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

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number:	811-04413
Exact name of registrant as specified in charter:	Delaware Group® Equity Funds IV
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:	September 30
Date of reporting period:	March 31, 2021

Item 1. Reports to Stockholders

Semiannual report

Equity funds	Fixed income funds
Delaware Equity Income Fund	Delaware Floating Rate II Fund
Delaware Growth and Income Fund	Delaware Fund for Income
Delaware Growth Equity Fund	Delaware International Opportunities Bond Fund
Delaware Opportunity Fund	Delaware Investment Grade Fund
Delaware Special Situations Fund	Delaware Limited Duration Bond Fund
Delaware Global Equity Fund	Delaware Strategic Income II Fund
Delaware International Fund
	Alternative/specialty funds
	Delaware Covered Call Strategy Fund
	Delaware Hedged U.S. Equity Opportunities Fund
	Delaware Premium Income Fund
	Multi-asset fund
	Delaware Total Return Fund
March 31, 2021

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

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

You may elect to receive paper copies of all future shareholder reports free of charge. You can inform the Fund that you wish to continue receiving paper copies of your shareholder reports by contacting us at 800 523-1918. If you own these shares through a financial intermediary, you may contact your financial intermediary to elect to continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with the Delaware Funds^® by Macquarie or your financial intermediary.

Carefully consider the 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.

Table of contents

Disclosure of Fund expenses	1
Security type / sector / country allocations and top 10 equity holdings	11
Schedules of investments	29
Statements of assets and liabilities	111
Statements of operations	123
Statements of changes in net assets	129
Financial highlights	138
Notes to financial statements	188
Other Fund information	229
About the organization	231

Experience Delaware Funds^® by Macquarie

Macquarie Investment Management (MIM) is a global asset manager with offices in the United States, Europe, Asia, and Australia. As active managers, we prioritize autonomy and accountability at the investment team level in pursuit of opportunities that matter for clients. Delaware Funds is one of the longest-standing mutual fund families, with more than 80 years in existence.

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

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

Manage your account online

● Check your account balance and transactions

● View statements and tax forms

● Make purchases and redemptions

Visit delawarefunds.com/account-access.

Macquarie Asset Management (MAM) offers a diverse range of products including securities investment management, infrastructure and real asset management, and fund and equity-based structured products. MIM is the marketing name for certain companies comprising the asset management division of Macquarie Group. This includes the following investment advisers: Macquarie Investment Management Business Trust (MIMBT), Macquarie Funds Management Hong Kong Limited, Macquarie Investment Management Austria Kapitalanlage AG, Macquarie Investment Management Global Limited, Macquarie Investment Management Europe Limited, and Macquarie Investment Management Europe S.A.

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

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

The Funds are governed by US laws and regulations.

Unless otherwise noted, views expressed herein are current as of March 31, 2021, 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.

© 2021 Macquarie Management Holdings, Inc.

Disclosure of Fund expenses
For the six-month period from October 1, 2020 to March 31, 2021 (Unaudited)

Delaware Equity Income Fund seeks total return.

Delaware Growth and Income Fund seeks long-term growth of capital and current income.

Delaware Growth Equity Fund and Delaware Special Situations Fund seek long-term growth of capital.

Delaware Opportunity Fund, Delaware Global Equity Fund, and Delaware International Fund seek long-term capital growth.

Delaware Floating Rate II Fund and Delaware Strategic Income II Fund seek a high level of current income.

Delaware Fund for Income seeks high current income.

Delaware International Opportunities Bond Fund seeks total return consisting of income and capital appreciation.

Delaware Investment Grade Fund seeks to generate a maximum level of income consistent with investment in primarily investment grade debt securities.

Delaware Limited Duration Bond Fund seeks current income consistent with low volatility of principal.

Delaware Covered Call Strategy Fund seeks long-term capital appreciation.

Delaware Hedged U.S. Equity Opportunities Fund seeks total return and, secondarily, capital preservation.

Delaware Premium Income Fund seeks to generate income.

Delaware Total Return Fund seeks to provide sustainable current income with potential for capital appreciation with moderate investment risk.

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 October 1, 2020 to March 31, 2021.

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 a 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 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.

1

Disclosure of Fund expenses

Delaware Equity Income Fund
Expense analysis of an investment of $1,000

								Expenses
								Paid
	Beginning		Ending					During
	Account		Account		Annualized			Period
	Value		Value		Expense			10/1/20 to
	10/1/20		3/31/21		Ratio			3/31/21*
Actual Fund return†
Class A	$	1,000.00	$	1,252.00		1.11	%	$	6.23
Institutional Class		1,000.00		1,253.00		0.85	%		4.77
Class R6		1,000.00		1,253.80		0.81	%		4.55
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,019.40		1.11	%	$	5.59
Institutional Class		1,000.00		1,020.69		0.85	%		4.28
Class R6		1,000.00		1,020.89		0.81	%		4.08

Delaware Growth and Income Fund
Expense analysis of an investment of $1,000

								Expenses
								Paid
	Beginning		Ending					During
	Account		Account		Annualized			Period
	Value		Value		Expense			10/1/20 to
	10/1/20		3/31/21		Ratio			3/31/21*
Actual Fund return†
Class A	$	1,000.00	$	1,253.40		1.07	%	$	6.01
Institutional Class		1,000.00		1,254.70		0.82	%		4.61
Class R6		1,000.00		1,255.20		0.75	%		4.22
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,019.60		1.07	%	$	5.39
Institutional Class		1,000.00		1,020.84		0.82	%		4.13
Class R6		1,000.00		1,021.19		0.75	%		3.78

2

Delaware Growth Equity Fund
Expense analysis of an investment of $1,000

								Expenses
								Paid
	Beginning		Ending					During
	Account		Account		Annualized			Period
	Value		Value		Expense			10/1/20 to
	10/1/20		3/31/21		Ratio			3/31/21*
Actual Fund return†
Class A	$	1,000.00	$	1,229.50		1.09	%	$	6.06
Institutional Class		1,000.00		1,230.80		0.84	%		4.67
Class R6		1,000.00		1,231.30		0.77	%		4.28
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,019.50		1.09	%	$	5.49
Institutional Class		1,000.00		1,020.74		0.84	%		4.23
Class R6		1,000.00		1,021.09		0.77	%		3.88

Delaware Opportunity Fund
Expense analysis of an investment of $1,000

								Expenses
								Paid
	Beginning		Ending					During
	Account		Account		Annualized			Period
	Value		Value		Expense			10/1/20 to
	10/1/20		3/31/21		Ratio			3/31/21*
Actual Fund return†
Class A	$	1,000.00	$	1,417.70		1.20	%	$	7.23
Institutional Class		1,000.00		1,419.40		0.90	%		5.43
Class R6		1,000.00		1,420.50		0.78	%		4.71
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,018.95		1.20	%	$	6.04
Institutional Class		1,000.00		1,020.44		0.90	%		4.53
Class R6		1,000.00		1,021.04		0.78	%		3.93

3

Disclosure of Fund expenses

Delaware Special Situations Fund
Expense analysis of an investment of $1,000

								Expenses
								Paid
	Beginning		Ending					During
	Account		Account		Annualized			Period
	Value		Value		Expense			10/1/20 to
	10/1/20		3/31/21		Ratio			3/31/21*
Actual Fund return†
Class A	$	1,000.00	$	1,591.30		1.24	%	$	8.01
Institutional Class		1,000.00		1,592.70		0.99	%		6.40
Class R6		1,000.00		1,594.30		0.87	%		5.63
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,018.75		1.24	%	$	6.24
Institutional Class		1,000.00		1,020.00		0.99	%		4.99
Class R6		1,000.00		1,020.59		0.87	%		4.38

Delaware Global Equity Fund
Expense analysis of an investment of $1,000

								Expenses
								Paid
	Beginning		Ending					During
	Account		Account		Annualized			Period
	Value		Value		Expense			10/1/20 to
	10/1/20		3/31/21		Ratio			3/31/21*
Actual Fund return†
Class A	$	1,000.00	$	1,097.50		1.37	%	$	7.16
Institutional Class		1,000.00		1,099.80		1.07	%		5.60
Class R6		1,000.00		1,100.80		1.02	%		5.34
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,018.10		1.37	%	$	6.89
Institutional Class		1,000.00		1,019.60		1.07	%		5.39
Class R6		1,000.00		1,019.85		1.02	%		5.14

4

Delaware International Fund
Expense analysis of an investment of $1,000

						Expenses
						Paid
	Beginning		Ending			During
	Account		Account		Annualized	Period
	Value		Value		Expense	10/1/20 to
	10/1/20		3/31/21		Ratio	3/31/21*
Actual Fund return†
Class A		$1,000.00		$1,108.20	1.38%		$	7.25
Institutional Class		1,000.00		1,110.20	1.13%			5.94
Class R6		1,000.00		1,110.30	1.05%			5.52
Hypothetical 5% return (5% return before expenses)
Class A		$1,000.00		$1,018.05	1.38%		$	6.94
Institutional Class		1,000.00		1,019.30	1.13%			5.69
Class R6		1,000.00		1,019.70	1.05%			5.29

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

						Expenses
						Paid
	Beginning		Ending			During
	Account		Account		Annualized	Period
	Value		Value		Expense	10/1/20 to
	10/1/20		3/31/21		Ratio	3/31/21*
Actual Fund return†
Class A		$1,000.00		$1,040.30	1.05%		$	5.34
Institutional Class		1,000.00		1,041.10	0.86%			4.38
Class R6		1,000.00		1,042.90	0.74%			3.77
Hypothetical 5% return (5% return before expenses)
Class A		$1,000.00		$1,019.70	1.05%		$	5.29
Institutional Class		1,000.00		1,020.64	0.86%			4.33
Class R6		1,000.00		1,021.24	0.74%			3.73

5

Disclosure of Fund expenses

Delaware Fund for Income
Expense analysis of an investment of $1,000

						Expenses
						Paid
	Beginning		Ending			During
	Account		Account		Annualized	Period
	Value		Value		Expense	10/1/20 to
	10/1/20		3/31/21		Ratio	3/31/21*
Actual Fund return†
Class A		$1,000.00		$1,063.00	1.10%		$	5.66
Institutional Class		1,000.00		1,068.90	0.85%			4.38
Class R6		1,000.00		1,068.80	0.80%			4.13
Hypothetical 5% return (5% return before expenses)
Class A		$1,000.00		$1,019.45	1.10%		$	5.54
Institutional Class		1,000.00		1,020.69	0.85%			4.28
Class R6		1,000.00		1,020.94	0.80%			4.03

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

						Expenses
						Paid
	Beginning		Ending			During
	Account		Account		Annualized	Period
	Value		Value		Expense	10/1/20 to
	10/1/20		3/31/21		Ratio	3/31/21*
Actual Fund return†
Class A		$1,000.00	$	968.20	1.31%		$	6.43
Institutional Class		1,000.00		969.90	1.07%			5.26
Class R6		1,000.00		968.80	0.94%			4.61
Hypothetical 5% return (5% return before expenses)
Class A		$1,000.00	$	1,018.40	1.31%		$	6.59
Institutional Class		1,000.00		1,019.60	1.07%			5.39
Class R6		1,000.00		1,020.24	0.94%			4.73

6

Delaware Investment Grade Fund
Expense analysis of an investment of $1,000

						Expenses
						Paid
	Beginning		Ending			During
	Account		Account		Annualized	Period
	Value		Value		Expense	10/1/20 to
	10/1/20		3/31/21		Ratio	3/31/21*
Actual Fund return†
Class A		$1,000.00		$1,000.00	0.96%		$	4.79
Institutional Class		1,000.00		1,001.30	0.71%			3.54
Class R6		1,000.00		1,002.63	0.66%			3.30
Hypothetical 5% return (5% return before expenses)
Class A		$1,000.00		$1,020.14	0.96%		$	4.84
Institutional Class		1,000.00		1,021.39	0.71%			3.58
Class R6		1,000.00		1,021.64	0.66%			3.33

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

						Expenses
						Paid
	Beginning		Ending			During
	Account		Account		Annualized	Period
	Value		Value		Expense	10/1/20 to
	10/1/20		3/31/21		Ratio	3/31/21*
Actual Fund return†
Class A		$1,000.00		$1,004.50	0.74%		$	3.70
Institutional Class		1,000.00		1,004.50	0.50%			2.50
Class R6		1,000.00		1,005.30	0.36%			1.80
Hypothetical 5% return (5% return before expenses)
Class A		$1,000.00		$1,021.24	0.74%		$	3.73
Institutional Class		1,000.00		1,022.44	0.50%			2.52
Class R6		1,000.00		1,023.14	0.36%			1.82

7

Disclosure of Fund expenses

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

						Expenses
						Paid
	Beginning		Ending			During
	Account		Account		Annualized	Period
	Value		Value		Expense	10/1/20 to
	10/1/20		3/31/21		Ratio	3/31/21*
Actual Fund return†
Class A		$1,000.00		$1,044.40	1.12%		$	5.71
Institutional Class		1,000.00		1,045.70	0.87%			4.44
Hypothetical 5% return (5% return before expenses)
Class A		$1,000.00		$1,019.35	1.12%		$	5.64
Institutional Class		1,000.00		1,020.59	0.87%			4.38

Delaware Covered Call Strategy Fund
Expense analysis of an investment of $1,000

						Expenses
						Paid
	Beginning		Ending			During
	Account		Account		Annualized	Period
	Value		Value		Expense	10/1/20 to
	10/1/20		3/31/21		Ratio	3/31/21*
Actual Fund return†
Class A		$1,000.00		$1,157.30	1.31%		$	7.05
Institutional Class		1,000.00		1,158.20	1.08%			5.81
Class R6		1,000.00		1,159.00	0.88%			4.74
Hypothetical 5% return (5% return before expenses)
Class A		$1,000.00		$1,018.40	1.31%		$	6.59
Institutional Class		1,000.00		1,019.55	1.08%			5.44
Class R6		1,000.00		1,020.54	0.88%			4.43

8

Delaware Hedged U.S. Equity Opportunities Fund
Expense analysis of an investment of $1,000

						Expenses
						Paid
	Beginning		Ending			During
	Account		Account		Annualized	Period
	Value		Value		Expense	10/1/20 to
	10/1/20		3/31/21		Ratio	3/31/21*
Actual Fund return†
Class A		$1,000.00		$1,106.50	1.64%		$	8.61
Institutional Class		1,000.00		1,108.40	1.30%			6.83
Class R6		1,000.00		1,108.60	1.20%			6.31
Hypothetical 5% return (5% return before expenses)
Class A		$1,000.00		$1,016.75	1.64%		$	8.25
Institutional Class		1,000.00		1,018.45	1.30%			6.54
Class R6		1,000.00		1,018.95	1.20%			6.04

Delaware Premium Income Fund
Expense analysis of an investment of $1,000

						Expenses
						Paid
	Beginning		Ending			During
	Account		Account		Annualized	Period
	Value		Value		Expense	10/1/20 to
	10/1/20		3/31/21		Ratio	3/31/21*
Actual Fund return†
Class A		$1,000.00		$1,094.10	1.30%		$	6.79
Institutional Class		1,000.00		1,095.40	1.05%			5.49
Class R6		1,000.00		1,095.60	0.90%			4.70
Hypothetical 5% return (5% return before expenses)
Class A		$1,000.00		$1,018.45	1.30%		$	6.54
Institutional Class		1,000.00		1,019.70	1.05%			5.29
Class R6		1,000.00		1,020.44	0.90%			4.53

9

Disclosure of Fund expenses

Delaware Total Return Fund
Expense analysis of an investment of $1,000

						Expenses
						Paid
	Beginning		Ending			During
	Account		Account		Annualized	Period
	Value		Value		Expense	10/1/20 to
	10/1/20		3/31/21		Ratio	3/31/21*
Actual Fund return†
Class A		$1,000.00		$1,162.50	1.12%		$	6.04
Institutional Class		1,000.00		1,164.10	0.87%			4.69
Class R6		1,000.00		1,165.30	0.79%			4.26
Hypothetical 5% return (5% return before expenses)
Class A		$1,000.00		$1,019.35	1.12%		$	5.64
Institutional Class		1,000.00		1,020.59	0.87%			4.38
Class R6		1,000.00		1,020.99	0.79%			3.98

*	“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 182/365 (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, each Fund also indirectly bears its portion of the fees and expenses of the investment companies (Underlying Funds) in which it invests, including exchange-traded funds. The tables above do not reflect the expenses of the Underlying Funds.

10

Security type / sector allocations and top 10 equity holdings
Delaware Equity Income Fund

As of March 31, 2021 (Unaudited)

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

	Percentage
Security type / sector	of net assets
Common Stock	99.95	%
Communication Services	9.15	%
Consumer Discretionary	7.26	%
Consumer Staples	9.74	%
Energy	5.97	%
Financials	14.07	%
Healthcare	18.03	%
Industrials	13.24	%
Information Technology	15.36	%
Materials	2.88	%
Real Estate	2.67	%
Utilities	1.58	%
Short-Term Investments	0.32	%
Total Value of Securities	100.27	%
Liabilities Net of Receivables and Other      Assets	(0.27	%)
Total Net Assets	100.00	%

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

	Percentage
Top 10 equity holdings	of net assets
Caterpillar		3.77	%
Cisco Systems		3.42	%
Raytheon Technologies		3.25	%
American International Group		3.22	%
Philip Morris International		3.20	%
Northrop Grumman		3.19	%
Oracle		3.13	%
Comcast Class A		3.12	%
CVS Health		3.10	%
Motorola Solutions		3.08	%

11

Security type / sector allocations and top 10 equity holdings
Delaware Growth and Income Fund

As of March 31, 2021 (Unaudited)

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

	Percentage
Security type / sector	of net assets
Common Stock	99.82	%
Communication Services	9.10	%
Consumer Discretionary	7.32	%
Consumer Staples	9.57	%
Energy	5.95	%
Financials	14.07	%
Healthcare	17.79	%
Industrials	13.01	%
Information Technology	15.74	%
Materials	3.01	%
Real Estate	2.66	%
Utilities	1.60	%
Short-Term Investments	0.40	%
Total Value of Securities	100.22	%
Liabilities Net of Receivables and Other      Assets	(0.22	%)
Total Net Assets	100.00	%

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

	Percentage
Top 10 equity holdings	of net assets
Caterpillar		3.79	%
Cisco Systems		3.38	%
Motorola Solutions		3.23	%
American International Group		3.21	%
Philip Morris International		3.18	%
Comcast Class A		3.17	%
Johnson & Johnson		3.15	%
Oracle		3.12	%
Broadcom		3.12	%
Honeywell International		3.10	%

12

Security type / sector allocations and top 10 equity holdings
Delaware Growth Equity Fund

As of March 31, 2021 (Unaudited)

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

	Percentage
Security type / sector	of net assets
Common Stock ◆	99.08	%
Communication Services	6.72	%
Consumer Discretionary	17.40	%
Consumer Staples	3.65	%
Financials	7.26	%
Healthcare	15.56	%
Industrials	10.46	%
Information Technology*	36.81	%
Materials	1.22	%
Short-Term Investments	1.08	%
Total Value of Securities	100.16	%
Liabilities Net of Receivables and Other      Assets	(0.16	%)
Total Net Assets	100.00	%

◆

Narrow industries are utilized for compliance purposes for diversification whereas broad sectors are used for financial reporting.

*

To monitor compliance with the Fund’s concentration guidelines as described in the Fund’s prospectus and Statement of Additional Information, the Information Technology sector (as disclosed herein for financial reporting purposes) is subdivided into a variety of “industries” (in accordance with the requirements of the Investment Company Act of 1940, as amended). The Information Technology sector consisted of commercial services, computers, electronics, office/business equipment, semiconductors, and software. As of March 31, 2021, such amounts, as a percentage of total net assets were 3.61%, 11.59%, 4.14%, 3.60%, 2.74%, and 11.13%, respectively. The percentage in any such single industry will comply with the Fund’s concentration policy even if the percentage in the Information Technology sector for financial reporting purposes may exceed 25%.

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

	Percentage
Top 10 equity holdings	of net assets
Apple		5.01	%
Microsoft		4.87	%
Amazon.com		3.67	%
PayPal Holdings		3.61	%
Zebra Technologies Class A		3.60	%
Alphabet Class A		3.53	%
Deckers Outdoor		3.40	%
Parker-Hannifin		3.37	%
EPAM Systems		3.30	%
Fortinet		3.28	%

13

Security type / sector allocations and top 10 equity holdings
Delaware Opportunity Fund

As of March 31, 2021 (Unaudited)

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

	Percentage
Security type / sector	of net assets
Common Stock	99.20	%
Basic Industry	7.89	%
Business Services	1.65	%
Capital Spending	10.72	%
Consumer Cyclical	5.63	%
Consumer Services	9.43	%
Consumer Staples	3.16	%
Energy	4.59	%
Financial Services	20.58	%
Healthcare	5.69	%
Real Estate Investment Trusts	7.57	%
Technology	12.78	%
Transportation	3.43	%
Utilities	6.08	%
Short-Term Investments	0.33	%
Total Value of Securities	99.53	%
Receivables and Other Assets Net of      Liabilities	0.47	%
Total Net Assets	100.00	%

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

	Percentage
Top 10 equity holdings	of net assets
East West Bancorp		2.68	%
Hess		2.07	%
Raymond James Financial		1.98	%
ITT		1.93	%
Teradyne		1.90	%
KBR		1.87	%
Synchrony Financial		1.81	%
DR Horton		1.79	%
Quanta Services		1.78	%
Marriott International Class A		1.77	%

14

Security type / sector allocations and top 10 equity holdings
Delaware Special Situations Fund

As of March 31, 2021 (Unaudited)

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

	Percentage
Security type / sector	of net assets
Common Stock ◆	99.07	%
Basic Industry	7.78	%
Business Services	1.86	%
Capital Spending	10.49	%
Consumer Cyclical	4.78	%
Consumer Services	10.19	%
Consumer Staples	3.66	%
Energy	3.65	%
Financial Services*	29.14	%
Healthcare	3.14	%
Real Estate Investment Trusts	7.51	%
Technology	10.87	%
Transportation	2.88	%
Utilities	3.12	%
Short-Term Investments	0.27	%
Total Value of Securities	99.34	%
Receivables and Other Assets Net of      Liabilities	0.66	%
Total Net Assets	100.00	%

◆

Narrow industries are utilized for compliance purposes for diversification whereas broad sectors are used for financial reporting.

*

To monitor compliance with the Fund’s concentration guidelines as described in the Fund’s prospectus and statement of additional information, the Financial Services sector (as disclosed herein for financial reporting purposes) is subdivided into a variety of “industries” (in accordance with the requirements of the Investment Company Act of 1940, as amended). The Financial Services sector consisted of banks, diversified financial services, insurance, and savings & loans. As of March 31, 2021, such amounts, as percentage of total net assets, were 21.27%, 2.33%, 4.78%, and 0.76% respectively. The percentage in any such single industry will comply with the Fund’s concentration policy even if the percentages in the Financial Services sector for financial reporting purposes may exceed 25%.

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

	Percentage
Top 10 equity holdings	of net assets
East West Bancorp		3.42	%
MasTec		2.60	%
Stifel Financial		2.33	%
Western Alliance Bancorp		2.28	%
Louisiana-Pacific		2.02	%
Webster Financial		1.97	%
ITT		1.89	%
Hancock Whitney		1.76	%
Berry Global Group		1.75	%
FNB		1.58	%

15

Security type / country and sector allocations
Delaware Global Equity Fund

As of March 31, 2021 (Unaudited)

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

	Percentage
Security type / country	of net assets
Common Stock by Country	98.80	%
Denmark	3.68	%
France	17.27	%
Germany	8.52	%
Japan	10.06	%
Netherlands	3.47	%
Spain	2.62	%
Sweden	7.69	%
Switzerland	10.60	%
United Kingdom	6.93	%
United States	27.96	%
Exchange-Traded Funds	0.65	%
Short-Term Investments	2.08	%
Total Value of Securities	101.53	%
Liabilities Net of Receivables and Other      Assets	(1.53	%)
Total Net Assets	100.00	%
	Percentage
Common stock and preferred stock by sector ◆	of net assets
Communication Services	4.20	%
Consumer Discretionary	13.87	%
Consumer Staples*	42.17	%
Healthcare	22.15	%
Industrials	7.62	%
Information Technology	2.62	%
Materials	3.83	%
Technology	2.34	%
Total	98.80	%

◆

Narrow industries are utilized for compliance purposes for diversification whereas broad sectors are used for financial reporting.

*

To monitor compliance with the Fund’s concentration guidelines as described in the Fund’s prospectus and Statement of Additional Information, the Consumer Staples and Food sector (as disclosed herein for financial reporting purposes) is subdivided into a variety of “industries” (in accordance with the requirements of the Investment Company Act of 1940, as amended). The Consumer Staples sector consisted of beverages, cosmetics/personal care, food, household products/wares, and retail. As of March 31, 2021, such amounts, as a percentage of total net assets were 5.55%, 4.97%, 26.72%, 3.71%, and 1.21%, respectively. The Food sector consisted of Food-Dairy Products, Food-Misc/Diversified, Food-Retail. As of March 31, 2021, such amounts, as a percentage of total net assets were 4.62%, 16.27%, and 5.83%, respectively. The percentage in any such single industry will comply with the Fund’s concentration policy even if the percentage in the Consumer Staples and Food sector for financial reporting purposes may exceed 25%.

16

Security type / country and sector allocations
Delaware International Fund

As of March 31, 2021 (Unaudited)

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

	Percentage
Security type / country	of net assets
Common Stock by Country	98.45	%
Denmark	5.35	%
France	21.50	%
Germany	12.00	%
Japan	18.95	%
Netherlands	4.03	%
Spain	2.37	%
Sweden	9.68	%
Switzerland	14.74	%
United Kingdom	9.83	%
Exchange-Traded Funds	1.02	%
Short-Term Investments	1.26	%
Total Value of Securities	100.73	%
Liabilities Net of Receivables and Other
Assets	(0.73	%)
Total Net Assets	100.00	%
	Percentage
Common stock by sector ◆	of net assets
Communication Services	11.00	%
Consumer Discretionary	14.93	%
Consumer Staples*	37.10	%
Health Care	17.53	%
Industrials	7.04	%
Information Technology	5.78	%
Materials	5.07	%
Total	98.45	%

◆

Narrow industries are utilized for compliance purposes for diversification whereas broad sectors are used for financial reporting.

*

To monitor compliance with the Fund’s concentration guidelines as described in the Fund’s Prospectus and Statement of Additional Information, the Consumer Staples sector (as disclosed herein for financial reporting purposes) is subdivided into a variety of “industries” (in accordance with the requirements of the Investment Company Act of 1940, as amended). The Consumer Staples sector consisted of beverages, cosmetics/personal care, food, and retail. As of March 31, 2021, such amounts, as a percentage of total net assets were 10.35%, 5.77%, 19.20%, and 1.78%, respectively. The percentage in any such single industry will comply with the Fund’s concentration policy even if the percentage in the Consumer Staples sector for financial reporting purposes may exceed 25%.

(continues) 17

Security type / sector allocations
Delaware Floating Rate II Fund

As of March 31, 2021 (Unaudited)

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

	Percentage
Security type / sector	of net assets
Convertible Bond	0.38	%
Corporate Bonds	6.03	%
Banking	0.44	%
Capital Goods	0.78	%
Communications	0.83	%
Consumer Non-Cyclical	0.17	%
Financial Services	0.42	%
Healthcare	0.87	%
Insurance	0.40	%
Media	0.25	%
Technology	0.83	%
Transportation	1.04	%
Loan Agreements	91.34	%
Short-Term Investments	7.32	%
Total Value of Securities	105.07	%
Liabilities Net of Receivables and Other
Assets	(5.07	%)
Total Net Assets	100.00	%

18

Security type / sector allocations
Delaware Fund for Income

As of March 31, 2021 (Unaudited)

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

	Percentage
Security type / sector	of net assets
Corporate Bonds	85.72	%
Banking	2.33	%
Basic Industry	8.46	%
Capital Goods	5.22	%
Communications	7.50	%
Consumer Cyclical	10.88	%
Consumer Non-Cyclical	3.94	%
Energy	14.19	%
Financial Services	4.07	%
Healthcare	6.31	%
Insurance	1.47	%
Media	6.30	%
Real Estate	1.37	%
Services	4.67	%
Technology & Electronics	3.76	%
Transportation	3.73	%
Utilities	1.52	%
Loan Agreements	10.84	%
Short-Term Investments	4.28	%
Total Value of Securities	100.84	%
Liabilities Net of Receivables and Other
Assets	(0.84	%)
Total Net Assets	100.00	%

(continues) 19

Security type / country and sector allocations
Delaware International Opportunities Bond Fund

As of March 31, 2021 (Unaudited)

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

	Percentage
Security type / sector	of net assets
Corporate Bonds	11.30	%
Banking	9.52	%
Electric	1.78	%
Sovereign Bonds	65.81	%
Australia	2.89	%
Austria	1.33	%
Belgium	1.96	%
Denmark	0.72	%
Finland	0.48	%
France	7.93	%
Germany	5.25	%
Ireland	0.67	%
Italy	4.85	%
Japan	13.25	%
Mexico	2.64	%
Netherlands	1.42	%
New Zealand	4.17	%
Poland	1.17	%
Portugal	1.08	%
Spain	5.59	%
United Kingdom	10.41	%
Supranational Banks	5.21	%
Regional Bonds	14.53	%
Short-Term Investments	0.51	%
Total Value of Securities	97.36	%
Receivables and Other Assets Net of
Liabilities	2.64	%
Total Net Assets	100.00	%

20

Security type / sector allocations
Delaware Investment Grade Fund

As of March 31, 2021 (Unaudited)

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

	Percentage
Security type / sector	of net assets
Convertible Bond	0.48	%
Corporate Bonds	99.15	%
Banking	23.01	%
Basic Industry	3.49	%
Brokerage	2.56	%
Capital Goods	3.73	%
Communications	16.32	%
Consumer Cyclical	3.55	%
Consumer Non-Cyclical	5.28	%
Electric	10.76	%
Energy	10.96	%
Finance Companies	5.37	%
Insurance	2.23	%
Natural Gas	0.37	%
Real Estate Investment Trusts	0.73	%
Technology	8.45	%
Transportation	1.98	%
Utilities	0.36	%
Loan Agreements	2.14	%
Total Value of Securities	101.77	%
Liabilities Net of Receivables and Other
Assets	(1.77	%)
Total Net Assets	100.00	%

(continues) 21

Security type / sector allocations
Delaware Limited Duration Bond Fund

As of March 31, 2021 (Unaudited)

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

	Percentage
Security type / sector	of net assets
Agency Collateralized Mortgage Obligations	2.14	%
Agency Commercial Mortgage-Backed
Security	1.93	%
Agency Mortgage-Backed Securities	12.46	%
Collateralized Debt Obligations	7.84	%
Corporate Bonds	56.86	%
Banking	18.51	%
Basic Industry	1.90	%
Brokerage	0.94	%
Capital Goods	4.90	%
Communications	3.54	%
Consumer Cyclical	4.36	%
Consumer Non-Cyclical	4.23	%
Electric	7.10	%
Energy	3.99	%
Finance Companies	3.32	%
Insurance	1.13	%
Technology	1.41	%
Transportation	1.53	%
Non-Agency Asset-Backed Securities	5.70	%
US Treasury Obligations	10.89	%
Short-Term Investments	3.21	%
Total Value of Securities	101.03	%
Liabilities Net of Receivables and Other
Assets	(1.03	%)
Total Net Assets	100.00	%

22

Security type / sector allocations
Delaware Strategic Income II Fund

As of March 31, 2021 (Unaudited)

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

	Percentage
Security type / sector	of net assets
Agency Collateralized Mortgage Obligations	8.99%
Agency Mortgage-Backed Securities	2.16%
Convertible Bonds	2.28%
Corporate Bonds	52.76%
Banking	3.34%
Basic Industry	8.39%
Brokerage	1.64%
Capital Goods	2.14%
Communications	4.89%
Consumer Cyclical	5.75%
Consumer Non-Cyclical	3.74%
Energy	8.77%
Finance Companies	1.25%
Insurance	1.91%
Real Estate	1.74%
Technology	1.59%
Transportation	5.10%
Utilities	2.51%
Non-Agency Asset-Backed Securities	1.82%
Non-Agency Collateralized Mortgage
Obligations	9.25%
Non-Agency Commercial Mortgage-Backed
Securities	1.27%

Loan Agreements	5.43%
Sovereign Bonds	7.69%
Brazil	0.59%
Egypt	1.35%
El Salvador	0.68%
Honduras	0.57%
Indonesia	0.20%
Ivory Coast	0.69%
Malaysia	0.20%
Mongolia	0.80%
Paraguay	0.67%
Peru	0.51%
Senegal	0.64%
Uzbekistan	0.79%
Supranational Bank	0.76%
US Treasury Obligations	2.83%
Short-Term Investments	3.85%
Total Value of Securities	99.09%
Receivables and Other Assets Net of
Liabilities	0.91%
Total Net Assets	100.00%

(continues) 23

Security type / sector allocations and top 10 equity holdings
Delaware Covered Call Strategy Fund

As of March 31, 2021 (Unaudited)

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

	Percentage
Security type / sector	of net assets
Common Stock ◆	101.16%
Communication Services	6.29%
Consumer Discretionary	16.09%
Consumer Staples	4.09%
Energy	4.58%
Financials	10.50%
Healthcare	10.00%
Industrials	9.16%
Information Technology*	34.28%
Materials	3.21%
Utilities	2.96%
Short-Term Investments	4.17%
Total Value of Securities Before Options
Written	105.33%
Options Written	(3.20%	)
Liabilities Net of Receivables and Other
Assets	(2.13%	)
Total Net Assets	100.00%

◆

Narrow industries are utilized for compliance purposes for diversification whereas broad sectors are used for financial reporting.

*

To monitor compliance with the Fund’s concentration guidelines as described in the Fund’s prospectus and Statement of Additional Information, the Information Technology sector (as disclosed herein for financial reporting purposes) is subdivided into a variety of “industries” (in accordance with the requirements of the Investment Company Act of 1940, as amended). The Information Technology sector consisted of computers, diversified financial services, energy-alternate sources, semiconductors, software, and telecommunications. As of March 31, 2021, such amounts, as a percentage of total net assets were 7.81%, 4.86%, 2.31%, 8.89%, 7.33%, and 3.08%, respectively. The percentage in any such single industry will comply with the Fund’s concentration policy even if the percentage in the Information Technology sector for financial reporting purposes may exceed 25%.

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

	Percentage
Top 10 equity holdings	of net assets
Apple	7.81%
Microsoft	7.33%
Broadcom	4.92%
Home Depot	4.89%
Alphabet Class A	4.38%
Booking Holdings	4.31%
Costco Wholesale	4.03%
Medtronic	3.99%
Texas Instruments	3.97%
United Rentals	3.88%

24

Security type / sector allocations and top 10 equity holdings
Delaware Hedged U.S. Equity Opportunities Fund

As of March 31, 2021 (Unaudited)

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

	Percentage
Security type / sector	of net assets
Common Stock	95.10%
Communication Services	6.61%
Consumer Discretionary	15.40%
Consumer Staples	6.31%
Energy	1.03%
Financials	13.32%
Healthcare	13.63%
Industrials	11.57%
Information Technology	17.87%
Materials	3.39%
Real Estate	3.81%
Utilities	2.16%
Options Purchased	0.68%
Short-Term Investments	6.01%
Total Value of Securities Before Options
Written	101.79%
Options Written	(0.38%	)
Liabilities Net of Receivables and Other
Assets	(1.41%	)
Total Net Assets	100.00%

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

	Percentage
Top 10 equity holdings	of net assets
Amazon.com	2.45%
Alphabet Class A	1.98%
Microsoft	1.87%
Apple	1.25%
TJX	1.20%
Chubb	1.17%
Johnson & Johnson	1.17%
Marsh & McLennan	1.16%
Medtronic	1.13%
American Express	1.06%

(continues) 25

Security type / sector allocations and top 10 equity holdings
Delaware Premium Income Fund

As of March 31, 2021 (Unaudited)

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

	Percentage
Security type / sector	of net assets
Common Stock ◆	123.97%
Communication Services	5.94%
Consumer Discretionary	15.00%
Consumer Staples	12.91%
Energy	8.59%
Financials	13.09%
Healthcare	14.84%
Industrials	18.41%
Information Technology*	32.68%
Utilities	2.51%
Short-Term Investments	4.18%
Total Value of Securities Before Options
Written	128.15%
Options Written	(26.20%	)
Liabilities Net of Receivables and Other
Assets	(1.95%	)
Total Net Assets	100.00%

◆

Narrow industries are utilized for compliance purposes for diversification whereas broad sectors are used for financial reporting.

*

To monitor compliance with the Fund’s concentration guidelines as described in the Fund’s prospectus and Statement of Additional Information, the Information Technology sector (as disclosed herein for financial reporting purposes) is subdivided into a variety of “industries” (in accordance with the requirements of the Investment Company Act of 1940, as amended). The Information Technology sector consisted of computers, energy-alternate sources, semiconductors, software, and telecommunications. As of March 31, 2021, such amounts, as a percentage of total net assets were 5.30%, 1.69%, 10.58%, 3.58%, and 11.53%, respectively. The percentage in any such single industry will comply with the Fund’s concentration policy even if the percentage in the Information Technology sector for financial reporting purposes may exceed 25%.

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

	Percentage
Top 10 equity holdings	of net assets
Broadcom	9.15%
Whirlpool	8.03%
Corning	6.91%
Home Depot	4.86%
BlackRock	4.86%
Philip Morris International	4.71%
CSX	4.70%
Lockheed Martin	4.69%
Cisco Systems	4.62%
Amgen	4.53%

26

Security type / sector allocations and top 10 equity holdings
Delaware Total Return Fund

As of March 31, 2021 (Unaudited)

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

	Percentage
Security type / sector	of net assets
Agency Mortgage-Backed Securities	1.11%
Collateralized Debt Obligations	0.24%
Convertible Bonds	10.01%
Corporate Bonds	15.64%
Banking	1.23%
Basic Industry	1.64%
Brokerage	0.09%
Capital Goods	0.69%
Communications	1.46%
Consumer Cyclical	2.16%
Consumer Non-Cyclical	1.05%
Energy	2.11%
Financials	0.50%
Healthcare	1.06%
Insurance	0.30%
Media	1.21%
Real Estate Investment Trusts	0.19%
Services	0.52%
Technology	0.41%
Transportation	0.34%
Utilities	0.68%
Non-Agency Commercial Mortgage-Backed
Securities	0.51%
Sovereign Bonds	2.15%
Armenia	0.03%
Dominican Republic	0.17%
Egypt	0.12%
Gabon	0.04%
Georgia	0.06%
Honduras	0.04%
Indonesia	0.06%
Israel	0.06%
Ivory Coast	0.11%
Malaysia	0.08%
Mexico	0.08%
Mongolia	0.05%
Morocco	0.11%
North Macedonia	0.02%
Panama	0.09%
Paraguay	0.16%

Peru	0.09%
Republic of Vietnam	0.05%
Romania	0.23%
Senegal	0.04%
Serbia	0.10%
Turkey	0.04%
Ukraine	0.11%
Uruguay	0.14%
Uzbekistan	0.07%
Supranational Banks	0.14%
US Treasury Obligations	1.33%
Common Stock	56.52%
Communication Services	4.30%
Consumer Discretionary	5.99%
Consumer Staples	6.55%
Energy	1.09%
Financials	5.92%
Healthcare	8.90%
Industrials	4.35%
Information Technology	11.20%
Materials	1.45%
Real Estate	0.10%
REIT Diversified	0.09%
REIT Healthcare	0.77%
REIT Hotel	0.31%
REIT Industrial	0.56%
REIT Information Technology	0.52%
REIT Mall	0.37%
REIT Manufactured Housing	0.15%
REIT Multifamily	1.45%
REIT Office	0.29%
REIT Self-Storage	0.57%
REIT Shopping Center	0.34%
REIT Single Tenant	0.24%
REIT Specialty	0.10%
Utilities	0.91%
Convertible Preferred Stock	2.75%
Exchange-Traded Funds	7.93%
Limited Liability Corporation	1.30%

(continues) 27

Security type / sector allocations and top 10 equity holdings
Delaware Total Return Fund

	Percentage
Security type / sector	of net assets
Short-Term Investments	0.21%
Total Value of Securities	99.84%
Receivables and Other Assets Net of
Liabilities	0.16%
Total Net Assets	100.00%

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

	Percentage
Top 10 equity holdings	of net assets
Johnson & Johnson	1.26%
Lowe’s	1.15%
Verizon Communications	1.10%
Broadcom	1.10%
Merck & Co.	1.09%
Apple	1.05%
Microsoft	1.04%
MetLife	1.01%
Cisco Systems	1.00%
Equity Residential	0.88%

28

Schedules of investments
Delaware Equity Income Fund

March 31, 2021 (Unaudited)

		Number of
		shares	Value (US $)
Common Stock – 99.95%
Communication Services – 9.15%
	AT&T	284,412	$	8,609,151
	Comcast Class A	185,759		10,051,419
	Verizon
	Communications	159,020		9,247,013
	Walt Disney †	8,280		1,527,826
				29,435,409
Consumer Discretionary – 7.26%
	Dollar Tree †	84,414		9,662,026
	Lowe’s	49,595		9,431,977
	TJX	64,477		4,265,154
				23,359,157
Consumer Staples – 9.74%
	Altria Group	63,556		3,251,525
	Archer-Daniels-Midland	98,446		5,611,422
	Conagra Brands	67,962		2,555,371
	Mondelez International
	Class A	164,667		9,637,960
	Philip Morris
	International	115,989		10,292,864
				31,349,142
Energy – 5.97%
	ConocoPhillips	179,630		9,515,001
	Exxon Mobil	173,494		9,686,170
				19,201,171
Financials – 14.07%
	Allstate	44,398		5,101,330
	American International
	Group	224,333		10,366,428
	Discover Financial
	Services	64,273		6,105,292
	First American Financial	152,881		8,660,709
	MetLife	84,593		5,142,408
	OneMain Holdings	30,942		1,662,204
	Truist Financial	141,064		8,226,853
				45,265,224
Healthcare – 18.03%
	AbbVie	44,784		4,846,524
	Bristol-Myers Squibb	88,612		5,594,076
	Cardinal Health	87,260		5,301,045
	Cigna	25,124		6,073,476
	CVS Health	132,566		9,972,940
	Johnson & Johnson	57,663		9,476,914
	Merck & Co.	119,587		9,218,962
	Viatris †	538,821		7,527,329
				58,011,266
Industrials – 13.24%
	Caterpillar	52,339		12,135,844
	Honeywell International	44,972		9,762,072
	Northrop Grumman	31,705		10,261,006
	Raytheon Technologies	135,093		10,438,713
				42,597,635
Information Technology – 15.36%
	Broadcom	20,065		9,303,338
	Cisco Systems	212,918		11,009,990
	Cognizant Technology
	Solutions Class A	116,765		9,121,682
	Motorola Solutions	52,730		9,915,876
	Oracle	143,266		10,052,975
				49,403,861
Materials – 2.88%
	DuPont de Nemours	120,082		9,279,937
				9,279,937
Real Estate – 2.67%
	Equity Commonwealth	31,362		871,864
	Equity Residential	107,522		7,701,801
				8,573,665
Utilities – 1.58%
	Edison International	86,485		5,068,021
				5,068,021
Total Common Stock
	(cost $279,511,665)			321,544,488
Short-Term Investments – 0.32%
Money Market Mutual Funds – 0.32%
	BlackRock FedFund –
	Institutional Shares
	(seven-day effective
	yield 0.01%)	258,312		258,312
	Fidelity Investments
	Money Market
	Government Portfolio
	– Class I (seven-day
	effective yield 0.01%)	258,311		258,311
	GS Financial Square
	Government Fund –
	Institutional Shares
	(seven-day effective
	yield 0.03%)	258,311		258,311

29

Schedules of investments
Delaware Equity Income Fund

		Number of
		shares	Value (US $)
Short-Term Investments (continued)
Money Market Mutual Funds (continued)
	Morgan Stanley
	Government Portfolio
	– Institutional Share
	Class (seven-day
	effective yield 0.00%)	258,311	$	258,311
Total Short-Term Investments
	(cost $1,033,245)			1,033,245
Total Value of
	Securities – 100.27%
	(cost $280,544,910)		$	322,577,733

† Non-income producing security.

Summary of abbreviations:
GS – Goldman Sachs

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

30

Delaware Growth and Income Fund

March 31, 2021 (Unaudited)

		Number of
		shares	Value (US $)
Common Stock – 99.82%
Communication Services – 9.10%
	AT&T	1,023,964	$	30,995,390
	Comcast Class A	653,901		35,382,583
	Verizon
	Communications	517,269		30,079,192
	Walt Disney †	28,645		5,285,576
				101,742,741
Consumer Discretionary – 7.32%
	Dollar Tree †	290,311		33,228,997
	Lowe’s	178,136		33,877,904
	TJX	223,837		14,806,818
				81,913,719
Consumer Staples – 9.57%
	Altria Group	220,466		11,279,040
	Archer-Daniels-Midland	341,549		19,468,293
	Conagra Brands	235,461		8,853,334
	Mondelez International
	Class A	545,017		31,899,845
	Philip Morris
	International	400,946		35,579,948
				107,080,460
Energy – 5.95%
	ConocoPhillips	623,309		33,016,678
	Exxon Mobil	599,551		33,472,932
				66,489,610
Financials – 14.07%
	Allstate	157,669		18,116,168
	American International
	Group	778,444		35,971,897
	Discover Financial
	Services	222,988		21,181,630
	First American Financial	530,500		30,052,825
	MetLife	292,600		17,787,154
	OneMain Holdings	107,480		5,773,826
	Truist Financial	489,384		28,540,875
				157,424,375
Healthcare – 17.79%
	AbbVie	155,034		16,777,780
	Bristol-Myers Squibb	307,430		19,408,056
	Cardinal Health	296,806		18,030,965
	Cigna	81,656		19,739,521
	CVS Health	453,916		34,148,101
	Johnson & Johnson	214,625		35,273,619
	Merck & Co.	386,883		29,824,810
	Viatris †	1,848,090		25,817,817
				199,020,669
Industrials – 13.01%
	Caterpillar	182,913		42,412,037
	Honeywell International	159,601		34,644,589
	Northrop Grumman	105,423		34,119,100
	Raytheon Technologies	444,071		34,313,366
				145,489,092
Information Technology – 15.74%
	Broadcom	75,189		34,862,132
	Cisco Systems	730,900		37,794,839
	Cognizant Technology
	Solutions Class A	413,423		32,296,605
	Motorola Solutions	192,148		36,133,431
	Oracle	498,373		34,970,833
				176,057,840
Materials – 3.01%
	DuPont de Nemours	435,218		33,633,646
				33,633,646
Real Estate – 2.66%
	Equity Commonwealth	108,893		3,027,226
	Equity Residential	373,145		26,728,376
				29,755,602
Utilities – 1.60%
	Edison International	304,789		17,860,636
				17,860,636
Total Common Stock
	(cost $946,755,691)			1,116,468,390
Short-Term Investments – 0.40%
Money Market Mutual Funds – 0.40%
	BlackRock FedFund –
	Institutional Shares
	(seven-day effective
	yield 0.01%)	1,122,944		1,122,944
	Fidelity Investments
	Money Market
	Government Portfolio
	– Class I (seven-day
	effective yield 0.01%)	1,122,943		1,122,943
	GS Financial Square
	Government Fund –
	Institutional Shares
	(seven-day effective
	yield 0.03%)	1,122,943		1,122,943

31

Schedules of investments
Delaware Growth and Income Fund

		Number of
		shares	Value (US $)
Short-Term Investments (continued)
Money Market Mutual Funds (continued)
	Morgan Stanley
	Government Portfolio
	– Institutional Share
	Class (seven-day
	effective yield 0.00%)	1,122,943	$	1,122,943
Total Short-Term Investments
	(cost $4,491,773)			4,491,773
Total Value of
	Securities – 100.22%
	(cost $951,247,464)		$	1,120,960,163

† Non-income producing security.

Summary of abbreviations:
GS – Goldman Sachs

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

32

Delaware Growth Equity Fund

March 31, 2021 (Unaudited)

		Number of
		shares	Value (US $)
Common Stock – 99.08%◆
	Communication Services – 6.72%
	Alphabet Class A †	10,900	$	22,481,468
	Facebook Class A †	68,860		20,281,336
				42,762,804
Consumer Discretionary – 17.40%
	Amazon.com †	7,550		23,360,304
	AutoZone †	9,700		13,621,710
	Deckers Outdoor †	65,390		21,606,164
	Lowe’s	82,260		15,644,207
	Target	88,291		17,487,798
	Tempur Sealy
	International	519,000		18,974,640
				110,694,823
Consumer Staples – 3.65%
	Procter & Gamble	85,092		11,524,009
	Walmart	86,102		11,695,235
				23,219,244
Financials – 7.26%
	Ameriprise Financial	67,220		15,625,289
	Capital One Financial	119,180		15,163,272
	JPMorgan Chase & Co.	101,270		15,416,332
				46,204,893
Healthcare – 15.56%
	AbbVie	118,080		12,778,618
	Eli Lilly and Co.	98,362		18,375,989
	Envista Holdings †	387,600		15,814,080
	Hologic †	211,680		15,744,758
	Merck & Co.	124,410		9,590,767
	Thermo Fisher Scientific	25,930		11,833,933
	West Pharmaceutical
	Services	52,910		14,908,980
				99,047,125
Industrials – 10.46%
	Dover	113,780		15,602,651
	EMCOR Group	134,000		15,029,440
	Parker-Hannifin	67,900		21,417,697
	Rockwell Automation	54,640		14,503,642
				66,553,430
Information Technology – 36.81%
	Adobe †	40,700		19,347,559
	Apple	261,078		31,890,678
	Arrow Electronics †	117,890		13,064,570
	Cadence Design
	Systems †	149,520		20,482,745
	EPAM Systems †	52,963		21,009,892
	Fortinet †	113,140		20,865,279
	II-VI †	194,370		13,289,077
	Microsoft	131,340		30,966,032
	NVIDIA	32,640		17,427,475
	PayPal Holdings †	94,690		22,994,519
	Zebra Technologies
	Class A †	47,267		22,933,003
				234,270,829
Materials – 1.22%
	International Paper	143,730		7,771,481
				7,771,481
Total Common Stock
	(cost $373,955,510)			630,524,629
Short-Term Investments – 1.08%
Money Market Mutual Funds – 1.08%
	BlackRock FedFund –
	Institutional Shares
	(seven-day effective
	yield 0.01%)	1,717,116		1,717,116
	Fidelity Investments
	Money Market
	Government Portfolio
	– Class I (seven-day
	effective yield 0.01%)	1,717,120		1,717,120
	GS Financial Square
	Government Fund –
	Institutional Shares
	(seven-day effective
	yield 0.03%)	1,717,120		1,717,120
	Morgan Stanley
	Government Portfolio
	– Institutional Share
	Class (seven-day
	effective yield 0.00%)	1,717,119		1,717,119
Total Short-Term Investments
	(cost $6,868,475)			6,868,475
Total Value of
	Securities – 100.16%
	(cost $380,823,985)		$	637,393,104

◆	Narrow industries are utilized for compliance purposes for diversification whereas broad sectors are used for financial reporting.
†	Non-income producing security.

Summary of abbreviations:
GS – Goldman Sachs

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

33

Schedules of investments
Delaware Opportunity Fund

March 31, 2021 (Unaudited)

		Number of
		shares	Value (US $)
Common Stock – 99.20%
Basic Industry – 7.89%
	Axalta Coating
	Systems †	150,200	$	4,442,916
	Berry Global Group †	192,200		11,801,080
	Celanese	51,500		7,715,215
	Crown Holdings	71,800		6,967,472
	Graphic Packaging
	Holding	544,600		9,889,936
	Huntsman	415,900		11,990,397
	Newmont	71,100		4,285,197
				57,092,213
Business Services – 1.65%
	Brink’s	93,400		7,400,082
	ManpowerGroup	45,400		4,490,060
				11,890,142
Capital Spending – 10.72%
	AECOM †	150,900		9,674,199
	Allison Transmission
	Holdings	104,400		4,262,652
	AMETEK	35,300		4,508,869
	Gates Industrial †	325,600		5,206,344
	ITT	153,400		13,945,594
	KBR	352,500		13,532,475
	Oshkosh	58,900		6,989,074
	Quanta Services	146,200		12,862,676
	United Rentals †	19,800		6,520,338
				77,502,221
Consumer Cyclical – 5.63%
	Aptiv †	57,300		7,901,670
	DR Horton	144,900		12,913,488
	Johnson Controls
	International	145,500		8,681,985
	Stanley Black & Decker	56,300		11,241,421
				40,738,564
Consumer Services – 9.43%
	AutoZone †	4,400		6,178,920
	Cable One	2,800		5,119,408
	Darden Restaurants	56,200		7,980,400
	Dollar Tree †	58,000		6,638,680
	Hasbro	54,300		5,219,316
	Marriott International
	Class A †	86,600		12,826,326
	Polaris	50,700		6,768,450
	PVH	28,000		2,959,600
	Ross Stores	42,400		5,084,184
	VF	74,900		5,986,008
	ViacomCBS Class B	77,100		3,477,210
				68,238,502
Consumer Staples – 3.16%
	Campbell Soup	61,900		3,111,713
	Conagra Brands	140,000		5,264,000
	Kellogg	74,000		4,684,200
	Tyson Foods Class A	61,800		4,591,740
	US Foods Holding †	135,800		5,176,696
				22,828,349
Energy – 4.59%
	Cabot Oil & Gas	282,300		5,301,594
	Hess	211,200		14,944,512
	Marathon Oil	789,700		8,433,996
	Valero Energy	63,100		4,517,960
				33,198,062
Financial Services – 20.58%
	Affiliated Managers
	Group	47,300		7,049,119
	Allstate	85,200		9,789,480
	American Financial
	Group	94,100		10,736,810
	Assurant	50,100		7,102,677
	East West Bancorp	263,100		19,416,780
	Globe Life	68,800		6,648,144
	Hancock Whitney	200,265		8,413,133
	Hartford Financial
	Services Group	184,300		12,309,397
	KeyCorp	619,400		12,375,612
	Raymond James
	Financial	116,600		14,290,496
	Reinsurance Group of
	America	60,500		7,626,025
	Signature Bank	47,000		10,626,700
	Synchrony Financial	321,200		13,059,992
	Synovus Financial	206,100		9,429,075
				148,873,440
Healthcare – 5.69%
	AmerisourceBergen	58,400		6,895,288
	Quest Diagnostics	63,100		8,098,254
	Service Corp.
	International	101,600		5,186,680
	STERIS	34,400		6,552,512
	Syneos Health †	64,500		4,892,325
	Zimmer Biomet
	Holdings	59,700		9,556,776
				41,181,835
Real Estate Investment Trusts – 7.57%
	Apartment Income REIT	189,729		8,112,812
	Brandywine Realty Trust	411,000		5,306,010
	Host Hotels & Resorts	287,800		4,849,430

34

		Number of
		shares	Value (US $)
Common Stock (continued)
Real Estate Investment Trusts (continued)
	Kimco Realty	364,800	$	6,840,000
	Life Storage	103,550		8,900,122
	MGM Growth Properties
	Class A	214,400		6,993,728
	Outfront Media	263,500		5,752,205
	VEREIT	207,800		8,025,236
				54,779,543
Technology – 12.78%
	Agilent Technologies	80,800		10,272,912
	Avnet	151,500		6,288,765
	Ciena †	116,200		6,358,464
	Citrix Systems	17,000		2,386,120
	Fiserv †	31,500		3,749,760
	Flex †	481,900		8,823,589
	Keysight Technologies †	61,900		8,876,460
	ON Semiconductor †	162,300		6,753,303
	Qorvo †	55,000		10,048,500
	Synopsys †	48,000		11,893,440
	Teradyne	113,300		13,786,344
	Western Digital	48,400		3,230,700
				92,468,357
Transportation – 3.43%
	CSX	35,800		3,451,836
	JB Hunt Transport
	Services	31,800		5,344,626
	Kirby †	81,900		4,936,932
	Southwest Airlines	181,700		11,094,602
				24,827,996
Utilities – 6.08%
	CMS Energy	131,600		8,056,552
	Edison International	90,000		5,274,000
	MDU Resources Group	165,900		5,244,099
	NRG Energy	175,500		6,621,615
	Public Service Enterprise
	Group	155,600		9,368,676
	WEC Energy Group	54,400		5,091,296
	Xcel Energy	64,800		4,309,848
				43,966,086
Total Common Stock
	(cost $541,695,124)			717,585,310
Short-Term Investments – 0.33%
Money Market Mutual Funds – 0.33%
	BlackRock FedFund –
	Institutional Shares
	(seven-day effective
	yield 0.01%)	589,907		589,907
	Fidelity Investments
	Money Market
	Government Portfolio
	– Class I (seven-day
	effective yield 0.01%)	589,908		589,908
	GS Financial Square
	Government Fund –
	Institutional Shares
	(seven-day effective
	yield 0.03%)	589,908		589,908
	Morgan Stanley
	Government Portfolio
	– Institutional Share
	Class (seven-day
	effective yield 0.00%)	589,908		589,908
Total Short-Term Investments
	(cost $2,359,631)			2,359,631
Total Value of
	Securities–99.53%
	(cost $544,054,755)		$	719,944,941

† Non-income producing security.

Summary of abbreviations:
GS – Goldman Sachs
REIT – Real Estate Investment Trust

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

35

Schedules of investments
Delaware Special Situations Fund

March 31, 2021 (Unaudited)

		Number of
		shares	Value (US $)
Common Stock – 99.07%◆
Basic Industry – 7.78%
	Arconic †	78,500	$	1,993,115
	Ashland Global
	Holdings	25,400		2,254,758
	Avient	48,300		2,283,141
	Berry Global Group †	106,600		6,545,240
	HB Fuller	52,100		3,277,611
	Huntsman	109,800		3,165,534
	Louisiana-Pacific	135,900		7,537,014
	Summit Materials
	Class A †	72,400		2,028,648
				29,085,061
Business Services – 1.86%
	Deluxe	28,600		1,200,056
	PAE †	105,700		953,414
	WESCO International †	55,400		4,793,762
				6,947,232
Capital Spending – 10.49%
	Altra Industrial Motion	96,000		5,310,720
	Atkore †	75,900		5,457,210
	H&E Equipment Services	50,700		1,926,600
	ITT	77,800		7,072,798
	KBR	72,220		2,772,526
	MasTec †	103,500		9,697,950
	Primoris Services	84,800		2,809,424
	Rexnord	87,800		4,134,502
				39,181,730
Consumer Cyclical – 4.78%
	Adient †	89,000		3,933,800
	Barnes Group	54,600		2,704,884
	KB Home	78,500		3,652,605
	Knoll	81,400		1,343,914
	Leggett & Platt	49,100		2,241,415
	Meritage Homes †	35,700		3,281,544
	Standard Motor
	Products	17,000		706,860
				17,865,022
Consumer Services – 10.19%
	Aaron’s	20,250		520,020
	Acushnet Holdings	49,600		2,049,968
	American Eagle
	Outfitters	83,900		2,453,236
	Asbury Automotive
	Group †	22,800		4,480,200
	Cable One	1,200		2,194,032
	Choice Hotels
	International	33,300		3,572,757
	Cracker Barrel Old
	Country Store	22,600		3,907,088
	Denny’s †	72,300		1,309,353
	PROG Holdings	46,900		2,030,301
	Steven Madden	58,600		2,183,436
	TEGNA	176,900		3,331,027
	Texas Roadhouse †	27,150		2,604,771
	UniFirst	18,600		4,161,006
	Wolverine World Wide	85,939		3,293,182
				38,090,377
Consumer Staples – 3.66%
	Core-Mark Holding	57,600		2,228,544
	J & J Snack Foods	19,600		3,077,788
	Performance Food
	Group †	47,900		2,759,519
	Scotts Miracle-Gro	8,800		2,155,736
	Spectrum Brands
	Holdings	40,800		3,468,000
				13,689,587
Energy – 3.65%
	CNX Resources †	262,000		3,851,400
	Delek US Holdings	86,000		1,873,080
	Devon Energy	174,742		3,818,113
	Dril-Quip †	38,600		1,282,678
	Helix Energy Solutions
	Group †	243,700		1,230,685
	Patterson-UTI Energy	219,400		1,564,322
				13,620,278
Financial Services – 29.14%
	American Equity
	Investment Life
	Holding	139,800		4,407,894
	Bank of NT Butterfield &
	Son	67,400		2,576,028
	East West Bancorp	173,300		12,789,540
	Essent Group	26,000		1,234,740
	First Financial Bancorp	154,400		3,705,600
	First Interstate
	BancSystem Class A	53,700		2,472,348
	First Midwest Bancorp	41,100		900,501
	FNB	464,700		5,901,690
	Great Western Bancorp	129,500		3,922,555
	Hancock Whitney	157,000		6,595,570
	Hanover Insurance
	Group	36,000		4,660,560
	Kemper	33,500		2,670,620
	NBT Bancorp	36,300		1,448,370
	Prosperity Bancshares	42,100		3,152,869

36

		Number of
		shares	Value (US $)
Common Stock◆ (continued)
Financial Services (continued)
	S&T Bancorp	53,100	$	1,778,850
	Sandy Spring Bancorp	47,700		2,071,611
	Selective Insurance
	Group	67,400		4,889,196
	Sterling Bancorp	123,300		2,838,366
	Stifel Financial	135,800		8,699,348
	Synovus Financial	99,300		4,542,975
	Umpqua Holdings	288,900		5,070,195
	Valley National Bancorp	390,400		5,364,096
	Webster Financial	133,700		7,368,207
	WesBanco	35,900		1,294,554
	Western Alliance
	Bancorp	90,300		8,527,932
				108,884,215
Healthcare – 3.14%
	Avanos Medical †	58,900		2,576,286
	Integer Holdings †	37,600		3,462,960
	Integra LifeSciences
	Holdings †	50,200		3,468,318
	Service Corp.
	International	43,600		2,225,780
				11,733,344
Real Estate Investment Trusts – 7.51%
	Brandywine Realty Trust	252,900		3,264,939
	Independence Realty
	Trust	108,800		1,653,760
	Kite Realty Group Trust	105,557		2,036,194
	Lexington Realty Trust	284,900		3,165,239
	Life Storage	35,100		3,016,845
	National Health
	Investors	32,500		2,349,100
	Outfront Media	172,900		3,774,407
	RPT Realty	163,000		1,859,830
	Spirit Realty Capital	79,500		3,378,750
	STAG Industrial	47,451		1,594,828
	Summit Hotel
	Properties †	192,800		1,958,848
				28,052,740
Technology – 10.87%
	Cirrus Logic †	40,000		3,391,600
	Coherent †	6,838		1,729,262
	Concentrix †	18,100		2,709,932
	Diodes †	27,400		2,187,616
	Flex †	290,141		5,312,482
	NCR †	32,851		1,246,695
	NetScout Systems †	69,700		1,962,752
	ON Semiconductor †	115,800		4,818,438
	SYNNEX	17,300		1,986,732
	Teradyne	35,900		4,368,312
	Tower Semiconductor †	124,900		3,502,196
	TTM Technologies †	220,400		3,195,800
	Viavi Solutions †	185,000		2,904,500
	Vishay Intertechnology	54,700		1,317,176
				40,633,493
Transportation – 2.88%
	Kirby †	43,500		2,622,180
	Saia †	8,400		1,936,872
	SkyWest	38,000		2,070,240
	Werner Enterprises	87,200		4,113,224
				10,742,516
Utilities – 3.12%
	ALLETE	47,600		3,198,244
	Black Hills	49,100		3,278,407
	South Jersey Industries	96,400		2,176,712
	Southwest Gas Holdings	43,600		2,995,756
				11,649,119
Total Common Stock
	(cost $282,236,174)			370,174,714
Short-Term Investments – 0.27%
Money Market Mutual Funds – 0.27%
	BlackRock FedFund –
	Institutional Shares
	(seven-day effective
	yield 0.01%)	247,221		247,221
	Fidelity Investments
	Money Market
	Government Portfolio
	– Class I (seven-day
	effective yield 0.01%)	247,222		247,222
	GS Financial Square
	Government Fund –
	Institutional Shares
	(seven-day effective
	yield 0.03%)	247,222		247,222

37

Schedules of investments
Delaware Special Situations Fund

		Number of
		shares	Value (US $)
Short-Term Investments (continued)
Money Market Mutual Funds (continued)
	Morgan Stanley
	Government Portfolio
	– Institutional Share
	Class (seven-day
	effective yield 0.00%)	247,222	$	247,222
Total Short-Term Investments
	(cost $988,887)			988,887
Total Value of
	Securities–99.34%
	(cost $283,225,061)		$	371,163,601

◆	Narrow industries are utilized for compliance purposes for diversification whereas broad sectors are used for financial reporting.
†	Non-income producing security.

Summary of abbreviations:
GS – Goldman Sachs

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

38

Delaware Global Equity Fund

March 31, 2021 (Unaudited)

		Number of
		shares	Value (US $)
Common Stock – 98.80%Δ
Denmark - 3.68%
	Novo Nordisk Class B	148,640	$	10,070,238
				10,070,238
France – 17.27%
	Air Liquide	64,050		10,463,023
	Danone	184,250		12,640,093
	Orange	596,960		7,354,078
	Publicis Groupe	151,200		9,227,329
	Sodexo †	78,530		7,531,294
				47,215,817
Germany – 8.52%
	adidas AG †	19,220		5,999,960
	Fresenius Medical Care
	AG & Co.	147,950		10,881,981
	SAP	52,240		6,396,962
				23,278,903
Japan – 10.06%
	Asahi Group Holdings	107,000		4,508,060
	Kao	103,900		6,862,233
	KDDI	134,800		4,133,177
	Lawson	67,800		3,324,940
	Secom	26,600		2,237,307
	Seven & i Holdings	159,900		6,445,100
				27,510,817
Netherlands – 3.47%
	Koninklijke Ahold
	Delhaize	340,330		9,478,744
				9,478,744
Spain – 2.62%
	Amadeus IT Group †	101,280		7,171,396
				7,171,396
Sweden – 7.69%
	Essity Class B	213,120		6,732,712
	H & M Hennes &
	Mauritz Class B †	229,165		5,162,704
	Securitas Class B	535,980		9,113,584
				21,009,000
Switzerland – 10.60%
	Nestle	91,090		10,152,273
	Roche Holding	35,650		11,521,232
	Swatch Group	25,380		7,301,298
				28,974,803
United Kingdom – 6.93%
	Diageo	258,830		10,667,225
	Next †	24,870		2,696,920
	Smith & Nephew	294,460		5,593,888
				18,958,033
United States – 27.96%
	3M	32,550		6,271,734
	Conagra Brands	199,280		7,492,928
	General Mills	136,180		8,350,558
	Henry Schein †	81,980		5,676,295
	Ingredion	83,200		7,481,344
	Kimberly-Clark	72,990		10,149,259
	Lamb Weston Holdings	142,120		11,011,458
	Merck & Co.	111,650		8,607,098
	Parker-Hannifin	10,170		3,207,923
	Pfizer	226,290		8,198,487
				76,447,084
Total Common Stock
	(cost $249,310,444)			270,114,835
Exchange-Traded Funds – 0.65%
	Vanguard S&P 500 ETF	4,860		1,770,498
Total Exchange-Traded Funds
	(cost $1,747,983)			1,770,498
Short-Term Investments – 2.08%
Money Market Mutual Funds – 2.08%
	BlackRock FedFund –
	Institutional Shares
	(seven-day effective
	yield 0.01%)	1,418,977		1,418,977
	Fidelity Investments
	Money Market
	Government Portfolio
	– Class I (seven-day
	effective yield 0.01%)	1,418,977		1,418,977
	GS Financial Square
	Government Fund –
	Institutional Shares
	(seven-day effective
	yield 0.03%)	1,418,978		1,418,978
	Morgan Stanley
	Government Portfolio
	– Institutional Share
	Class (seven-day
	effective yield 0.00%)	1,418,978		1,418,978
Total Short-Term Investments
	(cost $5,675,910)			5,675,910
Total Value of
	Securities–101.53%
	(cost $256,734,337)		$	277,561,243

Δ	Securities have been classified by country of origin. Aggregate classification by business sector has been presented on page 16 in “Security type / country and sector allocations.”
†	Non-income producing security.

39

Schedules of investments
Delaware Global Equity Fund

The following foreign currency exchange contracts were outstanding at March 31, 2021:¹

Foreign Currency Exchange Contracts

	Currency to						Settlement	Unrealized		Unrealized
Counterparty	Receive (Deliver)			In Exchange For			Date	Appreciation		Depreciation
BNYM	CHF	(66,701	)	USD	70,715		4/1/21	$	141	$	—
BNYM	DKK	(634,767	)	USD	99,869		4/6/21		—		(209	)
BNYM	GBP	719,369		USD	(988,301	)	4/1/21		3,425		—
BNYM	GBP	1,268,212		USD	(1,751,883	)	4/6/21		—		(3,493	)
BNYM	JPY	(2,892,628	)	USD	26,220		4/1/21		95		—
BNYM	JPY	(29,663,020	)	USD	267,932		4/2/21		29		—
BNYM	SEK	(1,006,992	)	USD	115,332		4/6/21		23		—
Total Foreign Currency Exchange Contracts								$	3,713	$	(3,702	)

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 contracts 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 6 in “Notes to financial statements.”

Summary of abbreviations:
AG – Aktiengesellschaft
BNYM – Bank of New York Mellon
ETF – Exchange-Traded Fund
GS – Goldman Sachs
S&P – Standard & Poor’s Financial Services LLC

Summary of currencies:
CHF – Swiss Franc
DKK – Danish Krone
GBP – British Pound Sterling
JPY – Japanese Yen
SEK – Swedish Krona
USD – US Dollar

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

40

Delaware International Fund

March 31, 2021 (Unaudited)

			Number of
			shares	Value (US $)
Common Stock – 98.45%Δ
Denmark – 5.35%
	Novo Nordisk Class B		229,820	$	15,570,117
					15,570,117
France – 21.50%
	Air Liquide		90,330		14,756,048
	Danone		244,490		16,772,735
	Orange		710,030		8,747,011
	Publicis Groupe		194,220		11,852,724
	Sodexo †		108,590		10,414,151
					62,542,669
Germany – 12.00%
	adidas AG †		30,260		9,446,347
	Fresenius Medical Care
		AG & Co.	211,080		15,525,302
	SAP		81,050		9,924,843
					34,896,492
Japan – 18.95%
	Asahi Group Holdings		187,200		7,887,000
	Kao		145,000		9,576,744
	KDDI		371,400		11,387,699
	Kirin Holdings		154,300		2,955,007
	Lawson		105,800		5,188,476
	Secom		79,000		6,644,633
	Seven & i Holdings		284,400		11,463,330
					55,102,889
Netherlands – 4.03%
	Koninklijke Ahold
		Delhaize	421,160		11,729,990
					11,729,990
Spain – 2.37%
	Amadeus IT Group †		97,410		6,897,371
					6,897,371
Sweden – 9.68%
	Essity Class B		227,600		7,190,153
	H & M Hennes &
		Mauritz Class B †	317,060		7,142,831
	Securitas Class B		813,040		13,824,598
					28,157,582
Switzerland – 14.74%
	Nestle		142,530		15,885,426
	Roche Holding		43,110		13,932,127
	Swatch Group		45,320		13,037,621
					42,855,174
United Kingdom – 9.83%
	Diageo		467,600		19,271,314
	Next †		30,880		3,348,648
	Smith & Nephew		314,280		5,970,411
					28,590,373
Total Common Stock
	(cost $270,219,933)				286,342,657
Exchange-Traded Funds – 1.02%
	iShares MSCI EAFE ETF		50		3,794
	iShares Trust iShares ESG
		Aware MSCI EAFE
		ETF	38,840		2,947,956
Total Exchange-Traded Funds
	(cost $2,941,229)				2,951,750
Short-Term Investments – 1.26%
Money Market Mutual Funds – 1.26%
	BlackRock FedFund –
		Institutional Shares
		(seven-day effective
		yield 0.01%)	918,630		918,630
	Fidelity Investments
		Money Market
		Government Portfolio
		– Class I (seven-day
		effective yield 0.01%)	918,630		918,630
	GS Financial Square
		Government Fund –
		Institutional Shares
		(seven-day effective
		yield 0.03%)	918,630		918,630
	Morgan Stanley
		Government Portfolio
		– Institutional Share
		Class (seven-day
		effective yield 0.00%)	918,631		918,631
Total Short-Term Investments
	(cost $3,674,521)				3,674,521
Total Value of
	Securities–100.73%
	(cost $276,835,683)			$	292,968,928

Δ	Securities have been classified by country of origin. Aggregate classification by business sector has been presented on page 17 in “Security type / country and sector allocations.”
†	Non-income producing security.

41

Schedules of investments
Delaware International Fund

The following foreign currency exchange contracts were outstanding at March 31, 2021:¹

Foreign Currency Exchange Contracts

	Currency to						Settlement	Unrealized		Unrealized
Counterparty	Receive (Deliver)			In Exchange For			Date	Appreciation		Depreciation
BNYM	CHF	264,420		USD	(281,011	)	4/1/21	$	—	$	(1,239	)
BNYM	DKK	605,559		USD	(95,565	)	4/6/21		—		(92	)
BNYM	EUR	174,729		USD	(204,917	)	4/1/21		—		(8	)
BNYM	GBP	828,158		USD	(1,137,743	)	4/1/21		3,960		—
BNYM	GBP	1,379,225		USD	(1,905,234	)	4/6/21		—		(3,799	)
BNYM	JPY	40,761,160		USD	(369,714	)	4/1/21		—		(1,583	)
BNYM	SEK	(1,063,833	)	USD	121,842		4/6/21		24		—
BNYM	DKK	(975,467	)	USD	153,473		4/6/21		—		(321	)
BNYM	JPY	(4,387,106	)	USD	39,767		4/1/21		145		—
Total Foreign Currency Exchange Contracts								$	4,129	$	(7,042	)

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 contracts 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 6 in “Notes to financial statements.”

Summary of abbreviations:
AG – Aktiengesellschaft
BNYM – Bank of New York Mellon
EAFE – Europe, Australasia, and Far East
ESG – Environmental, Social, and Governance
ETF – Exchange-Traded Fund
GS – Goldman Sachs
MSCI – Morgan Stanley Capital International

Summary of currencies:
CHF – Swiss Franc
DKK – Danish Krone
EUR – European Monetary Unit
GBP – British Pound Sterling
JPY – Japanese Yen
SEK – Swedish Krona
USD – US Dollar

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

42

Delaware Floating Rate II Fund

March 31, 2021 (Unaudited)

			Principal
			amount°	Value (US $)
Convertible Bond – 0.38%
Energy – 0.38%
	Cheniere Energy PIK
		144A 4.875%
		exercise price $93.64,
		maturity date
		5/28/21 #, *	184,685	$	186,048
					186,048
Total Convertible Bond
	(cost $186,225)				186,048
Corporate Bonds – 6.03%
Banking – 0.44%
	Barclays 6.125%
		12/15/25 µ, ψ	200,000		218,650
					218,650
Capital Goods – 0.78%
	Bombardier 144A
		7.875% 4/15/27 #	125,000		122,778
	TransDigm 5.50%
		11/15/27	250,000		259,157
					381,935
Communications – 0.83%
	Cincinnati Bell 144A
		7.00% 7/15/24 #	223,000		230,526
	Level 3 Financing 144A
		4.25% 7/1/28 #	175,000		177,154
					407,680
Consumer Non-Cyclical – 0.17%
	United Natural Foods
		144A 6.75%
		10/15/28 #	80,000		85,600
					85,600
Financial Services – 0.42%
	NFP 144A 7.00%
		5/15/25 #	190,000		204,488
					204,488
Healthcare – 0.87%
	Ortho-Clinical
		Diagnostics 144A
		7.375% 6/1/25 #	96,000		103,390
	Surgery Center Holdings
		144A 10.00%
		4/15/27 #	150,000		165,656
	Tenet Healthcare
		6.875% 11/15/31	142,000		158,357
					427,403
Insurance – 0.40%
	HUB International 144A
		7.00% 5/1/26 #	190,000		197,489
					197,489
Media – 0.25%
	Clear Channel Outdoor
		Holdings 144A
		7.75% 4/15/28 #	60,000		59,452
	Clear Channel
		Worldwide Holdings
		9.25% 2/15/24	61,000		63,573
					123,025
Technology – 0.83%
	Banff Merger Sub 144A
		9.75% 9/1/26 #	215,000		229,276
	Boxer Parent 144A
		9.125% 3/1/26 #	165,000		176,052
					405,328
Transportation – 1.04%
	Delta Air Lines 144A
		7.00% 5/1/25 #	350,000		403,475
	United Airlines Holdings
		4.875% 1/15/25	105,000		107,153
					510,628
Total Corporate Bonds
		(cost $2,707,234)			2,962,226
Loan Agreements – 91.34%
	A&V Holdings Midco
		3/10/27 ●	312,658		312,658
	Acrisure TBD 2/15/27 X		380,000		376,105
	Acrisure Tranche B
		3.703% (LIBOR03M
		+ 3.50%) 2/15/27 ●	26,841		26,566
	Acuris Finance US
		4.50% (LIBOR03M +
		4.00%) 2/16/28 ●	605,000		605,378
	Advantage Sales &
		Marketing 1st Lien
		6.00% (LIBOR03M +
		5.25%) 10/28/27 ●	438,900		438,939
	American Airlines
		Tranche B 2.106%
		(LIBOR01M + 2.00%)
		12/14/23 ●	385,419		368,186
	Applied Systems 2nd
		Lien 6.25%
		(LIBOR03M + 5.50%)
		9/19/25 ●	1,260,000		1,269,450
	Apro 5.00% (LIBOR03M
		+ 4.00%) 11/14/26 ●	799,091		799,591

43

Schedules of investments
Delaware Floating Rate II Fund

			Principal
			amount°	Value (US $)
Loan Agreements (continued)
	Array Technologies
		3.75% (LIBOR01M +
		3.25%) 10/14/27 ●	881,500	$	882,051
	Aruba Investments
		Holdings 1st Lien
		4.75% (LIBOR03M +
		4.00%) 11/24/27 ●	435,000		436,631
	Aruba Investments
		Holdings 2nd Lien
		8.50% (LIBOR03M +
		7.75%) 11/24/28 ●	435,000		439,350
	AssuredPartners
		3.609% (LIBOR01M
		+ 3.50%) 2/12/27 ●	437,432		433,126
		5.50% (LIBOR01M +
		4.50%) 2/12/27 ●	222,750		223,609
	Avast Software Tranche
		B TBD 3/15/28 X	200,000		200,281
	Ball Metalpack Finco
		2nd Lien 9.75%
		(LIBOR03M + 8.75%)
		7/31/26 ●	305,000		289,750
	Bausch Health 3.109%
		(LIBOR01M + 3.00%)
		6/2/25 ●	273,884		273,278
	Blue Ribbon 1st Lien
		5.137% (LIBOR03M
		+ 3.00%) 11/15/21 ●	889,000		872,054
	Boxer Parent 3.859%
		(LIBOR01M + 3.75%)
		10/2/25 ●	326,483		325,463
	BW Gas &
		Convenience Holdings
		6.36% (LIBOR01M +
		6.25%) 11/18/24 ●	785,286		793,384
	BW Gas &
		Convenience Holdings
		Tranche B TBD
		3/17/28 X	875,000		876,094
	Caesars Resort
		Collection Tranche
		B-1 4.609%
		(LIBOR01M + 4.50%)
		7/21/25 ●	386,060		387,290
	Camelot US Acquisition l
		3.109% (LIBOR01M
		+ 3.00%) 10/30/26 ●	420,073		417,360
		4.00% (LIBOR01M +
		3.00%) 10/30/26 ●	174,563		174,563
	Carnival 8.50%
		(LIBOR01M + 7.50%)
		6/30/25 ●	632,222		654,350
	Chemours Tranche B-2
		1.86% (LIBOR01M +
		1.75%) 4/3/25 ●	221,911	$	217,583
	CityCenter Holdings
		3.00% (LIBOR01M +
		2.25%) 4/18/24 ●	253,450		250,616
	Connect US Finco
		4.50% (LIBOR01M +
		3.50%) 12/11/26 ●	374,105		373,170
	Consolidated
		Communications
		5.75% (LIBOR01M +
		4.75%) 10/2/27 ●	528,363		529,817
	Core & Main 3.75%
		(LIBOR03M + 2.75%)
		8/1/24 ●	538,409		537,568
	CPC Acquisition 1st Lien
		4.50% (LIBOR03M +
		3.75%) 12/29/27 ●	625,000		633,984
	CSC Holdings 2.356%
		(LIBOR01M + 2.25%)
		7/17/25 ●	330,545		326,496
	Cumulus Media New
		Holdings 4.75%
		(LIBOR03M + 3.75%)
		3/31/26 ●	712,847		705,496
	Dun & Bradstreet
		Tranche B 3.359%
		(LIBOR01M + 3.25%)
		2/6/26 ●	445,387		443,647
	Endo Luxembourg
		Finance I Tranche B
		TBD 3/11/28 X	500,000		496,250
	Ensemble RCM 3.962%
		(LIBOR03M + 3.75%)
		8/3/26 ●	598,481		598,357
	Epicor Software 2nd Lien
		8.75% (LIBOR01M +
		7.75%) 7/31/28 ●	760,000		787,867
	Frontier Communications
		5.75% (LIBOR01M +
		4.75%) 10/8/21 ●	600,000		601,875
	Garda World Security
		Tranche B-2 4.25%
		(LIBOR01M + 4.25%)
		10/30/26 ●	423,678		424,384
	Global Medical
		Response 5.75%
		(LIBOR03M + 4.75%)
		10/2/25 ●	910,717		909,152
	Green Energy Partners
		Tranche B-1 6.50%
		(LIBOR03M + 5.50%)
		11/13/21 ●	119,319		112,458

44

			Principal
			amount°	Value (US $)
Loan Agreements (continued)
	Green Energy Partners
		Tranche B-2 6.50%
		(LIBOR03M + 5.50%)
		11/13/21 ●	168,155	$	158,486
	Hamilton Projects
		Acquiror 5.75%
		(LIBOR03M + 4.75%)
		6/17/27 ●	708,346		711,534
	Heartland Dental
		3.609% (LIBOR01M
		+ 3.50%) 4/30/25 ●	919,571		906,416
	HUB International
		Tranche B-3 4.00%
		(LIBOR03M + 3.25%)
		4/25/25 ●	248,889		249,188
	Ineos US Petrochem
		Tranche B 3.25%
		(LIBOR03M + 2.75%)
		1/29/26 ●	460,000		458,965
	Informatica 2nd Lien
		7.125% 2/25/25 ●	722,000		739,749
	Kenan Advantage Group
		Tranche B TBD
		3/12/26 X	498,750		497,347
	Logmein 1st Lien
		4.854% (LIBOR01M
		+ 4.75%) 8/31/27 ●	607,475		606,770
	Mermaid Bidco Tranche
		B 5.00% (LIBOR02M
		+ 4.25%) 12/22/27 ●	950,000		950,594
	Milano Acquisition
		Tranche B 4.75%
		(LIBOR03M + 4.00%)
		10/1/27 ●	947,625		945,256
	Mileage Plus Holdings
		6.25% (LIBOR03M +
		5.25%) 6/21/27 ●	553,000		588,676
	Numericable US Tranche
		B-13 4.198%
		(LIBOR03M + 4.00%)
		8/14/26 ●	252,348		251,875
	Ortho-Clinical
		Diagnostics 3.359%
		(LIBOR03M + 3.25%)
		6/30/25 ●	372,345		372,199
	Peraton Tranche B 1st
		Lien 4.50%
		(LIBOR03M + 3.75%)
		2/1/28 ●	322,475		322,609
	PetSmart 4.50%
		(LIBOR03M + 3.75%)
		2/12/28 ●	625,000		624,739
	PG&E Tranche B 3.50%
		(LIBOR03M + 3.00%)
		6/23/25 ●	876,866		877,414
	PQ 4.00% (LIBOR03M +
		3.00%) 2/7/27 ●	95,868		96,048
	PQ Tranche B 2.462%
		(LIBOR03M + 2.25%)
		2/8/27 ●	153,605		152,741
	Pregis Topco 1st Lien
		3.859% (LIBOR01M
		+ 3.75%) 7/31/26 ●	403,977		401,705
	Pretium PKG Holdings
		1st Lien 4.75%
		(LIBOR06M + 4.00%)
		11/5/27 ●	473,813		474,010
	Quikrete Holdings 1st
		Lien 2.609%
		(LIBOR01M + 2.50%)
		2/1/27 ●	435,269		432,820
	RealPage TBD 2/18/28 X		1,020,000		1,016,387
	Rent-A-Center 4.75%
		(LIBOR01M + 4.00%)
		2/17/28 ●	250,000		251,458
	Ryan Specialty Group
		Tranche B-1 3.75%
		(LIBOR01M + 3.00%)
		9/1/27 ●	472,625		473,807
	Schweitzer-Mauduit
		International Tranche
		B TBD 1/27/28 X	620,000		618,450
	Scientific Games
		International Tranche
		B-5 2.859%
		(LIBOR01M + 2.75%)
		8/14/24 ●	371,653		364,963
	Sinclair Televison Group
		Tranche B-2 2.61%
		(LIBOR01M + 2.50%)
		9/30/26 ●	301,221		297,832
	Solenis International 2nd
		Lien 8.69%
		(LIBOR03M + 8.50%)
		6/26/26 ●	840,000		843,150
	Spirit Aerosystems
		6.00% (LIBOR01M +
		5.25%) 1/15/25 ●	583,537		588,643
	SS&C Technologies
		Tranche B-5 1.859%
		(LIBOR01M + 1.75%)
		4/16/25 ●	253,356		251,168
	Stars Group Holdings
		3.703% (LIBOR03M
		+ 3.50%) 7/10/25 ●	500,772		502,337

45

Schedules of investments
Delaware Floating Rate II Fund

			Principal
			amount°	Value (US $)
Loan Agreements (continued)
	Surgery Center Holdings
		4.25% (LIBOR01M +
		3.25%) 9/2/24 ●	289,257	$	287,088
	Syncsort 1st Lien TBD
		3/19/29 X	745,000		748,725
	Syncsort Tranche B 1st
		Lien TBD 3/20/28 X	250,000		249,531
	Terrier Media Buyer
		Tranche B 3.609%
		(LIBOR01M + 3.50%)
		12/17/26 ●	252,737		250,821
	Titan
		Acquisition 3.267%
		(LIBOR03M + 3.00%)
		3/28/25 ●	459,748		451,415
	Tosca Services 4.25%
		(LIBOR01M + 3.50%)
		8/18/27 ●	678,300		678,583
	TricorBraun 3.75%
		(LIBOR06M + 3.25%)
		3/3/28 ●	246,748		244,878
	Triton Water Holdings
		1st Lien TBD
		3/31/28 X	650,000		648,549
	Truck Hero 4.50%
		(LIBOR01M + 3.75%)
		1/29/28 ●	925,000		925,000
	UKG 4.00% (LIBOR03M
		+ 3.25%) 5/4/26 ●	488,438		488,781
	Ultimate Software Group
		2nd Lien 7.50%
		(LIBOR03M + 6.75%)
		5/3/27 ●	962,000		989,657
	USI 3.453% (LIBOR03M
		+ 3.25%) 12/2/26 ●	250,367		248,221
	USS Ultimate Holdings
		2nd Lien 8.75%
		(LIBOR01M + 7.75%)
		8/25/25 ●	254,545		255,182
	Vantage Specialty
		Chemicals 1st Lien
		TBD 10/28/24 X	225,000		212,719
	Vantage Specialty
		Chemicals 2nd Lien
		9.25% (LIBOR03M +
		8.25%) 10/27/25 ●	150,000		140,648
	Verscend Holding
		Tranche B 4.609%
		(LIBOR01M + 4.50%)
		8/27/25 ●	1,021,283		1,025,296
	Vertical Midco Tranche B
		4.478% (LIBOR03M
		+ 4.25%) 7/30/27 ●	248,399		249,227
	White Cap Buyer 4.50%
		(LIBOR03M + 4.00%)
		10/19/27 ●	393,750		393,477
	Whole Earth Brands
		5.50% (LIBOR03M +
		4.50%) 2/2/28 ●	528,000		525,360
Total Loan Agreements
		(cost $44,056,307)			44,864,721
			Number of
			shares
Short-Term Investments – 7.32%
Money Market Mutual Funds – 7.32%
	BlackRock FedFund –
		Institutional Shares
		(seven-day effective
		yield 0.01%)	898,762		898,762
	Fidelity Investments
		Money Market
		Government Portfolio
		– Class I (seven-day
		effective yield 0.01%)	898,762		898,762
	GS Financial Square
		Government Fund –
		Institutional Shares
		(seven-day effective
		yield 0.03%)	898,762		898,762
	Morgan Stanley
		Government Portfolio
		– Institutional Share
		Class (seven-day
		effective yield 0.00%)	898,762		898,762
Total Short-Term Investments
	(cost $3,595,048)				3,595,048
Total Value of
	Securities—105.07%
	(cost $50,544,814)			$	51,608,043

°	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 March 31, 2021, the aggregate value of Rule 144A securities was $2,341,384, which represents 4.77% of the Fund’s net assets. See Note 9 in “Notes to financial statements.”
*	PIK. 100% of the income received was in the form of principal.

46

µ	Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at March 31, 2021. Rate will reset at a future date.
Ψ	Perpetual security. Maturity date represents next call date.
●	Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at March 31, 2021. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.
X	This loan will settle after March 31, 2021, at which time the interest rate, based on the LIBOR and the agreed upon spread on trade date, will be reflected.

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 March 31, 2021:

								Unrealized
	Principal							Appreciation
Borrower	Amount		Commitment			Value		(Depreciation)
Peraton TBD 2/24/28	$	567,525		$	564,688	$	567,762		$	3,074
TricorBraun 0.50% (LIBOR04M + 0.50%) 3/3/28		53,252			53,252		52,849			(403	)

Summary of abbreviations:
GS – Goldman Sachs
ICE – Intercontinental Exchange, Inc.
LIBOR – London interbank offered rate
LIBOR01M – ICE LIBOR USD 1 Month
LIBOR02M – ICE LIBOR USD 2 Month
LIBOR03M – ICE LIBOR USD 3 Month
LIBOR04M – ICE LIBOR USD 4 Month
LIBOR06M – ICE LIBOR USD 6 Month
PIK – Payment-in-kind
TBD – To be determined
USD – US Dollar

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

47

Schedules of investments
Delaware Fund for Income

March 31, 2021 (Unaudited)

			Principal
			amount°	Value (US $)
Corporate Bonds – 85.72%
Banking – 2.33%
	Barclays 6.125%
		12/15/25 µ, Ψ	2,125,000	$	2,323,156
	Deutsche Bank 6.00%
		10/30/25 µ, Ψ	3,000,000		3,052,500
	Popular 6.125%
		9/14/23	1,658,000		1,796,683
	SVB Financial Group
		4.10% 2/15/31 µ, Ψ	2,070,000		2,076,469
					9,248,808
Basic Industry – 8.46%
	Allegheny Technologies
		5.875% 12/1/27	825,000		855,422
		7.875% 8/15/23	2,480,000		2,696,516
	Arcosa 144A 4.375%
		4/15/29 #	840,000		840,000
	Avient 144A 5.75%
		5/15/25 #	1,947,000		2,071,121
	Blue Cube Spinco
		10.00% 10/15/25	287,000		303,144
	Chemours 144A 5.75%
		11/15/28 #	1,995,000		2,104,306
	First Quantum Minerals
		144A 6.875%
		10/15/27 #	1,270,000		1,363,663
		144A 7.25%
		4/1/23 #	1,750,000		1,783,294
		144A 7.50%
		4/1/25 #	2,005,000		2,072,669
	Freeport-McMoRan
		5.45% 3/15/43	1,730,000		2,084,408
	Hudbay Minerals 144A
		6.125% 4/1/29 #	970,000		1,037,900
	M/I Homes 4.95%
		2/1/28	1,781,000		1,847,787
	Mattamy Group 144A
		5.25% 12/15/27 #	1,870,000		1,962,331
	New Gold 144A 7.50%
		7/15/27 #	1,945,000		2,020,515
	Novelis
		144A 4.75%
		1/30/30 #	560,000		578,242
		144A 5.875%
		9/30/26 #	897,000		937,365
	Olin 5.00% 2/1/30		1,090,000		1,144,282
	PowerTeam Services
		144A 9.033%
		12/4/25 #	3,820,000		4,221,100
	United States Steel
		6.875% 3/1/29	1,350,000		1,382,062
	Vedanta Resources
		Finance II 144A
		8.95% 3/11/25 #	970,000		928,183
	Venator Finance 144A
		5.75% 7/15/25 #	1,440,000		1,400,400
					33,634,710
Capital Goods – 5.22%
	ARD Finance PIK 144A
		6.50% 6/30/27 #, >	1,975,000		2,076,219
	Bombardier
		144A 7.50%
		12/1/24 #	1,950,000		1,951,219
		144A 7.875%
		4/15/27 #	610,000		599,154
	Granite US Holdings
		144A 11.00%
		10/1/27 #	1,910,000		2,158,300
	Reynolds Group Issuer
		144A 4.00%
		10/15/27 #	2,105,000		2,065,531
	Spirit AeroSystems 144A
		5.50% 1/15/25 #	2,115,000		2,239,256
	Terex
		144A 5.00%
		5/15/29 #	2,305,000		2,389,017
		144A 5.625%
		2/1/25 #	1,185,000		1,218,334
	Titan Acquisition 144A
		7.75% 4/15/26 #	800,000		832,960
	TransDigm 144A 6.25%
		3/15/26 #	1,945,000		2,064,530
	Vertical Holdco 144A
		7.625% 7/15/28 #	1,930,000		2,078,851
	Welbilt 9.50% 2/15/24		1,061,000		1,094,820
					20,768,191
Communications – 7.50%
	Altice Financing 144A
		5.00% 1/15/28 #	1,445,000		1,428,744
	Altice France Holding
		144A 6.00%
		2/15/28 #	3,030,000		2,991,049
	Cincinnati Bell 144A
		7.00% 7/15/24 #	1,450,000		1,498,937
	Connect Finco 144A
		6.75% 10/1/26 #	2,890,000		3,081,578
	Consolidated
		Communications
		144A 5.00%
		10/1/28 #	935,000		944,631
		144A 6.50%
		10/1/28 #	935,000		1,011,324

48

			Principal
			amount°	Value (US $)
Corporate Bonds (continued)
Communications (continued)
	Frontier Communications
		144A 5.875%
		10/15/27 #	1,180,000	$	1,253,013
		144A 6.75%
		5/1/29 #	930,000		982,615
	LCPR Senior Secured
		Financing 144A
		6.75% 10/15/27 #	1,375,000		1,467,675
	Level 3 Financing 144A
		4.25% 7/1/28 #	2,385,000		2,414,359
	Sable International
		Finance 144A 5.75%
		9/7/27 #	1,370,000		1,447,919
	Sprint
		7.625% 3/1/26	1,325,000		1,624,735
		7.875% 9/15/23	2,745,000		3,140,966
	Sprint Capital 8.75%
		3/15/32	815,000		1,205,996
	T-Mobile USA
		3.375% 4/15/29	1,090,000		1,100,219
		3.50% 4/15/31	615,000		620,381
	Zayo Group Holdings
		144A 6.125%
		3/1/28 #	3,500,000		3,597,895
					29,812,036
Consumer Cyclical – 10.88%
	Allison Transmission
		144A 5.875%
		6/1/29 #	1,810,000		1,981,389
	Boyd Gaming 4.75%
		12/1/27	2,260,000		2,307,697
	Caesars Entertainment
		144A 6.25%
		7/1/25 #	1,290,000		1,376,778
		144A 8.125%
		7/1/27 #	1,095,000		1,208,935
	Carnival
		144A 5.75%
		3/1/27 #	1,045,000		1,073,738
		144A 7.625%
		3/1/26 #	5,335,000		5,738,059
	Ford Motor
		8.50% 4/21/23	1,440,000		1,607,400
		9.00% 4/22/25	490,000		594,076
	Ford Motor Credit
		3.37% 11/17/23	995,000		1,021,119
		3.375% 11/13/25	945,000		962,246
		4.542% 8/1/26	1,205,000		1,276,637
		5.584% 3/18/24	1,085,000		1,172,494
	General Motors Financial
		5.70% 9/30/30 µ, Ψ	775,000		838,938
	Jaguar Land Rover
		Automotive
		144A 4.50%
		10/1/27 #	645,000		613,714
		144A 5.875%
		1/15/28 #	1,485,000		1,510,059
	L Brands
		6.875% 11/1/35	1,295,000		1,545,311
		6.95% 3/1/33	1,441,000		1,610,317
		144A 9.375%
		7/1/25 #	890,000		1,109,163
	Levi Strauss & Co. 144A
		3.50% 3/1/31 #	2,235,000		2,159,569
	MGM Resorts
		International 4.75%
		10/15/28	1,990,000		2,059,143
	Murphy Oil USA 144A
		3.75% 2/15/31 #	1,940,000		1,910,512
	PetSmart 144A 7.75%
		2/15/29 #	2,340,000		2,535,858
	Royal Caribbean Cruises
		144A 5.50%
		4/1/28 #	2,215,000		2,228,844
	Scientific Games
		International
		144A 7.25%
		11/15/29 #	1,000,000		1,086,690
		144A 8.25%
		3/15/26 #	1,723,000		1,850,855
	Six Flags Entertainment
		144A 4.875%
		7/31/24 #	1,310,000		1,324,737
	Station Casinos 144A
		5.00% 10/1/25 #	563,000		571,093
					43,275,371
Consumer Non-Cyclical – 3.94%
	JBS USA LUX 144A
		5.50% 1/15/30 #	2,475,000		2,744,156
	Kraft Heinz Foods
		5.00% 7/15/35	1,055,000		1,216,116
		5.20% 7/15/45	1,765,000		2,045,718
	Pilgrim’s Pride 144A
		5.875% 9/30/27 #	2,325,000		2,494,609
	Post Holdings
		144A 5.50%
		12/15/29 #	1,325,000		1,420,499
		144A 5.75%
		3/1/27 #	1,150,000		1,211,680
	Rent-A-Center 144A
		6.375% 2/15/29 #	1,920,000		2,040,000

49

Schedules of investments
Delaware Fund for Income

			Principal
			amount°	Value (US $)
Corporate Bonds (continued)
Consumer Non-Cyclical (continued)
	United Natural Foods
		144A 6.75%
		10/15/28 #	2,340,000	$	2,503,800
					15,676,578
Energy – 14.19%
	Apache
		4.75% 4/15/43	1,333,000		1,238,357
		4.875% 11/15/27	1,015,000		1,041,898
	Ascent Resources Utica
		Holdings 144A
		7.00% 11/1/26 #	2,050,000		2,052,562
	CNX Resources
		144A 6.00%
		1/15/29 #	2,165,000		2,253,884
		144A 7.25%
		3/14/27 #	1,010,000		1,086,114
	Crestwood Midstream
		Partners 144A 6.00%
		2/1/29 #	2,661,000		2,626,074
	DCP Midstream
		Operating 5.125%
		5/15/29	3,050,000		3,248,677
	EQM Midstream Partners
		144A 4.75%
		1/15/31 #	1,255,000		1,218,919
		144A 6.50%
		7/1/27 #	875,000		952,582
	Genesis Energy
		7.75% 2/1/28	2,000,000		2,003,100
		8.00% 1/15/27	3,355,000		3,403,295
	Murphy Oil
		5.875% 12/1/27	1,759,000		1,725,473
		6.375% 7/15/28	3,465,000		3,474,009
	NuStar Logistics
		5.625% 4/28/27	1,650,000		1,729,151
		6.00% 6/1/26	1,259,000		1,359,468
		6.375% 10/1/30	2,368,000		2,564,840
	Occidental Petroleum
		3.00% 2/15/27	1,240,000		1,169,103
		3.40% 4/15/26	1,110,000		1,079,198
		3.50% 8/15/29	1,165,000		1,094,576
		6.125% 1/1/31	2,155,000		2,383,592
		6.45% 9/15/36	990,000		1,094,207
		6.625% 9/1/30	1,555,000		1,749,841
	PDC Energy
		5.75% 5/15/26	2,623,000		2,723,985
		6.125% 9/15/24	823,000		846,044
	Southwestern Energy
		7.50% 4/1/26	600,000		635,712
		7.75% 10/1/27	2,030,000		2,173,369
	Targa Resources Partners
		144A 4.00%
		1/15/32 #	1,555,000		1,464,452
		6.50% 7/15/27	2,465,000		2,684,829
	TechnipFMC 144A
		6.50% 2/1/26 #	3,855,000		4,036,368
	Western Midstream
		Operating 4.75%
		8/15/28	1,250,000		1,309,375
					56,423,054
Financial Services – 4.07%
	AerCap Holdings
		5.875% 10/10/79 µ	2,670,000		2,750,901
	Air Lease 4.65%
		6/15/26 µ, Ψ	1,900,000		1,881,000
	Ally Financial 8.00%
		11/1/31	1,420,000		1,979,894
	Camelot Finance 144A
		4.50% 11/1/26 #	2,105,000		2,180,349
	Credit Suisse Group
		144A 4.50%
		9/3/30 #, µ, Ψ	2,075,000		1,950,500
	INEOS Quattro Finance
		2 144A 3.375%
		1/15/26 #	2,135,000		2,137,669
	UBS Group 144A
		4.375%
		2/10/31 #, µ, Ψ	2,140,000		2,116,460
	VM Consolidated 144A
		5.50% 4/15/29 #	1,140,000		1,169,560
					16,166,333
Healthcare – 6.31%
	Bausch Health 144A
		6.25% 2/15/29 #	3,095,000		3,294,320
	Cheplapharm
		Arzneimittel 144A
		5.50% 1/15/28 #	2,135,000		2,220,443
	CHS
		144A 4.75%
		2/15/31 #	895,000		875,444
		144A 8.00%
		3/15/26 #	1,060,000		1,147,238
	DaVita 144A 4.625%
		6/1/30 #	1,720,000		1,754,589
	Hadrian Merger Sub
		144A 8.50%
		5/1/26 #	2,326,000		2,421,506
	HCA
		5.375% 2/1/25	1,305,000		1,457,685
		5.875% 2/1/29	1,095,000		1,277,542

50

			Principal
			amount°	Value (US $)
Corporate Bonds (continued)
Healthcare (continued)
	Jaguar Holding II
		144A 4.625%
		6/15/25 #	1,075,000	$	1,123,300
		144A 5.00%
		6/15/28 #	1,000,000		1,042,750
	Ortho-Clinical
		Diagnostics
		144A 7.25%
		2/1/28 #	1,014,000		1,112,901
		144A 7.375%
		6/1/25 #	1,314,000		1,415,145
	Surgery Center Holdings
		144A 10.00%
		4/15/27 #	1,065,000		1,176,159
	Tenet Healthcare
		144A 6.125%
		10/1/28 #	1,215,000		1,269,675
		6.75% 6/15/23	1,170,000		1,269,333
		6.875% 11/15/31	2,015,000		2,247,108
					25,105,138
Insurance – 1.47%
	GTCR AP Finance 144A
		8.00% 5/15/27 #	702,000		755,527
	HUB International 144A
		7.00% 5/1/26 #	1,999,000		2,077,791
	USI 144A 6.875%
		5/1/25 #	2,954,000		3,014,897
					5,848,215
Media – 6.30%
	AMC Networks 4.25%
		2/15/29	1,615,000		1,572,606
	Beasley Mezzanine
		Holdings 144A
		8.625% 2/1/26 #	2,070,000		2,085,525
	CCO Holdings
		144A 4.50%
		8/15/30 #	3,950,000		4,030,797
		144A 5.375%
		6/1/29 #	1,650,000		1,771,506
	Clear Channel Outdoor
		Holdings 144A
		7.75% 4/15/28 #	900,000		891,788
	Clear Channel
		Worldwide Holdings
		9.25% 2/15/24	1,057,000		1,101,579
	CSC Holdings 144A
		4.625% 12/1/30 #	4,085,000		4,023,725
	Cumulus Media New
		Holdings 144A
		6.75% 7/1/26 #	2,227,000		2,272,576
	Gray Television 144A
		7.00% 5/15/27 #	2,435,000		2,651,106
	Nexstar Broadcasting
		144A 4.75%
		11/1/28 #	1,540,000		1,559,111
	Terrier Media Buyer
		144A 8.875%
		12/15/27 #	2,850,000		3,072,086
					25,032,405
Real Estate – 1.37%
	Global Net Lease 144A
		3.75% 12/15/27 #	464,000		452,802
	Iron Mountain
		144A 5.25%
		3/15/28 #	2,050,000		2,133,281
		144A 5.25%
		7/15/30 #	1,115,000		1,151,851
	MGM Growth Properties
		Operating Partnership
		144A 3.875%
		2/15/29 #	1,695,000		1,691,610
					5,429,544
Services – 4.67%
	BCPE Ulysses
		Intermediate 144A
		PIK 7.75%
		4/1/27 #, «	1,165,000		1,210,872
	Gartner 144A 4.50%
		7/1/28 #	1,740,000		1,796,550
	LBM Acquisition 144A
		6.25% 1/15/29 #	790,000		814,687
	Legends Hospitality
		Holding 144A 5.00%
		2/1/26 #	1,280,000		1,304,000
	Prime Security Services
		Borrower
		144A 5.75%
		4/15/26 #	1,360,000		1,473,288
		144A 6.25%
		1/15/28 #	1,950,000		2,032,680
	Sabre GLBL
		144A 7.375%
		9/1/25 #	1,545,000		1,688,376
		144A 9.25%
		4/15/25 #	1,310,000		1,563,812
	Tms International
		Holding 144A 7.25%
		8/15/25 #	1,440,000		1,472,400
	United Rentals North
		America 5.25%
		1/15/30	1,885,000		2,049,325

51

Schedules of investments
Delaware Fund for Income

			Principal
			amount°	Value (US $)
Corporate Bonds (continued)
Services (continued)
	White Cap Buyer 144A
		6.875% 10/15/28 #	2,980,000	$	3,169,424
					18,575,414
Technology & Electronics – 3.76%
	Austin BidCo 144A
		7.125% 12/15/28 #	790,000		805,306
	Banff Merger Sub 144A
		9.75% 9/1/26 #	2,422,000		2,582,821
	BY Crown Parent 144A
		4.25% 1/31/26 #	1,835,000		1,907,813
	CommScope
		Technologies 144A
		5.00% 3/15/27 #	1,930,000		1,915,535
	Go Daddy Operating
		144A 3.50%
		3/1/29 #	2,045,000		2,013,047
	Microchip Technology
		144A 4.25%
		9/1/25 #	2,120,000		2,215,318
	Sensata Technologies
		144A 4.00%
		4/15/29 #	2,210,000		2,253,990
	SS&C Technologies 144A
		5.50% 9/30/27 #	1,165,000		1,242,239
					14,936,069
Transportation – 3.73%
	Delta Air Lines 7.375%
		1/15/26	4,885,000		5,717,779
	Mileage Plus Holdings
		144A 6.50%
		6/20/27 #	1,385,000		1,520,038
	Spirit Loyalty Cayman
		144A 8.00%
		9/20/25 #	970,000		1,098,443
	Stena International
		144A 6.125%
		2/1/25 #	770,000		780,487
	United Airlines Holdings
		4.875% 1/15/25	2,880,000		2,939,054
	VistaJet Malta Finance
		144A 10.50%
		6/1/24 #	2,540,000		2,774,950
					14,830,751
Utilities – 1.52%
	Calpine 144A 5.00%
		2/1/31 #	2,240,000		2,189,600
	Edison International
		5.375% 3/15/26 µ, Ψ	1,785,000		1,814,096
	PG&E 5.25% 7/1/30		1,910,000		2,026,987
					6,030,683
Total Corporate Bonds
	(cost $327,889,035)				340,793,300
Loan Agreements – 10.84%
	Applied Systems 2nd
		Lien 6.25%
		(LIBOR03M + 5.50%)
		9/19/25 ●	6,240,000		6,286,800
	Apro 5.00% (LIBOR03M
		+ 4.00%) 11/14/26 ●	2,104,432		2,105,747
	Blue Ribbon 1st Lien
		5.137% (LIBOR03M
		+ 3.00%) 11/15/21 ●	524,000		514,012
	BW Gas &
		Convenience Holdings
		6.36% (LIBOR01M +
		6.25%) 11/18/24 ●	2,072,906		2,094,282
	Epicor Software 2nd Lien
		8.75% (LIBOR01M +
		7.75%) 7/31/28 ●	1,616,600		1,675,876
	Frontier Communications
		5.75% (LIBOR01M +
		4.75%) 10/8/21 ●	865,000		867,703
	Gainwell
		Acquisition Tranche B
		TBD 10/1/27 X	2,249,000		2,243,377
	Global Medical
		Response 5.75%
		(LIBOR03M + 4.75%)
		10/2/25 ●	3,242,873		3,237,298
	Green Energy Partners
		Tranche B-1 6.50%
		(LIBOR03M + 5.50%)
		11/13/21 ●	788,004		742,694
	Green Energy Partners
		Tranche B-2 6.50%
		(LIBOR03M + 5.50%)
		11/13/21 ●	278,891		262,855
	Hamilton Projects
		Acquiror 5.75%
		(LIBOR03M + 4.75%)
		6/17/27 ●	2,183,500		2,193,326
	Informatica 2nd Lien
		7.125% 2/25/25 ●	2,398,000		2,456,950
	Peraton Tranche B 1st
		Lien 4.50%
		(LIBOR03M + 3.75%)
		2/1/28 ●	760,895		761,213

52

			Principal
			amount°	Value (US $)
Loan Agreements (continued)
	Schweitzer-Mauduit
		International Tranche
		B TBD 1/27/28 X	1,025,000	$	1,022,437
	Solenis International 2nd
		Lien 8.69%
		(LIBOR03M + 8.50%)
		6/26/26 ●	3,276,001		3,288,286
	Surgery Center Holdings
		4.25% (LIBOR01M +
		3.25%) 9/2/24 ●	2,183,612		2,167,235
	Syncsort 1st Lien TBD
		3/19/29 X	880,000		884,400
	Ultimate Software Group
		2nd Lien 7.50%
		(LIBOR03M + 6.75%)
		5/3/27 ●	4,024,998		4,140,717
	Vantage Specialty
		Chemicals 1st Lien
		TBD 10/28/24 X	1,375,000		1,299,948
	Vantage Specialty
		Chemicals 2nd Lien
		9.25% (LIBOR03M +
		8.25%) 10/27/25 ●	737,000		691,052
	Verscend Holding
		Tranche B 4.609%
		(LIBOR01M + 4.50%)
		8/27/25 ●	1,733,325		1,740,135
	Verscend Holding
		Tranche B TBD
		8/27/25 X	2,420,000		2,420,000
Total Loan Agreements
	(cost $42,612,766)				43,096,343
			Number of
			shares
Short-Term Investments – 4.28%
Money Market Mutual Funds – 4.28%
	BlackRock FedFund –
		Institutional Shares
		(seven-day effective
		yield 0.01%)	4,257,885		4,257,885
	Fidelity Investments
		Money Market
		Government Portfolio
		– Class I (seven-day
		effective yield 0.01%)	4,257,885		4,257,885
	GS Financial Square
		Government Fund –
		Institutional Shares
		(seven-day effective
		yield 0.03%)	4,257,886		4,257,886
	Morgan Stanley
		Government Portfolio
		– Institutional Share
		Class (seven-day
		effective yield 0.00%)	4,257,886		4,257,886
Total Short-Term Investments
	(cost $17,031,542)				17,031,542
Total Value of
	Securities–100.84%
	(cost $387,533,343)			$	400,921,185

°	Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
µ	Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at March 31, 2021. 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 March 31, 2021, the aggregate value of Rule 144A securities was $223,369,554, which represents 56.18% of the Fund’s net assets. See Note 9 in “Notes to financial statements.”
>	PIK. 100% of the income received was in the form of cash.
«	PIK. The first payment of cash and/or principal will be made after October 1, 2021.
●	Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at March 31, 2021. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.
X	This loan will settle after March 31, 2021, at which time the interest rate, based on the LIBOR and the agreed upon spread on trade date, will be reflected.

53

Schedules of investments
Delaware Fund for Income

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 commitment was outstanding at March 31, 2021:

				Unrealized
	Principal			Appreciation
Borrower	Amount	Commitment	Value	(Depreciation)
Peraton TBD 2/24/28	$1,339,105	$1,332,409	$1,339,663	$7,254

Summary of abbreviations:

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

PIK – Payment-in-kind

TBD – To be determined

USD – US Dollar

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

54

Delaware International Opportunities Bond Fund

March 31, 2021 (Unaudited)

				Principal
				amount°	Value (US $)
Corporate Bonds – 11.30%
Banking – 9.52%
	Development Bank of
		Japan 0.235%
		10/13/27	JPY	100,000,000	$	910,377
	Kreditanstalt Fuer
		Wiederaufbau 0.00%
		12/15/22	EUR	830,000		984,239
						1,894,616
Electric – 1.78%
	Israel Electric 144A
		5.00% 11/12/24 #		315,000		354,509
						354,509
Total Corporate Bonds
	(cost $1,931,350)					2,249,125
Sovereign Bonds – 65.81%Δ
Australia – 2.89%
	Australia Government
		Bonds
		2.75% 11/21/29	AUD	410,000		341,661
		3.00% 3/21/47	AUD	290,000		234,461
						576,122
Austria – 1.33%
	Republic of Austria
		Government Bond
		144A
		1.50% 2/20/47 #	EUR	180,000		264,994
						264,994
Belgium – 1.96%
	Kingdom of Belgium
		Government Bonds
		144A 1.45%
		6/22/37 #	EUR	160,000		219,888
		144A 4.25%
		3/28/41 #	EUR	85,000		170,767
						390,655
Denmark – 0.72%
	Denmark Government
		Bond
		0.50% 11/15/27	DKK	865,000		143,846
						143,846
Finland – 0.48%
	Finland Government
		Bond 144A
		1.375% 4/15/47 #	EUR	65,000		94,583
						94,583
France – 7.93%
	French Republic
		Government Bond
		OAT 144A 1.25%
		5/25/36 #	EUR	1,180,000		1,577,773
						1,577,773
Germany – 5.25%
	Bundesrepublik
		Deutschland
		Bundesanleihe
		0.00% 8/15/29	EUR	105,000		127,511
		0.00% 8/15/50	EUR	300,000		326,835
		0.50% 2/15/25	EUR	210,000		257,954
	Deutsche
		Bundesrepublik
		Inflation Linked Bond
		0.50% 4/15/30	EUR	232,701		332,024
						1,044,324
Ireland – 0.67%
	Ireland Government
		Bond 1.35% 3/18/31	EUR	100,000		133,409
						133,409
Italy – 4.85%
	Italy Buoni Poliennali Del
		Tesoro
		3.00% 8/1/29	EUR	125,000		176,896
		144A 3.85% 9/1/49 #	EUR	445,000		788,133
						965,029
Japan – 13.25%
	Japan Finance 0.911%
		7/19/23	JPY	94,900,000		874,864
	Japan Government Thirty
		Year Bond
		0.40% 9/20/49	JPY	119,650,000		1,011,124
	Tokyo Metropolitan
		Government 0.475%
		9/19/25	JPY	81,500,000		751,437
						2,637,425
Mexico – 2.64%
	Mexican Bonos
		8.00% 9/5/24	MXN	5,000,000		262,859
		8.00% 11/7/47	MXN	2,500,000		125,591
		8.50% 5/31/29	MXN	2,500,000		137,419
						525,869
Netherlands – 1.42%
	Netherlands Government
		Bonds
		144A 0.25%
		7/15/29 #	EUR	75,000		92,172

55

Schedules of investments
Delaware International Opportunities Bond Fund

				Principal
				amount°	Value (US $)
Sovereign BondsΔ (continued)
Netherlands (continued)
	Netherlands Government
		Bonds
		144A 2.75%
		1/15/47 #	EUR	100,000	$	191,240
						283,412
New Zealand – 4.17%
	New Zealand
		Government Bonds
		3.00% 4/20/29	NZD	445,000		345,718
		6.00% 5/15/21	NZD	690,000		484,893
						830,611
Poland – 1.17%
	Republic of Poland
		Government Bond
		3.25% 7/25/25	PLN	830,000		233,013
						233,013
Portugal – 1.08%
	Portugal Obrigacoes do
		Tesouro 144A 2.25%
		4/18/34 #	EUR	150,000		214,529
						214,529
Spain – 5.59%
	Spain Government
		Bonds
		144A 0.60%
		10/31/29 #	EUR	200,000		243,539
		144A 1.25%
		10/31/30 #	EUR	300,000		384,413
		144A 2.70%
		10/31/48 #	EUR	305,000		484,220
						1,112,172
United Kingdom – 10.41%
	United Kingdom Gilt
		0.875% 10/22/29	GBP	910,000		1,264,781
		1.75% 1/22/49	GBP	540,000		808,375
						2,073,156
Total Sovereign Bonds
	(cost $12,848,489)					13,100,922
Supranational Banks – 5.21%
	European Investment
		Bank
		0.375% 5/15/26	EUR	285,000		348,982
	International Bank for
		Reconstruction and
		Development
		0.50% 6/21/35	EUR	570,000		687,522
Total Supranational Banks
	(cost $989,391)					1,036,504
Regional Bonds – 14.53%Δ
Canada – 9.96%
	Province of Alberta
		Canada
		2.20% 6/1/26	CAD	640,000		528,500
	Province of British
		Columbia Canada
		2.20% 6/18/30	CAD	905,000		729,704
	Province of Quebec
		Canada
		2.30% 9/1/29	CAD	885,000		723,986
						1,982,190
Japan – 4.57%
	Japan Finance
		Organization For
		Municipalities
		0.205% 5/28/27	JPY	100,000,000		910,838
						910,838
Total Regional Bonds
	(cost $2,804,385)					2,893,028
				Number of
				shares
Short-Term Investments – 0.51%
Money Market Mutual Funds – 0.51%
	BlackRock FedFund –
		Institutional Shares
		(seven-day effective
		yield 0.01%)		25,588		25,588
	Fidelity Investments
		Money Market
		Government Portfolio
		– Class I (seven-day
		effective yield 0.01%)		25,588		25,588
	GS Financial Square
		Government Fund –
		Institutional Shares
		(seven-day effective
		yield 0.03%)		25,588		25,588

56

			Number of
			shares	Value (US $)
Short-Term Investments (continued)
Money Market Mutual Funds (continued)
	Morgan Stanley
		Government Portfolio
		– Institutional Share
		Class (seven-day
		effective yield 0.00%)	25,589	$	25,589
Total Short-Term Investments
	(cost $102,353)				102,353
Total Value of
	Securities–97.36%
	(cost $18,675,968)			$	19,381,932

°	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 March 31, 2021, the aggregate value of Rule 144A securities was $5,080,760, which represents 25.52% of the Fund’s net assets. See Note 9 in “Notes to financial statements.”
Δ	Securities have been classified by country of origin.

The following foreign currency exchange contracts and future contracts were outstanding at March 31, 2021:¹

Foreign Currency Exchange Contracts

	Currency to						Settlement	Unrealized		Unrealized
Counterparty	Receive (Deliver)			In Exchange For			Date	Appreciation		Depreciation
BNYM	CAD	(6,450	)	USD	5,131		4/1/21	$	—	$	(1	)
BNYM	EUR	1,600		USD	(1,880	)	4/1/21		—		(4	)
BNYM	JPY	70,000		USD	(633	)	4/1/21		—		(1	)
JPMCB	JPY	168,363,167		USD	(1,616,110	)	4/8/21		—		(95,425	)
JPMCB	KRW	789,905,000		USD	(719,469	)	4/8/21		—		(18,953	)
TD	AUD	(415,000	)	USD	316,001		4/6/21		774		—
TD	CAD	(2,047,072	)	USD	1,598,463		4/8/21		—		(30,505	)
TD	EUR	534,809		USD	(651,985	)	4/8/21		—		(24,711	)
TD	GBP	(130,000	)	USD	179,293		4/1/21		75		—
TD	GBP	100,000		USD	(134,870	)	4/8/21		2,993		—
TD	NZD	(1,105,289	)	USD	791,774		4/8/21		19,842		—
Total Foreign Currency Exchange Contracts								$	23,684	$	(169,600	)

Futures Contracts
Exchange-Traded

														Variation
														Margin
					Notional				Value/		Value/			Due from
		Notional			Cost			Expiration	Unrealized		Unrealized			(Due to)
Contracts to Buy (Sell)		Amount			(Proceeds)			Date	Appreciation		Depreciation			Brokers
(15)	CAN 10 yr Bond	$	(1,656,362	)	$	(1,700,966	)	6/21/21	$	44,604	$	—		$	5,353
(20)	Euro-BOBL		(3,168,166	)		(3,166,718	)	6/8/21		—		(1,448	)		(1,876	)
1	JPN 10 yr Bond		1,365,184			1,363,019		6/14/21		2,165		—			(642	)
Total Futures Contracts					$	(3,504,665	)		$	46,769	$	(1,448	)	$	2,835

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

57

Schedules of investments
Delaware International Opportunities Bond Fund

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

Summary of abbreviations:

BNYM – Bank of New York Mellon

BOBL – Bundesobligationen

GS – Goldman Sachs

JPMCB – JPMorgan Chase Bank

OAT – Obligations Assimilables du Tresor

TD – TD Bank

yr – Year

Summary of currencies:

AUD – Australian Dollar

CAD – Canadian Dollar

DKK – Danish Krone

EUR – European Monetary Unit

GBP – British Pound Sterling

JPY – Japanese Yen

KRW – South Korean Won

MXN – Mexican Peso

NZD – New Zealand Dollar

PLN – Polish Zloty

USD – US Dollar

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

58

Delaware Investment Grade Fund

March 31, 2021 (Unaudited)

			Principal
			amount°	Value (US $)
Convertible Bond – 0.48%
Energy – 0.48%
	Cheniere Energy PIK
		144A 4.875%
		exercise price $93.64,
		maturity date
		5/28/21 #, *	1,070,330	$	1,078,230
					1,078,230
Total Convertible Bond
	(cost $1,079,255)				1,078,230
Corporate Bonds – 99.15%
Banking – 23.01%
	Ally Financial 5.75%
		11/20/25	1,575,000		1,790,408
	Banco Santander
		1.849% 3/25/26	400,000		399,423
		2.749% 12/3/30	1,200,000		1,143,988
	Bank of America
		2.676% 6/19/41 µ	4,810,000		4,513,011
	Bank of New York
		Mellon 4.70%
		9/20/25 µ, ψ	1,555,000		1,688,652
	Barclays
		2.667% 3/10/32 µ	585,000		571,783
		5.20% 5/12/26	2,748,000		3,113,319
	BBVA USA 3.875%
		4/10/25	1,290,000		1,410,223
	BNP Paribas
		144A 1.323%
		1/13/27 #, µ	1,270,000		1,242,906
		144A 4.625%
		2/25/31 #, µ, ψ	910,000		906,587
	Citigroup 4.00%
		12/10/25 µ, ψ	2,365,000		2,393,971
	Citizens Financial Group
		2.85% 7/27/26	1,305,000		1,385,505
	Credit Suisse Group
		144A 4.50%
		9/3/30 #, µ, ψ	515,000		484,100
		144A 5.10%
		1/24/30 #, µ, ψ	1,010,000		976,165
		144A 5.25%
		2/11/27 #, µ, ψ	640,000		648,000
		144A 6.375%
		8/21/26 #, µ, ψ	1,195,000		1,273,673
	Deutsche Bank
		2.222% 9/18/24 µ	740,000		760,040
		3.547% 9/18/31 µ	350,000		361,840
		3.729% 1/14/32 µ	1,450,000		1,407,675
	Goldman Sachs Group
		1.431% 3/9/27 µ	1,450,000		1,437,698
		3.50% 4/1/25	1,120,000		1,213,868
	HSBC Holdings 4.60%
		12/17/30 µ, ψ	910,000		902,038
	JPMorgan Chase & Co.
		1.764% 11/19/31 µ	1,105,000		1,031,528
		2.005% 3/13/26	435,000		447,671
	Morgan Stanley
		1.794% 2/13/32 µ	1,760,000		1,644,179
		5.00% 11/24/25	1,715,000		1,973,089
	Natwest Group
		2.359% 5/22/24 µ	780,000		805,167
		3.754% 11/1/29 µ	705,000		750,176
		8.625% 8/15/21 µ, ψ	1,180,000		1,210,645
	PNC Bank 4.05%
		7/26/28	630,000		704,724
	SVB Financial Group
		1.80% 2/2/31	625,000		577,543
		4.10% 2/15/31 µ, ψ	2,710,000		2,718,469
	Truist Bank 2.636%
		9/17/29 µ	2,120,000		2,223,414
	Truist Financial 4.95%
		9/1/25 µ, ψ	1,810,000		1,966,112
	UBS 7.625% 8/17/22		715,000		779,602
	UBS Group 144A
		4.375% 2/10/31 #, ψ	725,000		717,025
	US Bancorp 3.00%
		7/30/29	2,655,000		2,784,122
	Wells Fargo & Co.
		3.90% 3/15/26 µ, ψ	1,625,000		1,642,103
					52,000,442
Basic Industry – 3.49%
	Graphic Packaging
		International 144A
		3.50% 3/1/29 #	625,000		608,984
	LYB International
		Finance III 3.375%
		10/1/40	1,320,000		1,310,042
	LyondellBasell Industries
		4.625% 2/26/55	410,000		457,498
	Newmont
		2.25% 10/1/30	910,000		887,216
		2.80% 10/1/29	1,700,000		1,750,343
	Nutrition & Biosciences
		144A 1.832%
		10/15/27 #	1,235,000		1,208,658
	Steel Dynamics
		1.65% 10/15/27	460,000		451,069
		2.40% 6/15/25	295,000		307,705

59

Schedules of investments
Delaware Investment Grade Fund

			Principal
			amount°	Value (US $)
Corporate Bonds (continued)
Basic Industry (continued)
	Suzano Austria 3.75%
		1/15/31	870,000	$	896,609
					7,878,124
Brokerage – 2.56%
	Charles Schwab
		4.00% 6/1/26 µ, ψ	530,000		539,169
		4.00% 12/1/30 µ, ψ	515,000		506,889
		5.375% 6/1/25 µ, ψ	915,000		1,013,060
	Intercontinental
		Exchange 2.65%
		9/15/40	985,000		912,533
	Jefferies Group
		2.75% 10/15/32	510,000		500,817
		4.15% 1/23/30	580,000		637,998
		6.45% 6/8/27	810,000		1,010,974
		6.50% 1/20/43	515,000		659,791
					5,781,231
Capital Goods – 3.73%
	Ardagh Metal Packaging
		Finance USA 144A
		4.00% 9/1/29 #	570,000		569,783
	Ball 2.875% 8/15/30		1,035,000		998,257
	Berry Global
		144A 0.95%
		2/15/24 #	595,000		592,569
		144A 1.57%
		1/15/26 #	605,000		596,209
		144A 4.875%
		7/15/26 #	335,000		354,832
	CANPACK 144A
		3.125% 11/1/25 #	210,000		213,413
	CCL Industries 144A
		3.05% 6/1/30 #	590,000		598,753
	Reynolds Group Issuer
		144A 4.00%
		10/15/27 #	635,000		623,094
	Siemens
		Financieringsmaatschappij
		144A 2.875%
		3/11/41 #	1,025,000		989,606
	Teledyne Technologies
		0.95% 4/1/24	350,000		348,777
		2.25% 4/1/28	1,115,000		1,110,340
		2.75% 4/1/31	1,435,000		1,431,640
					8,427,273
Communications – 16.32%
	Altice France 144A
		5.125% 1/15/29 #	750,000		760,781
	AMC Networks 4.75%
		8/1/25	875,000		898,914
	AT&T
		1.70% 3/25/26	835,000		835,103
		3.10% 2/1/43	1,268,000		1,185,877
		144A 3.50%
		9/15/53 #	1,480,000		1,370,285
	Charter Communications
		Operating 3.70%
		4/1/51	1,220,000		1,143,080
	Comcast
		3.20% 7/15/36	2,858,000		2,987,539
		3.75% 4/1/40	117,000		128,547
	Crown Castle
		International 1.05%
		7/15/26	3,710,000		3,593,955
	CSC Holdings 144A
		4.125% 12/1/30 #	1,140,000		1,133,479
	Discovery
		Communications
		144A 4.00%
		9/15/55 #	1,617,000		1,594,583
	Level 3 Financing
		144A 3.625%
		1/15/29 #	350,000		339,719
		144A 3.75%
		7/15/29 #	795,000		779,021
		144A 4.25%
		7/1/28 #	800,000		809,848
	NTT Finance 144A
		1.162% 4/3/26 #	1,440,000		1,422,016
	Time Warner Cable
		7.30% 7/1/38	1,825,000		2,540,500
	Time Warner
		Entertainment
		8.375% 3/15/23	1,650,000		1,892,558
	T-Mobile USA
		144A 2.55%
		2/15/31 #	1,305,000		1,280,127
		144A 3.00%
		2/15/41 #	1,240,000		1,153,231
		3.375% 4/15/29	1,220,000		1,231,438
	Verizon Communications
		2.55% 3/21/31	250,000		249,992
		3.40% 3/22/41	230,000		233,825
		3.55% 3/22/51	230,000		230,099
		4.50% 8/10/33	3,350,000		3,894,870
	ViacomCBS
		4.375% 3/15/43	1,475,000		1,593,908
		4.95% 1/15/31	250,000		295,187
	Virgin Media Secured
		Finance 144A 5.50%
		5/15/29 #	1,398,000		1,485,850

60

			Principal
			amount°	Value (US $)
Corporate Bonds (continued)
Communications (continued)
	Vodafone Group
		4.25% 9/17/50	715,000	$	789,066
		4.875% 6/19/49	870,000		1,035,415
					36,888,813
Consumer Cyclical – 3.55%
	Alibaba Group Holding
		2.70% 2/9/41	445,000		404,871
	Best Buy 1.95%
		10/1/30	845,000		796,939
	Ford Motor 8.50%
		4/21/23	1,225,000		1,367,406
	Ford Motor Credit
		2.90% 2/16/28	450,000		432,900
	General Motors
		6.125% 10/1/25	515,000		606,188
		6.25% 10/2/43	1,024,000		1,313,166
		6.60% 4/1/36	736,000		956,716
	General Motors Financial
		5.20% 3/20/23	173,000		187,687
		5.70% 9/30/30 µ, ψ	660,000		714,450
	Levi Strauss & Co. 144A
		3.50% 3/1/31 #	472,000		456,070
	Lowe’s 2.625% 4/1/31		365,000		366,823
	Prime Security Services
		Borrower 144A
		3.375% 8/31/27 #	440,000		427,350
					8,030,566
Consumer Non-Cyclical – 5.28%
	Anheuser-Busch InBev
		Worldwide 4.50%
		6/1/50	2,680,000		3,045,901
	BAT Capital
		2.259% 3/25/28	570,000		561,734
		3.734% 9/25/40	251,000		239,458
	Biogen 3.15% 5/1/50		650,000		598,036
	CVS Health 4.78%
		3/25/38	2,100,000		2,482,791
	Energizer Holdings 144A
		4.375% 3/31/29 #	562,000		564,810
	Lamb Weston Holdings
		144A 4.625%
		11/1/24 #	117,000		121,706
	Perrigo Finance
		Unlimited 4.375%
		3/15/26	1,280,000		1,389,961
	Pilgrim’s Pride 144A
		4.25% 4/15/31 #	550,000		548,614
	Takeda Pharmaceutical
		3.175% 7/9/50	995,000		952,989
	Teleflex 144A 4.25%
		6/1/28 #	705,000		731,437
	Viatris 144A 4.00%
		6/22/50 #	685,000		699,844
					11,937,281
Electric – 10.76%
	Berkshire Hathaway
		Energy 2.85%
		5/15/51	1,035,000		930,106
	CMS Energy 4.75%
		6/1/50 µ	940,000		1,017,550
	Dominion Energy 4.65%
		12/15/24 µ, ψ	1,835,000		1,936,475
	Duke Energy 4.875%
		9/16/24 µ, ψ	1,830,000		1,937,970
	Edison International
		4.95% 4/15/25	650,000		726,590
		5.375% 3/15/26 µ, ψ	855,000		868,936
	Entergy Texas 3.55%
		9/30/49	665,000		663,585
	FirstEnergy Transmission
		144A 4.55%
		4/1/49 #	920,000		971,736
	IPALCO Enterprises
		144A 4.25%
		5/1/30 #	730,000		798,182
	Liberty Utilities Finance
		GP 1 144A 2.05%
		9/15/30 #	865,000		812,162
	Louisville Gas and
		Electric 4.25%
		4/1/49	785,000		895,922
	NRG Energy
		144A 2.45%
		12/2/27 #	435,000		432,640
		144A 3.375%
		2/15/29 #	380,000		371,687
		144A 3.625%
		2/15/31 #	305,000		297,947
		144A 3.75%
		6/15/24 #	650,000		696,796
		144A 4.45%
		6/15/29 #	1,040,000		1,135,392
	Oglethorpe Power 144A
		3.75% 8/1/50 #	1,025,000		999,816
	Pacific Gas and Electric
		2.10% 8/1/27	1,225,000		1,201,130
		2.50% 2/1/31	545,000		514,651
		3.25% 6/1/31	235,000		234,463
		3.30% 8/1/40	230,000		208,901
		4.60% 6/15/43	615,000		622,641
		4.95% 7/1/50	355,000		365,678

61

Schedules of investments
Delaware Investment Grade Fund

			Principal
			amount°	Value (US $)
Corporate Bonds (continued)
Electric (continued)
	San Diego Gas & Electric
		3.32% 4/15/50	255,000	$	251,886
	Southern 4.00%
		1/15/51 µ	1,370,000		1,449,117
	Southern California
		Edison
		3.65% 2/1/50	750,000		743,237
		4.875% 3/1/49	945,000		1,099,616
	Vistra Operations
		144A 3.55%
		7/15/24 #	895,000		937,144
		144A 3.70%
		1/30/27 #	845,000		880,600
		144A 4.30%
		7/15/29 #	290,000		306,740
					24,309,296
Energy – 10.96%
	BP Capital Markets
		4.875% 3/22/30 µ, ψ	1,110,000		1,191,863
	BP Capital Markets
		America 2.939%
		6/4/51	1,160,000		1,036,576
	Cheniere Corpus Christi
		Holdings 7.00%
		6/30/24	1,545,000		1,779,459
	Continental Resources
		4.375% 1/15/28	480,000		505,320
	Devon Energy 5.85%
		12/15/25	447,000		521,525
	Diamondback Energy
		3.125% 3/24/31	1,200,000		1,199,034
	Enbridge 5.75%
		7/15/80 µ	955,000		1,024,238
	Energy Transfer 6.25%
		4/15/49	715,000		841,056
	Energy Transfer
		Operating 7.125%
		5/15/30 µ, ψ	915,000		893,772
	Enterprise Products
		Operating 3.20%
		2/15/52	2,600,000		2,378,441
	EQM Midstream Partners
		144A 4.75%
		1/15/31 #	645,000		626,456
	Galaxy Pipeline Assets
		Bidco 144A 2.94%
		9/30/40 #	695,000		672,297
	Kinder Morgan
		3.25% 8/1/50	395,000		346,930
		3.60% 2/15/51	710,000		662,720
	Marathon Oil 4.40%
		7/15/27	2,240,000		2,467,807
	MPLX 4.125% 3/1/27		1,015,000		1,127,635
	NuStar Logistics 5.625%
		4/28/27	859,000		900,206
	ONEOK 7.50% 9/1/23		1,640,000		1,870,952
	Sabine Pass Liquefaction
		5.75% 5/15/24	1,815,000		2,049,046
	Targa Resources Partners
		144A 4.00%
		1/15/32 #	175,000		164,810
		144A 4.875%
		2/1/31 #	855,000		867,611
	Tennessee Gas Pipeline
		144A 2.90%
		3/1/30 #	1,120,000		1,116,498
	WPX Energy 5.25%
		9/15/24	468,000		520,065
					24,764,317
Finance Companies – 5.37%
	AerCap Ireland Capital
		DAC
		1.75% 1/30/26	360,000		349,896
		3.65% 7/21/27	500,000		525,090
		4.50% 9/15/23	1,080,000		1,162,183
		4.625% 10/15/27	500,000		549,085
		6.50% 7/15/25	450,000		524,796
	Air Lease 3.00% 2/1/30		1,545,000		1,514,428
	Aviation Capital Group
		144A 3.50%
		11/1/27 #	2,700,000		2,781,225
		144A 5.50%
		12/15/24 #	1,730,000		1,935,983
	Avolon Holdings
		Funding
		144A 2.75%
		2/21/28 #	690,000		649,031
		144A 3.95%
		7/1/24 #	1,075,000		1,124,640
		144A 4.25%
		4/15/26 #	610,000		639,493
	DAE Sukuk DIFC 144A
		3.75% 2/15/26 #	375,000		386,953
					12,142,803
Insurance – 2.23%
	Athene Holding 3.50%
		1/15/31	705,000		725,328
	Brighthouse Financial
		4.70% 6/22/47	824,000		842,045
	Centene
		3.375% 2/15/30	915,000		925,006
		4.625% 12/15/29	640,000		693,504

62

			Principal
			amount°	Value (US $)
Corporate Bonds (continued)
Insurance (continued)
	Equitable Holdings
		4.95% 9/15/25 µ, ψ	505,000	$	535,300
	MetLife 3.85%
		9/15/25 µ, ψ	350,000		362,250
	Prudential Financial
		3.70% 10/1/50 µ	940,000		951,703
					5,035,136
Natural Gas – 0.37%
	Sempra Energy 4.875%
		10/15/25 µ, ψ	790,000		847,275
					847,275
Real Estate Investment Trusts – 0.73%
	Corporate Office
		Properties 2.75%
		4/15/31	850,000		823,716
	Global Net Lease 144A
		3.75% 12/15/27 #	290,000		283,001
	MPT Operating
		Partnership 3.50%
		3/15/31	560,000		550,239
					1,656,956
Technology – 8.45%
	Alphabet 2.05%
		8/15/50	2,110,000		1,748,509
	Broadcom
		144A 3.469%
		4/15/34 #	600,000		605,185
		144A 3.50%
		2/15/41 #	950,000		911,138
	CoStar Group 144A
		2.80% 7/15/30 #	865,000		847,080
	Fidelity National
		Information Services
		1.65% 3/1/28	1,355,000		1,326,398
		3.10% 3/1/41	280,000		275,650
	Fiserv 3.20% 7/1/26		1,365,000		1,474,336
	Global Payments 2.65%
		2/15/25	692,000		727,463
	Iron Mountain 144A
		5.25% 7/15/30 #	877,000		905,985
	KLA 3.30% 3/1/50		1,275,000		1,227,993
	Lam Research 2.875%
		6/15/50	1,015,000		970,360
	Mastercard 2.95%
		3/15/51	845,000		833,788
	Microchip Technology
		144A 0.972%
		2/15/24 #	645,000		644,163
		4.333% 6/1/23	1,320,000		1,416,605
	NCR 144A 5.125%
		4/15/29 #	545,000		550,112
	NXP
		144A 2.70%
		5/1/25 #	140,000		146,938
		144A 3.40%
		5/1/30 #	1,625,000		1,718,544
		144A 4.30%
		6/18/29 #	241,000		270,000
	Oracle
		2.875% 3/25/31	750,000		764,095
		3.65% 3/25/41	405,000		410,403
		3.95% 3/25/51	405,000		418,233
	SS&C Technologies 144A
		5.50% 9/30/27 #	836,000		891,427
					19,084,405
Transportation – 1.98%
	DAE Funding 144A
		3.375% 3/20/28 #	200,000		199,136
	Delta Air Lines
		144A 7.00%
		5/1/25 #	1,290,000		1,487,095
		7.375% 1/15/26	690,000		807,629
	Mileage Plus Holdings
		144A 6.50%
		6/20/27 #	460,000		504,850
	Southwest Airlines
		5.125% 6/15/27	1,290,000		1,484,244
					4,482,954
Utilities – 0.36%
	Essential Utilities
		4.276% 5/1/49	723,000		805,223
					805,223
Total Corporate Bonds
	(cost $222,517,307)				224,072,095
Loan Agreements – 2.14%
	AmWINS Group TBD
		2/19/28 X	470,000		467,524
	Applied Systems 1st Lien
		3.50% 9/19/24	500,000		503,750
	Energizer Holdings
		2.75% (LIBOR01M +
		2.25%) 12/22/27 ●	500,000		499,610
	Ensemble RCM TBD
		8/3/26 X	480,000		479,900

63

Schedules of investments
Delaware Investment Grade Fund

			Principal
			amount°	Value (US $)
Loan Agreements (continued)
	Gates Global Tranche
		B-3
		3.50% (LIBOR01M +
		2.75%) 3/31/27 ●	478,800	$	478,226
	Horizon Therapeutics
		USA
		Tranche B-2 TBD
		3/15/28 X	460,000		459,233
	Informatica TBD 3.365%
		2/25/27 X	489,573		486,360
	Prime Security Services
		Borrower Tranche B-1
		9/23/26	490,000		488,250
	RealPage TBD 2/18/28 X		490,000		488,265
	Reynolds Group
		Holdings Tranche
		B-2 TBD 2/5/26 X	490,000		485,253
Total Loan Agreements
	(cost $4,858,269)				4,836,371
Total Value of
	Securities–101.77%
	(cost $228,454,831)			$	229,986,696

°	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 March 31, 2021, the aggregate value of Rule 144A securities was $58,931,851, which represents 26.08% of the Fund’s net assets. See Note 9 in “Notes to financial statements.”
*	PIK. 100% of the income received was in the form of principal.
µ	Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at March 31, 2021. Rate will reset at a future date.
ψ	Perpetual security. Maturity date represents next call date.
X	This loan will settle after March 31, 2021, at which time the interest rate, based on the LIBOR and the agreed upon spread on trade date, will be reflected.
●	Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at March 31, 2021. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.

Summary of abbreviations:

DAC – Designated Activity Company

DIFC – Dubai International Financial Centre

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

PIK – Payment-in-kind

TBD – To be determined

USD – US Dollar

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

64

Delaware Limited Duration Bond Fund

March 31, 2021 (Unaudited)

		Principal amount°	Value (US $)
Agency Collateralized Mortgage Obligations – 2.14%
	Freddie Mac REMICs
	Series 5092 WG
	1.00% 4/25/31 =	2,020,000	$	2,031,678
	Freddie Mac Structured
	Agency Credit Risk
	REMIC Trust
	Series 2021-DNA1 M1
	144A 0.667% (SOFR
	+ 0.65%)
	1/25/51 #, ●	650,000		649,220
	Series 2021-HQA1 M1
	144A 0.717% (SOFR
	+ 0.70%)
	8/25/33 #, ●	700,000		699,129
Total Agency Collateralized Mortgage
	Obligations
	(cost $3,381,994)			3,380,027
Agency Commercial Mortgage-Backed Security – 1.93%
	Freddie Mac Multifamily
	Structured Pass
	Through Certificates
	Series K734 A1
	3.139% 6/25/25 ◆	2,865,593		3,048,170
Total Agency Commercial Mortgage-
	Backed Security
	(cost $2,922,903)			3,048,170
Agency Mortgage-Backed Securities – 12.46%
	Fannie Mae S.F. 15 yr
	2.50% 8/1/35	607,130		631,754
	2.50% 11/1/35	1,507,832		1,569,120
	Fannie Mae S.F. 30 yr
	4.50% 2/1/44	1,323,397		1,495,779
	4.50% 4/1/44	1,474,159		1,661,693
	4.50% 11/1/44	1,495,657		1,682,656
	4.50% 10/1/45	3,304,891		3,699,292
	5.00% 7/1/47	3,400,773		3,952,380
	5.00% 5/1/48	2,074,360		2,310,846
	5.50% 5/1/44	94,971		111,096
	Freddie Mac S.F. 15 yr
	1.50% 3/1/36	987,075		993,374
	Freddie Mac S.F. 30 yr
	4.50% 7/1/45	285,892		321,203
	5.00% 8/1/48	1,133,274		1,259,088
Total Agency Mortgage-Backed Securities
	(cost $19,309,480)			19,688,281
Collateralized Debt Obligations – 7.84%
	AMMC CLO 23
	Series 2020-23A A1L
	144A 1.635%
	(LIBOR03M + 1.40%,
	Floor 1.40%)
	10/17/31 #, ●	1,000,000		1,003,480
	Ballyrock CLO
	Series 2018-1A A1
	144A 1.224%
	(LIBOR03M + 1.00%)
	4/20/31 #, ●	750,000		750,074
	Series 2020-2A A1
	144A 1.529%
	(LIBOR03M + 1.32%,
	Floor 1.32%)
	10/20/31 #, ●	750,000		752,702
	BlueMountain CLO XXX
	Series 2020-30A A
	144A 1.549%
	(LIBOR03M + 1.39%,
	Floor 1.39%)
	1/15/33 #, ●	500,000		501,885
	Carlyle Global Market
	Strategies CLO
	Series 2015-5A A1R
	144A 1.544%
	(LIBOR03M + 1.32%,
	Floor 1.32%)
	1/20/32 #, ●	500,000		500,178
	CBAM
	Series 2020-13A A
	144A 1.585%
	(LIBOR03M + 1.43%,
	Floor 1.43%)
	1/20/34 #, ●	800,000		802,110
	Cedar Funding IX CLO
	Series 2018-9A A1
	144A 1.204%
	(LIBOR03M + 0.98%,
	Floor 0.98%)
	4/20/31 #, ●	925,000		925,684
	CIFC Funding
	Series 2013-4A A1RR
	144A 1.273%
	(LIBOR03M + 1.06%,
	Floor 1.06%)
	4/27/31 #, ●	900,000		901,000
	Dryden 83 CLO
	Series 2020-83A A
	144A 1.457%
	(LIBOR03M + 1.22%,
	Floor 1.22%)
	1/18/32 #, ●	900,000		899,761

65

Schedules of investments
Delaware Limited Duration Bond Fund

		Principal
		amount°	Value (US $)
Collateralized Debt Obligations (continued)
	Galaxy XXI CLO
	Series 2015-21A AR
	144A 1.244%
	(LIBOR03M + 1.02%)
	4/20/31 #, ●	500,000	$	500,395
	KKR CLO 32
	Series 32A A1 144A
	1.556% (LIBOR03M
	+ 1.32%, Floor
	1.32%) 1/15/32 #, ●	500,000		501,848
	LCM XVIII
	Series 18A A1R 144A
	1.244% (LIBOR03M
	+ 1.02%)
	4/20/31 #, ●	700,000		700,284
	Octagon Investment
	Partners 33
	Series 2017-1A A1
	144A 1.414%
	(LIBOR03M + 1.19%)
	1/20/31 #, ●	300,000		300,322
	Octagon Investment
	Partners 48
	Series 2020-3A A
	144A 1.732%
	(LIBOR03M + 1.50%,
	Floor 1.50%)
	10/20/31 #, ●	900,000		902,271
	Sound Point CLO XXI
	Series 2018-3A A1A
	144A 1.395%
	(LIBOR03M + 1.18%,
	Floor 1.18%)
	10/26/31 #, ●	900,000		901,537
	Venture 34 CLO
	Series 2018-34A A
	144A 1.471%
	(LIBOR03M + 1.23%,
	Floor 1.23%)
	10/15/31 #, ●	700,000		701,195
	York CLO-6
	Series 2019-1A A1
	144A 1.572%
	(LIBOR03M + 1.35%)
	7/22/32 #, ●	850,000		850,621
Total Collateralized Debt Obligations
	(cost $12,315,880)			12,395,347
Corporate Bonds – 56.86%
Banking – 18.51%
	Ally Financial 5.75%
	11/20/25	740,000		841,208
	Banco Continental 144A
	2.75% 12/10/25 #	385,000		379,637
	Banco Santander 3.50%
	4/11/22	1,200,000		1,236,381
	Bank of America
	3.458% 3/15/25 µ	1,500,000		1,611,336
	Bank of Montreal 1.85%
	5/1/25	260,000		266,663
	Barclays Bank 1.70%
	5/12/22	240,000		243,354
	BBVA Bancomer 144A
	1.875% 9/18/25 #	425,000		426,328
	BNP Paribas 144A
	1.323% 1/13/27 #, µ	205,000		200,627
	Credit Agricole 144A
	1.907% 6/16/26 #, µ	280,000		284,054
	DNB Boligkreditt 144A
	2.50% 3/28/22 #	4,500,000		4,597,015
	Goldman Sachs Group
	3.50% 4/1/25	135,000		146,314
	5.75% 1/24/22	4,000,000		4,174,817
	Huntington National
	Bank 2.50% 8/7/22	285,000		292,758
	JPMorgan Chase & Co.
	4.023% 12/5/24 µ	3,410,000		3,700,999
	4.60% 2/1/25 µ, ψ	130,000		131,625
	KeyBank
	2.40% 6/9/22	250,000		256,016
	3.18% 10/15/27	655,000		675,177
	Morgan Stanley
	1.413% (LIBOR03M
	+ 1.22%) 5/8/24 ●	1,290,000		1,310,558
	2.188% 4/28/26 µ	310,000		320,489
	2.75% 5/19/22	120,000		123,267
	3.737% 4/24/24 µ	350,000		372,201
	PNC Bank 2.70%
	11/1/22	455,000		470,988
	QNB Finance 3.50%
	3/28/24	380,000		404,892
	Regions Financial 3.80%
	8/14/23	235,000		252,172
	Toronto-Dominion Bank
	0.367% (SOFR +
	0.355%) 3/4/24 ●	1,110,000		1,110,912
	Truist Bank 2.636%
	9/17/29 µ	1,015,000		1,064,512
	Truist Financial 2.70%
	1/27/22	1,650,000		1,680,077
	UBS 144A 1.75%
	4/21/22 #	200,000		202,796

66

		Principal
		amount°	Value (US $)
Corporate Bonds (continued)
Banking (continued)
	UBS Group
	144A 2.65%
	2/1/22 #	580,000	$	591,071
	144A 3.00%
	4/15/21 #	1,605,000		1,606,247
	US Bank 3.40%
	7/24/23	250,000		267,095
				29,241,586
Basic Industry – 1.90%
	Avient 144A 5.75%
	5/15/25 #	853,000		907,379
	DuPont de Nemours
	2.169% 5/1/23	710,000		713,213
	First Quantum Minerals
	144A 7.50%
	4/1/25 #	500,000		516,875
	Inversiones CMPC 144A
	4.75% 9/15/24 #	380,000		417,388
	LYB International
	Finance III 2.875%
	5/1/25	170,000		179,618
	PowerTeam Services
	144A 9.033%
	12/4/25 #	235,000		259,675
				2,994,148
Brokerage – 0.94%
	Charles Schwab
	0.75% 3/18/24	770,000		774,475
	4.00% 6/1/26 µ, ψ	175,000		178,028
	National Securities
	Clearing 144A 1.20%
	4/23/23 #	390,000		396,139
	SURA Asset
	Management 144A
	4.875% 4/17/24 #	120,000		130,445
				1,479,087
Capital Goods – 4.90%
	General Dynamics
	3.00% 5/11/21	930,000		932,557
	L3Harris Technologies
	3.85% 12/15/26	215,000		238,330
	Mauser Packaging
	Solutions Holding
	144A 5.50%
	4/15/24 #	1,047,000		1,062,705
	Roper Technologies
	2.35% 9/15/24	2,050,000		2,143,753
	Spirit AeroSystems 144A
	5.50% 1/15/25 #	350,000		370,562
	Teledyne Technologies
	0.95% 4/1/24	1,580,000		1,574,479
	Terex 144A 5.625%
	2/1/25 #	330,000		339,283
	TransDigm 144A 8.00%
	12/15/25 #	412,000		449,080
	Welbilt 9.50% 2/15/24	164,000		169,228
	WESCO Distribution
	144A 7.125%
	6/15/25 #	421,000		460,921
				7,740,898
Communications – 3.54%
	AMC Networks 5.00%
	4/1/24	172,000		174,365
	Clear Channel
	International 144A
	6.625% 8/1/25 #	200,000		209,772
	Clear Channel
	Worldwide Holdings
	9.25% 2/15/24	103,000		107,344
	Crown Castle
	International 1.05%
	7/15/26	330,000		319,678
	Fox 4.03% 1/25/24	2,985,000		3,244,064
	T-Mobile USA
	144A 1.50%
	2/15/26 #	185,000		183,541
	144A 3.50%
	4/15/25 #	220,000		237,574
	Verizon Communications
	0.75% 3/22/24	1,110,000		1,111,544
				5,587,882
Consumer Cyclical – 4.36%
	Boyd Gaming 144A
	8.625% 6/1/25 #	319,000		355,127
	Caesars Entertainment
	144A 6.25%
	7/1/25 #	235,000		250,808
	Carnival 144A 7.625%
	3/1/26 #	262,000		281,794
	Ford Motor 8.50%
	4/21/23	703,000		784,724
	Ford Motor Credit
	3.375% 11/13/25	435,000		442,939
	General Motors Financial
	3.45% 4/10/22	960,000		982,715
	4.15% 6/19/23	575,000		617,098
	IRB Holding 144A
	7.00% 6/15/25 #	48,000		51,755
	JD.com 3.875%
	4/29/26	430,000		467,396
	L Brands 144A 6.875%
	7/1/25 #	155,000		172,333

67

Schedules of investments
Delaware Limited Duration Bond Fund

		Principal
		amount°	Value (US $)
Corporate Bonds (continued)
Consumer Cyclical (continued)
	MGM Resorts
	International 5.75%
	6/15/25	500,000	$	545,937
	Prime Security Services
	Borrower 144A
	5.25% 4/15/24 #	679,000		725,104
	Scientific Games
	International 144A
	5.00% 10/15/25 #	430,000		445,888
	Six Flags Entertainment
	144A 4.875%
	7/31/24 #	415,000		419,669
	Station Casinos 144A
	5.00% 10/1/25 #	89,000		90,279
	VF 2.40% 4/23/25	250,000		260,779
				6,894,345
Consumer Non-Cyclical – 4.23%
	AbbVie
	2.60% 11/21/24	710,000		749,999
	3.75% 11/14/23	330,000		355,605
	Anheuser-Busch InBev
	Worldwide 4.15%
	1/23/25	2,435,000		2,707,440
	Bausch Health 144A
	6.125% 4/15/25 #	327,000		335,567
	CVS Health 3.70%
	3/9/23	76,000		80,678
	DP World Crescent 144A
	3.908% 5/31/23 #	415,000		437,495
	Gilead Sciences 3.70%
	4/1/24	455,000		490,257
	Ortho-Clinical
	Diagnostics 144A
	7.375% 6/1/25 #	204,000		219,703
	Pilgrim’s Pride 144A
	5.75% 3/15/25 #	349,000		356,626
	Royalty Pharma
	144A 1.20%
	9/2/25 #	220,000		215,680
	144A 1.75%
	9/2/27 #	145,000		140,935
	Tenet Healthcare
	5.125% 5/1/25	449,000		455,870
	Viatris
	144A 1.65%
	6/22/25 #	75,000		75,340
	144A 2.30%
	6/22/27 #	60,000		60,588
				6,681,783
Electric – 7.10%
	AEP Texas 2.40%
	10/1/22	500,000		513,698
	Avangrid 3.20%
	4/15/25	380,000		407,225
	Cleveland Electric
	Illuminating 5.50%
	8/15/24	1,150,000		1,311,985
	Duke Energy
	1.80% 9/1/21	1,065,000		1,070,261
	4.875% 9/16/24 µ, ψ	460,000		487,140
	Engie Energia Chile
	144A 4.50%
	1/29/25 #	200,000		218,060
	Entergy 4.00% 7/15/22	845,000		877,797
	Entergy Louisiana
	4.05% 9/1/23	905,000		973,508
	ITC Holdings 2.70%
	11/15/22	1,755,000		1,812,319
	NRG Energy 144A
	3.75% 6/15/24 #	690,000		739,676
	Pacific Gas and Electric
	2.10% 8/1/27	115,000		112,759
	Southern California
	Edison 1.10% 4/1/24	1,160,000		1,160,835
	Vistra Operations 144A
	3.55% 7/15/24 #	705,000		738,197
	WEC Energy Group
	0.80% 3/15/24	800,000		800,363
				11,223,823
Energy – 3.99%
	Apache 4.625%
	11/15/25	243,000		250,667
	Enbridge 0.413% SOFR
	+ 0.40% 2/17/23 ●	480,000		480,866
	Marathon Oil 2.80%
	11/1/22	185,000		189,806
	MPLX 1.75% 3/1/26	150,000		150,333
	Murphy Oil 5.75%
	8/15/25	332,000		332,799
	NuStar Logistics 5.75%
	10/1/25	442,000		473,833
	Occidental Petroleum
	5.50% 12/1/25	342,000		362,178
	ONEOK 7.50% 9/1/23	1,330,000		1,517,296
	Sabine Pass Liquefaction
	5.75% 5/15/24	585,000		660,436
	Schlumberger Holdings
	144A 3.75%
	5/1/24 #	930,000		1,003,708
	Southwestern Energy
	6.45% 1/23/25	400,000		430,120

68

		Principal
		amount°	Value (US $)
Corporate Bonds (continued)
Energy (continued)
	Western Midstream
	Operating 4.35%
	2/1/25	186,000	$	192,806
	WPX Energy 5.25%
	9/15/24	232,000		257,810
				6,302,658
Finance Companies – 3.32%
	AerCap Ireland Capital
	DAC 3.15% 2/15/24	760,000		792,299
	Air Lease 2.875%
	1/15/26	95,000		98,639
	Aviation Capital Group
	144A 1.95%
	1/30/26 #	230,000		224,243
	144A 2.875%
	1/20/22 #	485,000		492,082
	Avolon Holdings
	Funding 144A 3.95%
	7/1/24 #	3,285,000		3,436,690
	USAA Capital 144A
	1.50% 5/1/23 #	200,000		204,381
				5,248,334
Insurance – 1.13%
	Equitable Holdings
	3.90% 4/20/23	301,000		320,095
	GA Global Funding Trust
	144A 1.00%
	4/8/24 #	1,120,000		1,118,746
	USI 144A 6.875%
	5/1/25 #	344,000		351,091
				1,789,932
Technology – 1.41%
	Global Payments 2.65%
	2/15/25	311,000		326,938
	International Business
	Machines 3.00%
	5/15/24	190,000		203,849
	Microchip Technology
	3.922% 6/1/21	145,000		145,843
	4.333% 6/1/23	615,000		660,009
	NXP 144A 2.70%
	5/1/25 #	45,000		47,230
	Sabre GLBL 144A
	7.375% 9/1/25 #	394,000		430,563
	SK Hynix 144A 1.50%
	1/19/26 #	420,000		413,789
				2,228,221
Transportation – 1.53%
	DAE Funding 144A
	4.50% 8/1/22 #	447,000		450,911
	Delta Air Lines
	144A 7.00%
	5/1/25 #	936,000		1,079,008
	7.375% 1/15/26	240,000		280,914
	Penske Truck Leasing
	144A 1.20%
	11/15/25 #	355,000		349,020
	Spirit Loyalty Cayman
	144A 8.00%
	9/20/25 #	230,000		260,456
				2,420,309
Total Corporate Bonds
	(cost $87,615,275)			89,833,006
Non-Agency Asset-Backed Securities – 5.70%
	CarMax Auto Owner
	Trust
	Series 2018-2 B
	3.37% 10/16/23	1,850,000		1,908,339
	Chase Auto Credit
	Linked Notes
	Series 2020-2 B 144A
	0.84% 2/25/28 #	862,334		863,268
	Hyundai Auto Lease
	Securitization Trust
	Series 2021-A B 144A
	0.61% 10/15/25 #	2,000,000		1,997,892
	John Deere Owner Trust
	Series 2019-A A3
	2.91% 7/17/23	2,689,901		2,727,872
	Mercedes-Benz Auto
	Lease Trust
	Series 2019-B A2
	2.01% 12/15/21	186,303		186,425
	Tesla Auto Lease Trust
	Series 2021-A B 144A
	1.02% 3/20/25 #	1,325,000		1,323,211
Total Non-Agency Asset-Backed Securities
	(cost $8,934,723)			9,007,007
US Treasury Obligations – 10.89%
	US Treasury Floating
	Rate Notes
	0.069%
	(USBMMY3M +
	0.049%) 1/31/23 ●	2,235,000		2,236,218
	US Treasury Notes
	0.125% 2/28/23	8,450,000		8,445,379
	0.25% 3/15/24	4,580,000		4,568,013

69

Schedules of investments
Delaware Limited Duration Bond Fund

		Principal
		amount°	Value (US $)
US Treasury Obligations (continued)
	US Treasury Notes
	1.125% 2/15/31	2,070,000	$	1,955,988
Total US Treasury Obligations
	(cost $17,262,931)			17,205,598
		Number of
		shares
Short-Term Investments – 3.21%
Money Market Mutual Funds – 1.44%
	BlackRock FedFund –
	Institutional Shares
	(seven-day effective
	yield 0.01%)	569,369		569,369
	Fidelity Investments
	Money Market
	Government Portfolio
	– Class I (seven-day
	effective yield 0.01%)	569,370		569,370
	GS Financial Square
	Government Fund –
	Institutional Shares
	(seven-day effective
	yield 0.03%)	569,370		569,370
	Morgan Stanley
	Government Portfolio
	– Institutional Share
	Class (seven-day
	effective yield 0.00%)	569,369		569,369
				2,277,478
		Principal
		amount°
US Treasury Obligation – 1.77%
	US Treasury Bill 1.625%
	12/31/21	2,770,000		2,802,454
				2,802,454
Total Short-Term Investments
	(cost $5,056,026)			5,079,932
Total Value of
	Securities–101.03%
	(cost $156,799,212)		$	159,637,368

°	Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
=	The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in “Notes to financial statements.”
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At March 31, 2021, the aggregate value of Rule 144A securities was $48,349,723, which represents 30.60% of the Fund’s net assets. See Note 9 in “Notes to financial statements.”
●	Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at March 31, 2021. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.
◆	Pass Through Agreement. Security represents the contractual right to receive a proportionate amount of underlying payments due to the counterparty pursuant to various agreements related to the rescheduling of obligations and the exchange of certain notes.
µ	Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at March 31, 2021. Rate will reset at a future date.
ψ	Perpetual security. Maturity date represents next call date.

Summary of abbreviations:
CLO – Collateralized Loan Obligation
DAC – Designated Activity Company
GS – Goldman Sachs
ICE – Intercontinental Exchange, Inc.
LIBOR – London interbank offered rate
LIBOR03M – ICE LIBOR USD 3 Month
LIBOR06M – ICE LIBOR USD 6 Month
REMIC – Real Estate Mortgage Investment Conduit
S.F. – Single Family
SOFR – Secured Overnight Financing Rate
USBMMY3M – US Treasury 3 Month Bill Money Market Yield
USD – US Dollar
yr – Year

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

70

Delaware Strategic Income II Fund

March 31, 2021 (Unaudited)

			Principal
			amount°	Value (US $)
Agency Collateralized Mortgage Obligations – 8.99%
	Fannie Mae Connecticut
		Avenue Securities
		Series 2018-
		C05 1M2 2.459%
		(LIBOR01M + 2.35%,
		Floor 2.35%)
		1/25/31 ●	1,054,494	$	1,054,493
	Freddie Mac Structured
		Agency Credit Risk
		Debt Notes
		Series 2018-
		HQA1 M2 2.409%
		(LIBOR01M + 2.30%)
		9/25/30 ●	1,057,095		1,057,094
	Freddie Mac Structured
		Agency Credit Risk
		REMIC Trust
		Series 2019-
		HQA4 M2 144A
		2.159% (LIBOR01M
		+ 2.05%)
		11/25/49 #, ●	992,433		992,433
		Series 2020-
		DNA2 M2 144A
		1.959% (LIBOR01M
		+ 1.85%, Floor
		1.85%) 2/25/50 #, ●	2,000,000		1,992,248
		Series 2020-
		HQA2 M2 144A
		3.209% (LIBOR01M
		+ 3.10%)
		3/25/50 #, ●	2,500,000		2,528,077
Total Agency Collateralized Mortgage
	Obligations
	(cost $7,625,008)				7,624,345
Agency Mortgage-Backed Securities – 2.16%
	Fannie Mae S.F. 15 yr
		2.50% 8/1/35	328,155		341,465
	Fannie Mae S.F. 20 yr
		2.50% 1/1/41	209,824		217,074
	Freddie Mac S.F. 15 yr
		2.00% 12/1/35	375,874		387,823
	Freddie Mac S.F. 20 yr
		2.00% 3/1/41	643,525		652,305
		2.00% 4/1/41	232,000		235,165
Total Agency Mortgage-Backed Securities
	(cost $1,853,233)				1,833,832
Convertible Bonds – 2.28%
Energy – 1.02%
	Cheniere Energy 4.25%
		exercise price
		$138.38, maturity
		date 3/15/45	1,046,000		865,019
					865,019
Technology – 1.26%
	Boingo Wireless 1.00%
		exercise price $42.32,
		maturity date
		10/1/23	1,079,000		1,068,210
					1,068,210
Total Convertible Bonds
	(cost $1,776,498)				1,933,229
Corporate Bonds – 52.76%
Banking – 3.34%
	Banco Mercantil del
		Norte 144A 8.375%
		10/14/30 #, µ, Ψ	500,000		583,718
	BBVA Bancomer 144A
		6.75% 9/30/22 #	412,000		444,482
	JPMorgan Chase & Co.
		5.00% 8/1/24 µ, Ψ	255,000		263,807
	Natwest Group 8.625%
		8/15/21 µ, Ψ	1,150,000		1,179,865
	SVB Financial Group
		4.10% 2/15/31 µ, Ψ	120,000		120,375
	Truist Financial 4.95%
		9/1/25 µ, Ψ	120,000		130,350
	Wells Fargo & Co.
		3.90% 3/15/26 µ, Ψ	105,000		106,105
					2,828,702
Basic Industry – 8.39%
	AngloGold Ashanti
		Holdings 3.75%
		10/1/30	500,000		508,021
	CSN Inova Ventures
		144A 6.75%
		1/28/28 #	420,000		445,589
	First Quantum Minerals
		144A 6.875%
		10/15/27 #	800,000		859,000
		144A 7.50%
		4/1/25 #	200,000		206,750
	Freeport-McMoRan
		5.45% 3/15/43	1,626,000		1,959,102
	Gold Fields Orogen
		Holdings BVI 144A
		6.125% 5/15/29 #	568,000		667,400
	GUSAP III 144A 4.25%
		1/21/30 #	620,000		653,647

71

Schedules of investments
Delaware Strategic Income II Fund

				Principal
				amount°	Value (US $)
Corporate Bonds (continued)
Basic Industry (continued)
	Methanex 5.25%
		12/15/29		665,000	$	687,151
	Metinvest 144A 7.65%
		10/1/27 #		460,000		496,702
	PowerTeam Services
		144A 9.033%
		12/4/25 #		170,000		187,850
	Sasol Financing USA
		4.375% 9/18/26		435,000		444,853
						7,116,065
Brokerage – 1.64%
	Charles Schwab 4.00%
		6/1/26 µ, Ψ		60,000		61,038
	Jefferies Group 6.50%
		1/20/43		1,035,000		1,325,988
						1,387,026
Capital Goods – 2.14%
	Mauser Packaging
		Solutions Holding
		144A 5.50%
		4/15/24 #		160,000		162,400
	Reynolds Group Issuer
		144A 4.00%
		10/15/27 #		360,000		353,250
	Spirit AeroSystems 144A
		5.50% 1/15/25 #		450,000		476,438
	Standard Industries
		144A 3.375%
		1/15/31 #		94,000		89,183
		144A 5.00%
		2/15/27 #		19,000		19,843
	TransDigm 144A 6.25%
		3/15/26 #		165,000		175,140
	Turkiye Sise ve Cam
		Fabrikalari 144A
		6.95% 3/14/26 #		500,000		535,969
						1,812,223
Communications – 4.89%
	Altice Financing 144A
		5.00% 1/15/28 #		635,000		627,856
	Altice France Holding
		144A 6.00%
		2/15/28 #		515,000		508,380
	Clear Channel Outdoor
		Holdings 144A
		7.75% 4/15/28 #		130,000		128,814
	Clear Channel
		Worldwide Holdings
		9.25% 2/15/24		129,000		134,441
	LCPR Senior Secured
		Financing 144A
		6.75% 10/15/27 #		340,000		362,916
	Sprint 7.875% 9/15/23			570,000		652,222
	Terrier Media Buyer
		144A 8.875%
		12/15/27 #		290,000		312,598
	Time Warner Cable
		7.30% 7/1/38		480,000		668,186
	Turkcell Iletisim
		Hizmetleri 144A
		5.80% 4/11/28 #		545,000		552,178
	Vmed O2 UK Financing I
		144A 4.25%
		1/31/31 #		200,000		194,920
						4,142,511
Consumer Cyclical – 5.75%
	Allison Transmission
		144A 5.875%
		6/1/29 #		495,000		541,872
	Caesars Entertainment
		144A 6.25%
		7/1/25 #		130,000		138,745
	Carnival
		144A 5.75%
		3/1/27 #		230,000		236,325
		144A 7.625%
		3/1/26 #		267,000		287,172
	Ford Motor Credit
		4.542% 8/1/26		200,000		211,890
	General Motors Financial
		5.70% 9/30/30 µ, Ψ		55,000		59,538
	HTA Group 144A 7.00%
		12/18/25 #		540,000		575,613
	Jaguar Land Rover
		Automotive 144A
		5.875% 1/15/28 #		455,000		462,678
	JSM Global 144A 4.75%
		10/20/30 #		500,000		502,480
	L Brands 144A 9.375%
		7/1/25 #		330,000		411,262
	MGM Resorts
		International 4.75%
		10/15/28		100,000		103,474
	Royal Caribbean Cruises
		144A 5.50%
		4/1/28 #		85,000		85,531
	Schaeffler 2.875%
		3/26/27	EUR	230,000		286,824
	Scientific Games
		International 144A
		8.25% 3/15/26 #		480,000		515,618

72

				Principal
				amount°	Value (US $)
Corporate Bonds (continued)
Consumer Cyclical (continued)
	Six Flags Entertainment
		144A 4.875%
		7/31/24 #		95,000	$	96,069
	Yuzhou Group Holdings
		7.70% 2/20/25		415,000		362,063
						4,877,154
Consumer Non-Cyclical – 3.74%
	Auna 144A 6.50%
		11/20/25 #		430,000		459,169
	Bausch Health
		144A 5.50%
		11/1/25 #		120,000		123,406
		144A 6.25%
		2/15/29 #		134,000		142,630
	MHP 144A 7.75%
		5/10/24 #		390,000		418,835
	Ortho-Clinical
		Diagnostics 144A
		7.25% 2/1/28 #		357,000		391,820
	Pilgrim’s Pride 144A
		5.875% 9/30/27 #		86,000		92,274
	Rede D’or Finance 144A
		4.50% 1/22/30 #		440,000		432,590
	Tenet Healthcare
		5.125% 5/1/25		180,000		182,754
		144A 6.125%
		10/1/28 #		105,000		109,725
		6.875% 11/15/31		270,000		301,101
	Ulker Biskuvi Sanayi
		144A 6.95%
		10/30/25 #		490,000		515,215
						3,169,519
Energy – 8.77%
	CNX Resources 144A
		6.00% 1/15/29 #		475,000		494,501
	Crestwood Midstream
		Partners 144A 6.00%
		2/1/29 #		296,000		292,115
	Electricite de France
		3.00% 9/3/27 µ, Ψ	EUR	200,000		246,912
	Energy Transfer
		Operating 7.125%
		5/15/30 µ, Ψ		545,000		532,356
	Galaxy Pipeline Assets
		Bidco 144A 2.625%
		3/31/36 #		485,000		465,020
	KazMunayGas National
		JSC 144A 6.375%
		10/24/48 #		459,000		588,055
	KazTransGas JSC 144A
		4.375% 9/26/27 #		570,000		636,894
	Lukoil Securities 144A
		3.875% 5/6/30 #		620,000		640,181
	MPLX
		4.70% 4/15/48		65,000		70,543
		5.50% 2/15/49		230,000		270,618
	Murphy Oil
		5.875% 12/1/27		245,000		240,330
		6.375% 7/15/28		175,000		175,455
	NuStar Logistics 6.375%
		10/1/30		90,000		97,481
	PDC Energy 5.75%
		5/15/26		310,000		321,935
	Petroleos Mexicanos
		6.50% 1/23/29		563,000		569,719
	Southwestern Energy
		7.75% 10/1/27		445,000		476,428
	TechnipFMC 144A
		6.50% 2/1/26 #		840,000		879,520
	UEP Penonome II 144A
		6.50% 10/1/38 #		430,000		435,113
						7,433,176
Finance Companies – 1.25%
	Aviation Capital Group
		144A 5.50%
		12/15/24 #		525,000		587,509
	Oryx Funding 144A
		5.80% 2/3/31 #		460,000		476,963
						1,064,472
Insurance – 1.91%
	AssuredPartners 144A
		7.00% 8/15/25 #		434,000		449,934
	Brighthouse Financial
		4.70% 6/22/47		250,000		255,475
	HUB International 144A
		7.00% 5/1/26 #		334,000		347,165
	MetLife 3.85%
		9/15/25 µ, Ψ		130,000		134,550
	USI 144A 6.875%
		5/1/25 #		425,000		433,761
						1,620,885
Real Estate – 1.74%
	Aroundtown 2.00%
		11/2/26	EUR	400,000		505,131
	Iron Mountain 144A
		5.25% 7/15/30 #		525,000		542,352
	Trust Fibra UNO 144A
		5.25% 1/30/26 #		385,000		426,678
						1,474,161

73

Schedules of investments
Delaware Strategic Income II Fund

				Principal
				amount°	Value (US $)
Corporate Bonds (continued)
Technology – 1.59%
	Black Knight InfoServ
		144A 3.625%
		9/1/28 #		94,000	$	92,483
	CommScope
		Technologies 144A
		5.00% 3/15/27 #		1,270,000		1,260,481
						1,352,964
Transportation – 5.10%
	Abertis Infraestructuras
		Finance 3.248%
		11/24/25 µ, Ψ	EUR	600,000		722,417
	Aerovias de Mexico
		144A 7.00%
		2/5/25 #, ‡		625,000		342,188
	ASG Finance Designated
		Activity 144A 7.875%
		12/3/24 #		645,000		614,362
	DAE Funding 144A
		3.375% 3/20/28 #		470,000		467,969
	Delta Air Lines 7.375%
		1/15/26		777,000		909,460
	Mileage Plus Holdings
		144A 6.50%
		6/20/27 #		450,000		493,875
	Movida Europe 144A
		5.25% 2/8/31 #		450,000		432,322
	Rutas 2 and 7 Finance
		144A 2.932%
		9/30/36 #, ^		475,000		339,625
						4,322,218
Utilities – 2.51%
	Calpine
		144A 5.00%
		2/1/31 #		105,000		102,637
		144A 5.125%
		3/15/28 #		201,000		202,219
		144A 5.25%
		6/1/26 #		299,000		307,895
	Clean Renewable Power
		Mauritius 144A
		4.25% 3/25/27 #		430,000		434,300
	Electricite de France
		2.875% 12/15/26 µ,
		Ψ	EUR	400,000		489,264
	Pacific Gas and Electric
		3.30% 8/1/40		68,000		61,762
		PG&E 5.25% 7/1/30		415,000		440,419
	Vistra Operations 144A
		5.50% 9/1/26 #		85,000 $		88,188
						2,126,684
Total Corporate Bonds
	(cost $42,672,293)					44,727,760
Non-Agency Asset-Backed Securities – 1.82%
	Hardee’s Funding
		Series 2020-1A
		A2 144A 3.981%
		12/20/50 #		1,496,250		1,544,265
Total Non-Agency Asset-Backed Securities
	(cost $1,496,250)					1,544,265
Non-Agency Collateralized Mortgage Obligations – 9.25%
	Connecticut Avenue
		Securities Trust
		Series 2019-
		R07 1M2 144A
		2.209% (LIBOR01M
		+ 2.10%)
		10/25/39 #, ●		940,145		940,821
		Series 2020-
		R01 1M2 144A
		2.159% (LIBOR01M
		+ 2.05%, Floor
		2.05%) 1/25/40 #, ●		1,500,000		1,497,824
	Sequoia Mortgage Trust
		Series 2014-
		1 B3 144A 3.914%
		4/25/44 #, ●		1,037,375		1,070,453
		Series 2017-
		5 B2 144A 3.828%
		8/25/47 #, ●		1,369,063		1,436,190
		Series 2017-
		6 B2 144A 3.749%
		9/25/47 #, ●		1,369,803		1,444,426
		Series 2017-
		7 B2 144A 3.736%
		10/25/47 #, ●		1,373,893		1,448,208
Total Non-Agency Collateralized Mortgage
	Obligations
	(cost $7,791,108)					7,837,922

74

			Principal
			amount°	Value (US $)
Non-Agency Commercial Mortgage-Backed Securities –
1.27%
	DB-JPM Mortgage Trust
		Series 2016-C1 B
		4.195% 5/10/49 ●	1,000,000	$	1,071,944
Total Non-Agency Commercial Mortgage-
	Backed Securities
	(cost $1,077,344)				1,071,944
Loan Agreements – 5.43%
	Acrisure Tranche B
		3.703% (LIBOR03M
		+ 3.50%) 2/15/27 ●	222,343		220,064
	Applied Systems 2nd
		Lien 6.25%
		(LIBOR03M + 5.50%)
		9/19/25 ●	885,000		891,638
	AssuredPartners 3.609%
		(LIBOR01M + 3.50%)
		2/12/27 ●	334,827		331,531
	Blue Ribbon 1st Lien
		5.137% (LIBOR03M
		+ 3.00%) 11/15/21 ●	150,000		147,141
	Buckeye Partners Tranche
		B 1st Lien 2.359%
		(LIBOR03M + 2.25%)
		11/1/26 ●	127,705		127,182
	BWay Holding 3.443%
		(LIBOR03M + 3.25%)
		4/3/24 ●	206,778		202,494
	Connect US Finco
		4.50% (LIBOR01M +
		3.50%) 12/11/26 ●	207,900		207,380
	Frontier Communications
		5.75% (LIBOR01M +
		4.75%) 10/8/21 ●	475,000		476,484
	Gentiva Health Services
		Tranche B-1 2.875%
		(LIBOR01M + 2.75%)
		7/2/25 ●	233,524		232,551
	Global Medical
		Response 5.75%
		(LIBOR03M + 4.75%)
		10/2/25 ●	149,625		149,368
	Grupo Aeromexico
		Sociedad Anonima
		Bursatil de Capital
		Variable
		9.00% (LIBOR03M +
		8.00%) 12/31/21 =,
		●	80,000		80,000
		13.50% (LIBOR03M
		+ 12.50%)
		8/19/22 =, ●	187,116		187,116
	Hamilton Projects
		Acquiror 5.75%
		(LIBOR03M + 4.75%)
		6/17/27 ●	555,800 $		558,301
	Informatica 2nd Lien
		7.125% 2/25/25 ●	77,000		78,893
	Stars Group Holdings
		3.703% (LIBOR03M
		+ 3.50%) 7/10/25 ●	93,973		94,266
	Terrier Media Buyer
		Tranche B 3.609%
		(LIBOR01M + 3.50%)
		12/17/26 ●	37,526		37,242
	Ultimate Software Group
		1st Lien 3.859%
		(LIBOR01M + 3.75%)
		5/4/26 ●	311,083		311,062
	Verscend Holding
		Tranche B 4.609%
		(LIBOR01M + 4.50%)
		8/27/25 ●	270,832		271,896
Total Loan Agreements
		(cost $4,552,754)			4,604,609
Sovereign Bonds – 7.69%
Brazil – 0.59%
	Brazilian Government
		International Bond
		4.75% 1/14/50	550,000		500,814
					500,814
Egypt – 1.35%
	Egypt Government
		International Bonds
		144A 5.75%
		5/29/24 #	517,000		543,631
		144A 7.60% 3/1/29 #	564,000		601,909
					1,145,540
El Salvador – 0.68%
	El Salvador Government
		International Bond
		144A 7.65%
		6/15/35 #	584,000		576,700
					576,700
Honduras – 0.57%
	Honduras Government
		International Bond
		144A 5.625%
		6/24/30 #	456,000		478,800
					478,800

75

Schedules of investments
Delaware Strategic Income II Fund

				Principal
				amount°	Value (US $)
Sovereign Bonds (continued)
Indonesia – 0.20%
	Indonesia Treasury Bond
		6.125% 5/15/28	IDR	2,527,000,000	$	168,932
						168,932
Ivory Coast – 0.69%
	Ivory Coast Government
		International Bond
		144A 6.125%
		6/15/33 #		574,000		588,379
						588,379
Malaysia – 0.20%
	Malaysia Government
		Bond
		3.955% 9/15/25	MYR	672,000		170,788
						170,788
Mongolia – 0.80%
	Mongolia Government
		International Bond
		144A 5.625%
		5/1/23 #		647,000		678,431
						678,431
Paraguay – 0.67%
	Paraguay Government
		International Bond
		144A 4.95%
		4/28/31 #		500,000		567,505
						567,505
Peru – 0.51%
	Peruvian Government
		International Bond
		144A 5.35%
		8/12/40 #	PEN	1,794,000		434,399
						434,399
Senegal – 0.64%
	Senegal Government
		International Bond
		144A 6.75%
		3/13/48 #		564,000		538,022
						538,022
Uzbekistan – 0.79%
	Republic of Uzbekistan
		Bond
		144A
		4.75% 2/20/24 #		636,000		672,234
						672,234
		Total Sovereign Bonds
		(cost $6,353,959)				6,520,544
Supranational Bank – 0.76%
	Banque Ouest Africaine
		de Developpement
		144A 4.70%
		10/22/31 #		605,000		646,482
Total Supranational Bank
	(cost $636,460)					646,482
US Treasury Obligations – 2.83%
	US Treasury Bond
		1.375% 11/15/40		995,000		846,683
	US Treasury Note
		1.125% 2/15/31		1,640,000		1,549,672
Total US Treasury Obligations
	(cost $2,477,694)					2,396,355
				Number of
				shares
Short-Term Investments – 3.85%
Money Market Mutual Funds – 3.85%
	BlackRock FedFund –
		Institutional Shares
		(seven-day effective
		yield 0.01%)		816,015		816,015
	Fidelity Investments
		Money Market
		Government Portfolio
		– Class I (seven-day
		effective yield 0.01%)		816,015		816,015
	GS Financial Square
		Government Fund –
		Institutional Shares
		(seven-day effective
		yield 0.03%)		816,015		816,015
	Morgan Stanley
		Government Portfolio
		– Institutional Share
		Class (seven-day
		effective yield 0.00%)		816,016		816,016
Total Short-Term Investments
	(cost $3,264,061)					3,264,061
Total Value of
	Securities–99.09%
	(cost $81,576,662)					$84,005,348

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

76

●	Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at March 31, 2021. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At March 31, 2021, the aggregate value of Rule 144A securities was $49,679,794, which represents 58.60% of the Fund’s net assets. See Note 9 in “Notes to financial statements.”
µ	Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at March 31, 2021. Rate will reset at a future date.
ψ	Perpetual security. Maturity date represents next call date.
‡	Non-income producing security. Security is currently in default.
^	Zero-coupon security. The rate shown is the effective yield at the time of purchase.
=	The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in “Notes to financial statements.”

The following foreign currency exchange contracts and futures contracts were outstanding at March 31, 2021:¹

Foreign Currency Exchange Contracts

	Currency to				Settlement	Unrealized		Unrealized
Counterparty	Receive (Deliver)		In Exchange For		Date	Appreciation		Depreciation
CITI	TRY	(1,300,000)	USD	155,270	4/1/21	$	—	$	(2,049	)
TD	EUR	(905,000)	USD	1,103,285	4/8/21		41,816		—
Total Foreign Currency Exchange Contracts						$	41,816	$	(2,049	)

Futures Contracts
Exchange-Traded

														Variation
														Margin
					Notional				Value/		Value/			Due from
		Notional			Cost			Expiration	Unrealized		Unrealized			(Due to)
Contracts to Buy (Sell)		Amount			(Proceeds)			Date	Appreciation		Depreciation			Brokers
(7)	US Treasury 10 yr Notes	$	(916,562	)	$	(939,623	)	6/21/21	$	23,061	$	—		$	1,750
10	US Treasury 10 yr Ultra Notes		1,436,875			1,487,447		6/21/21		—		(50,572	)		(3,438	)
Total Futures Contracts					$	547,824			$	23,061	$	(50,572	)	$	(1,688	)

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

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

Summary of abbreviations:

CITI – Citigroup

DB – Deutsche Bank

GS – Goldman Sachs

ICE – Intercontinental Exchange, Inc.

JPM – JPMorgan

JSC – Joint Stock Company

LIBOR – London interbank offered rate

LIBOR01M – ICE LIBOR USD 1 Month

LIBOR03M – ICE LIBOR USD 3 Month

LIBOR06M – ICE LIBOR USD 6 Month

REMIC – Real Estate Mortgage Investment Conduit

S.F. – Single Family

77

Schedules of investments
Delaware Strategic Income II Fund

Summary of abbreviations: (continued)

TD – TD Bank

yr – Year

Summary of currencies:

EUR – European Monetary Unit

IDR – Indonesia Rupiah

MYR – Malaysia Ringgit

PEN – Peruvian Sol

TRY – Turkish Lira

USD – US Dollar

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

78

Delaware Covered Call Strategy Fund

March 31, 2021 (Unaudited)

		Number of
		shares	Value (US $)
Common Stock – 101.16%◆
Communication Services – 6.29%
	Activision Blizzard ~	30,100	$	2,799,300
	Alphabet Class A ~, †	3,100		6,393,812
				9,193,112
Consumer Discretionary – 16.09%
	Booking Holdings ~, †	2,700		6,290,568
	Darden Restaurants ~	9,200		1,306,400
	Home Depot ~	23,400		7,142,850
	MGM Resorts
	International ~	74,600		2,834,054
	Royal Caribbean
	Cruises ~, †	16,600		1,421,126
	Whirlpool ~	20,500		4,517,175
				23,512,173
Consumer Staples – 4.09%
	Costco Wholesale ~	16,700		5,886,416
	Mondelez International
	Class A ~	1,500		87,795
				5,974,211
Energy – 4.58%
	Chevron ~	49,100		5,145,189
	Exxon Mobil ~	27,800		1,552,074
				6,697,263
Financials – 10.50%
	Bank of America ~	138,600		5,362,434
	Berkshire Hathaway
	Class B ~, †	11,200		2,861,264
	BlackRock ~	6,100		4,599,156
	JPMorgan Chase &
	Co. ~	16,500		2,511,795
				15,334,649
Healthcare – 10.00%
	Bristol-Myers Squibb ~	37,500		2,367,375
	Medtronic ~	49,300		5,823,809
	Merck & Co. ~	38,300		2,952,547
	UnitedHealth Group ~	9,300		3,460,251
				14,603,982
Industrials – 9.16%
	Lockheed Martin ~	12,300		4,544,850
	Raytheon
	Technologies ~	41,100		3,175,797
	United Rentals ~, †	17,200		5,664,132
				13,384,779
Information Technology – 34.28%
	Apple ~	93,400		11,408,810
	Broadcom ~	15,500		7,186,730
	Corning ~	103,400		4,498,934
	First Solar ~, †	38,600		3,369,780
	Mastercard Class A ~	15,800		5,625,590
	Microsoft ~	45,400		10,703,958
	Texas Instruments ~	30,700		5,801,993
	Visa Class A ~	7,000		1,482,110
				50,077,905
Materials – 3.21%
	PPG Industries ~	31,200		4,688,112
				4,688,112
Utilities – 2.96%
	NextEra Energy ~	57,200		4,324,892
				4,324,892
Total Common Stock
	(cost $102,592,063)			147,791,078
Short-Term Investments – 4.17%
Money Market Mutual Funds – 4.17%
	BlackRock FedFund –
	Institutional Shares
	(seven-day effective
	yield 0.01%)	1,524,635		1,524,635
	Fidelity Investments
	Money Market
	Government Portfolio
	– Class I (seven-day
	effective yield 0.01%)	1,524,636		1,524,636
	GS Financial Square
	Government Fund –
	Institutional Shares
	(seven-day effective
	yield 0.03%)	1,524,636		1,524,636
	Morgan Stanley
	Government Portfolio
	– Institutional Share
	Class (seven-day
	effective yield 0.00%)	1,524,635		1,524,635
Total Short-Term Investments
	(cost $6,098,542)			6,098,542
Total Value of Securities Before Options
	Written–105.33%
	(cost $108,690,605)			153,889,620

79

Schedules of investments
Delaware Covered Call Strategy Fund

			Number of
			contracts		Value (US $)
Options Written – (3.20%)
Equity Call Options – (3.20%)
	Activision Blizzard strike
		price $95, expiration
		date 5/21/21,
		notional amount
		$(2,859,500)	(301	)	$	(105,350	)
	Alphabet strike price
		$2,170, expiration
		date 4/16/21,
		notional amount
		$(6,727,000)	(31	)		(22,940	)
	Apple strike price $130,
		expiration date
		5/21/21, notional
		amount
		$(12,142,000)	(934	)		(251,713	)
	Bank of America strike
		price $40, expiration
		date 6/18/21,
		notional amount
		$(3,724,000)	(931	)		(148,029	)
	Bank of America strike
		price $42, expiration
		date 6/18/21,
		notional amount
		$(1,911,000)	(455	)		(42,770	)
	Berkshire Hathaway
		strike price $265,
		expiration date
		5/21/21, notional
		amount $(1,484,000)	(56	)		(19,180	)
	Berkshire Hathaway
		strike price $270,
		expiration date
		5/21/21, notional
		amount $(1,512,000)	(56	)		(12,712	)
	BlackRock strike price
		$800, expiration date
		4/16/21, notional
		amount $(4,880,000)	(61	)		(15,860	)
	Booking Holdings strike
		price $2,240,
		expiration date
		4/16/21, notional
		amount $(2,016,000)	(9	)		(108,090	)
	Booking Holdings strike
		price $2,500,
		expiration date
		6/18/21, notional
		amount $(4,500,000)	(18	)		(151,740	)
	Bristol-Myers Squibb
		strike price $65,
		expiration date
		4/16/21, notional
		amount $(2,437,500)	(375	)		(12,563	)
	Broadcom strike price
		$500, expiration date
		4/16/21, notional
		amount $(7,750,000)	(155	)		(19,763	)
	Chevron strike price
		$120, expiration date
		6/18/21, notional
		amount $(5,892,000)	(491	)		(56,465	)
	Corning strike price $40,
		expiration date
		4/16/21, notional
		amount $(4,136,000)	(1,034	)		(364,485	)
	Costco Wholesale strike
		price $365, expiration
		date 4/16/21,
		notional amount
		$(6,095,500)	(167	)		(29,893	)
	Darden Restaurants
		strike price $140,
		expiration date
		7/16/21, notional
		amount $(1,288,000)	(92	)		(100,740	)
	Exxon Mobil strike price
		$65, expiration date
		6/18/21, notional
		amount $(1,807,000)	(278	)		(19,738	)
	First Solar strike price
		$92.50, expiration
		date 5/21/21,
		notional amount
		$(3,570,500)	(386	)		(171,770	)
	Home Depot strike price
		$295, expiration date
		4/16/21, notional
		amount $(6,903,000)	(234	)		(288,990	)

80

			Number of
			contracts		Value (US $)
Options Written (continued)
Equity Call Options (continued)
	JPMorgan Chase & Co.
		strike price $170,
		expiration date
		6/18/21, notional
		amount $(2,805,000)	(165	)	$	(32,835	)
	Lockheed Martin strike
		price $380, expiration
		date 5/21/21,
		notional amount
		$(4,674,000)	(123	)		(95,325	)
	Mastercard strike price
		$340, expiration date
		4/16/21, notional
		amount $(5,372,000)	(158	)		(290,325	)
	Medtronic strike price
		$120, expiration date
		4/16/21, notional
		amount $(5,916,000)	(493	)		(63,104	)
	Merck & Co. strike price
		$80, expiration date
		4/16/21, notional
		amount $(3,064,000)	(383	)		(12,256	)
	MGM Resorts
		International strike
		price $33, expiration
		date 4/16/21,
		notional amount
		$(2,461,800)	(746	)		(386,055	)
	Microsoft strike price
		$240, expiration date
		5/21/21, notional
		amount $(4,128,000)	(172	)		(122,120	)
	Microsoft strike price
		$245, expiration date
		5/21/21, notional
		amount $(6,909,000)	(282	)		(141,000	)
	Mondelez International
		strike price $57.50,
		expiration date
		4/16/21, notional
		amount $(86,250)	(15	)		(2,408	)
	NextEra Energy strike
		price $77.50,
		expiration date
		4/16/21, notional
		amount $(3,720,000)	(480	)		(36,000	)
	NextEra Energy strike
		price $85, expiration
		date 4/16/21,
		notional amount
		$(782,000)	(92	)		(690	)
	PPG Industries strike
		price $145, expiration
		date 4/16/21,
		notional amount
		$(4,524,000)	(312	)		(219,960	)
	Raytheon Technologies
		strike price $75,
		expiration date
		5/21/21, notional
		amount $(3,082,500)	(411	)		(194,197	)
	Royal Caribbean Cruises
		strike price $95,
		expiration date
		6/18/21, notional
		amount $(1,577,000)	(166	)		(85,075	)
	Texas Instruments strike
		price $180, expiration
		date 4/16/21,
		notional amount
		$(5,526,000)	(307	)		(323,117	)
	United Rentals strike
		price $350, expiration
		date 6/18/21,
		notional amount
		$(6,020,000)	(172	)		(284,230	)
	UnitedHealth Group
		strike price $350,
		expiration date
		4/16/21, notional
		amount $(3,255,000)	(93	)		(231,802	)
	Visa strike price $220,
		expiration date
		6/18/21, notional
		amount $(1,540,000)	(70	)		(40,775	)

81

Schedules of investments
Delaware Covered Call Strategy Fund

			Number of
			contracts		Value (US $)
Options Written (continued)
Equity Call Options (continued)
	Whirlpool strike price
		$230, expiration date
		5/21/21, notional
		amount $(4,715,000)	(205	)	$	(168,100	)
Total Options Written
	(premium received $4,717,126)				$	(4,672,165	)

◆	Narrow industries are utilized for compliance purposes for diversification whereas broad sectors are used for financial reporting.
~	All or portion of the security has been pledged as collateral with outstanding options written.
†	Non-income producing security.

Summary of abbreviations:
GS – Goldman Sachs

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

82

Delaware Hedged U.S. Equity Opportunities Fund

March 31, 2021 (Unaudited)

		Number of
		shares	Value (US $)
Common Stock – 95.10%
Communication Services – 6.61%
	Activision Blizzard	2,404	$	223,572
	Alphabet Class A †	782		1,612,891
	Alphabet Class C †	151		312,363
	AT&T	4,014		121,504
	Electronic Arts	820		111,003
	Facebook Class A †	2,354		693,324
	Match Group †	1,488		204,421
	Pinterest Class A †	3,348		247,852
	Roku †	557		181,454
	Snap Class A †	7,594		397,090
	Spotify Technology †	1,150		308,142
	T-Mobile US †	2,751		344,673
	Twitter †	8,006		509,422
	Verizon
	Communications	2,040		118,626
				5,386,337
Consumer Discretionary – 15.40%
	Alibaba Group Holding
	ADR †	1,025		232,398
	Amazon.com †	645		1,995,682
	Bloomin’ Brands †	7,012		189,675
	Booking Holdings †	182		424,031
	CarMax †	3,176		421,328
	Carter’s †	4,668		415,125
	Chegg †	1,861		159,413
	Chewy Class A †	2,589		219,314
	Chipotle Mexican Grill †	216		306,897
	Choice Hotels
	International †	2,424		260,071
	Compass Group †	20,770		418,479
	Dollar General	592		119,951
	Dollar Tree †	2,381		272,529
	DraftKings Class A †	6,322		387,728
	Etsy †	691		139,354
	Garmin	2,871		378,541
	General Motors †	2,693		154,740
	Genuine Parts	1,097		126,802
	Las Vegas Sands †	1,900		115,444
	Lennar Class A	2,487		251,759
	Lululemon Athletica †	1,454		445,956
	McDonald’s	3,233		724,645
	NIKE Class B	4,703		624,982
	NVR †	144		678,374
	Penn National Gaming †	4,132		433,199
	Polaris	1,131		150,989
	Ross Stores	2,848		341,504
	Six Flags
	Entertainment †	3,494		162,366
	Starbucks	2,374		259,407
	Steven Madden	5,959		222,032
	Thor Industries	1,735		233,774
	TJX	14,808		979,549
	VF	1,732		138,422
	Wyndham Hotels &
	Resorts	2,258		157,563
				12,542,023
Consumer Staples – 6.31%
	Archer-Daniels-Midland	1,366		77,862
	Clorox	593		114,378
	Coca-Cola	11,338		597,626
	Colgate-Palmolive	8,730		688,186
	Constellation Brands
	Class A	1,210		275,880
	Costco Wholesale	306		107,859
	Diageo	18,014		742,415
	General Mills	1,512		92,716
	Hormel Foods	2,377		113,573
	Kellogg	1,763		111,598
	Keurig Dr Pepper	8,020		275,647
	PepsiCo	4,814		680,940
	Philip Morris
	International	4,003		355,226
	Procter & Gamble	2,204		298,488
	Sysco	955		75,197
	Tyson Foods Class A	2,907		215,990
	US Foods Holding †	5,504		209,812
	Walmart	772		104,861
				5,138,254
Energy – 1.03%
	Canadian Natural
	Resources	8,047		248,411
	ConocoPhillips	2,693		142,648
	Diamondback Energy	3,115		228,921
	Halliburton	3,595		77,149
	SolarEdge
	Technologies †	504		144,870
				841,999
Financials – 13.32%
	AerCap Holdings †	3,228		189,613
	Alleghany †	206		129,016
	American Express	6,102		863,067
	Arthur J Gallagher	951		118,656
	Assurant	1,657		234,913
	Athene Holding
	Class A †	4,003		201,751
	Atlantic Union
	Bankshares	2,517		96,552

83

Schedules of investments
Delaware Hedged U.S. Equity Opportunities Fund

		Number of
		shares	Value (US $)
Common Stock (continued)
Financials (continued)
	Bank of America	12,460	$	482,077
	Bank OZK	1,948		79,576
	Berkshire Hathaway
	Class B †	1,431		365,578
	Blackstone Group
	Class A	2,033		151,520
	Brown & Brown	2,468		112,812
	Charles Schwab	11,082		722,325
	Chubb	6,028		952,243
	CNO Financial Group	13,922		338,165
	Credit Acceptance †	611		220,101
	Equitable Holdings	3,800		123,956
	First Citizens BancShares
	Class A	182		152,110
	First Republic Bank	1,034		172,420
	Hanover Insurance
	Group	1,211		156,776
	Intercontinental
	Exchange	1,055		117,822
	M&T Bank	2,028		307,465
	Markel †	319		363,539
	MarketAxess Holdings	220		109,542
	Marsh & McLennan	7,741		942,854
	MetLife	5,494		333,980
	Moody’s	368		109,889
	Progressive	2,372		226,787
	Raymond James
	Financial	3,145		385,451
	S&P Global	533		188,080
	Tradeweb Markets
	Class A	3,368		249,232
	Travelers	998		150,099
	Unum Group	2,640		73,471
	Voya Financial	5,905		375,794
	Western Alliance
	Bancorp	3,174		299,753
	White Mountains
	Insurance Group	106		118,179
	Willis Towers Watson	516		118,102
	Zions Bancorp	9,416		517,503
				10,850,769
Healthcare – 13.63%
	Abbott Laboratories	627		75,140
	ABIOMED †	633		201,756
	Acadia Healthcare †	2,396		136,907
	Agilent Technologies	845		107,433
	Align Technology †	722		390,985
	Allakos †	2,120		243,334
	Anthem	241		86,507
	AstraZeneca ADR	3,021		150,204
	Baxter International	5,773		486,895
	Biogen †	1,005		281,149
	Boston Scientific †	4,502		174,002
	Bristol-Myers Squibb	1,821		114,960
	Centene †	3,560		227,520
	Cerner	1,541		110,767
	ChemoCentryx †	5,283		270,701
	CVS Health	4,933		371,110
	Danaher	2,389		537,716
	DENTSPLY SIRONA	1,624		103,627
	Dexcom †	950		341,421
	Elanco Animal Health †	4,253		125,251
	Eli Lilly and Co.	1,615		301,714
	Encompass Health	2,544		208,354
	Exact Sciences †	1,039		136,919
	GoodRx Holdings
	Class A †	4,180		163,104
	Illumina †	538		206,624
	Insulet †	1,262		329,281
	Johnson & Johnson	5,792		951,915
	Kodiak Sciences †	1,732		196,392
	Laboratory Corp. of
	America Holdings †	554		141,287
	Medtronic	7,777		918,697
	Merck & Co.	1,427		110,007
	Molina Healthcare †	849		198,462
	Multiplan †	16,593		92,091
	Oak Street Health †	2,779		150,816
	Pfizer	3,022		109,487
	PTC Therapeutics †	5,311		251,476
	Regeneron
	Pharmaceuticals †	301		142,415
	Seagen †	669		92,897
	STERIS	56		10,667
	Teleflex	736		305,779
	Thermo Fisher Scientific	240		109,531
	UnitedHealth Group	2,155		801,811
	Veeva Systems Class A †	889		232,242
	Vertex
	Pharmaceuticals †	1,878		403,563
				11,102,916
Industrials – 11.57%
	Airbus †	1,045		118,307
	AMERCO	447		273,832
	Canadian National
	Railway	5,710		662,645
	Carlisle	850		139,893
	CH Robinson Worldwide	1,255		119,765

84

		Number of
		shares	Value (US $)
Common Stock (continued)
Industrials (continued)
	Cintas	962	$	328,340
	Clean Harbors †	2,347		197,289
	Colfax †	4,872		213,442
	Copart †	5,417		588,340
	CoStar Group †	291		239,170
	CRH	1,928		90,131
	Expeditors International
	of Washington	3,269		352,039
	Fastenal	5,404		271,713
	FedEx	556		157,926
	Fortive	4,230		298,807
	IDEX	1,424		298,072
	IHS Markit	948		91,747
	II-VI †	2,301		157,319
	Ingersoll Rand †	3,153		155,159
	JB Hunt Transport
	Services	1,612		270,929
	JELD-WEN Holding †	5,909		163,620
	Kennametal	3,753		150,007
	Lennox International	993		309,409
	Lockheed Martin	1,339		494,761
	Middleby †	1,240		205,530
	Northrop Grumman	2,339		756,994
	PACCAR	2,703		251,163
	Raytheon Technologies	4,039		312,094
	Rollins	2,962		101,952
	Sanwa Holdings	8,643		113,106
	SPX FLOW	3,029		191,827
	Union Pacific	2,637		581,221
	Waste Connections	1,066		115,107
	Westinghouse Air Brake
	Technologies	8,222		650,854
				9,422,510
Information Technology – 17.87%
	Accenture Class A	1,927		532,334
	Advanced Micro
	Devices †	5,479		430,101
	Amdocs	2,709		190,036
	Amphenol Class A	1,431		94,403
	ANSYS †	285		96,775
	Apple	8,324		1,016,776
	Automatic Data
	Processing	677		127,594
	Black Knight †	1,827		135,180
	Booz Allen Hamilton
	Holding	1,328		106,944
	Broadcom	483		223,948
	CDW	1,989		329,677
	Cisco Systems	7,476		386,584
	Cognizant Technology
	Solutions Class A	3,489		272,561
	Constellation Software	280		391,033
	EPAM Systems †	185		73,388
	F5 Networks †	1,546		322,526
	Fair Isaac †	624		303,295
	Fleetcor Technologies †	1,855		498,309
	Flex †	17,494		320,315
	Genpact	10,680		457,317
	GoDaddy Class A †	5,267		408,824
	Guidewire Software †	1,446		146,957
	Intel	1,934		123,776
	Jack Henry & Associates	715		108,480
	KLA	472		155,949
	Leidos Holdings	5,744		553,032
	Lumentum Holdings †	4,857		443,687
	Marvell Technology
	Group	4,357		213,406
	Mastercard Class A	1,491		530,870
	Micron Technology †	1,262		111,321
	Microsoft	6,455		1,521,895
	MKS Instruments	2,281		422,943
	Motorola Solutions	444		83,494
	NVIDIA	376		200,758
	NXP Semiconductors	540		108,724
	Oracle	1,786		125,324
	Paychex	1,267		124,191
	Paycom Software †	727		269,034
	RingCentral Class A †	852		253,794
	salesforce.com †	1,217		257,846
	Samsung Electronics
	GDR	82		133,660
	Square Class A †	936		212,519
	Topicus.com †	459		30,147
	Tyler Technologies †	254		107,831
	Universal Display	698		165,265
	Varonis Systems †	2,652		136,154
	Visa Class A	1,450		307,008
	VMware Class A †	1,383		208,072
	Vontier †	603		18,253
	WEX †	1,463		306,089
	Workday Class A †	1,820		452,143
				14,550,542
Materials – 3.39%
	Ball	1,767		149,735
	Celanese	2,828		423,663
	Ecolab	2,058		440,556
	FMC	4,233		468,212
	Linde	1,991		557,759

85

Schedules of investments
Delaware Hedged U.S. Equity Opportunities Fund

		Number of
		shares	Value (US $)
Common Stock (continued)
Materials (continued)
	Nutrien	1,397	$	75,258
	Reliance Steel &
	Aluminum	1,637		249,299
	Rogers †	870		163,743
	Sherwin-Williams	311		229,521
				2,757,746
Real Estate – 3.81%
	Alexandria Real Estate
	Equities	1,196		196,503
	American Tower	2,784		665,543
	Americold Realty Trust	5,934		228,281
	Camden Property Trust	1,247		137,058
	Digital Realty Trust	938		132,108
	Equinix	195		132,520
	Gaming and Leisure
	Properties	4,584		194,499
	Public Storage	2,058		507,832
	Redfin †	2,137		142,303
	Ryman Hospitality
	Properties †	2,246		174,087
	STORE Capital	9,380		314,230
	VICI Properties	9,728		274,719
				3,099,683
Utilities – 2.16%
	American Electric Power	86		7,284
	Atmos Energy	1,132		111,898
	Avangrid	1,877		93,493
	Consolidated Edison	2,765		206,822
	Dominion Energy	1,059		80,442
	Duke Energy	1,372		132,439
	Exelon	5,621		245,863
	Iberdrola ADR	2,850		147,368
	Pinnacle West Capital	4,925		400,649
	UGI	4,937		202,466
	WEC Energy Group	1,378		128,967
				1,757,691
Total Common Stock
	(cost $65,209,809)			77,450,470
		Number of
		contracts
Options Purchased – 0.68%
Options on Indices – 0.68%
	S&P 500 Index strike
	price $3,375,
	expiration date
	9/17/21, notional
	amount $10,462,500	31		211,575
	S&P 500 Index strike
	price $3,500,
	expiration date
	6/18/21, notional
	amount $11,200,000	32		105,600
	S&P 500 Index strike
	price $3,650,
	expiration date
	12/17/21, notional
	amount $5,475,000	15		240,000
Total Options Purchased
	(cost $1,086,121)			557,175
		Number of
		shares
Short-Term Investments – 6.01%
Money Market Mutual Funds – 6.01%
	BlackRock FedFund –
	Institutional Shares
	(seven-day effective
	yield 0.01%)	1,223,131		1,223,131
	Fidelity Investments
	Money Market
	Government Portfolio
	– Class I (seven-day
	effective yield 0.01%)	1,223,131		1,223,131
	GS Financial Square
	Government Fund –
	Institutional Shares
	(seven-day effective
	yield 0.03%)	1,223,131		1,223,131
	Morgan Stanley
	Government Portfolio
	– Institutional Share
	Class (seven-day
	effective yield 0.00%)	1,223,131		1,223,131
Total Short-Term Investments
	(cost $4,892,524)			4,892,524
Total Value of Securities Before Options
	Written–101.79%
	(cost $71,188,454)			82,900,169

86

		Number of
		contracts		Value (US $)
Options Written – (0.38%)
Options on Indices – (0.38%)
	S&P 500 Index strike
	price $3,100,
	expiration date
	9/17/21, notional
	amount $(9,610,000)	(31	)	$	(129,425	)
	S&P 500 Index strike
	price $3,175,
	expiration date
	6/18/21, notional
	amount $(6,350,000)	(20	)		(29,600	)
	S&P 500 Index strike
	price $3,350,
	expiration date
	12/17/21, notional
	amount $(5,025,000)	(15	)	$	(154,050	)
Total Options Written
	(premium received $639,690)			$	(313,075	)

† Non-income producing security.

The following foreign currency exchange contracts and futures contracts were outstanding at March 31, 2021:¹

Foreign Currency Exchange Contracts

	Currency to						Settlement	Unrealized		Unrealized
Counterparty	Receive (Deliver)			In Exchange For			Date	Appreciation		Depreciation
BNP	CAD	62,297		USD	(49,335	)	4/1/21	$	237	$	—
BNP	GBP	(954,000	)	USD	1,323,147		6/16/21		7,644		—
BNYM	CAD	(5,965	)	USD	4,732		4/1/21		—		(14	)
BNYM	GBP	(8,397	)	USD	11,569		4/1/21		—		(7	)
MS	CAD	(1,590,000	)	USD	1,259,036		6/16/21		—		(6,302	)
MS	JPY	725,699		USD	(6,563	)	4/1/21		—		(10	)
SSB	EUR	5,146		USD	(6,046	)	4/6/21		—		(11	)
SSB	GBP	41,899		USD	(57,822	)	4/6/21		—		(59	)
Total Foreign Currency Exchange Contracts								$	7,881	$	(6,403	)

Futures Contracts
Exchange-Traded

														Variation
														Margin
					Notional				Value/		Value/			Due from
		Notional			Cost			Expiration	Unrealized		Unrealized			(Due to)
Contracts to Buy (Sell)		Amount			(Proceeds)			Date	Appreciation		Depreciation			Brokers
(26)	E-mini S&P 500 Index	$	(5,157,620	)	$	(5,109,417	)	6/18/21	$	—	$	(48,203	)	$	(25,610	)
(25)	E-mini S&P MidCap 400 Index		(6,513,250	)		(6,536,887	)	6/18/21		23,637		—			(4,250	)
(17)	FTSE 100 Index		(1,565,421	)		(1,575,317	)	6/18/21		9,896		—			10,746
(7)	MSCI EAFE Index		(767,200	)		(767,805	)	6/18/21		605		—			3,430
(8)	S&P/TSX 60 Index		(1,414,625	)		(1,416,520	)	6/17/21		1,895		—			2,416
Total Futures Contracts					$	(15,405,946	)		$	36,033	$	(48,203	)	$	(13,268	)

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

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

Summary of abbreviations:
ADR – American Depositary Receipt

87

Schedules of investments
Delaware Hedged U.S. Equity Opportunities Fund

Summary of abbreviations: (continued)

BNP – BNP Paribas

BNYM – Bank of New York Mellon

EAFE – Europe, Australasia, and Far East

FTSE – Financial Times Stock Exchange

GDR – Global Depositary Receipt

GS – Goldman Sachs

MS – Morgan Stanley

MSCI – Morgan Stanley Capital International

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

SSB – State Street Bank

TSX – Toronto Stock Exchange

Summary of currencies:

CAD – Canadian Dollar

EUR – European Monetary Unit

GBP – British Pound Sterling

JPY – Japanese Yen

USD – US Dollar

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

88

Delaware Premium Income Fund

March 31, 2021 (Unaudited)

			Number of shares	Value (US $)
Common Stock ◆ – 123.97%
Communication Services – 5.94%
	Comcast Class A ~		43,100	$	2,332,141
	Verizon      Communications ~		13,700		796,655
					3,128,796
Consumer Discretionary – 15.00%
	Home Depot ~		8,400		2,564,100
	TJX ~		16,800		1,111,320
	Whirlpool ~		19,200		4,230,720
					7,906,140
Consumer Staples – 12.91%
	Constellation Brands      Class A ~		9,400		2,143,200
	Mondelez International      Class A ~		22,700		1,328,631
	PepsiCo ~		6,000		848,700
	Philip Morris      International ~		28,000		2,484,720
					6,805,251
Energy – 8.59%
	Chevron ~		22,700		2,378,733
	ConocoPhillips ~		40,600		2,150,582
					4,529,315
Financials – 13.09%
	American Express ~		9,300		1,315,392
	Bank of America ~		44,200		1,710,098
	BlackRock ~		3,400		2,563,464
	JPMorgan Chase &      Co. ~		8,600		1,309,178
					6,898,132
Healthcare – 14.84%
	Amgen ~		9,600		2,388,576
	Bristol-Myers Squibb ~		24,800		1,565,624
	Merck & Co. ~		19,900		1,534,091
	Pfizer ~		63,900		2,315,097
	Viatris ~, †		1,272		17,770
					7,821,158
Industrials – 18.41%
	Boeing ~, †		7,500		1,910,400
	CSX ~		25,700		2,477,994
	Honeywell      International ~		4,900		1,063,643
	Lockheed Martin ~		6,700		2,475,650
	Raytheon       Technologies ~		9,800		757,246
	United Rentals ~, †		3,100		1,020,861
					9,705,794
Information Technology – 32.68%
	Apple ~		14,800		1,807,820
	Broadcom ~		10,400		4,822,064
	Cisco Systems ~		47,100		2,435,541
	Corning ~		83,700		3,641,787
	First Solar ~, †		10,200		890,460
	International Business      Machines ~		7,400		986,124
	Microsoft ~		8,000		1,886,160
	Texas Instruments ~		4,000		755,960
					17,225,916
Utilities – 2.51%
	Exelon ~		30,300		1,325,322
					1,325,322
Total Common Stock ◆
	(cost $53,248,555)				65,345,824
Short-Term Investments – 4.18%
Money Market Mutual Funds – 4.18%
	BlackRock FedFund –
		Institutional Shares (seven-day effective yield 0.01%)	550,908		550,908
	Fidelity Investments
		Money Market Government Portfolio –  Class I (seven-day effective yield 0.01%)	550,908		550,908
	GS Financial Square
		Government Fund – Institutional Shares (seven-day effective yield 0.03%)	550,908		550,908
	Morgan Stanley
		Government Portfolio – Institutional Share Class (seven-day effective yield 0.00%)	550,909		550,909
Total Short-Term Investments
	(cost $2,203,633)				2,203,633
Total Value of Securities Before Options
	Written–128.15% (cost $55,452,188)				67,549,457

89

Schedules of investments
Delaware Premium Income Fund

			Number of contracts		Value (US $)
Options Written – (26.20%)
Equity Call Options – (26.20%)
	American Express strike
		price $100, expiration
		date 1/21/22,
		notional amount
		$(930,000)	(93	)	$	(408,037	)
	Amgen strike price
		$205, expiration date
		6/18/21, notional
		amount $(1,968,000)	(96	)		(430,320	)
	Apple strike price $110,
		expiration date
		1/21/22, notional
		amount $(1,628,000)	(148	)		(280,090	)
	Bank of America strike
		price $32, expiration
		date 1/21/22,
		notional amount
		$(1,414,400)	(442	)		(359,125	)
	BlackRock strike price
		$570, expiration date
		1/21/22, notional
		amount $(1,539,000)	(27	)		(521,910	)
	BlackRock strike price
		$600, expiration date
		1/21/22, notional
		amount $(420,000)	(7	)		(117,075	)
	Boeing strike price $190,
		expiration date
		1/21/22, notional
		amount $(1,425,000)	(75	)		(586,312	)
	Bristol-Myers Squibb
		strike price $55,
		expiration date
		1/21/22, notional
		amount $(1,364,000)	(248	)		(245,520	)
	Broadcom strike price
		$330, expiration date
		1/21/22, notional
		amount $(1,287,000)	(39	)		(553,605	)
	Broadcom strike price
		$380, expiration date
		1/21/22, notional
		amount $(2,470,000)	(65	)		(669,500	)
	Chevron strike price $80,
		expiration date
		1/21/22, notional
		amount $(1,816,000)	(227	)		(581,120	)
	Cisco Systems strike
		price $40, expiration
		date 1/21/22,
		notional amount
		$(316,000)	(79	)		(96,183	)
	Cisco Systems strike
		price $44, expiration
		date 10/15/21,
		notional amount
		$(1,724,800)	(392	)		(329,280	)
	Comcast strike price
		$42.50, expiration
		date 10/15/21,
		notional amount
		$(658,750)	(155	)		(191,038	)
	Comcast strike price
		$47.50, expiration
		date 1/21/22,
		notional amount
		$(1,311,000)	(276	)		(220,800	)
	ConocoPhillips strike
		price $38, expiration
		date 8/20/21,
		notional amount
		$(475,000)	(125	)		(194,687	)
	ConocoPhillips strike
		price $45, expiration
		date 1/21/22,
		notional amount
		$(1,264,500)	(281	)		(311,910	)
	Constellation Brands
		strike price $180,
		expiration date
		1/21/22, notional
		amount $(1,692,000)	(94	)		(506,660	)
	Corning strike price $32,
		expiration date
		8/20/21, notional
		amount $(918,400)	(287	)		(346,552	)
	Corning strike price $33,
		expiration date
		8/20/21, notional
		amount $(1,815,000)	(550	)		(613,250	)
	CSX strike price $80,
		expiration date
		1/21/22, notional
		amount $(2,056,000)	(257	)		(514,000	)

90

			Number of contracts		Value (US $)
Options Written (continued)
Equity Call Options (continued)
	Exelon strike price $38,
		expiration date
		1/21/22, notional
		amount $(1,151,400)	(303	)	$	(207,555	)
	First Solar strike price
		$72.50, expiration
		date 1/21/22,
		notional amount
		$(739,500)	(102	)		(225,675	)
	Home Depot strike price
		$245, expiration date
		6/18/21, notional
		amount $(2,058,000)	(84	)		(519,120	)
	Honeywell International
		strike price $185,
		expiration date
		6/18/21, notional
		amount $(906,500)	(49	)		(165,253	)
	International Business
		Machines strike price
		$105, expiration date
		1/21/22, notional
		amount $(556,500)	(53	)		(155,953	)
	International Business
		Machines strike price
		$110, expiration date
		1/21/22, notional
		amount $(231,000)	(21	)		(52,343	)
	JPMorgan Chase & Co.
		strike price $100,
		expiration date
		9/17/21, notional
		amount $(10,000)	(1	)		(5,190	)
	JPMorgan Chase & Co.
		strike price $105,
		expiration date
		1/21/22, notional
		amount $(892,500)	(85	)		(409,487	)
	Lockheed Martin strike
		price $300, expiration
		date 1/21/22,
		notional amount
		$(2,010,000)	(67	)		(492,450	)
	Merck & Co. strike price
		$75, expiration date
		6/18/21, notional
		amount $(1,492,500)	(199	)		(77,610	)
	Microsoft strike price
		$185, expiration date
		9/17/21, notional
		amount $(555,000)	(30	)		(159,450	)
	Microsoft strike price
		$190, expiration date
		1/21/22, notional
		amount $(950,000)	(50	)		(260,500	)
	Mondelez International
		strike price $50,
		expiration date
		1/21/22, notional
		amount $(1,135,000)	(227	)		(220,190	)
	PepsiCo strike price
		$115, expiration date
		1/21/22, notional
		amount $(690,000)	(60	)		(167,550	)
	Pfizer strike price $32,
		expiration date
		6/18/21, notional
		amount $(339,200)	(106	)		(63,070	)
	Pfizer strike price $37,
		expiration date
		9/16/22, notional
		amount $(1,972,100)	(533	)		(145,776	)
	Philip Morris
		International strike
		price $80, expiration
		date 1/21/22,
		notional amount
		$(2,240,000)	(280	)		(316,400	)
	Raytheon Technologies
		strike price $65,
		expiration date
		1/21/22, notional
		amount $(637,000)	(98	)		(145,040	)
	Texas Instruments strike
		price $140, expiration
		date 7/16/21,
		notional amount
		$(560,000)	(40	)		(198,400	)
	TJX strike price $60,
		expiration date
		1/21/22, notional
		amount $(1,008,000)	(168	)		(170,520	)

91

Schedules of investments
Delaware Premium Income Fund

			Number of contracts		Value (US $)
Options Written (continued)
Equity Call Options (continued)
	United Rentals strike
		price $280, expiration
		date 9/17/21,
		notional amount
		$(868,000)	(31	)	$	(207,002	)
	Verizon Communications
		strike price $50,
		expiration date
		1/21/22, notional
		amount $(355,000)	(71	)		(58,575	)
	Verizon Communications
		strike price $52.50,
		expiration date
		6/18/21, notional
		amount $(346,500)	(66	)		(37,950	)
	Whirlpool strike price
		$160, expiration date
		1/21/22, notional
		amount $(3,072,000)	(192	)		(1,272,960	)
Total Options Written
	(premium received $11,801,898)				$	(13,810,993	)

◆	Narrow industries are utilized for compliance purposes for diversification whereas broad sectors are used for financial reporting.
~	All or portion of the security has been pledged as collateral with outstanding options written.
†	Non-income producing security.

Summary of abbreviations:
GS – Goldman Sachs

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

92

Delaware Total Return Fund

March 31, 2021 (Unaudited)

			Principal amount°	Value (US $)
Agency Mortgage-Backed Securities – 1.11%
	Fannie Mae S.F. 15 yr
		2.00% 3/1/36	166,877	$	171,767
	Fannie Mae S.F. 20 yr
		2.00% 3/1/41	75,754		76,787
		2.50% 1/1/41	70,595		73,034
	Fannie Mae S.F. 30 yr
		2.00% 11/1/50	183,507		183,288
		2.00% 12/1/50	140,515		140,500
		2.00% 3/1/51	157,727		157,539
		2.50% 10/1/50	799,921		824,205
		2.50% 2/1/51	154,596		158,789
		3.00% 11/1/46	449,726		475,129
		3.00% 3/1/50	78,442		82,456
		3.00% 6/1/50	76,242		79,428
		3.00% 7/1/50	267,524		280,514
		3.00% 8/1/50	128,952		135,203
		3.00% 9/1/50	51,170		53,408
		4.00% 3/1/47	390,609		423,107
		4.50% 9/1/40	237,399		267,688
		5.00% 7/1/47	136,719		158,895
		6.00% 5/1/36	53,634		60,665
		6.00% 6/1/37	13,781		16,452
		6.00% 7/1/37	20,257		24,140
		6.00% 8/1/37	18,760		22,283
		6.00% 10/1/40	155,761		185,464
		6.50% 11/1/33	88,154		98,947
		6.50% 6/1/36	36,895		42,222
		7.00% 3/1/32	157,801		178,151
		7.00% 8/1/32	86,687		90,024
	Freddie Mac S.F. 15 yr
		1.50% 3/1/36	121,274		122,123
		2.00% 12/1/35	126,580		130,604
	Freddie Mac S.F. 20 yr
		2.00% 3/1/41	87,663		88,859
	Freddie Mac S.F. 30 yr
		2.00% 12/1/50	485,663		485,084
		4.50% 10/1/40	381,336		430,160
	GNMA II S.F. 30 yr
		3.00% 7/20/50	274,408		286,026
Total Agency Mortgage-Backed Securities
	(cost $5,965,207)				6,002,941
Collateralized Debt Obligations – 0.24%
	Octagon Investment
		Partners
		144A 1.364%
		(LIBOR03M + 1.14%)
		1/20/30 #, ●	1,000,000		1,002,652
	Venture 34 CLO
		Series 2018-34A A
		144A 1.471%
		(LIBOR03M + 1.23%,
		Floor 1.23%)
		10/15/31 #, ●	300,000		300,512
Total Collateralized Debt Obligations
	(cost $1,297,499)				1,303,164
Convertible Bonds – 10.01%
Basic Industry – 0.16%
	Ivanhoe Mines 144A
		2.50% exercise price
		$7.43, maturity date
		4/15/26 #	826,000		850,656
					850,656
Capital Goods – 0.35%
	Chart Industries 144A
		1.00% exercise price
		$58.73, maturity date
		11/15/24 #	753,000		1,872,617
					1,872,617
Communications – 1.70%
	Cable One 144A
		1.125% exercise price
		$2,275.83, maturity
		date 3/15/28 #	690,000		698,625
	DISH Network 3.375%
		exercise price $65.18,
		maturity date
		8/15/26	1,857,000		1,789,777
	InterDigital 2.00%
		exercise price $81.29,
		maturity date 6/1/24	1,983,000		2,115,715
	Liberty Broadband 144A
		1.25% exercise price
		$900.01, maturity
		date 9/30/50 #	1,785,000		1,754,655
	Liberty Latin America
		2.00% exercise price
		$20.65, maturity date
		7/15/24	685,000		677,836
	Liberty Media 2.25%
		exercise price $32.97,
		maturity date
		9/30/46	4,496,000		2,093,337
					9,129,945

93

Schedules of investments
Delaware Total Return Fund

			Principal amount°	Value (US $)
Convertible Bonds (continued)
Consumer Cyclical – 0.21%
	Ford Motor 144A 0.00%
		exercise price $17.49,
		maturity date
		3/15/26 #, ^	1,100,000	$	1,116,500
					1,116,500
Consumer Non-Cyclical – 2.41%
	BioMarin Pharmaceutical
		0.599% exercise price
		$124.67, maturity
		date 8/1/24	940,000		953,536
	Chefs’ Warehouse
		1.875% exercise price
		$44.20, maturity date
		12/1/24	1,831,000		1,869,193
	Coherus Biosciences
		144A 1.50% exercise
		price $19.26, maturity
		date 4/15/26 #	167,000		178,461
	Collegium
		Pharmaceutical
		2.625% exercise price
		$29.19, maturity date
		2/15/26	1,025,000		1,117,714
	FTI Consulting 2.00%
		exercise price
		$101.38, maturity
		date 8/15/23	1,278,000		1,869,714
	Insulet 0.375% exercise
		price $226.73,
		maturity date 9/1/26	396,000		528,205
	Integra
		LifeSciences Holdings
		0.50% exercise price
		$73.67, maturity date
		8/15/25	1,502,000		1,677,584
	Ionis Pharmaceuticals
		0.125% exercise price
		$83.28, maturity date
		12/15/24	1,022,000		980,792
	Jazz Investments I 144A
		2.00% exercise price
		$155.81, maturity
		date 6/15/26 #	868,000		1,118,635
	Neurocrine Biosciences
		2.25% exercise price
		$75.92, maturity date
		5/15/24	460,000		623,012
	Paratek Pharmaceuticals
		4.75% exercise price
		$15.90, maturity date
		5/1/24	2,134,000		1,929,943
	Repay Holdings 144A
		0.00% exercise price
		$33.60, maturity date
		2/1/26 #, ^	145,000		142,462
					12,989,251
Energy – 0.97%
	Cheniere Energy 4.25%
		exercise price
		$138.38, maturity
		date 3/15/45	3,783,000		3,128,458
	Helix Energy Solutions
		Group 6.75%
		exercise price $6.97,
		maturity date
		2/15/26	1,811,000		2,102,933
					5,231,391
Real Estate Investment Trusts – 0.65%
	Blackstone Mortgage
		Trust 4.75% exercise
		price $36.23, maturity
		date 3/15/23	2,079,000		2,149,270
	Summit Hotel Properties
		1.50% exercise price
		$11.99, maturity date
		2/15/26	1,223,000		1,353,708
					3,502,978
Technology – 2.76%
	Boingo Wireless 1.00%
		exercise price $42.32,
		maturity date
		10/1/23	3,293,000		3,260,070
	Ceridian HCM Holding
		144A 0.25% exercise
		price $132.20,
		maturity date
		3/15/26 #	416,000		402,480
	Knowles 3.25% exercise
		price $18.43, maturity
		date 11/1/21	807,000		951,776
	Microchip Technology
		1.625% exercise price
		$94.40, maturity date
		2/15/27	1,022,000		2,327,605
	ON Semiconductor
		1.625% exercise price
		$20.72, maturity date
		10/15/23	819,000		1,699,937
	Palo Alto Networks
		0.75% exercise price
		$266.35, maturity
		date 7/1/23	1,106,000		1,464,897

94

			Principal
			amount°	Value (US $)
Convertible Bonds (continued)
Technology (continued)
	Quotient Technology
		1.75% exercise price
		$17.36, maturity date
		12/1/22	1,800,000	$	2,075,072
	Synaptics 0.50%
		exercise price $73.02,
		maturity date
		6/15/22	819,000		1,511,055
	Travere Therapeutics
		2.50% exercise price
		$38.80, maturity date
		9/15/25	1,145,000		1,183,644
					14,876,536
Transportation — 0.35%
	Seaspan 144A 3.75%
		exercise price $13.01,
		maturity date
		12/15/25 #	1,589,000		1,902,828
					1,902,828
Utilities — 0.45%
	NextEra Energy Partners
		144A 0.357%
		exercise price $76.16,
		maturity date
		11/15/25 #, ^	593,000		638,587
	NRG Energy 2.75%
		exercise price $45.93,
		maturity date 6/1/48	1,504,000		1,759,428
					2,398,015
	Total Convertible Bonds
		(cost $47,873,500)			53,870,717
Corporate Bonds — 15.64%
Banking — 1.23%
	Banco Continental 144A
		2.75% 12/10/25 #	200,000		197,214
	Banco Nacional de
		Panama 144A 2.50%
		8/11/30 #	205,000		190,609
	Bank of America
		1.658% 3/11/27 µ	30,000		30,112
		1.898% 7/23/31 µ	85,000		79,911
		2.676% 6/19/41 µ	105,000		98,517
		2.831% 10/24/51 µ	5,000		4,599
	Bank of New York
		Mellon 4.70%
		9/20/25 µ, ψ	20,000		21,719
	Barclays 5.20% 5/12/26		200,000		226,588
	BBVA Bancomer 144A
		1.875% 9/18/25 #	200,000		200,625
	Citigroup 4.00%
		12/10/25 µ, ψ	10,000		10,123
	Corp. Financiera de
		Desarrollo 144A
		2.40% 9/28/27 #	200,000		197,867
	Credit Suisse Group
		144A 2.593%
		9/11/25 #, µ	250,000		259,372
	Deutsche Bank 2.222%
		9/18/24 µ	150,000		154,062
	Development Bank of
		Mongolia 144A
		7.25% 10/23/23 #	265,000		287,795
	Goldman Sachs Group
		1.992% 1/27/32 µ	265,000		251,719
		3.50% 4/1/25	185,000		200,505
	JPMorgan Chase & Co.
		1.04% 2/4/27 µ	10,000		9,758
		1.953% 2/4/32 µ	10,000		9,486
		2.522% 4/22/31 µ	45,000		44,941
		3.109% 4/22/41 µ	15,000		14,947
		4.023% 12/5/24 µ	150,000		162,801
		4.60% 2/1/25 µ, ψ	30,000		30,375
		5.00% 8/1/24 µ, ψ	70,000		72,418
	Morgan Stanley
		1.413% (LIBOR03M
		+ 1.22%) 5/8/24 ●	90,000		91,434
		1.794% 2/13/32 µ	65,000		60,723
		3.622% 4/1/31 µ	20,000		21,740
		5.00% 11/24/25	165,000		189,831
		5.875% 9/15/26 µ, ψ	940,000		1,059,850
	Natwest Group 8.625%
		8/15/21 µ, ψ	560,000		574,543
	PNC Financial Services
		Group 2.60%
		7/23/26	130,000		137,429
		Popular 6.125%
		9/14/23	935,000		1,013,208
	QNB Finance 2.625%
		5/12/25	200,000		207,542
	SVB Financial Group
		1.80% 2/2/31	15,000		13,861
		4.10% 2/15/31 µ, ψ	40,000		40,125
	Truist Bank 2.636%
		9/17/29 µ	275,000		288,414
	Truist Financial 4.95%
		9/1/25 µ, ψ	30,000		32,588
	US Bancorp 1.45%
		5/12/25	30,000		30,428
	USB Capital IX 3.50%
		(LIBOR03M + 1.02%)
		5/10/21 ψ, ●	69,000		66,412

95

Schedules of investments
Delaware Total Return Fund

			Principal
			amount°	Value (US $)
Corporate Bonds (continued)
Banking (continued)
	Wells Fargo & Co.
		3.90% 3/15/26 µ, ψ	40,000	$	40,421
					6,624,612
Basic Industry — 1.64%
	Allegheny Technologies
		7.875% 8/15/23	75,000		81,548
	AngloGold Ashanti
		Holdings 3.75%
		10/1/30	200,000		203,208
	Avient 144A 5.75%
		5/15/25 #	204,000		217,005
	Boise Cascade 144A
		4.875% 7/1/30 #	329,000		345,244
	Chemours
		144A 5.75%
		11/15/28 #	365,000		384,998
		7.00% 5/15/25	121,000		124,570
	Corp Nacional del Cobre
		de Chile 144A 3.15%
		1/14/30 #	657,000		682,491
	CSN Inova Ventures
		144A 6.75%
		1/28/28 #	200,000		212,185
	First Quantum Minerals
		144A 7.25%
		4/1/23 #	360,000		366,849
		144A 7.50%
		4/1/25 #	365,000		377,319
	Freeport-McMoRan
		4.55% 11/14/24	345,000		377,813
		5.45% 3/15/43	390,000		469,895
	Georgia-Pacific
		144A 1.75%
		9/30/25 #	20,000		20,361
		144A 2.10%
		4/30/27 #	145,000		147,547
		144A 2.30%
		4/30/30 #	35,000		34,909
	Koppers 144A 6.00%
		2/15/25 #	50,000		51,633
	Minera Mexico 144A
		4.50% 1/26/50 #	307,000		316,674
	New Gold 144A 7.50%
		7/15/27 #	310,000		322,036
	Newmont
		2.25% 10/1/30	140,000		136,495
		2.80% 10/1/29	100,000		102,961
	Nutrition & Biosciences
		144A 1.832%
		10/15/27 #	240,000		234,881
	OCP 144A 4.50%
		10/22/25 #	200,000		212,411
	Olin
		5.00% 2/1/30	245,000		257,201
		5.125% 9/15/27	785,000		813,456
	PowerTeam Services
		144A 9.033%
		12/4/25 #	730,000		806,650
	Standard Industries
		144A 4.75%
		1/15/28 #	350,000		363,248
	Steel Dynamics 5.00%
		12/15/26	890,000		935,945
	Vale Overseas 3.75%
		7/8/30	193,000		201,809
					8,801,342
Brokerage — 0.09%
	Banco BTG Pactual
		144A 2.75%
		1/11/26 #	200,000		189,700
	Charles Schwab
		4.00% 6/1/26 µ, ψ	15,000		15,260
		4.00% 12/1/30 µ, ψ	15,000		14,764
		5.375% 6/1/25 µ, ψ	25,000		27,679
	Jefferies Group 4.15%
		1/23/30	230,000		252,999
					500,402
Capital Goods — 0.69%
	Ardagh Packaging
		Finance 144A 5.25%
		8/15/27 #	325,000		331,851
	Bombardier
		144A 6.00%
		10/15/22 #	425,000		425,797
		144A 7.875%
		4/15/27 #	155,000		152,244
	Colfax 144A 6.00%
		2/15/24 #	25,000		25,787
	Crown Americas 4.25%
		9/30/26	775,000		824,891
	Reynolds Group Issuer
		144A 4.00%
		10/15/27 #	340,000		333,625
	Teledyne Technologies
		2.25% 4/1/28	30,000		29,875
		2.75% 4/1/31	30,000		29,930
	Terex 144A 5.00%
		5/15/29 #	360,000		373,122

96

			Principal
			amount°	Value (US $)
Corporate Bonds (continued)
Capital Goods (continued)
	TransDigm 144A 6.25%
		3/15/26 #	365,000	$	387,431
	Vertical US Newco 144A
		5.25% 7/15/27 #	760,000		797,050
					3,711,603
Communications — 1.46%
	Altice Financing 144A
		5.00% 1/15/28 #	200,000		197,750
	Altice France Holding
		144A 6.00%
		2/15/28 #	770,000		760,102
	AT&T
		3.10% 2/1/43	36,000		33,668
		3.50% 6/1/41	84,000		83,039
		144A 3.50%
		9/15/53 #	140,000		129,622
	Charter Communications
		Operating
		3.70% 4/1/51	50,000		46,848
		4.80% 3/1/50	70,000		75,269
		5.05% 3/30/29	165,000		189,839
	Comcast
		3.20% 7/15/36	190,000		198,612
		3.75% 4/1/40	10,000		10,987
	Consolidated
		Communications
		144A 5.00%
		10/1/28 #	150,000		151,545
		144A 6.50%
		10/1/28 #	150,000		162,244
	Frontier Communications
		144A 5.875%
		10/15/27 #	355,000		376,966
	Level 3 Financing 144A
		4.25% 7/1/28 #	670,000		678,248
	Millicom International
		Cellular 144A 4.50%
		4/27/31 #	200,000		208,361
	Ooredoo International
		Finance 144A 5.00%
		10/19/25 #	267,000		307,277
	Sprint 7.125% 6/15/24		700,000		806,757
	Time Warner Cable
		7.30% 7/1/38	110,000		153,126
	Time Warner
		Entertainment
		8.375% 3/15/23	55,000		63,085
	T-Mobile USA
		144A 1.50%
		2/15/26 #	15,000		14,882
		144A 2.55%
		2/15/31 #	15,000		14,714
		2.625% 4/15/26	170,000		173,515
		144A 3.00%
		2/15/41 #	25,000		23,251
		3.375% 4/15/29	170,000		171,594
		144A 3.50%
		4/15/25 #	20,000		21,598
		3.50% 4/15/31	100,000		100,875
		144A 3.75%
		4/15/27 #	20,000		21,883
		144A 3.875%
		4/15/30 #	75,000		81,496
		6.00% 3/1/23	175,000		176,312
	Verizon Communications
		2.10% 3/22/28	10,000		10,048
		2.55% 3/21/31	15,000		15,000
		3.40% 3/22/41	15,000		15,249
		3.55% 3/22/51	15,000		15,006
		4.50% 8/10/33	245,000		284,849
	ViacomCBS
		4.375% 3/15/43	270,000		291,766
		4.95% 1/15/31	15,000		17,711
	Vodafone Group
		4.25% 9/17/50	115,000		126,913
		4.875% 6/19/49	130,000		154,717
	Zayo Group Holdings
		144A 4.00%
		3/1/27 #	745,000		732,935
		144A 6.125%
		3/1/28 #	750,000		770,977
					7,868,636
Consumer Cyclical — 2.16%
	Allison Transmission
		144A 5.875%
		6/1/29 #	765,000		837,438
	Boyd Gaming 6.00%
		8/15/26	750,000		782,757
	Caesars Entertainment
		144A 6.25%
		7/1/25 #	750,000		800,452
	Carnival
		144A 5.75%
		3/1/27 #	170,000		174,675
		144A 7.625%
		3/1/26 #	485,000		521,642
	Ford Motor 9.00%
		4/22/25	345,000		418,278

97

Schedules of investments
Delaware Total Return Fund

			Principal
			amount°	Value (US $)
Corporate Bonds (continued)
Consumer Cyclical (continued)
	Ford Motor Credit
		3.375% 11/13/25	735,000	$	748,414
		4.542% 8/1/26	770,000		815,776
	General Motors
		5.40% 10/2/23	15,000		16,297
		6.125% 10/1/25	15,000		17,656
	General Motors Financial
		2.35% 1/8/31	10,000		9,562
		4.35% 4/9/25	55,000		60,368
		5.20% 3/20/23	25,000		27,122
		5.25% 3/1/26	165,000		189,139
	Hilton Domestic
		Operating 144A
		4.00% 5/1/31 #	100,000		100,188
	Hilton Worldwide
		Finance 4.875%
		4/1/27	965,000		1,009,028
	Hutama Karya Persero
		144A 3.75%
		5/11/30 #	400,000		420,539
	Jaguar Land Rover
		Automotive 144A
		5.875% 1/15/28 #	200,000		203,375
	L Brands
		6.875% 11/1/35	345,000		411,685
		6.95% 3/1/33	234,000		261,495
	Levi Strauss & Co. 144A
		3.50% 3/1/31 #	298,000		287,943
	MGM Resorts
		International 4.75%
		10/15/28	150,000		155,212
	Murphy Oil USA
		144A 3.75%
		2/15/31 #	315,000		310,212
		4.75% 9/15/29	1,143,000		1,202,796
	Royal Caribbean Cruises
		144A 5.50%
		4/1/28 #	350,000		352,187
	Scientific Games
		International 144A
		8.25% 3/15/26 #	292,000		313,668
	Six Flags Entertainment
		144A 4.875%
		7/31/24 #	210,000		212,363
	Wyndham Hotels &
		Resorts 144A 4.375%
		8/15/28 #	892,000		903,930
	Wynn Las Vegas 144A
		5.50% 3/1/25 #	50,000		52,888
					11,617,085
Consumer Non-Cyclical — 1.05%
	AbbVie
		2.60% 11/21/24	30,000		31,690
		2.95% 11/21/26	25,000		26,637
		4.05% 11/21/39	10,000		11,211
		4.25% 11/21/49	30,000		34,004
	Anheuser-Busch InBev
		Worldwide
		3.65% 2/1/26	145,000		159,527
		4.50% 6/1/50	130,000		147,749
	Auna 144A 6.50%
		11/20/25 #	200,000		213,567
	BAT Capital 2.259%
		3/25/28	40,000		39,420
	BAT International
		Finance 1.668%
		3/25/26	55,000		54,477
	Bristol-Myers Squibb
		2.35% 11/13/40	245,000		223,192
	CVS Health
		1.875% 2/28/31	5,000		4,701
		3.25% 8/15/29	280,000		296,275
		3.75% 4/1/30	15,000		16,381
		4.30% 3/25/28	6,000		6,818
	Gilead Sciences 4.15%
		3/1/47	30,000		33,410
	JBS USA LUX 144A
		6.50% 4/15/29 #	397,000		449,225
	Kraft Heinz Foods 5.20%
		7/15/45	710,000		822,923
	Pilgrim’s Pride 144A
		5.875% 9/30/27 #	739,000		792,910
	Post Holdings
		144A 5.50%
		12/15/29 #	1,188,000		1,273,625
		144A 5.75%
		3/1/27 #	175,000		184,386
	Primo Water Holdings
		144A 5.50%
		4/1/25 #	466,000		479,537
	Regeneron
		Pharmaceuticals
		1.75% 9/15/30	15,000		13,890
	Royalty Pharma 144A
		1.75% 9/2/27 #	190,000		184,674

98

			Principal
			amount°	Value (US $)
Corporate Bonds (continued)
Consumer Non-Cyclical (continued)
	Viatris
		144A 1.65%
		6/22/25 #	5,000	$	5,023
		144A 2.30%
		6/22/27 #	5,000		5,049
		144A 2.70%
		6/22/30 #	115,000		113,699
		144A 4.00%
		6/22/50 #	10,000		10,217
					5,634,217
Energy — 2.11%
	Apache
		4.75% 4/15/43	217,000		201,593
		4.875% 11/15/27	165,000		169,373
	Ascent Resources Utica
		Holdings 144A
		7.00% 11/1/26 #	325,000		325,406
	CNX Resources
		144A 6.00%
		1/15/29 #	350,000		364,369
		144A 7.25%
		3/14/27 #	165,000		177,434
	Crestwood Midstream
		Partners
		144A 5.625%
		5/1/27 #	390,000		383,906
		144A 6.00%
		2/1/29 #	55,000		54,278
	DCP Midstream
		Operating 5.125%
		5/15/29	330,000		351,496
	Energy Transfer
		5.25% 4/15/29	85,000		96,817
		6.25% 4/15/49	55,000		64,697
	Enterprise Products
		Operating 3.20%
		2/15/52	255,000		233,270
	EQM Midstream Partners
		144A 4.75%
		1/15/31 #	205,000		199,106
		144A 6.50%
		7/1/27 #	405,000		440,909
	Equinor 1.75% 1/22/26		15,000		15,359
	Genesis Energy
		6.50% 10/1/25	50,000		49,106
		7.75% 2/1/28	480,000		480,744
		8.00% 1/15/27	330,000		334,750
	Israel Electric 144A
		4.25% 8/14/28 #	498,000		554,212
	KazTransGas JSC 144A
		4.375% 9/26/27 #	579,000		646,950
	Kinder Morgan 3.60%
		2/15/51	20,000		18,668
	Lukoil Securities 144A
		3.875% 5/6/30 #	265,000		273,626
	Marathon Oil 4.40%
		7/15/27	285,000		313,984
	MPLX 1.75% 3/1/26		15,000		15,033
	Murphy Oil
		5.875% 12/1/27	215,000		210,902
		6.375% 7/15/28	545,000		546,417
	NuStar Logistics 5.625%
		4/28/27	405,000		424,428
	Occidental Petroleum
		3.00% 2/15/27	175,000		164,994
		3.40% 4/15/26	165,000		160,421
		3.50% 8/15/29	175,000		164,421
		6.125% 1/1/31	295,000		326,292
		6.45% 9/15/36	140,000		154,736
		6.625% 9/1/30	280,000		315,084
	PDC Energy 5.75%
		5/15/26	390,000		405,015
	Petrobras Global Finance
		6.75% 6/3/50	107,000		114,413
	PTTEP Treasury Center
		144A 2.587%
		6/10/27 #	200,000		205,962
	Sabine Pass Liquefaction
		5.625% 3/1/25	40,000		45,760
		5.75% 5/15/24	175,000		197,567
	Saudi Arabian Oil 144A
		1.625% 11/24/25 #	205,000		206,595
	Southwestern Energy
		7.75% 10/1/27	329,000		352,236
	Targa Resources Partners
		5.375% 2/1/27	310,000		322,208
	TechnipFMC 144A
		6.50% 2/1/26 #	620,000		649,170
	Tengizchevroil Finance
		Co International
		144A 2.625%
		8/15/25 #	200,000		202,438
	Tennessee Gas Pipeline
		144A 2.90%
		3/1/30 #	250,000		249,219
	Western Midstream
		Operating 4.75%
		8/15/28	155,000		162,363
					11,345,727

99

Schedules of investments
Delaware Total Return Fund

			Principal
			amount°	Value (US $)
Corporate Bonds (continued)
Financials — 0.50%
	AerCap Global Aviation
		Trust 144A 6.50%
		6/15/45 #, µ	425,000	$	443,594
	AerCap Ireland Capital
		DAC 4.45% 4/3/26	195,000		211,210
	Air Lease
		2.875% 1/15/26	195,000		202,469
		3.00% 2/1/30	45,000		44,109
		3.375% 7/1/25	15,000		15,860
	Ally Financial 8.00%
		11/1/31	50,000		69,714
	Avolon Holdings
		Funding
		144A 3.25%
		2/15/27 #	10,000		9,936
		144A 3.95%
		7/1/24 #	75,000		78,463
	Banco del Estado de
		Chile 144A 2.704%
		1/9/25 #	280,000		292,382
	Bank of Georgia 144A
		6.00% 7/26/23 #	255,000		272,094
	DAE Sukuk DIFC 144A
		3.75% 2/15/26 #	419,000		432,356
	INEOS Quattro Finance
		2 144A 3.375%
		1/15/26 #	400,000		400,500
	Oryx Funding 144A
		5.80% 2/3/31 #	200,000		207,375
					2,680,062
Healthcare — 1.06%
	Bausch Health 144A
		5.50% 11/1/25 #	675,000		694,156
	Centene
		3.375% 2/15/30	530,000		535,796
		4.625% 12/15/29	360,000		390,096
		144A 5.375%
		8/15/26 #	830,000		877,642
	CHS
		144A 4.75%
		2/15/31 #	75,000		73,361
		144A 6.625%
		2/15/25 #	305,000		322,539
	DaVita 144A 4.625%
		6/1/30 #	275,000		280,530
	Hadrian Merger Sub
		144A 8.50%
		5/1/26 #	410,000		426,835
	HCA
		5.375% 2/1/25	595,000		664,615
		5.875% 2/1/29	350,000		408,347
	Hill-Rom Holdings 144A
		4.375% 9/15/27 #	400,000		413,000
	Ortho-Clinical
		Diagnostics 144A
		7.25% 2/1/28 #	165,000		181,093
	Tenet Healthcare 144A
		6.125% 10/1/28 #	420,000		438,900
					5,706,910
Insurance — 0.30%
	Brighthouse Financial
		5.625% 5/15/30	15,000		17,601
	GTCR AP Finance 144A
		8.00% 5/15/27 #	16,000		17,220
	HUB International 144A
		7.00% 5/1/26 #	725,000		753,576
	USI 144A 6.875%
		5/1/25 #	825,000		842,007
					1,630,404
Media — 1.21%
	AMC Networks
		4.25% 2/15/29	930,000		905,587
		5.00% 4/1/24	40,000		40,550
	CCO Holdings
		144A 4.50%
		5/1/32 #	90,000		91,238
		144A 5.375%
		6/1/29 #	475,000		509,979
		144A 5.875%
		5/1/27 #	975,000		1,007,175
	CSC Holdings 144A
		3.375% 2/15/31 #	700,000		660,625
	Gray Television
		144A 4.75%
		10/15/30 #	175,000		173,797
		144A 7.00%
		5/15/27 #	600,000		653,250
	Netflix 5.875%
		11/15/28	700,000		847,573
	Sinclair Television Group
		144A 5.125%
		2/15/27 #	565,000		552,641
	Sirius XM Radio 144A
		5.50% 7/1/29 #	620,000		671,537
	Terrier Media Buyer
		144A 8.875%
		12/15/27 #	370,000		398,832
					6,512,784
Real Estate Investment Trusts — 0.19%
	CubeSmart 3.00%
		2/15/30	149,000		151,557

100

		Principal
		amount°	Value (US $)
Corporate Bonds (continued)
Real Estate Investment Trusts (continued)
	Global Net Lease 144A
	3.75% 12/15/27 #	74,000	$	72,214
	Iron Mountain 144A
	5.25% 3/15/28 #	530,000		551,531
	MGM Growth Properties
	Operating Partnership
	144A 3.875%
	2/15/29 #	165,000		164,670
	5.75% 2/1/27	50,000		55,200
				995,172
Services – 0.52%
	GFL Environmental 144A
	3.75% 8/1/25 #	143,000		145,413
	H&E Equipment Services
	144A 3.875%
	12/15/28 #	200,000		194,750
	Legends Hospitality
	Holding 144A 5.00%
	2/1/26 #	210,000		213,938
	Prime Security Services
	Borrower 144A
	5.75% 4/15/26 #	968,000		1,048,634
	Service Corp.
	International 4.625%
	12/15/27	499,000		526,757
	United Rentals North
	America 5.25%
	1/15/30	305,000		331,588
	Univar Solutions USA
	144A 5.125%
	12/1/27 #	320,000		333,539
				2,794,619
Technology – 0.41%
	Broadcom 3.15%
	11/15/25	15,000		15,998
	CommScope
	Technologies 144A
	5.00% 3/15/27 #	340,000		337,452
	Global Payments 2.65%
	2/15/25	147,000		154,533
	Go Daddy Operating
	144A 3.50%
	3/1/29 #	325,000		319,922
	NXP 144A 4.875%
	3/1/24 #	120,000		133,428
	Oracle
	2.875% 3/25/31	20,000		20,376
	2.95% 4/1/30	30,000		30,958
	3.65% 3/25/41	10,000		10,133
	3.95% 3/25/51	10,000		10,327
	SS&C Technologies 144A
	5.50% 9/30/27 #	1,100,000		1,172,930
	VeriSign 4.75% 7/15/27	25,000		26,578
				2,232,635
Transportation – 0.34%
	Delta Air Lines 7.375%
	1/15/26	781,000		914,142
	Mileage Plus Holdings
	144A 6.50%
	6/20/27 #	375,000		411,563
	Rutas 2 and 7 Finance
	144A 3.241%
	9/30/36 #, ^	302,000		215,930
	Southwest Airlines
	5.125% 6/15/27	40,000		46,023
	5.25% 5/4/25	80,000		91,092
	VistaJet Malta Finance
	144A 10.50%
	6/1/24 #	160,000		174,800
				1,853,550
Utilities – 0.68%
	Calpine
	144A 4.50%
	2/15/28 #	135,000		136,337
	144A 5.00%
	2/1/31 #	380,000		371,450
	144A 5.25%
	6/1/26 #	245,000		252,289
	Centrais Eletricas
	Brasileiras 144A
	3.625% 2/4/25 #	200,000		201,756
	Duke Energy 4.875%
	9/16/24 µ, ψ	125,000		132,375
	Edison International
	5.375% 3/15/26 µ, ψ	295,000		299,808
	Entergy Mississippi
	2.85% 6/1/28	90,000		93,699
	Entergy Texas 3.55%
	9/30/49	185,000		184,606
	Evergy Kansas Central
	3.45% 4/15/50	35,000		35,562
	Infraestructura
	Energetica Nova
	144A 3.75%
	1/14/28 #	275,000		293,219
	Mong Duong Finance
	Holdings 144A
	5.125% 5/7/29 #	749,000		754,741

101

Schedules of investments
Delaware Total Return Fund

			Principal
			amount°	Value (US $)
Corporate Bonds (continued)
Utilities (continued)
	Pacific Gas and Electric
		2.10% 8/1/27	10,000	$	9,805
		2.50% 2/1/31	15,000		14,165
		3.25% 6/1/31	5,000		4,989
		3.30% 8/1/40	5,000		4,541
	PG&E 5.25% 7/1/30		335,000		355,519
	Sempra Energy 4.875%
		10/15/25 µ, ψ	20,000		21,450
	Southern California
		Edison
		4.00% 4/1/47	35,000		36,112
		4.20% 3/1/29	150,000		166,964
		4.875% 3/1/49	90,000		104,725
	UEP Penonome II 144A
		6.50% 10/1/38 #	200,000		202,378
					3,676,490
Total Corporate Bonds
	(cost $81,826,007)				84,186,250
Non-Agency Commercial Mortgage-Backed Securities –
0.51%
	BANK
		Series 2019-
		BN21 A5 2.851%
		10/17/52	100,000		103,886
	Benchmark Mortgage
		Trust
		Series 2020-
		B20 A5 2.034%
		10/15/53	400,000		387,913
	Cantor Commercial Real
		Estate Lending
		Series 2019-
		CF2 A5 2.874%
		11/15/52	350,000		365,321
	GS Mortgage Securities
		Trust
		Series 2017-
		GS5 A4 3.674%
		3/10/50	350,000		385,677
		Series 2017-
		GS6 A3 3.433%
		5/10/50	350,000		380,177
	JPM-DB Commercial
		Mortgage Securities
		Trust
		Series 2017-
		C7 A5 3.409%
		10/15/50	350,000		380,548
	Morgan Stanley Bank of
		America Merrill Lynch
		Trust
		Series 2016-
		C29 A4 3.325%
		5/15/49	350,000		377,650
	Wells Fargo Commercial
		Mortgage Trust
		Series 2016-
		BNK1 A3 2.652%
		8/15/49	350,000		367,689
Total Non-Agency Commercial Mortgage-
	Backed Securities
	(cost $2,747,499)				2,748,861
Sovereign Bonds – 2.15%Δ
Armenia – 0.03%
	Republic of Armenia
		International Bond
		144A 3.60% 2/2/31 #	200,000		183,928
					183,928
Dominican Republic – 0.17%
	Dominican Republic
		International Bond
		144A 4.50%
		1/30/30 #	913,000		924,412
					924,412
Egypt – 0.12%
	Egypt Government
		International Bonds
		144A 5.75%
		5/29/24 #	425,000		446,892
		7.903% 2/21/48	200,000		188,893
					635,785
Gabon – 0.04%
	Gabon Government
		International Bond
		144A 6.625%
		2/6/31 #	200,000		193,761
					193,761
Georgia – 0.06%
	Georgia Government
		International Bond
		6.875% 4/12/21	299,000		299,444
					299,444

102

				Principal
				amount°	Value (US $)
Sovereign BondsΔ (continued)
Honduras – 0.04%
	Honduras Government
		International Bond
		144A 5.625%
		6/24/30 #		200,000	$	210,000
						210,000
Indonesia – 0.06%
	Indonesia Government
		International Bond
		144A 4.125%
		1/15/25 #		200,000		219,578
	Indonesia Treasury Bond
		6.125% 5/15/28	IDR	1,768,000,000		118,192
						337,770
Israel – 0.06%
	Israel Government
		International Bond
		2.75% 7/3/30		300,000		314,638
						314,638
Ivory Coast – 0.11%
	Ivory Coast Government
		International Bonds
		144A 4.875%
		1/30/32 #	EUR	200,000		229,243
		144A 6.125%
		6/15/33 #		234,000		239,862
		144A 6.875%
		10/17/40 #	EUR	100,000		123,186
						592,291
Malaysia – 0.08%
	Malaysia Government
		Bond
		3.955% 9/15/25	MYR	1,756,000		446,286
						446,286
Mexico – 0.08%
	Mexico Government
		International Bonds
		4.50% 4/22/29		409,000		454,242
						454,242
Mongolia – 0.05%
	Mongolia Government
		International Bond
		144A 5.625%
		5/1/23 #		269,000		282,068
						282,068
Morocco – 0.11%
	Morocco Government
		International Bonds
		144A 1.375%
		3/30/26 #	EUR	270,000		318,981
		144A 2.375%
		12/15/27 #		300,000		290,957
						609,938
North Macedonia – 0.02%
	North Macedonia
		Government
		International Bond
		144A 3.675%
		6/3/26 #	EUR	100,000		128,847
						128,847
Panama – 0.09%
	Panama Government
		International Bonds
		2.252% 9/29/32		292,000		278,279
		144A 3.75%
		4/17/26 #		201,000		216,148
						494,427
Paraguay – 0.16%
	Paraguay Government
		International Bond
		144A 4.95%
		4/28/31 #		742,000		842,177
						842,177
Peru – 0.09%
	Peruvian Government
		International Bonds
		2.392% 1/23/26		300,000		309,366
		144A 5.35%
		8/12/40 #	PEN	709,000		171,677
						481,043
Republic of Vietnam – 0.05%
	Vietnam Government
		International Bond
		144A 4.80%
		11/19/24 #		241,000		270,497
						270,497
Romania – 0.23%
	Romania Government
		Bond
		4.15% 1/26/28	RON	1,890,000		487,710
	Romanian Government
		International Bonds
		144A 2.625%
		12/2/40 #	EUR	100,000		116,605

103

Schedules of investments
Delaware Total Return Fund

				Principal
				amount°	Value (US $)
Sovereign BondsΔ (continued)
Romania (continued)
	Romanian Government
		International Bonds
		144A 3.00%
		2/14/31 #		650,000	$	651,459
						1,255,774
Senegal – 0.04%
	Senegal Government
		International Bond
		144A 6.25%
		5/23/33 #		200,000		200,165
						200,165
Serbia – 0.10%
	Serbia International
		Bonds
		144A 2.125%
		12/1/30 #		200,000		184,920
		144A 3.125%
		5/15/27 #	EUR	250,000		325,293
						510,213
Turkey – 0.04%
	Turkey Government
		International Bond
		6.375% 10/14/25		200,000		198,654
						198,654
Ukraine – 0.11%
	Ukraine Government
		International Bond
		144A 7.75% 9/1/21 #		561,000		572,246
						572,246
Uruguay – 0.14%
	Uruguay Government
		International Bonds
		4.375% 1/23/31		345,000		401,116
		4.50% 8/14/24		69,000		74,867
		9.875% 6/20/22	UYU	10,774,000		253,605
						729,588
Uzbekistan – 0.07%
	Republic of Uzbekistan
		Bond
		144A
		4.75% 2/20/24 #		374,000		395,308
						395,308
Total Sovereign Bonds
	(cost $11,620,173)					11,563,502
Supranational Banks – 0.14%
	Banque Ouest Africaine
		de Developpement
		144A 4.70%
		10/22/31 #		306,000		326,981
	Central American Bank
		For Economic
		Integration
		144A 2.00%
		5/6/25 #		400,000		416,344
Total Supranational Banks
	(cost $705,954)					743,325
US Treasury Obligations – 1.33%
	US Treasury Bonds
		1.375% 11/15/40		315,000		268,045
		1.375% 8/15/50		170,000		132,706
		1.625% 11/15/50		5,000		4,168
		1.875% 2/15/51		200,000		177,531
		4.375% 2/15/38		460,000		608,736
	US Treasury Inflation
		Indexed Note
		0.125% 7/15/30		586,644		637,291
	US Treasury Notes
		0.375% 1/31/26		2,835,000		2,765,011
		1.125% 2/15/31		2,525,000		2,385,928
	US Treasury Strip
		Principal
		1.805% 5/15/44 ^		365,000		207,869
Total US Treasury Obligations
	(cost $7,482,286)					7,187,285
				Number of
				shares
Common Stock – 56.52%
Communication Services – 4.30%
	Alphabet Class A †			134		276,378
	Alphabet Class C †			366		757,119
	AT&T			27,355		828,036
	Comcast Class A			78,267		4,235,027
	Facebook Class A †			3,239		953,983
	KDDI			56,200		1,723,179
	Orange			107,520		1,324,562
	Publicis Groupe			29,370		1,792,372
	Take-Two Interactive
		Software †		5,517		974,854
	Verizon Communications			101,943		5,927,985
	ViacomCBS Class B			5,853		263,970
	Walt Disney †			22,213		4,098,743
						23,156,208
Consumer Discretionary – 5.99%
	adidas AG †			4,580		1,429,751

104

		Number of
		shares	Value (US $)
Common Stock (continued)
Consumer Discretionary (continued)
	Amazon.com †	1,065	$	3,295,195
	Best Buy	9,775		1,122,268
	Buckle	28,761		1,129,732
	Dollar Tree †	39,000		4,463,940
	eBay	20,016		1,225,780
	H & M Hennes & Mauritz
	Class B †	47,760		1,075,953
	Home Depot	7,121		2,173,685
	Lowe’s	32,566		6,193,402
	MercadoLibre †	129		189,906
	Newell Brands	32,020		857,496
	Next †	4,730		512,924
	Ross Stores	5,536		663,822
	Sodexo †	16,410		1,573,775
	Sturm Ruger & Co.	13,301		878,797
	Swatch Group	6,860		1,973,479
	TJX	17,332		1,146,512
	Tractor Supply	7,062		1,250,539
	Whirlpool	4,883		1,075,969
				32,232,925
Consumer Staples – 6.55%
	Altria Group	22,977		1,175,503
	Archer-Daniels-Midland	74,900		4,269,300
	Asahi Group Holdings	28,400		1,196,532
	Clorox	4,853		936,047
	Colgate-Palmolive	6,784		534,783
	Conagra Brands	119,400		4,489,440
	Danone	36,980		2,536,937
	Diageo	70,810		2,918,310
	Essity Class B	34,500		1,089,896
	Kao	21,900		1,446,419
	Kellogg	11,063		700,288
	Kimberly-Clark	5,883		818,031
	Kirin Holdings	23,600		451,965
	Koninklijke Ahold Delhaize	63,540		1,769,692
	Kroger	7,893		284,069
	Lawson	16,100		789,551
	Mondelez International
	Class A	77,500		4,536,075
	Nestle	21,610		2,408,504
	Philip Morris International	13,252		1,175,982
	Seven & i Holdings	43,100		1,737,234
				35,264,558
Energy – 1.09%
	ConocoPhillips	73,968		3,918,085
	Kinder Morgan	55,037		916,366
	Williams	44,428		1,052,499
				5,886,950
Financials – 5.92%
	AGNC Investment	48,409		811,335
	American International
	Group	91,800		4,242,078
	Ameriprise Financial	5,011		1,164,807
	Artisan Partners Asset
	Management Class A	17,174		895,968
	BlackRock	1,614		1,216,891
	Discover Financial Services	42,700		4,056,073
	Huntington Bancshares	39,269		617,309
	Invesco	43,289		1,091,748
	MetLife	89,720		5,454,079
	Morgan Stanley	5,824		452,292
	Principal Financial Group	17,689		1,060,632
	Prudential Financial	11,518		1,049,290
	S&P Global	2,823		996,152
	Truist Financial	72,900		4,251,528
	US Bancorp	81,800		4,524,358
				31,884,540
Healthcare – 8.90%
	AbbVie	13,034		1,410,540
	AmerisourceBergen	9,547		1,127,214
	Amgen	5,170		1,286,348
	Cardinal Health	71,200		4,325,400
	Cigna	18,000		4,351,320
	CVS Health	59,400		4,468,662
	Eli Lilly and Co.	4,576		854,888
	Fresenius Medical Care AG &
	Co.	31,930		2,348,507
	Humana	2,466		1,033,871
	Johnson & Johnson	41,388		6,802,118
	Merck & Co.	76,535		5,900,083
	Molina Healthcare †	4,675		1,092,828
	Novo Nordisk Class B	34,780		2,356,317
	Pfizer	38,546		1,396,522
	Roche Holding	6,500		2,100,645
	Smith & Nephew	47,390		900,273
	UnitedHealth Group	5,318		1,978,668
	Viatris †	300,288		4,195,023
				47,929,227
Industrials – 4.35%
	Caterpillar	19,606		4,546,043
	Honeywell International	20,784		4,511,583
	Lockheed Martin	2,922		1,079,679
	Northrop Grumman	14,100		4,563,324
	Raytheon Technologies	57,032		4,406,863
	Secom	11,900		1,000,900
	Securitas Class B	122,970		2,090,931

105

Schedules of investments
Delaware Total Return Fund

		Number of
		shares	Value (US $)
Common Stock (continued)
Industrials (continued)
	United Parcel Service
	Class B	7,240	$	1,230,728
				23,430,051
Information Technology – 11.20%
	Adobe †	2,922		1,389,031
	Amadeus IT Group †	14,740		1,043,704
	Apple	46,369		5,663,973
	Broadcom	12,766		5,919,084
	Cisco Systems	103,868		5,371,014
	Cognizant Technology
	Solutions Class A	57,145		4,464,167
	Dropbox Class A †	38,180		1,017,879
	Enphase Energy †	6,626		1,074,472
	Fidelity National Information
	Services	30,281		4,257,812
	HP	37,912		1,203,706
	International Business
	Machines	9,587		1,277,564
	Lam Research	2,308		1,373,814
	Maxim Integrated Products	12,380		1,131,161
	Microsoft	23,680		5,583,034
	Monolithic Power Systems	2,773		979,451
	Motorola Solutions	24,206		4,551,938
	NetApp	16,946		1,231,466
	NVIDIA	3,496		1,866,619
	Oracle	61,300		4,301,421
	Paychex	9,349		916,389
	Paycom Software †	2,486		919,969
	QUALCOMM	9,439		1,251,517
	SAP	12,250		1,500,053
	Western Union	39,042		962,776
	Xilinx	8,379		1,038,158
				60,290,172
Materials – 1.45%
	Air Liquide	13,580		2,218,390
	Dow	17,916		1,145,549
	DuPont de Nemours	57,700		4,459,056
				7,822,995
Real Estate – 0.10%
	eXp World Holdings †	12,113		551,747
				551,747
REIT Diversified – 0.09%
	Colony Capital †	34,332		222,471
	Lexington Realty Trust	22,369		248,520
				470,991
REIT Healthcare – 0.77%
	CareTrust REIT	8,903		207,306
	Healthcare Trust of America
	Class A	12,653		348,970
	Healthpeak Properties	9,834		312,131
	Medical Properties Trust	46,416		987,733
	National Health Investors	2,598		187,784
	Omega Healthcare Investors	22,452		822,417
	Ventas	8,757		467,098
	Welltower	11,080		793,660
				4,127,099
REIT Hotel – 0.31%
	Gaming and Leisure
	Properties	8,184		347,247
	Host Hotels & Resorts †	17,580		296,223
	VICI Properties	36,155		1,021,017
				1,664,487
REIT Industrial – 0.56%
	Americold Realty Trust	9,953		382,892
	Duke Realty	11,193		469,322
	Prologis	18,637		1,975,522
	Terreno Realty	2,784		160,832
				2,988,568
REIT Information Technology – 0.52%
	CyrusOne	2,761		186,975
	Digital Realty Trust	6,703		944,051
	Equinix	2,162		1,469,274
	QTS Realty Trust Class A	3,286		203,863
				2,804,163
REIT Mall – 0.37%
	Simon Property Group	17,580		2,000,077
				2,000,077
REIT Manufactured Housing – 0.15%
	Equity LifeStyle Properties	5,342		339,965
	Sun Communities	3,037		455,671
				795,636
REIT Multifamily – 1.45%
	American Homes 4 Rent
	Class A	6,295		209,875
	Apartment Income REIT	3,717		158,939
	AvalonBay Communities	3,436		633,976
	Camden Property Trust	2,250		247,298
	Equity Residential	66,063		4,732,093
	Essex Property Trust	2,231		606,475
	Invitation Homes	16,495		527,675
	Mid-America Apartment
	Communities	1,687		243,535
	UDR	10,309		452,153
				7,812,019

106

			Number of
			shares	Value (US $)
Common Stock (continued)
REIT Office – 0.29%
	Alexandria Real Estate
		Equities	3,752	$	616,454
	Boston Properties		4,668		472,682
	Cousins Properties		3,415		120,720
	Douglas Emmett		3,951		124,061
	Highwoods Properties		2,505		107,565
	SL Green Realty		1,744		122,062
					1,563,544
REIT Self-Storage – 0.57%
	CubeSmart		3,407		128,887
	Extra Space Storage		3,888		515,354
	Iron Mountain		32,435		1,200,419
	Life Storage		3,408		292,918
	National Storage Affiliates
		Trust	3,188		127,297
	Public Storage		3,155		778,528
					3,043,403
REIT Shopping Center – 0.34%
	Brixmor Property Group		16,478		333,350
	Kimco Realty		10,385		194,719
	Regency Centers		6,937		393,397
	Retail Opportunity
		Investments	12,015		190,678
	SITE Centers		20,465		277,505
	Urban Edge Properties		15,137		250,063
	Weingarten Realty Investors		7,991		215,038
					1,854,750
REIT Single Tenant – 0.24%
	Four Corners Property Trust		5,447		149,248
	National Retail Properties		5,648		248,907
	Realty Income		10,378		659,003
	Spirit Realty Capital		4,838		205,615
					1,262,773
REIT Specialty – 0.10%
	Lamar Advertising Class A		1,207		113,361
	Outfront Media †		11,832		258,293
	WP Carey		2,590		183,268
					554,922
Utilities – 0.91%
	Edison International		74,700		4,377,420
	PPL		17,956		517,851
					4,895,271
Total Common Stock
	(cost $269,983,026)				304,287,076
Convertible Preferred Stock – 2.75%
	2020 Mandatory
		Exchangeable Trust
		144A 6.50% exercise
		price $47.09, maturity
		date 5/16/23 #	1,006		1,932,727
	AMG Capital Trust II
		5.15% exercise price
		$195.47, maturity
		date 10/15/37	21,373		1,190,209
	Bank of America 7.25%
		exercise price
		$50.00 **	826		1,154,748
	El Paso Energy Capital
		Trust I 4.75% exercise
		price $34.49, maturity
		date 3/31/28	55,197		2,767,026
	Elanco Animal Health
		5.00% exercise price
		$38.40, maturity date
		2/1/23	38,358		1,759,865
	Essential Utilities 6.00%
		exercise price $42.29,
		maturity date
		4/30/22	28,600		1,635,634
	Lyondellbasell Advanced
		Polymers 6.00%
		exercise price
		$52.33 **	3,098		3,285,429
	QTS Realty Trust 6.50%
		exercise price
		$46.72 **	7,700		1,081,927
Total Convertible Preferred Stock
	(cost $13,390,625)				14,807,565
Exchange-Traded Funds – 7.93%
	iShares Core MSCI Emerging
		Markets ETF	228,130		14,682,447
	iShares MSCI EAFE ETF		1,450		110,012
	iShares Russell 1000 Growth
		ETF	90,510		21,997,550
	iShares Trust iShares ESG
		Aware MSCI EAFE ETF	3,350		254,265
	Vanguard Mega Cap Growth
		ETF	27,264		5,645,556
Total Exchange-Traded Funds
	(cost $37,995,465)				42,689,830

107

Schedules of investments
Delaware Total Return Fund

			Principal
			amount°	Value (US $)
Limited Liability Corporation – 1.30%
	Sc Hixson Pp
		0.000%
		1/7/20 =, †, Π	7,200,000	$	6,973,200
Total Limited Liability Corporation
	(cost $6,912,000)				6,973,200
			Number of
			shares
Short-Term Investments – 0.21%
Money Market Mutual Funds – 0.21%
	BlackRock FedFund –
		Institutional Shares
		(seven-day effective
		yield 0.01%)	283,992		283,992
	Fidelity Investments
		Money Market
		Government Portfolio
		– Class I (seven-day
		effective yield 0.01%)	283,992		283,992
	GS Financial Square
		Government Fund –
		Institutional Shares
		(seven-day effective
		yield 0.03%)	283,992		283,992
	Morgan Stanley
		Government Portfolio
		– Institutional Share
		Class (seven-day
		effective yield 0.00%)	283,992		283,992
Total Short-Term Investments
	(cost $1,135,968)				1,135,968
Total Value of
	Securities–99.84%
	(cost $488,935,209)			$	537,499,684

°	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 March 31, 2021, the aggregate value of Rule 144A securities was $70,510,822, which represents 13.10% of the Fund’s net assets. See Note 9 in “Notes to financial statements.”
●	Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at March 31, 2021. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.
^	Zero-coupon security. The rate shown is the effective yield at the time of purchase.
µ	Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at March 31, 2021. Rate will reset at a future date.
ψ	Perpetual security. Maturity date represents next call date.
Δ	Securities have been classified by country of origin.
†	Non-income producing security.
**	Perpetual security with no stated maturity date.
=	The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in “Notes to financial statements.”
Π	Restricted security. These investments are in securities not registered under the Securities Act of 1933, as amended, and have certain restrictions on resale which may limit their liquidity. At March 31, 2021, the aggregate value of restricted securities was $6,973,200, which represented 1.30% of the Fund’s net assets. See Note 9 in “Notes to financial statements” and the following table, for additional details on restricted securities.

Restricted Securities

Investments	Date of Acquisition	Cost		Value
Sc Hixson Pp	1/7/20	$	6,912,000	$	6,973,200

108

The following foreign currency exchange contracts, futures contracts and swap contracts were outstanding at March 31, 2021:¹

Foreign Currency Exchange Contracts

	Currency to						Settlement		Unrealized		Unrealized
Counterparty	Receive (Deliver)			In Exchange For			Date		Appreciation		Depreciation
BNYM	CHF	18,235		USD	(19,380	)		4/1/21	$	—	$	(85	)
BNYM	DKK	(148,826	)	USD	23,415			4/6/21		—		(49	)
BNYM	EUR	(1,838	)	USD	2,152			4/1/21		—		(4	)
BNYM	GBP	123,537		USD	(169,718	)		4/1/21		590		—
BNYM	GBP	205,743		USD	(284,210	)		4/6/21		—		(566	)
BNYM	JPY	(635,773	)	USD	5,762			4/1/21		21		—
BNYM	SEK	(163,012	)	USD	18,670			4/6/21		4		—
JPMCB	CNY	3,588,745		USD	(550,513	)		4/28/21		—		(4,845	)
JPMCB	EUR	(1,681,834	)	USD	2,007,149			4/28/21		33,717		—
JPMCB	KZT	536,858,600		USD	(1,274,820	)		4/28/21		—		(20,447	)
JPMCB	MXN	20,507		USD	(989	)		4/28/21		10		—
Total Foreign Currency Exchange Contracts									$	34,342	$	(25,996	)

Futures Contracts
Exchange-Traded

														Variation
														Margin
					Notional				Value/		Value/			Due from
		Notional			Cost			Expiration	Unrealized		Unrealized			(Due to)
Contracts to Buy (Sell)		Amount			(Proceeds)			Date	Appreciation		Depreciation			Brokers
(28)	US Treasury 10 yr Notes	$	(3,666,250	)	$	(3,758,493	)	6/21/21	$	92,243	$	—		$	7,000
1	US Treasury 10 yr Ultra Notes		143,688			148,745		6/21/21		—		(5,057	)		(344	)
Total Futures Contracts					$	(3,609,748	)		$	92,243	$	(5,057	)	$	6,656

Swap Contracts
CDS Contracts²

Counterparty/							Upfront
Reference Obligation/							Payments					Variation Margin
Termination Date/	Notional	Annual Protection					Paid		Unrealized			Due from
Payment Frequency	Amount3	Payments			Value		(Received)		Depreciation4			(Due to) Brokers
Over-The-Counter:
Protection Purchased/
Moody’s Ratings:
JPMCB-Republic of Turkey
11.875% 3/20/22 BB
06/20/26-
Quarterly	200,000		1.000	%	$	33,224	$	34,791	$	(1,567	)	$	—
					$	33,224	$	34,791	$	(1,567	)	$	—

1	See Note 6 in "Notes to Financial statements".
2	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). Periodic payments (receipts) on such contracts are accrued daily and recorded as unrealized losses (gains) on swap contracts. Upon payment (receipt), such amounts are recorded as realized losses (gains) on swap contracts. Upfront payments made or received in connection with CDS contracts are amortized over the expected life of the CDS contracts as unrealized losses (gains) on swap contracts. The change in value of CDS contracts is recorded daily as unrealized appreciation or depreciation. A realized gain or loss is recorded upon a credit event (as defined in the CDS agreement) or the maturity or termination of the CDS agreement.
3	Notional amount shown is stated in USD unless noted that the swap is denominated in another currency.

109

Schedules of investments
Delaware Total Return Fund

⁴ Unrealized appreciation (depreciation) does not include periodic interest payments (receipt) on swap contracts accrued daily in the amount of $22.

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

Summary of abbreviations:
AG – Aktiengesellschaft
BNYM – Bank of New York Mellon
CLO – Collateralized Loan Obligation
DAC – Designated Activity Company
DB – Deutsche Bank
DIFC – Dubai International Financial Centre
EAFE – Europe, Australasia, and Far East
ESG – Environmental, Social, and Governance
ETF – Exchange-Traded Fund
GNMA – Government National Mortgage Association
GS – Goldman Sachs
ICE – Intercontinental Exchange, Inc.
JPMCB – JPMorgan Chase Bank
JSC – Joint Stock Company
LIBOR – London interbank offered rate
LIBOR03M – ICE LIBOR USD 3 Month
LIBOR06M – ICE LIBOR USD 6 Month
MSCI – Morgan Stanley Capital International
REIT – Real Estate Investment Trust
S&P – Standard & Poor’s Financial Services LLC
S.F.– Single Family
yr – Year

Summary of currencies:
CHF – Swiss Franc
CNY – China Yuan Renminbi
DKK – Danish Krone
EUR – European Monetary Unit
GBP – British Pound Sterling
IDR – Indonesia Rupiah
JPY – Japanese Yen
KZT – Kazakhstan Tenge
MXN – Mexican Peso
MYR – Malaysia Ringgit
PEN – Peruvian Sol
RON – Romania New Leu
SEK – Swedish Krona
USD – US Dollar
UYU – Uruguay Peso

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

110

Statements of assets and liabilities
Delaware Group^® Equity Funds IV (Trust)
March 31, 2021 (Unaudited)

		Delaware		Delaware		Delaware
		Equity Income		Growth and		Growth Equity
		Fund		Income Fund		Fund
Assets:
	Investments, at value*	$	322,577,733	$	1,120,960,163	$	637,393,104
	Cash		—		7,244,438		—
	Receivable for securities sold		1,920,774		6,666,583		—
	Dividends and interest receivable		607,263		2,079,668		237,166
	Receivable for fund shares sold		385,806		896,412		514,871
	Prepaid expenses		2,834		10,884		5,871
	Other assets		19,982		57,616		24,395
	Total Assets		325,514,392		1,137,915,764		638,175,407
Liabilities:
	Payable for securities purchased		2,415,623		15,629,427		—
	Payable for fund shares redeemed		992,142		2,510,392		1,114,090
	Investment management fees payable to affiliates		177,397		589,139		342,368
	Distribution fees payable to affiliates		67,638		234,793		106,229
	Dividend disbursing and transfer agent fees and expenses payable to non-affiliates		66,164		253,313		113,899
	Accounting and administration fees payable to non-affiliates		20,625		43,857		30,013
	Reports and statements to shareholders expenses payable to non-affiliates		15,380		49,358		23,814
	Audit and tax fees payable		11,364		451		7,165
	Registration fees payable		8,885		21,392		14,483
	Other accrued expenses		6,641		19,025		9,035
	Custody fees payable		3,115		7,969		5,405
	Dividend disbursing and transfer agent fees and expenses payable to affiliates		2,274		7,890		4,456
	Trustees’ fees and expenses payable to affiliates		1,702		5,900		3,474
	Accounting and administration expenses payable to affiliates		1,252		3,506		2,128
	Reports and statements to shareholders expenses payable to affiliates		463		1,610		915
	Legal fees payable to affiliates		376		1,304		767
	Total Liabilities		3,791,041		19,379,326		1,778,241
Total Net Assets		$	321,723,351	$	1,118,536,438	$	636,397,166
Net Assets Consist of:
	Paid-in capital	$	267,609,628	$	925,179,219	$	326,949,831
	Total distributable earnings (loss)		54,113,723		193,357,219		309,447,335
Total Net Assets		$	321,723,351	$	1,118,536,438	$	636,397,166

111

Statements of assets and liabilities
Delaware Group^® Equity Funds IV (Trust)

	Delaware			Delaware			Delaware
	Equity Income			Growth and			Growth Equity
	Fund			Income Fund			Fund
Net Asset Value
Class A:
Net assets	$	320,018,508		$	1,113,116,270		$	507,084,489
Shares of beneficial interest outstanding, unlimited authorization, no par		43,927,923			78,670,833			33,141,692
Net asset value per share	$	7.29		$	14.15		$	15.30
Sales charge		5.75	%		5.75	%		5.75	%
Offering price per share, equal to net asset value per share / (1 - sales charge)	$	7.73		$	15.01		$	16.23
Institutional Class:
Net assets	$	1,675,520		$	5,194,859		$	128,063,066
Shares of beneficial interest outstanding, unlimited authorization, no par		228,126			366,603			8,125,839
Net asset value per share	$	7.34		$	14.17		$	15.76
Class R6:
Net assets	$	29,323		$	225,309		$	1,249,611
Shares of beneficial interest outstanding, unlimited authorization, no par		4,030			15,809			78,641
Net asset value per share	$	7.28		$	14.25		$	15.89
____________________
*  Investments, at cost	$	280,544,910		$	951,247,464		$	380,823,985

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

112

				Delaware
		Delaware		Special		Delaware
		Opportunity		Situations		Global Equity
		Fund		Fund		Fund
Assets:
	Investments, at value*	$	719,944,941	$	371,163,601	$	277,561,243
	Foreign currencies, at valueΔ		—		—		136,567
	Receivable for securities sold		4,829,729		2,798,982		396,560
	Dividends and interest receivable		735,774		379,238		616,378
	Receivable for fund shares sold		441,696		560,611		192,192
	Prepaid expenses		4,998		1,891		—
	Foreign tax reclaims receivable		2,955		—		1,069,368
	Unrealized appreciation on foreign currency exchange contracts		—		—		3,713
	Other assets		37,070		23,221		19,900
	Total Assets		725,997,163		374,927,544		279,995,921
Liabilities:
	Payable for fund shares redeemed		1,767,731		804,333		499,992
	Investment management fees payable to affiliates		451,989		242,038		198,985
	Distribution fees payable to affiliates		152,513		79,684		55,124
	Dividend disbursing and transfer agent fees and expenses payable to non-affiliates		147,051		81,932		63,713
	Reports and statements to shareholders expenses payable to non-affiliates		33,150		20,742		18,302
	Accounting and administration fees payable to non-affiliates		32,150		21,968		19,478
	Registration fees payable		10,384		5,244		8,604
	Other accrued expenses		10,380		3,743		5,995
	Custody fees payable		8,294		8,329		35,364
	Audit and tax fees payable		6,555		11,787		12,309
	Dividend disbursing and transfer agent fees and expenses payable to affiliates		5,125		2,687		1,957
	Trustees’ fees and expenses payable to affiliates		3,877		2,012		1,493
	Accounting and administration expenses payable to affiliates		2,396		1,418		1,125
	Reports and statements to shareholders expenses payable to affiliates		1,041		—		393
	Legal fees payable to affiliates		856		560		330
	Payable for securities purchased		—		—		5,687,754
	Unrealized depreciation on foreign currency exchange contracts		—		—		3,702
	Total Liabilities		2,633,492		1,286,477		6,614,620
Total Net Assets		$	723,363,671	$	373,641,067	$	273,381,301
Net Assets Consist of:
	Paid-in capital	$	547,695,785	$	292,985,345	$	242,251,176
	Total distributable earnings (loss)		175,667,886		80,655,722		31,130,125
Total Net Assets		$	723,363,671	$	373,641,067	$	273,381,301

113

Statements of assets and liabilities
Delaware Group^® Equity Funds IV (Trust)

				Delaware
	Delaware			Special			Delaware
	Opportunity			Situations			Global Equity
	Fund			Fund			Fund
Net Asset Value
Class A:
Net assets	$	719,660,961		$	370,677,697		$	256,481,292
Shares of beneficial interest outstanding, unlimited authorization, no par		22,003,837			13,593,967			36,749,604
Net asset value per share	$	32.71		$	27.27		$	6.98
Sales charge		5.75	%		5.75	%		5.75	%
Offering price per share, equal to net asset value per share / (1 - sales charge)	$	34.71		$	28.93		$	7.41
Institutional Class:
Net assets	$	3,364,067		$	2,692,667		$	16,867,519
Shares of beneficial interest outstanding, unlimited authorization, no par		98,248			96,139			2,307,367
Net asset value per share	$	34.24		$	28.01		$	7.31
Class R6:
Net assets	$	338,643		$	270,703		$	32,490
Shares of beneficial interest outstanding, unlimited authorization, no par		9,917			9,557			4,386
Net asset value per share	$	34.15		$	28.33		$	7.41
____________________
*   Investments, at cost	$	544,054,755		$	283,390,958		$	256,734,337
Δ  Foreign currencies, at cost		—			—			135,030

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

114

		Delaware		Delaware			Delaware
		International		Floating Rate II			Fund for
		Fund		Fund			Income
Assets:
	Investments, at value*	$	292,968,928	$	51,608,043		$	400,921,185
	Cash		75,806		67,621			138,713
	Foreign currencies, at valueΔ		279,409		—			—
	Foreign tax reclaims receivable		1,423,687		—			—
	Receivable for fund shares sold		818,273		59,131			231,128
	Dividends and interest receivable		685,852		197,846			5,145,363
	Unrealized appreciation on foreign currency exchange contracts		4,129		—			—
	Receivable for securities sold		—		4,216,990			6,181,724
	Other assets		12,749		7,682			46,040
	Total Assets		296,268,833		56,157,313			412,664,153
Liabilities:
	Payable for securities purchased		4,067,172		6,808,899			13,925,015
	Payable for fund shares redeemed		931,057		131,533			563,582
	Investment management fees payable to affiliates		210,680		12,276			224,722
	Dividend disbursing and transfer agent fees and expenses payable to non-affiliates		58,365		10,127			54,157
	Custody fees payable		45,112		2,151			4,327
	Distribution fees payable to affiliates		36,132		6,743			74,360
	Accounting and administration fees payable to non-affiliates		19,829		12,693			23,493
	Reports and statements to shareholders expenses payable to non-affiliates		18,012		6,823			26,656
	Audit and tax fees payable		12,288		21,954			15,406
	Registration fees payable		11,840		8,850			7,759
	Unrealized depreciation on foreign currency exchange contracts		7,042		—			—
	Other accrued expenses		4,983		13,989			22,610
	Dividend disbursing and transfer agent fees and expenses payable to affiliates		2,064		350			2,879
	Trustees’ fees and expenses payable to affiliates		1,566		276			2,279
	Accounting and administration expenses payable to affiliates		1,168		480			1,495
	Legal fees payable to affiliates		458		61			615
	Reports and statements to shareholders expenses payable to affiliates		419		70			570
	Distribution payable		—		2,609			138,737
	Total Liabilities		5,428,187		7,039,884			15,088,662
Total Net Assets		$	290,840,646	$	49,117,429		$	397,575,491
Net Assets Consist of:
	Paid-in capital	$	271,893,972	$	57,048,304		$	431,868,312
	Total distributable earnings (loss)		18,946,674		(7,930,875	)		(34,292,821	)
Total Net Assets		$	290,840,646	$	49,117,429		$	397,575,491

115

Statements of assets and liabilities
Delaware Group^® Equity Funds IV (Trust)

	Delaware			Delaware			Delaware
	International			Floating Rate II			Fund for
	Fund			Fund			Income
Net Asset Value
Class A:
Net assets	$	166,395,002		$	31,104,746		$	347,445,439
Shares of beneficial interest outstanding, unlimited authorization, no par		12,462,442			3,303,738			139,264,671
Net asset value per share	$	13.35		$	9.42		$	2.49
Sales charge		5.75	%		2.75	%		4.50	%
Offering price per share, equal to net asset value per share / (1 - sales charge)	$	14.16		$	9.69		$	2.61
Institutional Class:
Net assets	$	124,295,107		$	17,988,797		$	50,070,207
Shares of beneficial interest outstanding, unlimited authorization, no par		9,049,975			1,912,943			20,219,964
Net asset value per share	$	13.73		$	9.40		$	2.48
Class R6:
Net assets	$	150,537		$	23,886		$	59,845
Shares of beneficial interest outstanding, unlimited authorization, no par		10,893			2,534			23,865
Net asset value per share	$	13.82		$	9.43		$	2.51
____________________
*   Investments, at cost	$	276,835,683		$	50,544,814		$	387,533,343
Δ  Foreign currencies, at cost		280,555			—			—

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

116

		Delaware
		International			Delaware
		Opportunities			Investment
		Bond Fund			Grade Fund
Assets:
	Investments, at value*	$	19,381,932		$	229,986,696
	Cash		183,613			—
	Cash collateral due from brokers		63,031			—
	Foreign currencies, at valueΔ		45,545			—
	Receivable for securities sold		439,622			130,115
	Foreign tax reclaims receivable		141,713			—
	Dividends and interest receivable		92,180			1,884,579
	Receivable for fund shares sold		77,675			185,206
	Unrealized appreciation on foreign currency exchange contracts		23,684			—
	Variation margin due from HSBC on futures contracts		2,835			—
	Receivable due from Advisor		2,106			—
	Other assets		4,781			19,124
	Total Assets		20,458,717			232,205,720
Liabilities:
	Due to custodian		—			413,443
	Payable for fund shares redeemed		292,057			569,208
	Unrealized depreciation on foreign currency exchange contracts		169,600			—
	Audit and tax fees payable		22,233			18,028
	Other accrued expenses		16,904			17,139
	Reports and statements to shareholders expenses payable to non-affiliates		12,247			19,854
	Accounting and administration fees payable to non-affiliates		11,868			18,319
	Dividend disbursing and transfer agent fees and expenses payable to non-affiliates		6,874			40,406
	Custody fees payable		6,133			3,397
	Registration fees payable		5,186			6,169
	Distribution fees payable to affiliates		4,558			48,492
	Legal fees payable to affiliates		2,656			402
	Accounting and administration expenses payable to affiliates		402			991
	Dividend disbursing and transfer agent fees and expenses payable to affiliates		155			1,622
	Trustees’ fees and expenses payable to affiliates		127			1,310
	Reports and statements to shareholders expenses payable to affiliates		29			325
	Payable for securities purchased		—			4,964,614
	Distribution payable		—			19,537
	Investment management fees payable to affiliates		—			85,072
	Total Liabilities		551,029			6,228,328
Total Net Assets		$	19,907,688		$	225,977,392
Net Assets Consist of:
	Paid-in capital	$	28,796,232		$	222,873,510
	Total distributable earnings (loss)		(8,888,544	)		3,103,882
Total Net Assets		$	19,907,688		$	225,977,392

117

Statements of assets and liabilities
Delaware Group^® Equity Funds IV (Trust)

	Delaware
	International			Delaware
	Opportunities			Investment
	Bond Fund			Grade Fund
Net Asset Value
Class A:
Net assets	$	19,396,628		$	224,353,273
Shares of beneficial interest outstanding, unlimited authorization, no par		2,330,033			23,261,886
Net asset value per share	$	8.32		$	9.64
Sales charge		4.50	%		4.50	%
Offering price per share, equal to net asset value per share / (1 - sales charge)	$	8.71		$	10.09
Institutional Class:
Net assets	$	506,520		$	1,567,889
Shares of beneficial interest outstanding, unlimited authorization, no par		60,027			161,621
Net asset value per share	$	8.44		$	9.70
Class R6:
Net assets	$	4,540		$	56,230
Shares of beneficial interest outstanding, unlimited authorization, no par		532			5,811
Net asset value per share	$	8.53		$	9.68
____________________
*   Investments, at cost	$	18,675,968		$	228,454,831
Δ  Foreign currencies, at cost		45,781			—

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

118

			Delaware Limited Duration Bond Fund		Delaware Strategic Income II Fund		Delaware Covered Call Strategy Fund
Assets:
	Investments, at value*	$	159,637,368	$	84,005,348	$	153,889,620
	Cash		—		64,041		—
	Cash collateral due from brokers		—		19,620		—
	Foreign currencies, at valueΔ		—		181,582		—
	Dividends and interest receivable		962,489		701,005		72,381
	Receivable for securities sold		162,068		—		42,224
	Receivable for fund shares sold		92,344		106,222		302,503
	Unrealized appreciation on foreign currency exchange contracts		—		41,816		—
	Prepaid expenses		—		—		336
	Other assets		10,216		4,822		11,236
	Total Assets		160,864,485		85,124,456		154,318,300
Liabilities:
	Options written, at valueΣ		—		—		4,672,165
	Due to custodian		1		—		—
	Payable for securities purchased		2,278,746		—		2,888,368
	Payable for fund shares redeemed		409,409		201,786		437,019
	Investment management fees payable to affiliates		45,317		40,386		94,359
	Dividend disbursing and transfer agent fees and expenses payable to non-affiliates		29,568		13,773		36,334
	Distribution fees payable to affiliates		19,563		18,332		23,443
	Audit and tax fees payable		19,267		12,022		16,556
	Accounting and administration fees payable to non-affiliates		16,052		13,814		16,522
	Other accrued expenses		12,876		16,591		3,088
	Reports and statements to shareholders expenses payable to non-affiliates		10,109		11,375		12,246
	Registration fees payable		9,304		6,992		11,364
	Distribution payable		6,617		4,638		—
	Custody fees payable		1,733		2,518		1,311
	Dividend disbursing and transfer agent fees and expenses payable to affiliates		1,133		611		1,022
	Trustees’ fees and expenses payable to affiliates		906		487		793
	Accounting and administration expenses payable to affiliates		794		585		750
	Reports and statements to shareholders expenses payable to affiliates		227		122		210
	Legal fees payable to affiliates		200		585		175
	Unrealized depreciation on foreign currency exchange contracts		—		2,049		—
	Variation margin due to HSBC on future contracts		—		1,688		—
	Total Liabilities		2,861,822		348,354		8,215,725
Total Net Assets		$	158,002,663	$	84,776,102	$	146,102,575
Net Assets Consist of:
	Paid-in capital	$	189,329,190	$	90,296,210	$	112,671,345
	Total distributable earnings (loss)		(31,326,527)		(5,520,108)		33,431,230
Total Net Assets		$	158,002,663	$	84,776,102	$	146,102,575

119

Statements of assets and liabilities
Delaware Group^® Equity Funds IV (Trust)

		Delaware Limited Duration Bond Fund		Delaware Strategic Income II Fund		Delaware Covered Call Strategy Fund
Net Asset Value
Class A:
Net assets	$	151,290,483	$	84,462,895	$	110,403,936
Shares of beneficial interest outstanding, unlimited authorization, no par		16,149,285		8,729,960		8,723,718
Net asset value per share	$	9.37	$	9.68	$	12.66
Sales charge		2.75	%	4.50	%	5.75	%
Offering price per share, equal to net asset value per share / (1 - sales charge)	$	9.63	$	10.14	$	13.43
Institutional Class:
Net assets	$	6,659,147	$	313,207	$	35,614,439
Shares of beneficial interest outstanding, unlimited authorization, no par		708,802		32,400		2,821,542
Net asset value per share	$	9.39	$	9.67	$	12.62
Class R6:
Net assets	$	53,033	$	—	$	84,200
Shares of beneficial interest outstanding, unlimited authorization, no par		5,635		—		6,704
Net asset value per share	$	9.41	$	—	$	12.56
____________________
*Investments, at cost	$	156,799,212	$	81,576,662	$	108,690,605
Δ Foreign currencies, at cost		—		183,394		—
Σ Premium received		—		—		(4,717,126)

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

120

			Delaware Hedged U.S. Equity Opportunities Fund		Delaware Premium Income Fund		Delaware Total Return Fund
Assets:
	Investments, at value*	$	82,900,169	$	67,549,457	$	537,499,684
	Cash collateral due from brokers		996,193		—		41,287
	Foreign currencies, at valueΔ		19,419		—		36,000
	Receivable for fund shares sold		294,334		22,058		315,961
	Receivable for securities sold		146,760		1,015,407		1,541,803
	Dividends and interest receivable		63,744		70,580		2,010,522
	Unrealized appreciation on foreign currency exchange contracts		7,881		—		34,342
	Foreign tax reclaims receivable		2,329		—		98,580
	Variation margin due from HSBC on futures contracts		—		—		6,656
	Upfront payments paid on credit default swap contracts		—		—		34,791
	Other assets		5,108		2,452		29,462
	Total Assets		84,435,937		68,659,954		541,649,088
Liabilities:
	Options written, at valueΣ		313,075		13,810,993		—
	Due to custodian		33,451		—		118,390
	Payable for securities purchased		2,222,523		1,902,722		1,460,418
	Payable for fund shares redeemed		250,125		139,221		1,008,585
	Investment management fees payable to affiliates		66,073		29,586		297,197
	Audit and tax fees payable		18,166		17,260		5,094
	Custody fees payable		15,333		835		24,511
	Accounting and administration fees payable to non-affiliates		13,492		12,739		27,449
	Variation margin due to Morgan Stanley on futures contracts		13,268		—		—
	Dividend disbursing and transfer agent fees and expenses payable to non-affiliates		12,781		11,837		114,550
	Distribution fees payable to affiliates		10,765		5,665		114,504
	Registration fees payable		7,782		9,184		4,092
	Unrealized depreciation on foreign currency exchange contracts		6,403		—		25,996
	Reports and statements to shareholders expenses payable to non-affiliates		6,000		3,806		30,398
	Other accrued expenses		2,584		1,914		24,972
	Accounting and administration expenses payable to affiliates		563		486		1,876
	Dividend disbursing and transfer agent fees and expenses payable to affiliates		557		365		3,829
	Trustees’ fees and expenses payable to affiliates		430		283		2,960
	Reports and statements to shareholders expenses payable to affiliates		117		76		775
	Legal fees payable to affiliates		95		63		1,015
	Distribution payable		—		—		2
	Unrealized depreciation on credit default swap contracts		—		—		1,567
	Swap payments payable		—		—		56
	Total Liabilities		2,993,583		15,947,035		3,268,236
Total Net Assets		$	81,442,354	$	52,712,919	$	538,380,852
Net Assets Consist of:
	Paid-in capital	$	67,503,721	$	58,436,633	$	462,510,406
	Total distributable earnings (loss)		13,938,633		(5,723,714)		75,870,446
Total Net Assets		$	81,442,354	$	52,712,919	$	538,380,852

121

Statements of assets and liabilities
Delaware Group^® Equity Funds IV (Trust)

		Delaware Hedged U.S. Equity Opportunities Fund		Delaware Premium Income Fund		Delaware Total Return Fund
Net Asset Value
Class A:
Net assets	$	50,186,102	$	26,472,655	$	536,944,844
Shares of beneficial interest outstanding, unlimited authorization, no par		5,085,531		2,610,381		32,514,296
Net asset value per share	$	9.87	$	10.14	$	16.51
Sales charge		5.75	%	5.75	%	5.75	%
Offering price per share, equal to net asset value per share / (1 - sales charge)	$	10.47	$	10.76	$	17.52
Institutional Class:
Net assets	$	31,202,074	$	26,202,981	$	1,370,651
Shares of beneficial interest outstanding, unlimited authorization, no par		3,091,250		2,581,565		82,646
Net asset value per share	$	10.09	$	10.15	$	16.58
Class R6:
Net assets	$	54,178	$	37,283	$	65,357
Shares of beneficial interest outstanding, unlimited authorization, no par		5,362		7,178		3,931
Net asset value per share	$	10.10	$	5.19	$	16.63
____________________
*Investments, at cost	$	71,188,454	$	55,452,188	$	488,935,209
Δ Foreign currencies, at cost		19,406		—		36,309
Σ Premium received		(639,690)		(11,801,898)		—

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

122

Statements of operations
Delaware Group^® Equity Funds IV (Trust)

Six months ended March 31, 2021 (Unaudited)

			Delaware Equity Income Fund			Delaware Growth and Income Fund			Delaware Growth Equity Fund
Investment Income:
	Dividends			$	4,674,073		$	14,627,887		$	2,578,997
	Interest				—			9			—
					4,674,073			14,627,896			2,578,997
Expenses:
	Management fees				1,023,276			3,346,769			1,987,815
	Distribution expenses — Class A				391,868			1,344,534			616,336
	Dividend disbursing and transfer agent fees and expenses				189,909			701,608			377,596
	Accounting and administration expenses				44,140			104,225			68,155
	Reports and statements to shareholders expenses				37,598			114,532			62,654
	Audit and tax fees				25,276			36,468			29,645
	Registration fees				22,005			37,005			28,005
	Legal fees				15,567			44,534			21,015
	Trustees’ fees and expenses				8,441			28,867			16,711
	Custodian fees				6,291			18,493			10,806
	Other				8,264			15,633			10,001
					1,772,635			5,792,668			3,228,739
	Less expenses waived				(18,372)			(182)			—
	Less expenses paid indirectly				(1,164)			(3,836)			(1,600)
	Total operating expenses				1,753,099			5,788,650			3,227,139
Net Investment Income (Loss)					2,920,974			8,839,246			(648,142)
Net Realized and Unrealized Gain:
	Net realized gain on:
		Investments			21,154,815			51,448,501			62,738,866
		Distributions from investment companies			3			11			2
	Net realized gain				21,154,818			51,448,512			62,738,868
	Net change in unrealized appreciation (depreciation) of:
		Investments			46,475,459			183,511,935			65,804,523
	Net change in unrealized appreciation (depreciation)				46,475,459			183,511,935			65,804,523
Net Realized and Unrealized Gain					67,630,277			234,960,447			128,543,391
Net Increase in Net Assets Resulting from Operations				$	70,551,251		$	243,799,693		$	127,895,249

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

123

Statements of operations
Delaware Group^® Equity Funds IV (Trust)

			Delaware Opportunity Fund				Delaware Special Situations Fund				Delaware Global Equity Fund
Investment Income:
	Dividends			$	15,555,758			$	4,057,370			$	2,891,569
	Interest				—				6				—
	Foreign tax withheld				—				—				(229,798	)
					15,555,758				4,057,376				2,661,771
Expenses:
	Management fees				2,497,981				1,271,449				1,202,626
	Distribution expenses — Class A				842,267				419,615				332,545
	Dividend disbursing and transfer agent fees and expenses				450,989				241,831				185,940
	Accounting and administration expenses				72,593				45,995				41,654
	Reports and statements to shareholders expenses				62,798				33,351				33,994
	Audit and tax fees				30,962				26,866				25,979
	Registration fees				23,505				18,005				21,505
	Legal fees				22,988				9,985				10,490
	Trustees’ fees and expenses				17,916				8,779				7,673
	Custodian fees				14,929				11,426				41,383
	Other				12,973				8,928				10,309
					4,049,901				2,096,230				1,914,098
	Less expenses waived				(951	)			(178	)			(4,402	)
	Less expenses paid indirectly				(2,488	)			(1,693	)			(1,080	)
	Total operating expenses				4,046,462				2,094,359				1,908,616
Net Investment Income					11,509,296				1,963,017				753,155
Net Realized and Unrealized Gain (Loss):
	Net realized gain (loss) on:
		Investments			10,222,998				9,246,194				14,056,971
		Distributions from investment companies			3				3				—
		Foreign currencies			—				—				(3,248)
		Foreign currency exchange contracts			—				—				(96,859)
	Net realized gain				10,223,001				9,246,197				13,956,864
	Net change in unrealized appreciation (depreciation) of:
		Investments			211,807,093				141,741,852				12,034,296
		Foreign currencies			—				—				(29,434)
		Foreign currency exchange contracts			—				—				1,073
	Net change in unrealized appreciation (depreciation)				211,807,093				141,741,852				12,005,935
Net Realized and Unrealized Gain					222,030,094				150,988,049				25,962,799
Net Increase in Net Assets Resulting from Operations				$	233,539,390			$	152,951,066			$	26,715,954

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

124

			Delaware			Delaware			Delaware
			International Fund			Floating Rate II Fund			Fund for Income
Investment Income:
	Dividends		$	2,615,982		$	261		$	1,533
	Interest			—			1,435,634			11,179,263
	Foreign tax withheld			(325,642	)		—			—
				2,290,340			1,435,895			11,180,796
Expenses:
	Management fees			1,232,363			134,708			1,363,708
	Distribution expenses — Class A			218,561			42,786			453,147
	Dividend disbursing and transfer agent fees and expenses			201,169			32,056			197,065
	Accounting and administration expenses			42,192			23,674			52,376
	Reports and statements to shareholders expenses			36,910			9,828			56,944
	Audit and tax fees			26,019			28,826			33,164
	Registration fees			23,503			18,505			20,005
	Legal fees			10,571			2,090			17,549
	Trustees’ fees and expenses			7,807			1,515			11,585
	Custodian fees			49,964			1,983			8,237
	Other			9,370			12,224			19,110
				1,858,429			308,195			2,232,890
	Less expenses waived			—			(43,246	)		(13	)
	Less expenses paid indirectly			(1,054	)		(238	)		(1,303	)
	Total operating expenses			1,857,375			264,711			2,231,574
Net Investment Income				432,965			1,171,184			8,949,222
Net Realized and Unrealized Gain (Loss):
	Net realized gain (loss) on:
		Investments		13,728,710			393,872			11,158,527
		Distributions from investment companies		—			1			8
		Foreign currencies		17,201			—			—
		Foreign currency exchange contracts		(159,320	)		—			—
	Net realized gain			13,586,591			393,873			11,158,535
	Net change in unrealized appreciation (depreciation) of:
		Investments		15,897,240			682,763			6,214,092
		Foreign currencies		(33,521	)		—			—
		Foreign currency exchange contracts		(1,911	)		—			—
	Net change in unrealized appreciation (depreciation)			15,861,808			682,763			6,214,092
Net Realized and Unrealized Gain				29,448,399			1,076,636			17,372,627
Net Increase in Net Assets Resulting from Operations			$	29,881,364		$	2,247,820		$	26,321,849

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

125

Statements of operations
Delaware Group^® Equity Funds IV (Trust)

			Delaware						Delaware
			International Opportunities			Delaware			Limited Duration Bond
			Bond Fund			Investment Grade Fund			Fund
Investment Income:
	Dividends		$	24		$	285		$	510
	Interest			91,123			3,865,623			1,388,758
	Foreign tax withheld			(2,488	)		—			—
				88,659			3,865,908			1,389,268
Expenses:
	Management fees			101,868			625,637			421,866
	Distribution expenses — Class A			30,705			310,848			201,083
	Dividend disbursing and transfer agent fees and expenses			18,875			123,559			88,733
	Accounting and administration expenses			21,581			39,099			32,692
	Reports and statements to shareholders expenses			14,064			38,897			21,971
	Audit and tax fees			28,267			31,192			29,813
	Registration fees			15,006			18,755			21,005
	Legal fees			4,632			10,567			8,778
	Trustees’ fees and expenses			800			7,027			4,728
	Custodian fees			6,467			5,793			3,495
	Other			11,172			14,382			12,002
				253,437			1,225,756			846,166
	Less expenses waived			(78,161	)		(24,959	)		(150,990	)
	Less waived distribution
		expenses — Class A		—			—			(80,433	)
	Less expenses paid indirectly			(183	)		(939	)		(709	)
	Total operating expenses			175,093			1,199,858			614,034
Net Investment Income (Loss)				(86,434	)		2,666,050			775,234
Net Realized and Unrealized Gain (Loss):
	Net realized gain (loss) on:
		Investments		284,820			4,555,531			253,693
		Distributions from investment companies		—			—			3
		Foreign currencies		859,118			—			46,783
		Foreign currency exchange contracts		(161,262	)		—			(971	)
		Futures contracts		90,215			(236,324	)		—
		Options written		1,485			—			—
		Options purchased		(2,874	)		—			—
		Net realized gain		1,071,502			4,319,207			299,508
	Net change in unrealized appreciation (depreciation) of:
		Investments		(1,330,840	)		(6,155,031	)		(344,943	)
		Foreign currencies		(433	)		—			—
		Foreign currency exchange contracts		(165,531	)		—			—
		Futures contracts		44,727			(15,327	)		—
	Net change in unrealized appreciation (depreciation)			(1,452,077	)		(6,170,358	)		(344,943	)
Net Realized and Unrealized Loss				(380,575	)		(1,851,151	)		(45,435	)
Net Increase (Decrease) in Net Assets Resulting from Operations			$	(467,009	)	$	814,899		$	729,799

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

126

						Delaware			Delaware
			Delaware			Covered Call Strategy			Hedged U.S. Equity
			Strategic Income II Fund			Fund			Opportunities Fund
Investment Income:
	Dividends		$	845		$	1,529,991		$	506,080
	Interest			2,076,663			—			174
	Foreign tax withheld			—			—			(2,167	)
				2,077,508			1,529,991			504,087
Expenses:
	Management fees			253,822			605,670			439,679
	Distribution expenses — Class A			115,135			144,615			66,701
	Dividend disbursing and transfer agent fees and expenses			42,410			104,637			43,067
	Accounting and administration expenses			26,691			32,334			25,437
	Reports and statements to shareholders expenses			16,137			18,998			11,569
	Audit and tax fees			20,228			27,427			25,808
	Registration fees			14,505			22,005			18,505
	Legal fees			8,042			6,254			2,645
	Trustees’ fees and expenses			2,587			4,167			2,078
	Custodian fees			3,319			2,690			14,770
	Other			12,525			7,421			6,561
				515,401			976,218			656,820
	Less expenses waived			—			(26,959	)		(70,219	)
	Less expenses paid indirectly			(342	)		(697	)		(282	)
	Total operating expenses			515,059			948,562			586,319
Net Investment Income (Loss)				1,562,449			581,429			(82,232	)
Net Realized and Unrealized Gain (Loss):
	Net realized gain (loss) on:
		Investments		1,500,683			19,476,210			9,892,728
		Distributions from investment companies		1			2			1
		Foreign currencies		(20,520	)		—			3,152
		Foreign currency exchange contracts		(22,186	)		—			(108,028	)
		Futures contracts		(130,516	)		—			(3,706,816	)
		Options written		—			(1,477,964	)		524,304
		Options purchased		—			—			(1,042,548	)
	Net realized gain			1,327,462			17,998,248			5,562,793
	Net change in unrealized appreciation (depreciation) of:
		Investments		1,275,785			6,092,096			2,501,719
		Foreign currencies		(2,207	)		—			(481	)
		Foreign currency exchange contracts		26,709			—			(43,281	)
		Futures contracts		(23,854	)		—			(10,219	)
		Options purchased		—			—			(617,910	)
		Options written		—			(2,521,348	)		312,411
	Net change in unrealized appreciation (depreciation)			1,276,433			3,570,748			2,142,239
Net Realized and Unrealized Gain				2,603,895			21,568,996			7,705,032
Net Increase in Net Assets Resulting from Operations			$	4,166,344		$	22,150,425		$	7,622,800

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

127

Statements of operations
Delaware Group^® Equity Funds IV (Trust)

			Delaware			Delaware
			Premium Income Fund			Total Return Fund
Investment Income:
	Dividends		$	923,671		$	5,029,750
	Interest			—			3,036,661
	Foreign tax withheld			—			(52,129	)
				923,671			8,014,282
Expenses:
	Management fees			227,512			1,775,545
	Distribution expenses — Class A			35,931			686,485
	Dividend disbursing and transfer agent fees and expenses			32,533			330,352
	Accounting and administration expenses			23,912			62,628
	Reports and statements to shareholders expenses			9,250			61,538
	Audit and tax fees			24,067			37,328
	Registration fees			19,005			17,005
	Legal fees			2,451			31,097
	Trustees’ fees and expenses			1,590			14,989
	Custodian fees			1,391			31,456
	Other			6,177			31,178
				383,819			3,079,601
	Less expenses waived			(49,871	)		(29	)
	Less expenses paid indirectly			(207	)		(2,181	)
	Total operating expenses			333,741			3,077,391
Net Investment Income				589,930			4,936,891
Net Realized and Unrealized Gain (Loss):
	Net realized gain (loss) on:
		Investments		1,807,933			32,104,628
		Distributions from investment companies		—			4
		Foreign currencies		—			24,630
		Foreign currency exchange contracts		—			(50,082	)
		Futures contracts		—			90,631
		Options written		(7,267,768	)		—
		Swap contracts		—			(19,242	)
	Net realized gain (loss)			(5,459,835	)		32,150,569
	Net change in unrealized appreciation (depreciation) of:
		Investments		13,122,252			45,959,723
		Foreign currencies		—			(5,852	)
		Foreign currency exchange contracts		—			13,283
		Futures contracts		—			90,165
		Options written		(3,073,324	)		—
		Swap contracts		—			5,451
	Net change in unrealized appreciation (depreciation)			10,048,928			46,062,770
Net Realized and Unrealized Gain				4,589,093			78,213,339
Net Increase in Net Assets Resulting from Operations			$	5,179,023		$	83,150,230

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

128

Statements of changes in net assets
Delaware Group^® Equity Funds IV (Trust)

			Delaware Equity Income Fund						Delaware Growth and Income Fund
			Six months						Six months
			ended						ended
			3/31/21			Year ended			3/31/21			Year ended
			(Unaudited)			9/30/20			(Unaudited)			9/30/20
Increase (Decrease) in Net Assets from Operations:
	Net investment income		$	2,920,974		$	5,835,970		$	8,839,246		$	20,834,476
	Net realized gain			21,154,818			106,713,928			51,448,512			355,058,601
	Net change in unrealized appreciation (depreciation)			46,475,459			(144,981,746	)		183,511,935			(480,016,900	)
	Net increase (decrease) in net assets resulting from operations			70,551,251			(32,431,848	)		243,799,693			(104,123,823	)
Dividends and Distributions to Shareholders from:
	Distributable earnings:
		Class A		(21,376,536	)		(132,797,526	)		(59,746,361	)		(491,601,820	)
		Institutional Class1		(90,142	)		(336,217	)		(281,805	)		(2,861,172	)
		Class R62		(5,968	)		(386,245	)		(14,749	)		(1,904,446	)
				(21,472,646	)		(133,519,988	)		(60,042,915	)		(496,367,438	)
Capital Share Transactions:
	Proceeds from shares sold:
		Class A		4,758,552			21,226,285			17,170,346			57,869,184
		Institutional Class1		889,192			903,185			1,635,522			3,311,866
		Class R62		—			179,886			—			352,004
	Net asset value of shares issued upon reinvestment of dividends and distributions:
		Class A		21,306,246			131,262,560			59,587,341			487,454,636
		Institutional Class1		90,142			311,497			281,291			2,801,661
		Class R62		5,968			386,245			14,749			1,904,446
				27,050,100			154,269,658			78,689,249			553,693,797
	Cost of shares redeemed:
		Class A		(59,815,550	)		(151,101,932	)		(170,325,481	)		(390,939,730	)
		Institutional Class1		(423,487	)		(1,704,420	)		(1,554,882	)		(20,418,470	)
		Class R62		(687,973	)		(819,926	)		(2,623,163	)		(2,837,045	)
				(60,927,010	)		(153,626,278	)		(174,503,526	)		(414,195,245	)
	Increase (decrease) in net assets derived from capital share transactions			(33,876,910	)		643,380			(95,814,277	)		139,498,552
Net Increase (Decrease) in Net Assets				15,201,695			(165,308,456	)		87,942,501			(460,992,709	)
Net Assets:
	Beginning of period			306,521,656			471,830,112			1,030,593,937			1,491,586,646
	End of period		$	321,723,351		$	306,521,656		$	1,118,536,438		$	1,030,593,937

1	On October 4, 2019, Advisor Class shares were reorganized into Institutional Class shares. See Notes to Financial Statements.
2	On October 4, 2019, Institutional Class shares were reorganized into Class R6 shares. See Notes to Financial Statements.

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

129

Statements of changes in net assets
Delaware Group^® Equity Funds IV (Trust)

			Delaware Growth Equity Fund						Delaware Opportunity Fund
			Six months						Six months
			ended						ended
			3/31/21			Year ended			3/31/21			Year ended
			(Unaudited)			9/30/20			(Unaudited)			9/30/20
Increase (Decrease) in Net Assets from Operations:
	Net investment income (loss)		$	(648,142	)	$	(1,004,744	)	$	11,509,296		$	4,486,312
	Net realized gain			62,738,868			52,514,563			10,223,001			152,637,370
	Net change in unrealized appreciation (depreciation)			65,804,523			86,054,104			211,807,093			(265,065,831	)
	Net increase (decrease) in net assets resulting from operations			127,895,249			137,563,923			233,539,390			(107,942,149	)
Dividends and Distributions to Shareholders from:
	Distributable earnings:
		Class A		(44,227,719	)		(51,258,363	)		(5,426,910	)		(260,597,869	)
		Institutional Class1		(11,172,975	)		(14,562,190	)		(29,402	)		(1,436,451	)
		Class R62		(70,466	)		(406,462	)		—			(621,869	)
				(55,471,160	)		(66,227,015	)		(5,456,312	)		(262,656,189	)
Capital Share Transactions:
	Proceeds from shares sold:
		Class A		18,265,486			41,056,959			10,649,879			42,545,399
		Institutional Class1		9,838,881			30,743,036			888,725			1,619,419
		Class R62		425,357			1,185,958			13,114			306,732
		Net asset value of shares issued upon reinvestment of dividends and distributions:
		Class A		44,114,353			50,800,590			5,409,732			258,629,421
		Institutional Class1		11,166,619			14,146,829			29,402			1,387,018
		Class R62		70,466			406,461			—			621,869
				83,881,162			138,339,833			16,990,852			305,109,858
	Cost of shares redeemed:
		Class A		(85,318,916	)		(184,763,540	)		(122,881,202	)		(249,059,513	)
		Institutional Class1		(29,417,353	)		(79,327,920	)		(1,020,206	)		(8,988,193	)
		Class R62		(3,005,790	)		(2,450,659	)		(870,684	)		(1,403,898	)
				(117,742,059	)		(266,542,119	)		(124,772,092	)		(259,451,604	)
	Increase (decrease) in net assets derived from capital share transactions			(33,860,897	)		(128,202,286	)		(107,781,240	)		45,658,254
Net Increase (Decrease) in Net Assets				38,563,192			(56,865,378	)		120,301,838			(324,940,084	)
Net Assets:
	Beginning of period			597,833,974			654,699,352			603,061,833			928,001,917
	End of period		$	636,397,166		$	597,833,974		$	723,363,671		$	603,061,833

1	On October 4, 2019, Advisor Class shares were reorganized into Institutional Class shares. See Notes to Financial Statements.
2	On October 4, 2019, Institutional Class shares were reorganized into Class R6 shares. See Notes to Financial Statements.

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

130

	Delaware Special Situations Fund						Delaware Global Equity Fund
	Six months						Six months
	ended						ended
	3/31/21			Year ended			3/31/21			Year ended
	(Unaudited)			9/30/20			(Unaudited)			9/30/20
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	1,963,017		$	2,031,784		$	753,155		$	2,848,858
Net realized gain		9,246,197			10,977,956			13,956,864			63,037,800
Net change in unrealized appreciation (depreciation)		141,741,852			(99,306,662	)		12,005,935			(55,098,902	)
Net increase (decrease) in net assets resulting from operations		152,951,066			(86,296,922	)		26,715,954			10,787,756
Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		(2,583,918	)		(61,185,155	)		(12,688,395	)		(47,492,756	)
Institutional Class1		(17,234	)		(770,700	)		(805,368	)		(3,789,098	)
Class R62		—			(512,755	)		(2,751	)		(280,865	)
		(2,601,152	)		(62,468,610	)		(13,496,514	)		(51,562,719	)
Capital Share Transactions:
Proceeds from shares sold:
Class A		7,104,069			25,379,018			4,086,302			12,759,103
Institutional Class1		676,805			712,931			1,036,418			4,378,398
Class R62		6,601			239,477			—			187,613
Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		2,571,192			60,626,889			12,628,543			46,817,307
Institutional Class1		17,234			762,955			805,368			3,775,915
Class R62		—			512,756			2,751			280,865
		10,375,901			88,234,026			18,559,382			68,199,201
Cost of shares redeemed:
Class A		(64,757,627	)		(140,048,785	)		(43,717,210	)		(95,565,732	)
Institutional Class1		(535,435	)		(10,709,016	)		(3,265,383	)		(62,707,530	)
Class R62		(1,610,673	)		(1,843,915	)		(1,295,296	)		(886,084	)
		(66,903,735	)		(152,601,716	)		(48,277,889	)		(159,159,346	)
Decrease in net assets derived from capital share transactions		(56,527,834	)		(64,367,690	)		(29,718,507	)		(90,960,145	)
Net Increase (Decrease) in Net Assets		93,822,080			(213,133,222	)		(16,499,067	)		(131,735,108	)
Net Assets:
Beginning of period		279,818,987			492,952,209			289,880,368			421,615,476
End of period	$	373,641,067		$	279,818,987		$	273,381,301		$	289,880,368

1	On October 4, 2019, Advisor Class shares were reorganized into Institutional Class shares. See Notes to Financial Statements.
2	On October 4, 2019, Institutional Class shares were reorganized into Class R6 shares. See Notes to Financial Statements.

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

131

Statements of changes in net assets
Delaware Group^® Equity Funds IV (Trust)

	Delaware International Fund						Delaware Floating Rate II Fund
	Six months						Six months
	ended						ended
	3/31/21			Year ended			3/31/21			Year ended
	(Unaudited)			9/30/20			(Unaudited)			9/30/20
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	432,965		$	2,712,753		$	1,171,184		$	3,320,311
Net realized gain (loss)		13,586,591			74,163,613			393,873			(5,353,093	)
Net change in unrealized appreciation (depreciation)		15,861,808			(82,933,600	)		682,763			1,436,341
Net increase (decrease) in net assets resulting from operations		29,881,364			(6,057,234	)		2,247,820			(596,441	)
Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		(6,817,877	)		(49,806,205	)		(876,098	)		(2,059,949	)
Institutional Class1		(4,272,806	)		(40,763,845	)		(525,190	)		(1,246,501	)
Class R62		(3,432	)		(265,508	)		(878	)		(8,588	)
		(11,094,115	)		(90,835,558	)		(1,402,166	)		(3,315,038	)
Capital Share Transactions:
Proceeds from shares sold:
Class A		4,278,771			14,607,095			1,683,514			4,323,821
Institutional Class1		22,775,174			24,233,739			1,595,295			7,073,440
Class R62		107,749			89,509			11,436			37,937
Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		6,808,702			49,436,814			853,739			1,951,824
Institutional Class1		4,272,639			40,743,288			523,359			1,245,190
Class R62		3,432			265,507			878			8,526
		38,246,467			129,375,952			4,668,221			14,640,738
Cost of shares redeemed:
Class A		(33,041,336	)		(84,935,960	)		(9,637,332	)		(30,601,440	)
Institutional Class1		(22,914,060	)		(106,750,647	)		(5,922,856	)		(25,617,049	)
Class R62		(597,582	)		(809,844	)		(24,242	)		(498,219	)
		(56,552,978	)		(192,496,451	)		(15,584,430	)		(56,716,708	)
Decrease in net assets derived from capital share transactions		(18,306,511	)		(63,120,499	)		(10,916,209	)		(42,075,970	)
Net Increase (Decrease) in Net Assets		480,738			(160,013,291	)		(10,070,555	)		(45,987,449	)
Net Assets:
Beginning of period		290,359,908			450,373,199			59,187,984			105,175,433
End of period	$	290,840,646		$	290,359,908		$	49,117,429		$	59,187,984

1	On October 4, 2019, Advisor Class shares were reorganized into Institutional Class shares. See Notes to Financial Statements.
2	On October 4, 2019, Institutional Class shares were reorganized into Class R6 shares. See Notes to Financial Statements.

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

132

	Delaware Fund for Income						Delaware International Opportunities Bond Fund
	Six months						Six months
	ended						ended
	3/31/21			Year ended			3/31/21				Year ended
	(Unaudited)			9/30/20			(Unaudited)				9/30/20
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	8,949,222		$	20,941,392			$	(86,434	)		$	(106,275	)
Net realized gain (loss)		11,158,535			(9,692,375	)			1,071,502				(14,548,557	)
Net change in unrealized appreciation (depreciation)		6,214,092			1,251,885				(1,452,077	)			15,184,926
Net increase (decrease) in net assets resulting from operations		26,321,849			12,500,902				(467,009	)			530,094
Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		(8,824,145	)		(20,400,146	)			(15,856	)			(821,223	)
Institutional Class1		(1,460,186	)		(1,778,391	)			(4,694	)			(403,633	)
Class R62		(6,400	)		(107,851	)			(45	)			(2,235	)
		(10,290,731	)		(22,286,388	)			(20,595	)			(1,227,091	)
Capital Share Transactions:
Proceeds from shares sold:
Class A		7,202,931			16,392,900				441,495				1,919,739
Institutional Class1		14,612,735			38,225,414				120,072				5,353,939
Class R62		—			532,879				69				22,037
Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		7,889,845			17,763,208				16,626				801,982
Institutional Class1		1,458,455			1,769,367				4,013				400,490
Class R62		6,426			75,326				45				2,242
		31,170,392			74,759,094				582,320				8,500,429
Cost of shares redeemed:
Class A		(51,637,808	)		(131,925,616	)			(7,474,092	)			(18,457,164	)
Institutional Class1		(19,979,741	)		(16,786,090	)			(7,947,394	)			(47,282,622	)
Class R62		(1,030,590	)		(35,990,791	)			(45,157	)			(13,932,868	)
		(72,648,139	)		(184,702,497	)			(15,466,643	)			(79,672,654	)
Decrease in net assets derived from capital share transactions		(41,477,747	)		(109,943,403	)			(14,884,323	)			(71,172,225	)
Net Decrease in Net Assets		(25,446,629	)		(119,728,889	)			(15,371,927	)			(71,869,222	)
Net Assets:
Beginning of period		423,022,120			542,751,009				35,279,615				107,148,837
End of period	$	397,575,491		$	423,022,120			$	19,907,688			$	35,279,615

1	On October 4, 2019, Advisor Class shares were reorganized into Institutional Class shares. See Notes to Financial Statements.
2	On October 4, 2019, Institutional Class shares were reorganized into Class R6 shares. See Notes to Financial Statements.

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

133

Statements of changes in net assets
Delaware Group^® Equity Funds IV (Trust)

	Delaware Investment Grade Fund						Delaware Limited Duration Bond Fund
	Six months						Six months
	ended						ended
	3/31/21			Year ended			3/31/21				Year ended
	(Unaudited)			9/30/20			(Unaudited)				9/30/20
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	2,666,050		$	6,384,676			$	775,234			$	3,361,425
Net realized gain		4,319,207			34,799,499				299,508				5,472,166
Net change in unrealized appreciation (depreciation)		(6,170,358	)		(19,361,448	)			(344,943	)			(1,570,236	)
Net increase in net assets resulting from operations		814,899			21,822,727				729,799				7,263,355
Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		(10,663,642	)		(19,441,002	)			(1,742,005	)			(4,252,782	)
Institutional Class1		(76,262	)		(232,440	)			(95,735	)			(496,616	)
Class R62		(6,499	)		(87,278	)			(1,189	)			(33,191	)
		(10,746,403	)		(19,760,720	)			(1,838,929	)			(4,782,589	)
Capital Share Transactions:
Proceeds from shares sold:
Class A		10,842,705			19,207,882				17,957,178				27,449,762
Institutional Class1		289,855			11,685,210				243,125				4,839,112
Class R62		15,741			195,934				—				49,703
Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		10,450,637			18,777,046				1,691,614				4,067,179
Institutional Class1		76,233			230,007				95,707				479,570
Class R62		6,488			74,930				1,188				11,506
		21,681,659			50,171,009				19,988,812				36,896,832
Cost of shares redeemed:
Class A		(51,562,465	)		(138,898,358	)			(36,869,987	)			(85,051,361	)
Institutional Class1		(490,497	)		(21,586,748	)			(2,309,697	)			(52,937,018	)
Class R62		(729,189	)		(22,705,241	)			(255,449	)			(47,834,532	)
		(52,782,151	)		(183,190,347	)			(39,435,133	)			(185,822,911	)
Decrease in net assets derived from capital share transactions		(31,100,492	)		(133,019,338	)			(19,446,321	)			(148,926,079	)
Net Decrease in Net Assets		(41,031,996	)		(130,957,331	)			(20,555,451	)			(146,445,313	)
Net Assets:
Beginning of period		267,009,388			397,966,719				178,558,114				325,003,427
End of period	$	225,977,392		$	267,009,388			$	158,002,663			$	178,558,114

1	On October 4, 2019, Advisor Class shares were reorganized into Institutional Class shares. See Notes to Financial Statements.
2	On October 4, 2019, Institutional Class shares were reorganized into Class R6 shares. See Notes to Financial Statements.

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

134

	Delaware Strategic Income II Fund						Delaware Covered Call Strategy Fund
	Six months						Six months
	ended						ended
	3/31/21			Year ended			3/31/21				Year ended
	(Unaudited)			9/30/20			(Unaudited)				9/30/20
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	1,562,449		$	3,427,632			$	581,429			$	2,532,386
Net realized gain (loss)		1,327,462			(4,281,528	)			17,998,248				(4,963,332	)
Net change in unrealized appreciation (depreciation)		1,276,433			5,465,531				3,570,748				(13,267,870	)
Net increase (decrease) in net assets resulting from operations		4,166,344			4,611,635				22,150,425				(15,698,816	)
Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		(1,696,444	)		(3,972,577	)			(534,598	)			(1,835,673	)
Institutional Class1		(6,009	)		(16,312	)			(215,348	)			(673,147	)
Class R62		—			—				(772	)			(12,223	)
		(1,702,453	)		(3,988,889	)			(750,718	)			(2,521,043	)
Capital Share Transactions:
Proceeds from shares sold:
Class A		2,422,062			11,353,228				2,563,035				18,268,580
Institutional Class1		157,602			211,229				2,058,970				7,106,153
Class R62		—			—				34,613				76,426
Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		1,658,304			3,814,699				531,043				1,811,286
Institutional Class1		5,937			16,134				199,277				625,930
Class R62		—			—				582				11,557
		4,243,905			15,395,290				5,387,520				27,899,932
Cost of shares redeemed:
Class A		(21,094,152	)		(53,922,946	)			(30,570,465	)			(96,821,816	)
Institutional Class1		(164,707	)		(489,108	)			(9,597,228	)			(31,441,208	)
Class R62		—			—				(205,647	)			(1,233,538	)
		(21,258,859	)		(54,412,054	)			(40,373,340	)			(129,496,562	)
Decrease in net assets derived from capital share transactions		(17,014,954	)		(39,016,764	)			(34,985,820	)			(101,596,630	)
Net Decrease in Net Assets		(14,551,063	)		(38,394,018	)			(13,586,113	)			(119,816,489	)
Net Assets:
Beginning of period		99,327,165			137,721,183				159,688,688				279,505,177
End of period	$	84,776,102		$	99,327,165			$	146,102,575			$	159,688,688

1	On October 4, 2019, Advisor Class shares were reorganized into Institutional Class shares. See Notes to Financial Statements.
2	On October 4, 2019, Institutional Class shares were reorganized into Class R6 shares. See Notes to Financial Statements.

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

135

Statements of changes in net assets
Delaware Group^® Equity Funds IV (Trust)

	Delaware Hedged U.S. Equity Opportunities Fund								Delaware Premium Income Fund
	Six months								Six months
	ended								ended
	3/31/21				Year ended				3/31/21			Year ended
	(Unaudited)				9/30/20				(Unaudited)			9/30/20
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)		$	(82,232	)		$	(39,903	)	$	589,930		$	2,189,714
Net realized gain (loss)			5,562,793				20,051,043			(5,459,835	)		(9,955,759	)
Net change in unrealized appreciation (depreciation)			2,142,239				(11,743,058	)		10,048,928			1,029,161
Net increase (decrease) in net assets resulting from operations			7,622,800				8,268,082			5,179,023			(6,736,884	)
Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A			(12,646,227	)			(11,099,496	)		(276,078	)		(1,633,590	)
Institutional Class1			(4,921,276	)			(4,445,817	)		(309,367	)		(1,969,385	)
Class R62			(22,403	)			(49,879	)		(1,001	)		(3,282	)
			(17,589,906	)			(15,595,192	)		(586,446	)		(3,606,257	)
Capital Share Transactions:
Proceeds from shares sold:
Class A			4,061,650				7,719,313			567,653			7,031,159
Institutional Class1			14,780,237				6,202,399			2,516,307			13,762,407
Class R62			36,346				80,032			—			27,712
Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A			12,579,722				10,953,456			272,978			1,601,078
Institutional Class1			4,921,276				4,430,714			289,600			1,869,625
Class R62			22,403				49,879			875			3,073
			36,401,634				29,435,793			3,647,413			24,295,054
Cost of shares redeemed:
Class A			(14,891,779	)			(36,331,747	)		(8,152,574	)		(33,215,498	)
Institutional Class1			(4,941,258	)			(33,680,974	)		(11,649,719	)		(45,142,958	)
Class R62			(82,578	)			(353,825	)		—			(20,372	)
			(19,915,615	)			(70,366,546	)		(19,802,293	)		(78,378,828	)
Increase (decrease) in net assets derived from capital share transactions			16,486,019				(40,930,753	)		(16,154,880	)		(54,083,774	)
Net Increase (Decrease) in Net Assets			6,518,913				(48,257,863	)		(11,562,303	)		(64,426,915	)
Net Assets:
Beginning of period			74,923,441				123,181,304			64,275,222			128,702,137
End of period		$	81,442,354			$	74,923,441		$	52,712,919		$	64,275,222

1	On October 4, 2019, Advisor Class shares were reorganized into Institutional Class shares. See Notes to Financial Statements.
2	On October 4, 2019, Institutional Class shares were reorganized into Class R6 shares. See Notes to Financial Statements.

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

136

			Delaware Total Return Fund
			Six months
			ended
			3/31/21			Year ended
			(Unaudited)			9/30/20
Increase (Decrease) in Net Assets from Operations:
	Net investment income		$	4,936,891		$	12,357,635
	Net realized gain			32,150,569			102,760,183
	Net change in unrealized appreciation (depreciation)			46,062,770			(149,042,507	)
	Net increase (decrease) in net assets resulting from operations			83,150,230			(33,924,689	)
Dividends and Distributions to Shareholders from:
	Distributable earnings:
		Class A		(6,493,133	)		(156,963,527	)
		Institutional Class1		(14,153	)		(193,281	)
		Class R62		(2,617	)		(363,775	)
	Return of capital:
		Class A		—			(250,419	)
		Institutional Class		—			(348	)
		Class R6		—			(345	)
				(6,509,903	)		(157,771,695	)
Capital Share Transactions:
	Proceeds from shares sold:
		Class A		10,017,520			37,411,499
		Institutional Class1		1,053,111			1,066,775
		Class R62		735			156,157
	Net asset value of shares issued upon reinvestment of dividends and distributions:
		Class A		6,432,664			155,382,017
		Institutional Class1		14,153			176,086
		Class R62		2,617			364,120
				17,520,800			194,556,654
	Cost of shares redeemed:
		Class A		(106,007,932	)		(252,634,094	)
		Institutional Class1		(595,961	)		(1,432,600	)
		Class R62		(727,691	)		(1,293,618	)
				(107,331,584	)		(255,360,312	)
	Decrease in net assets derived from capital share transactions			(89,810,784	)		(60,803,658	)
Net Decrease in Net Assets				(13,170,457	)		(252,500,042	)
Net Assets:
	Beginning of period			551,551,309			804,051,351
	End of period		$	538,380,852		$	551,551,309

1	On October 4, 2019, Advisor Class shares were reorganized into Institutional Class shares. See Notes to Financial Statements.
2	On October 4, 2019, Institutional Class shares were reorganized into Class R6 shares. See Notes to Financial Statements.

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

137

Financial highlights
Delaware Equity Income Fund Class A

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

	Six months
	ended
	3/31/211			Year ended
	(Unaudited)			9/30/202			9/30/19			9/30/18			9/30/17			9/30/16
Net asset value, beginning of period	$	6.24		$	9.68		$	11.09		$	10.71		$	9.72		$	8.99
Income (loss) from investment operations:
Net investment income3		0.06			0.11			0.15			0.26			0.16			0.16
Net realized and unrealized gain (loss)		1.52			(0.51	)		(0.16	)		0.65			1.22			1.08
Total from investment operations		1.58			(0.40	)		(0.01	)		0.91			1.38			1.24
Less dividends and distributions from:
Net investment income		(0.08	)		(0.13	)		(0.26	)		(0.17	)		(0.21	)		(0.16	)
Net realized gain		(0.45	)		(2.91	)		(1.14	)		(0.36	)		(0.18	)		(0.35	)
Total dividends and distributions		(0.53	)		(3.04	)		(1.40	)		(0.53	)		(0.39	)		(0.51	)
Net asset value, end of period	$	7.29		$	6.24		$	9.68		$	11.09		$	10.71		$	9.72
Total return4		25.20%	5		(7.89%	)		1.83%			8.68%			14.46%			14.16%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	320,019		$	304,917		$	468,634		$	545,810		$	564,918		$	529,327
Ratio of expenses to average net assets6		1.11%			1.16%			1.19%			1.20%			1.20%			1.22%
Ratio of expenses to average net assets prior to fees waived6		1.12%			1.16%			1.19%			1.20%			1.20%			1.22%
Ratio of net investment income to average net assets		1.85%			1.56%			1.58%			2.42%			1.58%			1.72%
Ratio of net investment income to average net assets prior to fees waived		1.84%			1.56%			1.58%			2.42%			1.58%			1.72%
Portfolio turnover		35%			114%	7		39%			35%			15%			22%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	On October 4, 2019, Class A shares of First Investors Equity Income Fund were reorganized into Class A shares of Delaware Equity Income Fund. See Notes to Financial Statements. The Class A shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Equity Income Fund Class A shares.
3	The average shares outstanding have been applied for per share information.
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.
5	Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
6	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
7	The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2020 due to a change in the Fund’s portfolio managers and associated repositioning.

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

138

Delaware Equity Income Fund Institutional Class

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

	Six months
	ended
	3/31/211			Year ended
	(Unaudited)			9/30/202			9/30/19			9/30/18			9/30/17			9/30/16
Net asset value, beginning of period	$	6.28		$	9.73		$	11.16		$	10.77		$	9.74		$	9.00
Income (loss) from investment operations:
Net investment income3		0.07			0.13			0.20			0.31			0.19			0.20
Net realized and unrealized gain (loss)		1.53			(0.53	)		(0.20	)		0.65			1.23			1.08
Total from investment operations		1.60			(0.40	)		—			0.96			1.42			1.28
Less dividends and distributions from:
Net investment income		(0.09	)		(0.14	)		(0.29	)		(0.21	)		(0.21	)		(0.19	)
Net realized gain		(0.45	)		(2.91	)		(1.14	)		(0.36	)		(0.18	)		(0.35	)
Total dividends and distributions		(0.54	)		(3.05	)		(1.43	)		(0.57	)		(0.39	)		(0.54	)
Net asset value, end of period	$	7.34		$	6.28		$	9.73		$	11.16		$	10.77		$	9.74
Total return4		25.30%	5		(7.72%	)5		1.97%			9.09%			14.87%			14.63%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	1,675		$	926		$	1,786		$	80,387		$	71,611		$	54,576
Ratio of expenses to average net assets6		0.85%			0.89%			0.86%			0.85%			0.84%			0.85%
Ratio of expenses to average net assets prior to fees waived6		0.88%			0.94%			0.86%			0.85%			0.84%			0.85%
Ratio of net investment income to average net assets		2.09%			1.86%			2.08%			2.79%			1.94%			2.08%
Ratio of net investment income to average net assets prior to fees waived		2.06%			1.81%			2.08%			2.79%			1.94%			2.08%
Portfolio turnover		35%			114%	7		39%			35%			15%			22%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	On October 4, 2019, Advisor Class shares of First Investors Equity Income Fund were reorganized into Institutional Class shares of Delaware Equity Income Fund. See Notes to Financial Statements. The Institutional Class shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Equity Income Fund Advisor Class shares.
3	The average shares outstanding have been applied for per share information.
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.
5	Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
6	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
7	The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2020 due to a change in the Fund’s portfolio managers and associated repositioning.

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

139

Financial highlights
Delaware Equity Income Fund Class R6

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

	Six months
	ended
	3/31/211			Year ended
	(Unaudited)			9/30/202			9/30/19			9/30/18			9/30/17			9/30/16
Net asset value, beginning of period	$	6.23		$	9.67		$	11.12		$	10.72		$	9.78		$	9.04
Income (loss) from investment operations:
Net investment income3		0.08			0.14			0.19			0.31			0.37			0.20
Net realized and unrealized gain (loss)		1.52			(0.52	)		(0.17	)		0.66			1.06			1.09
Total from investment operations		1.60			(0.38	)		0.02			0.97			1.43			1.29
Less dividends and distributions from:
Net investment income		(0.10	)		(0.15	)		(0.33	)		(0.21	)		(0.31	)		(0.20	)
Net realized gain		(0.45	)		(2.91	)		(1.14	)		(0.36	)		(0.18	)		(0.35	)
Total dividends and distributions		(0.55	)		(3.06	)		(1.47	)		(0.57	)		(0.49	)		(0.55	)
Net asset value, end of period	$	7.28		$	6.23		$	9.67		$	11.12		$	10.72		$	9.78
Total return4		25.38%	5		(7.54%	)5		2.18%			9.21%			14.84%			14.67%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	29		$	679		$	1,411		$	2,499		$	2,193		$	2,448
Ratio of expenses to average net assets6		0.81%			0.82%			0.81%			0.80%			0.80%			0.78%
Ratio of expenses to average net assets prior to fees waived6		0.82%			0.88%			0.81%			0.80%			0.80%			0.78%
Ratio of net investment income to average net assets		2.62%			1.92%			1.94%			2.81%			2.02%			2.08%
Ratio of net investment income to average net assets prior to fees waived		2.61%			1.86%			1.94%			2.81%			2.02%			2.08%
Portfolio turnover		35%			114%	7		39%			35%			15%			22%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	On October 4, 2019, Institutional Class shares of First Investors Equity Income Fund were reorganized into Class R6 shares of Delaware Equity Income Fund. See Notes to Financial Statements. The Class R6 shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Equity Income Fund Institutional Class shares.
3	The average shares outstanding have been applied for per share information.
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.
5	Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
6	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
7	The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2020 due to a change in the Fund’s portfolio managers and associated repositioning.

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

140

Delaware Growth and Income Fund Class A

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

	Six months
	ended
	3/31/211			Year ended
	(Unaudited)			9/30/202			9/30/19			9/30/18			9/30/17			9/30/16
Net asset value, beginning of period	$	11.94		$	19.85		$	24.41		$	23.30		$	21.51		$	20.35
Income (loss) from investment operations:
Net investment income3		0.11			0.23			0.27			0.26			0.25			0.26
Net realized and unrealized gain (loss)		2.95			(0.95	)		(0.54	)		2.11			2.66			2.07
Total from investment operations		3.06			(0.72	)		(0.27	)		2.37			2.91			2.33
Less dividends and distributions from:
Net investment income		(0.15	)		(0.25	)		(0.27	)		(0.32	)		(0.37	)		(0.24	)
Net realized gain		(0.70	)		(6.94	)		(4.02	)		(0.94	)		(0.75	)		(0.93	)
Total dividends and distributions		(0.85	)		(7.19	)		(4.29	)		(1.26	)		(1.12	)		(1.17	)
Net asset value, end of period	$	14.15		$	11.94		$	19.85		$	24.41		$	23.30		$	21.51
Total return4		25.34%			(7.99%	)		2.02%			10.35%			13.99%			11.72%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	1,113,116		$	1,023,821		$	1,464,393		$	1,653,563		$	1,675,590		$	1,588,423
Ratio of expenses to average net assets5		1.07%			1.10%			1.13%			1.14%			1.15%			1.16%
Ratio of net investment income to average net assets		1.64%			1.71%			1.37%			1.08%			1.13%			1.28%
Portfolio turnover		29%			113%	6		55%			34%			16%			23%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	On October 4, 2019, Class A shares of First Investors Growth & Income Fund were reorganized into Class A shares of Delaware Growth and Income Fund. See Notes to Financial Statements. The Class A shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Growth & Income Fund Class A shares.
3	The average shares outstanding have been applied for per share information.
4	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
5	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
6	The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2020 due to a change in the Fund’s portfolio managers and associated repositioning.

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

141

Financial highlights
Delaware Growth and Income Fund Institutional Class

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

	Six months
	ended
	3/31/211			Year ended
	(Unaudited)			9/30/202			9/30/19			9/30/18			9/30/17			9/30/16
Net asset value, beginning of period	$	11.99		$	19.87		$	24.58		$	23.46		$	21.67		$	20.46
Income (loss) from investment operations:
Net investment income3		0.12			0.30			0.33			0.35			0.33			0.35
Net realized and unrealized gain (loss)		2.99			(0.98	)		(0.55	)		2.11			2.69			2.08
Total from investment operations		3.11			(0.68	)		(0.22	)		2.46			3.02			2.43
Less dividends and distributions from:
Net investment income		(0.23	)		(0.26	)		(0.47	)		(0.40	)		(0.48	)		(0.29	)
Net realized gain		(0.70	)		(6.94	)		(4.02	)		(0.94	)		(0.75	)		(0.93	)
Total dividends and distributions		(0.93	)		(7.20	)		(4.49	)		(1.34	)		(1.23	)		(1.22	)
Net asset value, end of period	$	14.17		$	11.99		$	19.87		$	24.58		$	23.46		$	21.67
Total return4		25.47%	5		(7.68%	)5		2.26%			10.73%			14.42%			12.18%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	5,195		$	4,063		$	21,597		$	142,220		$	166,851		$	132,486
Ratio of expenses to average net assets6		0.82%			0.85%			0.83%			0.79%			0.78%			0.77%
Ratio of expenses to average net assets prior to fees waived6		0.83%			0.86%			0.83%			0.79%			0.78%			0.77%
Ratio of net investment income to average net assets		1.88%			1.98%			1.66%			1.44%			1.50%			1.68%
Ratio of net investment income to average net assets prior to fees waived		1.87%			1.97%			1.66%			1.44%			1.50%			1.68%
Portfolio turnover		29%			113%	7		55%			34%			16%			23%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	On October 4, 2019, Advisor Class shares of First Investors Growth & Income Fund were reorganized into Institutional Class shares of Delaware Growth and Income Fund. See Notes to Financial Statements. The Institutional Class shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Growth & Income Fund Advisor Class shares.
3	The average shares outstanding have been applied for per share information.
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.
5	Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
6	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
7	The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2020 due to a change in the Fund’s portfolio managers and associated repositioning.

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

142

Delaware Growth and Income Fund Class R6

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

	Six months
	ended
	3/31/211			Year ended
	(Unaudited)			9/30/202			9/30/19			9/30/18			9/30/17			9/30/16
Net asset value, beginning of period	$	12.01		$	19.92		$	24.52		$	23.39		$	21.58		$	20.39
Income (loss) from investment operations:
Net investment income3		0.14			0.29			0.35			0.36			0.34			0.35
Net realized and unrealized gain (loss)		2.98			(0.96	)		(0.56	)		2.12			2.67			2.07
Total from investment operations		3.12			(0.67	)		(0.21	)		2.48			3.01			2.42
Less dividends and distributions from:
Net investment income		(0.18	)		(0.30	)		(0.37	)		(0.41	)		(0.45	)		(0.30	)
Net realized gain		(0.70	)		(6.94	)		(4.02	)		(0.94	)		(0.75	)		(0.93	)
Total dividends and distributions		(0.88	)		(7.24	)		(4.39	)		(1.35	)		(1.20	)		(1.23	)
Net asset value, end of period	$	14.25		$	12.01		$	19.92		$	24.52		$	23.39		$	21.58
Total return4		25.52%	5		(7.63%	)5		2.34%			10.85%			14.47%			12.18%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	225		$	2,710		$	5,597		$ 11,067			$ 10,839			$ 10,596
Ratio of expenses to average net assets6		0.75%			0.76%			0.75%			0.74%			0.74%			0.74%
Ratio of expenses to average net assets prior to
fees waived6		0.76%			0.81%			0.75%			0.74%			0.74%			0.74%
Ratio of net investment income to average net
assets		2.29%			2.07%			1.75%			1.49%			1.54%			1.70%
Ratio of net investment income to average net
assets prior to fees waived		2.28%			2.02%			1.75%			1.49%			1.54%			1.70%
Portfolio turnover		29%			113%	7		55%			34%			16%			23%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	On October 4, 2019, Institutional Class shares of First Investors Growth & Income Fund were reorganized into Class R6 shares of Delaware Growth and Income Fund. See Notes to Financial Statements. The Class R6 shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Growth & Income Fund Institutional Class shares.
3	The average shares outstanding have been applied for per share information.
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.
5	Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
6	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
7	The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2020 due to a change in the Fund’s portfolio managers and associated repositioning.

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

143

Financial highlights
Delaware Growth Equity Fund Class A

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

	Six months
	ended
	3/31/211			Year ended
	(Unaudited)			9/30/202			9/30/19			9/30/18			9/30/17			9/30/16
Net asset value, beginning of period	$	13.67		$	12.09		$	13.61		$	12.04		$	11.24		$	11.64
Income (loss) from investment operations:
Net investment income (loss)3		(0.02	)		(0.03	)		0.02			(0.01	)		—			0.02
Net realized and unrealized gain (loss)		3.02			2.93			(0.92	)		2.66			2.38			0.73
Total from investment operations		3.00			2.90			(0.90	)		2.65			2.38			0.75
Less dividends and distributions from:
Net investment income		—			(0.02	)		—			(0.01	)		(0.03	)		(0.02	)
Net realized gain		(1.37	)		(1.30	)		(0.62	)		(1.07	)		(1.55	)		(1.13	)
Total dividends and distributions		(1.37	)		(1.32	)		(0.62	)		(1.08	)		(1.58	)		(1.15	)
Net asset value, end of period	$	15.30		$	13.67		$	12.09		$	13.61		$	12.04		$	11.24
Total return4		22.95%			25.53%			(6.01%	)5		23.22%			24.16%			6.50%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	507,084		$	472,795		$	507,351		$	570,309		$	444,933		$	373,279
Ratio of expenses to average net assets6		1.09%			1.14%			1.19%			1.22%			1.25%			1.27%
Ratio of expenses to average net assets prior to
fees waived6		1.09%			1.14%			1.20%			1.22%			1.25%			1.27%
Ratio of net investment income (loss) to average
net assets		(0.26%)			(0.22%)			0.16%			(0.06%)			0.00%			0.22%
Ratio of net investment income (loss) to average
net assets prior to fees waived		(0.26%)			(0.22%)			0.15%			(0.06%)			0.00%			0.22%
Portfolio turnover		15%			37%			51%			37%			58%			59%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	On October 4, 2019, Class A shares of First Investors Select Growth Fund were reorganized into Class A shares of Delaware Growth Equity Fund. See Notes to Financial Statements. The Class A shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Select Growth Fund Class A shares.
3	The average shares outstanding have been applied for per share information.
4	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
5	Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
6	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

144

Delaware Growth Equity Fund Institutional Class

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

	Six months
	ended
	3/31/211			Year ended
	(Unaudited)			9/30/202			9/30/19			9/30/18			9/30/17			9/30/16
Net asset value, beginning of period	$	14.03		$	12.38		$	13.89		$	12.23		$	11.37		$	11.73
Income (loss) from investment operations:
Net investment income3		—	4		0.01			0.06			0.04			0.05			0.07
Net realized and unrealized gain (loss)		3.10			3.00			(0.94	)		2.71			2.40			0.73
Total from investment operations		3.10			3.01			(0.88	)		2.75			2.45			0.80
Less dividends and distributions from:
Net investment income		—			(0.06	)		(0.01	)		(0.02	)		(0.04	)		(0.03	)
Net realized gain		(1.37	)		(1.30	)		(0.62	)		(1.07	)		(1.55	)		(1.13	)
Total dividends and distributions		(1.37	)		(1.36	)		(0.63	)		(1.09	)		(1.59	)		(1.16	)
Net asset value, end of period	$	15.76		$	14.03		$	12.38		$	13.89		$	12.23		$	11.37
Total return5		23.08%			25.88%	6		(5.74%	)6		23.74%			24.61%			6.93%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	128,063		$	121,478		$	143,304		$	194,554		$	81,203		$	66,588
Ratio of expenses to average net assets7		0.84%			0.86%			0.88%			0.83%			0.84%			0.86%
Ratio of expenses to average net assets prior to
fees waived7		0.84%			0.89%			0.89%			0.83%			0.84%			0.86%
Ratio of net investment income (loss) to average
net assets		(0.01%	)		0.06%			0.50%			0.34%			0.40%			0.62%
Ratio of net investment income (loss) to average
net assets prior to fees waived		(0.01%	)		0.03%			0.49%			0.34%			0.40%			0.62%
Portfolio turnover		15%			37%			51%			37%			58%			59%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	On October 4, 2019, Advisor Class shares of First Investors Select Growth Fund were reorganized into Institutional Class shares of Delaware Growth Equity Fund. See Notes to Financial Statements. The Institutional Class shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Select Growth Fund Advisor Class shares.
3	The average shares outstanding have been applied for per share information.
4	Amount is less than $0.005 per share.
5	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.
6	Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
7	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

145

Delaware Growth Equity Fund Class R6

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

	Six months
	ended
	3/31/211			Year ended
	(Unaudited)			9/30/202			9/30/19			9/30/18			9/30/17			9/30/16
Net asset value, beginning of period	$	14.13		$	12.46		$	13.97		$	12.29		$	11.42		$ 11.77
Income (loss) from investment operations:
Net investment income3		0.01			0.02			0.07			0.05			0.05		0.07
Net realized and unrealized gain (loss)		3.12			3.02			(0.95	)		2.72			2.41		0.74
Total from investment operations		3.13			3.04			(0.88	)		2.77			2.46		0.81
Less dividends and distributions from:
Net investment income		—			(0.07	)		(0.01	)		(0.02	)		(0.04	)	(0.03	)
Net realized gain		(1.37	)		(1.30	)		(0.62	)		(1.07	)		(1.55	)	(1.13	)
Total dividends and distributions		(1.37	)		(1.37	)		(0.63	)		(1.09	)		(1.59	)	(1.16	)
Net asset value, end of period	$	15.89		$	14.13		$	12.46		$	13.97		$	12.29		$ 11.42
Total return4		23.13%			25.97%	5		(5.66%	)5		23.81%			24.61%		7.00%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	1,250		$	3,561		$	4,044		$	7,836		$	4,950		$ 3,915
Ratio of expenses to average net assets6		0.77%			0.79%			0.79%			0.80%			0.82%		0.83%
Ratio of expenses to average net assets prior to
fees waived6		0.77%			0.83%			0.80%			0.80%			0.82%		0.83%
Ratio of net investment income to average net
assets		0.12%			0.12%			0.57%			0.35%			0.43%		0.66%
Ratio of net investment income to average net
assets prior to fees waived		0.12%			0.08%			0.56%			0.35%			0.43%		0.66%
Portfolio turnover		15%			37%			51%			37%			58%		59%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	On October 4, 2019, Institutional Class shares of First Investors Select Growth Fund were reorganized into Class R6 shares of Delaware Growth Equity Fund. See Notes to Financial Statements. The Class R6 shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Select Growth Fund Institutional Class shares.
3	The average shares outstanding have been applied for per share information.
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.
5	Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
6	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

146

Delaware Opportunity Fund Class A

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

	Six months
	ended
	3/31/211			Year ended
	(Unaudited)			9/30/202			9/30/19			9/30/18			9/30/17			9/30/16
Net asset value, beginning of period	$	23.26		$	37.79		$	42.06		$	41.86		$	37.29		$	37.79
Income (loss) from investment operations:
Net investment income3		0.48			0.16			0.12			0.39		0.11				0.20
Net realized and unrealized gain (loss)		9.20			(3.01	)		(0.60	)		2.31		6.03				2.52
Total from investment operations		9.68			(2.85	)		(0.48	)		2.70		6.14				2.72
Less dividends and distributions from:
Net investment income		(0.23	)		(0.24	)		(0.38	)		(0.12	)	(0.22		)		(0.04	)
Net realized gain		—			(11.44	)		(3.41	)		(2.38	)	(1.35		)		(3.18	)
Total dividends and distributions		(0.23	)		(11.68	)		(3.79	)		(2.50	)	(1.57		)		(3.22	)
Net asset value, end of period	$	32.71		$	23.26		$	37.79		$	42.06		$	41.86		$	37.29
Total return4		41.77%			(13.31%	)5		0.80%			6.49%		16.99%				7.39%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	719,661		$	599,543		$	915,339		$	1,010,312		$	1,002,618		$	880,274
Ratio of expenses to average net assets6		1.20%			1.21%			1.20%			1.20%		1.20%				1.22%
Ratio of expenses to average net assets prior to
fees waived6		1.20%			1.24%			1.20%			1.20%		1.20%				1.22%
Ratio of net investment income to average net
assets		3.39%			0.62%			0.32%			0.93%		0.27%				0.54%
Ratio of net investment income to average net
assets prior to fees waived		3.39%			0.59%			0.32%			0.93%		0.27%				0.54%
Portfolio turnover		9%			120%	7		47%			35%		32%				36%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	On October 4, 2019, Class A shares of First Investors Opportunity Fund were reorganized into Class A shares of Delaware Opportunity Fund. See Notes to Financial Statements. The Class A shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Opportunity Fund Class A shares.
3	The average shares outstanding have been applied for per share information.
4	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
5	Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
6	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
7	The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2020 due to a change in the Fund’s portfolio managers and associated repositioning.

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

147

Financial highlights
Delaware Opportunity Fund Institutional Class

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

	Six months
	ended
	3/31/211			Year ended
	(Unaudited)			9/30/202			9/30/19			9/30/18			9/30/17			9/30/16
Net asset value, beginning of period	$	24.37		$	38.75		$	42.91		$	42.56		$	37.79		$	38.18
Income (loss) from investment operations:
Net investment income3		0.54			0.24			0.23			0.61			0.24			0.30
Net realized and unrealized gain (loss)		9.63			(3.18	)		(0.58	)		2.27			6.12			2.56
Total from investment operations		10.17			(2.94	)		(0.35	)		2.88			6.36			2.86
Less dividends and distributions from:
Net investment income		(0.30	)		—			(0.40	)		(0.15	)		(0.24	)		(0.07	)
Net realized gain		—			(11.44	)		(3.41	)		(2.38	)		(1.35	)		(3.18	)
Total dividends and distributions		(0.30	)		(11.44	)		(3.81	)		(2.53	)		(1.59	)		(3.25	)
Net asset value, end of period	$	34.24		$	24.37		$	38.75		$	42.91		$	42.56		$	37.79
Total return4		41.94%	5		(13.04%	)5		1.14%			6.82%			17.37%			7.69%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	3,364		$	2,490		$	10,325		$	149,481		$	81,773		$	73,477
Ratio of expenses to average net assets6		0.90%			0.95%			0.92%			0.89%			0.88%			0.93%
Ratio of expenses to average net assets prior to
fees waived6		0.95%			1.04%			0.92%			0.89%			0.88%			0.93%
Ratio of net investment income to average net
assets		3.61%			0.83%			0.62%			1.42%			0.59%			0.83%
Ratio of net investment income to average net
assets prior to fees waived		3.56%			0.74%			0.62%			1.42%			0.59%			0.83%
Portfolio turnover		9%			120%	7		47%			35%			32%			36%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	On October 4, 2019, Advisor Class shares of First Investors Opportunity Fund were reorganized into Institutional Class shares of Delaware Opportunity Fund. See Notes to Financial Statements. The Institutional Class shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Opportunity Fund Advisor Class shares.
3	The average shares outstanding have been applied for per share information.
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.
5	Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
6	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
7	The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2020 due to a change in the Fund’s portfolio managers and associated repositioning.

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

148

Delaware Opportunity Fund Class R6

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

	Six months
	ended
	3/31/211			Year ended
	(Unaudited)			9/30/202			9/30/19			9/30/18			9/30/17			9/30/16
Net asset value, beginning of period	$	24.04		$	38.71		$	42.87		$	42.49		$	37.71		$	38.07
Income (loss) from investment operations:
Net investment income3		0.46			0.28			0.27			0.59			0.27			0.36
Net realized and unrealized gain (loss)		9.65			(3.11	)		(0.59	)		2.33			6.12			2.54
Total from investment operations		10.11			(2.83	)		(0.32	)		2.92			6.39			2.90
Less dividends and distributions from:
Net investment income		—			(0.40	)		(0.43	)		(0.16	)		(0.26	)		(0.08	)
Net realized gain		—			(11.44	)		(3.41	)		(2.38	)		(1.35	)		(3.18	)
Total dividends and distributions		—			(11.84	)		(3.84	)		(2.54	)		(1.61	)		(3.26	)
Net asset value, end of period	$	34.15		$	24.04		$	38.71		$	42.87		$	42.49		$	37.71
Total return4		42.05%	5		(12.93%	)5		1.23%			6.95%			17.49%			7.84%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	339		$	1,029		$	2,338		$	5,793		$	5,678		$	4,975
Ratio of expenses to average net assets6		0.78%			0.79%			0.78%			0.77%			0.78%			0.79%
Ratio of expenses to average net assets prior to
fees waived6		0.88%			0.95%			0.78%			0.77%			0.78%			0.79%
Ratio of net investment income to average net
assets		3.28%			1.00%			0.73%			1.38%			0.70%			0.98%
Ratio of net investment income to average net
assets prior to fees waived		3.18%			0.84%			0.73%			1.38%			0.70%			0.98%
Portfolio turnover		9%			120%	7		47%			35%			32%			36%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	On October 4, 2019, Institutional Class shares of First Investors Opportunity Fund were reorganized into Class R6 shares of Delaware Opportunity Fund. See Notes to Financial Statements. The Class R6 shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Opportunity Fund Institutional Class shares.
3	The average shares outstanding have been applied for per share information.
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.
5	Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
6	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
7	The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2020 due to a change in the Fund’s portfolio managers and associated repositioning.

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

149

Financial highlights
Delaware Special Situations Fund Class A

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

	Six months
	ended
	3/31/211			Year ended
	(Unaudited)			9/30/202			9/30/19			9/30/18			9/30/17			9/30/16
Net asset value, beginning of period	$	17.27		$	25.11		$	32.62		$	31.18		$	26.34		$	25.27
Income (loss) from investment operations:
Net investment income3		0.13			0.11			0.09			0.03			—	4		0.17
Net realized and unrealized gain (loss)		10.05			(4.43	)		(3.69	)		2.29			5.24			2.36
Total from investment operations		10.18			(4.32	)		(3.60	)		2.32			5.24			2.53
Less dividends and distributions from:
Net investment income		(0.18	)		(0.08	)		(0.08	)		(0.01	)		(0.16	)		(0.02	)
Net realized gain		—			(3.44	)		(3.83	)		(0.87	)		(0.24	)		(1.44	)
Total dividends and distributions		(0.18	)		(3.52	)		(3.91	)		(0.88	)		(0.40	)		(1.46	)
Net asset value, end of period	$	27.27		$	17.27		$	25.11		$	32.62		$	31.18		$	26.34
Total return5		59.13%			(20.91%	)6		(9.54%	)		7.50%			20.06%			10.35%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	370,678		$	276,604		$	476,826		$	580,730		$	549,780		$	472,720
Ratio of expenses to average net assets7		1.24%			1.28%			1.31%			1.29%			1.31%			1.34%
Ratio of expenses to average net assets prior to
fees waived7		1.24%			1.31%			1.31%			1.29%			1.31%			1.34%
Ratio of net investment income (loss) to average
net assets		1.16%			0.55%			0.36%			0.08%			(0.01%	)		0.68%
Ratio of net investment income (loss) to average
net assets prior to fees waived		1.16%			0.52%			0.36%			0.08%			(0.01%	)		0.68%
Portfolio turnover		7%			129%	8		51%			48%			27%			39%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	On October 4, 2019, Class A shares of First Investors Special Situations Fund were reorganized into Class A shares of Delaware Special Situations Fund. See Notes to Financial Statements. The Class A shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Special Situations Fund Class A shares.
3	The average shares outstanding have been applied for per share information.
4	Amount is less than $0.005 per share.
5	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.
6	Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
7	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
8	The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2020 due to a change in the Fund’s portfolio managers and associated repositioning.

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

150

Delaware Special Situations Fund Institutional Class

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

	Six months
	ended
	3/31/211			Year ended
	(Unaudited)			9/30/202			9/30/19			9/30/18			9/30/17			9/30/16
Net asset value, beginning of period	$	17.73		$	25.55		$	33.02		$	31.47		$	26.52		$	25.38
Income (loss) from investment operations:
Net investment income3		0.17			0.14			0.18			0.14			0.08			0.23
Net realized and unrealized gain (loss)		10.30			(4.52	)		(3.72	)		2.32			5.29			2.39
Total from investment operations		10.47			(4.38	)		(3.54	)		2.46			5.37			2.62
Less dividends and distributions from:
Net investment income		(0.19	)		—			(0.10	)		(0.04	)		(0.18	)		(0.04	)
Net realized gain		—			(3.44	)		(3.83	)		(0.87	)		(0.24	)		(1.44	)
Total dividends and distributions		(0.19	)		(3.44	)		(3.93	)		(0.91	)		(0.42	)		(1.48	)
Net asset value, end of period	$	28.01		$	17.73		$	25.55		$	33.02		$	31.47		$	26.52
Total return4		59.27%			(20.67%	)5		(9.19%	)		7.86%			20.45%			10.67%	5
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	2,692		$	1,603		$	12,228		$	140,657		$	120,912		$	59,159
Ratio of expenses to average net assets6		0.99%			1.08%			1.01%			0.95%			0.97%			1.03%
Ratio of expenses to average net assets prior to
fees waived6		0.99%			1.11%			1.01%			0.95%			0.97%			1.04%
Ratio of net investment income to average net
assets		1.41%			0.62%			0.69%			0.43%			0.34%			0.94%
Ratio of net investment income to average net
assets prior to fees waived		1.41%			0.59%			0.69%			0.43%			0.34%			0.93%
Portfolio turnover		7%			129%	7		51%			48%			27%			39%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	On October 4, 2019, Advisor Class shares of First Investors Special Situations Fund were reorganized into Institutional Class shares of Delaware Special Situations Fund. See Notes to Financial Statements. The Institutional Class shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Special Situations Fund Advisor Class shares.
3	The average shares outstanding have been applied for per share information.
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.
5	Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
6	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
7	The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2020 due to a change in the Fund’s portfolio managers and associated repositioning.

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

151

Financial highlights
Delaware Special Situations Fund Class R6

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

	Six months
	ended
	3/31/211			Year ended
	(Unaudited)			9/30/202			9/30/19			9/30/18			9/30/17			9/30/16
Net asset value, beginning of period	$	17.77		$	25.75		$	33.25		$	31.66		$	26.65		$	25.47
Income (loss) from investment operations:
Net investment income3		0.17			0.19			0.21			0.17			0.12			0.28
Net realized and unrealized gain (loss)		10.39			(4.54	)		(3.76	)		2.34			5.31			2.39
Total from investment operations		10.56			(4.35	)		(3.55	)		2.51			5.43			2.67
Less dividends and distributions from:
Net investment income		—			(0.19	)		(0.12	)		(0.05	)		(0.18	)		(0.05	)
Net realized gain		—			(3.44	)		(3.83	)		(0.87	)		(0.24	)		(1.44	)
Total dividends and distributions		—			(3.63	)		(3.95	)		(0.92	)		(0.42	)		(1.49	)
Net asset value, end of period	$	28.33		$	17.77		$	25.75		$	33.25		$	31.66		$	26.65
Total return4		59.43%	5		(20.57%	)5		(9.16%	)		7.98%			20.56%			10.84%	5
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	271		$	1,612		$	3,898		$	9,592		$	8,712		$	6,914
Ratio of expenses to average net assets6		0.87%			0.88%			0.88%			0.86%			0.87%			0.89%
Ratio of expenses to average net assets prior to
fees waived6		0.94%			1.03%			0.88%			0.86%			0.87%			0.90%
Ratio of net investment income to average net
assets		1.20%			0.92%			0.79%			0.52%			0.42%			1.11%
Ratio of net investment income to average net
assets prior to fees waived		1.13%			0.77%			0.79%			0.52%			0.42%			1.10%
Portfolio turnover		7%			129%	7		51%			48%			27%			39%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	On October 4, 2019, Institutional Class shares of First Investors Special Situations Fund were reorganized into Class R6 shares of Delaware Special Situations Fund. See Notes to Financial Statements. The Class R6 shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Special Situations Fund Institutional Class shares.
3	The average shares outstanding have been applied for per share information.
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.
5	Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
6	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
7	The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2020 due to a change in the Fund’s portfolio managers and associated repositioning.

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

152

Delaware Global Equity Fund Class A

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

	Six months
	ended
	3/31/211			Year ended
	(Unaudited)			9/30/202			9/30/19			9/30/18			9/30/17			9/30/16
Net asset value, beginning of period	$	6.67		$	7.50		$	8.81		$	8.60		$	7.30		$	7.26
Income (loss) from investment operations:
Net investment income (loss)3		0.02			0.06			0.04			(0.01	)		0.02			0.01
Net realized and unrealized gain (loss)		0.63			0.23			(0.35	)		0.89			1.29			0.43
Total from investment operations		0.65			0.29			(0.31	)		0.88			1.31			0.44
Less dividends and distributions from:
Net investment income		(0.07	)		(0.08	)		—			(0.04	)		(0.01	)		—	4
Net realized gain		(0.27	)		(1.04	)		(1.00	)		(0.63	)		—			(0.40	)
Total dividends and distributions		(0.34	)		(1.12	)		(1.00	)		(0.67	)		(0.01	)		(0.40	)
Net asset value, end of period	$	6.98		$	6.67		$	7.50		$	8.81		$	8.60		$	7.30
Total return5		9.75%			3.89%			(1.48%	)		10.69%			17.99%			6.03%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	256,481		$	271,088		$	344,592		$	393,697		$	379,176		$	339,956
Ratio of expenses to average net assets6		1.37%			1.41%			1.44%			1.43%			1.44%			1.47%
Ratio of expenses to average net assets prior to
fees waived6		1.37%			1.42%			1.46%			1.48%			1.49%			1.52%
Ratio of net investment income (loss) to average
net assets		0.51%			0.86%			0.55%			(0.16%	)		0.30%			0.09%
Ratio of net investment income (loss) to average
net assets prior to fees waived		0.51%			0.85%			0.53%			(0.21%	)		0.25%			0.04%
Portfolio turnover		22%			128%			119%			132%			117%			94%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	On October 4, 2019, Class A shares of First Investors Global Fund were reorganized into Class A shares of Delaware Global Equity Fund. See Notes to Financial Statements. The Class A shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Global Fund Class A shares.
3	The average shares outstanding have been applied for per share information.
4	Amount is less than $0.005 per share.
5	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.
6	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

153

Financial highlights
Delaware Global Equity Fund Institutional Class

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

	Six months
	ended
	3/31/211			Year ended
	(Unaudited)			9/30/202			9/30/19			9/30/18			9/30/17			9/30/16
Net asset value, beginning of period	$	6.97		$	7.74		$	9.03		$	8.78		$	7.43		$	7.36
Income (loss) from investment operations:
Net investment income3		0.03			0.07			0.07			0.02			0.06			0.04
Net realized and unrealized gain (loss)		0.66			0.25			(0.36	)		0.91			1.31			0.44
Total from investment operations		0.69			0.32			(0.29	)		0.93			1.37			0.48
Less dividends and distributions from:
Net investment income		(0.08	)		(0.05	)		—			(0.05	)		(0.02	)		(0.01	)
Net realized gain		(0.27	)		(1.04	)		(1.00	)		(0.63	)		—			(0.40	)
Total dividends and distributions		(0.35	)		(1.09	)		(1.00	)		(0.68	)		(0.02	)		(0.41	)
Net asset value, end of period	$	7.31		$	6.97		$	7.74		$	9.03		$	8.78		$	7.43
Total return4		9.98%			4.24%			(1.20%	)		11.03%			18.46%			6.48%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	16,868		$	17,475		$	75,077		$	228,234		$	191,839		$	169,088
Ratio of expenses to average net assets5		1.07%			1.09%			1.09%			1.05%			1.04%			1.05%
Ratio of expenses to average net assets prior to
fees waived5		1.12%			1.18%			1.11%			1.10%			1.09%			1.10%
Ratio of net investment income to average net
assets		0.82%			0.93%			0.95%			0.25%			0.70%			0.53%
Ratio of net investment income to average net
assets prior to fees waived		0.77%			0.84%			0.93%			0.20%			0.65%			0.48%
Portfolio turnover		22%			128%			119%			132%			117%			94%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	On October 4, 2019, Advisor Class shares of First Investors Global Fund were reorganized into Institutional Class shares of Delaware Global Equity Fund. See Notes to Financial Statements. The Institutional Class shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Global Fund Advisor Class shares.
3	The average shares outstanding have been applied for per share information.
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 all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
5	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

154

Delaware Global Equity Fund Class R6

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

	Six months
	ended
	3/31/211			Year ended
	(Unaudited)			9/30/202			9/30/19			9/30/18			9/30/17			9/30/16
Net asset value, beginning of period	$	6.98		$	7.80		$	9.08		$	8.82		$	7.47		$	7.39
Income (loss) from investment operations:
Net investment income3		—	4		0.08			0.07			0.03			0.06			0.04
Net realized and unrealized gain (loss)		0.70			0.25			(0.35	)		0.91			1.31			0.45
Total from investment operations		0.70			0.33			(0.28	)		0.94			1.37			0.49
Less dividends and distributions from:
Net investment income		—			(0.11	)		—			(0.05	)		(0.02	)		(0.01	)
Net realized gain		(0.27	)		(1.04	)		(1.00	)		(0.63	)		—			(0.40	)
Total dividends and distributions		(0.27	)		(1.15	)		(1.00	)		(0.68	)		(0.02	)		(0.41	)
Net asset value, end of period	$	7.41		$	6.98		$	7.80		$	9.08		$	8.82		$	7.47
Total return5		10.08%			4.32%			(1.08%	)		11.12%			18.38%			6.61%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	32		$	1,317		$	1,946		$	4,419		$	3,800		$	3,288
Ratio of expenses to average net assets6		1.02%			1.03%			1.02%			1.00%			1.00%			1.01%
Ratio of expenses to average net assets prior to
fees waived6		1.06%			1.13%			1.04%			1.05%			1.05%			1.06%
Ratio of net investment income to average net
assets		0.04%			1.21%			0.95%			0.29%			0.74%			0.55%
Ratio of net investment income to average net
assets prior to fees waived		—	7		1.11%			0.93%			0.24%			0.69%			0.50%
Portfolio turnover		22%			128%			119%			132%			117%			94%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	On October 4, 2019, Institutional Class shares of First Investors Global Fund were reorganized into Class R6 shares of Delaware Global Equity Fund. See Notes to Financial Statements. The Class R6 shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Global Fund Institutional Class shares.
3	The average shares outstanding have been applied for per share information.
4	Amount is less than $0.005 per share.
5	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.
6	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
7	Ratio is less than 0.005%.

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

155

Financial highlights
Delaware International Fund Class A

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

	Six months
	ended
	3/31/211			Year ended
	(Unaudited)			9/30/202			9/30/19			9/30/18			9/30/17			9/30/16
Net asset value, beginning of period	$	12.52		$	15.87		$	15.95		$	15.68		$	13.71		$	12.65
Income from investment operations:
Net investment income3		0.01			0.09			0.03			0.01			0.02			0.06
Net realized and unrealized gain		1.34			0.07			0.88			0.28			2.02			1.05
Total from investment operations		1.35			0.16			0.91			0.29			2.04			1.11
Less dividends and distributions from:
Net investment income		—			(0.01	)		(0.03	)		(0.02	)		(0.07	)		(0.05	)
Net realized gain		(0.52	)		(3.50	)		(0.96	)		—			—			—
Total dividends and distributions		(0.52	)		(3.51	)		(0.99	)		(0.02	)		(0.07	)		(0.05	)
Net asset value, end of period	$	13.35		$	12.52		$	15.87		$	15.95		$	15.68		$	13.71
Total return4		10.82%			0.35%			7.01%			1.83%			15.00%			8.80%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	166,395		$	176,947		$	248,302		$	259,683		$	238,770		$	209,205
Ratio of expenses to average net assets5		1.38%			1.43%			1.55%			1.56%			1.58%			1.61%
Ratio of expenses to average net assets prior to
fees waived5		1.38%			1.43%			1.55%			1.56%			1.58%			1.61%
Ratio of net investment income to average net
assets		0.18%			0.70%			0.19%			0.09%			0.17%			0.45%
Ratio of net investment income to average net
assets prior to fees waived		0.18%			0.70%			0.19%			0.09%			0.17%			0.45%
Portfolio turnover		21%			127%	6		76%			36%			38%			28%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	On October 4, 2019, Class A shares of First Investors International Fund were reorganized into Class A shares of Delaware International Fund. See Notes to Financial Statements. The Class A shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors International Fund Class A shares.
3	The average shares outstanding have been applied for per share information.
4	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
5	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
6	The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2020 due to a change in the Fund’s portfolio managers and associated repositioning.

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

156

Delaware International Fund Institutional Class

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

	Six months
	ended
	3/31/211			Year ended
	(Unaudited)			9/30/202			9/30/19			9/30/18			9/30/17			9/30/16
Net asset value, beginning of period	$	12.85		$	16.23		$	16.24		$	15.92		$	13.87		$	12.76
Income from investment operations:
Net investment income3		0.03			0.11			0.09			0.08			0.08			0.11
Net realized and unrealized gain		1.37			0.08			0.90			0.27			2.05			1.06
Total from investment operations		1.40			0.19			0.99			0.35			2.13			1.17
Less dividends and distributions from:
Net investment income		—			(0.07	)		(0.04	)		(0.03	)		(0.08	)		(0.06	)
Net realized gain		(0.52	)		(3.50	)		(0.96	)		—			—			—
Total dividends and distributions		(0.52	)		(3.57	)		(1.00	)		(0.03	)		(0.08	)		(0.06	)
Net asset value, end of period	$	13.73		$	12.85		$	16.23		$	16.24		$	15.92		$	13.87
Total return4		11.02%			0.59%			7.43%			2.21%			15.50%			9.22%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	124,295		$	112,790		$	200,720		$	136,628		$	111,334		$	81,525
Ratio of expenses to average net assets5		1.13%			1.18%			1.17%			1.18%			1.18%			1.24%
Ratio of expenses to average net assets prior to
fees waived5		1.13%			1.18%			1.17%			1.18%			1.18%			1.24%
Ratio of net investment income to average net
assets		0.48%			0.86%			0.61%			0.48%			0.59%			0.85%
Ratio of net investment income to average net
assets prior to fees waived		0.48%			0.86%			0.61%			0.48%			0.59%			0.85%
Portfolio turnover		21%			127%	6		76%			36%			38%			28%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	On October 4, 2019, Advisor Class shares of First Investors International Fund were reorganized into Institutional Class shares of Delaware International Fund. See Notes to Financial Statements. The Institutional Class shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors International Fund Advisor Class shares.
3	The average shares outstanding have been applied for per share information.
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.
5	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
6	The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2020 due to a change in the Fund’s portfolio managers and associated repositioning.

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

157

Financial highlights
Delaware International Fund Class R6

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

	Six months
	ended
	3/31/211			Year ended
	(Unaudited)			9/30/202			9/30/19			9/30/18			9/30/17			9/30/16
Net asset value, beginning of period	$	12.92		$	16.29		$	16.30		$	15.96		$	13.91		$	12.78
Income from investment operations:
Net investment income3		—	4		0.11			0.07			0.09			0.09			0.13
Net realized and unrealized gain		1.42			0.10			0.93			0.29			2.05			1.07
Total from investment operations		1.42			0.21			1.00			0.38			2.14			1.20
Less dividends and distributions from:
Net investment income		—			(0.08	)		(0.05	)		(0.04	)		(0.09	)		(0.07	)
Net realized gain		(0.52	)		(3.50	)		(0.96	)		—			—			—
Total dividends and distributions		(0.52	)		(3.58	)		(1.01	)		(0.04	)		(0.09	)		(0.07	)
Net asset value, end of period	$	13.82		$	12.92		$	16.29		$	16.30		$	15.96		$	13.91
Total return5		11.03%			0.69%	6		7.46%			2.36%			15.54%			9.39%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	151		$	623		$	1,352		$	3,509		$	3,274		$	2,695
Ratio of expenses to average net assets7		1.05%			1.10%			1.09%			1.09%			1.09%			1.12%
Ratio of expenses to average net assets prior to
fees waived7		1.05%			1.11%			1.09%			1.09%			1.09%			1.12%
Ratio of net investment income (loss) to average
net assets		(0.05%	)		0.85%			0.44%			0.56%			0.65%			0.95%
Ratio of net investment income (loss) to average
net assets prior to fees waived		(0.05%	)		0.84%			0.44%			0.56%			0.65%			0.95%
Portfolio turnover		21%			127%	8		76%			36%			38%			28%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	On October 4, 2019, Institutional Class shares of First Investors International Fund were reorganized into Class R6 shares of Delaware International Fund. See Notes to Financial Statements. The Class R6 shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors International Fund Institutional Class shares.
3	The average shares outstanding have been applied for per share information.
4	Amount is less than $0.005 per share.
5	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.
6	Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
7	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
8	The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2020 due to a change in the Fund’s portfolio managers and associated repositioning.

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

158

Delaware Floating Rate II Fund Class A

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

	Six months
	ended
	3/31/211			Year ended
	(Unaudited)			9/30/202			9/30/19			9/30/18			9/30/17			9/30/16
Net asset value, beginning of period	$	9.28		$	9.58		$	9.71		$	9.67		$	9.66		$	9.58
Income (loss) from investment operations:
Net investment income3		0.20			0.40			0.39			0.32			0.27			0.27
Net realized and unrealized gain (loss)		0.35			(0.32	)		(0.13	)		0.04			0.05			0.09
Total from investment operations		0.55			0.08			0.26			0.36			0.32			0.36
Less dividends and distributions from:
Net investment income		(0.41	)		(0.38	)		(0.39	)		(0.32	)		(0.31	)		(0.28	)
Total dividends and distributions		(0.41	)		(0.38	)		(0.39	)		(0.32	)		(0.31	)		(0.28	)
Net asset value, end of period	$	9.42		$	9.28		$	9.58		$	9.71		$	9.67		$	9.66
Total return4		4.03%	5		1.00%	5		2.71%			3.83%	5		3.47%	5		3.69%	5
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	31,104		$	37,672		$	64,136		$	68,567		$	66,769		$	61,243
Ratio of expenses to average net assets6		1.05%			1.05%			1.10%			1.10%			1.10%			1.10%
Ratio of expenses to average net assets prior to
fees waived6		1.23%			1.24%			1.10%			1.21%			1.24%			1.27%
Ratio of net investment income to average net
assets		4.28%			4.28%			4.12%			3.25%			2.90%			2.86%
Ratio of net investment income to average net
assets prior to fees waived		4.10%			4.09%			4.12%			3.14%			2.76%			2.69%
Portfolio turnover		54%			176%	7		88%			60%			89%			38%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	On October 4, 2019, Class A shares of First Investors Floating Rate Fund were reorganized into Class A shares of Delaware Floating Rate II Fund. See Notes to Financial Statements. The Class A shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Floating Rate Fund Class A shares.
3	The average shares outstanding have been applied for per share information.
4	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
5	Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
6	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
7	The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2020 due to a change in the Fund’s portfolio managers and associated repositioning.

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

159

Financial highlights
Delaware Floating Rate II Fund Institutional Class

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

	Six months
	ended
	3/31/211			Year ended
	(Unaudited)			9/30/202			9/30/19			9/30/18			9/30/17			9/30/16
Net asset value, beginning of period	$	9.27		$	9.57		$	9.72		$	9.68		$	9.65		$	9.58
Income (loss) from investment operations:
Net investment income3		0.21			0.41			0.39			0.34			0.26			0.29
Net realized and unrealized gain (loss)		0.35			(0.31	)		(0.13	)		0.04			0.09			0.08
Total from investment operations		0.56			0.10			0.26			0.38			0.35			0.37
Less dividends and distributions from:
Net investment income		(0.43	)		(0.40	)		(0.41	)		(0.34	)		(0.32	)		(0.30	)
Total dividends and distributions		(0.43	)		(0.40	)		(0.41	)		(0.34	)		(0.32	)		(0.30	)
Net asset value, end of period	$	9.40		$	9.27		$	9.57		$	9.72		$	9.68		$	9.65
Total return4		4.11%			1.17%			2.72%			4.03%			3.70%			3.92%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	17,989		$	21,481		$	40,542		$	144,799		$	98,958		$	61,844
Ratio of expenses to average net assets5		0.86%			0.91%			0.90%			0.90%			0.90%			0.90%
Ratio of expenses to average net assets prior to
fees waived5		0.98%			1.01%			0.84%			0.86%			0.92%			0.98%
Ratio of net investment income to average net
assets		4.47%			4.44%			4.09%			3.46%			3.07%			3.06%
Ratio of net investment income to average net
assets prior to fees waived		4.35%			4.34%			4.15%			3.50%			3.05%			2.98%
Portfolio turnover		54%			176%	6		88%			60%			89%			38%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	On October 4, 2019, Advisor Class shares of First Investors Floating Rate Fund were reorganized into Institutional Class shares of Delaware Floating Rate II Fund. See Notes to Financial Statements. The Institutional Class shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Floating Rate Fund Advisor Class shares.
3	The average shares outstanding have been applied for per share information.
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 all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
5	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
6	The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2020 due to a change in the Fund’s portfolio managers and associated repositioning.

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

160

Delaware Floating Rate II Fund Class R6

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

	Six months
	ended
	3/31/211			Year ended
	(Unaudited)			9/30/202			9/30/19			9/30/18			9/30/17			9/30/16
Net asset value, beginning of period	$	9.29		$	9.59		$	9.71		$	9.67		$	9.64		$	9.57
Income (loss) from investment operations:
Net investment income3		0.22			0.44			0.41			0.36			0.26			0.31
Net realized and unrealized gain (loss)		0.36			(0.33	)		(0.11	)		0.04			0.11			0.08
Total from investment operations		0.58			0.11			0.30			0.40			0.37			0.39
Less dividends and distributions from:
Net investment income		(0.44	)		(0.41	)		(0.42	)		(0.36	)		(0.34	)		(0.32	)
Total dividends and distributions		(0.44	)		(0.41	)		(0.42	)		(0.36	)		(0.34	)		(0.32	)
Net asset value, end of period	$	9.43		$	9.29		$	9.59		$	9.71		$	9.67		$	9.64
Total return4		4.29%			1.33%			3.21%			4.20%			3.87%			4.14%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	24		$	35		$	497		$	32,019		$	21,277		$	11,456
Ratio of expenses to average net assets5		0.74%			0.77%			0.75%			0.70%			0.70%			0.70%
Ratio of expenses to average net assets prior to
fees waived5		0.91%			0.97%			0.78%			0.75%			0.80%			0.83%
Ratio of net investment income to average net
assets		4.62%			4.61%			4.31%			3.68%			3.23%			3.27%
Ratio of net investment income to average net
assets prior to fees waived		4.45%			4.41%			4.28%			3.63%			3.13%			3.14%
Portfolio turnover		54%			176%	6		88%			60%			89%			38%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	On October 4, 2019, Institutional Class shares of First Investors Floating Rate Fund were reorganized into Class R6 shares of Delaware Floating Rate II Fund. See Notes to Financial Statements. The Class R6 shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Floating Rate Fund Institutional Class shares.
3	The average shares outstanding have been applied for per share information.
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 all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
5	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
6	The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2020 due to a change in the Fund’s portfolio managers and associated repositioning.

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

161

Financial highlights
Delaware Fund for Income Class A

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

	Six months
	ended
	3/31/211			Year ended
	(Unaudited)			9/30/202			9/30/19			9/30/18			9/30/17			9/30/16
Net asset value, beginning of period	$	2.40		$	2.45		$	2.44		$	2.52		$	2.48		$	2.39
Income (loss) from investment operations:
Net investment income3		0.05			0.11			0.12			0.11			0.11			0.11
Net realized and unrealized gain (loss)		0.16			(0.04	)		0.02			(0.06	)		0.05			0.10
Total from investment operations		0.21			0.07			0.14			0.05			0.16			0.21
Less dividends and distributions from:
Net investment income		(0.12	)		(0.12	)		(0.13	)		(0.13	)		(0.12	)		(0.12	)
Total dividends and distributions		(0.12	)		(0.12	)		(0.13	)		(0.13	)		(0.12	)		(0.12	)
Net asset value, end of period	$	2.49		$	2.40		$	2.45		$	2.44		$	2.52		$	2.48
Total return4		6.30%			2.95%			5.80%	5		1.88%	5		6.79%	5		9.07%	5
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	347,445		$	369,996		$	477,952		$	523,932		$	572,631		$	571,028
Ratio of expenses to average net assets6		1.10%			1.16%			1.20%			1.22%			1.21%			1.22%
Ratio of expenses to average net assets prior to
fees waived6		1.10%			1.16%			1.22%			1.24%			1.23%			1.24%
Ratio of net investment income to average net
assets		4.23%			4.68%			4.72%			4.46%			4.57%			4.76%
Ratio of net investment income to average net
assets prior to fees waived		4.23%			4.68%			4.70%			4.44%			4.55%			4.74%
Portfolio turnover		61%			162%	7		71%			67%			65%			55%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	On October 4, 2019, Class A shares of First Investors Fund For Income were reorganized into Class A shares of Delaware Fund for Income. See Notes to Financial Statements. The Class A shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Fund For Income Class A shares.
3	The average shares outstanding have been applied for per share information.
4	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
5	Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
6	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
7	The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2020 due to a change in the Fund’s portfolio managers and associated repositioning.

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

162

Delaware Fund for Income Institutional Class

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

	Six months
	ended
	3/31/211			Year ended
	(Unaudited)			9/30/202			9/30/19			9/30/18			9/30/17			9/30/16
Net asset value, beginning of period	$	2.38		$	2.43		$	2.44		$	2.52		$	2.48		$	2.39
Income (loss) from investment operations:
Net investment income3		0.05			0.12			0.12			0.12			0.12			0.12
Net realized and unrealized gain (loss)		0.17			(0.05	)		—			(0.07	)		0.05			0.10
Total from investment operations		0.22			0.07			0.12			0.05			0.17			0.22
Less dividends and distributions from:
Net investment income		(0.12	)		(0.12	)		(0.13	)		(0.13	)		(0.13	)		(0.13	)
Total dividends and distributions		(0.12	)		(0.12	)		(0.13	)		(0.13	)		(0.13	)		(0.13	)
Net asset value, end of period	$	2.48		$	2.38		$	2.43		$	2.44		$	2.52		$	2.48
Total return4		6.89%			3.20%			5.13%	5		2.17%	5		7.05%	5		9.34%	5
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	50,070		$	51,960		$	28,107		$	79,880		$	73,403		$	68,198
Ratio of expenses to average net assets6		0.85%			0.89%			1.01%			0.93%			0.94%			0.93%
Ratio of expenses to average net assets prior to
fees waived6		0.85%			0.89%			1.03%			0.95%			0.96%			0.96%
Ratio of net investment income to average net
assets		4.47%			4.89%			4.98%			4.76%			4.84%			5.02%
Ratio of net investment income to average net
assets prior to fees waived		4.47%			4.89%			4.96%			4.74%			4.82%			5.00%
Portfolio turnover		61%			162%	7		71%			67%			65%			55%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	On October 4, 2019, Advisor Class shares of First Investors Fund For Income were reorganized into Institutional Class shares of Delaware Fund for Income. See Notes to Financial Statements. The Institutional Class shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Fund For Income Advisor Class shares.
3	The average shares outstanding have been applied for per share information.
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.
5	Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
6	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
7	The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2020 due to a change in the Fund’s portfolio managers and associated repositioning.

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

163

Financial highlights
Delaware Fund for Income Class R6

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

	Six months
	ended
	3/31/211			Year ended
	(Unaudited)			9/30/202			9/30/19			9/30/18			9/30/17			9/30/16
Net asset value, beginning of period	$	2.41		$	2.46		$	2.45		$	2.54		$	2.49		$	2.40
Income (loss) from investment operations:
Net investment income3		0.06			0.12			0.13			0.12			0.13			0.12
Net realized and unrealized gain (loss)		0.17			(0.04	)		0.02			(0.07	)		0.05			0.10
Total from investment operations		0.23			0.08			0.15			0.05			0.18			0.22
Less dividends and distributions from:
Net investment income		(0.13	)		(0.13	)		(0.14	)		(0.14	)		(0.13	)		(0.13	)
Total dividends and distributions		(0.13	)		(0.13	)		(0.14	)		(0.14	)		(0.13	)		(0.13	)
Net asset value, end of period	$	2.51		$	2.41		$	2.46		$	2.45		$	2.54		$	2.49
Total return4		6.88%			3.34%			6.23%			1.91%			7.59%			9.58%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	60		$	1,066		$	36,692		$	33,545		$	78,784		$	62,340
Ratio of expenses to average net assets5		0.80%			0.89%			0.80%			0.79%			0.78%			0.79%
Ratio of expenses to average net assets prior to
fees waived5		0.81%			0.95%			0.82%			0.81%			0.80%			0.81%
Ratio of net investment income to average net
assets		4.82%			5.00%			5.12%			4.88%			4.99%			5.19%
Ratio of net investment income to average net
assets prior to fees waived		4.81%			4.94%			5.10%			4.86%			4.97%			5.17%
Portfolio turnover		61%			162%	6		71%			67%			65%			55%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	On October 4, 2019, Institutional Class shares of First Investors Fund For Income were reorganized into Class R6 shares of Delaware Fund for Income. See Notes to Financial Statements. The Class R6 shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Fund For Income Institutional Class shares.
3	The average shares outstanding have been applied for per share information.
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 all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
5	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
6	The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2020 due to a change in the Fund’s portfolio managers and associated repositioning.

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

164

Delaware International Opportunities Bond Fund Class A

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

	Six months
	ended
	3/31/211			Year ended
	(Unaudited)			9/30/202			9/30/19			9/30/18			9/30/17			9/30/16
Net asset value, beginning of period	$	8.61		$	8.57		$	8.78		$	9.49		$	9.21		$	8.63
Income (loss) from investment operations:
Net investment income (loss)3		(0.03	)		(0.03	)		0.25			0.23			0.22			0.20
Net realized and unrealized gain (loss)		(0.02	)		0.32			(0.30	)		(0.64	)		0.21			0.51
Total from investment operations		(0.05	)		0.29			(0.05	)		(0.41	)		0.43			0.71
Less dividends and distributions from:
Net investment income		(0.24	)		(0.25	)		(0.16	)		(0.30	)		(0.15	)		(0.13	)
Total dividends and distributions		(0.24	)		(0.25	)		(0.16	)		(0.30	)		(0.15	)		(0.13	)
Net asset value, end of period	$	8.32		$	8.61		$	8.57		$	8.78		$	9.49		$	9.21
Total return4		(3.18%	)5		3.39%	5		(0.56%	)5		(4.50%	)		4.70%			8.30%	5
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	19,397		$	27,033		$	42,814		$	54,060		$	59,782		$	65,456
Ratio of expenses to average net assets6		1.31%			1.38%			1.36%			1.40%			1.41%			1.38%
Ratio of expenses to average net assets prior to
fees waived6		1.90%			1.62%			1.41%			1.40%			1.41%			1.41%
Ratio of net investment income (loss) to average
net assets		(0.65%	)		(0.40%	)		2.92%			2.49%			2.35%			2.29%
Ratio of net investment income (loss) to average
net assets prior to fees waived		(1.24%	)		(0.64%	)		2.87%			2.49%			2.35%			2.26%
Portfolio turnover		7%			281%	7		85%			41%			76%			72%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	On October 4, 2019, Class A shares of First Investors International Opportunities Bond Fund were reorganized into Class A shares of Delaware International Opportunities Bond Fund. See Notes to Financial Statements. The Class A shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors International Opportunities Bond Fund Class A shares.
3	The average shares outstanding have been applied for per share information.
4	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
5	Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
6	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
7	The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2020 due to a change in the Fund’s portfolio managers and associated repositioning.

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

165

Financial highlights
Delaware International Opportunities Bond Fund Institutional Class

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

	Six months
	ended
	3/31/211			Year ended
	(Unaudited)			9/30/202			9/30/19			9/30/18			9/30/17			9/30/16
Net asset value, beginning of period	$	8.72		$	8.68		$	8.87		$	9.56		$	9.25		$	8.64
Income (loss) from investment operations:
Net investment income (loss)3		(0.02	)		—4			0.28			0.27			0.24			0.23
Net realized and unrealized gain (loss)		—			0.31			(0.31	)		(0.66	)		0.23			0.51
Total from investment operations		(0.02	)		0.31			(0.03	)		(0.39	)		0.47			0.74
Less dividends and distributions from:
Net investment income		(0.26	)		(0.27	)		(0.16	)		(0.30	)		(0.16	)		(0.13	)
Total dividends and distributions		(0.26	)		(0.27	)		(0.16	)		(0.30	)		(0.16	)		(0.13	)
Net asset value, end of period	$	8.44		$	8.72		$	8.68		$	8.87		$	9.56		$	9.25
Total return5		(3.01%	)6		3.65%	6		(0.30%	)6		(4.17%	)		5.07%			8.70%	6
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	507		$	8,198		$	50,335		$	87,491		$	68,162		$	50,749
Ratio of expenses to average net assets7		1.07%			1.09%			1.08%			1.08%			1.11%			1.08%
Ratio of expenses to average net assets prior to
fees waived7		1.50%			1.36%			1.13%			1.08%			1.11%			1.08%
Ratio of net investment income (loss) to average
net assets		(0.52%	)		0.04%			3.26%			2.82%			2.66%			2.60%
Ratio of net investment income (loss) to average
net assets prior to fees waived		(0.95%	)		(0.23%	)		3.21%			2.82%			2.66%			2.60%
Portfolio turnover		7%			281%	8		85%			41%			76%			72%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	On October 4, 2019, Advisor Class shares of First Investors International Opportunities Bond Fund were reorganized into Institutional Class shares of Delaware International Opportunities Bond Fund. See Notes to Financial Statements. The Institutional Class shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors International Opportunities Bond Fund Advisor Class shares.
3	The average shares outstanding have been applied for per share information.
4	Amount is less than $0.005 per share.
5	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.
6	Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
7	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
8	The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2020 due to a change in the Fund’s portfolio managers and associated repositioning.

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

166

Delaware International Opportunities Bond Fund Class R6

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

	Six months
	ended
	3/31/211			Year ended
	(Unaudited)			9/30/202			9/30/19			9/30/18			9/30/17			9/30/16
Net asset value, beginning of period	$	8.82		$	8.77		$	8.92		$	9.59		$	9.29		$	8.67
Income (loss) from investment operations:
Net investment income (loss)3		(0.01	)		0.37			0.30			0.28			0.22			0.24
Net realized and unrealized gain (loss)		(0.01	)		(0.03	)		(0.33	)		(0.65	)		0.27			0.52
Total from investment operations		(0.02	)		0.34			(0.03	)		(0.37	)		0.49			0.76
Less dividends and distributions from:
Net investment income		(0.27	)		(0.29	)		(0.12	)		(0.30	)		(0.19	)		(0.14	)
Total dividends and distributions		(0.27	)		(0.29	)		(0.12	)		(0.30	)		(0.19	)		(0.14	)
Net asset value, end of period	$	8.53		$	8.82		$	8.77		$	8.92		$	9.59		$	9.29
Total return4		(3.12%	)5		3.91%	5		(0.25%	)5		(4.03%	)		5.27%			8.85%	5
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	4		$	49		$	14,000		$	9,868		$	8,669		$	8,289
Ratio of expenses to average net assets6		0.94%			1.00%			0.91%			0.93%			0.95%			0.93%
Ratio of expenses to average net assets prior to
fees waived6		1.55%			1.16%			0.96%			0.93%			0.95%			0.93%
Ratio of net investment income (loss) to average
net assets		(0.29%	)		4.21%			3.37%			2.98%			2.80%			2.75%
Ratio of net investment income (loss) to average
net assets prior to fees waived		(0.90%	)		4.05%			3.32%			2.98%			2.80%			2.75%
Portfolio turnover		7%			281%	7		85%			41%			76%			72%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	On October 4, 2019, Institutional Class shares of First Investors International Opportunities Bond Fund were reorganized into Class R6 shares of Delaware International Opportunities Bond Fund. See Notes to Financial Statements. The Class R6 shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors International Opportunities Bond Fund Institutional Class shares.
3	The average shares outstanding have been applied for per share information.
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.
5	Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
6	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
7	The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2020 due to a change in the Fund’s portfolio managers and associated repositioning.

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

167

Financial highlights
Delaware Investment Grade Fund Class A

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

	Six months
	ended
	3/31/211			Year ended
	(Unaudited)			9/30/202			9/30/19			9/30/18			9/30/17			9/30/16
Net asset value, beginning of period	$	10.06		$	9.93		$	9.17		$	9.66		$	9.90		$	9.64
Income (loss) from investment operations:
Net investment income3		0.11			0.20			0.26			0.26			0.26			0.27
Net realized and unrealized gain (loss)		0.04			0.53			0.82			(0.42	)		(0.17	)		0.35
Total from investment operations		0.15			0.73			1.08			(0.16	)		0.09			0.62
Less dividends and distributions from:
Net investment income		(0.27	)		(0.27	)		(0.32	)		(0.33	)		(0.33	)		(0.36	)
Net realized gain		(0.30	)		(0.33	)		—			—			—			—
Total dividends and distributions		(0.57	)		(0.60	)		(0.32	)		(0.33	)		(0.33	)		(0.36	)
Net asset value, end of period	$	9.64		$	10.06		$	9.93		$	9.17		$	9.66		$	9.90
Total return4		—	5,6		7.74%			12.00%	5		(1.69%	)5		0.97%	5		6.55%	5
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	224,353		$	264,482		$	363,366		$	400,673		$	462,999		$	477,010
Ratio of expenses to average net assets7		0.96%			1.02%			1.07%			1.06%			1.04%			1.05%
Ratio of expenses to average net assets prior to
fees waived7		0.98%			1.02%			1.16%			1.17%			1.15%			1.15%
Ratio of net investment income to average net
assets		2.13%			2.06%			2.83%			2.80%			2.68%			2.78%
Ratio of net investment income to average net
assets prior to fees waived		2.11%			2.06%			2.74%			2.69%			2.57%			2.68%
Portfolio turnover		49%			241%	8		60%			58%			52%			37%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	On October 4, 2019, Class A shares of First Investors Investment Grade Fund were reorganized into Class A shares of Delaware Investment Grade Fund. See Notes to Financial Statements. The Class A shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Investment Grade Fund Class A shares.
3	The average shares outstanding have been applied for per share information.
4	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
5	Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
6	Total return is less than 0.005%.
7	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
8	The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2020 due to a change in the Fund’s portfolio managers and associated repositioning.

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

168

Delaware Investment Grade Fund Institutional Class

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

	Six months
	ended
	3/31/211			Year ended
	(Unaudited)			9/30/202			9/30/19			9/30/18			9/30/17			9/30/16
Net asset value, beginning of period	$	10.12		$	9.99		$	9.23		$	9.71		$	9.94		$	9.67
Income (loss) from investment operations:
Net investment income3		0.12			0.23			0.30			0.30			0.26			0.30
Net realized and unrealized gain (loss)		0.05			0.53			0.82			(0.42	)		(0.14	)		0.34
Total from investment operations		0.17			0.76			1.12			(0.12	)		0.12			0.64
Less dividends and distributions from:
Net investment income		(0.29	)		(0.30	)		(0.36	)		(0.36	)		(0.35	)		(0.37	)
Net realized gain		(0.30	)		(0.33	)		—			—			—			—
Total dividends and distributions		(0.59	)		(0.63	)		(0.36	)		(0.36	)		(0.35	)		(0.37	)
Net asset value, end of period	$	9.70		$	10.12		$	9.99		$	9.23		$	9.71		$	9.94
Total return4		0.13%			8.02%			12.37%			(1.25%	)		1.32%			6.78%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	1,568		$	1,764		$	11,518		$	180,286		$	136,316		$	83,659
Ratio of expenses to average net assets5		0.71%			0.81%			0.75%			0.72%			0.72%			0.74%
Ratio of expenses to average net assets prior to
fees waived5		0.73%			0.85%			0.84%			0.83%			0.82%			0.85%
Ratio of net investment income to average net
assets		2.38%			2.36%			3.22%			3.15%			2.99%			3.08%
Ratio of net investment income to average net
assets prior to fees waived		2.36%			2.32%			3.13%			3.04%			2.89%			2.97%
Portfolio turnover		49%			241%	6		60%			58%			52%			37%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	On October 4, 2019, Advisor Class shares of First Investors Investment Grade Fund were reorganized into Institutional Class shares of Delaware Investment Grade Fund. See Notes to Financial Statements. The Institutional Class shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Investment Grade Fund Advisor Class shares.
3	The average shares outstanding have been applied for per share information.
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 all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
5	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
6	The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2020 due to a change in the Fund’s portfolio managers and associated repositioning.

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

169

Financial highlights
Delaware Investment Grade Fund Class R6

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

	Six months
	ended
	3/31/211			Year ended
	(Unaudited)			9/30/202			9/30/19			9/30/18			9/30/17			9/30/16
Net asset value, beginning of period	$	10.09		$	9.96		$	9.20		$	9.68		$	9.92		$	9.66
Income (loss) from investment operations:
Net investment income3		0.13			0.24			0.30			0.31			0.31			0.31
Net realized and unrealized gain (loss)		0.06			0.52			0.82			(0.42	)		(0.18	)		0.35
Total from investment operations		0.19			0.76			1.12			(0.11	)		0.13			0.66
Less dividends and distributions from:
Net investment income		(0.30	)		(0.30	)		(0.36	)		(0.37	)		(0.37	)		(0.40	)
Net realized gain		(0.30	)		(0.33	)		—			—			—			—
Total dividends and distributions		(0.60	)		(0.63	)		(0.36	)		(0.37	)		(0.37	)		(0.40	)
Net asset value, end of period	$	9.68		$	10.09		$	9.96		$	9.20		$	9.68		$	9.92
Total return4		0.26%			8.10%			12.43	%		(1.18%	)		1.41%			6.97%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	56		$	763		$	23,083		$	23,974		$	26,127		$	31,395
Ratio of expenses to average net assets5		0.66%			0.75%			0.67%			0.64%			0.63%			0.63%
Ratio of expenses to average net assets prior to
fees waived5		0.69%			0.83%			0.76%			0.75%			0.74%			0.74%
Ratio of net investment income to average net
assets		2.51%			2.41%			3.19%			3.23%			3.10%			3.17%
Ratio of net investment income to average net
assets prior to fees waived		2.48%			2.33%			3.10%			3.12%			2.99%			3.06%
Portfolio turnover		49%			241%	6		60%			58%			52%			37%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	On October 4, 2019, Institutional Class shares of First Investors Investment Grade Fund were reorganized into Class R6 shares of Delaware Investment Grade Fund. See Notes to Financial Statements. The Class R6 shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Investment Grade Fund Institutional Class shares.
3	The average shares outstanding have been applied for per share information.
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 all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
5	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
6	The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2020 due to a change in the Fund’s portfolio managers and associated repositioning.

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

170

Delaware Limited Duration Bond Fund Class A

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

	Six months
	ended
	3/31/211			Year ended
	(Unaudited)			9/30/202			9/30/19			9/30/18			9/30/17			9/30/16
Net asset value, beginning of period	$	9.43		$	9.31		$	9.17		$	9.47		$	9.66		$	9.76
Income (loss) from investment operations:
Net investment income (loss)3		0.04			0.15			0.21			—			0.08			(0.03	)
Net realized and unrealized gain (loss)		0.09			0.17			0.19			(0.05	)		(0.06	)		0.15
Total from investment operations		0.13			0.32			0.40			(0.05	)		0.02			0.12
Less dividends and distributions from:
Net investment income		(0.19	)		(0.20	)		(0.26	)		(0.25	)		(0.21	)		(0.22	)
Total dividends and distributions		(0.19	)		(0.20	)		(0.26	)		(0.25	)		(0.21	)		(0.22	)
Net asset value, end of period	$	9.37		$	9.43		$	9.31		$	9.17		$	9.47		$	9.66
Total return4		0.45%			3.56%			4.37%			(0.52%	)		0.22%			1.21%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	151,291		$	169,570		$	220,830		$	247,902		$	62,841		$	48,342
Ratio of expenses to average net assets5		0.74%			0.74%			0.79%			0.89%			1.05%			1.05%
Ratio of expenses to average net assets prior to
fees waived5		1.01%			1.06%			0.99%			1.11%			1.22%			1.23%
Ratio of net investment income (loss) to average
net assets		0.91%			1.57%			2.22%			0.02%			0.85%			(0.25%	)
Ratio of net investment income (loss) to average
net assets prior to fees waived		0.64%			1.25%			2.02%			(0.20%	)		0.68%			(0.43%	)
Portfolio turnover		86%			162%	6		87%			102%			60%			54%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	On October 4, 2019, Class A shares of First Investors Limited Duration Bond Fund were reorganized into Class A shares of Delaware Limited Duration Bond Fund. See Notes to Financial Statements. The Class A shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Limited Duration Bond Fund Class A shares.
3	The average shares outstanding have been applied for per share information.
4	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
5	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
6	The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2020 due to a change in the Fund’s portfolio managers and associated repositioning.

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

171

Financial highlights
Delaware Limited Duration Bond Fund Institutional Class

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

	Six months
	ended
	3/31/211			Year ended
	(Unaudited)			9/30/202			9/30/19			9/30/18			9/30/17			9/30/16
Net asset value, beginning of period	$	9.46		$	9.34		$	9.20		$	9.50		$	9.69		$	9.80
Income (loss) from investment operations:
Net investment income3		0.05			0.18			0.23			0.03			0.13			—
Net realized and unrealized gain (loss)		0.10			0.17			0.19			(0.05	)		(0.08	)		0.14
Total from investment operations		0.15			0.35			0.42			(0.02	)		0.05			0.14
Less dividends and distributions from:
Net investment income		(0.22	)		(0.23	)		(0.28	)		(0.28	)		(0.24	)		(0.25	)
Total dividends and distributions		(0.22	)		(0.23	)		(0.28	)		(0.28	)		(0.24	)		(0.25	)
Net asset value, end of period	$	9.39		$	9.46		$	9.34		$	9.20		$	9.50		$	9.69
Total return4		0.45%			3.80%			4.65%			(0.25%	)		0.54%			1.47%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	6,659		$	8,680		$	56,209		$	35,498		$	31,638		$	50,645
Ratio of expenses to average net assets5		0.50%			0.51%			0.51%			0.62%			0.75%			0.75%
Ratio of expenses to average net assets prior to
fees waived5		0.76%			0.82%			0.69%			0.84%			1.02%			1.01%
Ratio of net investment income to average net
assets		1.15%			1.96%			2.47%			0.33%			1.14%			0.04%
Ratio of net investment income (loss) to average
net assets prior to fees waived		0.89%			1.65%			2.29%			0.11%			0.87%			(0.22%	)
Portfolio turnover		86%			162%	6		87%			102%			60%			54%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	On October 4, 2019, Advisor Class shares of First Investors Limited Duration Bond Fund were reorganized into Institutional Class shares of Delaware Limited Duration Bond Fund. See Notes to Financial Statements. The Institutional Class shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Limited Duration Bond Fund Advisor Class shares.
3	The average shares outstanding have been applied for per share information.
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 all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
5	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
6	The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2020 due to a change in the Fund’s portfolio managers and associated repositioning.

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

172

Delaware Limited Duration Bond Fund Class R6

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

	Six months
	ended
	3/31/211			Year ended
	(Unaudited)			9/30/202			9/30/19			9/30/18			9/30/17			9/30/16
Net asset value, beginning of period	$	9.48		$	9.35		$	9.21		$	9.52		$	9.70		$	9.81
Income (loss) from investment operations:
Net investment income3		0.06			0.20			0.25			0.04			0.11			0.02
Net realized and unrealized gain (loss)		0.10			0.17			0.19			(0.06	)		(0.04	)		0.14
Total from investment operations		0.16			0.37			0.44			(0.02	)		0.07			0.16
Less dividends and distributions from:
Net investment income		(0.23	)		(0.24	)		(0.30	)		(0.29	)		(0.25	)		(0.27	)
Total dividends and distributions		(0.23	)		(0.24	)		(0.30	)		(0.29	)		(0.25	)		(0.27	)
Net asset value, end of period	$	9.41		$	9.48		$	9.35		$	9.21		$	9.52		$	9.70
Total return4		0.53%			4.06%			4.83%			(0.19%	)		0.77%			1.64%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	53		$	308		$	47,965		$	38,822		$	41,065		$	22,296
Ratio of expenses to average net assets5		0.36%			0.35%			0.36%			0.47%			0.60%			0.60%
Ratio of expenses to average net assets prior to
fees waived5		0.73%			0.59%			0.56%			0.68%			0.82%			0.82%
Ratio of net investment income to average net
assets		1.31%			2.14%			2.64%			0.46%			1.30%			0.20%
Ratio of net investment income (loss) to average
net assets prior to fees waived		0.94%			1.90%			2.44%			0.25%			1.08%			(0.02%	)
Portfolio turnover		86%			162%	6		87%			102%			60%			54%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	On October 4, 2019, Institutional Class shares of First Investors Limited Duration Bond Fund were reorganized into Class R6 shares of Delaware Limited Duration Bond Fund. See Notes to Financial Statements. The Class R6 shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Limited Duration Bond Fund Institutional Class shares.
3	The average shares outstanding have been applied for per share information.
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 all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
5	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
6	The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2020 due to a change in the Fund’s portfolio managers and associated repositioning.

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

173

Financial highlights
Delaware Strategic Income II Fund Class A

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

	Six months
	ended
	3/31/211			Year ended
	(Unaudited)			9/30/202			9/30/19			9/30/18			9/30/17			9/30/16
Net asset value, beginning of period	$	9.44		$	9.32		$	9.20		$	9.53		$	9.48		$	9.30
Income (loss) from investment operations:
Net investment income3		0.16			0.28			0.30			0.31			0.30			0.30
Net realized and unrealized gain (loss)		0.42			0.16			0.12			(0.32	)		0.05			0.22
Total from investment operations		0.58			0.44			0.42			(0.01	)		0.35			0.52
Less dividends and distributions from:
Net investment income		(0.34	)		(0.32	)		(0.30	)		(0.32	)		(0.30	)		(0.32	)
Net realized gain		—			—			—			—			—			(0.02	)
Total dividends and distributions		(0.34	)		(0.32	)		(0.30	)		(0.32	)		(0.30	)		(0.34	)
Net asset value, end of period	$	9.68		$	9.44		$	9.32		$	9.20		$	9.53		$	9.48
Total return4		4.44%			4.89%			4.67%	5		(0.10%	)		3.73%			5.64%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	84,463		$	99,020		$	137,155		$	152,180		$	162,789		$	149,190
Ratio of expenses to average net assets6		1.12%			1.14%			0.53%			0.56%			0.57%			0.58%
Ratio of expenses to average net assets prior to
fees waived6		1.12%			1.14%			0.55%			0.56%			0.57%			0.58%
Ratio of net investment income to average net
assets		3.38%			3.00%			3.24%			3.36%			3.24%			3.19%
Ratio of net investment income to average net
assets prior to fees waived		3.38%			3.00%			3.22%			3.36%			3.24%			3.19%
Portfolio turnover		30%			244%	7		70%			58%			37%			49%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	On October 4, 2019, Class A shares of First Investors Strategic Income were reorganized into Class A shares of Delaware Strategic Income II Fund. See Notes to Financial Statements. The Class A shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Strategic Income Class A shares.
3	The average shares outstanding have been applied for per share information.
4	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
5	Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
6	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
7	The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2020 due to a change in the Fund’s portfolio managers and associated repositioning.

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

174

Delaware Strategic Income II Fund Institutional Class

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

	Six months
	ended
	3/31/211			Year ended
	(Unaudited)			9/30/202			9/30/19			9/30/18			9/30/17			9/30/16
Net asset value, beginning of period	$	9.43		$	9.32		$	9.19		$	9.52		$	9.47		$	9.29
Income (loss) from investment operations:
Net investment income3		0.18			0.30			0.33			0.34			0.29			0.33
Net realized and unrealized gain (loss)		0.43			0.15			0.13			(0.32	)		0.09			0.23
Total from investment operations		0.61			0.45			0.46			0.02			0.38			0.56
Less dividends and distributions from:
Net investment income		(0.37	)		(0.34	)		(0.33	)		(0.35	)		(0.33	)		(0.36	)
Net realized gain		—			—			—			—			—			(0.02	)
Total dividends and distributions		(0.37	)		(0.34	)		(0.33	)		(0.35	)		(0.33	)		(0.38	)
Net asset value, end of period	$	9.67		$	9.43		$	9.32		$	9.19		$	9.52		$	9.47
Total return4		4.57%			5.06%			5.11%	5		0.22%			4.14%			6.14%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	313		$	307		$	566		$	759		$	963		$	415
Ratio of expenses to average net assets6		0.87%			0.89%			0.19%			0.21%			0.18%			0.17%
Ratio of expenses to average net assets prior to
fees waived6		0.87%			0.89%			0.21%			0.21%			0.18%			0.17%
Ratio of net investment income to average net
assets		3.65%			3.24%			3.60%			3.70%			3.66%			3.59%
Ratio of net investment income to average net
assets prior to fees waived		3.65%			3.24%			3.58%			3.70%			3.66%			3.59%
Portfolio turnover		30%			244%	7		70%			58%			37%			49%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	On October 4, 2019, Advisor Class shares of First Investors Strategic Income were reorganized into Institutional Class shares of Delaware Strategic Income II Fund. See Notes to Financial Statements. The Institutional Class shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Strategic Income Advisor Class shares.
3	The average shares outstanding have been applied for per share information.
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.
5	Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
6	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
7	The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2020 due to a change in the Fund’s portfolio managers and associated repositioning.

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

175

Financial highlights
Delaware Covered Call Strategy Fund Class A

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

	Six months
	ended															4/1/161
	3/31/212			Year ended												to
	(Unaudited)			9/30/203			9/30/19			9/30/18			9/30/17			9/30/16
Net asset value, beginning of period	$	10.99		$	11.81		$	11.83		$	11.18		$	10.36		$	10.00
Income (loss) from investment operations:
Net investment income4		0.04			0.13			0.12			0.11			0.10			0.06
Net realized and unrealized gain (loss)		1.74			(0.82	)		(0.02	)		0.64			0.85			0.33
Total from investment operations		1.78			(0.69	)		0.10			0.75			0.95			0.39
Less dividends and distributions from:
Net investment income		(0.11	)		(0.13	)		(0.12	)		(0.10	)		(0.11	)		(0.03	)
Net realized gain		—			—			—			—			(0.02	)		—
Total dividends and distributions		(0.11	)		(0.13	)		(0.12	)		(0.10	)		(0.13	)		(0.03	)
Net asset value, end of period	$	12.66		$	10.99		$	11.81		$	11.83		$	11.18		$	10.36
Total return5		15.73%			(5.75%	)		0.97%			6.79%			9.17%			3.94%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	110,404		$	121,566		$	211,777		$	237,103		$	167,906		$	48,514
Ratio of expenses to average net assets6		1.31%			1.32%			1.30%			1.30%			1.30%			1.30%
Ratio of expenses to average net assets prior to
fees waived6		1.35%			1.37%			1.28%			1.28%			1.36%			1.73%
Ratio of net investment income to average net
assets		0.71%			1.15%			1.11%			0.95%			1.18%			1.19%
Ratio of net investment income to average net
assets prior to fees waived		0.67%			1.10%			1.13%			0.97%			1.12%			0.76%
Portfolio turnover		27%			49%			34%			107%			121%			83%

1	Date of commencement of operations; ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Ratios have been annualized and total return and portfolio turnover have not been annualized.
3	On October 4, 2019, Class A shares of First Investors Covered Call Strategy Fund were reorganized into Class A shares of Delaware Covered Call Strategy Fund. See Notes to Financial Statements. The Class A shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Covered Call Strategy Fund Class A shares.
4	The average shares outstanding have been applied for per share information.
5	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.
6	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

176

Delaware Covered Call Strategy Fund Institutional Class

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

	Six months
	ended															4/1/161
	3/31/212			Year ended												to
	(Unaudited)			9/30/203			9/30/19			9/30/18			9/30/17			9/30/16
Net asset value, beginning of period	$	10.96		$	11.78		$	11.80		$	11.16		$	10.34		$	10.00
Income (loss) from investment operations:
Net investment income4		0.06			0.15			0.16			0.14			0.13			0.08
Net realized and unrealized gain (loss)		1.74			(0.81	)		(0.02	)		0.64			0.86			0.32
Total from investment operations		1.80			(0.66	)		0.14			0.78			0.99			0.40
Less dividends and distributions from:
Net investment income		(0.14	)		(0.16	)		(0.16	)		(0.14	)		(0.15	)		(0.06	)
Net realized gain		—			—			—			—			(0.02	)		—
Total dividends and distributions		(0.14	)		(0.16	)		(0.16	)		(0.14	)		(0.17	)		(0.06	)
Net asset value, end of period	$	12.62		$	10.96		$	11.78		$	11.80		$	11.16		$	10.34
Total return5		15.82%			(5.54%	)		1.25%			7.09%			9.62%			4.05%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	35,615		$	37,887		$	66,252		$	114,275		$	109,360		$	39,129
Ratio of expenses to average net assets6		1.08%			1.10%			1.00%			0.97%			0.97%			0.97%
Ratio of expenses to average net assets prior to
fees waived6		1.10%			1.12%			0.96%			1.03%			1.06%			1.50%
Ratio of net investment income to average net
assets		0.96%			1.38%			1.41%			1.25%			1.53%			1.64%
Ratio of net investment income to average net
assets prior to fees waived		0.94%			1.36%			1.45%			1.19%			1.44%			1.11%
Portfolio turnover		27%			49%			34%			107%			121%			83%

1	Date of commencement of operations; ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Ratios have been annualized and total return and portfolio turnover have not been annualized.
3	On October 4, 2019, Advisor Class shares of First Investors Covered Call Strategy Fund were reorganized into Institutional Class shares of Delaware Covered Call Strategy Fund. See Notes to Financial Statements. The Institutional Class shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Covered Call Strategy Fund Advisor Class shares.
4	The average shares outstanding have been applied for per share information.
5	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.
6	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

177

Financial highlights
Delaware Covered Call Strategy Fund Class R6

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

	Six months
	ended															4/1/161
	3/31/212			Year ended												to
	(Unaudited)			9/30/203			9/30/19			9/30/18			9/30/17			9/30/16
Net asset value, beginning of period	$	10.91		$	11.69		$	11.72		$	11.17		$	10.35		$	10.00
Income (loss) from investment operations:
Net investment income4		0.07			0.18			0.17			0.16			0.16			0.09
Net realized and unrealized gain (loss)		1.71			(0.81	)		(0.02	)		0.63			0.85			0.33
Total from investment operations		1.78			(0.63	)		0.15			0.79			1.01			0.42
Less dividends and distributions from:
Net investment income		(0.13	)		(0.15	)		(0.18	)		(0.24	)		(0.17	)		(0.07	)
Net realized gain		—			—			—			—			(0.02	)		—
Total dividends and distributions		(0.13	)		(0.15	)		(0.18	)		(0.24	)		(0.19	)		(0.07	)
Net asset value, end of period	$	12.56		$	10.91		$	11.69		$	11.72		$	11.17		$	10.35
Total return5		15.90%			(5.30%	)		1.42%			7.19%			9.77%			4.18%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	84		$	236		$	1,477		$	2,913		$	7,334		$	4,214
Ratio of expenses to average net assets6		0.88%			0.89%			0.87%			0.84%			0.84%			0.84%
Ratio of expenses to average net assets prior to
fees waived6		1.02%			1.07%			0.90%			0.89%			0.96%			1.25%
Ratio of net investment income to average net
assets		1.26%			1.64%			1.54%			1.38%			1.65%			1.76%
Ratio of net investment income to average net
assets prior to fees waived		1.12%			1.46%			1.51%			1.33%			1.53%			1.35%
Portfolio turnover		27%			49%			34%			107%			121%			83%

1	Date of commencement of operations; ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Ratios have been annualized and total return and portfolio turnover have not been annualized.
3	On October 4, 2019, Institutional Class shares of First Investors Covered Call Strategy Fund were reorganized into Class R6 shares of Delaware Covered Call Strategy Fund. See Notes to Financial Statements. The Class R6 shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Covered Call Strategy Fund Institutional Class shares.
4	The average shares outstanding have been applied for per share information.
5	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.
6	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

178

Delaware Hedged U.S. Equity Opportunities Fund Class A

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

	Six months
	ended															8/1/161
	3/31/212			Year ended												to
	(Unaudited)			9/30/203			9/30/19			9/30/18			9/30/17			9/30/16
Net asset value, beginning of period	$	11.61		$	12.36		$	11.90		$	10.77		$	9.91		$	10.00
Income (loss) from investment operations:
Net investment loss4		(0.02	)		(0.02	)		(0.01	)		(0.03	)		(0.02	)		—
Net realized and unrealized gain (loss)		1.19			1.23			0.68			1.16			0.88			(0.09	)
Total from investment operations		1.17			1.21			0.67			1.13			0.86			(0.09	)
Less dividends and distributions from:
Net investment income		—			(0.05	)		—			—			—			—
Net realized gain		(2.91	)		(1.91	)		(0.21	)		—			—			—
Total dividends and distributions		(2.91	)		(1.96	)		(0.21	)		—			—			—
Net asset value, end of period	$	9.87		$	11.61		$	12.36		$	11.90		$	10.77		$	9.91
Total return5		10.65%			10.91%			5.92%			10.49%			8.68%			(0.90%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	50,186		$	55,603		$	78,297		$	66,746		$	44,228		$	9,265
Ratio of expenses to average net assets6		1.64%			1.66%			1.75%			1.75%			1.75%			1.75%
Ratio of expenses to average net assets prior to
fees waived6		1.79%			1.85%			1.68%			1.76%			2.09%			4.24%
Ratio of net investment loss to average net assets		(0.44%	)		(0.14%	)		(0.05%	)		(0.22%	)		(0.21%	)		(0.02%	)
Ratio of net investment income (loss) to average
net assets prior to fees waived		(0.59%	)		(0.33%	)		0.02%			(0.23%	)		(0.55%	)		(2.51%	)
Portfolio turnover		45%			109%			124%			56%			75%			7%

1	Date of commencement of operations; ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Ratios have been annualized and total return and portfolio turnover have not been annualized.
3	On October 4, 2019, Class A shares of First Investors Hedged U.S. Equity Opportunities Fund were reorganized into Class A shares of Delaware Hedged U.S. Equity Opportunities Fund. See Notes to Financial Statements. The Class A shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Hedged U.S. Equity Opportunities Fund Class A shares.
4	The average shares outstanding have been applied for per share information.
5	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.
6	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

179

Financial highlights
Delaware Hedged U.S. Equity Opportunities Fund Institutional Class

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

	Six months
	ended														8/1/161
	3/31/212			Year ended											to
	(Unaudited)			9/30/203			9/30/19			9/30/18		9/30/17			9/30/16
Net asset value, beginning of period	$	11.79		$	12.48		$	11.99		$	10.81	$	9.91		$	10.00
Income (loss) from investment operations:
Net investment income4		—	5		0.02			0.03			0.02		0.01			—
Net realized and unrealized gain (loss)		1.21			1.25			0.67			1.16		0.89			(0.09	)
Total from investment operations		1.21			1.27			0.70			1.18		0.90			(0.09	)
Less dividends and distributions from:
Net investment income		—			(0.05	)		—	5		—		—	5		—
Net realized gain		(2.91	)		(1.91	)		(0.21	)		—		—			—
Total dividends and distributions		(2.91	)		(1.96	)		(0.21	)		—		—	5		—
Net asset value, end of period	$	10.09		$	11.79		$	12.48		$	11.99	$	10.81		$	9.91
Total return6		10.84%			11.28%			6.14%			10.92%		9.11%			(0.90%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	31,202		$	19,229		$	44,543		$	94,955	$	33,770		$	24,539
Ratio of expenses to average net assets7		1.30%			1.33%			1.42%			1.42%		1.42%			1.42%
Ratio of expenses to average net assets prior to
fees waived7		1.54%			1.62%			1.39%			1.40%		1.76%			3.37%
Ratio of net investment income (loss) to average
net assets		(0.07%	)		0.21%			0.27%			0.16%		0.10%			0.26%
Ratio of net investment income (loss) to average
net assets prior to fees waived		(0.31%	)		(0.08%	)		0.30%			0.18%		(0.24%	)		(1.69%	)
Portfolio turnover		45%			109%			124%			56%		75%			7%

1	Date of commencement of operations; ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Ratios have been annualized and total return and portfolio turnover have not been annualized.
3	On October 4, 2019, Advisor Class shares of First Investors Hedged U.S. Equity Opportunities Fund were reorganized into Institutional Class shares of Delaware Hedged U.S. Equity Opportunities Fund. See Notes to Financial Statements. The Institutional Class shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Hedged U.S. Equity Opportunities Fund Advisor Class shares.
4	The average shares outstanding have been applied for per share information.
5	Amount is less than $0.005 per share.
6	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.
7	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

180

Delaware Hedged U.S. Equity Opportunities Fund Class R6

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

	Six months
	ended														8/1/161
	3/31/212			Year ended											to
	(Unaudited)			9/30/203			9/30/19			9/30/18		9/30/17			9/30/16
Net asset value, beginning of period	$	11.80		$	12.53		$	12.01		$	10.82	$	9.91		$	10.00
Income (loss) from investment operations:
Net investment income4		0.01			0.04			0.04			0.02		0.02			0.01
Net realized and unrealized gain (loss)		1.20			1.24			0.69			1.17		0.89			(0.10	)
Total from investment operations		1.21			1.28			0.73			1.19		0.91			(0.09	)
Less dividends and distributions from:
Net investment income		—			(0.10	)		—	5		—		—	5		—
Net realized gain		(2.91	)		(1.91	)		(0.21	)		—		—			—
Total dividends and distributions		(2.91	)		(2.01	)		(0.21	)		—		—	5		—
Net asset value, end of period	$	10.10		$	11.80		$	12.53		$	12.01	$	10.82		$	9.91
Total return6		10.86%			11.41%			6.39%			11.00%		9.21%			(0.90%	)
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	54		$	91		$	341		$	574	$	472		$	99
Ratio of expenses to average net assets7		1.20%			1.23%			1.31%			1.31%		1.31%			1.31%
Ratio of expenses to average net assets prior to
fees waived7		1.49%			1.57%			1.30%			1.39%		1.74%			3.24%
Ratio of net investment income (loss) to average
net assets		(0.01%	)		0.31%			0.37%			0.21%		0.23%			0.30%
Ratio of net investment income (loss) to average
net assets prior to fees waived		(0.30%	)		(0.03%	)		0.38%			0.13%		(0.20%	)		(1.63%	)
Portfolio turnover		45%			109%			124%			56%		75%			7%

1	Date of commencement of operations; ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Ratios have been annualized and total return and portfolio turnover have not been annualized.
3	On October 4, 2019, Institutional Class shares of First Investors Hedged U.S. Equity Opportunities Fund were reorganized into Class R6 shares of Delaware Hedged U.S. Equity Opportunities Fund. See Notes to Financial Statements. The Class R6 shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Hedged U.S. Equity Opportunities Fund Institutional Class shares.
4	The average shares outstanding have been applied for per share information.
5	Amount is less than $0.005 per share.
6	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.
7	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

181

Financial highlights
Delaware Premium Income Fund Class A

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

	Six months
	ended									4/2/181
	3/31/212			Year ended						to
	(Unaudited)			9/30/203			9/30/19			9/30/18
Net asset value, beginning of period	$	9.36		$	10.14		$	10.26		$	10.00
Income (loss) from investment operations:
Net investment income4		0.09			0.21			0.18			0.08
Net realized and unrealized gain (loss)		0.91			(0.65	)		0.05			0.23
Total from investment operations		1.00			(0.44	)		0.23			0.31
Less dividends and distributions from:
Net investment income		(0.22	)		(0.21	)		(0.17	)		(0.05	)
Net realized gain		—			(0.13	)		(0.18	)		—
Total dividends and distributions		(0.22	)		(0.34	)		(0.35	)		(0.05	)
Net asset value, end of period	$	10.14		$	9.36		$	10.14		$	10.26
Total return5		9.41%			(4.24%	)		2.33%			3.06%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	26,473		$	31,472		$	60,830		$	41,688
Ratio of expenses to average net assets6		1.30%			1.30%			1.30%			1.30%
Ratio of expenses to average net assets prior to fees waived6		1.48%			1.44%			1.35%			2.07%
Ratio of net investment income to average net assets		1.95%			2.19%			1.74%			1.57%
Ratio of net investment income to average net assets prior to fees waived		1.77%			2.05%			1.69%			0.80%
Portfolio turnover		7%			32%			63%			77%

1	Date of commencement of operations; ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Ratios have been annualized and total return and portfolio turnover have not been annualized.
3	On October 4, 2019, Class A shares of First Investors Premium Income Fund were reorganized into Class A shares of Delaware Premium Income Fund. See Notes to Financial Statements. The Class A shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Premium Income Fund Class A shares.
4	The average shares outstanding have been applied for per share information.
5	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.
6	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

182

Delaware Premium Income Fund Institutional Class

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

	Six months
	ended									4/2/181
	3/31/212			Year ended						to
	(Unaudited)			9/30/203			9/30/19			9/30/18
Net asset value, beginning of period	$	9.37		$	10.16		$	10.26		$	10.00
Income (loss) from investment operations:
Net investment income4		0.11			0.23			0.20			0.10
Net realized and unrealized gain (loss)		0.91			(0.65	)		0.07			0.22
Total from investment operations		1.02			(0.42	)		0.27			0.32
Less dividends and distributions from:
Net investment income		(0.24	)		(0.24	)		(0.19	)		(0.06	)
Net realized gain		—			(0.13	)		(0.18	)		—
Total dividends and distributions		(0.24	)		(0.37	)		(0.37	)		(0.06	)
Net asset value, end of period	$	10.15		$	9.37		$	10.16		$	10.26
Total return5		9.54%			(4.05%	)		2.67%			3.18%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	26,203		$	32,769		$	67,844		$	34,170
Ratio of expenses to average net assets6		1.05%			1.05%			1.05%			1.02%
Ratio of expenses to average net assets prior to fees waived6		1.22%			1.19%			1.10%			1.52%
Ratio of net investment income to average net assets		2.21%			2.45%			1.98%			1.86%
Ratio of net investment income to average net assets prior to fees waived		2.04%			2.31%			1.93%			1.36%
Portfolio turnover		7%			32%			63%			77%

1	Date of commencement of operations; ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Ratios have been annualized and total return and portfolio turnover have not been annualized.
3	On October 4, 2019, Advisor Class shares of First Investors Premium Income Fund were reorganized into Institutional Class shares of Delaware Premium Income Fund. See Notes to Financial Statements. The Institutional Class shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Premium Income Fund Advisor Class shares.
4	The average shares outstanding have been applied for per share information.
5	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.
6	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

183

Financial highlights
Delaware Premium Income Fund Class R6

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

	Six months
	ended									4/2/181
	3/31/212			Year ended						to
	(Unaudited)			9/30/203			9/30/19			9/30/18
Net asset value, beginning of period	$	4.87		$	5.53		$	10.16		$	10.00
Income (loss) from investment operations:
Net investment income4		0.06			0.13			0.20			0.10
Net realized and unrealized gain (loss)		0.56			(0.37	)		(0.27	)		0.23
Total from investment operations		0.62			(0.24	)		(0.07	)		0.33
Less dividends and distributions from:
Net investment income		(0.30	)		(0.29	)		(4.38	)		(0.17	)
Net realized gain		—			(0.13	)		(0.18	)		—
Total dividends and distributions		(0.30	)		(0.42	)		(4.56	)		(0.17	)
Net asset value, end of period	$	5.19		$	4.87		$	5.53		$	10.16
Total return5		9.56%			(3.95%	)		2.90%			3.27%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	37		$	34		$	29		$	3,877
Ratio of expenses to average net assets6		0.90%			0.90%			0.90%			0.89%
Ratio of expenses to average net assets prior to fees waived6		1.16%			1.13%			1.05%			1.88%
Ratio of net investment income to average net assets		2.37%			2.63%			2.06%			1.88%
Ratio of net investment income to average net assets prior to fees waived		2.11%			2.40%			1.91%			0.89%
Portfolio turnover		7%			32%			63%			77%

1	Date of commencement of operations; ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Ratios have been annualized and total return and portfolio turnover have not been annualized.
3	On October 4, 2019, Institutional Class shares of First Investors Premium Income Fund were reorganized into Class R6 shares of Delaware Premium Income Fund. See Notes to Financial Statements. The Class R6 shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Premium Income Fund Institutional Class shares.
4	The average shares outstanding have been applied for per share information.
5	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.
6	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

184

Delaware Total Return Fund Class A

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

	Six months
	ended
	3/31/211			Year ended
	(Unaudited)			9/30/202			9/30/19			9/30/18			9/30/17			9/30/16
Net asset value, beginning of period	$	14.37		$	19.03		$	20.22		$	19.88		$	19.00		$	18.21
Income (loss) from investment operations:
Net investment income3		0.14			0.29			0.28			0.31			0.23			0.23
Net realized and unrealized gain (loss)		2.34			(0.88	)		0.39			0.74			1.27			1.26
Total from investment operations		2.48			(0.59	)		0.67			1.05			1.50			1.49
Less dividends and distributions from:
Net investment income		(0.34	)		(0.33	)		(0.34	)		(0.36	)		(0.32	)		(0.27	)
Net realized gain		—			(3.73	)		(1.52	)		(0.35	)		(0.30	)		(0.43	)
Return of capital		—			(0.01	)		—			—			—			—
Total dividends and distributions		(0.34	)		(4.07	)		(1.86	)		(0.71	)		(0.62	)		(0.70	)
Net asset value, end of period	$	16.51		$	14.37		$	19.03		$	20.22		$	19.88		$	19.00
Total return4		16.25%			(4.48%	)5		4.58%			5.32%			8.09%			8.36%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	536,945		$	550,020		$	800,910		$	889,473		$	877,311		$	845,726
Ratio of expenses to average net assets6		1.12%			1.16%			1.17%			1.18%			1.19%			1.19%
Ratio of expenses to average net assets prior to
fees waived6		1.12%			1.17%			1.17%			1.18%			1.19%			1.19%
Ratio of net investment income to average net
assets		1.79%			1.89%			1.50%			1.55%			1.22%			1.27%
Ratio of net investment income to average net
assets prior to fees waived		1.79%			1.88%			1.50%			1.55%			1.22%			1.27%
Portfolio turnover		51%			151%	7		59%			53%			39%			63%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	On October 4, 2019, Class A shares of First Investors Total Return Fund were reorganized into Class A shares of Delaware Total Return Fund. See Notes to Financial Statements. The Class A shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Total Return Fund Class A shares.
3	The average shares outstanding have been applied for per share information.
4	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
5	Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
6	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
7	The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2020 due to a change in the Fund’s portfolio managers and associated repositioning.

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

185

Financial highlights
Delaware Total Return Fund Institutional Class

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

	Six months
	ended
	3/31/211			Year ended
		(Unaudited)		9/30/202			9/30/19			9/30/18			9/30/17			9/30/16
Net asset value, beginning of period	$	14.43		$	19.10		$	20.32		$	19.98		$	19.04		$	18.26
Income (loss) from investment operations:
Net investment income3		0.16			0.33			0.34			0.37			0.32			0.26
Net realized and unrealized gain (loss)		2.36			(0.90	)		0.40			0.75			1.30			1.27
Total from investment operations		2.52			(0.57	)		0.74			1.12			1.62			1.53
Less dividends and distributions from:
Net investment income		(0.37	)		(0.36	)		(0.44	)		(0.43	)		(0.38	)		(0.32	)
Net realized gain		—			(3.73	)		(1.52	)		(0.35	)		(0.30	)		(0.43	)
Return of capital		—			(0.01	)		—			—			—			—
Total dividends and distributions		(0.37	)		(4.10	)		(1.96	)		(0.78	)		(0.68	)		(0.75	)
Net asset value, end of period	$	16.58		$	14.43		$	19.10		$	20.32		$	19.98		$	19.04
Total return4		16.41%			(4.29%	)		4.93%			5.69%			8.69%			8.55%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	1,371		$	769		$	1,166		$	1,006		$	996		$	1,213
Ratio of expenses to average net assets5		0.87%			0.90%			0.85%			0.84%			0.80%			0.82%
Ratio of net investment income to average net
assets		1.98%			2.12%			1.80%			1.83%			1.61%			1.63%
Portfolio turnover		51%			151%	6		59%			53%			39%			63%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	On October 4, 2019, Advisor Class shares of First Investors Total Return Fund were reorganized into Institutional Class shares of Delaware Total Return Fund. See Notes to Financial Statements. The Institutional Class shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Total Return Fund Advisor Class shares.
3	The average shares outstanding have been applied for per share information.
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.
5	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
6	The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2020 due to a change in the Fund’s portfolio managers and associated repositioning.

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

186

Delaware Total Return Fund Class R6

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

	Six months
	ended
	3/31/211			Year ended
	(Unaudited)			9/30/202			9/30/19			9/30/18			9/30/17			9/30/16
Net asset value, beginning of period	$	14.47		$	19.14		$	20.38		$	20.05		$	19.13		$	18.29
Income (loss) from investment operations:
Net investment income3		0.18			0.35			0.35			0.40			0.32			0.31
Net realized and unrealized gain (loss)		2.37			(0.90	)		0.41			0.74			1.27			1.28
Total from investment operations		2.55			(0.55	)		0.76			1.14			1.59			1.59
Less dividends and distributions from:
Net investment income		(0.39	)		(0.39	)		(0.48	)		(0.46	)		(0.37	)		(0.32	)
Net realized gain		—			(3.73	)		(1.52	)		(0.35	)		(0.30	)		(0.43	)
Return of capital		—			—4			—			—			—			—
Total dividends and distributions		(0.39	)		(4.12	)		(2.00	)		(0.81	)		(0.67	)		(0.75	)
Net asset value, end of period	$	16.63		$	14.47		$	19.14		$	20.38		$	20.05		$	19.13
Total return5		16.53%	6		(4.17%	)6		5.06%			5.77%			8.50%			8.88%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	65		$	762		$	1,976		$	34,555		$	33,545		$	32,525
Ratio of expenses to average net assets7		0.79%			0.81%			0.79%			0.77%			0.77%			0.77%
Ratio of expenses to average net assets prior to
fees waived7		0.82%			0.89%			0.79%			0.77%			0.77%			0.77%
Ratio of net investment income to average net
assets		2.37%			2.23%			1.86%			1.96%			1.65%			1.68%
Ratio of net investment income to average net
assets prior to fees waived		2.34%			2.15%			1.86%			1.96%			1.65%			1.68%
Portfolio turnover		51%			151%	8		59%			53%			39%			63%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	On October 4, 2019, Institutional Class shares of First Investors Total Return Fund were reorganized into Class R6 shares of Delaware Total Return Fund. See Notes to Financial Statements. The Class R6 shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Total Return Fund Institutional Class shares.
3	The average shares outstanding have been applied for per share information.
4	Amount is less than $0.005 per share.
5	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.
6	Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
7	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
8	The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2020 due to a change in the Fund’s portfolio managers and associated repositioning.

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

187

Notes to financial statements
Delaware Group^® Equity Funds IV (Trust)

March 31, 2021 (Unaudited)

Delaware Group Equity Funds IV (Trust) is organized as a Delaware statutory trust and offers 20 series. These financial statements and the related notes pertain to 17 funds listed below (each a Fund, or collectively, the Funds). The Trust is an open-end investment company. The Funds, except for Delaware Global Equity Fund and Delaware International Fund, are considered diversified under the Investment Company Act of 1940, as amended (1940 Act). Delaware Global Equity Fund and Delaware International Fund are considered nondiversified. The Funds offer Class A, Institutional Class and Class R6 shares. Delaware Strategic Income II Fund does not offer Class R6 shares. Class A shares are sold with a maximum front-end sales charge of 5.75% for Delaware Growth and Income Fund, Delaware Equity Income Fund, Delaware Growth Equity Fund, Delaware Opportunity Fund, Delaware Special Situations Fund, Delaware Global Equity Fund, Delaware International Fund, Delaware Total Return Fund, Delaware Covered Call Strategy Fund, Delaware Hedged U.S. Equity Opportunities Fund, and Delaware Premium Income Fund; 4.50% for Delaware Fund for Income, Delaware Investment Grade Fund, Delaware Strategic Income II Fund, and Delaware International Opportunities Bond Fund; and 2.75% for Delaware Limited Duration Bond Fund and Delaware Floating Rate II Fund. There is no front-end sales charge when you purchase $1 million or more of Class A shares. However, if Delaware Distributors, L.P. (DDLP) paid your financial intermediary a commission on your purchase of $1 million or more Class A shares, for shares of Delaware Fund for Income, Delaware International Opportunities Bond Fund, Delaware Investment Grade Fund or Delaware Strategic Income Fund II, purchased prior to July 1, 2020, you will have to pay a 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; and for shares purchased on or after July 1, 2020, you will have to pay a Limited CDSC of 1.00% if you redeem these shares within the 18 months after your purchase, unless a specific waiver of the Limited CDSC applies. If DDLP paid your financial intermediary a commission on your purchase of $1 million or more Class A shares, for shares of Delaware Floating Rate II or Delaware Limited Duration Bond Fund, you will have to a pay a Limited CDSC of 0.75% if you redeem these shares within the first year after your purchase, unless a specific waiver of the Limited CDSC applies. If DDLP paid your financial intermediary a commission on your purchase of $1 million or more of Class A shares, for Delaware Covered Call Strategy Fund, Delaware Equity Income Fund, Delaware Global Equity Fund, Delaware Growth and Income Fund, Delaware Hedged U.S. Equity Opportunities Fund, Delaware International Fund, Delaware Opportunity Fund, Delaware Premium Income Fund, Delaware Growth Equity Fund, Delaware Special Situations Fund, or Delaware Total Return Fund, for shares purchased prior to July 1, 2020, you will have to pay a 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; and for shares purchased on or after July 1, 2020, you will have to pay a Limited CDSC of 1.00% if you redeem these shares within the 18 months after your purchase, unless a specific waiver of the Limited CDSC applies. 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.

Before each Fund commenced operations, on October 4, 2019, all of the assets and liabilities of the corresponding fund identified as its respective Predecessor Fund (the “Predecessor Fund”) were transferred to the Fund in a tax-free reorganization as set forth in an agreement and plan of reorganization (each a Foresters Reorganization) between the Trust, on behalf of the Funds, and Foresters Investment Management Company, Inc., on behalf of the Predecessor Funds. As a result of each Foresters Reorganization, the applicable Fund assumed the performance and accounting history of its corresponding Predecessor Fund. Financial information included for the dates prior to the Foresters Reorganization is that of the Predecessor Funds.

Fund	Predecessor Fund
Delaware Equity Income Fund	First Investors Equity Income Fund
Delaware Growth and Income Fund	First Investors Growth & Income Fund
Delaware Growth Equity Fund	First Investors Select Growth Fund
Delaware Opportunity Fund	First Investors Opportunity Fund
Delaware Special Situations Fund	First Investors Special Situations Fund
Delaware Global Equity Fund	First Investors Global Fund
Delaware International Fund	First Investors International Fund
Delaware Floating Rate II Fund	First Investors Floating Rate Fund
Delaware Fund for Income	First Investors Fund For Income
Delaware International Opportunities Bond Fund	First Investors International Opportunities Bond Fund

188

Fund	Predecessor Fund
Delaware Investment Grade Fund	First Investors Investment Grade Fund
Delaware Limited Duration Bond Fund	First Investors Limited Duration Bond Fund
Delaware Strategic Income II Fund	First Investors Strategic Income
Delaware Covered Call Strategy Fund	First Investors Covered Call Strategy Fund
Delaware Hedged U.S. Equity Opportunities Fund	First Investors Hedged U.S. Equity Opportunities Fund
Delaware Premium Income Fund	First Investors Premium Income Fund
Delaware Total Return Fund	First Investors Total Return Fund

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 and exchange-traded funds (ETFs), except those traded on the Nasdaq Stock Market LLC (Nasdaq), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange on the valuation date. Equity securities and ETFs traded on the Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If, on a particular day, an equity security or ETF does not trade, the mean between the bid and ask prices will be used, which approximates fair value. Equity securities listed on a foreign exchange are normally valued at the last quoted sales price on the valuation date. Debt securities and credit default swap contracts (CDS) are valued based upon valuations provided by an independent pricing service or broker/counterparty and reviewed by management. To the extent current market prices are not available, the pricing service may take into account developments related to the specific security, as well as transactions in comparable securities. US government and agency securities are valued at the mean between the bid and ask prices, which approximates fair value. Valuations for fixed income securities utilize matrix systems, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. For asset-backed securities, collateralized mortgage obligations (CMOs), commercial mortgage securities, and US government agency mortgage securities, pricing vendors utilize matrix pricing which considers prepayment speed; attributes of the collateral; yield or price of bonds of comparable quality, coupon, maturity, and type as well as broker/dealer-supplied prices. Swap prices are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades, and values of the underlying reference instruments. Exchange-traded options are valued at the last reported sale price or, if no sales are reported, at the mean between the last reported bid and ask prices, which approximates fair value. Futures contracts are valued at the daily quoted settlement prices. Foreign currency exchange contracts and foreign cross currency exchange contracts are valued at the mean between the bid and ask prices, which approximates fair value. Interpolated values are derived when the settlement date of the contract is an interim date for which quotations are not available. Open-end investment companies are valued at their published net asset value (NAV). Generally, other securities and assets for which market quotations are not readily available are valued at fair value as determined in good faith under the direction of the Trust’s Board of Trustees (Board). In determining whether market quotations are readily available or fair valuation will be used, various factors will be taken into consideration, such as market closures or suspension of trading in a security. The Funds may use fair value pricing more frequently for securities traded primarily in non-US markets because, among other things, most foreign markets close well before the Funds value their securities, generally as of 4:00pm Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. Whenever such a significant event occurs, the Funds may value foreign securities using fair value prices based on third-party vendor modeling tools (international fair value pricing.) Restricted securities are valued at fair value using methods approved by the Board.

Federal and Foreign Income Taxes — No provision for federal income taxes has been made as 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.

189

Notes to financial statements
Delaware Group^® Equity Funds IV (Trust)

1. Significant Accounting Policies (continued)

Management has analyzed each Fund’s tax positions taken or expected to be taken on each Fund’s federal income tax returns through the six months ended March 31, 2021 and for all open tax years (years ended September 30, 2017–September 30, 2020), and has concluded that no provision for federal income tax is required in each Fund’s financial statements. In regard to foreign taxes only, a Fund has open tax years in certain foreign countries in which it invests in that may date back to the inception of the Fund. If applicable, each Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in “Other” on the “Statements of operations.” During the six months ended March 31, 2021, the Funds did not incur any interest or tax penalties.

Class Accounting — Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the various classes for each Fund on the basis of daily net assets of each class. For Delaware Floating Rate II Fund, Delaware Fund for Income, Delaware International Opportunities Bond Fund, Delaware Investment Grade Fund, Delaware Limited Duration Bond Fund, and Delaware Strategic Income II Fund, 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 respective 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.

Foreign Currency Transactions — Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the valuation date in accordance with the Funds’ prospectus. The value of all assets and liabilities denominated in foreign currencies is translated daily into 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 Funds generally bifurcate that portion of realized gains and losses on investments in debt securities which is due to changes in foreign exchange rates from that which is due to changes in market prices of debt securities. That portion of gains (losses), which is due to changes in foreign exchange rates, is included on the “Statement of operations” under “Net realized gain (loss) on foreign currencies.” For foreign equity securities, the realized gains and losses are included on the “Statement of operations” under “Net realized gain (loss) on investments.” The Funds report certain foreign currency related transactions as components of realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes.

Use of Estimates — The preparation of financial statements in conformity with 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 securities are purchased or sold (trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Discounts and premiums on debt securities are accreted or amortized to interest income, respectively, over the lives of the respective securities using the effective interest method. Premiums on callable debt securities are amortized to interest income to the earliest call date using the effective interest method. Realized gains (losses) on paydowns of asset- and mortgage-backed securities are classified as interest income. Distributions received from investments in real estate investment trusts (REITs) are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of such distributions by the issuer. Distributions received from investments in master limited partnerships are recorded as return of capital on investments on the ex-dividend date. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that the Funds are aware of such dividends, net of all tax withholdings, a portion of which may be reclaimable. Withholding taxes and reclaims on foreign dividends and interest have been recorded in accordance with the Funds’ understanding of the applicable country’s tax rules and rates. Delaware Floating Rate II Fund, Delaware Fund for Income, Delaware International Opportunities Bond Fund, Delaware Investment Grade Fund, Delaware Limited Duration Bond Fund, and Delaware Strategic Income II Fund declare dividends daily from net investment income and pay the dividends monthly. Delaware Total Return Fund declares and pays dividends monthly. Delaware Equity Income Fund, Delaware Growth and Income Fund, Delaware Covered Call Strategy Fund, and Delaware Premium Income Fund declare and pay dividends quarterly. Delaware Growth Equity Fund, Delaware Opportunity Fund, Delaware Special Situations Fund, Delaware Global

190

Equity Fund, Delaware International Fund, and Delaware Hedged U.S. Equity Opportunities Fund declare and pay dividends annually. Each Fund 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 “Statements of operations” under “Custodian fees” with the corresponding expenses offset included under “Less expenses paid indirectly.” For the six months ended March 31, 2021, each Fund earned the following amounts under this arrangement:

Fund	Custody credits
Delaware Equity Income Fund		$	—
Delaware Growth and Income Fund			210
Delaware Growth Equity Fund			—
Delaware Opportunity Fund			2
Delaware Special Situations Fund			—
Delaware Global Equity Fund			—
Delaware International Fund			—
Delaware Floating Rate II Fund			51
Delaware Fund for Income			71
Delaware International Opportunities Bond Fund			—
Delaware Investment Grade Fund			1
Delaware Limited Duration Bond Fund			3
Delaware Strategic Income II Fund			25
Delaware Covered Call Strategy Fund			9
Delaware Hedged U.S. Equity Opportunities Fund			—
Delaware Premium Income Fund			—
Delaware Total Return Fund			181

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 six months ended March 31, 2021, each Fund earned the following amounts under this arrangement:

Fund	Earnings Credits
Delaware Equity Income Fund		$	1,164
Delaware Growth and Income Fund			3,626
Delaware Growth Equity Fund			1,600
Delaware Opportunity Fund			2,486
Delaware Special Situations Fund			1,693
Delaware Global Equity Fund			1,080
Delaware International Fund			1,054
Delaware Floating Rate II Fund			187
Delaware Fund for Income			1,232
Delaware International Opportunities Bond Fund			183
Delaware Investment Grade Fund			938
Delaware Limited Duration Bond Fund			706
Delaware Strategic Income II Fund			317
Delaware Covered Call Strategy Fund			688
Delaware Hedged U.S. Equity Opportunities Fund			282
Delaware Premium Income Fund			207
Delaware Total Return Fund			2,000

191

Notes to financial statements
Delaware Group^® Equity Funds IV (Trust)

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:

	On the first	On the next	On the next	In excess of
	$500 million	$500 million	$1.5 billion	$2.5 billion
Delaware Equity Income Fund	0.650%	0.600%	0.550%	0.500%
Delaware Growth and Income Fund	0.650%	0.600%	0.550%	0.500%
Delaware Growth Equity Fund	0.650%	0.600%	0.550%	0.500%
Delaware Opportunity Fund	0.750%	0.700%	0.650%	0.600%
Delaware Special Situations Fund	0.750%	0.700%	0.650%	0.600%
Delaware Global Equity Fund	0.850%	0.800%	0.750%	0.700%
Delaware International Fund	0.850%	0.800%	0.750%	0.700%
Delaware Floating Rate II Fund	0.500%	0.475%	0.450%	0.425%
Delaware Fund for Income	0.650%	0.600%	0.550%	0.500%
Delaware International Opportunities Bond
Fund	0.750%	0.700%	0.650%	0.600%
Delaware Investment Grade Fund	0.500%	0.475%	0.450%	0.425%
Delaware Limited Duration Bond Fund	0.500%	0.475%	0.450%	0.425%
Delaware Strategic Income II Fund	0.550%	0.500%	0.450%	0.425%
Delaware Total Return Fund	0.650%	0.600%	0.550%	0.500%

	On the first	On the next	On the next	On the next	On the next	In excess
	$300 million	$200 million	$500 million	$1 billion	$1 billion	$3 billion
Delaware Covered Call
Strategy Fund	0.8000%	0.7500%	0.7000%	0.6500%	0.600%	0.550%
	On the first	On the next	On the next	On the next	On the next	In excess
	$100 million	$400 million	$500 million	$1 billion	$1 billion	$3 billion
Delaware Hedged
U.S. Equity Opportunities
Fund	1.1500%	1.1000%	1.0500%	1.0000%	0.950%	0.900%

Delaware Premium Income Fund pays 0.80% of the Fund’s average daily net assets.

DMC has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any 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 the following percentages of each Fund’s average daily net assets

192

from January 28, 2021 through March 31, 2021.* These waivers and reimbursements may only be terminated by agreement of DMC and each Fund. The waivers and reimbursements are accrued daily and received monthly.

	Operating expense	Operating expense	Operating expense
	limitation as a	limitation as a	limitation as a
	percentage of average	percentage of average	percentage of average
	daily	daily	daily
	net assets	net assets	net assets
Fund	Class A**	Institutional Class**	Class R6
Delaware Equity Income Fund	1.12%	0.85%	0.81%
Delaware Growth and Income Fund	1.08%	0.82%	0.75%
Delaware Growth Equity Fund	1.14%	0.86%	0.79%
Delaware Opportunity Fund	1.21%	0.90%	0.78%
Delaware Special Situations Fund	1.27%	1.02%	0.87%
Delaware Global Equity Fund	1.37%	1.07%	1.02%
Delaware International Fund	1.43%	1.18%	1.09%
Delaware Floating Rate II Fund	1.05%	0.80%	0.74%
Delaware Fund for Income	1.16%	0.89%	0.80%
Delaware International Opportunities Bond Fund	1.15%	0.90%	0.94%
Delaware Investment Grade Fund	0.92%	0.67%	0.66%
Delaware Limited Duration Bond Fund	0.74%	0.49%	0.36%
Delaware Strategic Income II Fund	1.20%	0.92%	N/A
Delaware Covered Call Strategy Fund	1.31%	1.06%	0.88%
Delaware Hedged U.S. Equity Opportunities Fund	1.64%	1.30%	1.20%
Delaware Premium Income Fund	1.30%	1.05%	0.90%
Delaware Total Return Fund	1.15%	0.91%	0.79%

____________________

*	The aggregate contractual waiver period covering this report for Class R6 is from October 4, 2019 through January 31, 2022 and for Class A and Institutional Class is from January 28, 2021 through January 31, 2022.
**	From October 1, 2020 through January 27, 2021, the operating expense limitations were as follows:

	Operating expense	Operating expense	Operating expense
	limitation as a	limitation as a	limitation as a
	percentage of average	percentage of average	percentage of average
	daily net assets	daily net assets	daily net assets
Fund	Class A	Institutional Class	Class R6
Delaware Equity Income Fund	1.17%	0.85%	0.81%
Delaware Growth and Income Fund	1.11%	0.82%	0.75%
Delaware Growth Equity Fund	1.17%	0.86%	0.79%
Delaware Opportunity Fund	1.21%	0.90%	0.78%
Delaware Special Situations Fund	1.27%	1.02%	0.87%
Delaware Global Equity Fund	1.41%	1.07%	1.02%
Delaware International Fund	1.53%	1.18%	1.09%
Delaware Floating Rate II Fund	1.05%	0.89%	0.74%
Delaware Fund for Income	1.18%	1.03%	0.80%
Delaware International Opportunities Bond Fund	1.39%	1.09%	0.94%
Delaware Investment Grade Fund	1.03%	0.74%	0.66%
Delaware Limited Duration Bond Fund	0.74%	0.51%	0.36%
Delaware Strategic Income II Fund	1.20%	0.92%	N/A
Delaware Covered Call Strategy Fund	1.31%	1.09%	0.88%
Delaware Hedged U.S. Equity Opportunities Fund	1.64%	1.30%	1.20%
Delaware Premium Income Fund	1.30%	1.05%	0.90%
Delaware Total Return Fund	1.15%	0.91%	0.79%

193

Notes to financial statements
Delaware Group^® Equity Funds IV (Trust)

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

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 a Fund, pays each Affiliated Sub-Advisor a portion of its investment management fee.

Although the Manager has principal responsibility for the Manager’s portion of the Delaware Equity Income Fund, Delaware Global Equity Fund, Delaware Growth and Income Fund, Delaware International Fund, Delaware Opportunity Fund, Delaware Special Situations Fund and Delaware Total Return Fund, the Manager may permit Macquarie Funds Management Hong Kong Limited to execute Fund security trades on behalf of the Manager.

Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administrative oversight services to the Funds. For these services, DIFSC’s fees are calculated daily and paid monthly, based on the aggregate daily net assets of all funds within the Delaware Funds at the following annual rates: 0.00475% of the first $35 billion; 0.0040% of the next $10 billion; and 0.0025% of aggregate average daily net assets in excess of $45 billion (Total Fee). Each fund in the Delaware Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each fund then pays its portion of the remainder of the Total Fee on a relative NAV basis. These amounts are included on the “Statements of operations” under “Accounting and administration expenses.” For the six months ended March 31, 2021, each Fund was charged for these services as follows:

Fund	Fees
Delaware Equity Income Fund	$	7,278
Delaware Growth and Income Fund		20,139
Delaware Growth Equity Fund		12,418
Delaware Opportunity Fund		13,373
Delaware Special Situations Fund		7,682
Delaware Global Equity Fund		6,743
Delaware International Fund		6,860
Delaware Floating Rate II Fund		2,897
Delaware Fund for Income		9,037
Delaware International Opportunities Bond Fund		2,448
Delaware Investment Grade Fund		6,194
Delaware Limited Duration Bond Fund		4,826
Delaware Strategic Income II Fund		3,542
Delaware Covered Call Strategy Fund		4,535
Delaware Hedged U.S. Equity Opportunities Fund		3,275
Delaware Premium Income Fund		2,947
Delaware Total Return Fund		11,231

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

194

For the six months ended March 31, 2021, each Fund was charged for these services as follows:

Fund	Fees
Delaware Equity Income Fund	$	13,608
Delaware Growth and Income Fund		46,708
Delaware Growth Equity Fund		26,834
Delaware Opportunity Fund		29,269
Delaware Special Situations Fund		14,616
Delaware Global Equity Fund		12,242
Delaware International Fund		12,536
Delaware Floating Rate II Fund		2,335
Delaware Fund for Income		18,152
Delaware International Opportunities Bond Fund		1,182
Delaware Investment Grade Fund		10,839
Delaware Limited Duration Bond Fund		7,305
Delaware Strategic Income II Fund		3,997
Delaware Covered Call Strategy Fund		6,556
Delaware Hedged U.S. Equity Opportunities Fund		3,304
Delaware Premium Income Fund		2,466
Delaware Total Return Fund		23,800

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 each Fund. Sub-transfer agency fees are paid by each Fund 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% of the average daily net assets of the Class A shares. DDLP has contracted to limit Delaware Limited Duration Bond Fund Class A shares’ 12b-1 fees to no more than 0.15% of average daily net assets from October 1, 2020 through March 31, 2021.* This waiver may be terminated only by agreement of DDLP and the Fund. 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, tax, and regulatory reporting services to each Fund. These amounts are included on the “Statements of operations” under “Legal fees.”

195

Notes to financial statements
Delaware Group^® Equity Funds IV (Trust)

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

For the six months ended March 31, 2021, each Fund was charged for internal legal, tax, and regulatory services provided by DMC and/or its affiliates’ employees as follows:

Fund	Fees
Delaware Equity Income Fund	$	8,073
Delaware Growth and Income Fund		19,162
Delaware Growth Equity Fund		9,026
Delaware Opportunity Fund		9,789
Delaware Special Situations Fund		5,135
Delaware Global Equity Fund		4,101
Delaware International Fund		4,477
Delaware Floating Rate II Fund		791
Delaware Fund for Income		6,439
Delaware International Opportunities Bond Fund		3,878
Delaware Investment Grade Fund		3,971
Delaware Limited Duration Bond Fund		2,745
Delaware Strategic Income II Fund		5,744
Delaware Covered Call Strategy Fund		2,203
Delaware Hedged U.S. Equity Opportunities Fund		1,125
Delaware Premium Income Fund		828
Delaware Total Return Fund		16,181

For the six months ended March 31, 2021, DDLP earned commissions on sales of Class A shares for each Fund as follows:

Fund	Commissions
Delaware Equity Income Fund	$	11,416
Delaware Growth and Income Fund		49,990
Delaware Growth Equity Fund		31,385
Delaware Opportunity Fund		34,600
Delaware Special Situations Fund		20,491
Delaware Global Equity Fund		9,829
Delaware International Fund		9,742
Delaware Floating Rate II Fund		340
Delaware Fund for Income		5,634
Delaware International Opportunities Bond Fund		553
Delaware Investment Grade Fund		3,284
Delaware Limited Duration Bond Fund		1,582
Delaware Strategic Income II Fund		1,082
Delaware Covered Call Strategy Fund		7,327
Delaware Hedged U.S. Equity Opportunities Fund		6,758
Delaware Premium Income Fund		1,250
Delaware Total Return Fund		28,268

196

For the six months ended March 31, 2021, DDLP received gross CDSC commissions on redemptions of each Fund’s Class A shares, 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
Delaware Equity Income Fund		$	141
Delaware Growth and Income Fund			76
Delaware Growth Equity Fund			176
Delaware Opportunity Fund			33
Delaware Special Situations Fund			156
Delaware Global Equity Fund			64
Delaware International Fund			83
Delaware Floating Rate II Fund			29
Delaware Fund for Income			12
Delaware International Opportunities Bond Fund			—
Delaware Investment Grade Fund			128
Delaware Limited Duration Bond Fund			—
Delaware Strategic Income II Fund			156
Delaware Covered Call Strategy Fund			28
Delaware Hedged U.S. Equity Opportunities Fund			73
Delaware Premium Income Fund			123
Delaware Total Return Fund			716

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 the investment companies (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 the Underlying Funds and the number of shares that are owned of the Underlying Funds at different times.

Cross trades for the six months ended March 31, 2021, were executed by the Funds pursuant to procedures adopted by the Board designed to ensure compliance with Rule 17a-7 under the 1940 Act. Cross trading is the buying or selling of portfolio securities between funds of investment companies, or between a fund of an investment company and another entity, that are or could be considered affiliates by virtue of having a common investment advisor (or affiliated investment advisors), common directors/trustees and/or common officers. At its regularly scheduled meetings, the Board reviews a report related to the Funds’ compliance with the procedures adopted by the Board. Pursuant to these procedures, for the six months ended March 31, 2021, the following Funds engaged in Rule 17a-7 securities purchases and securities sales, as follows:

	Purchases			Sales		Net realized gain (loss)
Delaware Strategic Income II Fund		$	—	$	1,286,012	$	204
Delaware Total Return Fund			628,781		8,288,329		(93,601	)

197

Notes to financial statements
Delaware Group^® Equity Funds IV (Trust)

3. Investments

For the six months ended March 31, 2021, 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		US government		US government		US government
Fund	securities		securities		securities		securities
Delaware Equity Income Fund	$	106,153,195	$	—	$	155,100,839	$	—
Delaware Growth and Income Fund		301,129,031		—		436,747,960		—
Delaware Growth Equity Fund		93,260,100		—		182,351,907		—
Delaware Opportunity Fund		56,734,480		—		159,946,385		—
Delaware Special Situations Fund		21,804,436		—		81,861,347		—
Delaware Global Equity Fund		61,098,169		—		104,297,606		—
Delaware International Fund		60,972,158		—		91,052,666		—
Delaware Floating Rate II Fund		28,592,352		—		41,085,068		—
Delaware Fund for Income		247,399,540		—		289,058,164		—
Delaware International Opportunities Bond Fund		1,797,726		—		16,916,698		100,104
Delaware Investment Grade Fund		117,865,375		5,128,383		150,139,649		5,214,319
Delaware Limited Duration Bond Fund		40,223,594		103,265,521		47,017,364		115,909,164
Delaware Strategic Income II Fund		21,095,256		6,019,267		44,049,045		2,684,248
Delaware Covered Call Strategy Fund		40,495,534		—		81,219,998		—
Delaware Hedged U.S. Equity Opportunities Fund		32,544,820		—		39,312,744		—
Delaware Premium Income Fund		5,044,775		—		30,049,210		—
Delaware Total Return Fund		245,270,544		29,076,688		338,930,244		21,601,803

At March 31, 2021, the cost and unrealized appreciation (depreciation) of investments and derivatives for federal income tax purposes have been estimated since final tax characteristics cannot be determined until fiscal year end. At March 31, 2021, the cost and unrealized appreciation (depreciation) of investments and derivatives for each Fund were as follows:

			Aggregate		Aggregate
			unrealized		unrealized			Net unrealized
	Cost of		appreciation		depreciation			appreciation
	investments		of investments		of investments			of investments
Fund	and derivatives		and derivatives		and derivatives			and derivatives
Delaware Equity Income Fund	$	280,544,910	$	47,929,442	$	(5,896,619	)	$	42,032,823
Delaware Growth and Income Fund		951,247,464		187,456,363		(17,743,664	)		169,712,699
Delaware Growth Equity Fund		380,823,985		258,375,800		(1,806,681	)		256,569,119
Delaware Opportunity Fund		544,054,755		183,534,960		(7,644,774	)		175,890,186
Delaware Special Situations Fund		283,390,958		98,048,534		(10,275,891	)		87,772,643
Delaware Global Equity Fund		256,734,337		29,944,610		(9,117,693	)		20,826,917
Delaware International Fund		276,835,683		30,853,142		(14,722,810	)		16,130,332
Delaware Floating Rate II Fund		50,551,768		1,112,149		(55,874	)		1,056,275
Delaware Fund for Income		388,525,306		14,151,347		(1,755,468	)		12,395,879
Delaware International Opportunities Bond Fund		18,957,135		1,164,327		(840,125	)		324,202
Delaware Investment Grade Fund		229,570,589		4,288,393		(3,872,286	)		416,107
Delaware Limited Duration Bond Fund		157,906,796		2,128,011		(397,439	)		1,730,572
Delaware Strategic Income II Fund		81,795,235		3,125,017		(902,648	)		2,222,369
Delaware Covered Call Strategy Fund		103,973,479		46,379,485		(1,135,509	)		45,243,976
Delaware Hedged U.S. Equity Opportunities Fund		70,548,764		13,330,686		(1,303,047	)		12,027,639
Delaware Premium Income Fund		43,650,290		14,641,243		(4,553,069	)		10,088,174
Delaware Total Return Fund		490,232,540		54,911,992		(7,516,017	)		47,395,975

198

At September 30, 2020, capital loss carryforwards available to offset future realized capital gains, were as follows:

	Loss carryforward character
	Short-term			Long-term			Total
Delaware Floating Rate II Fund		$	3,631,838		$	5,716,006	$	9,347,844
Delaware Fund for Income			13,946,777			42,502,717		56,449,494
Delaware International Opportunities Bond Fund			1,788,878			8,254,471		10,043,349
Delaware Limited Duration Bond Fund			—			32,795,232		32,795,232
Delaware Strategic Income II Fund			1,251,469			7,585,864		8,837,333
Delaware Covered Call Strategy Fund			29,786,984			—		29,786,984
Delaware Premium Income Fund			—			6,789,840		6,789,840

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 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.

199

Notes to financial statements
Delaware Group^® Equity Funds IV (Trust)

3. Investments (continued)

The following tables summarize the valuation of each Fund’s investments by fair value hierarchy levels as of March 31, 2021:

	Delaware Equity
	Income Fund
	Level 1
Securities
Assets:
Common Stock		$	321,544,488
Short-Term Investments			1,033,245
Total Value of Securities		$	322,577,733

	Delaware
	Growth and
	Income Fund
	Level 1
Securities
Assets:
Common Stock		$	1,116,468,390
Short-Term Investments			4,491,773
Total Value of Securities		$	1,120,960,163

	Delaware
	Growth Equity
	Fund
	Level 1
Securities
Assets:
Common Stock		$	630,524,629
Short-Term Investments			6,868,475
Total Value of Securities		$	637,393,104

	Delaware
	Opportunity
	Fund
	Level 1
Securities
Assets:
Common Stock		$	717,585,310
Short-Term Investments			2,359,631
Total Value of Securities		$	719,944,941

200

	Delaware
	Special
	Situations Fund
	Level 1
Securities
Assets:
Common Stock		$	370,174,714
Short-Term Investments			988,887
Total Value of Securities		$	371,163,601

	Delaware Global Equity Fund
	Level 1		Level 2			Total
Securities
Assets:
Common Stock	$	270,114,835	$	—		$	270,114,835
Exchange-Traded Funds		1,770,498		—			1,770,498
Short-Term Investments		5,675,910		—			5,675,910
Total Value of Securities	$	277,561,243	$	—		$	277,561,243
Derivatives1
Assets:
Foreign Currency Exchange Contracts	$	—	$	3,713		$	3,713
Liabilities:
Foreign Currency Exchange Contracts	$	—	$	(3,702	)	$	(3,702	)

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

201

Notes to financial statements
Delaware Group^® Equity Funds IV (Trust)

3. Investments (continued)

	Delaware International Fund
	Level 1		Level 2			Total
Securities
Assets:
Common Stock	$	286,342,657	$	—		$	286,342,657
Exchange-Traded Funds		2,951,750		—			2,951,750
Short-Term Investments		3,674,521		—			3,674,521
Total Value of Securities	$	292,968,928	$	—		$	292,968,928
Derivatives1
Assets:
Foreign Currency Exchange Contracts	$	—	$	4,129		$	4,129
Liabilities:
Foreign Currency Exchange Contracts	$	—	$	(7,042	)	$	(7,042	)

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

	Delaware Floating Rate II Fund
	Level 1		Level 2		Total
Securities
Assets:
Convertible Bond	$	—	$	186,048	$	186,048
Corporate Bonds		—		2,962,226		2,962,226
Loan Agreements		—		44,864,721		44,864,721
Short-Term Investments		3,595,048		—		3,595,048
Total Value of Securities	$	3,595,048	$	48,012,995	$	51,608,043

	Delaware Fund for Income
	Level 1		Level 2		Total
Securities
Assets:
Corporate Bonds	$	—	$	340,793,300	$	340,793,300
Loan Agreements		—		43,096,343		43,096,343
Short-Term Investments		17,031,542		—		17,031,542
Total Value of Securities	$	17,031,542	$	383,889,643	$	400,921,185

202

	Delaware International Opportunities Bond Fund
	Level 1				Level 2				Total
Securities
Assets:
Corporate Bonds		$	—			$	2,249,125			$	2,249,125
Regional Bonds			—				2,893,028				2,893,028
Sovereign Bonds			—				13,100,922				13,100,922
Supranational Banks			—				1,036,504				1,036,504
Short-Term Investments			102,353				—				102,353
Total Value of Securities		$	102,353			$	19,279,579			$	19,381,932
Derivatives1
Assets:
Futures Contracts		$	46,769			$	—			$	46,769
Foreign Currency Exchange Contracts			—				23,684				23,684
Liabilities:
Foreign Currency Exchange Contracts		$	—			$	(169,600	)		$	(169,600	)
Futures Contracts			(1,448	)			—				(1,448	)

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

	Delaware
	Investment
	Grade Fund
	Level 2
Securities
Assets:
Convertible Bond	$	1,078,230
Corporate Bonds		224,072,095
Loan Agreements		4,836,371
Total Value of Securities	$	229,986,696

203

Notes to financial statements
Delaware Group^® Equity Funds IV (Trust)

3. Investments (continued)

	Delaware Limited Duration Bond Fund
	Level 1			Level 2			Level 3			Total
Securities
Assets:
Agency Collateralized Mortgage
Obligations1		$	—		$	1,348,349		$	2,031,678		$	3,380,027
Agency Commercial Mortgage-
Backed Security			—			3,048,170			—			3,048,170
Agency Mortgage-Backed
Securities			—			19,688,281			—			19,688,281
Collateralized Debt Obligations			—			12,395,347			—			12,395,347
Corporate Bonds			—			89,833,006			—			89,833,006
Non-Agency Asset-Backed
Securities			—			9,007,007			—			9,007,007
US Treasury Obligations			—			17,205,598			—			17,205,598
Short-Term Investments1			2,277,478			2,802,454			—			5,079,932
Total Value of Securities		$	2,277,478		$	155,328,212		$	2,031,678		$	159,637,368

¹ Security type is valued across multiple levels. Level 1 investments represent exchange-traded investments, Level 2 investments represent investments with observable inputs or matrix-priced investments, and Level 3 investments represent investments without observable inputs. The amounts attributed to Level 1 investments, Level 2 investments, and Level 3 investments represent the following percentages of the total market value of these security types:

	Level 1			Level 2		Level 3			Total
Agency Collateralized Mortgage
Obligations		—			39.89%		60.11	%		100.00%
Short-Term Investments		44.83	%		55.17%		—			100.00%

204

	Delaware Strategic Income II Fund
	Level 1				Level 2				Level 3			Total
Securities
Assets:
Agency Collateralized Mortgage
Obligations		$	—			$	7,624,345			$	—		$	7,624,345
Agency Mortgage-Backed
Securities			—				1,833,832				—			1,833,832
Convertible Bonds			—				1,933,229				—			1,933,229
Corporate Bonds			—				44,727,760				—			44,727,760
Loan Agreements1			—				4,337,493				267,116			4,604,609
Non-Agency Asset-Backed
Securities			—				1,544,265				—			1,544,265
Non-Agency Collateralized
Mortgage Obligations			—				7,837,922				—			7,837,922
Non-Agency Commercial
Mortgage-Backed Securities			—				1,071,944				—			1,071,944
Sovereign Bonds			—				6,520,544				—			6,520,544
Supranational Bank			—				646,482				—			646,482
US Treasury Obligations			—				2,396,355				—			2,396,355
Short-Term Investments			3,264,061				—				—			3,264,061
Total Value of Securities		$	3,264,061			$	80,474,171			$	267,116		$	84,005,348
Derivatives2
Assets:
Futures Contracts		$	23,061			$	—			$	—		$	23,061
Foreign Currency Exchange
Contracts			—				41,816				—			41,816
Liabilities:
Foreign Currency Exchange
Contracts		$	—			$	(2,049	)		$	—		$	(2,049	)
Futures Contracts			(50,572	)			—				—			(50,572	)

¹ Security type is valued across multiple levels. Level 1 investments represent exchange-traded investments, Level 2 investments represent investments with observable inputs or matrix-priced investments, and Level 3 investments represent investments without observable inputs. The amounts attributed to Level 1 investments, Level 2 investments, and Level 3 investments represent the following percentages of the total market value of these security types:

	Level 1	Level 2		Level 3		Total
Loan Agreements	—		94.20%		5.80%		100.00%

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

205

Notes to financial statements
Delaware Group^® Equity Funds IV (Trust)

3. Investments (continued)

	Delaware
	Covered Call
	Strategy Fund
	Level 1
Securities
Assets:
Common Stock		$	147,791,078
Short-Term Investments			6,098,542
Total Value of Securities Before Options Written		$	153,889,620
Liabilities:
Options Written			(4,672,165	)

	Delaware Hedged U.S. Equity Opportunities Fund
	Level 1				Level 2				Total
Securities
Assets:
Common Stock		$	77,450,470			$	—			$	77,450,470
Options Purchased			—				557,175				557,175
Short-Term Investments			4,892,524				—				4,892,524
Total Value of Securities Before Options Written		$	82,342,994			$	557,175			$	82,900,169
Liabilities:
Options Written			(313,075	)			—				(313,075	)
Derivatives1
Assets:
Futures Contracts		$	36,033			$	—			$	36,033
Foreign Currency Exchange Contracts			—				7,881				7,881
Liabilities:
Foreign Currency Exchange Contracts		$	—			$	(6,403	)		$	(6,403	)
Futures Contracts			(48,203	)			—				(48,203	)

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

	Delaware
	Premium
	Income Fund
	Level 1
Securities
Assets:
Common Stock		$	65,345,824
Short-Term Investments			2,203,633
Total Value of Securities Before Options Written		$	67,549,457
Liabilities:
Options Written			(13,810,993	)

206

	Delaware Total Return Fund
	Level 1				Level 2				Level 3			Total
Securities
Assets:
Agency Mortgage-Backed
Securities		$	—			$	6,002,941			$	—		$	6,002,941
Collateralized Debt Obligations			—				1,303,164				—			1,303,164
Common Stock			304,287,076				—				—			304,287,076
Convertible Bonds			—				53,870,717				—			53,870,717
Convertible Preferred Stock1			8,399,200				6,408,365				—			14,807,565
Corporate Bonds			—				84,186,250				—			84,186,250
Exchange-Traded Funds			42,689,830				—				—			42,689,830
Limited Liability Corporation			—				—				6,973,200			6,973,200
Non-Agency Commercial
Mortgage-Backed Securities			—				2,748,861				—			2,748,861
Sovereign Bonds			—				11,563,502				—			11,563,502
Supranational Banks			—				743,325				—			743,325
US Treasury Obligations			—				7,187,285				—			7,187,285
Short-Term Investments			1,135,968				—				—			1,135,968
Total Value of Securities		$	356,512,074			$	174,014,410			$	6,973,200		$	537,499,684
Derivatives2
Assets:
Futures Contracts		$	92,243			$	—			$	—		$	92,243
Foreign Currency Exchange
Contracts			—				34,342				—			34,342
Liabilities:
Foreign Currency Exchange
Contracts		$	—			$	(25,996	)		$	—		$	(25,996	)
Futures Contracts			(5,057	)			—				—			(5,057	)
OTC Credit Default Swaps			—				(1,567	)			—			(1,567	)

¹ Security type is valued across multiple levels. Level 1 investments represent exchange-traded investments, Level 2 investments represent investments with observable inputs or matrix-priced investments, and Level 3 investments represent investments without observable inputs. The amounts attributed to Level 1 investments, Level 2 investments, and Level 3 investments represent the following percentages of the total market value of these security types:

	Level 1		Level 2		Level 3		Total
Convertible Preferred Stock		56.72%		43.28%		—		100.00%

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

207

Notes to financial statements
Delaware Group^® Equity Funds IV (Trust)

3. Investments (continued)

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

	Delaware Limited				Delaware Total
	Duration Bond Fund				Return Fund
	Agency Collateralized Mortgage Obligation				Limited Liability Corporation
Balance as of 9/30/20		$	—			$	6,840,000
Purchases			2,031,994				—
Corporate actions			—				(198,000	)
Net change in unrealized appreciation (depreciation)			(316	)			331,200
Balance as of 3/31/21		$	2,031,678			$	6,973,200
Net change in unrealized appreciation (depreciation) from Level 3 investments still held as of 3/31/21		$	(316	)		$	331,200

Securities valued at zero on the “Schedules of investments” are considered to be Level 3 investments in these tables.

During the six months ended March 31, 2021, there were no transfers into or out of Level 3 investments that had a significant impact to each Fund. Each Fund’s policy is to recognize transfers between levels based on fair value at the beginning of the reporting period.

A reconciliation of Level 3 investments is presented when a Fund has a significant amount of Level 3 investments at the beginning, interim, or end of the period in relation to that Fund’s net assets. Management has determined not to provide additional disclosure on Level 3 inputs since the Level 3 investments were not considered significant to each Fund’s net assets at the end of the period except for Delaware Total Return Fund. There were no Level 3 investments during the six months ended March 31, 2021 for Delaware Equity Income Fund, Delaware Growth and Income Fund, Delaware Growth Equity Fund, Delaware Opportunity Fund, Delaware Special Situations Fund, Delaware Global Equity Fund, Delaware International Fund, Delaware Floating Rate II Fund, Delaware Fund for Income, Delaware International Opportunities Bond Fund, Delaware Strategic Income II Fund, Delaware Covered Call Strategy Fund, Delaware Hedged U.S. Equity Opportunities Fund and Delaware Premium Income Fund.

When market quotations are not readily available for one or more portfolio securities, the Fund’s NAV shall be calculated by using the “fair value” of the securities as determined by the Pricing Committee. Such “fair value” is the amount that the Fund might reasonably expect to receive for the security (or asset) upon its current sale. Each such determination should be based on a consideration of all relevant factors, which are likely to vary from one pricing context to another. Examples of such factors may include, but are not limited to: (i) the type of security, (ii) the size of the holding, (iii) the initial cost of the security, (iv) the existence of any contractual restrictions of the security’s disposition, (v) the price and extent of public trading in similar securities of the issuer or of comparable companies, (vi) quotations or evaluated prices from broker/dealers and/or pricing services, (vii) information obtained from the issuer, analysts, and/or appropriate stock exchange (for exchange-traded securities), (viii) an analysis of the company’s financial statements, and (ix) an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

The Pricing Committee, or its delegate, employs various methods for calibrating these valuation approaches, including due diligence of the Fund’s pricing vendors and periodic back-testing of the prices that are fair valued under these procedures and reviews of any market related activity. The pricing of all securities fair valued by the Pricing Committee is subsequently reported to and approved by the Board on a quarterly basis.

A significant change to the inputs may result in a significant change to the valuation. Quantitative information about Level 3 fair value measurements for Delaware Limited Duration Bond Fund and Delaware Total Return Fund are as follows:

				Valuation	Unobservable
	Assets	Value		Techniques	Inputs
Delaware Limited Duration	Agency Collateralized				Unadjusted price
Bond Fund	Mortgage Obligation	$	2,031,678	Valued by 3rd party	provided by 3rd party
					Fair value cost
Delaware Total Return Fund	Limited Liability Corporation		6,973,200	Cost method	adjusted for liquidity

208

4. Capital Shares

Transactions in capital shares were as follows:

	Delaware				Delaware				Delaware
	Equity Income Fund				Growth and Income Fund				Growth Equity Fund
	Six months				Six months				Six months
	ended		Year ended		ended		Year ended		ended		Year ended
	3/31/21		9/30/20		3/31/21		9/30/20		3/31/21		9/30/20
Shares sold:
Class A	700,887		2,992,548		1,310,014		4,254,765		1,252,987		3,435,618
Institutional Class1	129,849		133,502		125,367		217,768		656,509		2,384,153
Class R62	—		20,663		—		24,186		28,821		89,882
Shares issued upon reinvestment of dividends and distributions:
Class A	3,191,122		18,307,597		4,590,220		35,494,393		3,182,854		4,229,857
Institutional Class1	13,372		43,326		21,621		202,939		782,524		1,150,149
Class R62	897		54,036		1,128		137,914		4,900		32,832
	4,036,127		21,551,672		6,048,350		40,331,965		5,908,595		11,322,491
Shares redeemed:
Class A	(8,831,744	)	(20,820,065	)	(12,991,900	)	(27,778,176	)	(5,871,415	)	(15,057,768	)
Institutional Class1	(62,496	)	(212,950	)	(119,334	)	(1,168,583	)	(1,971,312	)	(6,455,203	)
Class R62	(105,833	)	(111,573	)	(211,068	)	(217,274	)	(207,052	)	(195,369	)
	(9,000,073	)	(21,144,588	)	(13,322,302	)	(29,164,033	)	(8,049,779	)	(21,708,340	)
Net increase (decrease)	(4,963,946	)	407,084		(7,273,952	)	11,167,932		(2,141,184	)	(10,385,849	)

209

Notes to financial statements
Delaware Group^® Equity Funds IV (Trust)

4. Capital Shares (continued)

	Delaware				Delaware				Delaware
	Opportunity Fund				Special Situations Fund				Global Equity Fund
	Six months				Six months				Six months
	ended		Year ended		ended		Year ended		ended		Year ended
	3/31/21		9/30/20		3/31/21		9/30/20		3/31/21		9/30/20
Shares sold:
Class A	378,947		1,669,138		316,402		1,293,804		593,388		1,923,851
Institutional Class1	29,488		56,774		28,152		33,536		142,060		625,902
Class R62	432		11,619		291		12,086		—		25,591
Shares issued upon reinvestment of dividends and distributions:
Class A	192,380		9,042,987		114,275		2,586,471		1,838,216		7,061,434
Institutional Class1	1,000		46,419		746		31,777		112,012		546,442
Class R62	—		21,109		—		21,329		378		40,587
	602,247		10,848,046		459,866		3,979,003		2,686,054		10,223,807
Shares redeemed:
Class A	(4,342,052	)	(9,158,482	)	(2,849,480	)	(6,858,417	)	(6,350,885	)	(14,277,425	)
Institutional Class1	(34,428	)	(267,463	)	(23,175	)	(453,465	)	(453,510	)	(8,362,693	)
Class R62	(33,333	)	(50,306	)	(81,436	)	(94,115	)	(184,825	)	(126,778	)
	(4,409,813	)	(9,476,251	)	(2,954,091	)	(7,405,997	)	(6,989,220	)	(22,766,896	)
Net increase (decrease)	(3,807,566	)	1,371,795		(2,494,225	)	(3,426,994	)	(4,303,166	)	(12,543,089	)

210

	Delaware				Delaware				Delaware
	International Fund				Floating Rate II Fund				Fund for Income
	Six months				Six months				Six months
	ended		Year ended		ended		Year ended		ended		Year ended
	3/31/21		9/30/20		3/31/21		9/30/20		3/31/21		9/30/20
Shares sold:
Class A	322,853		1,131,315		180,121		463,052		2,914,882		6,868,436
Institutional Class1	1,653,009		1,712,839		170,026		752,980		5,951,421		16,670,935
Class R62	7,637		6,039		1,226		4,088		—		216,507
Shares issued upon reinvestment of dividends and distributions:
Class A	511,933		3,838,262		91,004		210,379		3,182,686		7,481,579
Institutional Class1	312,556		3,088,953		55,855		134,116		591,444		750,973
Class R62	250		20,038		93		902		2,621		31,509
	2,808,238		9,797,446		498,325		1,565,517		12,643,054		32,019,939
Shares redeemed:
Class A	(2,506,243	)	(6,479,613	)	(1,027,684	)	(3,310,795	)	(20,818,670	)	(55,446,953	)
Institutional Class1	(1,693,668	)	(8,393,338	)	(630,884	)	(2,807,003	)	(8,110,040	)	(7,191,422	)
Class R62	(45,217	)	(60,827	)	(2,582	)	(53,049	)	(420,315	)	(14,710,234	)
	(4,245,128	)	(14,933,778	)	(1,661,150	)	(6,170,847	)	(29,349,025	)	(77,348,609	)
Net decrease	(1,436,890	)	(5,136,332	)	(1,162,825	)	(4,605,330	)	(16,705,971	)	(45,328,670	)
	Delaware								Delaware
	International Opportunities				Delaware				Limited Duration Bond
	Bond Fund				Investment Grade Fund				Fund
	Six months				Six months				Six months
	ended		Year ended		ended		Year ended		ended		Year ended
	3/31/21		9/30/20		3/31/21		9/30/20		3/31/21		9/30/20
Shares sold:
Class A	50,328		227,387		1,071,599		1,978,035		1,902,181		2,935,741
Institutional Class1	13,530		625,993		28,516		1,175,153		25,705		517,035
Class R62	8		3,413		1,625		19,516		—		5,310
Shares issued upon reinvestment of dividends and distributions:
Class A	1,932		92,826		1,040,929		1,941,424		179,464		435,451
Institutional Class1	456		46,130		7,550		23,631		10,124		51,287
Class R62	5		255		643		7,724		126		1,227
	66,259		996,004		2,150,862		5,145,483		2,117,600		3,946,051
Shares redeemed:
Class A	(862,737	)	(2,176,651	)	(5,139,827	)	(14,224,983	)	(3,908,232	)	(9,114,188	)
Institutional Class1	(893,810	)	(5,532,684	)	(48,849	)	(2,177,865	)	(244,633	)	(5,671,832	)
Class R62	(5,069	)	(1,594,152	)	(72,016	)	(2,269,498	)	(26,955	)	(5,102,484	)
	(1,761,616	)	(9,303,487	)	(5,260,692	)	(18,672,346	)	(4,179,820	)	(19,888,504	)
Net decrease	(1,695,357	)	(8,307,483	)	(3,109,830	)	(13,526,863	)	(2,062,220	)	(15,942,453	)

211

Notes to financial statements
Delaware Group^® Equity Funds IV (Trust)

4. Capital Shares (continued)

					Delaware				Delaware
	Delaware				Covered Call Strategy				Hedged U.S. Equity
	Strategic Income II Fund				Fund				Opportunities Fund
	Six months				Six months				Six months
	ended		Year ended		ended		Year ended		ended		Year ended
	3/31/21		9/30/20		3/31/21		9/30/20		3/31/21		9/30/20
Shares sold:
Class A	248,684		1,231,284		218,545		1,596,672		384,855		704,041
Institutional Class1	16,376		22,515		166,578		670,475		1,410,805		551,142
Class R62	—		—		2,856		6,854		3,173		6,543
Shares issued upon reinvestment of dividends and distributions:
Class A	170,656		415,462		44,613		174,427		1,304,950		1,008,606
Institutional Class1	611		1,757		16,722		60,139		499,622		402,426
Class R62	—		—		49		1,130		2,274		4,534
	436,327		1,671,018		449,363		2,509,697		3,605,679		2,677,292
Shares redeemed:
Class A	(2,176,465	)	(5,872,020	)	(2,598,588	)	(8,645,575	)	(1,394,905	)	(3,257,788	)
Institutional Class1	(17,101	)	(52,490	)	(816,991	)	(2,899,249	)	(449,791	)	(2,890,833	)
Class R62	—		—		(17,837	)	(112,687	)	(7,815	)	(30,593	)
	(2,193,566	)	(5,924,510	)	(3,433,416	)	(11,657,511	)	(1,852,511	)	(6,179,214	)
Net increase (decrease)	(1,757,239	)	(4,253,492	)	(2,984,053	)	(9,147,814	)	1,753,168		(3,501,922	)

212

	Delaware				Delaware
	Premium Income Fund				Total Return Fund
	Six months				Six months
	ended		Year ended		ended		Year ended
	3/31/21		9/30/20		3/31/21		9/30/20
Shares sold:
Class A	58,212		712,665		645,105		2,400,615
Institutional Class1	251,657		1,458,295		66,025		66,974
Class R62	—		5,166		47		9,344
Shares issued upon reinvestment of dividends and distributions:
Class A	27,540		171,054		410,692		9,940,920
Institutional Class1	29,218		201,128		893		11,210
Class R62	171		634		172		23,123
	366,798		2,548,942		1,122,934		12,452,186
Shares redeemed:
Class A	(837,049	)	(3,518,739	)	(6,810,964	)	16,153,621	)
Institutional Class1	(1,196,583	)	(4,842,640	)	(37,526	)	(85,982	)
Class R62	—		(3,956	)	(48,969	)	(83,015	)
	(2,033,632	)	(8,365,335	)	(6,897,459	)	(16,322,618	)
Net decrease	(1,666,834	)	(5,816,393	)	(5,774,525	)	(3,870,432	)

1	On October 4, 2019, Advisor Class shares were reorganized into Institutional Class shares.
2	On October 4, 2019, Institutional Class shares were reorganized into Class R6 shares.
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 tables above and on the “Statements of changes in net assets.” For the six months ended March 31, 2021 and the year ended September 30, 2020, each Fund had the following exchange transactions:

	Exchange Redemptions		Exchange Subscriptions
		Institutional		Institutional
	Class A	Class	Class A	Class		Class R6
	Shares	Shares	Shares	Shares		Shares	Value
Delaware Equity Income Fund
Six months ended
3/31/21	55,440	—	—		55,039	—	$	383,278
Year ended
9/30/20	12,523	—	—		12,426	—		80,751
Delaware Growth and Income Fund
Six months ended
3/31/21	23,095	—	—		23,055	—		307,469
Year ended
9/30/20	504	—	—		502	—		6,167

213

Notes to financial statements
Delaware Group^® Equity Funds IV (Trust)

4. Capital Shares (continued)

	Exchange Redemptions				Exchange Subscriptions
			Institutional				Institutional
	Class A		Class		Class A		Class		Class R6
	Shares		Shares		Shares		Shares		Shares		Value
Delaware Growth Equity Fund
Six months ended
3/31/21		38,440		—		—		36,858		489	$	552,571
Delaware Opportunity Fund
Six months ended
3/31/21		13,617		—		—		12,836		179		408,447
Year ended
9/30/20		1,511		—		—		1,443		—		36,216
Delaware Special Situations Fund
Six months ended
3/31/21		11,402		—		—		11,105		—		274,058
Year ended
9/30/20		363		—		—		354		—		6,229
Delaware Global Equity Fund
Six months ended
3/31/21		13,468		—		—		12,858		—		93,387
Year ended
9/30/20		462		—		—		442		—		2,855
Delaware International Fund
Six months ended
3/31/21		19,463		—		—		18,934		—		262,127
Delaware Fund for Income
Six months ended
3/31/21		47,389		9,916		9,851		47,775		—		143,559
Year ended
9/30/20		8,468		—		—		8,517		—		20,526
Delaware International Opportunities Bond Fund
Six months ended
3/31/21		2,036		—		—		2,009		—		18,218
Delaware Investment Grade Fund
Six months ended
3/31/21		5,514		—		—		3,965		1,523		54,691
Delaware Covered Call Strategy Fund
Six months ended
3/31/21		2,664		—		—		2,671		—		29,519
Delaware Hedged U.S. Equity Opportunities Fund
Six months ended
3/31/21		2,822		—		—		2,777		—		32,901

214

	Exchange Redemptions			Exchange Subscriptions
			Institutional		Institutional
	Class A		Class	Class A	Class		Class R6
	Shares		Shares	Shares	Shares		Shares	Value
Delaware Premium Income Fund
Six months ended
3/31/21		8,332	—	—		8,323	—	$	81,653
Delaware Total Return Fund
Six months ended
3/31/21		41,036	—	—		40,859	—		652,541

Delaware Floating Rate II Fund, Delaware Limited Duration Bond Fund, and Delaware Strategic Income II Fund did not have any exchange transactions for the six months ended March 31, 2021. Delaware Growth Equity Fund, Delaware International Fund, Delaware Floating Rate II Fund, Delaware International Opportunities Bond Fund, Delaware Investment Grade Fund, Delaware Limited Duration Bond Fund, Delaware Strategic Income II Fund, Delaware Covered Call Strategy Fund, Delaware Hedged U.S. Equity Opportunities Fund, Delaware Premium Income Fund and Delaware Total Return Fund did not have any exchange transactions for the year ended September 30, 2020.

5. Line of Credit

Each Fund, along with certain other funds in the Delaware Funds (Participants), was a participant in a $275,000,000 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%, 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 2, 2020.

On November 2, 2020, each Fund, along with the other Participants entered into an amendment to the Agreement for an amount of $225,000,000 to be used as described above. It operates in substantially the same manner as the original Agreement with the addition of an upfront fee of 0.05%, which was allocated across the Participants. The line of credit available under the Agreement expires on November 1, 2021.

The Funds had no amounts outstanding as of March 31, 2021, or at any time during the period then ended.

6. Derivatives

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

Foreign Currency Exchange Contracts — Each Fund may enter into foreign currency exchange contracts and foreign cross currency exchange contracts as a way of managing foreign exchange rate risk. Each Fund may enter into these contracts to fix the 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. Each Fund may also use these contracts to hedge the US dollar value of securities it already owns that are denominated in foreign currencies. In addition, each 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, each Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts. Each Fund’s maximum risk of loss from counterparty credit

215

Notes to financial statements
Delaware Group^® Equity Funds IV (Trust)

6. Derivatives (continued)

risk is the value of its currency exchanged with the counterparty. The risk is generally mitigated by having a netting arrangement between each Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover each Fund’s exposure to the counterparty.

During the six months ended March 31, 2021, Delaware Global Equity Fund and Delaware International Fund entered into foreign currency exchange contracts and foreign cross currency contracts in order to fix the US dollar value of a security between the trade date and settlement date. Delaware Hedged U.S. Equity Opportunities Bond Fund, Delaware Limited Duration Bond Fund, Delaware Strategic Income II Fund, Delaware International Opportunities Bond Fund and Delaware Total Return Fund entered into foreign currency exchange contracts and foreign cross currency contracts to hedge the U.S. dollar value of securities it already owns that are denominated in foreign currencies. Delaware Total Return Fund also entered into foreign currency contracts and foreign cross currency contracts to facilitate or expedite the settlement of portfolio transactions.

Futures Contracts — A futures contract is an agreement in which the writer (or seller) of the contract agrees to deliver to the buyer an amount of cash or securities equal to a specific dollar amount times the difference between the value of a specific security or index at the close of the last trading day of the contract and the price at which the agreement is made. The Funds may use futures in the normal course of pursuing its investment objective. The Funds may invest in futures contracts to hedge its existing portfolio securities against fluctuations in fair value caused by changes in prevailing market interest rates. Upon entering into a futures contract, the Funds deposit cash or pledge 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. Delaware International Opportunities Bond Fund posted $63,031, Delaware Strategic Income II Fund posted $19,620, Delaware Hedged U.S. Equity Opportunities Bond Fund posted $996,193 and Delaware Total Return Fund posted $41,287 cash collateral as margin for open futures contracts.

During the six months ended March 31, 2021, Delaware International Opportunities Bond Fund, Delaware Investment Grade Fund, Delaware Strategic Income II Fund, Delaware Hedged U.S. Equity Opportunities Bond Fund and Delaware Total Return Fund invested in futures contracts to hedge its existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions.

Options Contracts — During the six months ended March 31, 2021, the Funds entered into options contracts in the normal course of pursuing their investment objective. Each Fund may buy or write options contracts for any number of reasons, including without limitation: to manage the Fund’s exposure to changes in securities prices caused by interest rates or market conditions and foreign currencies; as an efficient means of adjusting the Fund’s overall exposure to certain markets; to protect the value of portfolio securities; and as a cash management tool. 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 six months ended March 31, 2021, Delaware International Opportunities Bond Fund, Delaware Covered Call Strategy Fund, Delaware Hedged U.S. Equity Opportunities Fund, and Delaware Premium Income Fund used options contracts to manage the Funds’ exposure to changes in securities prices caused by interest rates or market conditions. In addition, Delaware Covered Call Strategy Fund and Delaware Premium Income Fund used options contracts to receive premiums for writing options and to protect the value of portfolio securities.

216

Swap Contracts — Delaware Total Return Fund enters into CDS contracts in the normal course of pursuing its investment objective. The Fund entered into CDS contracts in order to hedge against a credit event and to gain exposure to certain securities or markets. The Fund will not be permitted to enter into any swap transactions unless, at the time of entering into such transactions, the unsecured long-term debt of the actual counterparty, combined with any credit enhancements, is rated at least BBB- by Standard & Poor’s Financial Services LLC (S&P) or Baa3 by Moody’s Investors Service, Inc. (Moody’s) or is determined to be of equivalent credit quality by DMC.

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

During the six months ended March 31, 2021, Delaware Total Return Fund entered into CDS contracts as a purchaser of protection. Periodic payments (receipts) on such contracts are accrued daily and recorded as unrealized losses (gains) on swap contracts. Upon payment (receipt), such amounts are recorded as realized losses (gains) on swap contracts. Upfront payments made or received in connection with CDS contracts are amortized over the expected life of the CDS contracts as unrealized losses (gains) on swap contracts. The change in value of CDS contracts is recorded daily as unrealized appreciation or depreciation. A realized gain or loss is recorded upon a credit event (as defined in the CDS agreement) or the maturity or termination of the agreement. For the six months ended March 31, 2021, the Fund did not enter into any contracts as a seller of protection. Initial margin and variation margin are posted to central counterparties for centrally cleared CDS basket trades, as determined by the applicable central counterparty.

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

During the six months ended March 31, 2021, Delaware Total Return Fund used CDS contracts to hedge against credit events and to gain exposure to certain securities or markets.

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 Delaware Total Return Fund as unrealized gains or losses until the contracts are closed. When the contracts are closed, Delaware Total Return 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 Delaware Total Return 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.”

Fair values of derivative instruments as of March 31, 2021 were as follows:

	Delaware International Opportunities Bond Fund
	Asset Derivatives Fair Value
				Interest
Statement of Assets and		Currency		Rate
Liabilities Location		Contracts		Contracts		Total
Unrealized appreciation of foreign currency exchange contracts		$	23,684	$	—	$	23,684
Variation margin due from broker on futures contracts*			—		46,769		46,769
Total		$	23,684	$	46,769	$	70,453

217

Notes to financial statements
Delaware Group^® Equity Funds IV (Trust)

6. Derivatives (continued)

	Liability Derivatives Fair Value
					Interest
Statement of Assets and	Currency				Rate
Liabilities Location	Contracts				Contracts				Total
Unrealized depreciation on foreign currency exchange contracts		$	(169,600	)		$	—			$	(169,600	)
Variation margin due from broker on futures contracts*			—				(1,448	)			(1,448	)
Total		$	(169,600	)		$	(1,448	)		$	(171,048	)
	Delaware Strategic Income II Fund
	Asset Derivatives Fair Value
					Interest
Statement of Assets and	Currency				Rate
Liabilities Location	Contracts				Contracts				Total
Unrealized appreciation of foreign currency exchange contracts		$	41,816			$	—			$	41,816
Variation margin due from broker on futures contracts*			—				23,061				23,061
Total		$	41,816			$	23,061			$	64,877
	Liability Derivatives Fair Value
						Interest
Statement of Assets and		Currency				Rate
Liabilities Location		Contracts				Contracts			Total
Unrealized depreciation on foreign currency exchange contracts		$	(2,049	)		$	—			$	(2,049	)
Variation margin due from broker on futures contracts*			—				(50,572	)			(50,572	)
Total		$	(2,049	)		$	(50,572	)		$	(52,621	)
	Delaware Hedged U.S. Equity Opportunities Fund
	Asset Derivatives Fair Value
Statement of Assets and	Currency				Equity
Liabilities Location	Contracts				Contracts				Total
Unrealized appreciation of foreign currency exchange contracts		$	7,881			$	—			$	7,881
Variation margin due from broker on futures contracts*			—				36,033				36,033
Total		$	7,881			$	36,033			$	43,914
	Liability Derivatives Fair Value
Statement of Assets and	Currency				Equity
Liabilities Location	Contracts				Contracts				Total
Unrealized depreciation on foreign currency exchange contracts		$	(6,403	)		$	—			$	(6,403	)
Variation margin due from broker on futures contracts*			—				(48,203	)			(48,203	)
Total		$	(6,403	)		$	(48,203	)		$	(54,606	)
	Delaware Total Return Fund
	Asset Derivatives Fair Value
					Interest
Statement of Assets and	Currency				Rate
Liabilities Location	Contracts				Contracts				Total
Unrealized appreciation of foreign currency exchange contracts		$	34,342			$	—			$	34,342
Variation margin due from broker on futures contracts*			—				92,243				92,243
Total		$	34,342			$	92,243			$	126,585

218

		Liability Derivatives Fair Value
					Interest
Statement of Assets and	Currency				Rate				Credit
Liabilities Location	Contracts				Contracts				Contracts				Total
Unrealized depreciation on foreign currency exchange contracts		$	(25,996	)		$	—			$	—			$	(25,996	)
Variation margin due from broker on futures contracts*			—				(5,057	)			—				(5,057	)
Variation margin due to brokers on centrally cleared interest rate
swap contracts			—				—				(1,567	)			(1,567	)
Total		$	(25,996	)		$	(5,057	)		$	(1,567	)		$	(32,620	)

* Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts were opened through March 31, 2021. Only current day variation margin is reported on the Fund’s “Statements of assets and liabilities.”

The effect of derivative instruments on Delaware International Opportunities Bond Fund’s “Statement of operations” for the six months ended March 31, 2021 was as follows:

	Delaware International Opportunities Bond Fund
	Net Realized Gain (Loss) on:
	Foreign
	Currency
	Exchange				Futures			Options				Options
	Contracts				Contracts			Purchased				Written			Total
Currency
contracts		$	(161,262	)		$	—		$	—			$	—		$	(161,262	)
Interest rate
contracts			—				90,215			—				—			90,215
Equity
contracts			—				—			(2,874	)			1,485			(1,389	)
Total		$	(161,262	)		$	90,215		$	(2,874	)		$	1,485		$	(72,436	)
								Net Change in Unrealized
								Appreciation (Depreciation) of:
								Foreign
								Currency
								Exchange				Futures
								Contracts				Contracts			Total
Currency
contracts									$	(165,531	)		$	—		$	(165,531	)
Interest rate
contracts										—				44,727			44,727
Total									$	(165,531	)		$	44,727		$	(120,804	)

219

Notes to financial statements
Delaware Group^® Equity Funds IV (Trust)

6. Derivatives (continued)

The effect of derivative instruments on Delaware Strategic Income II Fund’s “Statement of operations” for the six months ended March 31, 2021 was as follows:

	Delaware Strategic Income II Fund
	Net Realized Gain (Loss) on:
	Foreign
	Currency
	Exchange				Futures
	Contracts				Contracts				Total
Currency
contracts		$	(22,186	)		$	—			$	(22,186	)
Interest rate
contracts			—				(130,516	)			(130,516	)
Total		$	(22,186	)		$	(130,516	)		$	(152,702	)
	Net Change in Unrealized
	Appreciation (Depreciation) of:
	Foreign
	Currency
	Exchange				Futures
	Contracts				Contracts				Total
Currency
contracts		$	26,709			$	—			$	26,709
Interest rate
contracts			—				(23,854	)			(23,854	)
Total		$	26,709			$	(23,854	)		$	2,855

The effect of derivative instruments on Delaware Hedged U.S. Equity Opportunities Fund’s “Statement of operations” for the six months ended March 31, 2021 was as follows:

	Delaware Hedged U.S. Equity Opportunities Fund
	Net Realized Gain (Loss) on:
	Foreign
	Currency
	Exchange				Futures				Options				Options
	Contracts				Contracts				Purchased				Written			Total
Currency
contracts		$	(108,028	)		$	—			$	—			$	—		$	(108,028	)
Equity
contracts			—				(3,706,816	)			(1,042,548	)			524,304			(4,225,060	)
Total		$	(108,028	)		$	(3,706,816	)		$	(1,042,548	)		$	524,304		$	(4,333,088	)
	Net Change in Unrealized Appreciation (Depreciation) of:
	Foreign
	Currency
	Exchange				Futures				Options				Options
	Contracts				Contracts				Purchased				Written			Total
Currency
contracts		$	(43,281	)		$	—			$	—			$	—		$	(43,281	)
Equity
contracts			—				(10,219	)			(617,910	)			312,411			(315,718	)
Total		$	(43,281	)		$	(10,219	)		$	(617,910	)		$	312,411		$	(358,999	)

220

The effect of derivative instruments on Delaware Total Return Fund’s “Statement of operations” for the six months ended March 31, 2021 was as follows:

	Delaware Total Return Fund
	Net Realized Gain (Loss) on:
	Foreign
	Currency
	Exchange				Futures			Swap
	Contracts				Contracts			Contracts				Total
Currency
contracts		$	(50,082	)		$	—		$	—			$	(50,082	)
Interest rate
contracts			—				90,631			—				90,631
Credit
contracts			—				—			(19,242	)			(19,242	)
Total		$	(50,082	)		$	90,631		$	(19,242	)		$	21,307
	Net Change in Unrealized Appreciation (Depreciation)
	of:
	Foreign
	Currency
	Exchange				Futures			Swap
	Contracts				Contracts			Contracts				Total
Currency
contracts		$	13,283			$	—		$	—			$	13,283
Interest rate
contracts			—				90,165			—				90,165
Credit
contracts			—				—			5,451				5,451
Total		$	13,283			$	90,165		$	5,451			$	108,899

During the six months ended March 31, 2021, Delaware Global Equity Fund, Delaware International Fund, Delaware Floating Rate II Fund and Delaware Limited Duration Fund experienced net realized and unrealized gains or losses attributable to foreign currency holdings, which are disclosed on the “Statements of assets and liabilities” and/or “Statements of operations.”

During the six months ended March 31, 2021, Delaware Investment Grade Fund and Delaware Strategic Income II Fund experienced net realized and unrealized gains or losses attributable to futures contract holdings, which are disclosed on the “Statements of assets and liabilities” and/or “Statements of operations.”

During the six months ended March 31, 2021, Delaware Covered Call Strategy Fund and Delaware Premium Income Fund experienced net realized and unrealized gains or losses attributable to options contracts, which are disclosed on the “Statements of assets and liabilities” and/or “Statements of operations.”

The table below summarizes the average balance of derivative holdings by each Fund during the six months ended March 31, 2021:

	Long Derivative Volume
					Delaware
					International
	Delaware		Delaware		Opportunities
	Global Equity Fund		International Fund		Bond Fund
Foreign currency exchange contracts (average notional value)	$	252,829	$	375,650	5,239,848
Futures contracts (average notional value)		—		—	2,313,099
Options contracts (average notional value)		—		—	90

221

Notes to financial statements
Delaware Group^® Equity Funds IV (Trust)

6. Derivatives (continued)

	Long Derivative Volume
			Delaware
	Delaware		Limited Duration		Delaware
	Investment Grade		Bond		Strategic Income II
	Fund		Fund		Fund
Foreign currency exchange contracts (average notional value)	$	—	$	34,335	$	4,079
Futures contracts (average notional value)		10,195,395		—		2,229,014
			Long Derivative Volume
			Delaware
			Hedged U.S. Equity		Delaware
			Opportunities Fund		Total Return Fund
Foreign currency exchange contracts (average notional value)			$	126,809		1,219,421
Futures contracts (average notional value)				—		150,144
Options contracts (average notional value)				657,976		—
	Short Derivative Volume
					Delaware
					International
	Delaware		Delaware		Opportunities
	Global Equity Fund		International Fund		Bond Fund
Options contracts (average notional value)	$	—	$	—	$	72
Futures Contracts (average notional value)		—		—		6,230,756
Foreign currency exchange contracts (average notional value)		507,436		605,170		3,602,389
	Short Derivative Volume
	Delaware				Delaware
	Limited Duration		Delaware		Covered Call
	Bond		Strategic Income II		Strategy
	Fund		Fund		Fund
Options contracts (average notional value)	$	—	$	—		5,449,359
Futures Contracts (average notional value)		—		933,412		—
Foreign currency exchange contracts (average notional value)		790,073		1,079,989		—
	Short Derivative Volume
	Delaware		Delaware
	Hedged U.S. Equity		Premium Income		Delaware
	Opportunities Fund		Fund		Total Return Fund
Options contracts (average notional value)	$	370,580		13,272,503	$	—
Futures Contracts (average notional value)		15,268,092		—		3,468,159
Foreign currency exchange contracts (average notional value)		2,616,377		—		1,693,656

7. Offsetting

Each 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 their contractual rights and to secure rights that will help each Fund mitigate its counterparty risk. An ISDA Master Agreement is a bilateral agreement between each Fund and a counterparty that governs over-the-counter (OTC) derivatives and foreign exchange contracts and typically contains, among other things, collateral posting items and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, each Fund may, under certain

222

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, each Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements on the “Statements of assets and liabilities.”

At March 31, 2021, each Fund had the following assets and liabilities subject to offsetting provisions:

Offsetting of Financial Assets and Liabilities and Derivative Assets and Liabilities

Delaware Global Equity Fund
					Gross Value of
				Gross Value of	Derivative
Counterparty				Derivative Asset	Liability	Net Position
Bank of New York Mellon				$3,713	$(3,702)	$11
		Fair Value of		Fair Value of
		Non-Cash	Cash Collateral	Non-Cash	Cash Collateral
Counterparty	Net Position	Collateral Received	Received(a)	Collateral Pledged	Pledged	Net Exposure(b)
Bank of New York Mellon	$11	$—	$—	$—	$—	$11

Delaware International Fund
					Gross Value of
				Gross Value of	Derivative
Counterparty				Derivative Asset	Liability	Net Position
Bank of New York Mellon				$4,129	$(7,042)	$(2,913)
		Fair Value of		Fair Value of
		Non-Cash	Cash Collateral	Non-Cash	Cash Collateral
Counterparty	Net Position	Collateral Received	Received(a)	Collateral Pledged	Pledged	Net Exposure(b)
Bank of New York Mellon	$(2,913)	$—	$—	$—	$—	$(2,913)

Delaware International Opportunities Bond Fund
														Gross Value of
											Gross Value of			Derivative
Counterparty											Derivative Asset			Liability				Net Position
Bank of New York Mellon												$	—		$	(6	)		$	(6	)
JPMorgan Chase Bank													—			(114,378	)			(114,378	)
TD Bank													23,684			(55,216	)			(31,532	)
Total												$	23,684		$	(169,600	)		$	(145,916	)
					Fair Value of						Fair Value of
					Non-Cash			Cash Collateral			Non-Cash			Cash Collateral
Counterparty	Net Position				Collateral Received			Received(a)			Collateral Pledged			Pledged				Net Exposure(b)
Bank of New York Mellon		$	(6	)		$	—		$	—		$	—		$	—			$	(6	)
JPMorgan Chase Bank			(114,378	)			—			—			—			—				(114,378	)
TD Bank			(31,532	)			—			—			—			—				(31,532	)
Total		$	(145,916	)		$	—		$	—		$	—		$	—			$	(145,916	)

223

Notes to financial statements
Delaware Group^® Equity Funds IV (Trust)

7. Offsetting (continued)

Delaware Strategic Income II Fund
														Gross Value of
											Gross Value of			Derivative
Counterparty											Derivative Asset			Liability				Net Position
Citigroup												$	—		$	(2,049	)		$	(2,049	)
TD Bank													41,816			—				41,816
Total												$	41,816		$	(2,049	)		$	39,767
					Fair Value of						Fair Value of
					Non-Cash			Cash Collateral			Non-Cash			Cash Collateral
Counterparty	Net Position				Collateral Received			Received(a)			Collateral Pledged			Pledged				Net Exposure(b)
Citigroup		$	(2,049	)		$	—		$	—		$	—		$	—			$	(2,049	)
TD Bank			41,816				—			—			—			—				41,816
Total		$	39,767			$	—		$	—		$	—		$	—			$	39,767

Delaware Hedged U.S. Equity Opportunities Fund
														Gross Value of
											Gross Value of			Derivative
Counterparty											Derivative Asset			Liability				Net Position
BNP Paribas												$	7,881		$	—			$	7,881
Bank of New York Mellon													—			(21	)			(21	)
Morgan Stanley													—			(6,312	)			(6,312	)
State Street Bank													—			(70	)			(70	)
Total												$	7,881		$	(6,403	)		$	1,478
					Fair Value of						Fair Value of
					Non-Cash			Cash Collateral			Non-Cash			Cash Collateral
Counterparty	Net Position				Collateral Received			Received(a)			Collateral Pledged			Pledged				Net Exposure(b)
BNP Paribas		$	7,881			$	—		$	—		$	—		$	—			$	7,881
Bank of New York Mellon			(21	)			—			—			—			—				(21	)
Morgan Stanley			(6,312	)			—			—			—			—				(6,312	)
State Street Bank			(70	)			—			—			—			—				(70	)
Total		$	1,478			$	—		$	—		$	—		$	—			$	1,478

Delaware Total Return Fund
													Gross Value of
										Gross Value of			Derivative
Counterparty										Derivative Asset			Liability				Net Position
JPMorgan Chase Bank											$	33,727		$	(26,859	)		$	6,868
Bank of New York Mellon												615			(570	)			45
Total											$	34,342		$	(27,429	)		$	6,913
				Fair Value of						Fair Value of
				Non-Cash			Cash Collateral			Non-Cash			Cash Collateral
Counterparty	Net Position			Collateral Received			Received(a)			Collateral Pledged			Pledged				Net Exposure(b)
JPMorgan Chase Bank		$	6,868		$	—		$	—		$	—		$	—			$	6,868
Bank of New York Mellon			45			—			—			—			—				45
Total		$	6,913		$	—		$	—		$	—		$	—			$	6,913

(a)	The value of the related collateral exceeded the value of the derivatives as of March 31, 2021, as applicable.
(b)	Net exposure represents the receivable (payable) that would be due from (to) the counterparty in the event of default.

224

8. Securities Lending

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

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

In the event of default or bankruptcy by the lending agent, realization and/or retention of the collateral may be subject to legal proceedings. In the event the borrower fails to return loaned securities and the collateral received is insufficient to cover the value of the loaned securities and provided such collateral shortfall is not the result of investment losses, the lending agent has agreed to pay the amount of the shortfall to 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 the 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 six months ended March 31, 2021, each Fund had no securities out on loan.

9. Credit and Market Risk

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

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

225

Notes to financial statements
Delaware Group^® Equity Funds IV (Trust)

9. Credit and Market Risk (continued)

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

The securities exchanges of certain foreign markets are substantially smaller, less liquid, and more volatile than the major securities markets in the United States. Consequently, acquisition and disposition of securities by the Funds may be inhibited. In addition, a significant portion of the aggregate market value of securities listed on the major securities exchanges in emerging markets is held by a smaller number of investors. This may limit the number of shares available for acquisition or disposition by the Funds.

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 risk 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.

Delaware Floating Rate II Fund, Delaware Fund for Income, Delaware Investment Grade Fund, Delaware Limited Duration Bond Fund, and Delaware Total Return Fund invest in high yield fixed income securities, which are securities rated lower than BBB- by Standard & Poor’s Financial Services LLC and lower than Baa3 by Moody’s Investors Service, Inc., 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.

Delaware Floating Rate II Fund, Delaware Fund for Income, Delaware Investment Grade Fund, Delaware Limited Duration Bond Fund, and Delaware Total Return Fund invest in fixed income securities whose value is derived from an underlying pool of mortgages or consumer loans. The value of these securities is sensitive to changes in economic conditions, including delinquencies and/or defaults, and may be adversely affected by shifts in the market’s perception of the issuers and changes in interest rates. Investors receive principal and interest payments as the underlying mortgages and consumer loans are paid back. Some of these securities are CMOs. CMOs are debt securities issued by US government agencies or by financial institutions and other mortgage lenders, which are collateralized by a pool of mortgages held under an indenture. Prepayment of mortgages may shorten the stated maturity of the obligations and can result in a loss of premium, if any has been paid. Certain of these securities may be stripped (securities which provide only the principal or interest feature of the underlying security). The yield to maturity on an interest-only CMO is extremely sensitive not only to changes in prevailing interest rates, but also to the rate of principal payments (including prepayments) on the related underlying mortgage assets. A rapid rate of principal payments may have a material adverse effect on a Fund’s yield to maturity. If the underlying mortgage assets experience greater than anticipated prepayments of principal, a Fund may fail to fully recoup its initial investment in these securities even if the securities are rated in the highest rating categories.

Delaware Floating Rate II Fund, Delaware Fund for Income, Delaware Investment Grade Fund, Delaware Limited Duration Bond Fund, and Delaware Total Return Fund invest 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

226

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.

Delaware Floating Rate II Fund, Delaware Fund for Income, Delaware Investment Grade Fund, Delaware Limited Duration Bond Fund, and Delaware Total Return Fund invest 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 Funds will not pay any additional fees for such credit support, although the existence of credit support may increase the price of a security.

Delaware Opportunity Fund, Delaware Special Situations Fund, Delaware Hedged U.S. Equity Opportunities Fund, and Delaware Total Return Fund may invest in REITs and are subject to the risks associated with that industry. If a Fund holds real estate directly or receives rental income directly from real estate holdings, its tax status as a regulated investment company may be jeopardized. There were no direct real estate holdings during the six months ended March 31, 2021. The Funds’ REIT holdings are also affected by interest rate changes, particularly if the REITs they hold use floating rate debt to finance their ongoing operations. The Funds also invest in real estate acquired as a result of ownership of securities or other instruments, including issuers that invest, deal, or otherwise engage in transactions in real estate or interests therein. These instruments may include interests in private equity limited partnerships or limited liability companies that hold real estate investments (Real Estate Limited Partnerships). The Funds will limit their investments in Real Estate Limited Partnerships to 5% of their total assets at the time of purchase.

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.”

10. 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.

11. Recent Accounting Pronouncements

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

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

227

Notes to financial statements
Delaware Group^® Equity Funds IV (Trust)

12. Subsequent Events

On December 2, 2020, Waddell & Reed Financial, Inc. (WDR), the parent company of Ivy Investment Management Company, the investment adviser of the Ivy Funds Complex (the Ivy Funds), and Macquarie Management Holdings, Inc., the U.S. holding company for Macquarie Group Limited’s U.S. asset management business (Macquarie), announced that they had entered into an agreement whereby Macquarie would acquire the investment management business of WDR (the “Transaction”). The Transaction closed on April 30, 2021. The Ivy Funds, as part of Delaware Funds^® by Macquarie, are now managed by DMC and distributed by DDLP.

On February 24, 2021, the Board unanimously voted and approved a proposal to liquidate and dissolve Delaware International Opportunities Bond Fund. The liquidation and dissolution took place following the close of business on May 5, 2021.

On February 24, 2021, the Board approved the reorganization (Reorganization) of each of the following Funds into and with a substantially similar fund and class of another Delaware Fund: (1) on or about June 25, 2021, Delaware International Fund into Delaware International Value Equity Fund, a series of Delaware Group Global and International Funds; (2) on or about June 25, 2021, Delaware Investment Grade Fund into Delaware Corporate Bond Fund, a series of Delaware Group Income Funds; (3) on or about July 9, 2021, Delaware Special Situations Fund into Delaware Small Cap Value Fund, a series of Delaware Group Equity Funds V; and (4) on or about July 23, 2021, Delaware Fund for Income into Delaware High-Yield Opportunities Fund, a series of Delaware Group Income Fund. In connection with the Reorganization, on June 18, 2021, both Delaware International Fund and Delaware Investment Grade Fund will close to new investors and existing shareholders; on July 2, 2021, Delaware Special Situations Fund will close to new investors and existing shareholders, and on July 16, 2021, Delaware Fund for Income will close to new investors and existing shareholders.

Management has determined that no other material events or transactions occurred subsequent to March 31, 2021, that would require recognition or disclosure in the Funds’ financial statements.

228

Other Fund information (Unaudited)

Board consideration of Investment Sub-Advisory Agreements for Delaware Total Return Fund, and Delaware Equity Income Fund and Delaware Growth and Income Fund, at a meeting held November 17-19, 2020

At a meeting held on November 17-19, 2020 (the “Meeting”), the Board of Trustees (the “Board”) of Delaware Total Return Fund (the “Fund”), including a majority of non-interested or independent Trustees (the “Independent Trustees”), approved a new Sub-Advisory Agreement between Delaware Management Company (“DMC” or “Management”) and Macquarie Investment Management Austria Kapitalanlage AG (“MIMAK”).

In reaching the decision to approve the Sub-Advisory Agreement, the Board considered and reviewed information about MIMAK, including its personnel, operations, and financial condition, which had been provided by MIMAK. The Board also reviewed material furnished by DMC in advance of the meeting, including: a memorandum from DMC reviewing the Sub-Advisory Agreement and the various services proposed to be rendered by MIMAK; information concerning MIMAK’s organizational structure and the experience of their key investment management personnel; copies of MIMAK’s Form ADV, financial statements, compliance policies and procedures, and Codes of Ethics; relevant performance information provided with respect to MIMAK; and a copy of the Sub-Advisory Agreement.

In considering such information and materials, the Independent Trustees received assistance and advice from and met separately with their independent counsel. While attention was given to all information furnished, the following discusses some primary factors relevant to the Board’s decision to approve the Sub-Advisory Agreement. This discussion of the information and factors considered by the Board is not intended to be exhaustive, but rather summarizes certain factors considered by the Board. In view of the wide variety of factors considered, the Board did not, unless otherwise noted, find it practicable to quantify or otherwise assign relative weights to the following factors. In addition, individual Trustees may have assigned different weights to various factors.

Nature, extent, and quality of services. In considering the nature, extent, and quality of the services to be provided by MIMAK, the Board reviewed the services to be provided by MIMAK pursuant to the Sub-Advisory Agreement as described at the Meeting. The Board reviewed materials provided by MIMAK regarding the experience and qualifications of the personnel who will be responsible for providing services to the Fund. The Board also considered relevant performance information provided with respect to MIMAK. In discussing the nature of the services proposed to be provided by MIMAK, it was observed that the Sub-Advisory Agreement will expand the sub-advisory services already provided by MIMAK to include the provision of discretionary investment management services as well as asset allocation services. Based upon these considerations, the Board was satisfied with the nature and quality of the overall services to be provided by MIMAK to the Fund and its shareholders and was confident in the abilities of MIMAK to provide quality services to the Fund and its shareholders.

Investment performance. In regard to the appointment of MIMAK for the Fund, the Board reviewed information on prior performance for MIMAK. In evaluating performance, the Board considered its previous approval of MIMAK to provide fully discretionary services to other Delaware Funds.

Sub-advisory fees. The Board considered that DMC would pay MIMAK a discretionary investment sub-advisory fee based on the extent to which MIMAK provides services to the Fund as described in the Sub-Advisory Agreement, in addition to the asset allocation sub-advisory fee previously approved. In considering the appropriateness of the sub-advisory fees, the Board also reviewed and considered the fees in light of the nature, extent, and quality of the sub-advisory services to be provided by MIMAK. The Board noted that the sub-advisory fees are paid by DMC to MIMAK and are not additional fees borne by the Fund, and that the management fee paid by the Fund to DMC would stay the same at current asset levels. The Board concluded that, in light of the quality and extent of the services to be provided and the business relationships between DMC and MIMAK, the proposed fee arrangement was understandable and reasonable.

Profitability, economies of scale, and fall-out benefits. Trustees were also given available information on profits being realized by MIMAK in relation to the services being provided to the Fund and in relation to MIMAK’s overall investment advisory business, but believed such information to be of limited relevance because the sub-advisory fees are paid by DMC out of its management fee, and changes in the level of sub-advisory fees have no impact on Fund expenses. The Board was also provided with, and considered, information on potential fall-out benefits derived or to be derived by MIMAK in connection with its relationship to the Fund. The Board considered the potential benefit to DMC and MIMAK of marketing a global approach on the portfolio management of their fixed income investment strategies. The Trustees also noted that economies of scale are shared with the Fund and its shareholders through investment management fee breakpoints in DMC’s fee schedule for the Fund so that as the Fund grows in size, its effective investment management fee rates decline.

229

Other Fund information (Unaudited)

Board consideration of Investment Sub-Advisory Agreements for Delaware Total Return Fund, and Delaware Equity Income Fund and Delaware Growth and Income Fund, at a meeting held November 17-19, 2020 (continued)

At a meeting held on November 17-19, 2020 (the “Meeting”), the Board of Trustees (the “Board”) of Delaware Equity Income Fund and Delaware Growth and Income Fund (each, a “Fund” and together, the “Funds”), including a majority of non-interested or independent Trustees (the “Independent Trustees”), approved new Sub-Advisory Agreements between Delaware Management Company (“DMC” or “Management”) and Macquarie Investment Management Global Limited (“MIMGL”).

Nature, extent, and quality of services. In considering the nature, extent, and quality of the services to be provided by MIMGL, the Board reviewed the services to be provided by MIMGL pursuant to the Sub-Advisory Agreement and as described at the Meeting. The Board reviewed materials provided by MIMGL regarding the experience and qualifications of the personnel who will be responsible for providing services to the Funds. The Board also considered relevant performance information provided with respect to MIMGL. In discussing the nature of the services proposed to be provided by MIMGL, it was observed that the Sub-Advisory Agreement will expand the sub-advisory services already provided by MIMGL, to include discretionary investment advisory services and specifically portfolio management by MIMGL’s MSI Team to implement its Equity Income strategy, subject to DMC’s oversight as the Funds’ investment adviser. Based upon these considerations, the Board was satisfied with the nature and quality of the overall services to be provided by MIMGL to the Funds and their shareholders and was confident in the abilities of MIMGL to provide quality services to the Funds and their shareholders.

Investment performance. In regard to the appointment of MIMGL for the Funds, the Board reviewed information on prior performance for MIMGL. In evaluating performance, the Board considered that the MSI Team has a history of targeting consistent outperformance through systematic strategies and through a multi-factor investment approach to smooth returns. Additionally, the Board had considered its previous approval of MIMGL to provide fully discretionary services to other Delaware Funds.

Sub-advisory fees. The Board considered that DMC would pay MIMGL a sub-advisory fee based on the extent to which MIMGL provides services to the Funds as described in the Sub-Advisory Agreement. In considering the appropriateness of the sub-advisory fees, the Board also reviewed and considered the fees in light of the nature, extent, and quality of the sub-advisory services to be provided by MIMGL, as more fully discussed above. The Board noted that the sub-advisory fees are paid by DMC to MIMGL and are not additional fees borne by the Funds, and that the management fee paid by the Funds to DMC would stay the same at current asset levels. The Board concluded that, in light of the quality and extent of the services to be provided and the business relationships between DMC and MIMGL, the proposed fee arrangement was understandable and reasonable.

Profitability, economies of scale, and fall-out benefits. Trustees were also given available information on profits being realized by MIMGL in relation to the services being provided to the Funds and in relation to MIMGL’s overall investment advisory business, but believed such information to be of limited relevance because the sub-advisory fees are paid by DMC out of its management fee, and changes in the level of sub-advisory fees have no impact on Fund expenses. The Board was also provided with, and considered, information on potential fall-out benefits derived or to be derived by MIMGL in connection with its relationship to the Funds. The Board considered the potential benefit to DMC and MIMGL of marketing a global approach on the portfolio management of their fixed income investment strategies. The Trustees also noted that economies of scale are shared with the Funds and their shareholders through investment management fee breakpoints in DMC’s fee schedule for each Fund so that as each Fund grows in size, its effective investment management fee rate declines.

230

About the organization

This semiannual report is for the information of Delaware Group^® Equity Funds IV Funds shareholders.

Board of directors/trustees Shawn K. Lytle
President and
Chief Executive Officer
Delaware Funds^® by Macquarie
Philadelphia, PA Jerome D. Abernathy
Managing Member,
Stonebrook Capital Management, LLC
Jersey City, NJ Thomas L. Bennett
Chairman of the Board
Delaware Funds by Macquarie
Private Investor
Rosemont, PA Ann D. Borowiec
Former Chief Executive Officer
Private Wealth Management
J.P. Morgan Chase & Co.
New York, NY Joseph W. Chow
Former Executive Vice President
State Street Corporation
Boston, MA John A. Fry
President
Drexel University
Philadelphia, PA Frances A. Sevilla-Sacasa
Former Chief Executive Officer
Banco Itaú International
Miami, FL Thomas K. Whitford
Former Vice Chairman
PNC Financial Services Group
Pittsburgh, PA Christianna Wood
Chief Executive Officer and President
Gore Creek Capital, Ltd.
Golden, CO Janet L. Yeomans
Former Vice President and Treasurer
3M Company
St. Paul, MN Affiliated officers David F. Connor
Senior Vice President,
General Counsel, and Secretary
Delaware Funds by Macquarie
Philadelphia, PA Daniel V. Geatens
Senior Vice President and Treasurer
Delaware Funds by Macquarie
Philadelphia, PA Richard Salus
Senior Vice President and
Chief Financial Officer
Delaware Funds by Macquarie
Philadelphia, PA This semiannual report is for the information of Delaware Equity Income Fund, Delaware Growth and Income Fund, Delaware Growth Equity Fund, Delaware Opportunity Fund, Delaware Special Situations Fund, Delaware Global Equity Fund, Delaware International Fund, Delaware Floating Rate II Fund, Delaware Fund for Income, Delaware International Opportunities Bond Fund, Delaware Investment Grade Fund, Delaware Limited Duration Bond Fund, Delaware Strategic Income II Fund, Delaware Covered Call Strategy Fund, Delaware Hedged U.S. Equity Opportunities Fund, Delaware Premium Income Fund, and Delaware Total Return 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 Schedules of Investments included in the Funds’ most recent Forms 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.

231

Item 2. Code of Ethics

Not applicable.

Item 3. Audit Committee Financial Expert

Not applicable.

Item 4. Principal Accountant Fees and Services

Not applicable.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Investments

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

Item 11. Controls and Procedures

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

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

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

Not applicable.

Item 13. Exhibits

(a) (1) Code of Ethics

Not applicable.

(2) Certifications of Principal Executive Officer and Principal Financial Officer pursuant to Rule 30a-2 under the Investment Company Act of 1940 are attached hereto as Exhibit 99.CERT.

(3) Written solicitations to purchase securities pursuant to Rule 23c-1 under the Securities Exchange Act of 1934.

Not applicable.

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are furnished herewith as Exhibit 99.906CERT.

SIGNATURES

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

DELAWARE GROUP^® EQUITY FUNDS IV

/s/SHAWN K. LYTLE
By:	Shawn K. Lytle
Title:	President and Chief Executive Officer
Date:	June 4, 2021

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

/s/SHAWN K. LYTLE
By:	Shawn K. Lytle
Title:	President and Chief Executive Officer
Date:	June 4, 2021

/s/RICHARD SALUS
By:	Richard Salus
Title:	Chief Financial Officer
Date:	June 4, 2021