
	1.74%			1.56%			1.96%			2.93%			2.51%
	1.65%			1.47%			1.87%			2.83%			2.47%
	109%			123%			172%			173%			158%

Table of Contents

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 income¹

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return²

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets³

Ratio of expenses to average net assets prior to fees waived³

Ratio of net investment income to average net assets

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

Portfolio turnover

¹	Calculated using average shares outstanding.
²	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
³	Expense ratios do not include expenses of any Underlying Funds in which the Fund invests.

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

Table of Contents

Year ended
7/31/22			7/31/21			7/31/20			7/31/19			7/31/18
$	6.50		$	6.54		$	5.98		$	5.62		$	5.90


	0.13			0.13			0.15			0.19			0.17
	(1.03	)		0.02			0.58			0.38			(0.26	)
	(0.90	)		0.15			0.73			0.57			(0.09	)


	(0.16	)		(0.15	)		(0.17	)		(0.21	)		(0.19	)
	(0.10	)		(0.04	)		—			—			—
	(0.26	)		(0.19	)		(0.17	)		(0.21	)		(0.19	)

$	5.34		$	6.50		$	6.54		$	5.98		$	5.62

	(14.26%	)		2.37%			12.43%			10.36%			(1.51%	)


$	9,419		$	12,760		$	14,107		$	17,517		$	19,512
	1.07%			1.07%			1.07%			1.07%			1.13%
	1.16%			1.16%			1.16%			1.17%			1.17%
	2.24%			2.06%			2.46%			3.43%			3.01%
	2.15%			1.97%			2.37%			3.33%			2.97%
	109%			123%			172%			173%			158%

Table of Contents

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 income¹

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return²

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets³

Ratio of expenses to average net assets prior to fees waived³

Ratio of net investment income to average net assets

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

Portfolio turnover

¹	Calculated using average shares outstanding.
²	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
³	Expense ratios do not include expenses of any Underlying Funds in which the Fund invests.

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

Table of Contents

Year ended
7/31/22			7/31/21			7/31/20			7/31/19			7/31/18
$	6.49		$	6.54		$	5.97		$	5.61		$	5.90


	0.16			0.16			0.18			0.22			0.20
	(1.02	)		0.02			0.59			0.37			(0.27	)
	(0.86	)		0.18			0.77			0.59			(0.07	)


	(0.19	)		(0.19	)		(0.20	)		(0.23	)		(0.22	)
	(0.10	)		(0.04	)		—			—			—
	(0.29	)		(0.23	)		(0.20	)		(0.23	)		(0.22	)

$	5.34		$	6.49		$	6.54		$	5.97		$	5.61

	(13.69%	)		2.72%			13.18%			10.93%			(1.20%	)


$	957,741		$	1,036,266		$	903,456		$	730,173		$	860,359
	0.57%			0.57%			0.57%			0.57%			0.63%
	0.66%			0.66%			0.66%			0.67%			0.67%
	2.74%			2.56%			2.96%			3.93%			3.51%
	2.65%			2.47%			2.87%			3.83%			3.47%
	109%			123%			172%			173%			158%

Table of Contents

Financial highlights
Delaware Corporate Bond Fund Class R6

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁴

Ratio of expenses to average net assets prior to fees waived⁴

Ratio of net investment income to average net assets

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

Portfolio turnover

¹	Date of commencement of operations; ratios have been annualized and total return has not been annualized.
²	Calculated using average shares outstanding.
³	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
⁴	Expense ratios do not include expenses of any Underlying Funds in which the Fund invests.
⁵	Portfolio turnover is representative of the Fund for the entire period.

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

Table of Contents

									1/31/19¹
Year ended									to
7/31/22			7/31/21			7/31/20			7/31/19
$	6.49		$	6.53		$	5.97		$	5.59


	0.17			0.17			0.19			0.11
	(1.04	)		0.02			0.58			0.39
	(0.87	)		0.19			0.77			0.50


	(0.19	)		(0.19	)		(0.21	)		(0.12	)
	(0.10	)		(0.04	)		—			—
	(0.29	)		(0.23	)		(0.21	)		(0.12	)

$	5.33		$	6.49		$	6.53		$	5.97

	(13.78%	)		2.97%			13.12%			8.98%


$	12,206		$	10,763		$	4,058		$	2
	0.48%			0.48%			0.48%			0.48%
	0.57%			0.57%			0.57%			0.58%
	2.83%			2.65%			3.05%			4.01%
	2.74%			2.56%			2.96%			3.91%
	109%			123%			172%			173%	⁵

Table of Contents

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 income¹

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Return of capital

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁴

Ratio of expenses to average net assets prior to fees waived⁴

Ratio of net investment income to average net assets

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

Portfolio turnover

¹	Calculated using average shares outstanding.
²	Amount is less than $(0.005) per share.
³	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
⁴	Expense ratios do not include expenses of any Underlying Funds in which the Fund invests.

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

Table of Contents

Year ended
7/31/22			7/31/21			7/31/20			7/31/19			7/31/18
$	7.12		$	7.73		$	6.84		$	6.28		$	6.62


	0.19			0.20			0.22			0.24			0.23
	(1.54	)		(0.12	)		1.05			0.56			(0.34	)
	(1.35	)		0.08			1.27			0.80			(0.11	)


	(0.20	)		(0.21	)		(0.23	)		(0.24	)		(0.23	)
	(0.30	)		(0.48	)		(0.15	)		—			—
	—	²		—			—			—			—
	(0.50	)		(0.69	)		(0.38	)		(0.24	)		(0.23	)

$	5.27		$	7.12		$	7.73		$	6.84		$	6.28

	(20.07%	)		1.24%			19.19%			13.17%			(1.64%	)


$	66,508		$	99,512		$	130,678		$	125,213		$	150,397
	0.82%			0.82%			0.82%			0.82%			0.87%
	1.01%			0.99%			0.98%			0.98%			0.98%
	3.09%			2.85%			3.16%			3.78%			3.52%
	2.90%			2.68%			3.00%			3.62%			3.41%
	76%			85%			108%			133%			147%

Table of Contents

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 income¹

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Return of capital

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁴

Ratio of expenses to average net assets prior to fees waived⁴

Ratio of net investment income to average net assets

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

Portfolio turnover

¹	Calculated using average shares outstanding.
²	Amount is less than $(0.005) per share.
³	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
⁴	Expense ratios do not include expenses of any Underlying Funds in which the Fund invests.

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

Table of Contents

Year ended
7/31/22			7/31/21			7/31/20			7/31/19			7/31/18
$	7.12		$	7.72		$	6.83		$	6.27		$	6.61


	0.15			0.15			0.17			0.19			0.18
	(1.55	)		(0.11	)		1.05			0.56			(0.33	)
	(1.40	)		0.04			1.22			0.75			(0.15	)


	(0.15	)		(0.16	)		(0.18	)		(0.19	)		(0.19	)
	(0.30	)		(0.48	)		(0.15	)		—			—
	—	²		—			—			—			—
	(0.45	)		(0.64	)		(0.33	)		(0.19	)		(0.19	)

$	5.27		$	7.12		$	7.72		$	6.83		$	6.27

	(20.66%	)		0.62%			18.32%			12.34%			(2.39%	)


$	5,319		$	9,171		$	13,859		$	14,748		$	17,612
	1.57%			1.57%			1.57%			1.57%			1.62%
	1.76%			1.74%			1.73%			1.73%			1.73%
	2.34%			2.10%			2.41%			3.03%			2.77%
	2.15%			1.93%			2.25%			2.87%			2.66%
	76%			85%			108%			133%			147%

Table of Contents

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 income¹

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Return of capital

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁴

Ratio of expenses to average net assets prior to fees waived⁴

Ratio of net investment income to average net assets

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

Portfolio turnover

1	Calculated using average shares outstanding.
2	Amount is less than $(0.005) per share.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
4	Expense ratios do not include expenses of any Underlying Funds in which the Fund invests.

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

Table of Contents

Year ended
7/31/22			7/31/21			7/31/20			7/31/19			7/31/18
$	7.14		$	7.74		$	6.85		$	6.29		$	6.63


	0.18			0.18			0.21			0.22			0.21
	(1.56	)		(0.10	)		1.04			0.57			(0.33	)
	(1.38	)		0.08			1.25			0.79			(0.12	)


	(0.18	)		(0.20	)		(0.21	)		(0.23	)		(0.22	)
	(0.30	)		(0.48	)		(0.15	)		—			—
	—	²		—			—			—			—
	(0.48	)		(0.68	)		(0.36	)		(0.23	)		(0.22	)

$	5.28		$	7.14		$	7.74		$	6.85		$	6.29

	(20.35%	)		1.13%			18.87%			12.87%			(1.88%	)


$	5,489		$	8,631		$	12,065		$	11,984		$	15,389
	1.07%			1.07%			1.07%			1.07%			1.12%
	1.26%			1.24%			1.23%			1.23%			1.23%
	2.84%			2.60%			2.91%			3.53%			3.27%
	2.65%			2.43%			2.75%			3.37%			3.16%
	76%			85%			108%			133%			147%

Table of Contents

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 income¹

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Return of capital

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁴

Ratio of expenses to average net assets prior to fees waived⁴

Ratio of net investment income to average net assets

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

Portfolio turnover

1	Calculated using average shares outstanding.
2	Amount is less than $(0.005) per share.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
4	Expense ratios do not include expenses of any Underlying Funds in which the Fund invests.

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

Table of Contents

Year ended
7/31/22			7/31/21			7/31/20			7/31/19			7/31/18
$	7.11		$	7.71		$	6.82		$	6.27		$	6.61


	0.20			0.22			0.24			0.25			0.25
	(1.54	)		(0.11	)		1.05			0.56			(0.34	)
	(1.34	)		0.11			1.29			0.81			(0.09	)


	(0.21	)		(0.23	)		(0.25	)		(0.26	)		(0.25	)
	(0.30	)		(0.48	)		(0.15	)		—			—
	—	²		—			—			—			—
	(0.51	)		(0.71	)		(0.40	)		(0.26	)		(0.25	)

$	5.26		$	7.11		$	7.71		$	6.82		$	6.27

	(19.90%	)		1.63%			19.54%			13.30%			(1.40%	)


$	332,410		$	404,838		$	377,316		$	444,635		$	433,957
	0.57%			0.57%			0.57%			0.57%			0.62%
	0.76%			0.74%			0.73%			0.73%			0.73%
	3.34%			3.10%			3.41%			4.03%			3.77%
	3.15%			2.93%			3.25%			3.87%			3.66%
	76%			85%			108%			133%			147%

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Financial highlights
Delaware Extended Duration Bond Fund Class R6

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income¹

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Return of capital

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁴

Ratio of expenses to average net assets prior to fees waived⁴

Ratio of net investment income to average net assets

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

Portfolio turnover

1	Calculated using average shares outstanding.
2	Amount is less than $(0.005) per share.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
4	Expense ratios do not include expenses of any Underlying Funds in which the Fund invests.

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

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Year ended
7/31/22			7/31/21			7/31/20			7/31/19			7/31/18
$	7.11		$	7.72		$	6.83		$	6.27		$	6.61


	0.23			0.23			0.25			0.26			0.25
	(1.56	)		(0.12	)		1.04			0.56			(0.33	)
	(1.33	)		0.11			1.29			0.82			(0.08	)


	(0.22	)		(0.24	)		(0.25	)		(0.26	)		(0.26	)
	(0.30	)		(0.48	)		(0.15	)		—			—
	—	²		—			—			—			—
	(0.52	)		(0.72	)		(0.40	)		(0.26	)		(0.26	)

$	5.26		$	7.11		$	7.72		$	6.83		$	6.27

	(19.83%	)		1.58%			19.61%			13.56%			(1.32%	)


$	11,663		$	59,933		$	57,108		$	44,970		$	48,373
	0.48%			0.48%			0.49%			0.49%			0.54%
	0.66%			0.65%			0.63%			0.64%			0.65%
	3.43%			3.19%			3.49%			4.11%			3.85%
	3.25%			3.02%			3.35%			3.96%			3.74%
	76%			85%			108%			133%			147%

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Notes to financial statements
Delaware Corporate Bond Fund and
Delaware Extended Duration Bond Fund	July 31, 2022

Delaware Group^®Income Funds (Trust) is organized as a Delaware statutory trust and offers four series: Delaware Corporate Bond Fund, Delaware Extended Duration Bond Fund, Delaware Floating Rate 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. Each Fund is considered diversified under the Investment Company Act of 1940, as amended, and offers Class A, Class C, Class R, Institutional Class, and Class R6 shares. Class A shares are sold with a maximum front-end sales charge of 4.50%. There is no front-end sales charge when you purchase $1,000,000 or more of Class A shares. However, if Delaware Distributors, L.P. (DDLP) paid your financial intermediary a commission on your purchase of $1,000,000 or more of Class A shares, for shares purchased prior to July 1, 2020, you will have to pay a limited contingent deferred sales charge (Limited CDSC) of 1.00% if you redeem these shares within the first year after your purchase and 0.50% if you redeem these shares within the second year; or for shares purchased on or after July 1, 2020, you will have to pay a Limited CDSC of 1.00% if you redeem these shares within the first 18 months after your purchase; unless a specific waiver of the Limited CDSC applies. Class C shares have no upfront sales charge, but are sold with a contingent deferred sales charge (CDSC) of 1.00%, which will be incurred if redeemed during the first 12 months. Class R, Institutional Class, and Class R6 shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class R6 shares do not pay any service fees, sub-accounting fees, and/or sub-transfer agency fees to any brokers, dealers, or other financial intermediaries.

1. Significant Accounting Policies

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

Security Valuation — Equity securities, except those traded on the Nasdaq Stock Market LLC (Nasdaq), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange on the valuation date. Equity securities 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, the mean between the bid and the ask prices will be used, which approximates fair value. US government and agency securities are valued at the mean between the bid and the ask prices, which approximates fair value. Open-end investment companies are valued at their published net asset value (NAV). Other debt securities and credit default swap (CDS) 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. Valuations for fixed income securities utilize matrix systems, which reflect such factors as security prices,

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yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. 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. Futures contracts are valued at the daily quoted settlement prices. Generally, other securities and assets for which market quotations are not readily available are valued at fair value as determined in good faith under the direction of the Trust’s Board of Trustees (Board). In determining whether market quotations are readily available or fair valuation will be used, various factors will be taken into consideration, such as market closures or suspension of trading in a security. Restricted securities are valued at fair value using methods approved by the Board.

Federal Income Taxes — No provision for federal income taxes has been made as each Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. Each Fund evaluates tax positions taken or expected to be taken in the course of preparing each Fund's tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are recorded as a tax benefit or expense in the current year. Management has analyzed each Fund’s tax positions taken or expected to be taken on each Fund’s federal income tax returns through the year ended July 31, 2022, and for all open tax years (years ended July 31, 2019–July 31, 2021), and has concluded that no provision for federal income tax is required in each Fund’s financial statements. If applicable, each Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in “Other” on the “Statements of operations.” During the year ended July 31, 2022, the Funds did not incur any interest or tax penalties.

Class Accounting — Investment income and common expenses are allocated to the various classes of each Fund on the basis of “settled shares” of each class in relation to the net assets of each Fund. Realized and unrealized gain (loss) on investments are allocated to the various classes of each Fund on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class. Class R6 shares will not be allocated any expenses related to service fees, sub-accounting fees, and/or sub-transfer agency fees paid to brokers, dealers, or other financial intermediaries.

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

Other — Expenses directly attributable to a Fund are charged directly to that Fund. Other expenses common to various funds within the Delaware Funds by Macquarie^®(Delaware Funds) are generally allocated among such funds on the basis of average net assets. Management fees and certain other expenses are paid monthly. Security transactions are recorded on the date the

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Notes to financial statements
Delaware Corporate Bond Fund and
Delaware Extended Duration Bond Fund

1. Significant Accounting Policies (continued)

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. Income and capital gain distributions from any investment companies (Underlying Funds) in which the Fund invests are recorded on the ex-dividend date. Discounts and premiums on debt securities are accreted or amortized to interest income, respectively, over the lives of the respective securities using the effective interest method. Premiums on callable debt securities are amortized to interest income to the earliest call date using the effective interest method. 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 receives earnings credits from its custodian when positive cash balances are maintained, which may be used to offset custody fees. The expenses paid under this arrangement are included on the “Statement of operations” under “Custodian fees” with the corresponding expenses offset included under “Less expenses paid indirectly.” There were no such earnings credits for the year ended July 31, 2022 for Delaware Corporate Bond Fund and Delaware Extended Duration Bond Fund.

Each Fund receives earnings credits from its transfer agent when positive cash balances are maintained, which may be used to offset transfer agent fees. If the amount earned is greater than $1, the expenses paid under this arrangement are included on the “Statements of operations” under “Dividend disbursing and transfer agent fees and expenses” with the corresponding expenses offset included under “Less expenses paid indirectly.” For the year ended July 31, 2022, each Fund earned the following amounts under this arrangement:

Fund	Earnings Credits
Delaware Corporate Bond Fund		$	910
Delaware Extended Duration Bond Fund			144

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

In accordance with the terms of its respective investment management agreement, each Fund pays Delaware Management Company (DMC), a series of Macquarie Investment Management Business Trust and the investment manager, an annual fee which is calculated daily and paid monthly 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%

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DMC has contractually agreed to waive all or a portion of its management fee and/or pay/reimburse expenses (excluding any distribution and service (12b-1) fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations), in order to prevent total annual fund operating expenses from exceeding 0.57% of average daily net assets of Class A, Class C, Class R, and Institutional Class shares and 0.48% of average daily net assets of Class R6 shares for each Fund. The expense waivers were in effect from August 1, 2021 through July 31, 2022.* These waivers and reimbursements may only be terminated by agreement of DMC and the Funds. The waivers and reimbursements are accrued daily and received monthly.

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

Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administrative oversight services to each Fund. For these services, DIFSC’s fees are calculated daily and paid monthly, based on the aggregate daily net assets of all funds within the Delaware Funds at the following annual rates: 0.00475% of the first $35 billion; 0.0040% of the next $10 billion; 0.0025% of the next $45 billion; and 0.0015% of aggregate average daily net assets in excess of $90 billion (Total Fee). Each fund in the Delaware Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each fund then pays its portion of the remainder of the Total Fee on a relative NAV basis. These amounts are included on the “Statements of operations” under “Accounting and administration expenses.” For the year ended July 31, 2022, each Fund paid these services as follows:

Fund	Fees
Delaware Corporate Bond Fund	$	47,564
Delaware Extended Duration Bond Fund		20,568

DIFSC is also the transfer agent and dividend disbursing agent of each Fund. For these services, DIFSC’s fees are calculated daily and paid monthly, based on the aggregate daily net assets of the retail funds within the Delaware Funds at the following annual rates: 0.014% of the first $20 billion; 0.011% of the next $5 billion; 0.007% of the next $5 billion; 0.005% of the next $20 billion; and 0.0025% of average daily net assets in excess of $50 billion. The fees payable to DIFSC under the shareholder services agreement described above are allocated among all retail

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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)

funds in the Delaware Funds on a relative NAV basis. This amount is included on the “Statements of operations” under “Dividend disbursing and transfer agent fees and expenses.” For the year ended July 31, 2022, each Fund paid for these services as follows:

Fund	Fees
Delaware Corporate Bond Fund	$	60,811
Delaware Extended Duration Bond Fund		23,142

Pursuant to a sub-transfer agency agreement between DIFSC and BNY Mellon Investment Servicing (US) Inc. (BNYMIS), BNYMIS provides certain sub-transfer agency services to the Funds. Sub-transfer agency fees are paid by the Funds and are also included on the “Statements of operations” under “Dividend disbursing and transfer agent fees and expenses.” The fees that are calculated daily and paid as invoices are received on a monthly or quarterly basis.

Pursuant to a distribution agreement and distribution plan, each Fund pays DDLP, the distributor and an affiliate of DMC, an annual 12b-1 fee of 0.25%, 1.00%, and 0.50% of the average daily net assets of the Class A, Class C, and Class R shares, respectively. The fees are calculated daily and paid monthly. Institutional Class and Class R6 shares do not pay 12b-1 fees.

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 and regulatory reporting services to the Funds. These amounts are included on the “Statements of operations” under “Legal fees.” For the year ended July 31, 2022, each Fund paid for internal legal and regulatory reporting services provided by DMC and/or its affiliates’ employees as follows:

Fund	Fees
Delaware Corporate Bond Fund	$	17,944
Delaware Extended Duration Bond Fund		6,494

For the year ended July 31, 2022, DDLP earned commissions on sales of Class A shares for each Fund as follows:

Fund	Class A
Delaware Corporate Bond Fund	$	7,507
Delaware Extended Duration Bond Fund		8,825

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For the year ended July 31, 2022, DDLP received gross CDSC commissions on redemptions of each Fund’s Class A and Class C shares, respectively, and these commissions were entirely used to offset upfront commissions previously paid by DDLP to broker/dealers on sales of those shares. The amounts received were as follows:

Fund	Class A			Class C
Delaware Corporate Bond Fund		$	309	$	4,333
Delaware Extended Duration Bond Fund			18		2,964

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

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

*	The aggregate contractual waiver period covering this report is from November 27, 2020 through November 26, 2022.

3. Investments

For the year ended July 31, 2022, each Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases

Sales

other than

Purchases of

other than

Sales of

US government

Fund

securities

Delaware

Corporate

Bond

Fund

1,311,218,031

117,930,106

1,344,691,072

104,560,316

Delaware

Extended

Duration

Bond

Fund

358,107,263

21,361,683

400,195,066

20,915,665

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Notes to financial statements
Delaware Corporate Bond Fund and
Delaware Extended Duration Bond Fund

3. Investments (continued)

The tax cost of investments and derivatives includes adjustments to net unrealized appreciation (depreciation) which may not necessarily be the final tax cost basis adjustments but which approximate the tax basis unrealized gains and losses that may be realized and distributed to shareholders. At July 31, 2022, the cost and unrealized appreciation (depreciation) of investments and derivatives for federal income tax purposes for each Fund were as follows:

		Aggregate	Aggregate		Net unrealized
		unrealized	unrealized		appreciation
	Cost of	appreciation	depreciation		(depreciation)
	investments	of investments	of investments		of investments
Fund	and derivatives	and derivatives	and derivatives		and derivatives
Delaware
Corporate
Bond
Fund	$1,404,744,994	$8,296,562	$(129,641,923	)	$(121,345,361	)
Delaware
Extended
Duration
Bond
Fund	495,497,923	2,056,116	(77,078,330	)	(75,022,214	)

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

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

Level 2 –	Other observable inputs, including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, and default rates) or other market-corroborated inputs. (Examples: debt securities, government securities, swap

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	contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, and fair valued securities)

Level 3 –	Significant unobservable inputs, including each Fund's own assumptions used to determine the fair value of investments. (Examples: broker-quoted securities and fair valued securities)

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

The following tables summarize the valuation of each Fund’s investments by fair value hierarchy levels as of July 31, 2022:

	Delaware Corporate Bond Fund
	Level 1		Level 2			Total
Securities
Assets:
Convertible Bonds	$	—	$	4,954,993		$	4,954,993
Convertible Preferred Stock		3,273,213		—			3,273,213
Corporate Bonds		—		1,139,569,039			1,139,569,039
Loan Agreements		—		32,359,963			32,359,963
Municipal Bonds		—		4,189,242			4,189,242
Non-Agency Asset-Backed Securities		—		22,988,086			22,988,086
US Treasury Obligation		—		14,555,662			14,555,662
Short-Term Investments		61,509,693		—			61,509,693
Total Value of
Securities Before Options Written	$	64,782,906	$	1,218,616,985		$	1,283,399,891
Liabilities:
Options Written	$	—	$	(258	)	$	(258	)

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Notes to financial statements
Delaware Corporate Bond Fund and
Delaware Extended Duration Bond Fund

3. Investments (continued)

	Delaware Extended Duration Bond Fund
	Level 1		Level 2			Total
Securities
Assets:
Convertible Bond	$	—	$	615,060		$	615,060
Convertible Preferred Stock		3,644,344		—			3,644,344
Corporate Bonds		—		392,548,667			392,548,667
Loan Agreements		—		2,715,440			2,715,440
Municipal Bonds		—		9,578,884			9,578,884
Short-Term Investments		11,373,406		—			11,373,406
Total Value of Securities Before Options Written	$	15,017,750	$	405,458,051		$	420,475,801
Liabilities:
Options Written	$	—	$	(92	)	$	(92	)

During the year ended July 31, 2022, there were no transfers into or out of Level 3 investments. Each Fund's policy is to recognize transfers into or out of Level 3 investments based on fair value at the beginning of the reporting period.

A reconciliation of Level 3 investments is presented when each Fund has a significant amount of Level 3 investments at the beginning or end of the period in relation to each Fund's net assets. During the year ended July 31, 2022, there were no Level 3 investments.

4. Dividend and Distribution Information

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from US GAAP. Additionally, distributions from net short-term gains on sales of investment securities are treated as ordinary income for federal income tax purposes. The tax character of dividends and distributions paid during the years ended July 31, 2022 and 2021 were as follows:

			Long-term
	Ordinary		capital
	income		gains		Total
Year ended July 31, 2022:
Delaware Corporate Bond Fund	$	53,572,160	$	9,963,105	$	63,535,265
Delaware Extended Duration Bond Fund		18,148,186		22,090,685		40,238,871
Year ended July 31, 2021:
Delaware Corporate Bond Fund		41,697,452		—		41,697,452
Delaware Extended Duration Bond Fund		31,243,518		22,995,805		54,239,323

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5. Components of Net Assets on a Tax Basis

As of July 31, 2022, the components of net assets on a tax basis were as follows:

	Delaware Corporate Bond Fund				Delaware Extended Duration Bond Fund
Shares of beneficial
interest		$	1,469,268,623			$	510,533,200
Undistributed ordinary
income			1,185,928				—
Qualified late year loss
deferrals			(66,367,342	)			(14,073,995	)
Distributions payable			(1,403,801	)			(47,958	)
Unrealized appreciation
(depreciation) of
investments and
derivatives			(121,345,361	)			(75,022,214	)
Net assets		$	1,281,338,047			$	421,389,033

The differences between book basis and tax basis components of net assets are primarily attributable to tax deferral of losses on wash sales, market discount and premium on debt instruments, treatment of swap contracts, and amortization of premium on callable bonds.

Qualified late year ordinary and capital losses (including currency and specified gain/loss items) represent losses realized from January 1, 2022 through July 31, 2022 and November 1, 2021 through July 31, 2022, respectively, that, in accordance with federal income tax regulations, the Funds have elected to defer and treat as having arisen in the following fiscal year.

For financial reporting purposes, capital accounts are adjusted to reflect the tax character of permanent book/tax differences. Reclassifications are primarily due to the tax treatment of an over distribution. Results of operations and net assets were not affected by these reclassifications. For the year ended July 31, 2022, the Funds recorded the following reclassifications:

	Delaware Corporate Bond Fund			Delaware Extended Duration Bond Fund
Paid-in capital		$	—		$	(60	)
Total distributable
earnings (loss)			—			60

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Notes to financial statements
Delaware Corporate Bond Fund and
Delaware Extended Duration Bond Fund

6. Capital Shares

Transactions in capital shares were as follows:

		Delaware Corporate Bond Fund				Delaware Extended Duration Bond Fund
		Year ended				Year ended
		7/31/22		7/31/21		7/31/22		7/31/21
Shares sold:
	Class A	5,443,132		13,870,446		1,337,245		3,033,639
	Class C	433,994		994,955		67,345		273,276
	Class R	299,973		641,138		172,780		621,313
	Institutional Class	95,679,484		66,967,180		18,352,336		22,047,194
	Class R6	820,125		1,223,264		965,481		642,600

Shares from merger:¹
	Class A	—		26,938,299		—		—
	Institutional Class	—		237,060		—		—
	Class R6	—		9,282		—		—

Shares issued upon reinvestment of dividends and distributions:
	Class A	2,511,328		934,979		1,053,227		1,396,963
	Class C	127,460		138,550		81,859		147,682
	Class R	82,052		62,657		86,807		141,502
	Institutional Class	4,971,110		3,529,688		4,674,917		4,899,650
	Class R6	72,244		21,146		204,748		764,585
		110,440,902		115,568,644		26,996,745		33,968,404

Shares redeemed:
	Class A	(17,912,950	)	(8,710,360	)	(3,742,384	)	(7,373,751	)
	Class C	(1,934,051	)	(4,150,439	)	(427,734	)	(927,512	)
	Class R	(582,527	)	(895,885	)	(429,594	)	(1,112,317	)
	Institutional Class	(80,802,301	)	(49,302,649	)	(16,774,383	)	(18,920,623	)
	Class R6	(262,597	)	(215,484	)	(7,378,161	)	(382,592	)
		(101,494,426	)	(63,274,817	)	(28,752,256	)	(28,716,795	)
Net increase (decrease)		8,946,476		52,293,827		(1,755,511	)	5,251,609

¹	See Note 7.

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Certain shareholders may exchange shares of one class for shares of another class in the same Fund. These exchange transactions are included as subscriptions and redemptions in the table on the previous page and on the “Statements of changes in net assets.” For the years ended July 31, 2022 and 2021, each Fund had the following exchange transactions:

	Exchange Redemptions		Exchange Subscriptions
				Institutional
	Class A	Class C	Class A	Class
	Shares	Shares	Shares	Shares	Value
Delaware Corporate Bond Fund
Year ended
7/31/22	181,426	17,672	17,688	181,435	$	1,263,189
7/31/21	30,925	131,264	117,831	45,115		1,033,858
Delaware Extended Duration Bond Fund
Year ended
7/31/22	—	3,347	3,349	—		22,273
7/31/21	17,795	38,368	38,366	17,828		395,253

7. Reorganization

On May 26-27, 2021, the Board approved a proposal to reorganize (the “Reorganization”) Delaware Investment Grade Fund (the “Acquired Fund”), a series of Delaware Group^®Equity Funds IV, with and into Delaware Corporate Bond Fund (the “Acquiring Fund”), a series of the Trust. Pursuant to an Agreement and Plan of Reorganization (the “Plan”): (i) all of the property, assets, and goodwill of the Acquired Fund were acquired by the Acquiring Fund, and (ii) the Trust, on behalf of the Acquiring Fund, assumed the liabilities of the Acquired Fund, in exchange for shares of the Acquiring Fund. In accordance with the Plan, the Acquired Fund liquidated and dissolved following the Reorganization. The purpose of the transaction was to allow shareholders of the Acquired Fund to own shares of the Acquiring Fund, a fund with a similar investment objective and style as, and potentially lower net expenses than the Acquired Fund. The Reorganization was accomplished by a tax-free exchange of shares on July 9, 2021. For financial reporting purposes, assets received and shares issued by the Acquiring Fund were recorded at fair value; however, the cost basis of the investments received from the Acquired Fund was carried forward to align ongoing reporting of the Acquiring Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

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Notes to financial statements
Delaware Corporate Bond Fund and
Delaware Extended Duration Bond Fund

7. Reorganization (continued)

The share transactions associated with the Reorganization are as follows:

				Shares
	Acquired		Acquired	Converted	Acquiring
	Fund		Fund Shares	to Acquiring	Fund		Conversion
	Net Assets		Outstanding	Fund	Net Assets		Ratio
	Delaware Investment Grade Fund			Delaware Corporate Bond Fund
Class A	$	173,482,646	17,684,476	26,938,299	$	239,540,932	1.5233
Institutional
Class		1,526,668	154,705	237,060		1,013,281,202	1.5323
Class R6		59,774	6,074	9,282		10,318,950	1.5282

The net assets of the Acquired Fund before the Reorganization were $175,069,088. The net assets of the Acquiring Fund immediately following the Reorganization were $1,479,521,731.

Assuming the Reorganization had been completed on August 1, 2020, the Acquiring Fund’s pro forma results of operations for the year ended July 31, 2021, would have been as follows:

	Delaware Corporate Bond Fund
Net investment income		$	35,853,534
Net realized gain on investments			37,327,491
Net change in unrealized appreciation (depreciation)			(29,460,958	)
Net increase in net assets resulting from operations		$	43,720,067

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practical to separate the amounts of revenue and earnings of the Acquired Fund that have been included in the Acquiring Fund’s Statement of Operations since the Reorganization was consummated on July 9, 2021.

8. Line of Credit

Each Fund, along with certain other funds in the Delaware Funds (Participants), was a participant in a $225,000,000 revolving line of credit (Agreement) intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the Agreement, the Participants were charged an annual commitment fee of 0.15% with the addition of an upfront fee of 0.05%, which was allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants were permitted to borrow up to a maximum of one-third of their net assets under the Agreement. Each Participant was individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the Agreement expired on November 1, 2021.

On November 1, 2021, each Fund, along with the other Participants, entered into an amendment to the agreement for a $355,000,000 revolving line of credit to be used as described above and operates in substantially the same manner as the original Agreement. Under the amendment to

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the agreement, the Participants are charged an annual commitment fee of 0.15%, with the addition of an upfront fee of 0.05%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The line of credit available under the agreement expires on October 31, 2022.

Each Fund had no amounts outstanding as of July 31, 2022, or at any time during the year then ended.

9. Derivatives

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

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 may invest in futures contracts to hedge its existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions. Upon entering into a futures contract, each Fund deposits cash or pledges US government securities to a broker, equal to the minimum “initial margin” requirements of the exchange on which the contract is traded. Subsequent payments are received from the broker or paid to the broker each day, based on the daily fluctuation in the market value of the contract. These receipts or payments are known as “variation margin” and are recorded daily by 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 the Funds because futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees against default. No futures contracts were open at July 31, 2022.

During the year ended July 31, 2022, Delaware Extended Duration Bond Fund used futures contracts to hedge the Fund’s existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions.

During the year ended July 31, 2022, Delaware Extended Duration Bond Fund experienced net realized and unrealized gain or loss attributable to their use of futures contracts, which is disclosed as “Net realized gain (loss) on futures contracts” on the “Statements of operations.”

Options Contracts — Each Fund may enter into options contracts in the normal course of pursuing its investment objective. Each Fund may buy or write options contracts for any number of reasons, including without limitation: to manage each Fund's exposure to changes in securities

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Notes to financial statements
Delaware Corporate Bond Fund and
Delaware Extended Duration Bond Fund

9. Derivatives (continued)

prices caused by interest rates or market conditions and foreign currencies; as an efficient means of adjusting each Fund's overall exposure to certain markets; to protect the value of portfolio securities; and as a cash management tool. Each Fund may buy or write call or put options on securities, futures, swaps, swaptions, financial indices, and foreign currencies. When each 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 each 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 each 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 each Fund has 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.

During the year ended July 31, 2022, each Fund used options contracts to receive premiums for writing options.

Swap Contracts — Each Fund may enter into CDS contracts in the normal course of pursuing its investment objective. Each Fund may enter into CDS contracts in order to hedge against credit events, to enhance total return, or to gain exposure to certain securities or markets. Swap contracts are bilaterally negotiated agreements between a Fund and counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. Swap agreements are privately negotiated in the over the counter market (OTC swaps). If the OTC swap entered is one of the swaps identified by a relevant regulator as a swap that is required to be cleared, then it will be cleared through a third party, known as a central counterparty or derivatives clearing organization (centrally cleared swaps).

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 each Fund in connection with an unwinding or assignment of a CDS contract. Upon the occurrence of a credit event, the seller of protection would pay the

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par (or other agreed-upon) value of the reference security (or basket of securities) to the counterparty. Credit events generally include, among others, bankruptcy, failure to pay, and obligation default.

During the year ended July 31, 2022, Delaware Corporate Bond Fund entered into CDS contracts as a purchaser of protection. Periodic payments (receipts) on such contracts are accrued daily and recorded as unrealized losses (gains) on swap contracts. Upon payment (receipt), such amounts are recorded as realized losses (gains) on swap contracts. Upfront payments made or received in connection with CDS contracts are amortized over the expected life of the CDS contracts as unrealized losses (gains) on swap contracts. The change in value of CDS contracts is recorded daily as unrealized appreciation or depreciation. A realized gain or loss is recorded upon a credit event (as defined in the CDS agreement) or the maturity or termination of the agreement. Initial margin and variation margin are posted to central counterparties for centrally cleared CDS basket trades, as determined by the applicable central counterparty. During the year ended July 31, 2022, the Funds did not enter into any CDS contracts as a seller of protection.

CDS contracts may involve greater risks than if each Fund had invested in the reference obligation directly. CDS contracts are subject to general market risk, liquidity risk, counterparty risk, and credit risk. Each Fund's maximum risk of loss from counterparty credit risk, either as the seller of protection or the buyer of protection, is the fair value of the contract. This risk is mitigated by (1) for bilateral swap contracts, having a netting arrangement between each Fund and the counterparty and by the posting of collateral by the counterparty to each Fund to cover the Funds exposure to the counterparty or (2) for cleared swaps, trading these instruments through a central counterparty. No CDS contracts were open at July 31, 2022.

During the year ended July 31, 2022, each Fund used CDS contracts to hedge against credit events.

Swaps Generally. For centrally cleared swaps, payments are received from the broker or paid to the broker each day, based on the daily fluctuation in the market value of the contract. These receipts or payments are known as “variation margin” and are recorded by each Fund as unrealized gains or losses until the contracts are closed. When the contracts are closed, each Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. The value of open swaps may differ from that which would be realized in the event each Fund terminated its position in the contract on a given day. Risks of entering into these contracts include the potential inability of the counterparty to meet the terms of the contracts. This type of risk is generally limited to the amount of favorable movement in the value of the underlying security, instrument, or basket of instruments, if any, at the day of default. Risks also arise from potential losses from adverse market movements and such losses could exceed the unrealized amounts shown on the “Schedules of investments.”

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Notes to financial statements
Delaware Corporate Bond Fund and
Delaware Extended Duration Bond Fund

9. Derivatives (continued)

The effect of derivative instruments on the “Statements of operations” for the year ended July 31, 2022 was as follows:

	Net Change in Unrealized Appreciation (Depreciation) on:
	Options	Swap
	Written	Contracts	Total
Credit
contracts	$3,872	$11,692	$15,564

	Delaware Extended Duration Bond Fund
	Net Realized Gain (Loss) on:
	Futures		Swap
	Contracts		Contracts			Total
Interest rate
contracts	$	642,309	$	—		$	642,309
Credit
contracts		—		(4,582	)		(4,582	)
Total	$	642,309	$	(4,582	)	$	637,727

	Net Change in Unrealized Appreciation (Depreciation) on:
	Futures			Options		Swap
	Contracts			Written		Contracts		Total
Interest rate
contracts	$	(2,191,831	)	$	—	$	—	$	(2,191,831	)
Credit
contracts		—			1,383		5,014		6,397
Total	$	(2,191,831	)	$	1,383	$	5,014	$	(2,185,434	)

The table below summarizes the average daily balance of derivative holdings by each Fund during the year ended July 31, 2022:

		Long Derivative Volume
		Delaware Extended Duration Bond Fund
Futures contracts
(average notional
value)		$16,703,217

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	Short Derivative Volume
	Delaware Corporate Bond Fund	Delaware Extended Duration Bond Fund
Futures contracts
(average notional
value)	$—	$107,370
Options contracts
(average notional
value)*	99	36

*Long represents purchased options and short represents written options

10. Securities Lending

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

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

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Notes to financial statements
Delaware Corporate Bond Fund and
Delaware Extended Duration Bond Fund

10. Securities Lending (continued)

bank obligations; certain money market funds; and asset-backed securities. Each Fund can also accept US government securities and letters of credit (non-cash collateral) in connection with securities loans.

In the event of default or bankruptcy by the lending agent, realization and/or retention of the collateral may be subject to legal proceedings. In the event the borrower fails to return loaned securities and the collateral received is insufficient to cover the value of the loaned securities and provided such collateral shortfall is not the result of investment losses, the lending agent has agreed to pay the amount of the shortfall to each Fund or, at the discretion of the lending agent, replace the loaned securities. Each Fund continues to record dividends or interest, as applicable, on the securities loaned and is subject to changes in value of the securities loaned that may occur during the term of the loan. Each Fund has the right under the Lending Agreement to recover the securities from the borrower on demand. With respect to security loans collateralized by non-cash collateral, each Fund receives loan premiums paid by the borrower. With respect to security loans collateralized by cash collateral, the earnings from the collateral investments are shared among each Fund, the security lending agent, and the borrower. Each Fund records security lending income net of allocations to the security lending agent and the borrower.

Each Fund may incur investment losses as a result of investing securities lending collateral. This could occur if an investment in each collateral investment account defaulted or became impaired. Under those circumstances, the value of each Fund's cash collateral account may be less than the amount each Fund would be required to return to the borrowers of the securities and each Fund would be required to make up for this shortfall.

During the year ended July 31, 2022, each Fund had no securities out on loan.

11. Credit and Market Risk

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

Each Fund invests in high yield fixed income securities, which are securities rated lower than BBB- by Standard & Poor's Financial Service LLC, lower than 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.

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

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

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

As the Funds may be required to rely upon another lending institution to collect and pass on to the Funds amounts payable with respect to the loan and to enforce the Funds’ rights under the loan and other direct indebtedness, an insolvency, bankruptcy, or reorganization of the lending institution may delay or prevent the Funds from receiving such amounts. The highly leveraged nature of many loans may make them especially vulnerable to adverse changes in economic or market conditions. Investments in such loans and other direct indebtedness may involve additional risk to the Funds.

Each Fund invests in certain obligations that may have liquidity protection designed to ensure that the receipt of payments due on the underlying security is timely. Such protection may be provided through guarantees, insurance policies, or letters of credit obtained by the issuer or

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Notes to financial statements
Delaware Corporate Bond Fund and
Delaware Extended Duration Bond Fund

11. Credit and Market Risk (continued)

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 promulgated under the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair each Fund from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, each 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. Rule 144A securities have been identified on the “Schedules of investments.”

12. Contractual Obligations

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

13. Recent Accounting Pronouncements

In March 2020, FASB issued an Accounting Standards Update (ASU), ASU 2020-04, Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in ASU 2020-04 provide optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of LIBOR and other interbank-offered based reference rates as of the end of 2021. In March 2021, the administrator for LIBOR announced the extension of the publication of a majority of the USD LIBOR settings to June 30, 2023. ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. As of the financial reporting period, Management is evaluating the impact of applying this ASU.

14. Subsequent Events

On May 19, 2022, the Board of Trustees of Delaware Corporate Bond Fund and Delaware Extended Duration Bond Fund approved a reverse stock split of three to one (3:1) of the issued and outstanding shares of each share class of the Funds (the “Reverse Stock Split”). The Reverse Stock Split was completed on September 9, 2022.

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Management has determined that no other material events or transactions occurred subsequent to July 31, 2022, that would require recognition or disclosure in the Funds' financial statements.

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Report of independent
registered public accounting firm

To the Board of Trustees of Delaware Group^®Income Funds and Shareholders of Delaware Corporate Bond Fund and Delaware Extended Duration Bond Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Delaware Corporate Bond Fund and Delaware Extended Duration Bond Fund (two of the funds constituting Delaware Group^®Income Funds, hereafter collectively referred to as the “Funds”) as of July 31, 2022, the related statements of operations for the year ended July 31, 2022, the statements of changes in net assets for each of the two years in the period ended July 31, 2022, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of July 31, 2022, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended July 31, 2022 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of July 31, 2022 by correspondence with the custodian, transfer agents, agent banks and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
September 16, 2022

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

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Other Fund information (Unaudited)
Delaware Corporate Bond Fund and
Delaware Extended Duration Bond Fund

Liquidity Risk Management Program

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

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

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

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

At a meeting of the Board held on May 17-19, 2022, the Program Administrator provided the required written annual report to the Board addressing the Program’s operation and assessing the adequacy and effectiveness of its implementation for the period from April 1, 2021 through March 31, 2022. The report concluded that the Program is appropriately designed and effectively implemented and that it meets the requirements of Rule 22e-4 and each Fund’s liquidity needs. Each Fund’s HLIM is set at an appropriate level and the Funds complied with their HLIM at all times during the reporting period.

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Other Fund information (Unaudited)
Delaware Corporate Bond Fund and
Delaware Extended Duration Bond Fund

Tax Information

Accordingly, the information needed by shareholders for income tax purposes will be sent to them in January of each year. Please consult your tax advisor for proper treatment of this information. All disclosures are based on financial information available as of the date of this annual report and, accordingly are subject to change. For any and all items requiring reporting, it is the intention of the Fund to report the maximum amount permitted under the Internal Revenue Code and the regulations thereunder.

For the fiscal year ended July 31, 2022, the Fund reports distributions paid during the year as follows:

	(A)
	Long-Term	(B)
	Capital Gains	Ordinary Income	Total
	Distributions	Distributions	Distributions
	(Tax Basis)	(Tax Basis)	(Tax Basis)
Delaware
Corporate Bond
Fund	15.68%	84.32%	100.00%
Delaware
Extended
Duration Bond
Fund	54.90%	45.10%	100.00%

____________________

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

For the fiscal year ended July 31, 2022, certain interest income paid by each Fund determined to be Qualified Interest Income and Short-Term Capital Gains may be subject to relief from US withholding for foreign shareholders, as provided by the American Jobs Creation Act of 2004, and by the Tax Relief Unemployment Insurance Reauthorization and Job Creations Act of 2010, and as extended by the American Taxpayer Relief Act of 2012. Delaware Extended Duration Bond Fund did not have any foreign shareholders for the fiscal year ended July 31, 2022. For the fiscal year ended July 31, 2022, Delaware Corporate Bond Fund reported maximum distributions of Qualified Interest Income and Short-Term Capital Gains as follows:

	Qualified Interest Income	Qualified Short-Term Capital Gains
Delaware Corporate Bond
Fund	$29,713,999	$5,043,417

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The percentage of the ordinary dividends reported by the funds that is treated as a Section 163(j) interest dividend and thus is eligible to be treated as interest income for purposes of Section 163(j) and the regulations thereunder is as follows:

Delaware Corporate Bond Fund		Delaware Extended Duration Bond Fund
76.66%		92.41%

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Board of trustees / directors and officers addendum
Delaware Funds by Macquarie^®

A mutual fund is governed by a Board of Trustees/Directors (“Trustees”), which has oversight responsibility for the management of a fund’s business affairs. Trustees establish procedures and oversee and review the performance of the investment manager, the distributor, and others who perform services for the fund. The independent fund trustees, in particular, are advocates for shareholder interests. Each trustee has served in that capacity since he or she was elected to or appointed to the Board of Trustees, and will continue to serve until his or her retirement or the election of a new trustee in his or her place. The following is a list of the Trustees and Officers with certain background and related information.

					Other
			Number of	Principal	Directorships
Name,	Position(s)		Funds in Fund	Occupation(s)	Held by Trustee
Address,	Held with	Length of Time	Complex Overseen	During the	During the
and Birth Date	the Trust	Served	by Trustee	Past Five Years	Past Five Years
Interested Trustee

Shawn K. Lytle¹	President,	President and	128	Macquarie Asset	None
100 Independence	Chief Executive	Chief Executive		Management²
610 Market Street	Officer,	Officer		(2015–Present)
Philadelphia, PA	and Trustee	since August 2015		-Global Head of
19106-2354				Macquarie Asset
February 1970		Trustee since		Management
		September 2015		(2019–Present)
				-Head of Americas of
				Macquarie Group
				(2017–Present)
				-Deputy Global Head of
				Macquarie Asset
				Management
				(2017–2019)
				-Head of Macquarie
				Asset Management
				Americas (2015–2017)

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					Other
			Number of	Principal	Directorships
Name,	Position(s)		Funds in Fund	Occupation(s)	Held by Trustee
Address,	Held with	Length of Time	Complex Overseen	During the	During the
and Birth Date	the Trust	Served	by Trustee	Past Five Years	Past Five Years
Independent Trustees

Jerome D.	Trustee	Since January 2019	128	Stonebrook Capital	None
Abernathy				Management, LLC
100 Independence				(financial
610 Market Street				technology: macro
Philadelphia, PA				factors and databases)
19106-2354				-Managing Member
July 1959				(1993-Present)

Thomas L. Bennett	Chair and Trustee	Trustee since March	128	Private Investor	None
100 Independence		2005		(2004–Present)
610 Market Street
Philadelphia, PA		Chair since March
19106-2354		2015
October 1947

Ann D. Borowiec	Trustee	Since March 2015	128	J.P. Morgan Chase & Co.	Banco Santander International
100 Independence				(1987-2013)	(2016–2019)
610 Market Street				-Chief Executive Officer,	Santander Bank, N.A.
Philadelphia, PA				Private Wealth	(2016-2019)
19106-2354				Management
November 1958				(2011–2013)

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Board of trustees / directors and officers addendum
Delaware Funds by Macquarie^®

					Other
			Number of	Principal	Directorships
Name,	Position(s)		Funds in Fund	Occupation(s)	Held by Trustee
Address,	Held with	Length of Time	Complex Overseen	During the	During the
and Birth Date	the Trust	Served	by Trustee	Past Five Years	Past Five Years

Joseph W. Chow	Trustee	Since January 2013	128	Private Investor	None
100 Independence				(2011–Present)
610 Market Street
Philadelphia, PA
19106-2354
January 1953

H. Jeffrey Dobbs³	Trustee	Since December 2021	128	KPMG LLP	TechAccel LLC
100 Independence				(2010-2015)	(2015–Present)
610 Market Street				-Global Sector Chairman,	PatientsVoices, Inc.
Philadelphia, PA				Industrial Manufacturing	(2018–Present)
19106-2354				(2010-2015)	Valparaiso University Board
May 1955					(2012-Present)
					Ivy Funds Complex (2019-2021)

100

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					Other
			Number of	Principal	Directorships
Name,	Position(s)		Funds in Fund	Occupation(s)	Held by Trustee
Address,	Held with	Length of Time	Complex Overseen	During the	During the
and Birth Date	the Trust	Served	by Trustee	Past Five Years	Past Five Years

John A. Fry	Trustee	Since January 2001	128	Drexel University	Federal Reserve
100 Independence				-President	Bank of Philadelphia
610 Market Street				(August 2010–Present)	(2020–Present)
Philadelphia, PA					FS Credit Real Estate Income
19106-2354					Trust, Inc. (2018–Present)
May 1960					vTv Therapeutics Inc.
					(2017–Present)
					Community Health Systems
					(2004–Present)
					Drexel Morgan & Co.
					(2015–2019)

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Board of trustees / directors and officers addendum
Delaware Funds by Macquarie^®

					Other
			Number of	Principal	Directorships
Name,	Position(s)		Funds in Fund	Occupation(s)	Held by Trustee
Address,	Held with	Length of Time	Complex Overseen	During the	During the
and Birth Date	the Trust	Served	by Trustee	Past Five Years	Past Five Years

Joseph Harroz, Jr.³	Trustee	Since December 2021	128	University of Oklahoma	OU Medicine, Inc.
100 Independence				-President	(2020–Present)
610 Market Street				(2020–Present)	Big 12 Athletic Conference
Philadelphia, PA				-Interim President	(2019-Present)
19106-2354				(2019–2020)	Valliance Bank
January 1967				-Vice President and	(2007–Present)
				Dean, College of Law	Ivy Funds
				(2010–2019)	(1998-2021)
				Brookhaven Investments
				LLC (commercial
				enterprises)
				-Managing Member
				(2019–Present)
				St. Clair, LLC
				(commercial enterprises)
				-Managing Member
				(2019–Present)

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					Other
			Number of	Principal	Directorships
Name,	Position(s)		Funds in Fund	Occupation(s)	Held by Trustee
Address,	Held with	Length of Time	Complex Overseen	During the	During the
and Birth Date	the Trust	Served	by Trustee	Past Five Years	Past Five Years

Sandra A.J.	Trustee	Since December 2021	128	Children’s Mercy	Brixmor Property Group Inc.
Lawrence³				Hospitals and Clinics	(2021-Present)
100 Independence				(2005–2019)	Sera Prognostics Inc.
610 Market Street				-Chief Administrative	(biotechnology) (2021-Present)
Philadelphia, PA				Officer	Recology (resource recovery)
19106-2354				(2016–2019)	(2021-Present)
September 1957					Evergy, Inc., Kansas City Power
					& Light Company, KCP&L
					Greater Missouri Operations
					Company, Westar Energy, Inc.
					and Kansas Gas and Electric
					Company (related utility
					companies) (2018-Present)
					National Association of Corporate
					Directors (2017-Present)
					Ivy Funds Complex (2019-2021)
					American Shared Hospital
					Services (medical device)
					(2017-2021)
					Ivy NextShares (2019)
					Westar Energy (utility)
					(2004-2018)

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Board of trustees / directors and officers addendum
Delaware Funds by Macquarie^®

					Other
			Number of	Principal	Directorships
Name,	Position(s)		Funds in Fund	Occupation(s)	Held by Trustee
Address,	Held with	Length of Time	Complex Overseen	During the	During the
and Birth Date	the Trust	Served	by Trustee	Past Five Years	Past Five Years

Frances A.	Trustee	Since September	128	Banco Itaú International	Florida Chapter of National
Sevilla-Sacasa		2011		-Chief Executive Officer	Association of Corporate
100 Independence				(2012–2016)	Directors (2021-Present)
610 Market Street					Callon Petroleum Company
Philadelphia, PA					(2019-Present)
19106-2354					Camden Property Trust
January 1956					(2011-Present)
					New Senior Investment
					Group Inc. (2021)
					Carrizo Oil & Gas, Inc.
					(2018-2019)

Thomas K. Whitford	Trustee	Since January 2013	128	PNC Financial Services	HSBC USA Inc.
100 Independence				Group (1983–2013)	(2014–Present)
610 Market Street				-Vice Chairman	HSBC North America
Philadelphia, PA				(2009-2013)	Holdings Inc.
19106-2354					(2013–Present)
March 1956					HSBC Finance Corporation
					(2013–2018)

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					Other
			Number of	Principal	Directorships
Name,	Position(s)		Funds in Fund	Occupation(s)	Held by Trustee
Address,	Held with	Length of Time	Complex Overseen	During the	During the
and Birth Date	the Trust	Served	by Trustee	Past Five Years	Past Five Years

Christianna Wood	Trustee	Since January 2019	128	Gore Creek	The Merger Fund
100 Independence				Capital, Ltd.	(2013–2021),
610 Market Street				-Chief Executive Officer	The Merger Fund VL
Philadelphia, PA				and President	(2013–2021),
19106-2354				(2009–Present)	WCM Alternatives: Event-Driven
August 1959					Fund (2013–2021),
					and WCM Alternatives: Credit
					Event Fund (2017–2021)
					Grange Insurance
					(2013–Present)
					H&R Block Corporation
					(2008–Present)

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Board of trustees / directors and officers addendum
Delaware Funds by Macquarie^®

					Other
			Number of	Principal	Directorships
Name,	Position(s)		Funds in Fund	Occupation(s)	Held by Trustee
Address,	Held with	Length of Time	Complex Overseen	During the	During the
and Birth Date	the Trust	Served	by Trustee	Past Five Years	Past Five Years

Janet L. Yeomans	Trustee	Since April 1999	128	3M Company	Okabena Company (2009–2017)
100 Independence				(1995-2012)
610 Market Street				-Vice President and
Philadelphia, PA				Treasurer (2006–2012)
19106-2354
July 1948

Officers

David F. Connor	Senior Vice President,	Senior Vice President,	128	David F. Connor has	None⁴
100 Independence	General Counsel, and	since May 2013;		served in various
610 Market Street	Secretary	General Counsel		capacities at different
Philadelphia, PA		since May 2015;		times at Macquarie Asset
19106-2354		Secretary since		Management.
December 1963		October 2005

Daniel V. Geatens	Senior Vice President	Senior Vice President	128	Daniel V. Geatens has	None⁴
100 Independence	and Treasurer	and Treasurer since		served in various
610 Market Street		October 2007		capacities at different
Philadelphia, PA				times at Macquarie Asset
19106-2354				Management.
October 1972

106

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					Other
			Number of	Principal	Directorships
Name,	Position(s)		Funds in Fund	Occupation(s)	Held by Trustee
Address,	Held with	Length of Time	Complex Overseen	During the	During the
and Birth Date	the Trust	Served	by Trustee	Past Five Years	Past Five Years

Richard Salus	Senior Vice President	Senior Vice President	128	Richard Salus has	None
100 Independence	and Chief Financial	and Chief Financial		served in various
610 Market Street	Officer	Officer since		capacities at different
Philadelphia, PA		November 2006		times at Macquarie Asset
19106-2354				Management.
October 1963

¹	Shawn K. Lytle is considered to be an “Interested Trustee” because he is an executive officer of the Fund’s(s’) investment advisor.
²	Macquarie Asset Management is the marketing name for Macquarie Management Holdings, Inc. and its subsidiaries, including the Fund’s(s’) investment advisor, principal underwriter, and its transfer agent.
³	Messrs. Dobbs and Harroz and Ms. Lawrence were elected as Trustees of the Trust effective December 17, 2021.
⁴	David F. Connor and Daniel V. Geatens serve in similar capacities for the six portfolios of the Optimum Fund Trust, which have the same investment advisor, principal underwriter, and transfer agent as the registrant. Mr. Geatens also serves as the Chief Financial Officer of the Optimum Fund Trust and he is the Chief Financial Officer and Treasurer for Macquarie Global Infrastructure Total Return Fund Inc.

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

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About the organization

Board of trustees
Shawn K. Lytle President and Chief Executive Officer Delaware Funds by Macquarie^® Jerome D. Abernathy Managing Member Stonebrook Capital Management, LLC Thomas L. Bennett Chairman of the Board Delaware Funds by Macquarie Private Investor	Ann D. Borowiec Former Chief Executive Officer Private Wealth Management J.P. Morgan Chase & Co. Joseph W. Chow Private Investor H. Jeffrey Dobbs Former Global Sector Chairman Industrial Manufacturing, KPMG, LLP	John A. Fry President Drexel University Joseph Harroz, Jr. President University of Oklahoma Sandra A.J. Lawrence Former Chief Administrative Officer Children's Mercy Hospitals and Clinics	Frances A. Sevilla-Sacasa Former Chief Executive Officer Banco Itaú International Thomas K. Whitford Former Vice Chairman PNC Financial Services Group Christianna Wood Chief Executive Officer and President Gore Creek Capital, Ltd. Janet L. Yeomans Former Vice President and Treasurer 3M Company

Affiliated officers
David F. Connor Senior Vice President, General Counsel, and Secretary Delaware Funds by Macquarie	Daniel V. Geatens Senior Vice President and Treasurer Delaware Funds by Macquarie	Richard Salus Senior Vice President and Chief Financial Officer Delaware Funds by Macquarie

This annual 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 Fund fact sheet for the most recently completed calendar quarter. These documents are available at delawarefunds.com/literature.

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-PORT. Each Fund’s Forms N-PORT , as well as a description of the policies and procedures that the Funds use to determine how to vote proxies (if any) relating to portfolio securities, are available without charge (i) upon request, by calling 800 523-1918; and (ii) on the SEC’s website at sec.gov. In addition, a description of the policies and procedures that the Funds use to determine how to vote proxies (if any) relating to portfolio securities and the Schedule of Investments included in the Funds’ most recent Form N-PORT are available without charge on the Funds’ website at delawarefunds.com/literature. Each Fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C.; information on the operation of the Public Reference Room may be obtained by calling 800 SEC-0330.

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

108

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Annual report

Fixed income mutual fund

Delaware Floating Rate Fund

July 31, 2022

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

You can obtain shareholder reports and prospectuses online instead of in the mail.
Visit delawarefunds.com/edelivery.

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Experience Delaware Funds by Macquarie^®

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

You can learn more about Delaware Funds or obtain a prospectus for Delaware Floating Rate Fund at delawarefunds.com/literature.

Manage your account online

●	Check your account balance and transactions
●	View statements and tax forms
●	Make purchases and redemptions

Visit delawarefunds.com/account-access.

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

Other than Macquarie Bank Limited ABN 46 008 583 542 ("Macquarie Bank"), any Macquarie Group entity noted in this document is not an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these other Macquarie Group entities do not represent deposits or other liabilities of Macquarie Bank. Macquarie Bank does not guarantee or otherwise provide assurance in respect of the obligations of these other Macquarie Group entities. In addition, if this document relates to an investment, (a) the investor is subject to investment risk including possible delays in repayment and loss of income and principal invested and (b) none of Macquarie Bank or any other Macquarie Group entity guarantees any particular rate of return on or the performance of the investment, nor do they guarantee repayment of capital in respect of the investment.

The Fund is governed by US laws and regulations.

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Unless otherwise noted, views expressed herein are current as of July 31, 2022, and subject to change for events occurring after such date.

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

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

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

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Portfolio management review
Delaware Floating Rate Fund	July 31, 2022 (Unaudited)

Performance preview (for the year ended July 31, 2022)
Delaware Floating Rate Fund (Institutional Class shares)	1-year return	-0.31%
Delaware Floating Rate Fund (Class A shares)	1-year return	-0.56%
S&P/LSTA (Loan Syndications and Trading Association) Leveraged Loan
Index (benchmark)	1-year return	-0.68%

Past performance does not guarantee future results.

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

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

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

Investment objective

The Fund seeks high current income and, secondarily, long-term total return.

Market review

The fiscal year ended July 31, 2022, comprised two distinct periods. During the weeks from late 2021 through early 2022, investors’ primary focus was on anticipated short-term interest rate increases by the US Federal Reserve. Just as we have seen previously during similar types of market conditions, floating rate loans performed well on both an absolute and relative basis by outperforming other parts of the fixed income market during this time period.

Geopolitical risks increased significantly following the Russian invasion of Ukraine, leading to heightened volatility within the equity markets and widening credit spreads in high yield bonds and loans. During this period from late February through fiscal year end, as increased volatility worked its way throughout capital markets, loans had negative absolute performance but performed well relative to most other pockets of the fixed income and equity markets.

For the full fiscal period, the Fund's index had a -0.68% return versus high single-digit

During the Fund’s fiscal year:

●	The Fund’s overweight to BBB-rated and BB-rated loans, the higher-quality part of the loan market, contributed to performance.

●	The utilities and airlines sectors were the leading contributors to performance.

●	The main detractor from performance was the Fund's minor allocation to high yield and investment grade bonds, both out-of-benchmark sectors.

●	An underweight to the strong-performing oil and gas sector also detracted from the Fund's relative performance.

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Portfolio management review
Delaware Floating Rate Fund

declines in high yield and more severe declines in equity prices.

Source: Bloomberg.

Within the Fund

For the fiscal year ended July 31, 2022, Delaware Floating Rate Fund outperformed its benchmark, the S&P/LSTA Leveraged Loan Index. The Fund’s Institutional Class shares declined 0.31%. The Fund’s Class A shares declined 0.56% at net asset value and declined 3.26% at maximum offer price. These figures reflect all distributions reinvested. The Fund’s benchmark declined 0.68% during the period. For complete, annualized performance of Delaware Floating Rate Fund, please see the table on page 4.

Regardless of the market’s macro-level conditions, we manage the Fund based on fundamental bottom-up security selection. Coming into the 12-month period, we were more positive on fundamentals overall than we were at the Fund's fiscal year end. The increased cautiousness of our positioning was a result of heightened geopolitical tensions, increased global inflationary pressures, continuing supply chain problems across many industries, and reduced forward-looking guidance by a large number of companies.

Despite these heightened risk conditions, we believe fundamentals should generally continue to be constructive for most issuers we invest in, as years of friendly capital markets have allowed for robust levels of refinancing. As a result, balance sheets are healthy and default expectations remain below historical averages. However, in our view, credit selection will likely be critical to navigating an environment in which there will be winners and losers.

For public filers within the S&P/LSTA Leveraged Loan Index, first-quarter 2022 earnings before interest, taxes, depreciation, and amortization (EBITDA) increased 15% year over year, after an 8% rise in the fourth quarter of 2021. Though, it is noteworthy that earnings growth came with most issuers experiencing margin pressures caused by increasing input costs. The S&P/LSTA Leveraged Loan Index’s default rate finished the period ended July 31, 2022, near a 10-year low of 0.3%.

Market forecasters expect default rates to be in the 1-2% range over the next 12 months, and we are positioning accordingly. We have upgraded the quality of the portfolio during the period and are focusing our positioning on the BB-rated and B-rated quality sectors, with a preference for more economically defensive industries. We believe this approach to positioning can allow an investor to carry a competitive yield while also somewhat protecting against fundamental volatility from the changing economic environment.

The Fund’s overweight to BBB-rated and BB-rated loans, the higher-quality part of the loan market, contributed to performance as these loans outperformed lower-quality loans. Likewise, we avoided the distressed part of the market – loans with weak fundamental prospects that are trading at less than 80 cents on the dollar. During the period, CCC-rated loans were the weakest-performing segment of the asset class. We think it is important to recognize that there are fundamentally well-performing CCC-rated and distressed CCC-rated loans that are not up to our credit underwriting standards. While the Fund did have some exposure to the higher-quality CCC-rated loans, it benefited from not participating in the distressed part of the market.

The utilities and airlines sectors were the leading contributors to performance. As the

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Fund moved to a more defensive market exposure, it established a sizable overweight in utilities, a sector in which security selection also contributed. Power producers Hamilton Projects Acquiror LLC and Panda Stonewall both performed well during the period.

The Fund was overweight in airlines, a sector where we also had good security selection. We viewed airlines favorably because we expected demand for airline travel to rebound strongly during the period, which it did. Consequently, United Airlines Holdings Inc. and Delta Air Lines Inc. both did well.

The main detractor from performance was the Fund’s minor allocation to high yield and investment grade bonds, both out-of-benchmark sectors. Those markets had weaker performance than loans overall. The Fund’s investment grade bonds declined roughly 7% while high yield holdings declined 5% overall.

Among sectors, chemicals performed the poorest. Along with the Fund’s overweight to the sector, security selection also detracted from performance. The largest individual detractors were Vibrantz Technologies Inc. and Hexion Inc. Although the Fund still owns both, we reduced exposure to each over the period. Vibrantz declined when the company announced disappointing quarterly results and reduced its forward guidance. Additionally, its manufacturing facility in Shanghai, China, was closed for an extended period due to COVID-19 restrictions. Those factors combined to make it the Fund’s weakest-performing position. Hexion detracted from performance largely because of deteriorating investor sentiment within the chemicals sector.

The automotive sector likewise performed poorly. The Fund’s one automotive holding, Wheel Pros LLC, released disappointing financial results, which led us to sell the position during the fiscal period.

An underweight to the strong-performing oil and gas sector also detracted from the Fund’s relative performance. During the period, the riskier part of the oil and gas sector outperformed during the quarter, and the Fund had exposure to a higher-quality mix of assets compared with the overall sector. Although the Fund had positive absolute performance within this sector, it lagged the benchmark significantly.

While we have gotten more cautious and have upgraded the credit quality of the portfolio this period, we consider the Fund’s positioning to be fundamentally appropriate. We are fundamentally based, bottom-up investors. We are focused on investing in companies with strong balance sheets and free cash flow dynamics that we think should allow them to withstand the fundamental and macro headwinds that our issuers are experiencing.

The Fund used foreign currency exchange contracts to hedge the US dollar value of securities denominated in foreign currencies to increase exposure to those currencies. Their effect was not material to Fund performance.

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Performance summary
Delaware Floating Rate Fund	July 31, 2022 (Unaudited)

Fund and benchmark performance^1,2	Average annual total returns through July 31, 2022
	1 year			5 year			10 year			Lifetime
Class A (Est. February 26, 2010)
Excluding sales charge		-0.56	%		+3.16	%		+2.45	%		+2.49	%
Including sales charge		-3.26	%		+2.58	%		+2.16	%		+2.26	%
Class C (Est. February 26, 2010)
Excluding sales charge		-1.30	%		+2.39	%		+1.68	%		+1.73	%
Including sales charge		-2.26	%		+2.39	%		+1.68	%		+1.73	%
Class R (Est. February 26, 2010)
Excluding sales charge		-0.92	%		+2.87	%		+2.18	%		+2.22	%
Including sales charge		-0.92	%		+2.87	%		+2.18	%		+2.22	%
Institutional Class (Est. February 26, 2010)
Excluding sales charge		-0.31	%		+3.41	%		+2.70	%		+2.74	%
Including sales charge		-0.31	%		+3.41	%		+2.70	%		+2.74	%
Class R6 (Est. August 31, 2021)
Excluding sales charge		—			—			—			-0.69	%
Including sales charge		—			—			—			-0.69	%
S&P/LSTA Leveraged Loan Index		-0.68	%		+3.21	%		+3.84	%		+4.29	%*

*	The benchmark lifetime return is for Institutional Class share comparison only and is calculated using the last business day in the month of the Fund’s Institutional Class inception date.
¹	Returns reflect the reinvestment of all distributions and are presented both with and without the applicable sales charges described below. Returns do not reflect the deduction of taxes the shareholder would pay on Fund distributions or redemptions of Fund shares.

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

Class A shares are sold with a maximum front-end sales charge of 2.75%, and have an annual 12b-1 fee of 0.25% of average daily net assets. Performance for Class A shares,

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excluding sales charges, assumes that no front-end sales charge applied.

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

Class R shares are available only for certain retirement plan products. They are sold without a sales charge and have an annual 12b-1 fee of 0.50% of average daily net assets.

Class R6 shares commenced operations on August 31, 2021. They are not subject to a sales charge. In addition, Class R6 shares pay no 12b-1 fee.

Fixed income securities and bond funds can lose value, and investors can lose principal, as interest rates rise. They also may be affected by economic conditions that hinder an issuer’s ability to make interest and principal payments on its debt. This includes prepayment risk, the risk that the principal of a bond that is held by a portfolio will be prepaid prior to maturity, at the time when interest rates are lower than what the bond was paying. A portfolio may then have to reinvest that money at a lower interest rate.

Investments may not receive payment of principal, interest, and other amounts due in connection with bank loans and other direct indebtedness because they primarily depend on the financial conditions of the borrower and lending institution. The Fund may experience portfolio turnover in excess of 100%, which could result in higher transaction costs and tax liability.

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Performance summary
Delaware Floating Rate Fund

The Fund’s expense ratios, as described in the most recent prospectus, are disclosed in the following “Fund expense ratios” table. The expense ratios below may differ from the expense ratios in the "Financial highlights" since they are based on different time periods and the expense ratios in the prospectus include acquired fund fees and expenses, if any. See Note 2 in "Notes to financial statements" for additional details. Please see the most recent prospectus and any applicable supplement(s) for additional information on these fee waivers and/or reimbursements. Please see the “Financial highlights” section in this report for the most recent expense ratios.

				Institutional
Fund expense ratios	Class A	Class C	Class R	Class	Class R6
Total annual operating expenses
(without fee waivers)	1.05%	1.80%	1.30%	0.80%	0.73%
Net expenses (including fee
waivers, if any)	0.94%	1.69%	1.19%	0.69%	0.62%
Type of waiver	Contractual	Contractual	Contractual	Contractual	Contractual

Table of Contents

Performance of a $10,000 investment¹
For the period July 31, 2012 through July 31, 2022

	Starting value			Ending value
S&P/LSTA Leveraged Loan Index		$	10,000		$	14,582
Delaware Floating Rate Fund — Institutional Class shares		$	10,000		$	13,054
Delaware Floating Rate Fund — Class A shares		$	9,725		$	12,387

The “Performance of a $10,000 investment” graph assumes $10,000 invested in Institutional Class and Class A shares of the Fund on July 31, 2012, and includes the effect of a 2.75% front-end sales charge (for Class A shares) and the reinvestment of all distributions. The graph does not reflect the deduction of taxes the shareholders would pay on Fund distributions or redemptions of Fund shares. Expense limitations were in effect for some or all of the periods shown. Performance would have been lower had expense limitations not been in effect. Expenses are listed in the “Fund expense ratios” table on page 6. Please note additional details on pages 4 through 8.

The graph also assumes $10,000 invested in the S&P/LSTA Leveraged Loan Index as of July 31, 2012. The S&P/LSTA Leveraged Loan Index is a broad index designed to reflect the market-value-weighted performance of US dollar-denominated institutional leveraged loans.

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

Performance of other Fund classes will vary due to different charges and expenses.

Table of Contents

Performance summary
Delaware Floating Rate Fund

	Nasdaq symbols	CUSIPs
Class A	DDFAX	245908660
Class C	DDFCX	245908652
Class R	DDFFX	245908645
Institutional Class	DDFLX	245908637
Class R6	DDFZX	245908595

Table of Contents

Disclosure of Fund expenses
For the six-month period from February 1, 2022 to July 31, 2022 (Unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from February 1, 2022 to July 31, 2022.

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 the period.

Hypothetical example for comparison purposes

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

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

Table of Contents

Disclosure of Fund expenses
For the six-month period from February 1, 2022 to July 31, 2022 (Unaudited)

Delaware Floating Rate Fund
Expense analysis of an investment of $1,000

	Beginning			Ending			Expenses
	Account Value			Account Value		Annualized	Paid During Period
	2/1/22			7/31/22		Expense Ratio	2/1/22 to 7/31/22*
Actual Fund return^†
Class A		$	1,000.00		$974.70	0.86%		$	4.21
Class C			1,000.00		971.00	1.61%			7.87
Class R			1,000.00		972.30	1.11%			5.43
Institutional Class			1,000.00		975.90	0.61%			2.99
Class R6			1,000.00		975.10	0.54%			2.64
Hypothetical 5% return (5% return before expenses)
Class A		$	1,000.00		$1,020.53	0.86%		$	4.31
Class C			1,000.00		1,016.81	1.61%			8.05
Class R			1,000.00		1,019.29	1.11%			5.56
Institutional Class			1,000.00		1,021.77	0.61%			3.06
Class R6			1,000.00		1,022.12	0.54%			2.71

*	“Expenses Paid During Period” are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
^{^†}	Because actual returns reflect only the most recent six-month period, the returns shown may differ significantly from fiscal year returns.

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

Table of Contents

Security type / sector allocation
Delaware Floating Rate Fund	As of July 31, 2022 (Unaudited)

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

Security type / sector	Percentage of net assets
Convertible Bond		0.02	%
Corporate Bonds		4.77	%
Banking		0.30	%
Basic Industry		0.21	%
Capital Goods		0.38	%
Communications		0.44	%
Consumer Cyclical		0.89	%
Consumer Non-Cyclical		0.61	%
Electric		0.20	%
Energy		0.52	%
Financial Services		0.24	%
Insurance		0.06	%
Media		0.54	%
Technology		0.31	%
Utilities		0.07	%
Loan Agreements		87.83	%
Common Stock		0.01	%
Exchange-Traded Funds		2.60	%
Municipal Bond		0.07	%
Short-Term Investments		6.21	%
Total Value of Securities		101.51	%
Liabilities Net of Receivables and Other Assets		(1.51	%)
Total Net Assets		100.00	%

Table of Contents

Schedule of investments
Delaware Floating Rate Fund	July 31, 2022

		Principal
		amount^°	Value (US $)
Convertible Bond – 0.02%
	Spirit Airlines 1.00% exercise price $49.07, maturity date
	5/15/26	219,000	$	198,086
Total Convertible Bond (cost $190,410)				198,086

Corporate Bonds – 4.77%
Banking – 0.30%
	Bank of America 4.375% 1/27/27 µ, ψ	1,000,000		910,000
	Barclays 6.125% 12/15/25 µ, ψ	200,000		193,110
	Deutsche Bank 6.00% 10/30/25 µ, ψ	200,000		174,000
	SVB Financial Group 4.10% 2/15/31 µ, ψ	75,000		58,702
	US Bancorp 2.215% 1/27/28 µ	1,000,000		934,531
				2,270,343
Basic Industry – 0.21%
	Freeport-McMoRan 5.45% 3/15/43	200,000		187,740
	Novelis 144A 3.25% 11/15/26 #	1,500,000		1,398,233
				1,585,973
Capital Goods – 0.38%
	Granite US Holdings 144A 11.00% 10/1/27 #	325,000		303,079
	Sealed Air 144A 5.00% 4/15/29 #	1,000,000		991,400
	TransDigm 144A 6.25% 3/15/26 #	1,500,000		1,509,772
				2,804,251
Communications – 0.44%
	Altice France 144A 5.50% 10/15/29 #	1,500,000		1,291,875
	Directv Financing 144A 5.875% 8/15/27 #	500,000		466,677
	Frontier Communications Holdings 144A 8.75% 5/15/30 #	1,000,000		1,063,445
	Gray Escrow II 144A 5.375% 11/15/31 #	500,000		442,453
				3,264,450
Consumer Cyclical – 0.89%
	Aramark Services 144A 6.375% 5/1/25 #	1,500,000		1,504,620
	Carnival
	144A 5.75% 3/1/27 #	20,000		16,088
	144A 6.00% 5/1/29 #	525,000		405,521
	144A 7.625% 3/1/26 #	1,230,000		1,061,416
	Dana Financing Luxembourg 144A 5.75% 4/15/25 #	1,500,000		1,479,427
	Delta Air Lines
	144A 7.00% 5/1/25 #	527,000		551,028
	7.375% 1/15/26	138,000		145,086
	Ford Motor Credit 2.90% 2/16/28	500,000		434,577
	Royal Caribbean Cruises 144A 5.50% 4/1/28 #	1,000,000		752,145

Table of Contents

		Principal
		amount^°	Value (US $)
Corporate Bonds (continued)
Consumer Cyclical (continued)
	United Airlines Holdings 4.875% 1/15/25	320,000	$	306,453
				6,656,361
Consumer Non-Cyclical – 0.61%
	CHS 144A 5.25% 5/15/30 #	1,000,000		842,680
	Encompass Health 4.625% 4/1/31	2,000,000		1,797,910
	Hadrian Merger Sub 144A 8.50% 5/1/26 #	122,000		116,112
	HCA
	3.50% 9/1/30	100,000		91,415
	5.875% 2/1/29	156,000		163,539
	Medline Borrower 144A 3.875% 4/1/29 #	500,000		452,585
	Organon & Co. 144A 5.125% 4/30/31 #	320,000		299,994
	Surgery Center Holdings 144A 10.00% 4/15/27 #	350,000		357,171
	Tenet Healthcare 6.875% 11/15/31	409,000		395,190
				4,516,596
Electric – 0.20%
	Calpine 144A 5.25% 6/1/26 #	1,500,000		1,515,030
				1,515,030
Energy – 0.52%
	Callon Petroleum 144A 7.50% 6/15/30 #	2,000,000		1,920,539
	CNX Resources 144A 7.25% 3/14/27 #	180,000		182,480
	Hilcorp Energy I
	144A 6.00% 2/1/31 #	305,000		280,505
	144A 6.25% 4/15/32 #	698,000		629,814
	Occidental Petroleum 4.40% 8/15/49	1,000,000		836,074
	Targa Resources Partners 4.00% 1/15/32	25,000		22,344
				3,871,756
Financial Services – 0.24%
	AerCap Holdings 5.875% 10/10/79 µ	150,000		133,344
	Castlelake Aviation Finance DAC 144A 5.00% 4/15/27 #	475,000		400,241
	DAE Sukuk DIFC 144A 3.75% 2/15/26 #	400,000		380,124
	VistaJet Malta Finance 144A 6.375% 2/1/30 #	1,000,000		872,760
				1,786,469
Insurance – 0.06%
	HUB International 144A 5.625% 12/1/29 #	500,000		443,619
				443,619
Media – 0.54%
	CCO Holdings 144A 4.50% 8/15/30 #	1,000,000		890,640
	CMG Media 144A 8.875% 12/15/27 #	417,000		334,744

Table of Contents

Schedule of investments
Delaware Floating Rate Fund

		Principal
		amount^°	Value (US $)
Corporate Bonds (continued)
Media (continued)
	Radiate Holdco 144A 4.50% 9/15/26 #	1,500,000	$	1,390,050
	Sirius XM Radio 144A 3.125% 9/1/26 #	1,500,000		1,417,740
				4,033,174
Technology – 0.31%
	Boxer Parent 144A 9.125% 3/1/26 #	165,000		158,031
	Entegris Escrow
	144A 4.75% 4/15/29 #	1,000,000		965,000
	144A 5.95% 6/15/30 #	1,000,000		993,810
	New Cotai 5.00% 2/2/27	222,415		202,318
				2,319,159
Utilities – 0.07%
	Vistra 144A 7.00% 12/15/26 #, µ, ψ	550,000		512,240
				512,240
Total Corporate Bonds (cost $37,254,241)				35,579,421

Loan Agreements – 87.83%
	Acrisure 1st Lien 6.622% (LIBOR01M + 4.25%) 2/15/27 ●	820,875		794,197
	Acrisure Tranche B 5.872% (LIBOR01M + 3.50%)
	2/15/27 ●	1,090,956		1,042,408
	Advantage Sales & Marketing Tranche B-1 6.166%
	(LIBOR02M + 4.50%) 10/28/27 ●	5,076,989		4,807,909
	Air Canada 4.25% (LIBOR03M + 3.50%) 8/11/28 ●	3,150,000		3,039,750
	Amentum Government Services Holdings Tranche
	3 5.163% (SOFR03M + 3.00%) 2/15/29 ●	10,870,000		10,521,258
	AmWINS Group 4.622% (LIBOR01M + 2.25%) 2/19/28 ●	6,298,112		6,119,800
	Amynta Agency Borrower Tranche B 1st Lien 6.872%
	(LIBOR01M + 4.50%) 2/28/25 ●	4,987,016		4,829,092
	Ankura Consulting Group 1st Lien 6.941% (SOFR01M +
	4.50%) 3/17/28 ●	3,981,301		3,832,003
	Applied Systems 2nd Lien 7.75% (LIBOR03M + 5.50%)
	9/19/25 ●	10,322,369		10,121,083
	Arches Buyer 5.622% (LIBOR01M + 3.25%) 12/6/27 ●	2,969,697		2,739,545
	Aruba Investments Holdings 1st Lien 6.259% (LIBOR01M
	+ 3.75%) 11/24/27 ●	1,244,297		1,163,418
	Aruba Investments Holdings 2nd Lien 10.009%
	(LIBOR01M + 7.75%) 11/24/28 ●	1,260,000		1,171,800
	Asplundh Tree Expert 3.769% (LIBOR01M + 1.75%)
	9/7/27 ●	2,369,589		2,319,235

Table of Contents

		Principal
		amount^°	Value (US $)
Loan Agreements (continued)
	AssuredPartners
	5.519% (LIBOR01M + 3.50%) 2/12/27 ●	1,241,976	$	1,186,864
	5.872% (LIBOR01M + 3.50%) 2/12/27 ●	5,627,144		5,373,923
	AthenaHealth 5.653% (SOFR01M + 3.50%) 2/15/29 ●	6,284,783		6,006,681
	Avantor Funding Tranche B-5 4.622% (LIBOR01M +
	2.25%) 11/8/27 ●	1,844,623		1,814,839
	Azurity Pharmaceuticals Tranche B 1st Lien 8.313%
	(LIBOR01M + 6.00%) 9/20/27 ●	1,837,875		1,635,709
	Bausch & Lomb 5.174% (SOFR01M + 2.25%) 5/10/27 ●	11,000,000		10,456,875
	Bausch Health 7.174% (SOFR01M + 5.25%) 2/1/27 ●	7,700,000		6,496,875
	Berry Global Tranche Z 4.178% (LIBOR03M + 1.75%)
	7/1/26 ●	5,000,000		4,926,135
	BMC Software 6.122% (LIBOR01M + 3.75%) 10/2/25 ●	4,474,241		4,320,748
	BMC Software 2nd Lien 7.872% (LIBOR01M + 5.50%)
	2/27/26 ●	1,440,000		1,345,200
	BW Gas & Convenience Holdings Tranche B 5.872%
	(LIBOR01M + 3.50%) 3/31/28 ●	5,525,634		5,318,423
	BWay Holding 5.037% (LIBOR01M + 3.25%) 4/3/24 ●	3,721,617		3,576,940
	Caesars Resort Collection Tranche B-1 5.872%
	(LIBOR01M + 3.50%) 7/21/25 ●	929,142		912,109
	Calpine TBD 12/16/27 X	3,491,139		3,425,680
	Calpine 4.38% (LIBOR01M + 2.00%) 4/5/26 ●	6,747,343		6,592,714
	Camelot US Acquisition l 5.372% (LIBOR01M + 3.00%)
	10/30/26 ●	1,941,232		1,898,905
	Cano Health 6.427% (SOFR01M + 4.00%) 11/23/27 ●	5,813,737		5,486,715
	Carnival Tranche B
	5.877% (LIBOR03M + 3.00%) 6/30/25 ●	2,165,597		2,073,559
	6.127% (LIBOR06M + 3.25%) 10/18/28 ●	7,481,203		6,957,519
	Castlelake Aviation One Designated Activity 4.579%
	(LIBOR03M + 2.75%) 10/22/26 ●	8,071,668		7,916,959
	Charter Communications Operating Tranche B-1 4.13%
	(LIBOR01M + 1.75%) 4/30/25 ●	1,994,778		1,964,856
	Charter Communications Operating Tranche B-2 4.13%
	(LIBOR01M + 1.75%) 2/1/27 ●	10,473,077		10,161,063
	Clydesdale Acquisition Holdings Tranche B 6.602%
	(SOFR01M + 3.25%) 4/13/29 ●	12,060,000		11,604,857
	Connect US Finco 5.88% (LIBOR01M + 3.50%)
	12/11/26 ●	2,929,894		2,829,179
	Consolidated Communications Tranche B-1 5.875%
	(LIBOR01M + 3.50%) 10/2/27 ●	2,545,820		2,229,713
	Core & Main Tranche B-1 4.643% (LIBOR01M + 2.50%)
	7/27/28 ●	3,943,109		3,818,657

Table of Contents

Schedule of investments
Delaware Floating Rate Fund

			Principal
			amount^°	Value (US $)
Loan Agreements (continued)
	Covis Finco Tranche B 8.704% (SOFR01M + 5.50%)
		2/18/27 ●	4,196,875	$	3,514,883
	CP Atlas Buyer Tranche B 6.122% (LIBOR01M + 3.75%)
		11/23/27 ●	4,526,585		3,992,589
	CSC Holdings 4.249% (LIBOR01M + 2.25%) 7/17/25 ●		837,729		812,771
	Cumulus Media New Holdings 4.75% (LIBOR03M +
		3.75%) 3/31/26 ●	4,947,545		4,758,920
	Delta Air Lines 6.46% (LIBOR03M + 3.75%) 10/20/27 ●		8,000,000		8,105,000
	Digicel International Finance Tranche B 1st Lien 5.622%
		(LIBOR01M + 3.25%) 5/27/24 ●	4,646,323		4,239,770
	Directv Financing 7.372% (LIBOR01M + 5.00%) 8/2/27 ●		7,191,479		6,817,199
	Dun & Bradstreet Tranche B 5.55% (LIBOR01M + 3.25%)
		2/6/26 ●	1,304,949		1,273,304
	Ecovyst Catalyst Technologies 5.306% (LIBOR03M +
		2.50%) 6/9/28 ●	1,046,750		1,017,964
	Electron Bidco 5.372% (LIBOR01M + 3.00%) 11/1/28 ●		6,483,750		6,297,342
	Endo Luxembourg Finance I 7.375% (LIBOR01M +
		5.00%) 3/27/28 ●	4,239,268		3,419,677
	Ensemble RCM 6.556% (LIBOR03M + 3.75%) 8/3/26 ●		1,807,127		1,770,080
	Entergis Tranche B 5.543% (SOFR03M + 3.00%) 7/6/29 ●		10,500,000		10,395,000
	Epicor Software 2nd Lien 10.122% (LIBOR01M + 7.75%)
		7/31/28 ●	10,905,000		10,776,866
	Form Technologies 1st Lien 10.506% (LIBOR03M
		+9.25%) 10/22/25 ●	3,553,985		3,163,046
	Form Technologies Tranche B 6.006% (LIBOR03M +
		4.75%) 7/22/25 ●	8,869,318		8,037,819
	Frontier Communications Tranche B 6.063% (LIBOR03M
		+ 3.75%) 5/1/28 ●	5,504,127		5,275,017
	Gates Global Tranche B-3 4.519% (LIBOR01M + 2.50%)
		3/31/27 ●	4,483,570		4,333,931
	Geon Performance Solutions 6.872% (LIBOR01M +
		4.50%) 8/18/28 ●	1,860,937		1,809,762
	Global Medical Response 5.963% (LIBOR01M + 4.75%)
		10/2/25 ●	5,046,974		4,846,144
	Granite US Holdings Tranche B 6.313% (LIBOR03M +
		4.00%) 9/30/26 ●	1,416,993		1,377,140
	Hamilton Projects Acquiror 6.75% (LIBOR03M + 4.50%)
		6/17/27 ●	6,294,364		6,102,908
	Heartland Dental
		5.75% (SOFR03M + 5.00%) 4/30/25 ●	2,500,000		2,396,875
		5.872% (LIBOR01M + 3.50%) 4/30/25 ●	3,789,976		3,583,108
		6.259% (LIBOR01M + 4.00%) 4/30/25 ●	4,347,418		4,139,560

Table of Contents

			Principal
			amount^°	Value (US $)
Loan Agreements (continued)
	Hexion Holdings 1st Lien 5.924% (SOFR03M + 4.50%)
		3/15/29 ●	3,250,000	$	2,907,937
	Hexion Holdings 2nd Lien 9.638% (SOFR01M + 7.54%)
		3/15/30 ●	5,500,000		4,812,500
	HighTower Holding 6.732% (LIBOR03M + 4.00%)
		4/21/28 ●	3,721,875		3,530,742
	Horizon Therapeutics USA Tranche B-2 4.063%
		(LIBOR01M + 1.75%) 3/15/28 ●	2,984,887		2,941,045
	HUB International 5.766% (LIBOR02M + 3.00%)
		4/25/25 ●	276,515		270,207
	HUB International Tranche B-3 5.981% (LIBOR03M +
		3.25%) 4/25/25 ●	7,086,983		6,952,089
	Hunter Douglas Tranche B-1 4.842% (SOFR03M +
		3.50%) 2/26/29 ●	3,928,000		3,519,488
	Ineos US Petrochem Tranche B 5.122% (LIBOR01M +
		2.75%) 1/29/26 ●	1,361,250		1,296,591
	Informatica 5.125% (LIBOR01M + 2.75%) 10/27/28 ●		1,102,237		1,075,600
	Intertape Polymer Group 7.136% (SOFR03M + 4.75%)
		6/15/28 ●	9,815,000		9,155,550
	Jazz Financing 5.872% (LIBOR01M + 3.50%) 5/5/28 ●		3,403,187		3,332,996
	JBS USA LUX TBD 5/1/26 X		2,900,770		2,857,259
	Jones DesLauriers Insurance Management 1st Lien
		6.063% (CDOR03M + 4.25%) 3/27/28 ●	1,943,696		1,411,610
	Jones DesLauriers Insurance Management 2nd Lien
		10.998% (CDOR03M + 7.50%) 3/26/29 ●	910,000		660,888
	Kenan Advantage Group Tranche B 6.122% (LIBOR01M
		+ 3.75%) 3/24/26 ●	3,466,203		3,257,509
	LABL 7.372% (LIBOR01M + 5.00%) 10/30/28 ●		1,875,575		1,791,174
	Loyalty Ventures Tranche B 6.872% (LIBOR01M +
		4.50%) 11/3/27 ●	2,069,375		1,564,448
	LSF11 A5 HoldCo 5.541% (SOFR01M + 3.75%)
		10/15/28 ●	2,771,814		2,686,351
	LSF9 Atlantis Holdings Tranche B 9.304% (SOFR03M +
		6.25%) 3/31/29 ●	8,000,000		7,580,000
	Madison Iaq 4.524% (LIBOR03M + 3.25%) 6/21/28 ●		2,648,250		2,527,424
	Mamba Purchaser 5.662% (LIBOR01M + 3.75%)
		10/16/28 ●	2,817,937		2,712,265
	Mamba Purchaser 2nd Lien 8.662% (LIBOR01M +
		6.50%) 10/15/29 ●	950,000		916,750
	Medline Borrower 5.622% (LIBOR01M + 3.25%)
		10/23/28 ●	3,241,875		3,104,997
	Mermaid Bidco Tranche B-2 4.786% (LIBOR03M +
		3.50%) 12/22/27 ●	1,988,019		1,858,798

Table of Contents

Schedule of investments
Delaware Floating Rate Fund

			Principal
			amount^°	Value (US $)
Loan Agreements (continued)
	Michaels Tranche B 6.50% (LIBOR03M + 4.25%)
		4/15/28 ●	3,197,800	$	2,693,005
	Mileage Plus Holdings 7.313% (LIBOR03M + 5.25%)
		6/21/27 ●	6,129,000		6,191,387
	Naked Juice 5.405% (SOFR03M + 3.25%) 1/24/29 ●		3,000,000		2,870,625
	Naked Juice 2nd Lien 8.154% (SOFR03M + 6.50%)
		1/24/30 ●	2,000,000		1,846,666
	Nortonlifelock Tranche B TBD 1/28/29 X		9,300,000		9,064,598
	Numericable US Tranche B-13 5.411% (LIBOR03M +
		4.00%) 8/14/26 ●	794,994		758,226
	Olympus Water US Holding
		6.063% (LIBOR03M + 3.75%) 11/9/28 ●	4,855,723		4,611,038
		6.654% (SOFR03M + 3.50%) 11/9/28 ●	1,995,000		1,940,137
	Organon & Co. 4.625% (LIBOR03M + 3.00%) 6/2/28 ●		3,408,902		3,362,029
	Owens & Minor Tranche B-1 6.177% (SOFR01M +
		3.75%) 3/29/29 ●	4,987,500		4,975,031
	Parkway Generation Tranche B 7.122% (LIBOR01M +
		4.75%) 2/16/29 ●	5,805,625		5,619,363
	Parkway Generation Tranche C 7.122% (LIBOR01M +
		4.75%) 2/16/29 ●	814,825		789,022
	PECF USS Intermediate Holding III 6.622% (LIBOR03M
		+ 4.25%) 12/15/28 ●	6,673,981		6,126,715
	Pelican Products 6.50% (LIBOR03M + 4.25%) 12/29/28 ●		3,233,750		2,942,712
	Penn National Gaming Tranche B 4.776% (SOFR01M +
		1.75%) 5/3/29 ●	2,450,000		2,399,469
	Peraton Tranche B 1st Lien 6.122% (LIBOR01M +
		3.75%) 2/1/28 ●	7,999,894		7,783,233
	Perrigo Investments Tranche B 4.199% (SOFR01M +
		2.50%) 4/20/29 ●	5,000,000		4,937,500
	PetsMart 6.12% (LIBOR01M + 3.50%) 2/11/28 ●		7,472,187		7,221,555
	PG&E Tranche B 5.375% (LIBOR01M + 3.00%) 6/23/25 ●		10,241,866		9,918,612
	Pilot Travel Centers Tranche B 4.427% (SOFR01M +
		2.00%) 8/4/28 ●	6,987,350		6,867,496
	PMHC II 6.977% (SOFR03M + 3.25%) 4/23/29 ●		4,250,000		3,698,826
	Polaris Newco 1st Lien 6.372% (LIBOR01M + 4.00%)
		6/2/28 ●	2,929,119		2,789,619
	Pre Paid Legal Services 2nd Lien 9.372% (LIBOR01M +
		7.00%) 12/14/29 ●	2,830,000		2,716,800
	Pregis Topco 1st Lien 6.235% (LIBOR03M + 4.00%)
		7/31/26 ●	3,151,917		3,029,780
	Pretium PKG Holdings 2nd Lien 8.787% (LIBOR03M +
		6.75%) 10/1/29 ●	3,600,000		3,138,001

Table of Contents

			Principal
			amount^°	Value (US $)
Loan Agreements (continued)
	Quest Software US Holdings 1st Lien 6.255% (SOFR03M
		+ 3.25%) 2/1/29 ●	958,000	$	854,673
	Quest Software US Holdings 2nd Lien 10.227%
		(SOFR03M + 7.50%) 2/1/30 ●	5,250,000		4,681,252
	Quikrete Holdings 1st Lien 4.997% (LIBOR01M +
		2.625%) 2/1/27 ●	2,728,345		2,585,320
	RealPage 1st Lien 5.372% (LIBOR01M + 3.00%)
		4/24/28 ●	3,563,075		3,437,256
	RealPage 2nd Lien 8.872% (LIBOR01M + 6.50%)
		4/23/29 ●	4,250,000		4,113,647
	Ryan Specialty Group Tranche B-1 5.427% (SOFR01M +
		3.00%) 9/1/27 ●	1,253,912		1,223,609
	Schweitzer-Mauduit International Tranche B 6.125%
		(LIBOR01M + 3.75%) 4/20/28 ●	2,104,740		1,999,503
	Scientific Games International Tranche B 5.044%
		(SOFR01M + 2.00%) 4/13/29 ●	6,000,000		5,880,000
	Setanta Aircraft Leasing DAC 4.25% (LIBOR03M +
		2.00%) 11/5/28 ●	6,246,107		6,146,557
	Sinclair Television Group Tranche B-2 4.88% (LIBOR01M
		+ 2.50%) 9/30/26 ●	297,398		277,696
	Sinclair Television Group Tranche B-3 5.38% (LIBOR01M
		+ 3.00%) 4/1/28 ●	732,510		670,246
	Sinclair Television Group Tranche B-4 6.177%
		(SOFR01M + 2.75%) 4/21/29 ●	6,000,000		5,625,000
	Southwestern Energy 4.704% (SOFR03M + 1.50%)
		6/22/27 ●	4,982,481		4,938,884
	Sovos Compliance 1st Lien 6.872% (LIBOR01M +
		4.50%) 8/11/28 ●	2,757,547		2,690,332
	Sovos Compliance 1st Lien 6.471% (LIBOR01M +
		4.50%) 8/11/28 ●	478,596		466,930
	Spirit Aerosystems Tranche B 6.122% (LIBOR01M +
		3.75%) 1/15/25 ●	2,686,797		2,644,816
	SPX Flow 6.526% (SOFR01M + 4.50%) 4/5/29 ●		9,500,000		9,007,187
	SS&C Technologies Tranche B-5 4.122% (LIBOR01M +
		2.25%) 4/16/25 ●	3,983,592		3,906,409
	SS&C Technologies Tranche B-6 4.271% (SOFR01M +
		1.25%) 3/22/29 ●	550,000		539,057
	SS&C Technologies Tranche B-7 4.677% (SOFR01M +
		1.25%) 3/22/29 ●	787,598		771,928
	Standard Industries 3.788% (LIBOR03M + 2.50%)
		9/22/28 ●	10,704,746		10,539,989
	Stars Group Holdings 4.50% (LIBOR03M + 2.25%)
		7/21/26 ●	4,987,437		4,903,274

Table of Contents

Schedule of investments
Delaware Floating Rate Fund

			Principal
			amount^°	Value (US $)
Loan Agreements (continued)
	Surgery Center Holdings 5.63% (LIBOR01M + 3.75%)
		8/31/26 ●	4,614,903	$	4,446,173
	Swf Holdings I 6.162% (LIBOR01M + 4.00%) 10/6/28 ●		5,118,354		4,305,815
	TerraForm Power Operating 4.161% (SOFR03M +
		1.75%) 5/21/29 ●	8,500,000		8,388,437
	Terrier Media Buyer Tranche B 5.872% (LIBOR01M +
		3.50%) 12/17/26 ●	2,785,966		2,625,773
	TransDigm Tranche E 4.622% (LIBOR01M + 2.25%)
		5/30/25 ●	6,478,287		6,309,392
	TransDigm Tranche F 4.622% (LIBOR01M + 2.25%)
		12/9/25 ●	1,496,164		1,455,851
	TricorBraun 5.622% (LIBOR01M + 3.25%) 3/3/28 ●		1,378,737		1,312,099
	Trident TPI Holdings 1st Lien Tranche B-3
		6.25% (LIBOR03M + 4.00%) 9/15/28 ●	2,433,783		2,318,178
		6.25% (LIBOR03M + 4.00%) 9/15/28 ●	216,995		206,688
	Trident TPI Holdings TBD 9/17/28 X		1,000,000		956,875
	Tronox Finance 1st Lien 5.304% (SOFR03M + 2.25%)
		4/4/29 ●	3,640,875		3,590,813
	UKG 2nd Lien 7.535% (LIBOR03M + 5.25%) 5/3/27 ●		8,425,000		8,140,656
	United Airlines Tranche B 6.533% (LIBOR03M + 3.75%)
		4/21/28 ●	8,028,824		7,785,454
	Univision Communications 1st Lien 6.254% (SOFR03M +
		3.25%) 6/24/29 ●	4,000,000		3,873,332
	USI 5.50% (LIBOR03M + 3.25%) 12/2/26 ●		5,660,496		5,528,419
	USI Tranche B 5.25% (LIBOR03M + 3.00%) 5/16/24 ●		3,100,334		3,054,797
	USIC Holdings 5.872% (LIBOR01M + 3.50%) 5/12/28 ●		3,624,856		3,427,301
	USIC Holdings 2nd Lien 8.872% (LIBOR01M + 6.50%)
		5/14/29 ●	925,000		846,375
	Vantage Specialty Chemicals 1st Lien 6.019%
		(LIBOR03M + 3.50%) 10/28/24 ●	1,530,954		1,469,954
	Vantage Specialty Chemicals 2nd Lien 9.825%
		(LIBOR03M + 8.25%) 10/27/25 ●	3,818,425		3,686,689
	Verscend Holding Tranche B 6.372% (LIBOR01M +
		4.00%) 8/27/25 ●	3,027,969		2,958,577
	Vertical Midco Tranche B 6.871% (LIBOR03M + 3.50%)
		7/30/27 ●	2,982,534		2,886,222
	Viasat 6.541% (SOFR01M + 3.50%) 3/2/29 ●		10,500,000		9,843,750
	Vistra Operations 4.079% (LIBOR01M + 1.75%)
		12/31/25 ●	5,977,534		5,898,060
	West Corporation Tranche B 6.372% (LIBOR01M +
		4.00%) 10/10/24 ●	1,885,866		1,577,527
	White Cap Buyer 5.676% (SOFR01M + 4.00%)
		10/19/27 ●	10,134,799		9,718,005

Table of Contents

			Principal
			amount^°	Value (US $)
Loan Agreements (continued)
	Windstream Services 8.622% (LIBOR01M + 6.25%)
		9/21/27 ●	2,927,406	$	2,776,156
	Zekelman Industries 4.185% (LIBOR03M + 2.00%)
		1/24/27 ●	1,992,319		1,918,852
Total Loan Agreements (cost $675,362,139)					655,315,318

			Number of
			shares
Common Stock – 0.01%
Leisure – 0.01%
	Studio City International ADR †		29,695		59,093
Total Common Stock (cost $89,260)					59,093

Exchange-Traded Funds – 2.60%
	Invesco Senior Loan ETF		514,000		10,778,580
	iShares iBoxx High Yield Corporate Bond ETF		56,000		4,378,640
	SPDR Bloomberg High Yield Bond ETF		44,000		4,240,720
Total Exchange-Traded Funds (cost $20,955,487)					19,397,940

			Principal
			amount^°
Municipal Bond – 0.07%
	GDB Debt Recovery Authority of Puerto Rico
		7.50% 8/20/40	582,001		516,526
Total Municipal Bond (cost $551,604)					516,526

			Number of
			shares
Short-Term Investments – 6.21%
Money Market Mutual Funds – 6.21%
	BlackRock Liquidity FedFund – Institutional Shares
		(seven-day effective yield 1.73%)	11,580,573		11,580,573
	Fidelity Investments Money Market Government Portfolio
		– Class I (seven-day effective yield 1.49%)	11,580,573		11,580,573
	GS Financial Square Government Fund – Institutional
		Shares (seven-day effective yield 1.73%)	11,580,573		11,580,573

Table of Contents

Schedule of investments
Delaware Floating Rate Fund

		Number of
		shares	Value (US $)
Short-Term Investments (continued)
Money Market Mutual Funds (continued)
	Morgan Stanley Institutional Liquidity Funds Government
	Portfolio – Institutional Class (seven-day effective yield
	1.60%)	11,580,573	$	11,580,573
Total Short-Term Investments (cost $46,322,292)				46,322,292
Total Value of Securities—101.51%
	(cost $780,725,433)		$	757,388,676

°	Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
µ	Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at July 31, 2022. Rate will reset at a future date.
ψ	Perpetual security. Maturity date represents next call date.
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At July 31, 2022, the aggregate value of Rule 144A securities was $28,593,088, which represents 3.83% of the Fund's net assets. See Note 12 in “Notes to financial statements."
●	Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at July 31, 2022. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.
X	This loan will settle after July 31, 2022, at which time the interest rate, based on the LIBOR and the agreed upon spread on trade date, will be reflected.
†	Non-income producing security.

Table of Contents

Unfunded Loan Commitments

The Fund may invest in floating rate loans. In connection with these investments, the Fund may also enter into unfunded corporate loan commitments (commitments). Commitments may obligate the Fund to furnish temporary financing to a borrower until permanent financing can be arranged. In connection with these commitments, the Fund earns a commitment fee, typically set as a percentage of the commitment amount. The following unfunded loan commitments were outstanding at July 31, 2022:

								Unrealized
	Principal							Appreciation
Borrower	Amount		Commitment			Value		(Depreciation)
AthenaHealth TBD 2/15/29	$	1,065,217		$	1,065,217	$	1,018,082		$(47,135	)
Trident TPI Holdings 1st Lien Tranche B-3 6.25%
(LIBOR03M + 4.00%) 9/15/28		129,391			129,391		123,245		(6,146	)
Total	$	1,194,608		$	1,194,608	$	1,141,327		$(53,281	)

The following foreign currency exchange contract was outstanding at July 31, 2022:¹

Foreign Currency Exchange Contracts

Currency to

Settlement

Unrealized

Counterparty

Receive (Deliver)

In Exchange For

Date

Depreciation

CITI

CAD

(2,900,000)

USD

2,242,065

8/19/22

(22,513

)

The use of foreign currency exchange contracts involves elements of market risk and risks in excess of the amounts disclosed in the financial statements. The foreign currency exchange contract 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.

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

Summary of abbreviations:
ADR – American Depositary Receipt
CDOR – Canadian Dollar Offered Rate
CDOR03M – 3 Month Canadian Dollar Offered Rate
CITI – Citigroup
DAC – Designated Activity Company
DIFC – Dubai International Financial Centre
ETF – Exchange-Traded Fund
GS – Goldman Sachs
ICE – Intercontinental Exchange, Inc.
LIBOR – London Interbank Offered Rate
LIBOR01M – ICE LIBOR USD 1 Month
LIBOR02M – ICE LIBOR USD 2 Month

Table of Contents

Schedule of investments
Delaware Floating Rate Fund

Summary of abbreviations: (continued)
LIBOR03M – ICE LIBOR USD 3 Month
LIBOR06M – ICE LIBOR USD 6 Month
SOFR01M – Secured Overnight Financing Rate 1 Month
SOFR03M – Secured Overnight Financing Rate 3 Month
SPDR – Standard & Poor's Depositary Receipt
TBD – To be determined

Summary of currencies:
CAD – Canadian Dollar
USD – US Dollar

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

Table of Contents

Statement of assets and liabilities
Delaware Floating Rate Fund	July 31, 2022

Assets:
	Investments, at value*	$	757,388,676
	Cash		1,492,726
	Foreign currencies, at value^Δ		142,763
	Receivable for securities sold		9,474,948
	Receivable for fund shares sold		3,074,344
	Dividends and interest receivable		2,605,357
	Prepaid expenses		89,479
	Other assets		1,631
	Total Assets		774,269,924
Liabilities:
	Payable for securities purchased		21,038,803
	Payable for fund shares redeemed		6,243,378
	Distribution payable		299,694
	Investment management fees payable to affiliates		272,872
	Other accrued expenses		219,251
	Unrealized depreciation on unfunded loan commitments**		53,281
	Unrealized depreciation on foreign currency exchange contracts		22,513
	Administration expenses payable to affiliates		16,853
	Distribution fees payable to affiliates		5,348
	Total Liabilities		28,171,993
Total Net Assets		$	746,097,931

Net Assets Consist of:
	Paid-in capital	$	797,612,358
	Total distributable earnings (loss)		(51,514,427	)
Total Net Assets		$	746,097,931

Table of Contents

Statement of assets and liabilities
Delaware Floating Rate Fund

Net Asset Value

Class A:
Net assets	$	72,746,186
Shares of beneficial interest outstanding, unlimited authorization, no par		9,224,886
Net asset value per share	$	7.89
Sales charge		2.75	%
Offering price per share, equal to net asset value per share / (1 - sales
charge)	$	8.11

Class C:
Net assets	$	12,948,133
Shares of beneficial interest outstanding, unlimited authorization, no par		1,641,935
Net asset value per share	$	7.89

Class R:
Net assets	$	1,111,349
Shares of beneficial interest outstanding, unlimited authorization, no par		140,976
Net asset value per share	$	7.88

Institutional Class:
Net assets	$	654,306,724
Shares of beneficial interest outstanding, unlimited authorization, no par		82,978,770
Net asset value per share	$	7.89

Class R6:
Net assets	$	4,985,539
Shares of beneficial interest outstanding, unlimited authorization, no par		631,576
Net asset value per share	$	7.89
____________________
*Investments, at cost	$	780,725,433
^ΔForeign currencies, at cost		144,209
**See Note 12 in “Notes to financial statements.”

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

Table of Contents

Statement of operations
Delaware Floating Rate Fund	Year ended July 31, 2022

Investment Income:
	Interest	$	18,596,647
	Dividends		689,565
			19,286,212

Expenses:
	Management fees		2,035,579
	Distribution expenses — Class A		170,325
	Distribution expenses — Class C		102,226
	Distribution expenses — Class R		257
	Dividend disbursing and transfer agent fees and expenses		446,252
	Accounting and administration expenses		82,653
	Audit and tax fees		60,578
	Reports and statements to shareholders expenses		56,562
	Legal fees		50,740
	Registration fees		13,200
	Trustees’ fees and expenses		9,279
	Custodian fees		5,993
	Other		58,553
			3,092,197
	Less expenses waived		(71,228	)
	Less expenses paid indirectly		(161	)
	Total operating expenses		3,020,808
Net Investment Income (Loss)			16,265,404

Net Realized and Unrealized Gain (Loss):
	Net realized gain (loss) on:
	Investments		(1,783,899	)
	Foreign currencies		(29,102	)
	Foreign currency exchange contracts		27,036
	Net realized gain (loss)		(1,785,965	)

	Net change in unrealized appreciation (depreciation) on:
	Investments		(26,215,414	)
	Foreign currencies		(1,446	)
	Foreign currency exchange contracts		(22,513	)
	Net change in unrealized appreciation (depreciation)		(26,239,373	)
Net Realized and Unrealized Gain (Loss)			(28,025,338	)
Net Increase (Decrease) in Net Assets Resulting from Operations		$	(11,759,934	)

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

Table of Contents

Statements of changes in net assets
Delaware Floating Rate Fund

		Year ended
		7/31/22			7/31/21
Increase (Decrease) in Net Assets from Operations:
	Net investment income (loss)	$	16,265,404		$	5,120,854
	Net realized gain (loss)		(1,785,965	)		608,761
	Net change in unrealized appreciation (depreciation)		(26,239,373	)		4,188,098
	Net increase (decrease) in net assets resulting from
	operations		(11,759,934	)		9,917,713

Dividends and Distributions to Shareholders from:
	Distributable earnings:
	Class A		(2,498,874	)		(858,821	)
	Class C		(298,643	)		(295,688	)
	Class R		(2,254	)		(183	)
	Institutional Class		(13,124,994	)		(3,179,797	)
	Class R6		(73,023	)		—

	Return of capital:
	Class A		—			(160,636	)
	Class C		—			(38,040	)
	Class R		—			(95	)
	Institutional Class		—			(508,304	)
			(15,997,788	)		(5,041,564	)

Capital Share Transactions:
	Proceeds from shares sold:
	Class A		64,361,178			19,044,873
	Class C		8,257,790			1,891,740
	Class R		1,080,911			15,013
	Institutional Class		741,732,492			79,850,386
	Class R6		4,888,760			—

	Net assets from merger:¹
	Class A		27,603,573			—
	Institutional Class		18,015,552			—
	Class R6		238,005			—

Table of Contents

			Year ended
			7/31/22			7/31/21
	Net asset value of shares issued upon reinvestment of
		dividends and distributions:
		Class A	$	2,454,381		$	922,525
		Class C		291,637			329,776
		Class R		2,237			283
		Institutional Class		11,895,131			3,376,886
		Class R6		66,774			—
				880,888,421			105,431,482
	Cost of shares redeemed:
		Class A		(54,719,430	)		(7,930,355	)
		Class C		(3,799,201	)		(7,669,500	)
		Class R		—			(1,253	)
		Institutional Class		(210,070,736	)		(49,747,108	)
		Class R6		(140,739	)		—
				(268,730,106	)		(65,348,216	)
	Increase in net assets derived from capital share
		transactions		612,158,315			40,083,266
Net Increase in Net Assets				584,400,593			44,959,415

Net Assets:
	Beginning of year			161,697,338			116,737,923
	End of year		$	746,097,931		$	161,697,338

¹	See Note 7 in the "Notes to financial statements."

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

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Financial highlights
Delaware 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 income¹

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 return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁴

Ratio of expenses to average net assets prior to fees waived⁴

Ratio of net investment income to average net assets

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

Portfolio turnover

¹	Calculated using average shares outstanding.
²	Amount is less than $0.005 per share.
³	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
⁴	Expense ratios do not include expenses of any Underlying Funds in which the Fund invests.

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

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Year ended
7/31/22			7/31/21			7/31/20			7/31/19			7/31/18
$	8.23		$	7.90		$	8.28		$	8.34		$	8.39


	0.30			0.31			0.38			0.43			0.35
	(0.34	)		0.32			(0.39	)		(0.06	)		(0.03	)
	(0.04	)		0.63			(0.01	)		0.37			0.32


	(0.30	)		(0.26	)		(0.37	)		(0.43	)		(0.37	)
	—			(0.04	)		—	²		—	²		—	²
	(0.30	)		(0.30	)		(0.37	)		(0.43	)		(0.37	)

$	7.89		$	8.23		$	7.90		$	8.28		$	8.34

	(0.56%	)		8.13%			(0.02%	)		4.62%			3.85%


$	72,746		$	36,735		$	23,727		$	38,669		$	38,701
	0.92%			0.94%			0.94%			0.94%			0.97%
	0.93%			1.05%			1.05%			0.99%			0.98%
	3.75%			3.77%			4.77%			5.22%			4.22%
	3.74%			3.66%			4.66%			5.17%			4.21%
	45%			124%			125%			143%			157%

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Financial highlights
Delaware 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 income¹

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 return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁴

Ratio of expenses to average net assets prior to fees waived⁴

Ratio of net investment income to average net assets

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

Portfolio turnover

¹	Calculated using average shares outstanding.
²	Amount is less than $0.005 per share.
³	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
⁴	Expense ratios do not include expenses of any Underlying Funds in which the Fund invests.

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

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Year ended
7/31/22			7/31/21			7/31/20			7/31/19			7/31/18
$	8.23		$	7.89		$	8.28		$	8.34		$	8.39


	0.24			0.24			0.32			0.37			0.29
	(0.34	)		0.34			(0.40	)		(0.06	)		(0.04	)
	(0.10	)		0.58			(0.08	)		0.31			0.25


	(0.24	)		(0.20	)		(0.31	)		(0.37	)		(0.30	)
	—			(0.04	)		—	²		—	²		—	²
	(0.24	)		(0.24	)		(0.31	)		(0.37	)		(0.30	)

$	7.89		$	8.23		$	7.89		$	8.28		$	8.34

	(1.30%	)		7.47%			(0.90%	)		3.84%			3.08%


$	12,948		$	8,698		$	13,613		$	25,374		$	30,512
	1.67%			1.69%			1.69%			1.69%			1.72%
	1.68%			1.80%			1.80%			1.74%			1.73%
	3.00%			3.02%			4.02%			4.47%			3.47%
	2.99%			2.91%			3.91%			4.42%			3.46%
	45%			124%			125%			143%			157%

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Financial highlights
Delaware 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 income¹

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 return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁴

Ratio of expenses to average net assets prior to fees waived⁴

Ratio of net investment income to average net assets

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

Portfolio turnover

¹	Calculated using average shares outstanding.
²	Amount is less than $0.005 per share.
³	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
⁴	Expense ratios do not include expenses of any Underlying Funds in which the Fund invests.

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

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Year ended
7/31/22			7/31/21			7/31/20			7/31/19			7/31/18
$	8.23		$	7.89		$	8.28		$	8.34		$	8.39


	0.28			0.29			0.36			0.41			0.33
	(0.35	)		0.33			(0.40	)		(0.06	)		(0.03	)
	(0.07	)		0.62			(0.04	)		0.35			0.30


	(0.28	)		(0.24	)		(0.35	)		(0.41	)		(0.35	)
	—			(0.04	)		—	²		—	²		—	²
	(0.28	)		(0.28	)		(0.35	)		(0.41	)		(0.35	)

$	7.88		$	8.23		$	7.89		$	8.28		$	8.34

	(0.92%	)		7.99%			(0.40%	)		4.36%			3.60%


$	1,111		$	22		$	7		$	61		$	416
	1.17%			1.19%			1.19%			1.19%			1.22%
	1.18%			1.30%			1.30%			1.24%			1.23%
	3.50%			3.52%			4.52%			4.97%			3.97%
	3.49%			3.41%			4.41%			4.92%			3.96%
	45%			124%			125%			143%			157%

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Financial highlights
Delaware 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 income¹

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 return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁴

Ratio of expenses to average net assets prior to fees waived⁴

Ratio of net investment income to average net assets

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

Portfolio turnover

^¹	Calculated using average shares outstanding.
^²	Amount is less than $0.005 per share.
^³	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
^⁴	Expense ratios do not include expenses of any Underlying Funds in which the Fund invests.

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

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Year ended
7/31/22			7/31/21			7/31/20			7/31/19			7/31/18
$	8.23		$	7.90		$	8.28		$	8.34		$	8.39


	0.32			0.33			0.40			0.45			0.37
	(0.34	)		0.32			(0.39	)		(0.06	)		(0.03	)
	(0.02	)		0.65			0.01			0.39			0.34


	(0.32	)		(0.28	)		(0.39	)		(0.45	)		(0.39	)
	—			(0.04	)		—	²		—	²		—	²
	(0.32	)		(0.32	)		(0.39	)		(0.45	)		(0.39	)

$	7.89		$	8.23		$	7.90		$	8.28		$	8.34

	(0.31%	)		8.40%			0.23%			4.88%			4.11%


$	654,307		$	116,242		$	79,391		$	82,643		$	144,258
	0.67%			0.69%			0.69%			0.69%			0.72%
	0.68%			0.80%			0.80%			0.74%			0.73%
	4.00%			4.02%			5.02%			5.47%			4.47%
	3.99%			3.91%			4.91%			5.42%			4.46%
	45%			124%			125%			143%			157%

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Financial highlights
Delaware Floating Rate Fund Class R6

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

	8/31/21¹
	to
	7/31/22
Net asset value, beginning of period	$	8.24

Income (loss) from investment operations:
Net investment income²		0.33
Net realized and unrealized loss		(0.38	)
Total from investment operations		(0.05	)

Less dividends and distributions from:
Net investment income		(0.30	)
Total dividends and distributions		(0.30	)

Net asset value, end of period	$	7.89

Total return³		(0.69%	)

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	4,986
Ratio of expenses to average net assets⁴		0.60%
Ratio of expenses to average net assets prior to fees waived⁴		0.61%
Ratio of net investment income to average net assets		4.07%
Ratio of net investment income to average net assets prior to fees waived		4.06%
Portfolio turnover		45%	⁵

¹	Date of commencement of operations; ratios have been annualized and total return has not been annualized.
^²	Calculated using average shares outstanding.
^³	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
^⁴	Expense ratios do not include expenses of any Underlying Funds in which the Fund invests.
^⁵	Portfolio turnover is representative of the Fund for the year ended July 31, 2022.

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Notes to financial statements
Delaware Floating Rate Fund	July 31, 2022

Delaware Group^®Income Funds (Trust) is organized as a Delaware statutory trust and offers four series: Delaware Corporate Bond Fund, Delaware Extended Duration Bond Fund, Delaware Floating Rate Fund, and Delaware High-Yield Opportunities Fund. These financial statements and the related notes pertain to Delaware 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, Institutional Class, and Class R6 shares. Class A shares are sold with a maximum front-end sales charge of 2.75%. There is no front-end sales charge when you purchase $1,000,000 or more of Class A shares. However, if Delaware Distributors, L.P. (DDLP) paid your financial intermediary a commission on your purchase of $1,000,000 or more of Class A shares, for shares purchased prior to July 1, 2020, you will have to pay a limited contingent deferred sales charge (Limited CDSC) of 1.00% if you redeem these shares within the first year after your purchase and 0.50% if you redeem these shares within the second year; or for shares purchased on or after July 1, 2020, you will have to pay a Limited CDSC of 1.00% if you redeem these shares within the first 18 months after your purchase; unless a specific waiver of the Limited CDSC applies. Class C shares have no upfront sales charge, but sold with a contingent deferred sales charge (CDSC) of 1.00%, which will be incurred if redeemed during the first 12 months. Class R, Institutional Class, and Class R6 shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class R6 shares do not pay any service fees, sub-accounting fees, and/or sub-transfer agency fees to any brokers, dealers, or other financial intermediaries.

1. Significant Accounting Policies

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

Security Valuation — Equity securities, except those traded on the Nasdaq Stock Market LLC (Nasdaq), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange on the valuation date. Equity securities 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, the mean between the bid and the 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. Open-end investment companies are valued at their published net asset value (NAV). Foreign currency exchange contracts are valued at the mean between the bid and the 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. 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. Generally, other securities

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Notes to financial statements
Delaware Floating Rate Fund

1. Significant Accounting Policies (continued) and assets for which market quotations are not readily available are valued at fair value as determined in good faith under the direction of the Trust’s Board of Trustees (Board). In determining whether market quotations are readily available or fair valuation will be used, various factors will be taken into consideration, such as market closures or suspension of trading in a security. Restricted securities are valued at fair value using methods approved by the Board.

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 being sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are recorded as a tax benefit or expense in the current year. Management has analyzed the Fund’s tax positions taken or expected to be taken on the Fund's federal income tax returns through the year ended July 31, 2022, and for all open tax years (years ended July 31, 2019–July 31, 2021), and has concluded that no provision for federal income tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in “Other” on the “Statement of operations.” During the year ended July 31, 2022, the Fund did not incur any interest or tax penalties.

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. Class R6 shares will not be allocated any expenses related to service fees, sub-accounting fees, and/or sub-transfer agency fees paid to brokers, dealers, or other financial intermediaries.

Foreign Currency Transactions — Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the valuation date in accordance with the Fund’s prospectus. The value of all assets and liabilities denominated in foreign currencies is translated daily into US dollars at the exchange rate of such currencies against the US dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. The Fund generally bifurcates that portion of realized gains and losses on investments in debt securities which is due to changes in foreign exchange rates from that which is due to changes in market prices of debt securities. That portion of gains (losses), attributable to changes in foreign exchange rates, is included on the “Statement of operations” under “Net realized gain (loss) on foreign currencies.” 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.

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Other — Expenses directly attributable to the Fund are charged directly to the Fund. Other expenses common to various funds within the Delaware Funds by Macquarie^®(Delaware Funds) are generally allocated among such fund on the basis of average net assets. Management fees and certain other expenses are paid monthly. Security transactions are recorded on the date the securities are purchased or sold (trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Income and capital gain distributions from any investment companies (Underlying Funds) in which the Fund invests are recorded on the ex-dividend date. Discounts and premiums on debt securities are accreted or amortized to interest income, respectively, over the lives of the respective securities using the effective interest method. Premiums on callable debt securities are amortized to interest income to the earliest call date using the effective interest method. 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 receives earnings credits from its custodian when positive cash balances are maintained, which may be used to offset custody fees. The expenses paid under this arrangement are included on the "Statement of operations" under "Custodian fees" with the corresponding expenses offset included under "Less expense paid indirectly." There were no such earnings credits for the year ended July 31, 2022.

The Fund receives earnings credits from its transfer agent when positive cash balances are maintained, which may be used to offset transfer agent fees. If the amount earned is greater than $1, the expenses paid under this arrangement are included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses” with the corresponding expenses offset included under “Less expenses paid indirectly.” For the year ended July 31, 2022, the Fund earned $161 under this arrangement.

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

In accordance with the terms of its investment management agreement, the Fund pays Delaware Management Company (DMC), a series of Macquarie Investment Management Business Trust and the investment manager, an annual fee which is calculated daily and paid monthly at the

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Notes to financial statements
Delaware Floating Rate Fund

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

rates 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 all or a portion of its management fee and/or pay/reimburse expenses (excluding any distribution and service (12b-1) fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations), in order to prevent total annual fund operating expenses from exceeding 0.69% of the Fund's Class A, Class C, Class R, and Institutional Class average daily net assets and 0.62% of the Fund’s Class R6 shares average daily net assets from August 1, 2021 through July 31, 2022.* These waivers and reimbursements may only be terminated by agreement of DMC and the Fund. The waivers and reimbursements are accrued daily and received monthly.

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

Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administrative oversight services to the Fund. For these services, DIFSC’s fees are calculated daily and paid monthly, based on the aggregate daily net assets of all funds within the Delaware Funds at the following annual rates: 0.00475% of the first $35 billion; 0.0040% of the next $10 billion; 0.0025% of the next $45 billion; and 0.0015% of aggregate average daily net assets in excess of $90 billion (Total Fee). Each fund in the Delaware Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each fund then pays its portion of the remainder of the Total Fee on a relative NAV basis. This amount is included on the “Statement of operations” under “Accounting and administration expenses.” For the year ended July 31, 2022, the Fund paid $16,619 for these services.

DIFSC is also the transfer agent and dividend disbursing agent of the Fund. For these services, DIFSC’s fees are calculated daily and paid monthly, based on the aggregate daily net assets of the retail funds within the Delaware Funds at the following annual rates: 0.014% of the first $20 billion; 0.011% of the next $5 billion; 0.007% of the next $5 billion; 0.005% of the next $20 billion; and 0.0025% of average daily net assets in excess of $50 billion. The fees payable to DIFSC under the shareholder services agreement described above are allocated among all retail

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funds in the Delaware Funds on a relative NAV basis. This amount is included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses.” For the year ended July 31, 2022, the Fund paid $17,629 for these services. Pursuant to a sub-transfer agency agreement between DIFSC and BNY Mellon Investment Servicing (US) Inc. (BNYMIS), BNYMIS provides certain sub-transfer agency services to the Fund. Sub-transfer agency fees are paid by the Fund and are also included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses.” The fees that are calculated daily and paid as invoices are received on a monthly or quarterly basis.

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 and regulatory reporting services to the Fund. For the year ended July 31, 2022, the Fund paid $3,632 for internal legal and regulatory reporting services provided by DMC and/or its affiliates’ employees. This amount is included on the “Statement of operations” under “Legal fees.”

For the year ended July 31, 2022, DDLP earned $9,400 for commissions on sales of the Fund’s Class A shares. For the year ended July 31, 2022, DDLP received gross CDSC commissions of $3,524 and $1,368 on redemptions of the Fund’s Class A and Class C shares, respectively, and these commissions were entirely used to offset upfront commissions previously paid by DDLP to broker/dealers on sales of those shares.

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

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

____________________

*	The aggregate contractual waiver period covering this report is from November 27, 2020 through November 30, 2022.

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Notes to financial statements
Delaware Floating Rate Fund

3. Investments

For the year ended July 31, 2022, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases		$	716,919,902
Sales			178,332,658

Cost of investments and derivatives	$	780,309,493
Aggregate unrealized appreciation of investments and derivatives	$	1,246,427
Aggregate unrealized depreciation of investments and derivatives		(24,189,757	)
Net unrealized depreciation of investments and derivatives	$	(22,943,330	)

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

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

Level 2 –	Other observable inputs, including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, and default rates) or other market-corroborated inputs. (Examples: debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, and fair valued securities)

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Level 3 –

Significant unobservable inputs, including the Fund's own assumptions used to determine the fair value of investments. (Examples: broker-quoted securities and fair valued securities)

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

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of July 31, 2022:

	Level 1		Level 2			Total
Securities
Assets:
Common Stock	$	59,093	$	—		$	59,093
Convertible Bond		—		198,086			198,086
Corporate Bonds		—		35,579,421			35,579,421
Exchange-Traded Funds		19,397,940		—			19,397,940
Loan Agreements		—		655,315,318			655,315,318
Municipal Bond		—		516,526			516,526
Short-Term Investments		46,322,292		—			46,322,292
Total Value of Securities	$	65,779,325	$	691,609,351		$	757,388,676

Derivatives¹
Liabilities:
Foreign Currency Exchange Contracts	$	—	$	(22,513	)	$	(22,513	)

^¹	Foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument at the year end.

During the year ended July 31, 2022, there were no transfers into or out of Level 3 investments. The Fund’s policy is to recognize transfers into or out of Level 3 investments based on fair value at the beginning of the reporting period.

A reconciliation of Level 3 investments is presented when the Fund has a significant amount of Level 3 investments at the beginning or end of the year in relation to the Fund’s net assets. During the year ended July 31, 2022, there were no Level 3 investments.

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Notes to financial statements
Delaware Floating Rate Fund

4. Dividend and Distribution Information

	Year ended
	7/31/22		7/31/21
Ordinary income	$	15,997,788	$	4,334,489
Return of capital		—		707,075
Total	$	15,997,788	$	5,041,564

5. Components of Net Assets on a Tax Basis

As of July 31, 2022, the components of net assets on a tax basis were as follows:

Shares of beneficial interest	$	797,612,358
Undistributed ordinary income		213,539
Distributions payable		(299,694	)
Capital loss carryforwards*		(28,484,942	)
Unrealized appreciation (depreciation) of investments and foreign
currencies		(22,943,330	)
Net assets	$	746,097,931

*	A portion of the Fund’s capital loss carryforward is subject to limitation under the Internal Revenue Code and related regulations.

The differences between book basis and tax basis components of net assets are primarily attributable to tax deferral of losses on wash sales, market discount and premium on debt instruments, market premium on callable bonds, and mark-to-market on foreign currency contracts.

For financial reporting purposes, capital accounts are adjusted to reflect the tax character of permanent book/tax differences. Reclassifications are primarily due to tax treatment of non-deductible expenses, wash sales and capital loss carryover from merger. Results of operations and net assets were not affected by these reclassifications. For the year ended July 31, 2022, the adjustments were to decrease total distributable earnings and increase paid-in capital in excess of par by $8,611,769.

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At July 31, 2022, capital loss carryforwards available to offset future realized capital gains, are as follows:

Loss carryforward character
Short-term	Long-term	Total
$10,343,895	$18,141,047	$28,484,942

6. Capital Shares

Transactions in capital shares were as follows:

		Year ended
		7/31/22		7/31/21
Shares sold:
	Class A	7,931,278		2,320,295
	Class C	1,017,376		230,847
	Class R	138,064		1,818
	Institutional Class	91,354,894		9,766,307
	Class R6	611,865		—

Shares from merger:¹
	Class A	3,345,888		—
	Institutional Class	2,183,703		—
	Class R6	28,814		—

Shares issued upon reinvestment of dividends and distributions:
	Class A	303,260		113,245
	Class C	36,072		40,690
	Class R	281		35
	Institutional Class	1,484,513		414,936
	Class R6	8,306		—
		108,444,314		12,888,173

Shares redeemed:
	Class A	(6,816,816	)	(977,197	)
	Class C	(467,999	)	(939,391	)
	Class R	—		(157	)
	Institutional Class	(26,161,296	)	(6,119,746	)
	Class R6	(17,409	)	—
		(33,463,520	)	(8,036,491	)
Net increase		74,980,794		4,851,682

¹	See Note 7.

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Notes to financial statements
Delaware Floating Rate Fund

6. Capital Shares (continued)

	Exchange Redemptions		Exchange Subscriptions
				Institutional
	Class A	Class C	Class A	Class
	Shares	Shares	Shares	Shares		Value
Year ended
7/31/22	4,860	14,795	14,814		4,860	$	162,046
7/31/21	—	27,474	27,516		—		225,779

7. Reorganization

On September 17, 2021, the Board approved a proposal to reorganize (the "Reorganization") Delaware Floating Rate II Fund (the "Acquired Fund"), a series of Delaware Group^®Equity Funds IV, with and into Delaware Floating Rate Fund (the “Acquiring Fund”), a series of the Trust. Pursuant to an Agreement and Plan of Reorganization (the “Plan”): (i) all of the property, assets, and goodwill of the Acquired Fund were acquired by the Acquiring Fund, and (ii) the Trust, on behalf of the Acquiring Fund, assumed the liabilities of the Acquired Fund, in exchange for shares of the Acquiring Fund. In accordance with the Plan, the Acquired Fund liquidated and dissolved following the Reorganization. The purpose of the transaction was to allow shareholders of the Acquired Fund to own shares of the Acquiring Fund, a fund with a similar investment objective and style as, and potentially lower net expenses than the Acquired Fund. The Reorganization was accomplished by a tax-free exchange of shares on September 17, 2021. For financial reporting purposes, assets received and shares issued by the Acquiring Fund were recorded at fair value; however, the cost basis of the investments received from the Acquired Fund was carried forward to align ongoing reporting of the Acquiring Fund's realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

The share transactions associated with the Reorganization are as follows:

				Shares
	Acquired		Acquired	Converted	Acquiring
	Fund		Fund Shares	to Acquiring	Fund		Conversion
	Net Assets		Outstanding	Fund	Net Assets		Ratio
	Delaware Floating Rate II Fund			Delaware Floating Rate Fund
Class A	$	27,603,573	2,932,529	3,345,888	$	37,271,906	1.1410
Class C		—	—	—		8,437,606	—
Class R		—	—	—		21,767	—
Institutional
Class		18,015,552	1,916,263	2,183,703		125,238,425	1.1396
Class R6		238,005	25,255	28,814		27,955	1.1409

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The net assets of the Acquiring Fund before the Reorganization were $170,997,659. The net assets of the Acquiring Fund immediately following the Reorganization were $216,854,789.

Assuming the Reorganization had been completed on August 1, 2021, the Acquiring Fund's pro forma results of operations for the year ended July 31, 2022, would have been as follows:

Net investment income	$	18,361,332
Net realized loss on investments		(1,045,181	)
Net change in unrealized appreciation (depreciation)		(25,868,833	)
Net decrease in net assets resulting from operations	$	(8,552,682	)

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practical to separate the amounts of revenue and earnings of the Acquired Fund that have been included in the Acquiring Fund's "Statement of Operations" since the Reorganization was consummated on September 17, 2021.

8. Line of Credit

The Fund, along with certain other funds in the Delaware Funds (Participants), was a participant in a $225,000,000 revolving line of credit (Agreement) intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the Agreement, the Participants were charged an annual commitment fee of 0.15% with the addition of an upfront fee of 0.05%, which was allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants were permitted to borrow up to a maximum of one-third of their net assets under the Agreement. Each Participant was individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the Agreement expired on November 1, 2021.

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

The Fund had no amounts outstanding as of July 31, 2022, or at any time during the year then ended.

9. Derivatives

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Notes to financial statements
Delaware Floating Rate Fund

9. Derivatives (continued)

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

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

During the year ended July 31, 2022, the Fund entered into foreign currency exchange contracts to hedge the US dollar value of securities it already owns that are denominated in foreign currencies to increase/decrease exposure to foreign currencies.

During the year ended July 31, 2022, the Fund experienced net realized and unrealized gains or losses attributed to foreign currency holdings, which are disclosed on the "Statement of assets and liabilities" and "Statement of Operations".

The table below summarizes the average daily balance of derivative holdings by the Fund during the year ended July 31, 2022:

	Long Derivative	Short Derivative
	Volume	Volume
Foreign currency exchange contracts (average notional value)	$8,911	$1,397,180

10. Offsetting

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the Fund and a counterparty that governs certain over-the-counter derivatives and foreign exchange contracts and typically contains, among other things, collateral posting items and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out), including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency, or other events.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements on the “Statement of assets and liabilities.” At July 31, 2022, the Fund had the following assets and liabilities subject to offsetting provisions:

Offsetting of Financial Assets and Liabilities and Derivative Assets and Liabilities

Delaware Floating Rate Fund

	Gross Value of	Gross Value of
Counterparty	Derivative Asset	Derivative Liability	Net Position
Citigroup	$—	$(22,513)	$(22,513)

Fair Value of

Non-Cash

Collateral

Cash Collateral

Collateral

Cash Collateral

Counterparty

Net Position

Received

Pledged

Net Exposure^(a)

Citigroup

$(22,513)

$—

$(22,513)

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

11. Securities Lending

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

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Notes to financial statements
Delaware Floating Rate Fund

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

In the event of default or bankruptcy by the lending agent, realization and/or retention of the collateral may be subject to legal proceedings. In the event the borrower fails to return loaned securities and the collateral received is insufficient to cover the value of the loaned securities and provided such collateral shortfall is not the result of investment losses, the lending agent has agreed to pay the amount of the shortfall to the Fund or, at the discretion of the lending agent, replace the loaned securities. The Fund continues to record dividends or interest, as applicable, on the securities loaned and is subject to changes in value of the securities loaned that may occur during the term of the loan. The Fund has the right under the Lending Agreement to recover the securities from the borrower on demand. With respect to security loans collateralized by non-cash collateral, the Fund receives loan premiums paid by the borrower. With respect to security loans collateralized by cash collateral, the earnings from the collateral investments are shared among the Fund, the security lending agent, and the borrower. The Fund records security lending income net of allocations to the security lending agent and the borrower.

The Fund may incur investment losses as a result of investing securities lending collateral. This could occur if an investment in the collateral investment account defaulted or became impaired. Under those circumstances, the value of the Fund's cash collateral account may be less than the amount the Fund would be required to return to the borrowers of the securities and the Fund would be required to make up for this shortfall.

During the year ended July 31, 2022, the Fund had no securities out on loan.

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12. Credit and Market Risk

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

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

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Notes to financial statements
Delaware Floating Rate Fund

12. Credit and Market Risk (continued)

As the Fund may be required to rely upon another lending institution to collect and pass on to the Fund amounts payable with respect to the loan and to enforce the Fund’s rights under the loan and other direct indebtedness, an insolvency, bankruptcy, or reorganization of the lending institution may delay or prevent the Fund from receiving such amounts. The highly leveraged nature of many loans may make them especially vulnerable to adverse changes in economic or market conditions. Investments in such loans and other direct indebtedness may involve additional risk to the Fund.

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

The Fund may invest up to 15% of its net assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A promulgated under the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the Fund from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Board has delegated to DMC, the day-to-day functions of determining whether individual securities are liquid for purposes of the Fund’s limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Fund’s 15% limit on investments in illiquid securities. Rule 144A securities have been identified on the “Schedule of investments.”

13. Contractual Obligations

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

14. Recent Accounting Pronouncements

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LIBOR and other interbank-offered based reference rates as of the end of 2021. In March 2021, the administrator for LIBOR announced the extension of the publication of a majority of the USD LIBOR settings to June 30, 2023. ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. As of the financial reporting period, Management is evaluating the impact of applying this ASU.

15. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to July 31, 2022, that would require recognition or disclosure in the Fund's financial statements.

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Report of independent
registered public accounting firm

To the Board of Trustees of Delaware Group^®Income Funds and Shareholders of Delaware Floating Rate Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Delaware Floating Rate Fund (one of the funds constituting Delaware Group^®Income Funds, referred to hereafter as the “Fund”) as of July 31, 2022, the related statement of operations for the year ended July 31, 2022, the statements of changes in net assets for each of the two years in the period ended July 31, 2022, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of July 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended July 31, 2022 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of July 31, 2022 by correspondence with the custodian, transfer agents, agent banks and brokers; when replies were not received from agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
September 16, 2022

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

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Other Fund information (Unaudited)
Delaware Floating Rate Fund

Liquidity Risk Management Program

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

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

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

At a meeting of the Board held on May 17-19, 2022, the Program Administrator provided the required written annual report to the Board addressing the Program’s operation and assessing the adequacy and effectiveness of its implementation for the period from April 1, 2021 through March 31, 2022. The report concluded that the Program is appropriately designed and effectively implemented and that it meets the requirements of Rule 22e-4 and the Fund’s liquidity needs. The Fund’s HLIM is set at an appropriate level and the Fund complied with its HLIM at all times during the reporting period.

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Other Fund information (Unaudited)
Delaware Floating Rate Fund

Tax Information

For the year ended July 31, 2022, the Fund reports distributions paid during the year as follows:

(A) Ordinary Income Distributions (Tax Basis)

100.00%

____________________

(A) is based on a percentage of the Fund's total distributions.

For the fiscal year ended July 31, 2022, certain interest income paid by the Fund, determined to be Qualified Interest Income may be subject to relief from US withholding for foreign shareholders, as provided by the American Jobs Creation Act of 2004; the Tax Relief Unemployment Insurance Reauthorization, and Job Creation Act of 2010; and as extended by the American Taxpayer Relief Act of 2012. For the year ended July 31, 2022, the Fund has reported maximum distributions of Qualified Interest Income of $15,997,788.

The percentage of the ordinary dividends reported by the fund that is treated as a Section 163(j) interest dividend and thus is eligible to be treated as interest income for purposes of Section 163(j) and the regulations thereunder is 99.33%.

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Board of trustees / directors and officers addendum
Delaware Funds by Macquarie^®

					Other
			Number of	Principal	Directorships
Name,	Position(s)		Funds in Fund	Occupation(s)	Held by Trustee
Address,	Held with	Length of Time	Complex Overseen	During the	During the
and Birth Date	the Trust	Served	by Trustee	Past Five Years	Past Five Years
Interested Trustee

Shawn K. Lytle¹	President,	President and	128	Macquarie Asset	None
100 Independence	Chief Executive	Chief Executive		Management²
610 Market Street	Officer,	Officer		(2015–Present)
Philadelphia, PA	and Trustee	since August 2015		-Global Head of
19106-2354				Macquarie Asset
February 1970		Trustee since		Management
		September 2015		(2019–Present)
				-Head of Americas of
				Macquarie Group
				(2017–Present)
				-Deputy Global Head of
				Macquarie Asset
				Management
				(2017–2019)
				-Head of Macquarie
				Asset Management
				Americas (2015–2017)

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Board of trustees / directors and officers addendum
Delaware Funds by Macquarie^®

					Other
			Number of	Principal	Directorships
Name,	Position(s)		Funds in Fund	Occupation(s)	Held by Trustee
Address,	Held with	Length of Time	Complex Overseen	During the	During the
and Birth Date	the Trust	Served	by Trustee	Past Five Years	Past Five Years
Independent Trustees

Jerome D.	Trustee	Since January 2019	128	Stonebrook Capital	None
Abernathy				Management, LLC
100 Independence				(financial
610 Market Street				technology: macro
Philadelphia, PA				factors and databases)
19106-2354				-Managing Member
July 1959				(1993-Present)

Thomas L. Bennett	Chair and Trustee	Trustee since March	128	Private Investor	None
100 Independence		2005		(2004–Present)
610 Market Street
Philadelphia, PA		Chair since March
19106-2354		2015
October 1947

Ann D. Borowiec	Trustee	Since March 2015	128	J.P. Morgan Chase & Co.	Banco Santander International
100 Independence				(1987-2013)	(2016–2019)
610 Market Street				-Chief Executive Officer,	Santander Bank, N.A.
Philadelphia, PA				Private Wealth	(2016-2019)
19106-2354				Management
November 1958				(2011–2013)

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					Other
			Number of	Principal	Directorships
Name,	Position(s)		Funds in Fund	Occupation(s)	Held by Trustee
Address,	Held with	Length of Time	Complex Overseen	During the	During the
and Birth Date	the Trust	Served	by Trustee	Past Five Years	Past Five Years

Joseph W. Chow	Trustee	Since January 2013	128	Private Investor	None
100 Independence				(2011–Present)
610 Market Street
Philadelphia, PA
19106-2354
January 1953

H. Jeffrey Dobbs³	Trustee	Since December 2021	128	KPMG LLP	TechAccel LLC
100 Independence				(2010-2015)	(2015–Present)
610 Market Street				-Global Sector Chairman,	PatientsVoices, Inc.
Philadelphia, PA				Industrial Manufacturing	(2018–Present)
19106-2354				(2010-2015)	Valparaiso University Board
May 1955					(2012-Present)
					Ivy Funds Complex (2019-2021)

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Board of trustees / directors and officers addendum
Delaware Funds by Macquarie^®

					Other
			Number of	Principal	Directorships
Name,	Position(s)		Funds in Fund	Occupation(s)	Held by Trustee
Address,	Held with	Length of Time	Complex Overseen	During the	During the
and Birth Date	the Trust	Served	by Trustee	Past Five Years	Past Five Years

John A. Fry	Trustee	Since January 2001	128	Drexel University	Federal Reserve
100 Independence				-President	Bank of Philadelphia
610 Market Street				(August 2010–Present)	(2020–Present)
Philadelphia, PA					FS Credit Real Estate Income
19106-2354					Trust, Inc. (2018–Present)
May 1960					vTv Therapeutics Inc.
					(2017–Present)
					Community Health Systems
					(2004–Present)
					Drexel Morgan & Co.
					(2015–2019)

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					Other
			Number of	Principal	Directorships
Name,	Position(s)		Funds in Fund	Occupation(s)	Held by Trustee
Address,	Held with	Length of Time	Complex Overseen	During the	During the
and Birth Date	the Trust	Served	by Trustee	Past Five Years	Past Five Years

Joseph Harroz, Jr.³	Trustee	Since December 2021	128	University of Oklahoma	OU Medicine, Inc.
100 Independence				-President	(2020–Present)
610 Market Street				(2020–Present)	Big 12 Athletic Conference
Philadelphia, PA				-Interim President	(2019-Present)
19106-2354				(2019–2020)	Valliance Bank
January 1967				-Vice President and	(2007–Present)
				Dean, College of Law	Ivy Funds
				(2010–2019)	(1998-2021)
				Brookhaven Investments
				LLC (commercial
				enterprises)
				-Managing Member
				(2019–Present)
				St. Clair, LLC
				(commercial enterprises)
				-Managing Member
				(2019–Present)

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Board of trustees / directors and officers addendum
Delaware Funds by Macquarie^®

					Other
			Number of	Principal	Directorships
Name,	Position(s)		Funds in Fund	Occupation(s)	Held by Trustee
Address,	Held with	Length of Time	Complex Overseen	During the	During the
and Birth Date	the Trust	Served	by Trustee	Past Five Years	Past Five Years

Sandra A.J.	Trustee	Since December 2021	128	Children’s Mercy	Brixmor Property Group Inc.
Lawrence³				Hospitals and Clinics	(2021-Present)
100 Independence				(2005–2019)	Sera Prognostics Inc.
610 Market Street				-Chief Administrative	(biotechnology) (2021-Present)
Philadelphia, PA				Officer	Recology (resource recovery)
19106-2354				(2016–2019)	(2021-Present)
September 1957					Evergy, Inc., Kansas City Power
					& Light Company, KCP&L
					Greater Missouri Operations
					Company, Westar Energy, Inc.
					and Kansas Gas and Electric
					Company (related utility
					companies) (2018-Present)
					National Association of Corporate
					Directors (2017-Present)
					Ivy Funds Complex (2019-2021)
					American Shared Hospital
					Services (medical device)
					(2017-2021)
					Ivy NextShares (2019)
					Westar Energy (utility)
					(2004-2018)

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					Other
			Number of	Principal	Directorships
Name,	Position(s)		Funds in Fund	Occupation(s)	Held by Trustee
Address,	Held with	Length of Time	Complex Overseen	During the	During the
and Birth Date	the Trust	Served	by Trustee	Past Five Years	Past Five Years

Frances A.	Trustee	Since September	128	Banco Itaú International	Florida Chapter of National
Sevilla-Sacasa		2011		-Chief Executive Officer	Association of Corporate
100 Independence				(2012–2016)	Directors (2021-Present)
610 Market Street					Callon Petroleum Company
Philadelphia, PA					(2019-Present)
19106-2354					Camden Property Trust
January 1956					(2011-Present)
					New Senior Investment
					Group Inc. (2021)
					Carrizo Oil & Gas, Inc.
					(2018-2019)

Thomas K. Whitford	Trustee	Since January 2013	128	PNC Financial Services	HSBC USA Inc.
100 Independence				Group (1983–2013)	(2014–Present)
610 Market Street				-Vice Chairman	HSBC North America
Philadelphia, PA				(2009-2013)	Holdings Inc.
19106-2354					(2013–Present)
March 1956					HSBC Finance Corporation
					(2013–2018)

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Board of trustees / directors and officers addendum
Delaware Funds by Macquarie^®

					Other
			Number of	Principal	Directorships
Name,	Position(s)		Funds in Fund	Occupation(s)	Held by Trustee
Address,	Held with	Length of Time	Complex Overseen	During the	During the
and Birth Date	the Trust	Served	by Trustee	Past Five Years	Past Five Years

Christianna Wood	Trustee	Since January 2019	128	Gore Creek	The Merger Fund
100 Independence				Capital, Ltd.	(2013–2021),
610 Market Street				-Chief Executive Officer	The Merger Fund VL
Philadelphia, PA				and President	(2013–2021),
19106-2354				(2009–Present)	WCM Alternatives: Event-Driven
August 1959					Fund (2013–2021),
					and WCM Alternatives: Credit
					Event Fund (2017–2021)
					Grange Insurance
					(2013–Present)
					H&R Block Corporation
					(2008–Present)

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					Other
			Number of	Principal	Directorships
Name,	Position(s)		Funds in Fund	Occupation(s)	Held by Trustee
Address,	Held with	Length of Time	Complex Overseen	During the	During the
and Birth Date	the Trust	Served	by Trustee	Past Five Years	Past Five Years

Janet L. Yeomans	Trustee	Since April 1999	128	3M Company	Okabena Company (2009–2017)
100 Independence				(1995-2012)
610 Market Street				-Vice President and
Philadelphia, PA				Treasurer (2006–2012)
19106-2354
July 1948

Officers

David F. Connor	Senior Vice President,	Senior Vice President,	128	David F. Connor has	None⁴
100 Independence	General Counsel, and	since May 2013;		served in various
610 Market Street	Secretary	General Counsel		capacities at different
Philadelphia, PA		since May 2015;		times at Macquarie Asset
19106-2354		Secretary since		Management.
December 1963		October 2005

Daniel V. Geatens	Senior Vice President	Senior Vice President	128	Daniel V. Geatens has	None⁴
100 Independence	and Treasurer	and Treasurer since		served in various
610 Market Street		October 2007		capacities at different
Philadelphia, PA				times at Macquarie Asset
19106-2354				Management.
October 1972

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Board of trustees / directors and officers addendum
Delaware Funds by Macquarie^®


					Other
			Number of	Principal	Directorships
Name,	Position(s)		Funds in Fund	Occupation(s)	Held by Trustee
Address,	Held with	Length of Time	Complex Overseen	During the	During the
and Birth Date	the Trust	Served	by Trustee	Past Five Years	Past Five Years

Richard Salus	Senior Vice President	Senior Vice President	128	Richard Salus has	None
100 Independence	and Chief Financial	and Chief Financial		served in various
610 Market Street	Officer	Officer since		capacities at different
Philadelphia, PA		November 2006		times at Macquarie Asset
19106-2354				Management.
October 1963

¹	Shawn K. Lytle is considered to be an “Interested Trustee” because he is an executive officer of the Fund’s(s’) investment advisor.
²	Macquarie Asset Management is the marketing name for Macquarie Management Holdings, Inc. and its subsidiaries, including the Fund’s(s’) investment advisor, principal underwriter, and its transfer agent.
³	Messrs. Dobbs and Harroz and Ms. Lawrence were elected as Trustees of the Trust effective December 17, 2021.
⁴	David F. Connor and Daniel V. Geatens serve in similar capacities for the six portfolios of the Optimum Fund Trust, which have the same investment advisor, principal underwriter, and transfer agent as the registrant. Mr. Geatens also serves as the Chief Financial Officer of the Optimum Fund Trust and he is the Chief Financial Officer and Treasurer for Macquarie Global Infrastructure Total Return Fund Inc.

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

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About the organization

Board of trustees
Shawn K. Lytle President and Chief Executive Officer Delaware Funds by Macquarie^® Jerome D. Abernathy Managing Member Stonebrook Capital Management, LLC Thomas L. Bennett Chairman of the Board Delaware Funds by Macquarie Private Investor	Ann D. Borowiec Former Chief Executive Officer Private Wealth Management J.P. Morgan Chase & Co. Joseph W. Chow Private Investor H. Jeffrey Dobbs Former Global Sector Chairman Industrial Manufacturing, KPMG, LLP	John A. Fry President Drexel University Joseph Harroz, Jr. President University of Oklahoma Sandra A.J. Lawrence Former Chief Administrative Officer Children's Mercy Hospitals and Clinics	Frances A. Sevilla-Sacasa Former Chief Executive Officer Banco Itaú International Thomas K. Whitford Former Vice Chairman PNC Financial Services Group Christianna Wood Chief Executive Officer and President Gore Creek Capital, Ltd. Janet L. Yeomans Former Vice President and Treasurer 3M Company

Affiliated officers
David F. Connor Senior Vice President, General Counsel, and Secretary Delaware Funds by Macquarie	Daniel V. Geatens Senior Vice President and Treasurer Delaware Funds by Macquarie	Richard Salus Senior Vice President and Chief Financial Officer Delaware Funds by Macquarie

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

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

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

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Annual report

Fixed income mutual fund

Delaware High-Yield Opportunities Fund

July 31, 2022

You can obtain shareholder reports and prospectuses online instead of in the mail.
Visit delawarefunds.com/edelivery.

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Experience Delaware Funds by Macquarie^®

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

You can learn more about Delaware Funds or obtain a prospectus for Delaware High-Yield Opportunities Fund at delawarefunds.com/literature.

Manage your account online

●	Check your account balance and transactions
●	View statements and tax forms
●	Make purchases and redemptions

Visit delawarefunds.com/account-access.

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

The Fund is governed by US laws and regulations.

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Unless otherwise noted, views expressed herein are current as of July 31, 2022, and subject to change for events occurring after such date.

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

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

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

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Portfolio management review
Delaware High-Yield Opportunities Fund	July 31, 2022 (Unaudited)

Performance preview (for the year ended July 31, 2022)
Delaware High-Yield Opportunities Fund (Institutional Class shares)	1-year return	-7.78%
Delaware High-Yield Opportunities Fund (Class A shares)	1-year return	-8.01%
ICE BofA US High Yield Constrained Index (benchmark)	1-year return	-7.73%

Past performance does not guarantee future results.

For complete, annualized performance for Delaware High-Yield Opportunities Fund, please see the table on page 4.

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

Investment objective

The Fund seeks total return and, as a secondary objective, high current income.

Market review

After treading water during the first few months of the Fund’s fiscal year ended July 31, 2022, high yield bond prices began a steady decline in December 2021 when it became clear that inflation was not transitory, and the US Federal Reserve would need to move aggressively to contain what was already the worst inflationary period in 40 years. That policy shift raised the possibility of an economic hard landing if higher borrowing costs caused both the labor market to weaken significantly and consumers to pull back. As such, the broad implications of tighter monetary policy were the main drivers of high yield returns, though there remained a notable lack of consensus about the outlook for policy rates, bond yields, and economic growth.

From a fundamental standpoint, corporate balance sheets remained in reasonably solid shape through at least the end of calendar year 2021, bolstered by rock-bottom interest rates and the strongest labor market in 50 years. These factors helped sustain consumer spending despite near double-digit inflation. However, when the Fed finally acted

High yield bonds were affected by the following factors over the Fund's fiscal year:

●	The Fed "retired" the term transitory to describe its outlook for inflation.

●	The odds of recession increased as the Fed raced to catch up to price increases.

●	High yield bonds rallied late in the measurement period on hints that the Fed might moderate the pace of interest rate hikes.

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Portfolio management review
Delaware High-Yield Opportunities Fund

– first with the acknowledgment that policymakers had been wrong about inflation being transitory and then with actual interest rate hikes – the duration-sensitive BB-rated tier of the high yield bond market bore the brunt of the selloff. By early spring, credit concerns had moved to the forefront, as investors began to take seriously the possibility that an overzealous Fed would trigger an outright recession, a shift that exerted the most pressure on the economically sensitive CCC-rated segment of the market. Finally, high yield bonds embarked on a broad relief rally over the last several weeks of the fiscal year amid indications the Fed might soon begin to moderate the scale of its rate increases, which by then had included two mega-rate hikes of 75 basis points each. (A basis point equals one hundredth of a percentage point.)

Energy was the strongest-performing sector of the high yield market over the fiscal period. This reflected the impact of the Russia-Ukraine war on commodity prices. Transportation and leisure – areas that included airlines, gaming, and theater companies – also outperformed, as consumers sought normalcy after more than two years of caution related to the COVID-19 pandemic. Meanwhile, underperformers mostly resided in duration-sensitive and higher-quality areas, such as cable and telecommunications, retail, and housing.

Within the Fund

For the fiscal year ended July 31, 2022, Delaware High-Yield Opportunities Fund slightly underperformed its benchmark, the ICE BofA US High Yield Constrained Index. The Fund’s Institutional Class shares declined 7.78%. The Fund’s Class A shares declined 8.01% at net asset value and 12.06% at maximum offer price. These figures reflect all distributions reinvested. During the same period, the Fund’s benchmark declined 7.73%. For complete, annualized performance of Delaware High-Yield Opportunities Fund, please see the table on page 4.

Noting the high yield market’s extraordinary volatility and unusual variation in monthly returns, no wholesale shifts in the Fund's risk profile were made during the measurement period. Instead, we attempted to opportunistically exploit market inefficiencies when valuations were supportive of long-term fundamental outlooks.

During the steep market selloff in late spring, for example, we added to our holdings in select cruise lines, a segment of the leisure industry that we believe should not only survive the pandemic but thrive in its aftermath. Conversely, we viewed the sharp run-up in energy valuations as a chance to take profits in select companies and rolled the proceeds into lower-rated credits, a move that proved prescient as the market rallied strongly and broadly over the final six weeks of the Fund’s fiscal year.

Not surprisingly, the Fund’s biggest contributors to relative performance resided in the energy sector. Genesis Energy LP, a Houston-based midstream master limited partnership, outperformed the benchmark after reporting solid second-quarter earnings and providing positive forward guidance for its multiple operating units. Callon Petroleum Co., an independent oil and natural gas company engaged in the acquisition, exploration, and development of higher-quality assets in Texas and the American West, also outperformed, largely due to the powerful tailwind of surging energy prices. Similarly, TechnipFMC PLC, a high-quality oilfield services company, benefited from broad-

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based strength in the energy group. As the fiscal period ended, we continued to hold Genesis Energy and Callon Petroleum debt but exited our position in TechnipFMC after a strong rally pushed its bonds’ valuation beyond our comfort level.

Among detractors, the Canadian multinational specialty pharmaceutical business Bausch Health Companies Inc. lagged the benchmark due to disappointing earnings and a negative patent litigation ruling against its largest branded drug, Xifaxan^®. We trimmed our position in the bonds and continue to own the holding at a reduced allocation. Our holdings in Carnival Corp. and Royal Caribbean Cruises Ltd. also underperformed amid the lingering aftermath of the global pandemic. Despite setbacks to passenger volume that has lasted longer than many would have predicted, we continue to view both companies – as well as the cruise business itself – favorably over the next few years. Both Carnival and Royal Caribbean are working to repair COVID-19-related damage to their balance sheets, and we believe these companies are well-positioned to benefit as pent-up demand for travel subsides in the coming years. Notably, the US Centers for Disease Control and Prevention recently suspended its COVID-19 Program for Cruise Ships, which had subjected the cruise industry to broader restrictions than those faced by most other industry groups.

At the end of the Fund’s fiscal year end, we have positioned the Fund close to its benchmark in terms of sector allocation, and only slightly short of the benchmark on a duration basis – the latter is a byproduct of our traditional bottom-up (bond-by-bond) portfolio construction process that begins with fundamentals and then moves on to valuations. Our largest sector positions are currently in energy, healthcare, and media, while automotive, real estate, and consumer goods are the Fund’s smallest sector positions. In terms of credit quality, we are mildly underweight both B and BB-rated issuers, and slightly overweight those higher-quality CCC-rated businesses that we view as solid candidates to move up the credit spectrum into the single-B tier. The Fund used foreign currency exchange contracts to hedge the US dollar value of securities denominated in foreign currencies to increase exposure to those currencies. Their effect was not material to Fund performance.

Despite the intense volatility of recent months and the unusually murky macroeconomic outlook, we believe high yield bonds still offer investors the opportunity to diversify their holdings into an area of the fixed-income market that has the potential to generate attractive nominal income in a world of high inflation alongside depressed sovereign and investment-grade yields. We recognize that the uncertain environment has created significant emotional and financial stress for households and investors. As always, we view our role as careful stewards of our shareholders’ financial resources and appreciate their continued confidence as we navigate these volatile markets.

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Performance summary
Delaware High-Yield Opportunities Fund	July 31, 2022 (Unaudited)

Fund and benchmark performance^1,2	Average annual total returns through July 31, 2022
	1 year	5 year	10 year	Lifetime
Class A (Est. December 30, 1996)
Excluding sales charge	-8.01%	+2.68%	+3.93%	+5.96%
Including sales charge	-12.06%	+1.76%	+3.46%	+5.77%
Class C (Est. February 17, 1998)
Excluding sales charge	-8.70%	+1.86%	+3.13%	+4.58%
Including sales charge	-9.58%	+1.86%	+3.13%	+4.58%
Class R (Est. June 2, 2003)
Excluding sales charge	-8.21%	+2.43%	+3.68%	+5.99%
Including sales charge	-8.21%	+2.43%	+3.68%	+5.99%
Institutional Class (Est. December 30, 1996)
Excluding sales charge	-7.78%	+2.94%	+4.19%	+6.25%
Including sales charge	-7.78%	+2.94%	+4.19%	+6.25%
Class R6 (Est. April 29, 2021)
Excluding sales charge	-7.74%	—	—	-4.66%
Including sales charge	-7.74%	—	—	-4.66%
ICE BofA US High Yield Constrained Index	-7.73%	+2.90%	+4.81%	+6.29%*

*	The benchmark lifetime return is for Institutional Class share comparison only and is calculated using the last business day in the month of the Fund’s Institutional Class inception date.
¹	Returns reflect the reinvestment of all distributions and are presented both with and without the applicable sales charges described below. Returns do not reflect the deduction of taxes the shareholder would pay on Fund distributions or redemptions of Fund shares.

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

Class A shares are sold with a maximum front-end sales charge of 4.50%, and have an annual 12b-1 fee of 0.25% of average daily net assets. The Board has adopted a formula for calculating 12b-1 plan fees for the Fund’s

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Class A shares. The Fund’s Class A shares are subject to a blended 12b-1 fee of 0.10% on all shares acquired prior to June 1, 1992, and 0.25% on all shares acquired on or after June 1, 1992. All Class A shares currently bear 12b-1 fees at the same rate, the blended rate based on the formula described above. This method of calculating Class A 12b-1 fees may be discontinued at the sole discretion of the Board. Performance for Class A shares, excluding sales charges, assumes that no front-end sales charge applied.

Class R shares are available only for certain retirement plan products. They are sold without a sales charge and have an annual 12b-1 fee of 0.50% of average daily net assets.

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Performance summary
Delaware High-Yield Opportunities Fund

				Institutional
Fund expense ratios	Class A	Class C	Class R	Class	Class R6
Total annual operating expenses
(without fee waivers)	1.23%	1.98%	1.48%	0.98%	0.87%
Net expenses (including fee
waivers, if any)	0.94%	1.69%	1.19%	0.69%	0.58%
Type of waiver	Contractual	Contractual	Contractual	Contractual	Contractual

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Performance of a $10,000 investment¹

For the period July 31, 2012 through July 31, 2022

	Starting value			Ending value
ICE BofA US High Yield Constrained Index		$	10,000		$	15,999
Delaware High-Yield Opportunities Fund — Institutional
Class shares		$	10,000		$	15,075
Delaware High-Yield Opportunities Fund — Class A
shares		$	9,550		$	14,049

The “Performance of a $10,000 investment” graph assumes $10,000 invested in Institutional Class and Class A shares of the Fund on July 31, 2012, and includes the effect of a 4.50% front-end sales charge (for Class A shares) and the reinvestment of all distributions. The graph does not reflect the deduction of taxes the shareholders would pay on Fund distributions or redemptions of Fund shares. Expense limitations were in effect for some or all of the periods shown. Performance would have been lower had expense limitations not been in effect. Expenses are listed in the “Fund expense ratios” table on page 6. Please note additional details on pages 4 through 8.

The graph also assumes $10,000 invested in the ICE BofA US High Yield Constrained Index as of July 31, 2012. The ICE BofA US High Yield Constrained tracks the performance of US dollar-denominated high yield corporate debt publicly issued in the US domestic market, but caps individual issuer exposure at 2% of the benchmark.

Performance of other Fund classes will vary due to different charges and expenses.

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Performance summary
Delaware High-Yield Opportunities Fund

	Nasdaq symbols	CUSIPs
Class A	DHOAX	245908876
Class C	DHOCX	245908850
Class R	DHIRX	245908736
Institutional Class	DHOIX	245908843
Class R6	DHIZX	24610J209

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Disclosure of Fund expenses
For the six-month period from February 1, 2022 to July 31, 2022 (Unaudited)

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 February 1, 2022 to July 31, 2022.

Actual expenses

Hypothetical example for comparison purposes

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Disclosure of Fund expenses
For the six-month period from February 1, 2022 to July 31, 2022 (Unaudited)

Delaware High-Yield Opportunities Fund
Expense analysis of an investment of $1,000

	Beginning			Ending						Expenses
	Account Value			Account Value			Annualized			Paid During Period
	2/1/22			7/31/22			Expense Ratio			2/1/22 to 7/31/22*
Actual Fund return^†
Class A		$	1,000.00		$	931.70		0.89	%		$	4.26
Class C			1,000.00			928.30		1.64	%			7.84
Class R			1,000.00			930.80		1.14	%			5.46
Institutional Class			1,000.00			932.90		0.64	%			3.07
Class R6			1,000.00			933.10		0.58	%			2.78
Hypothetical 5% return (5% return before expenses)
Class A		$	1,000.00		$	1,020.38		0.89	%		$	4.46
Class C			1,000.00			1,016.66		1.64	%			8.20
Class R			1,000.00			1,019.14		1.14	%			5.71
Institutional Class			1,000.00			1,021.62		0.64	%			3.21
Class R6			1,000.00			1,021.92		0.58	%			2.91

*	“Expenses Paid During Period” are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (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.

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Security type / sector allocation
Delaware High-Yield Opportunities Fund	As of July 31, 2022 (Unaudited)

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

Security type / sector	Percentage of net assets
Convertible Bond		0.15	%
Corporate Bonds		87.19	%
Automotive		2.30	%
Banking		1.13	%
Basic Industry		5.88	%
Capital Goods		3.76	%
Consumer Goods		1.22	%
Energy		12.60	%
Financial Services		4.27	%
Healthcare		8.88	%
Insurance		3.04	%
Leisure		5.93	%
Media		10.82	%
Real Estate		0.33	%
Retail		4.60	%
Services		5.45	%
Technology & Electronics		4.02	%
Telecommunications		7.59	%
Transportation		2.71	%
Utilities		2.66	%
Municipal Bonds		0.66	%
Loan Agreements		8.05	%
Common Stocks		0.01	%
Short-Term Investments		2.54	%
Total Value of Securities		98.60	%
Receivables and Other Assets Net of Liabilities		1.40	%
Total Net Assets		100.00	%

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Schedule of investments
Delaware High-Yield Opportunities Fund	July 31, 2022

			Principal
			amount^°	Value (US $)
Convertible Bond – 0.15%
	Spirit Airlines 1.00% exercise price $49.07, maturity date
		5/15/26	768,000	$	694,656
Total Convertible Bond (cost $667,307)					694,656

Corporate Bonds – 87.19%
Automotive – 2.30%
	Allison Transmission 144A 5.875% 6/1/29 #		2,757,000		2,717,768
	Ford Motor Credit
		3.375% 11/13/25	1,405,000		1,342,407
		4.125% 8/17/27	710,000		675,370
		4.542% 8/1/26	1,960,000		1,909,089
		5.584% 3/18/24	1,810,000		1,829,467
	Goodyear Tire & Rubber 5.25% 7/15/31		2,935,000		2,556,458
					11,030,559
Banking – 1.13%
	Barclays 6.125% 12/15/25 µ, Ψ		3,255,000		3,142,865
	Deutsche Bank 6.00% 10/30/25 µ, Ψ		2,600,000		2,262,000
					5,404,865
Basic Industry – 5.88%
	ATI
		4.875% 10/1/29	625,000		535,570
		5.125% 10/1/31	1,790,000		1,471,285
	Cerdia Finanz 144A 10.50% 2/15/27 #		2,055,000		1,643,281
	Chemours 144A 5.75% 11/15/28 #		3,225,000		3,081,100
	Domtar 144A 6.75% 10/1/28 #		1,371,000		1,266,008
	Eldorado Gold 144A 6.25% 9/1/29 #		2,905,000		2,325,380
	First Quantum Minerals
		144A 6.875% 10/15/27 #	2,095,000		2,000,212
		144A 7.50% 4/1/25 #	3,120,000		3,110,125
	FMG Resources August 2006 Pty
		144A 5.875% 4/15/30 #	2,055,000		1,963,296
		144A 6.125% 4/15/32 #	925,000		881,345
	Hudbay Minerals 144A 6.125% 4/1/29 #		1,450,000		1,131,087
	INEOS Quattro Finance 2 144A 3.375% 1/15/26 #		3,400,000		3,014,695
	Novelis
		144A 3.875% 8/15/31 #	605,000		518,146
		144A 4.75% 1/30/30 #	3,425,000		3,173,262
	Vibrantz Technologies 144A 9.00% 2/15/30 #		2,813,000		2,052,815
					28,167,607

Table of Contents

			Principal
			amount^°	Value (US $)
Corporate Bonds (continued)
Capital Goods – 3.76%
	ARD Finance 144A PIK 6.50% 6/30/27 #, >		2,225,368	$	1,689,789
	Clydesdale Acquisition Holdings 144A 6.625% 4/15/29 #		465,000		470,201
	Granite US Holdings 144A 11.00% 10/1/27 #		1,680,000		1,566,684
	Madison IAQ 144A 5.875% 6/30/29 #		2,940,000		2,302,652
	OT Merger 144A 7.875% 10/15/29 #		1,090,000		765,551
	Sealed Air 144A 5.00% 4/15/29 #		1,350,000		1,338,390
	Terex 144A 5.00% 5/15/29 #		3,760,000		3,360,274
	TK Elevator Holdco 144A 7.625% 7/15/28 #		1,434,000		1,301,527
	TransDigm 4.625% 1/15/29		5,790,000		5,217,774
					18,012,842
Consumer Goods – 1.22%
	JBS USA LUX
		144A 5.50% 1/15/30 #	3,070,000		2,989,295
		144A 6.50% 4/15/29 #	157,000		159,736
	Pilgrim's Pride 144A 4.25% 4/15/31 #		2,920,000		2,623,503
	Scotts Miracle-Gro 4.00% 4/1/31		100,000		82,636
					5,855,170
Energy – 12.60%
	Ascent Resources Utica Holdings
		144A 5.875% 6/30/29 #	3,170,000		2,788,998
		144A 7.00% 11/1/26 #	1,490,000		1,452,705
	Callon Petroleum
		144A 7.50% 6/15/30 #	1,225,000		1,176,331
		144A 8.00% 8/1/28 #	1,770,000		1,794,559
	CNX Midstream Partners 144A 4.75% 4/15/30 #		1,515,000		1,308,475
	CNX Resources 144A 6.00% 1/15/29 #		3,430,000		3,341,112
	Crestwood Midstream Partners
		144A 5.625% 5/1/27 #	482,000		463,474
		144A 6.00% 2/1/29 #	3,468,000		3,165,209
	EQM Midstream Partners 144A 4.75% 1/15/31 #		5,720,000		5,181,319
	Genesis Energy
		7.75% 2/1/28	3,170,000		3,066,579
		8.00% 1/15/27	5,005,000		4,919,314
	Hilcorp Energy I
		144A 6.00% 4/15/30 #	3,235,000		2,940,275
		144A 6.00% 2/1/31 #	395,000		363,278
		144A 6.25% 4/15/32 #	1,552,000		1,400,389
	Murphy Oil 6.375% 7/15/28		5,120,000		5,119,027
	NuStar Logistics
		6.00% 6/1/26	2,430,000		2,391,375

Table of Contents

Schedule of investments
Delaware High-Yield Opportunities Fund

			Principal
			amount^°	Value (US $)
Corporate Bonds (continued)
Energy (continued)
	NuStar Logistics
		6.375% 10/1/30	3,568,000	$	3,294,320
	Occidental Petroleum
		4.20% 3/15/48	160,000		130,770
		4.40% 4/15/46	625,000		531,999
		4.40% 8/15/49	1,240,000		1,036,732
		4.50% 7/15/44	640,000		538,134
		6.45% 9/15/36	1,525,000		1,697,912
		6.60% 3/15/46	1,180,000		1,305,357
		6.625% 9/1/30	1,095,000		1,216,129
	PDC Energy 5.75% 5/15/26		3,794,000		3,713,377
	Southwestern Energy
		5.375% 2/1/29	470,000		460,102
		5.375% 3/15/30	3,940,000		3,885,234
	Weatherford International 144A 8.625% 4/30/30 #		1,830,000		1,660,085
					60,342,570
Financial Services – 4.27%
	AerCap Holdings 5.875% 10/10/79 µ		4,075,000		3,622,512
	Air Lease 4.65% 6/15/26 µ, Ψ		2,995,000		2,628,565
	Ally Financial 8.00% 11/1/31		2,160,000		2,446,061
	Castlelake Aviation Finance DAC 144A 5.00% 4/15/27 #		4,565,000		3,846,531
	Hightower Holding 144A 6.75% 4/15/29 #		1,930,000		1,521,498
	Medline Borrower 144A 3.875% 4/1/29 #		2,485,000		2,249,347
	Midcap Financial Issuer Trust
		144A 5.625% 1/15/30 #	1,055,000		853,305
		144A 6.50% 5/1/28 #	3,345,000		3,081,464
	New Cotai 5.00% 2/2/27		222,415		202,318
					20,451,601
Healthcare – 8.88%
	Avantor Funding 144A 3.875% 11/1/29 #		8,005,000		7,386,694
	Bausch Health 144A 6.25% 2/15/29 #		4,775,000		2,563,292
	Cheplapharm Arzneimittel 144A 5.50% 1/15/28 #		3,185,000		2,895,515
	CHS
		144A 4.75% 2/15/31 #	3,000,000		2,422,890
		144A 8.00% 3/15/26 #	1,715,000		1,644,085
	Consensus Cloud Solutions
		144A 6.00% 10/15/26 #	1,030,000		949,171
		144A 6.50% 10/15/28 #	1,610,000		1,434,045
	DaVita 144A 4.625% 6/1/30 #		2,710,000		2,227,376

Table of Contents

			Principal
			amount^°	Value (US $)
Corporate Bonds (continued)
Healthcare (continued)
	Encompass Health
		4.625% 4/1/31	925,000	$	831,533
		4.75% 2/1/30	1,209,000		1,117,606
	Hadrian Merger Sub 144A 8.50% 5/1/26 #		3,443,000		3,276,824
	HCA
		3.50% 9/1/30	105,000		95,986
		5.875% 2/1/29	1,708,000		1,790,539
		7.58% 9/15/25	820,000		892,303
	ModivCare Escrow Issuer 144A 5.00% 10/1/29 #		2,915,000		2,670,767
	Organon & Co. 144A 5.125% 4/30/31 #		4,140,000		3,881,167
	Surgery Center Holdings 144A 10.00% 4/15/27 #		1,630,000		1,663,399
	Tenet Healthcare
		144A 4.375% 1/15/30 #	1,480,000		1,377,909
		144A 6.125% 10/1/28 #	1,920,000		1,874,237
		6.875% 11/15/31	1,586,000		1,532,449
					42,527,787
Insurance – 3.04%
	GTCR AP Finance 144A 8.00% 5/15/27 #		1,072,000		1,055,445
	HUB International 144A 5.625% 12/1/29 #		4,105,000		3,642,113
	NFP 144A 6.875% 8/15/28 #		3,195,000		2,812,431
	Roller Bearing Co. of America 144A 4.375% 10/15/29 #		4,680,000		4,248,489
	USI 144A 6.875% 5/1/25 #		2,879,000		2,812,459
					14,570,937
Leisure – 5.93%
	Boyd Gaming
		4.75% 12/1/27	3,470,000		3,343,033
		144A 4.75% 6/15/31 #	405,000		373,659
	Caesars Entertainment
		144A 6.25% 7/1/25 #	1,950,000		1,947,533
		144A 8.125% 7/1/27 #	1,650,000		1,652,318
	Carnival
		144A 5.75% 3/1/27 #	7,475,000		6,012,703
		144A 6.00% 5/1/29 #	940,000		726,075
		144A 7.625% 3/1/26 #	2,870,000		2,476,638
	Royal Caribbean Cruises
		144A 5.50% 8/31/26 #	290,000		229,813
		144A 5.50% 4/1/28 #	8,592,000		6,462,430
	Scientific Games Holdings 144A 6.625% 3/1/30 #		2,880,000		2,591,064

Table of Contents

Schedule of investments
Delaware High-Yield Opportunities Fund

			Principal
			amount^°	Value (US $)
Corporate Bonds (continued)
Leisure (continued)
	Scientific Games International 144A 7.25% 11/15/29 #		2,525,000	$	2,572,697
					28,387,963
Media – 10.82%
	AMC Networks 4.25% 2/15/29		2,675,000		2,359,317
	Arches Buyer 144A 6.125% 12/1/28 #		2,905,000		2,389,261
	Beasley Mezzanine Holdings 144A 8.625% 2/1/26 #		3,195,000		2,428,503
	CCO Holdings
		144A 4.50% 8/15/30 #	6,390,000		5,691,190
		4.50% 5/1/32	530,000		458,999
		144A 5.375% 6/1/29 #	2,520,000		2,405,970
	CMG Media 144A 8.875% 12/15/27 #		4,455,000		3,576,224
	CSC Holdings
		144A 4.625% 12/1/30 #	5,760,000		4,390,819
		144A 5.00% 11/15/31 #	2,870,000		2,166,764
		144A 5.75% 1/15/30 #	1,200,000		972,726
	Cumulus Media New Holdings 144A 6.75% 7/1/26 #		3,370,000		3,015,199
	Directv Financing 144A 5.875% 8/15/27 #		4,210,000		3,929,424
	DISH DBS 144A 5.75% 12/1/28 #		2,625,000		2,134,453
	Gray Escrow II 144A 5.375% 11/15/31 #		3,850,000		3,406,884
	Nexstar Media 144A 4.75% 11/1/28 #		2,315,000		2,162,094
	Nielsen Finance
		144A 4.50% 7/15/29 #	800,000		753,285
		144A 4.75% 7/15/31 #	2,655,000		2,527,109
	Sirius XM Radio 144A 4.00% 7/15/28 #		5,780,000		5,377,307
	VZ Secured Financing 144A 5.00% 1/15/32 #		1,825,000		1,630,282
					51,775,810
Real Estate – 0.33%
	XHR 144A 4.875% 6/1/29 #		1,765,000		1,594,272
					1,594,272
Retail – 4.60%
	Asbury Automotive Group
		144A 4.625% 11/15/29 #	2,265,000		2,004,525
		4.75% 3/1/30	1,990,000		1,737,807
	Bath & Body Works
		6.875% 11/1/35	2,105,000		1,934,579
		6.95% 3/1/33	2,222,000		1,864,333
		144A 9.375% 7/1/25 #	771,000		806,853
	Bloomin' Brands 144A 5.125% 4/15/29 #		3,265,000		2,869,266
	CP Atlas Buyer 144A 7.00% 12/1/28 #		1,570,000		1,240,331

Table of Contents

		Principal
		amount^°	Value (US $)
Corporate Bonds (continued)
Retail (continued)
	LSF9 Atlantis Holdings 144A 7.75% 2/15/26 #	3,456,000	$	3,134,920
	Murphy Oil USA 144A 3.75% 2/15/31 #	3,000,000		2,741,058
	PetSmart 144A 7.75% 2/15/29 #	3,810,000		3,677,069
				22,010,741
Services — 5.45%
	ADT Security 144A 4.125% 8/1/29 #	3,045,000		2,747,412
	Ahern Rentals 144A 7.375% 5/15/23 #	1,430,000		1,094,740
	Clarivate Science Holdings 144A 4.875% 7/1/29 #	4,090,000		3,627,912
	Gartner 144A 4.50% 7/1/28 #	2,620,000		2,527,391
	Iron Mountain
	144A 5.25% 3/15/28 #	2,050,000		1,962,598
	144A 5.25% 7/15/30 #	1,760,000		1,649,455
	NESCO Holdings II 144A 5.50% 4/15/29 #	2,780,000		2,418,016
	PECF USS Intermediate Holding III 144A 8.00%
	11/15/29 #	850,000		684,114
	Prime Security Services Borrower 144A 5.75% 4/15/26 #	1,715,000		1,745,639
	Sotheby's 144A 5.875% 6/1/29 #	2,935,000		2,549,437
	United Rentals North America 5.25% 1/15/30	1,885,000		1,908,280
	White Cap Buyer 144A 6.875% 10/15/28 #	3,733,000		3,163,083
				26,078,077
Technology & Electronics — 4.02%
	Black Knight InfoServ 144A 3.625% 9/1/28 #	920,000		852,150
	Entegris Escrow 144A 5.95% 6/15/30 #	3,630,000		3,607,530
	Go Daddy Operating 144A 3.50% 3/1/29 #	3,205,000		2,860,975
	Minerva Merger 144A 6.50% 2/15/30 #	2,795,000		2,532,969
	NCR
	144A 5.00% 10/1/28 #	1,370,000		1,305,121
	144A 5.25% 10/1/30 #	2,835,000		2,739,078
	Sensata Technologies 144A 4.00% 4/15/29 #	3,600,000		3,279,240
	SS&C Technologies 144A 5.50% 9/30/27 #	2,071,000		2,045,330
				19,222,393
Telecommunications — 7.59%
	Altice France 144A 5.50% 10/15/29 #	4,400,000		3,789,500
	Altice France Holding 144A 6.00% 2/15/28 #	4,835,000		3,745,844
	Connect Finco 144A 6.75% 10/1/26 #	4,545,000		4,451,191
	Consolidated Communications
	144A 5.00% 10/1/28 #	1,475,000		1,168,995
	144A 6.50% 10/1/28 #	3,060,000		2,639,250
	Digicel International Finance 144A 8.75% 5/25/24 #	2,560,000		2,397,235

Table of Contents

Schedule of investments
Delaware High-Yield Opportunities Fund

		Principal
		amount^°	Value (US $)
Corporate Bonds (continued)
Telecommunications (continued)
	Frontier Communications Holdings
	144A 5.875% 10/15/27 #	3,530,000	$	3,486,122
	144A 6.75% 5/1/29 #	1,735,000		1,548,808
	144A 8.75% 5/15/30 #	670,000		712,508
	LCPR Senior Secured Financing DAC 144A 6.75%
	10/15/27 #	1,939,000		1,887,893
	Northwest Fiber 144A 4.75% 4/30/27 #	1,110,000		965,750
	Sable International Finance 144A 5.75% 9/7/27 #	1,983,000		1,753,210
	Sprint 7.625% 3/1/26	1,915,000		2,090,862
	T-Mobile USA
	3.375% 4/15/29	1,725,000		1,613,272
	3.50% 4/15/31	1,279,000		1,184,565
	Vmed O2 UK Financing I 144A 4.75% 7/15/31 #	3,190,000		2,890,714
				36,325,719
Transportation — 2.71%
	Grupo Aeromexico 144A 8.50% 3/17/27 #	1,625,000		1,557,367
	Laredo Petroleum 144A 7.75% 7/31/29 #	2,625,000		2,497,517
	Seaspan 144A 5.50% 8/1/29 #	4,670,000		3,666,510
	VistaJet Malta Finance 144A 6.375% 2/1/30 #	6,035,000		5,267,107
				12,988,501
Utilities — 2.66%
	Calpine
	144A 4.625% 2/1/29 #	645,000		580,874
	144A 5.00% 2/1/31 #	3,380,000		3,004,499
	144A 5.125% 3/15/28 #	1,695,000		1,598,546
	PG&E 5.25% 7/1/30	1,625,000		1,462,411
	Vistra
	144A 7.00% 12/15/26 #, µ, ψ	4,135,000		3,851,112
	144A 8.00% 10/15/26 #, µ, ψ	2,285,000		2,218,609
				12,716,051
Total Corporate Bonds (cost $461,866,103)				417,463,465

Municipal Bonds — 0.66%
	Commonwealth of Puerto Rico
	Series A 2.993% 7/1/24 ^	30,682		28,550
	Series A 4.364% 7/1/33 ^	118,666		70,720
	Series A-1 4.00% 7/1/33	92,210		88,496
	Series A-1 4.00% 7/1/35	66,970		63,400
	Series A-1 4.00% 7/1/37	71,137		66,638

Table of Contents

		Principal
		amount^°	Value (US $)
Municipal Bonds (continued)
	Commonwealth of Puerto Rico
	Series A-1 5.625% 7/1/29	77,547	$	85,830
	GDB Debt Recovery Authority of Puerto Rico
	7.50% 8/20/40	3,090,269		2,742,613
Total Municipal Bonds (cost $3,359,654)				3,146,247

Loan Agreements — 8.05%
	Applied Systems 2nd Lien 7.75% (LIBOR03M + 5.50%)
	9/19/25 ●	9,144,458		8,966,141
	Clydesdale Acquisition Holdings Tranche B 6.602%
	(SOFR01M + 3.25%) 4/13/29 ●	745,000		716,884
	Covis Finco Tranche B 8.704% (SOFR01M + 5.50%)
	2/18/27 ●	1,950,312		1,633,387
	Epicor Software 2nd Lien 10.122% (LIBOR01M + 7.75%)
	7/31/28 ●	2,235,800		2,209,529
	Form Technologies Tranche B 6.006%
	(LIBOR03M + 4.75%) 7/22/25 ●	3,949,003		3,578,784
	Hexion Holdings 1st Lien 5.924% (SOFR03M + 4.50%)
	3/15/29 ●	740,000		662,115
	Hexion Holdings 2nd Lien 9.638% (SOFR01M + 7.44%)
	3/15/30 ●	2,100,000		1,837,500
	Jones DesLauriers Insurance Management 1st Lien
	6.063% (CDOR03M + 4.25%) 3/27/28 ●	4,760,071		3,457,004
	Jones DesLauriers Insurance Management 2nd Lien
	10.998% (CDOR03M + 7.50%) 3/26/29 ●	2,230,000		1,619,538
	Pre Paid Legal Services 2nd Lien 9.372% (LIBOR01M +
	7.00%) 12/14/29 ●	1,450,000		1,392,000
	Sovos Compliance 1st Lien 6.872% (LIBOR01M + 4.50%)
	8/11/28 ●	746,659		728,459
	Sovos Compliance 1st Lien TBD 8/11/28 X	129,589		126,430
	SPX Flow 6.526% (SOFR01M + 4.50%) 4/5/29 ●	2,908,000		2,757,147
	Swf Holdings I 6.162% (LIBOR01M + 4.00%) 10/6/28 ●	2,519,634		2,119,642
	UKG 2nd Lien 7.535% (LIBOR03M + 5.25%) 5/3/27 ●	3,624,000		3,501,690
	Vantage Specialty Chemicals 1st Lien 6.019% (LIBOR03M
	+ 3.50%) 10/28/24 ●	1,732,783		1,663,742
	Vantage Specialty Chemicals 2nd Lien 9.825%
	(LIBOR03M + 8.25%) 10/27/25 ●	1,653,000		1,595,972
Total Loan Agreements (cost $39,993,484)				38,565,964

Table of Contents

Schedule of investments
Delaware High-Yield Opportunities Fund

		Number of
		shares	Value (US $)
Common Stocks — 0.01%
Leisure — 0.01%
	Studio City International Holdings ADR †	29,694	$	59,091
				59,091
Media — 0.00%
	Century Communications =, †	4,310,000		0
				0
Total Common Stocks (cost $219,735)				59,091

Short-Term Investments — 2.54%
Money Market Mutual Funds — 2.54%
	BlackRock Liquidity FedFund – Institutional Shares
	(seven-day effective yield 1.73%)	3,042,579		3,042,579
	Fidelity Investments Money Market Government Portfolio –
	Class I (seven-day effective yield 1.49%)	3,042,578		3,042,578
	GS Financial Square Government Fund – Institutional
	Shares (seven-day effective yield 1.73%)	3,042,578		3,042,578
	Morgan Stanley Institutional Liquidity Funds Government
	Portfolio – Institutional Class (seven-day effective yield
	1.60%)	3,042,579		3,042,579
Total Short-Term Investments (cost $12,170,314)				12,170,314
Total Value of Securities—98.60%
	(cost $518,276,597)		$	472,099,737

°	Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At July 31, 2022, the aggregate value of Rule 144A securities was $328,014,853, which represents 68.51% of the Fund's net assets. See Note 12 in “Notes to financial statements."
µ	Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at July 31, 2022. Rate will reset at a future date.
ψ	Perpetual security. Maturity date represents next call date.
>	PIK. 100% of the income received was in the form of cash.
^	Zero-coupon security. The rate shown is the effective yield at the time of purchase.

Table of Contents

●	Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at July 31, 2022. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.
X	This loan will settle after July 31, 2022, at which time the interest rate, based on the LIBOR and the agreed upon spread on trade date, will be reflected.
†	Non-income producing security.
=	The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security.

The following foreign currency exchange contract was outstanding at July 31, 2022:¹

Foreign Currency Exchange Contracts

Currency to

Settlement

Unrealized

Counterparty

Receive (Deliver)

In Exchange For

Date

Depreciation

CITI

CAD

(7,000,000)

USD

5,411,882

8/19/22

(54,341

)

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

Summary of abbreviations:
ADR – American Depositary Receipt
CDOR – Canadian Dollar Offered Rate
CDOR03M – 3 Month Canadian Dollar Offered Rate
CITI – Citigroup
DAC – Designated Activity Company
GS – Goldman Sachs
ICE – Intercontinental Exchange, Inc.
LIBOR – London Interbank Offered Rate
LIBOR01M – ICE LIBOR USD 1 Month
LIBOR03M – ICE LIBOR USD 3 Month
LIBOR06M – ICE LIBOR USD 6 Month

Table of Contents

Schedule of investments
Delaware High-Yield Opportunities Fund

Summary of abbreviations: (continued)
PIK – Payment-in-kind
SOFR01M – Secured Overnight Financing Rate 1 Month
SOFR03M – Secured Overnight Financing Rate 3 Month
TBD – To be determined

Summary of currencies:
CAD – Canadian Dollar
USD – US Dollar

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

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Statement of assets and liabilities
Delaware High-Yield Opportunities Fund	July 31, 2022

Assets:
	Investments, at value*	$	472,099,737
	Foreign currencies, at value^Δ		268,936
	Dividends and interest receivable		7,920,442
	Receivable for fund shares sold		174,247
	Receivable due from Advisor		108,820
	Prepaid expenses		9,603
	Other assets		4,023
	Total Assets		480,585,808
Liabilities:
	Due to custodian		32,229
	Payable for fund shares redeemed		692,669
	Other accrued expenses		532,829
	Payable for securities purchased		245,810
	Distribution payable		201,907
	Unrealized depreciation on foreign currency exchange contracts		54,341
	Administration expenses payable to affiliates		26,304
	Distribution fees payable to affiliates		15,267
	Total Liabilities		1,801,356
Total Net Assets		$	478,784,452

Net Assets Consist of:
	Paid-in capital	$	650,899,061
	Total distributable earnings (loss)		(172,114,609	)
Total Net Assets		$	478,784,452

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Statement of assets and liabilities
Delaware High-Yield Opportunities Fund

Net Asset Value

Class A:
Net assets	$	353,661,784
Shares of beneficial interest outstanding, unlimited authorization, no par		103,316,926
Net asset value per share	$	3.42
Sales charge		4.50	%
Offering price per share, equal to net asset value per share / (1 - sales
charge)	$	3.58

Class C:
Net assets	$	4,664,891
Shares of beneficial interest outstanding, unlimited authorization, no par		1,362,729
Net asset value per share	$	3.42

Class R:
Net assets	$	2,513,144
Shares of beneficial interest outstanding, unlimited authorization, no par		732,301
Net asset value per share	$	3.43

Institutional Class:
Net assets	$	64,111,357
Shares of beneficial interest outstanding, unlimited authorization, no par		18,744,524
Net asset value per share	$	3.42

Class R6:
Net assets	$	53,833,276
Shares of beneficial interest outstanding, unlimited authorization, no par		15,735,555
Net asset value per share	$	3.42
____________________
*Investments, at cost	$	518,276,597
^ΔForeign currencies, at cost		272,324

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

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Statement of operations
Delaware High-Yield Opportunities Fund	Year ended July 31, 2022

Investment Income:
	Interest	$	29,933,642
	Dividends		51,307
	Interest - affiliated		1,887
			29,986,836

Expenses:
	Management fees		3,588,436
	Distribution expenses — Class A		998,156
	Distribution expenses — Class C		60,039
	Distribution expenses — Class R		13,528
	Dividend disbursing and transfer agent fees and expenses		557,792
	Accounting and administration expenses		128,390
	Legal fees		78,713
	Reports and statements to shareholders expenses		77,013
	Audit and tax fees		53,810
	Trustees’ fees and expenses		19,281
	Custodian fees		19,124
	Registration fees		11,367
	Other		87,312
			5,692,961
	Less expenses waived		(1,116,564	)
	Less expenses paid indirectly		(1,344	)
	Total operating expenses		4,575,053
Net Investment Income (Loss)			25,411,783

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Statement of operations
Delaware High-Yield Opportunities Fund

Net Realized and Unrealized Gain (Loss):
	Net realized gain (loss) on:
		Investments	$	(1,128,263	)
		Affiliated investments		300,634
		Foreign currencies		(71,293	)
		Foreign currency exchange contracts		65,258
	Net realized gain (loss)			(833,664	)

	Net change in unrealized appreciation (depreciation) on:
		Investments		(69,644,252	)
		Affiliated investments		(379,245	)
		Foreign currencies		(3,388	)
		Foreign currency exchange contracts		(54,341	)
	Net change in unrealized appreciation (depreciation)			(70,081,226	)
Net Realized and Unrealized Gain (Loss)				(70,914,890	)
Net Increase (Decrease) in Net Assets Resulting from Operations			$	(45,503,107	)

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

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Statements of changes in net assets
Delaware High-Yield Opportunities Fund

			Year ended
			7/31/22			7/31/21
Increase (Decrease) in Net Assets from Operations:
	Net investment income (loss)		$	25,411,783		$	8,167,398
	Net realized gain (loss)			(833,664	)		7,037,229
	Net change in unrealized appreciation (depreciation)			(70,081,226	)		830,987
	Net increase (decrease) in net assets resulting from
		operations		(45,503,107	)		16,035,614

Dividends and Distributions to Shareholders from:
	Distributable earnings:
		Class A		(20,043,867	)		(5,720,579	)
		Class C		(253,085	)		(460,849	)
		Class R		(128,861	)		(147,492	)
		Institutional Class		(4,020,750	)		(2,279,427	)
		Class R6		(3,720,776	)		(54,401	)
				(28,167,339	)		(8,662,748	)

Capital Share Transactions:
	Proceeds from shares sold:
		Class A		11,852,626			13,187,706
		Class C		691,405			818,523
		Class R		512,211			982,447
		Institutional Class		31,694,880			15,654,789
		Class R6		9,996,756			280,071
	Net assets from merger:¹
		Class A		—			331,157,485
		Institutional Class		—			49,093,208
		Class R6		—			68,193,766

	Net asset value of shares issued upon reinvestment of
		dividends and distributions:
		Class A		18,028,131			6,056,283
		Class C		252,952			471,879
		Class R		128,628			149,103
		Institutional Class		3,946,675			2,362,904
		Class R6		3,358,131			49,015
				80,462,395			488,457,179

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Statements of changes in net assets
Delaware High-Yield Opportunities Fund

			Year ended
			7/31/22			7/31/21
	Cost of shares redeemed:
		Class A	$	(71,040,818	)	$	(18,856,123	)
		Class C		(2,682,378	)		(10,317,316	)
		Class R		(627,357	)		(2,308,458	)
		Institutional Class		(58,627,406	)		(14,065,286	)
		Class R6		(17,890,376	)		—
				(150,868,335	)		(45,547,183	)
	Increase (decrease) in net assets derived from capital
		share transactions		(70,405,940	)		442,909,996
Net Increase (Decrease) in Net Assets				(144,076,386	)		450,282,862
Net Assets:
	Beginning of year			622,860,838			172,577,976
	End of year		$	478,784,452		$	622,860,838

¹	See Note 7 in the "Notes to financial statements."

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

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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 income¹

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Return of capital

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁴

Ratio of expenses to average net assets prior to fees waived⁴

Ratio of net investment income to average net assets

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

Portfolio turnover

¹	Calculated using average shares outstanding.
²	Amount is less than $0.005 per share.
³	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
⁴	Expense ratios do not include expenses of any Underlying Funds in which the Fund invests.

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

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Year ended
7/31/22			7/31/21			7/31/20			7/31/19			7/31/18
$	3.91		$	3.74		$	3.76		$	3.71		$	3.89


	0.17			0.17			0.19			0.20			0.20
	(0.48	)		0.18			(0.02	)		0.06			(0.18	)
	(0.31	)		0.35			0.17			0.26			0.02


	(0.18	)		(0.18	)		(0.19	)		(0.21	)		(0.20	)
	—	²		—			—			—			—
	—			—			—	²		—	²		—	²
	(0.18	)		(0.18	)		(0.19	)		(0.21	)		(0.20	)

$	3.42		$	3.91		$	3.74		$	3.76		$	3.71

	(8.01%	)		9.68%			4.89%			7.25%			0.58%


$	353,662		$	447,179		$	110,750		$	121,500		$	131,149
	0.89%			0.93%			0.94%			0.94%			1.02%
	1.09%			1.19%			1.16%			1.15%			1.15%
	4.51%			4.55%			5.09%			5.50%			5.14%
	4.31%			4.29%			4.87%			5.29%			5.01%
	50%			91%			108%			76%			96%

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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 income¹

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Return of capital

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁴

Ratio of expenses to average net assets prior to fees waived⁴

Ratio of net investment income to average net assets

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

Portfolio turnover

¹	Calculated using average shares outstanding.
²	Amount is less than $0.005 per share.
³	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
⁴	Expense ratios do not include expenses of any Underlying Funds in which the Fund invests.

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

Table of Contents

Year ended
7/31/22			7/31/21			7/31/20			7/31/19			7/31/18
$	3.91		$	3.74		$	3.77		$	3.72		$	3.90


	0.14			0.15			0.16			0.17			0.17
	(0.47	)		0.18			(0.02	)		0.06			(0.18	)
	(0.33	)		0.33			0.14			0.23			(0.01	)


	(0.16	)		(0.16	)		(0.17	)		(0.18	)		(0.17	)
	—	²		—			—			—			—
	—			—			—	²		—	²		—	²
	(0.16	)		(0.16	)		(0.17	)		(0.18	)		(0.17	)

$	3.42		$	3.91		$	3.74		$	3.77		$	3.72

	(8.70%	)		8.86%			3.83%			6.45%			(0.16%	)


$	4,665		$	7,177		$	15,622		$	21,170		$	25,186
	1.64%			1.68%			1.69%			1.69%			1.77%
	1.84%			1.94%			1.91%			1.90%			1.90%
	3.76%			3.80%			4.34%			4.75%			4.39%
	3.56%			3.54%			4.12%			4.54%			4.26%
	50%			91%			108%			76%			96%

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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 income¹

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Return of capital

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁴

Ratio of expenses to average net assets prior to fees waived⁴

Ratio of net investment income to average net assets

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

Portfolio turnover

¹	Calculated using average shares outstanding.
²	Amount is less than $0.005 per share.
³	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
⁴	Expense ratios do not include expenses of any Underlying Funds in which the Fund invests.

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

Table of Contents

Year ended
7/31/22			7/31/21			7/31/20			7/31/19			7/31/18
$	3.92		$	3.75		$	3.78		$	3.73		$	3.90


	0.16			0.17			0.18			0.19			0.19
	(0.47	)		0.17			(0.02	)		0.06			(0.17	)
	(0.31	)		0.34			0.16			0.25			0.02


	(0.18	)		(0.17	)		(0.19	)		(0.20	)		(0.19	)
	—	²		—			—			—			—
	—			—			—	²		—	²		—	²
	(0.18	)		(0.17	)		(0.19	)		(0.20	)		(0.19	)

$	3.43		$	3.92		$	3.75		$	3.78		$	3.73

	(8.21%	)		9.39%			4.35%			6.97%			0.62%


$	2,513		$	2,857		$	3,891		$	4,805		$	5,863
	1.14%			1.18%			1.19%			1.19%			1.27%
	1.34%			1.44%			1.41%			1.40%			1.40%
	4.26%			4.30%			4.84%			5.25%			4.89%
	4.06%			4.04%			4.62%			5.04%			4.76%
	50%			91%			108%			76%			96%

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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 income¹

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Return of capital

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁴

Ratio of expenses to average net assets prior to fees waived⁴

Ratio of net investment income to average net assets

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

Portfolio turnover

¹	Calculated using average shares outstanding.
²	Amount is less than $0.005 per share.
³	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
⁴	Expense ratios do not include expenses of any Underlying Funds in which the Fund invests.

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

Table of Contents

Year ended
7/31/22			7/31/21			7/31/20			7/31/19			7/31/18
$	3.91		$	3.74		$	3.76		$	3.71		$	3.89


	0.18			0.18			0.20			0.21			0.21
	(0.48	)		0.18			(0.02	)		0.06			(0.18	)
	(0.30	)		0.36			0.18			0.27			0.03


	(0.19	)		(0.19	)		(0.20	)		(0.22	)		(0.21	)
	—	²		—			—			—			—
	—			—			—	²		—	²		—	²
	(0.19	)		(0.19	)		(0.20	)		(0.22	)		(0.21	)

$	3.42		$	3.91		$	3.74		$	3.76		$	3.71

	(7.78%	)		9.95%			5.15%			7.52%			0.84%


$	64,111		$	97,188		$	42,315		$	44,923		$	60,226
	0.64%			0.68%			0.69%			0.69%			0.77%
	0.84%			0.94%			0.91%			0.90%			0.90%
	4.76%			4.80%			5.34%			5.75%			5.39%
	4.56%			4.54%			5.12%			5.54%			5.26%
	50%			91%			108%			76%			96%

Table of Contents

Financial highlights
Delaware High-Yield Opportunities Fund Class R6

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

				4/29/21¹
	Year ended			to
	7/31/22			7/31/21
Net asset value, beginning of period	$	3.91		$	3.88

Income (loss) from investment operations:
Net investment income²		0.18			0.03
Net realized and unrealized gain (loss)		(0.47	)		0.05
Total from investment operations		(0.29	)		0.08

Less dividends and distributions from:
Net investment income		(0.20	)		(0.05	)
Net realized gain		—	³		—
Total dividends and distributions		(0.20	)		(0.05	)

Net asset value, end of period	$	3.42		$	3.91

Total return⁴		(7.74%	)		2.07%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	53,833		$	68,460
Ratio of expenses to average net assets⁵		0.59%			0.59%
Ratio of expenses to average net assets prior to fees waived⁵		0.79%			0.87%
Ratio of net investment income to average net assets		4.81%			4.01%
Ratio of net investment income to average net assets prior to fees waived		4.61%			3.73%
Portfolio turnover		50%			91%	⁶

¹	Date of commencement of operations; ratios have been annualized and total return has not been annualized.
²	Calculated using average shares outstanding.
³	Amount is less than $0.005 per share.
⁴	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
⁵	Expense ratios do not include expenses of any Underlying Funds in which the Fund invests.
⁶	Portfolio turnover is representative of the Fund for the year ended July 31, 2021.

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Notes to financial statements
Delaware High-Yield Opportunities Fund	July 31, 2022

Delaware Group^®Income Funds (Trust) is organized as a Delaware statutory trust and offers four series: Delaware Corporate Bond Fund, Delaware Extended Duration Bond Fund, Delaware Floating Rate 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 C, Class R, Institutional Class, and Class R6 shares. Class A shares are sold with a maximum front-end sales charge of 4.50%. There is no front-end sales charge when you purchase $1,000,000 or more of Class A shares. However, if Delaware Distributors, L.P. (DDLP) paid your financial intermediary a commission on your purchase of $1,000,000 or more of Class A shares, for shares purchased prior to July 1, 2020, you will have to pay a limited contingent deferred sales charge (Limited CDSC) of 1.00% if you redeem these shares within the first year after your purchase and 0.50% if you redeem these shares within the second year; or for shares purchased on or after July 1, 2020, you will have to pay a Limited CDSC of 1.00% if you redeem these shares within the first 18 months after your purchase; unless a specific waiver of the Limited CDSC applies. Class C shares have no upfront sales charge, but are sold with a contingent deferred sales charge (CDSC) of 1.00%, which will be incurred if redeemed during the first 12 months. Class R, Institutional Class, and Class R6 shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class R6 shares do not pay any service fees, sub-accounting fees, and/or sub-transfer agency fees to any brokers, dealers, or other financial intermediaries.

1. Significant Accounting Policies

Security Valuation — Equity securities, except those traded on the Nasdaq Stock Market LLC (Nasdaq), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange on the valuation date. Equity securities 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, the mean between the bid and the 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. Open-end investment companies are valued at their published net asset value (NAV). Foreign currency exchange contracts are valued at the mean between the bid and the 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. 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. Generally, other securities

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Notes to financial statements
Delaware High-Yield Opportunities Fund

1. Significant Accounting Policies (continued)

and assets for which market quotations are not readily available are valued at fair value as determined in good faith under the direction of the Trust’s Board of Trustees (Board). In determining whether market quotations are readily available or fair valuation will be used, various factors will be taken into consideration, such as market closures or suspension of trading in a security. Restricted securities are valued at fair value using methods approved by the Board.

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 being sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are recorded as a tax benefit or expense in the current year. Management has analyzed the Fund's tax positions taken or expected to be taken on the Fund's federal income tax returns through the year ended July 31, 2022, and for all open tax years (years ended July 31, 2019-July 31, 2021), and has concluded that no provision for federal income tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in “Other” on the “Statement of operations.” During the year ended July 31, 2022, the Fund did not incur any interest or tax penalties.

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

Table of Contents

Notes to financial statements
Delaware High-Yield Opportunities Fund

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

rates of 0.65% on the first $500 million of average daily net assets of the Fund, 0.60% on the next $500 million, 0.55% on the next $1.5 billion, and 0.50% on average daily net assets in excess of $2.5 billion.

DMC has contractually agreed to waive all or a portion, of its management fee and/or pay/reimburse expenses (excluding any distribution and service (12b-1) fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations), in order to prevent total annual fund operating expenses from exceeding 0.69% of the Fund’s Class A, Class C, Class R, and Institutional Class average daily net assets and 0.58% of the Fund’s Class R6 shares average daily net assets from August 1, 2021 through July 31, 2022.* These waivers and reimbursements may only be terminated by agreement of DMC and the Fund. The waivers and reimbursements are accrued daily and received monthly.

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

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funds in the Delaware Funds on a relative NAV basis. This amount is included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses.” For the year ended July 31, 2022, the Fund paid $22,578 for these services. Pursuant to a sub-transfer agency agreement between DIFSC and BNY Mellon Investment Servicing (US) Inc. (BNYMIS), BNYMIS provides certain sub-transfer agency services to the Fund. Sub-transfer agency fees are paid by the Fund and are also included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses.” The fees that are calculated daily and paid as invoices are received on a monthly or quarterly basis.

Pursuant to a distribution agreement and distribution plan, the Fund pays DDLP, the distributor and an affiliate of DMC, an annual 12b-1 fee of 0.25%, 1.00%, and 0.50% of the average daily net assets of the Class A, Class C, and Class R shares, respectively. The Board has adopted a formula for calculating 12b-1 fees for the Fund’s Class A shares that went into effect on June 1, 1992. The Fund’s Class A shares are currently subject to a blended 12b-1 fee equal to the sum of: (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 currently bear 12b-1 fees at the same rate, the blended rate, currently 0.25% of average daily net assets, based on the formula described above. This method of calculating Class A 12b-1 fees may be discontinued at the sole discretion of the Board. The fees are calculated daily and paid monthly. Institutional Class and Class R6 shares do not pay 12b-1 fees.

As provided in the investment management agreement, the Fund bears a portion of the cost of certain resources shared with DMC, including the cost of internal personnel of DMC and/or its affiliates that provide legal and regulatory reporting services to the Fund. For the year ended July 31, 2022, the Fund paid $8,114 for internal legal and regulatory reporting services provided by DMC and/or its affiliates’ employees. This amount is included on the “Statement of operations” under “Legal fees.”

For the year ended July 31, 2022, DDLP earned $13,071 for commissions on sales of the Fund’s Class A shares. For the year ended July 31, 2022, DDLP received gross CDSC commissions of $91 and $1,668 on redemptions of the Fund’s Class A and Class C shares, respectively, and these commissions were entirely used to offset upfront commissions previously paid by DDLP to broker/dealers on sales of those shares.

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Notes to financial statements
Delaware High-Yield Opportunities Fund

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

An affiliated issuer includes any company in which a Fund held 5% or more of the company’s outstanding voting shares at any point during the fiscal year. The table below represents transactions in and earnings from these affiliated issuers during the period ended July 31, 2022:

Net

Net change in

realized

unrealized

gain (loss)

appreciation

Value,

(depreciation)

beginning

Gross

affiliated

on affiliated

of period

additions

reductions

securities

Corporate Bond—0.0%

Cincinnati Bell

$2,963,756

$—

$(2,885,145)

$300,634

$(379,245)

Value,

end of

Interest

Capital gain

period

Income

distributions

Corporate Bond—0.0%

Cincinnati Bell

$—

—

$1,887

$—

____________________

*	The aggregate contractual waiver period covering this report is from November 29, 2019 through November 30, 2022 of the Fund’s Class A, Class C, Class R, and Institutional Class shares and from April 19, 2021 through November 30, 2022 of the Fund’s Class R6 shares.

3. Investments

For the year ended July 31, 2022, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases		$270,485,374
Sales		339,066,093

Cost of investments and derivatives	$	520,432,852
Aggregate unrealized appreciation of investments and derivatives	$	1,157,835
Aggregate unrealized depreciation of investments and derivatives		(49,545,291	)
Net unrealized depreciation of investments and derivatives	$	(48,387,456	)

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may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available under the circumstances. The Fund's investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-level hierarchy of inputs is summarized as follows:

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

Level 2 –	Other observable inputs, including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, and default rates) or other market-corroborated inputs. (Examples: debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, and fair valued securities)

Level 3 –	Significant unobservable inputs, including the Fund's own assumptions used to determine the fair value of investments. (Examples: broker-quoted securities and fair valued securities)

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Notes to financial statements
Delaware High-Yield Opportunities Fund

3. Investments (continued)

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of July 31, 2022:

		Level 1		Level 2			Level 3		Total
Securities
Assets:
Common Stocks	$	59,091	$	—		$	—¹	$	59,091
Convertible Bond		—		694,656			—		694,656
Corporate Bonds		—		417,463,465			—		417,463,465
Loan Agreements		—		38,565,964			—		38,565,964
Municipal Bonds		—		3,146,247			—		3,146,247
Short-Term Investments		12,170,314		—			—		12,170,314
Total Value of Securities	$	12,229,405	$	459,870,332		$	—	$	472,099,737

Derivatives²
Liabilities:
Foreign Currency Exchange Contracts	$	—	$	(54,341	)	$	—	$	(54,341	)

¹	The security that has been valued at zero on the “Schedule of investments” is considered to be Level 3 investment in this table.
²	Foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument at the year end.

A reconciliation of Level 3 investments is presented when the Fund has a significant amount of Level 3 investments at the beginning or end of the year in relation to the Fund's net assets. Management has determined not to provide a reconciliation of Level 3 investments as the Level 3 investments were not considered significant to the Fund's net assets at the beginning or end of the year. Management has determined not to provide additional disclosure on Level 3 inputs since the Level 3 investments are not considered significant to the Fund's net assets at the end of the year.

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4. Dividend and Distribution Information

	Year ended
	7/31/22		7/31/21
Ordinary income	$	28,019,889	$	8,654,615
Long-term capital gains		147,450		8,133
Total	$	28,167,339	$	8,662,748

5. Components of Net Assets on a Tax Basis

As of July 31, 2022, the components of net assets on a tax basis were as follows:

Shares of beneficial interest	$	650,899,061
Undistributed ordinary income		229,751
Distributions payable		(201,907	)
Capital loss carryforwards*		(123,754,997	)
Unrealized appreciation (depreciation) of investments and foreign
currencies		(48,387,456	)
Net assets	$	478,784,452

*	A portion of the Fund’s capital loss carryforward is subject to limitation under the Internal Revenue Code and related regulations.

The differences between book basis and tax basis components of net assets are primarily attributable to tax deferral of losses on wash sales, market discount and premium on debt instruments, market premium on callable bonds, and mark-to-market on foreign currency contracts.

For financial reporting purposes, capital accounts are adjusted to reflect the tax character of permanent book/tax differences. Reclassifications are primarily due to tax treatment of market discount on debt instruments. Results of operations and net assets were not affected by these reclassifications. For the year ended July 31, 2022, the adjustments were to increase distributable earnings and decrease paid-in capital in excess of par by $3,245.

At July 31, 2022, capital loss carryforwards available to offset future realized capital gains, are as follows:

Loss carryforward character
Short-term	Long-term	Total
$37,270,293	$86,484,704	$123,754,997

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Notes to financial statements
Delaware High-Yield Opportunities Fund

6. Capital Shares

Transactions in capital shares were as follows:

		Year ended
		7/31/22		7/31/21
Shares sold:
	Class A	3,167,276		3,309,477
	Class C	184,179		212,732
	Class R	139,459		255,469
	Institutional Class	8,458,981		4,044,411
	Class R6	2,682,855		59,308

Shares from merger:¹
	Class A	—		84,695,009
	Institutional Class	—		12,555,808
	Class R6	—		17,440,861

Shares issued upon reinvestment of dividends and distributions:
	Class A	4,904,289		1,575,695
	Class C	68,568		123,730
	Class R	34,967		38,864
	Institutional Class	1,071,822		616,045
	Class R6	916,505		12,536
		21,628,901		124,939,945
Shares redeemed:
	Class A	(19,087,300	)	(4,860,142	)
	Class C	(724,845	)	(2,674,490	)
	Class R	(170,652	)	(602,763	)
	Institutional Class	(15,656,326	)	(3,665,046	)
	Class R6	(5,376,510	)	—
		(41,015,633	)	(11,802,441	)
Net increase (decrease)		(19,386,732	)	113,137,504

¹	See Note 7.

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Certain shareholders may exchange shares of one class for shares of another class in the same Fund. These exchange transactions are included as subscriptions and redemptions in the table on previous page and on the “Statements of changes in net assets.” For the years ended July 31, 2022 and 2021, the Fund had the following exchange transactions:

	Exchange Redemptions Exchange Subscriptions
				Institutional
	Class A	Class C	Class A	Class
	Shares	Shares	Shares	Shares	Value
Year ended
7/31/22	519	4,602	4,604	521	$	19,214
7/31/21	4,746	97,342	83,039	19,301		394,531

7. Reorganization

On February 24, 2021, the Board approved a proposal to reorganize (the "Reorganization") Delaware Fund for Income, a series of Delaware Group^®Equity Funds IV and Macquarie High Yield Bond Portfolio, a series of Macquarie Institutional Portfolios (the “Acquired Funds”), with and into Delaware High-Yield Opportunities Fund (the “Acquiring Fund”), a series of the Trust. Pursuant to an Agreement and Plan of Reorganization (the “Plan”): (i) all of the property, assets, and goodwill of the Acquired Funds were acquired by the Acquiring Fund, and (ii) the Trust, on behalf of the Acquiring Fund, assumed the liabilities of the Acquired Funds, in exchange for shares of the Acquiring Fund. In accordance with the Plan, the Acquired Funds liquidated and dissolved following the Reorganization. The purpose of the transaction was to allow shareholders of the Acquired Funds to own shares of the Acquiring Fund, a fund with a similar investment objective and style as, and potentially lower net expenses than the Acquired Funds. The Reorganization was accomplished by a tax-free exchange of shares on July 23, 2021. For financial reporting purposes, assets received and shares issued by the Acquiring Fund were recorded at fair value; however, the cost basis of the investments received from the Acquired Funds was carried forward to align ongoing reporting of the Acquiring Funds' realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

The share transactions associated with the Reorganization are as follows:

				Shares
	Acquired		Acquired	Converted	Acquiring
	Fund		Fund Shares	to Acquiring	Fund		Conversion
	Net Assets		Outstanding	Fund	Net Assets		Ratio
				Delaware High-Yield
	Delaware Fund for Income			Opportunities Fund
Class A	$	331,157,485	130,794,637	84,695,009	$	117,388,713	0.6475
Institutional
Class		49,093,208	19,534,886	12,555,808		47,836,372	0.6427
Class R6		132,296	51,998	33,835		54,060	0.6507

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Notes to financial statements
Delaware High-Yield Opportunities Fund

7. Reorganization (continued)

		Shares
Acquired	Acquired	Converted	Acquiring
Funds	Fund Shares	to Acquiring	Fund	Conversion
Net Assets	Outstanding	Fund	Net Assets	Ratio
		Delaware High-Yield
Macquarie High Yield Bond		Opportunities
Portfolio - Portfolio Class		Fund Class R6
$68,061,470	9,425,899	17,407,026	$54,060	1.8467

The net assets of the Acquired Funds before the Reorganization were $448,444,459. The net assets of the Acquiring Fund immediately following the Reorganization were $623,744,485.

Assuming the Reorganization had been completed on August 1, 2020, the Acquiring Fund's pro forma results of operations for the year ended July 31, 2021, would have been as follows:

Net investment income	$	26,151,767
Net realized gain on investments		22,967,377
Net change in unrealized appreciation (depreciation)		25,320,777
Net increase in net assets resulting from operations	$	74,439,921

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practical to separate the amounts of revenue and earnings of the Acquired Funds that have been included in the Acquiring Fund's "Statement of Operations" since the Reorganization was consummated on July 23, 2021.

8. Line of Credit

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The Fund had no amounts outstanding as of July 31, 2022, or at any time during the year then ended.

9. Derivatives

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Notes to financial statements
Delaware High-Yield Opportunities Fund

9. Derivatives (continued)

The table below summarizes the average daily balance of derivative holdings by the Fund during the year ended July 31, 2022:

	Long Derivative		Short Derivative
	Volume		Volume
Foreign currency exchange contracts (average notional value)	$	21,510	$	3,372,504

10. Offsetting

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

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

At July 31, 2022, the Fund had the following assets and liabilities subject to offsetting provisions:

Offsetting of Financial Assets and Liabilities and Derivative Assets and Liabilities

Delaware High-Yield Opportunities Fund

	Gross Value of	Gross Value of
Counterparty	Derivative Asset	Derivative Liability	Net Position
Citigroup	$—	$(54,341)	$(54,341)

Fair Value of

Non-Cash

Collateral

Cash Collateral

Collateral

Cash Collateral

Counterparty

Net Position

Received

Pledged

Net Exposure^(a)

Citigroup

(54,341

)

$—

$(54,341)

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

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11. Securities Lending

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Notes to financial statements
Delaware High-Yield Opportunities Fund

11. Securities Lending (continued)

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.

During the year ended July 31, 2022, the Fund had no securities out on loan.

12. Credit and Market Risk

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

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.

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Notes to financial statements
Delaware High-Yield Opportunities Fund

12. Credit and Market Risk (continued)

which are determined to be liquid, are not subject to the Fund’s 15% limit on investments in illiquid securities. Rule 144A securities have been identified on the “Schedule of investments.”

13. Contractual Obligations

14. Recent Accounting Pronouncements

15. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to July 31, 2022, that would require recognition or disclosure in the Fund's financial statements.

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Report of independent
registered public accounting firm

To the Board of Trustees of Delaware Group^®Income Funds and Shareholders of Delaware
High-Yield Opportunities Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Delaware High-Yield Opportunities Fund (one of the funds constituting Delaware Group^®Income Funds, referred to hereafter as the “Fund”) as of July 31, 2022, the related statement of operations for the year ended July 31, 2022, the statements of changes in net assets for each of the two years in the period ended July 31, 2022, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of July 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended July 31, 2022 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
September 16, 2022

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

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Other Fund information (Unaudited)
Delaware High-Yield Opportunities Fund

Liquidity Risk Management Program

At a meeting of the Board held on May 17-19, 2022, the Program Administrator provided the required written annual report to the Board addressing the Program’s operation and assessing the adequacy and effectiveness of its implementation for the period from April 1, 2021 through March 31, 2022. The report concluded that the Program is appropriately designed and effectively implemented and that it meets the requirements of Rule 22e-4 and the Fund’s liquidity needs. The Fund’s HLIM is set at an appropriate level and the Fund complied with its HLIM at all times during the reporting period.

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Tax Information

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

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

For the fiscal year ended July 31, 2022, the Fund reports distributions paid during the year as follows:

(A) Ordinary Income Distributions (Tax Basis)		99.48%
(B) Long-Term Capital Gains (Tax Basis)		0.52%
Total Distributions (Tax Basis)		100.00%

____________________

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

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Board of trustees / directors and officers addendum
Delaware Funds by Macquarie^®

					Other
			Number of	Principal	Directorships
Name,	Position(s)		Funds in Fund	Occupation(s)	Held by Trustee
Address,	Held with	Length of Time	Complex Overseen	During the	During the
and Birth Date	the Trust	Served	by Trustee	Past Five Years	Past Five Years
Interested Trustee

Shawn K. Lytle¹	President,	President and	128	Macquarie Asset	None
100 Independence	Chief Executive	Chief Executive		Management²
610 Market Street	Officer,	Officer		(2015–Present)
Philadelphia, PA	and Trustee	since August 2015		-Global Head of
19106-2354				Macquarie Asset
February 1970		Trustee since		Management
		September 2015		(2019–Present)
				-Head of Americas of
				Macquarie Group
				(2017–Present)
				-Deputy Global Head of
				Macquarie Asset
				Management
				(2017–2019)
				-Head of Macquarie
				Asset Management
				Americas (2015–2017)

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					Other
			Number of	Principal	Directorships
Name,	Position(s)		Funds in Fund	Occupation(s)	Held by Trustee
Address,	Held with	Length of Time	Complex Overseen	During the	During the
and Birth Date	the Trust	Served	by Trustee	Past Five Years	Past Five Years
Independent Trustees

Jerome D.	Trustee	Since January 2019	128	Stonebrook Capital	None
Abernathy				Management, LLC
100 Independence				(financial
610 Market Street				technology: macro
Philadelphia, PA				factors and databases)
19106-2354				-Managing Member
July 1959				(1993-Present)

Thomas L. Bennett	Chair and Trustee	Trustee since March	128	Private Investor	None
100 Independence		2005		(2004–Present)
610 Market Street
Philadelphia, PA		Chair since March
19106-2354		2015
October 1947

Ann D. Borowiec	Trustee	Since March 2015	128	J.P. Morgan Chase & Co.	Banco Santander International
100 Independence				(1987-2013)	(2016–2019)
610 Market Street				-Chief Executive Officer,	Santander Bank, N.A.
Philadelphia, PA				Private Wealth	(2016-2019)
19106-2354				Management
November 1958				(2011–2013)

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Board of trustees / directors and officers addendum
Delaware Funds by Macquarie^®

					Other
			Number of	Principal	Directorships
Name,	Position(s)		Funds in Fund	Occupation(s)	Held by Trustee
Address,	Held with	Length of Time	Complex Overseen	During the	During the
and Birth Date	the Trust	Served	by Trustee	Past Five Years	Past Five Years

Joseph W. Chow	Trustee	Since January 2013	128	Private Investor	None
100 Independence				(2011–Present)
610 Market Street
Philadelphia, PA
19106-2354
January 1953

H. Jeffrey Dobbs³	Trustee	Since December 2021	128	KPMG LLP	TechAccel LLC
100 Independence				(2010-2015)	(2015–Present)
610 Market Street				-Global Sector Chairman,	PatientsVoices, Inc.
Philadelphia, PA				Industrial Manufacturing	(2018–Present)
19106-2354				(2010-2015)	Valparaiso University Board
May 1955					(2012-Present)
					Ivy Funds Complex (2019-2021)

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					Other
			Number of	Principal	Directorships
Name,	Position(s)		Funds in Fund	Occupation(s)	Held by Trustee
Address,	Held with	Length of Time	Complex Overseen	During the	During the
and Birth Date	the Trust	Served	by Trustee	Past Five Years	Past Five Years

John A. Fry	Trustee	Since January 2001	128	Drexel University	Federal Reserve
100 Independence				-President	Bank of Philadelphia
610 Market Street				(August 2010–Present)	(2020–Present)
Philadelphia, PA					FS Credit Real Estate Income
19106-2354					Trust, Inc. (2018–Present)
May 1960					vTv Therapeutics Inc.
					(2017–Present)
					Community Health Systems
					(2004–Present)
					Drexel Morgan & Co.
					(2015–2019)

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Board of trustees / directors and officers addendum
Delaware Funds by Macquarie^®

					Other
			Number of	Principal	Directorships
Name,	Position(s)		Funds in Fund	Occupation(s)	Held by Trustee
Address,	Held with	Length of Time	Complex Overseen	During the	During the
and Birth Date	the Trust	Served	by Trustee	Past Five Years	Past Five Years


Joseph Harroz, Jr.³	Trustee	Since December 2021	128	University of Oklahoma	OU Medicine, Inc.
100 Independence				-President	(2020–Present)
610 Market Street				(2020–Present)	Big 12 Athletic Conference
Philadelphia, PA				-Interim President	(2019-Present)
19106-2354				(2019–2020)	Valliance Bank
January 1967				-Vice President and	(2007–Present)
				Dean, College of Law	Ivy Funds
				(2010–2019)	(1998-2021)
				Brookhaven Investments
				LLC (commercial
				enterprises)
				-Managing Member
				(2019–Present)
				St. Clair, LLC
				(commercial enterprises)
				-Managing Member
				(2019–Present)

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					Other
			Number of	Principal	Directorships
Name,	Position(s)		Funds in Fund	Occupation(s)	Held by Trustee
Address,	Held with	Length of Time	Complex Overseen	During the	During the
and Birth Date	the Trust	Served	by Trustee	Past Five Years	Past Five Years

Sandra A.J.	Trustee	Since December 2021	128	Children’s Mercy	Brixmor Property Group Inc.
Lawrence³				Hospitals and Clinics	(2021-Present)
100 Independence				(2005–2019)	Sera Prognostics Inc.
610 Market Street				-Chief Administrative	(biotechnology) (2021-Present)
Philadelphia, PA				Officer	Recology (resource recovery)
19106-2354				(2016–2019)	(2021-Present)
September 1957					Evergy, Inc., Kansas City Power
					& Light Company, KCP&L
					Greater Missouri Operations
					Company, Westar Energy, Inc.
					and Kansas Gas and Electric
					Company (related utility
					companies) (2018-Present)
					National Association of Corporate
					Directors (2017-Present)
					Ivy Funds Complex (2019-2021)
					American Shared Hospital
					Services (medical device)
					(2017-2021)
					Ivy NextShares (2019)
					Westar Energy (utility)
					(2004-2018)

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Board of trustees / directors and officers addendum
Delaware Funds by Macquarie^®

					Other
			Number of	Principal	Directorships
Name,	Position(s)		Funds in Fund	Occupation(s)	Held by Trustee
Address,	Held with	Length of Time	Complex Overseen	During the	During the
and Birth Date	the Trust	Served	by Trustee	Past Five Years	Past Five Years

Frances A.	Trustee	Since September	128	Banco Itaú International	Florida Chapter of National
Sevilla-Sacasa		2011		-Chief Executive Officer	Association of Corporate
100 Independence				(2012–2016)	Directors (2021-Present)
610 Market Street					Callon Petroleum Company
Philadelphia, PA					(2019-Present)
19106-2354					Camden Property Trust
January 1956					(2011-Present)
					New Senior Investment
					Group Inc. (2021)
					Carrizo Oil & Gas, Inc.
					(2018-2019)

Thomas K. Whitford	Trustee	Since January 2013	128	PNC Financial Services	HSBC USA Inc.
100 Independence				Group (1983–2013)	(2014–Present)
610 Market Street				-Vice Chairman	HSBC North America
Philadelphia, PA				(2009-2013)	Holdings Inc.
19106-2354					(2013–Present)
March 1956					HSBC Finance Corporation
					(2013–2018)

Table of Contents

					Other
			Number of	Principal	Directorships
Name,	Position(s)		Funds in Fund	Occupation(s)	Held by Trustee
Address,	Held with	Length of Time	Complex Overseen	During the	During the
and Birth Date	the Trust	Served	by Trustee	Past Five Years	Past Five Years

Christianna Wood	Trustee	Since January 2019	128	Gore Creek	The Merger Fund
100 Independence				Capital, Ltd.	(2013–2021),
610 Market Street				-Chief Executive Officer	The Merger Fund VL
Philadelphia, PA				and President	(2013–2021),
19106-2354				(2009–Present)	WCM Alternatives: Event-Driven
August 1959					Fund (2013–2021),
					and WCM Alternatives: Credit
					Event Fund (2017–2021)
					Grange Insurance
					(2013–Present)
					H&R Block Corporation
					(2008–Present)

Table of Contents

Board of trustees / directors and officers addendum
Delaware Funds by Macquarie^®

					Other
			Number of	Principal	Directorships
Name,	Position(s)		Funds in Fund	Occupation(s)	Held by Trustee
Address,	Held with	Length of Time	Complex Overseen	During the	During the
and Birth Date	the Trust	Served	by Trustee	Past Five Years	Past Five Years

Janet L. Yeomans	Trustee	Since April 1999	128	3M Company	Okabena Company (2009–2017)
100 Independence				(1995-2012)
610 Market Street				-Vice President and
Philadelphia, PA				Treasurer (2006–2012)
19106-2354
July 1948

Officers

David F. Connor	Senior Vice President,	Senior Vice President,	128	David F. Connor has	None⁴
100 Independence	General Counsel, and	since May 2013;		served in various
610 Market Street	Secretary	General Counsel		capacities at different
Philadelphia, PA		since May 2015;		times at Macquarie Asset
19106-2354		Secretary since		Management.
December 1963		October 2005

Daniel V. Geatens	Senior Vice President	Senior Vice President	128	Daniel V. Geatens has	None⁴
100 Independence	and Treasurer	and Treasurer since		served in various
610 Market Street		October 2007		capacities at different
Philadelphia, PA				times at Macquarie Asset
19106-2354				Management.
October 1972

Table of Contents

					Other
			Number of	Principal	Directorships
Name,	Position(s)		Funds in Fund	Occupation(s)	Held by Trustee
Address,	Held with	Length of Time	Complex Overseen	During the	During the
and Birth Date	the Trust	Served	by Trustee	Past Five Years	Past Five Years

Richard Salus	Senior Vice President	Senior Vice President	128	Richard Salus has	None
100 Independence	and Chief Financial	and Chief Financial		served in various
610 Market Street	Officer	Officer since		capacities at different
Philadelphia, PA		November 2006		times at Macquarie Asset
19106-2354				Management.
October 1963

¹	Shawn K. Lytle is considered to be an “Interested Trustee” because he is an executive officer of the Fund’s(s’) investment advisor.
²	Macquarie Asset Management is the marketing name for Macquarie Management Holdings, Inc. and its subsidiaries, including the Fund’s(s’) investment advisor, principal underwriter, and its transfer agent.
³	Messrs. Dobbs and Harroz and Ms. Lawrence were elected as Trustees of the Trust effective December 17, 2021.
⁴	David F. Connor and Daniel V. Geatens serve in similar capacities for the six portfolios of the Optimum Fund Trust, which have the same investment advisor, principal underwriter, and transfer agent as the registrant. Mr. Geatens also serves as the Chief Financial Officer of the Optimum Fund Trust and he is the Chief Financial Officer and Treasurer for Macquarie Global Infrastructure Total Return Fund Inc.

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

Table of Contents

About the organization

Board of trustees

Shawn K. Lytle	Ann D. Borowiec	John A. Fry	Frances A.
President and	Former Chief Executive	President	Sevilla-Sacasa
Chief Executive Officer	Officer	Drexel University	Former Chief Executive
Delaware Funds	Private Wealth Management		Officer
by Macquarie^®	J.P. Morgan Chase & Co.	Joseph Harroz, Jr.	Banco Itaú International
		President
Jerome D. Abernathy	Joseph W. Chow	University of Oklahoma	Thomas K. Whitford
Managing Member	Private Investor		Former Vice Chairman
Stonebrook Capital		Sandra A.J. Lawrence	PNC Financial Services
Management, LLC	H. Jeffrey Dobbs	Former Chief Administrative	Group
	Former Global Sector	Officer
Thomas L. Bennett	Chairman	Children's Mercy Hospitals	Christianna Wood
Chairman of the Board	Industrial Manufacturing,	and Clinics	Chief Executive Officer
Delaware Funds	KPMG, LLP		and President
by Macquarie			Gore Creek Capital, Ltd.
Private Investor
			Janet L. Yeomans
			Former Vice President and
			Treasurer
			3M Company

Affiliated officers

David F. Connor	Daniel V. Geatens	Richard Salus
Senior Vice President,	Senior Vice President and	Senior Vice President and
General Counsel,	Treasurer	Chief Financial Officer
and Secretary	Delaware Funds	Delaware Funds
Delaware Funds	by Macquarie	by Macquarie
by Macquarie

This annual 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 Fund fact sheet for the most recently completed calendar quarter. These documents are available at delawarefunds.com/literature.

Item 2. Code of Ethics

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

Item 3. Audit Committee Financial Expert

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

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

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

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

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

e. An understanding of audit committee functions.

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

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

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

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

d. Other relevant experience.

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

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

H. Jeffrey Dobbs
John A. Fry
Sandra A.J. Lawrence
Frances Sevilla-Sacasa, Chair

Item 4. Principal Accountant Fees and Services

(a) Audit fees.

The aggregate fees billed for services provided to the registrant by its independent auditors for the audit of the registrant’s annual financial statements and for services normally provided by the independent auditors in connection with statutory and regulatory filings or engagements were $170,860 for the fiscal year ended July 31, 2022.

(b) Audit-related fees.

The aggregate fees billed by the registrant’s independent auditors for services relating to the performance of the audit of the registrant’s financial statements and not reported under paragraph (a) of this Item were $0 for the fiscal year ended July 31, 2022.

The aggregate fees billed by the registrant’s independent auditors for services relating to the performance of the audit of the financial statements of the registrant’s investment adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $2,050,189 for the registrant’s fiscal year ended July 31, 2022. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the de minimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%. These audit-related services were as follows: year end audit procedures; group reporting and subsidiary statutory audits.

The aggregate fees billed by the registrant’s independent auditors for services relating to the performance of the audit of the financial statements of the registrant’s investment adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $958,376 for the registrant’s fiscal year ended July 31, 2021. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the de minimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%. These audit-related services were as follows: year end audit procedures; group reporting and subsidiary statutory audits.

The aggregate fees billed by the registrant’s independent auditors for tax-related services provided to the registrant were $25,040 for the fiscal year ended July 31, 2022. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the de minimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%. These tax-related services were as follows: review of income tax returns and review of annual excise distribution calculations.

The aggregate fees billed by the registrant’s independent auditors for tax-related services provided to the registrant’s investment adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $0 for the registrant’s fiscal year ended July 31, 2022.

The aggregate fees billed by the registrant’s independent auditors for tax-related services provided to the registrant were $26,000 for the fiscal year ended July 31, 2021. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the de minimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%. These tax-related services were as follows: review of income tax returns and review of annual excise distribution calculations.

(d) All other fees.

The aggregate fees billed for all services provided by the independent auditors to the registrant other than those set forth in paragraphs (a), (b) and (c) of this Item were $0 for the fiscal year ended July 31, 2022.

The aggregate fees billed for all services other than those set forth in paragraphs (b) and (c) of this Item provided by the registrant’s independent auditors to the registrant’s adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $0 for the registrant’s fiscal year ended July 31, 2022. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the de minimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%.

The aggregate fees billed for all services other than those set forth in paragraphs (b) and (c) of this Item provided by the registrant’s independent auditors to the registrant’s adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $0 for the registrant’s fiscal year ended July 31, 2021. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the de minimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%.

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

Service	Range of Fees
Audit Services
Statutory audits or financial audits for new Funds	up to $50,000 per Fund
Services associated with SEC registration statements (e.g., Form N-1A, Form N-14, etc.), periodic reports and other documents filed with the SEC or other documents issued in connection with securities offerings (e.g., comfort letters for closed-end Fund offerings, consents), and assistance in responding to SEC comment letters	up to $10,000 per Fund
Consultations by Fund management as to the accounting or disclosure treatment of transactions or events and/or the actual or potential impact of final or proposed rules, standards or interpretations by the SEC, FASB, or other regulatory or standard-setting bodies (Note: Under SEC rules, some consultations may be considered “audit-related services” rather than “audit services”)	up to $25,000 in the aggregate
Audit-Related Services
Consultations by Fund management as to the accounting or disclosure treatment of transactions or events and/or the actual or potential impact of final or proposed rules, standards or interpretations by the SEC, FASB, or other regulatory or standard-setting bodies (Note: Under SEC rules, some consultations may be considered “audit services” rather than “audit-related services”)	up to $25,000 in the aggregate
Tax Services
U.S. federal, state and local and international tax planning and advice (e.g., consulting on statutory, regulatory or administrative developments, evaluation of Funds’ tax compliance function, etc.)	up to $25,000 in the aggregate
U.S. federal, state and local tax compliance (e.g., excise distribution reviews, etc.)	up to $5,000 per Fund
Review of federal, state, local and international income, franchise and other tax returns	up to $5,000 per Fund

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

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

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

(f) Not applicable.

(g) The aggregate non-audit fees billed by the registrant’s independent auditors for services rendered to the registrant and to its investment adviser and other service providers under common control with the adviser were $10,812,067 and $9,044,000 for the registrant’s fiscal years ended July 31, 2022 and July 31, 2021, respectively.

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

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Investments

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment 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 officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the Investment Company Act of 1940 (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)) and provide 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 (as defined in Rule 30a-3(d) under the Investment Company Act of 1940 (17 CFR 270.30a-3(d)) that occurred during the period covered by the report to stockholders included herein that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

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

Not applicable.

Item 13. Exhibits

(a) (1) Code of Ethics

Not applicable.

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

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

Not applicable.

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

SIGNATURES

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

DELAWARE GROUP^®INCOME FUNDS

/s/ SHAWN K. LYTLE
By:	Shawn K. Lytle
Title:	President and Chief Executive Officer
Date:	October 3, 2022

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

/s/ SHAWN K. LYTLE
By:	Shawn K. Lytle
Title:	President and Chief Executive Officer
Date:	October 3, 2022

/s/ RICHARD SALUS
By:	Richard Salus
Title:	Chief Financial Officer
Date:	October 3, 2022

Delaware Corporate Bond Fund

Net Realized Gain (Loss) on: