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