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, 2022

Item 1. Reports to Stockholders

Semiannual report

Equity funds Delaware Equity Income Fund
Delaware Growth and Income Fund
Delaware Growth Equity Fund
Delaware Opportunity Fund
Delaware Global Equity 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, 2022

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

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

Table of contents

Disclosure of Fund expenses	1
Security type / sector / country allocations
and top 10 equity holdings	6
Schedules of investments	16
Statements of assets and liabilities	54
Statements of operations	60
Statements of changes in net assets	66
Financial highlights	71
Notes to financial statements	98
About the organization	126

Experience Delaware Funds by Macquarie^®

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

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

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

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

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

The Funds are governed by US laws and regulations.

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

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

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

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

© 2022 Macquarie Management Holdings, Inc.

Disclosure of Fund expenses
For the six-month period from October 1, 2021 to March 31, 2022 (Unaudited)

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

The examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from October 1, 2021 to March 31, 2022.

Actual expenses

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

Hypothetical example for comparison purposes

The second section of the tables shown, “Hypothetical 5% return,” provides information about hypothetical account values and hypothetical expenses based on 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.

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

										Expenses
										Paid
	Beginning			Ending						During
	Account			Account			Annualized			Period
	Value			Value			Expense			10/1/21 to
	10/1/21			3/31/22			Ratio			3/31/22*
Actual Fund return†
Class A		$	1,000.00		$	1,087.20		1.09	%		$	5.67
Institutional Class			1,000.00			1,089.20		0.82	%			4.27
Class R6			1,000.00			1,089.40		0.76	%			3.96
Hypothetical 5% return (5% return before expenses)
Class A		$	1,000.00		$	1,019.50		1.09	%		$	5.49
Institutional Class			1,000.00			1,020.84		0.82	%			4.13
Class R6			1,000.00			1,021.14		0.76	%			3.83

1

Disclosure of Fund expenses

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			10/1/21 to
	10/1/21			3/31/22			Ratio			3/31/22*
Actual Fund return†
Class A		$	1,000.00		$	1,087.90		1.05	%		$	5.47
Institutional Class			1,000.00			1,089.20		0.80	%			4.17
Class R6			1,000.00			1,090.30		0.73	%			3.80
Hypothetical 5% return (5% return before expenses)
Class A		$	1,000.00		$	1,019.70		1.05	%		$	5.29
Institutional Class			1,000.00			1,020.94		0.80	%			4.03
Class R6			1,000.00			1,021.29		0.73	%			3.68

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

										Expenses
										Paid
	Beginning			Ending						During
	Account			Account			Annualized			Period
	Value			Value			Expense			10/1/21 to
	10/1/21			3/31/22			Ratio			3/31/22*
Actual Fund return†
Class A		$	1,000.00		$	988.30		1.08	%		$	5.35
Institutional Class			1,000.00			990.10		0.83	%			4.12
Class R6			1,000.00			990.30		0.76	%			3.77
Hypothetical 5% return (5% return before expenses)
Class A		$	1,000.00		$	1,019.55		1.08	%		$	5.44
Institutional Class			1,000.00			1,020.79		0.83	%			4.18
Class R6			1,000.00			1,021.14		0.76	%			3.83

2

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

							Expenses
							Paid
	Beginning		Ending				During
	Account		Account		Annualized		Period
	Value		Value		Expense		10/1/21 to
	10/1/21		3/31/22		Ratio		3/31/22*
Actual Fund return†
Class A	$	1,000.00	$	1,079.10		1.18%		$	6.12
Institutional Class		1,000.00		1,080.90		0.90%			4.67
Class R6		1,000.00		1,081.80		0.78%			4.05
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,019.05		1.18%		$	5.94
Institutional Class		1,000.00		1,020.44		0.90%			4.53
Class R6		1,000.00		1,021.04		0.78%			3.93

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

							Expenses
							Paid
	Beginning		Ending				During
	Account		Account		Annualized		Period
	Value		Value		Expense		10/1/21 to
	10/1/21		3/31/22		Ratio		3/31/22*
Actual Fund return†
Class A	$	1,000.00	$	956.00		1.34%		$	6.53
Institutional Class		1,000.00		956.80		1.06%			5.17
Class R6		1,000.00		957.90		1.01%			4.93
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,018.25		1.34%		$	6.74
Institutional Class		1,000.00		1,019.65		1.06%			5.34
Class R6		1,000.00		1,019.90		1.01%			5.09

3

Disclosure of Fund expenses

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		10/1/21 to
	10/1/21		3/31/22		Ratio		3/31/22*
Actual Fund return†
Class A	$	1,000.00	$	1,046.70		1.31%		$	6.68
Institutional Class		1,000.00		1,048.20		1.06%			5.41
Class R6		1,000.00		1,048.60		0.88%			4.49
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,018.40		1.31%		$	6.59
Institutional Class		1,000.00		1,019.65		1.06%			5.34
Class R6		1,000.00		1,020.54		0.88%			4.43

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		10/1/21 to
	10/1/21		3/31/22		Ratio		3/31/22*
Actual Fund return†
Class A	$	1,000.00	$	995.90		1.61%		$	8.01
Institutional Class		1,000.00		997.10		1.30%			6.47
Class R6		1,000.00		997.10		1.20%			5.97
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,016.90		1.61%		$	8.10
Institutional Class		1,000.00		1,018.45		1.30%			6.54
Class R6		1,000.00		1,018.95		1.20%			6.04

4

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

							Expenses
							Paid
	Beginning		Ending				During
	Account		Account		Annualized		Period
	Value		Value		Expense		10/1/21 to
	10/1/21		3/31/22		Ratio		3/31/22*
Actual Fund return†
Class A	$	1,000.00	$	1,029.30		1.30%		$	6.58
Institutional Class		1,000.00		1,029.60		1.05%			5.31
Class R6		1,000.00		1,030.10		0.90%			4.56
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

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

							Expenses
							Paid
	Beginning		Ending				During
	Account		Account		Annualized		Period
	Value		Value		Expense		10/1/21 to
	10/1/21		3/31/22		Ratio		3/31/22*
Actual Fund return†
Class A	$	1,000.00	$	1,031.80		1.11%		$	5.62
Institutional Class		1,000.00		1,033.70		0.86%			4.36
Class R6		1,000.00		1,033.90		0.79%			4.01
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,019.40		1.11%		$	5.59
Institutional Class		1,000.00		1,020.64		0.86%			4.33
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 Funds’ expenses reflected above and on the previous pages, each Fund also indirectly bears its portion of the fees and expenses of any investment companies (Underlying Funds), including exchange-traded funds in which it invests. The tables above and on the previous pages do not reflect the expenses of any applicable Underlying Funds.

5

Security type / sector allocations and top 10 equity holdings

Delaware Equity Income Fund

As of March 31, 2022 (Unaudited)

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

	Percentage
Security type / sector	of net assets
Common Stocks		99.61%
Communication Services		8.34%
Consumer Discretionary		5.23%
Consumer Staples		6.71%
Energy		6.95%
Financials		21.17%
Healthcare		23.96%
Industrials		10.34%
Information Technology		15.53%
Materials		1.38%
Short-Term Investments		0.29%
Total Value of Securities		99.90%
Receivables and Other Assets Net of Liabilities		0.10%
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		5.26%
Exxon Mobil		4.37%
Cisco Systems		4.00%
Raytheon Technologies		3.90%
Bristol-Myers Squibb		3.80%
Cognizant Technology Solutions Class A		3.36%
Motorola Solutions		3.30%
Northrop Grumman		3.28%
Verizon Communications		3.27%
Allstate		3.21%

6

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

As of March 31, 2022 (Unaudited)

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

	Percentage
Security type / sector	of net assets
Common Stocks		99.66	%
Communication Services		8.25	%
Consumer Discretionary		4.92	%
Consumer Staples		6.67	%
Energy		6.90	%
Financials		21.29	%
Healthcare		24.03	%
Industrials		10.63	%
Information Technology		15.58	%
Materials		1.39	%
Short-Term Investments		0.29	%
Total Value of Securities		99.95	%
Receivables and Other Assets Net of Liabilities		0.05	%
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		5.28	%
Exxon Mobil		4.32	%
Raytheon Technologies		4.08	%
Cisco Systems		3.97	%
Bristol-Myers Squibb		3.82	%
Cognizant Technology Solutions Class A		3.41	%
Northrop Grumman		3.36	%
Motorola Solutions		3.33	%
Verizon Communications		3.24	%
Allstate		3.14	%

7

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

As of March 31, 2022 (Unaudited)

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

	Percentage
Security type / sector	of net assets
Common Stocks ◆		98.36	%
Communication Services		6.18	%
Consumer Discretionary		14.35	%
Consumer Staples		3.12	%
Financials		11.91	%
Healthcare		16.56	%
Industrials		11.71	%
Information Technology*		32.40	%
Materials		2.13	%
Short-Term Investments		1.79	%
Total Value of Securities		100.15	%
Liabilities Net of Receivables and Other Assets		(0.15	%)
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, Electronics, Office/Business Equipment, Semiconductors, Software and Telecommunications. As of March 31, 2022, such amounts, as a percentage of total net assets were 8.93%, 2.07%, 2.65%, 5.71%, 10.76% and 2.28%, 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		6.15	%
Microsoft		4.99	%
Alphabet Class A		4.06	%
Cadence Design Systems		3.24	%
NVIDIA		3.17	%
Costco Wholesale		3.12	%
AutoZone		2.93	%
West Pharmaceutical Services		2.89	%
Fortinet		2.78	%
Ameriprise Financial		2.77	%

8

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

As of March 31, 2022 (Unaudited)

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

	Percentage
Security type / sector	of net assets
Common Stocks		98.20	%
Basic Industry		8.85	%
Consumer Discretionary		12.16	%
Consumer Staples		2.90	%
Energy		7.27	%
Financial Services		19.80	%
Healthcare		5.55	%
Industrials		12.29	%
Real Estate Investment Trusts		7.73	%
Technology		11.91	%
Transportation		2.60	%
Utilities		7.14	%
Short-Term Investments		0.25	%
Total Value of Securities		98.45	%
Receivables and Other Assets Net of Liabilities		1.55	%
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
Hess		2.84	%
Marathon Oil		2.46	%
East West Bancorp		2.36	%
Raymond James Financial		2.31	%
Huntsman		1.97	%
KBR		1.94	%
Synopsys		1.88	%
Quanta Services		1.83	%
Teradyne		1.70	%
Hartford Financial Services Group		1.68	%

9

Security type / country and sector allocations
Delaware Global Equity Fund

As of March 31, 2022 (Unaudited)

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

	Percentage
Security type / country	of net assets
Common Stocks by Country		98.19	%
Denmark		3.93	%
France		12.01	%
Germany		11.63	%
Japan		5.96	%
Netherlands		3.36	%
Spain		4.65	%
Sweden		6.05	%
Switzerland		9.71	%
United Kingdom		9.73	%
United States		31.16	%
Exchange-Traded Fund		1.02	%
Short-Term Investments		0.09	%
Total Value of Securities		99.30	%
Receivables and Other Assets Net of Liabilities		0.70	%
Total Net Assets		100.00	%
	Percentage
Common stocks and preferred stocks by sector ◆	of net assets
Communication Services		2.38	%
Consumer Discretionary		9.96	%
Consumer Staples*		37.91	%
Healthcare		24.98	%
Industrials		10.10	%
Information Technology		8.87	%
Materials		3.99	%
Total		98.19	%

◆

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 household products/wares. As of March 31, 2022, such amounts, as a percentage of total net assets were 5.69%, 4.77%, 21.55%, and 5.90%, 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%.

10

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

As of March 31, 2022 (Unaudited)

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

	Percentage
Security type / sector	of net assets
Common Stocks ◆		101.90	%
Communication Services		7.81	%
Consumer Discretionary		15.09	%
Consumer Staples		4.98	%
Energy		6.87	%
Financials		8.60	%
Healthcare		8.91	%
Industrials		11.33	%
Information Technology*		31.10	%
Materials		3.30	%
Utilities		3.91	%
Short-Term Investments		1.37	%
Total Value of Securities Before Options
Written		103.27	%
Options Written		(3.40	%)
Receivables and Other Assets Net of Liabilities		0.13	%
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, semiconductors, and software. As of March 31, 2022, such amounts, as a percentage of total net assets were 9.74%, 3.40%, 9.53%, and 8.43%, 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		9.74	%
Microsoft		8.53	%
Alphabet Class A		6.29	%
Costco Wholesale		4.97	%
Broadcom		4.88	%
Texas Instruments		4.55	%
Booking Holdings		3.98	%
NextEra Energy		3.91	%
UnitedHealth Group		3.83	%
BlackRock		3.76	%

11

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

As of March 31, 2022 (Unaudited)

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

	Percentage
Security type / sector	of net assets
Common Stocks		95.75%
Communication Services		8.40%
Consumer Discretionary		12.28%
Consumer Staples		5.78%
Energy		1.51%
Financials		13.67%
Healthcare		13.57%
Industrials		11.54%
Information Technology		20.29%
Materials		3.83%
Real Estate		2.98%
Utilities		1.90%
Exchange-Traded Fund		0.61%
Options Purchased		1.03%
Short-Term Investments		1.96%
Total Value of Securities Before Options
Written		99.35%
Options Written		(0.56%	)
Receivables and Other Assets Net of Liabilities		1.21%
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
Microsoft		2.51%
Amazon.com		2.42%
Alphabet Class A		2.39%
Apple		2.01%
Chubb		1.43%
Marsh & McLennan		1.22%
Visa Class A		1.21%
UnitedHealth Group		1.14%
Johnson & Johnson		1.12%
TJX		1.08%

12

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

As of March 31, 2022 (Unaudited)

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

	Percentage
Security type / sector	of net assets
Common Stocks ◆		119.94%
Communication Services		8.96%
Consumer Discretionary		14.29%
Consumer Staples		8.59%
Energy		9.58%
Financials		13.74%
Healthcare		14.20%
Industrials		15.64%
Information Technology*		30.81%
Materials		2.00%
Utilities		2.13%
Short-Term Investments		1.39%
Total Value of Securities Before Options
Written		121.33%
Options Written		(21.91%	)
Receivables and Other Assets Net of Liabilities		0.58%
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, and Telecommunications. As of March 31, 2022, such amounts, as a percentage of total net assets were 4.65%, 2.14%, 1.79%, 12.10%, and 10.13%, 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
Broadcom		10.56%
Chevron		7.00%
Corning		5.50%
Apple		4.65%
CSX		4.65%
Cisco Systems		4.63%
Constellation Brands Class A		4.54%
Pfizer		4.45%
Lockheed Martin		4.44%
BlackRock		3.84%

13

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

As of March 31, 2022 (Unaudited)

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

	Percentage
Security type / sector	of net assets
Agency Mortgage-Backed Securities		2.74%
Collateralized Debt Obligations		0.28%
Convertible Bonds		6.35%
Corporate Bonds		12.53%
Banking		1.38%
Banks		0.16%
Basic Industry		0.49%
Basic Materials		0.12%
Brokerage		0.01%
Capital Goods		0.40%
Communication Services		0.03%
Communications		1.28%
Consumer Cyclical		1.23%
Consumer Non-Cyclical		1.01%
Electric		0.18%
Energy		1.77%
Finance Companies		0.05%
Financials		0.68%
Healthcare		0.40%
Information Technology		0.01%
Insurance		0.55%
Media		0.65%
Real Estate Investment Trusts		0.18%
Services		0.18%
Technology		0.78%
Transportation		0.37%
Utilities		0.62%
Non-Agency Asset-Backed Securities		0.17%
Non-Agency Commercial Mortgage-Backed
Securities		1.34%
Sovereign Bonds		1.62%
Supranational Banks		0.19%
US Treasury Obligations		1.83%
Common Stocks		62.29%
Banks		0.58%
Basic Materials		0.30%
Biotechnology		0.15%
Communication Services		1.93%
Communications		2.42%
Consumer Discretionary		7.81%
Consumer Staples		4.20%
Electric		0.24%
Energy		3.73%
Financials		4.61%
Healthcare		9.01%
Industrials		3.39%
Information Technology		9.44%
Insurance		2.17%
Materials		0.92%
Media		0.61%
REIT Diversified		0.52%
REIT Healthcare		0.39%
REIT Hotel		0.02%
REIT Industrial		0.10%
REIT Mall		0.09%
REIT Manufactured Housing		0.12%
REIT Multifamily		1.03%
REIT Office		0.05%
REIT Self-Storage		0.33%
REIT Shopping Center		0.15%
REIT Single Tenant		0.19%
REIT Specialty		0.01%
REITs		1.41%
Retail		0.26%
Technology		5.19%
Utilities		0.92%
Convertible Preferred Stock		1.62%
Exchange-Traded Funds		5.23%
Limited Liability Corporation		2.18%
Short-Term Investments		1.31%
Total Value of Securities		99.68%
Receivables and Other Assets Net of Liabilities		0.32%
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.

14

	Percentage
Top 10 equity holdings	of net assets
Apple		2.64%
Microsoft		2.19%
Johnson & Johnson		1.45%
Broadcom		1.30%
ConocoPhillips		1.17%
Merck & Co.		1.16%
MetLife		1.11%
Cisco Systems		1.05%
TJX		1.00%
Verizon Communications		1.00%

15

Schedules of investments
Delaware Equity Income Fund

March 31, 2022 (Unaudited)

	Number of
	shares	Value (US $)
Common Stocks – 99.61%
Communication Services – 8.34%
AT&T	259,746	$	6,137,798
Comcast Class A	182,634		8,550,924
Verizon Communications	185,887		9,469,084
			24,157,806
Consumer Discretionary – 5.23%
APA	26,738		1,105,082
Chipotle Mexican Grill †	1,893		2,994,783
Lowe's	14,806		2,993,625
PulteGroup	11,912		499,113
TJX	124,461		7,539,847
			15,132,450
Consumer Staples – 6.71%
Altria Group	93,807		4,901,416
Archer-Daniels-Midland	15,149		1,367,349
Mondelez International Class A	74,986		4,707,621
Philip Morris International	89,891		8,444,360
			19,420,746
Energy – 6.95%
ConocoPhillips	74,687		7,468,700
Exxon Mobil	153,184		12,651,467
			20,120,167
Financials – 21.17%
Allstate	67,046		9,286,542
American Financial Group	17,947		2,613,442
American International Group	69,095		4,337,093
Discover Financial Services	9,254		1,019,698
Evercore Class A	17,773		1,978,490
Fidelity National Financial	26,321		1,285,518
First American Financial	136,359		8,838,790
MetLife	119,353		8,388,129
Old Republic International	184,643		4,776,714
OneMain Holdings	75,183		3,564,426
Synchrony Financial	140,697		4,897,663
Truist Financial	138,323		7,842,914
Unum Group	77,851		2,453,085
			61,282,504
Healthcare – 23.96%
AbbVie	7,246		1,174,649
AmerisourceBergen	31,499		4,873,210
Bristol-Myers Squibb	150,704		11,005,913
Cardinal Health	27,432		1,555,394
Cigna	29,593		7,090,779
CVS Health	63,921		6,469,445
Gilead Sciences	122,387		7,275,907
Johnson & Johnson	85,932		15,229,728
Merck & Co.	110,072		9,031,408
Pfizer	46,278		2,395,812
Viatris	300,106		3,265,153
			69,367,398
Industrials – 10.34%
Emerson Electric	42,593		4,176,244
Honeywell International	25,685		4,997,787
Northrop Grumman	21,220		9,490,008
Raytheon Technologies	113,942		11,288,234
			29,952,273
Information Technology – 15.53%
Broadcom	13,976		8,800,408
Cisco Systems	207,565		11,573,824
Cognizant Technology Solutions
Class A	108,634		9,741,211
HP	99,719		3,619,800
Motorola Solutions	39,456		9,556,243
Oracle	9,699		802,398
Western Union	46,563		872,591
			44,966,475
Materials – 1.38%
DuPont de Nemours	41,991		3,089,698
Newmont	11,547		917,409
			4,007,107
Total Common Stocks
(cost $244,092,839)			288,406,926
Short-Term Investments – 0.29%
Money Market Mutual Funds – 0.29%
BlackRock FedFund – Institutional
Shares (seven-day effective
yield 0.23%)	207,569		207,569
Fidelity Investments Money Market
Government Portfolio – Class I
(seven-day effective yield
0.12%)	207,569		207,569
GS Financial Square Government
Fund – Institutional Shares
(seven-day effective yield
0.25%)	207,569		207,569
Morgan Stanley Government
Portfolio – Institutional Share
Class (seven-day effective yield
0.23%)	207,570		207,570
Total Short-Term Investments
(cost $830,277)			830,277
Total Value of Securities–99.90%
(cost $244,923,116)		$	289,237,203

† Non-income producing security.

16

Summary of abbreviations:
GS – Goldman Sachs

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

17

Schedules of investments
Delaware Growth and Income Fund

March 31, 2022 (Unaudited)

		Number of
		shares	Value (US $)
Common Stocks – 99.66%
Communication Services – 8.25%
	AT&T	938,236	$	22,170,516
	Comcast Class A	650,938		30,476,917
	Verizon Communications	666,271		33,939,845
				86,587,278
Consumer Discretionary – 4.92%
	APA	73,308		3,029,820
	Chipotle Mexican Grill †	6,836		10,814,757
	Lowe's	54,414		11,001,967
	TJX	441,516		26,747,039
				51,593,583
Consumer Staples – 6.67%
	Altria Group	335,316		17,520,261
	Archer-Daniels-Midland	52,426		4,731,971
	Mondelez International Class A	263,258		16,527,337
	Philip Morris International	332,383		31,224,059
				70,003,628
Energy – 6.90%
	ConocoPhillips	269,919		26,991,900
	Exxon Mobil	548,991		45,341,167
				72,333,067
Financials – 21.29%
	Allstate	237,781		32,935,046
	American Financial Group	67,036		9,761,782
	American International Group	255,686		16,049,410
	Discover Financial Services	37,371		4,117,910
	Evercore Class A	66,751		7,430,721
	Fidelity National Financial	95,507		4,664,562
	First American Financial	498,925		32,340,319
	MetLife	428,451		30,111,536
	Old Republic International	648,640		16,780,317
	OneMain Holdings	275,272		13,050,646
	Synchrony Financial	520,781		18,128,387
	Truist Financial	504,546		28,607,758
	Unum Group	295,168		9,300,744
				223,279,138
Healthcare – 24.03%
	AbbVie	34,017		5,514,496
	AmerisourceBergen	114,040		17,643,128
	Bristol-Myers Squibb	549,345		40,118,665
	Cardinal Health	91,867		5,208,859
	Cigna	106,438		25,503,609
	CVS Health	232,160		23,496,914
	Gilead Sciences	440,822		26,206,868
	Johnson & Johnson	312,441		55,373,918
	Merck & Co.	398,332		32,683,141
	Pfizer	168,105		8,702,796
	Viatris	1,061,890		11,553,363
				252,005,757
Industrials – 10.63%
	Emerson Electric	158,844		15,574,654
	Honeywell International	92,193		17,938,914
	Northrop Grumman	78,800		35,240,936
	Raytheon Technologies	431,514		42,750,092
				111,504,596
Information Technology – 15.58%
	Broadcom	50,680		31,912,182
	Cisco Systems	747,054		41,655,731
	Cognizant Technology Solutions
	Class A	399,291		35,804,424
	HP	364,049		13,214,979
	Motorola Solutions	144,049		34,888,668
	Oracle	34,529		2,856,584
	Western Union	162,628		3,047,649
				163,380,217
Materials – 1.39%
	DuPont de Nemours	153,419		11,288,570
	Newmont	41,931		3,331,418
				14,619,988
Total Common Stocks
	(cost $860,271,017)			1,045,307,252
Short-Term Investments – 0.29%
Money Market Mutual Funds – 0.29%
	BlackRock FedFund –
	Institutional Shares (seven-
	day effective yield 0.23%)	764,039		764,039
	Fidelity Investments Money
	Market Government Portfolio
	– Class I (seven-day effective
	yield 0.12%)	764,039		764,039
	GS Financial Square
	Government Fund –
	Institutional Shares (seven-
	day effective yield 0.25%)	764,039		764,039
	Morgan Stanley Government
	Portfolio – Institutional Share
	Class (seven-day effective
	yield 0.23%)	764,040		764,040
Total Short-Term Investments
	(cost $3,056,157)			3,056,157
Total Value of
	Securities–99.95%
	(cost $863,327,174)		$	1,048,363,409

† Non-income producing security.

18

Summary of abbreviations:
GS – Goldman Sachs

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

19

Schedules of investments
Delaware Growth Equity Fund

March 31, 2022 (Unaudited)

		Number of
		shares	Value (US $)
Common Stocks – 98.36%◆
Communication Services – 6.18%
	Alphabet Class A †	7,360	$	20,470,736
	Omnicom Group	125,250		10,631,220
				31,101,956
Consumer Discretionary – 14.35%
	Amazon.com †	4,180		13,626,591
	AutoZone †	7,210		14,741,422
	Lowe's	59,560		12,042,436
	Ralph Lauren	79,610		9,030,958
	Target	60,511		12,841,645
	Tempur Sealy International	357,810		9,990,055
				72,273,107
Consumer Staples – 3.12%
	Costco Wholesale	27,330		15,737,981
				15,737,981
Financials – 11.91%
	American Express	74,050		13,847,350
	Ameriprise Financial	46,460		13,954,725
	Capital One Financial	81,930		10,756,590
	JPMorgan Chase & Co.	71,080		9,689,626
	W R Berkley	176,200		11,733,158
				59,981,449
Healthcare – 16.56%
	Envista Holdings †	280,240		13,650,490
	HCA Healthcare	50,360		12,621,223
	IQVIA Holdings †	46,330		10,711,959
	Merck & Co.	79,810		6,548,411
	Pfizer	266,180		13,780,139
	Thermo Fisher Scientific	19,530		11,535,394
	West Pharmaceutical Services	35,390		14,535,027
				83,382,643
Industrials – 11.71%
	Dover	78,370		12,296,253
	EMCOR Group	90,070		10,144,584
	Parker-Hannifin	45,880		13,018,909
	Rockwell Automation	38,060		10,657,942
	United Parcel Service Class B	60,000		12,867,600
				58,985,288
Information Technology – 32.40%
	Adobe †	27,920		12,720,910
	Apple	177,458		30,985,941
	Arrow Electronics †	87,970		10,435,881
	Cadence Design Systems †	99,230		16,319,366
	Fortinet †	40,940		13,990,836
	Juniper Networks	309,000		11,482,440
	KLA	34,960		12,797,458
	Microsoft	81,450		25,111,849
	NVIDIA	58,570		15,981,410
	Zebra Technologies Class A †	32,257		13,344,721
				163,170,812
Materials – 2.13%
	Westlake	86,900		10,723,460
				10,723,460
Total Common Stocks
	(cost $317,109,172)			495,356,696
Short-Term Investments – 1.79%
Money Market Mutual Funds – 1.79%
	BlackRock FedFund – Institutional
	Shares (seven-day effective
	yield 0.23%)	2,258,680		2,258,680
	Fidelity Investments Money Market
	Government Portfolio – Class I
	(seven-day effective yield
	0.12%)	2,258,681		2,258,681
	GS Financial Square Government
	Fund – Institutional Shares
	(seven-day effective yield
	0.25%)	2,258,681		2,258,681
	Morgan Stanley Government
	Portfolio – Institutional Share
	Class (seven-day effective yield
	0.23%)	2,258,681		2,258,681
Total Short-Term Investments
	(cost $9,034,723)			9,034,723
Total Value of Securities–100.15%
	(cost $326,143,895)		$	504,391,419

◆	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.

20

Delaware Opportunity Fund

March 31, 2022 (Unaudited)

		Number of
		shares	Value (US $)
Common Stocks – 98.20%
Basic Industry – 8.85%
	Alcoa	68,500	$	6,167,055
	Axalta Coating Systems †	125,500		3,084,790
	Berry Global Group †	124,100		7,192,836
	Celanese	42,900		6,129,123
	Crown Holdings	51,300		6,417,117
	Graphic Packaging Holding	351,400		7,042,056
	Huntsman	346,200		12,985,962
	Louisiana-Pacific	74,600		4,634,152
	Newmont	59,400		4,719,330
				58,372,421
Consumer Discretionary – 12.16%
	Aptiv †	42,000		5,027,820
	AutoZone †	3,900		7,973,862
	Cable One	2,080		3,045,619
	Capri Holdings †	81,200		4,172,868
	Darden Restaurants	33,600		4,467,120
	Dollar Tree †	42,100		6,742,315
	DR Horton	106,600		7,942,766
	Hasbro	45,500		3,727,360
	Johnson Controls International	95,900		6,288,163
	Marriott International Class A †	59,500		10,457,125
	Nexstar Media Group Class A	27,000		5,088,960
	Polaris	41,600		4,381,312
	Ross Stores	48,000		4,342,080
	Stanley Black & Decker	46,700		6,528,193
				80,185,563
Consumer Staples – 2.90%
	Campbell Soup	51,700		2,304,269
	Conagra Brands	117,000		3,927,690
	Kellogg	61,900		3,991,931
	Tyson Foods Class A	51,600		4,624,908
	US Foods Holding †	113,400		4,267,242
				19,116,040
Energy – 7.27%
	Coterra Energy	280,300		7,559,691
	Hess	175,200		18,753,408
	Marathon Oil	647,000		16,246,170
	Valero Energy	52,700		5,351,158
				47,910,427
Financial Services – 19.80%
	Affiliated Managers Group	38,700		5,454,765
	Allstate	71,100		9,848,061
	Assurant	41,900		7,618,677
	East West Bancorp	196,600		15,535,332
	Globe Life	57,700		5,804,620
	Hancock Whitney	147,965		7,716,375
	Hartford Financial Services Group	153,900		11,051,559
	KeyCorp	465,600		10,420,128
	Raymond James Financial	138,650		15,239,021
	Reinsurance Group of America	69,900		7,651,254
	Signature Bank	23,200		6,808,968
	State Street	69,500		6,054,840
	Synchrony Financial	247,700		8,622,437
	Synovus Financial	149,000		7,301,000
	Western Alliance Bancorp	66,000		5,466,120
				130,593,157
Healthcare – 5.55%
	AmerisourceBergen	48,800		7,549,848
	Quest Diagnostics	45,500		6,227,130
	Service Corp. International	65,600		4,317,792
	STERIS	28,500		6,890,445
	Syneos Health †	54,000		4,371,300
	Zimmer Biomet Holdings	56,700		7,251,930
				36,608,445
Industrials – 12.29%
	AECOM	111,600		8,571,996
	AMETEK	29,300		3,902,174
	CACI International Class A †	13,000		3,916,380
	Gates Industrial †	271,700		4,091,802
	ITT	111,973		8,421,490
	KBR	233,900		12,801,347
	ManpowerGroup	37,900		3,559,568
	Oshkosh	59,600		5,998,740
	Quanta Services	91,700		12,068,637
	Regal Rexnord	32,800		4,879,984
	United Rentals †	16,700		5,932,007
	WESCO International †	52,900		6,884,406
				81,028,531
Real Estate Investment Trusts – 7.73%
	Apartment Income REIT	119,329		6,379,328
	Brandywine Realty Trust	343,600		4,858,504
	Host Hotels & Resorts	240,200		4,667,086
	Kimco Realty	301,600		7,449,520
	Life Storage	48,650		6,831,920
	MGM Growth Properties Class A	180,900		7,000,830
	Outfront Media	221,200		6,288,716
	Spirit Realty Capital	163,400		7,519,668
				50,995,572
Technology – 11.91%
	Agilent Technologies	66,800		8,839,644
	Avnet	126,800		5,146,812
	Ciena †	97,300		5,899,299
	Fiserv †	26,300		2,666,820
	Flex †	400,300		7,425,565
	Keysight Technologies †	51,700		8,167,049
	ON Semiconductor †	135,700		8,496,177

21

Schedules of investments
Delaware Opportunity Fund

			Number of
			shares	Value (US $)
Common Stocks (continued)
Technology (continued)
	Qorvo †		50,600	$	6,279,460
	Synopsys †		37,300		12,430,971
	Teradyne		94,700		11,196,381
	Western Digital †		40,800		2,025,720
					78,573,898
Transportation – 2.60%
	JB Hunt Transport Services		26,700		5,361,093
	Kirby †		67,100		4,843,949
	Southwest Airlines †		152,000		6,961,600
					17,166,642
Utilities – 7.14%
	CMS Energy		114,100		7,980,154
	Edison International		96,500		6,764,650
	MDU Resources Group		143,500		3,824,275
	NRG Energy		167,500		6,425,300
	Public Service Enterprise Group		132,700		9,289,000
	WEC Energy Group		58,400		5,828,904
	Xcel Energy		96,900		6,993,273
					47,105,556
Total Common Stocks
	(cost $454,345,683)				647,656,252
Short-Term Investments – 0.25%
Money Market Mutual Funds – 0.25%
	BlackRock Liquidity FedFund –
		Institutional Shares (seven-day
		effective yield 0.03%)	410,265		410,265
	Fidelity Government Portfolio –
		Class I (seven-day effective
		yield 0.01%)	410,267		410,267
	GS Financial Square Government
		Fund – Institutional Shares
		(seven-day effective yield
		0.03%)	410,267		410,267
	MSILF Government Portfolio –
		Institutional Share Class (seven-
		day effective yield 0.03%)	410,268		410,268
Total Short-Term Investments
	(cost $1,641,067)				1,641,067
Total Value of Securities–98.45%
	(cost $455,986,750)			$	649,297,319

† 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.

22

Delaware Global Equity Fund

March 31, 2022 (Unaudited)

			Number of
			shares	Value (US $)
Common Stocks – 98.19%Δ
Denmark – 3.93%
	Novo Nordisk Class B		73,390	$	8,140,136
					8,140,136
France – 12.01%
	Air Liquide		47,260		8,267,850
	Danone		100,370		5,544,739
	Orange		416,220		4,928,586
	Sodexo		75,850		6,172,364
					24,913,539
Germany – 11.63%
	adidas AG		28,590		6,662,215
	Fresenius Medical Care AG & Co.		116,440		7,802,741
	Knorr-Bremse		41,250		3,162,102
	SAP		58,530		6,486,772
					24,113,830
Japan – 5.96%
	Asahi Group Holdings		83,000		3,022,900
	Kao		118,300		4,830,267
	Makita		72,100		2,306,955
	Seven & i Holdings		46,100		2,197,919
					12,358,041
Netherlands – 3.36%
	Koninklijke Ahold Delhaize		216,630		6,968,016
					6,968,016
Spain – 4.65%
	Amadeus IT Group †		148,410		9,649,337
					9,649,337
Sweden – 6.05%
	Essity Class B		214,500		5,061,993
	H & M Hennes & Mauritz Class B		172,000		2,309,554
	Securitas Class B		458,870		5,176,660
					12,548,207
Switzerland – 9.71%
	Nestle		67,100		8,724,252
	Roche Holding		14,840		5,871,622
	Swatch Group		19,510		5,531,553
					20,127,427
United Kingdom – 9.73%
	Diageo		172,980		8,774,338
	Intertek Group		48,730		3,324,252
	Smith & Nephew		507,790		8,076,337
					20,174,927
United States – 31.16%
	3M		31,870		4,744,806
	Clorox		39,970		5,557,029
	Conagra Brands		150,360		5,047,585
	General Mills		19,990		1,353,723
	Henry Schein †		89,620		7,813,968
	Ingredion		63,600		5,542,740
	Kimberly-Clark		54,340		6,692,514
	Lamb Weston Holdings		155,410		9,310,613
	Merck & Co.		93,550		7,675,778
	Parker-Hannifin		7,790		2,210,490
	Pfizer		123,550		6,396,184
	Visa Class A		10,220		2,266,489
					64,611,919
Total Common Stocks
	(cost $205,042,655)				203,605,379
Exchange-Traded Fund – 1.02%
	Vanguard S&P 500 ETF		5,120		2,125,670
Total Exchange-Traded Fund
	(cost $2,023,075)				2,125,670
Short-Term Investments – 0.09%
Money Market Mutual Funds – 0.09%
	BlackRock FedFund – Institutional
		Shares (seven-day effective
		yield 0.23%)	46,639		46,639
	Fidelity Investments Money Market
		Government Portfolio – Class I
		(seven-day effective yield
		0.12%)	46,638		46,638
	GS Financial Square Government
		Fund – Institutional Shares
		(seven-day effective yield
		0.25%)	46,638		46,638
	Morgan Stanley Government
		Portfolio – Institutional Share
		Class (seven-day effective yield
		0.23%)	46,639		46,639
Total Short-Term Investments
	(cost $186,554)				186,554
Total Value of Securities–99.30%
	(cost $207,252,284)			$	205,917,603

Δ	Securities have been classified by country of origin. Aggregate classification by business sector has been presented on page 10 in “Security type / country and sector allocations.”
†	Non-income producing security.

The following foreign currency exchange contracts were outstanding at March 31, 2022:¹

23

Schedules of investments
Delaware Global Equity Fund

Foreign Currency Exchange Contracts

	Currency to						Settlement	Unrealized		Unrealized
Counterparty	Receive (Deliver)			In Exchange For			Date	Appreciation		Depreciation
BNYM	CHF	(58,959	)	USD	63,918		4/4/22	$	105	$	—
BNYM	EUR	90,421		USD	(100,939	)	4/1/22		—		(907	)
BNYM	SEK	(1,051,050	)	USD	113,419		4/1/22		1,632		—
BNYM	SEK	(970,423	)	USD	103,398		4/4/22		181		—
Total Foreign Currency Exchange Contracts								$	1,918	$	(907	)

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
EUR – European Monetary Unit
SEK – Swedish Krona
USD – US Dollar

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

24

Delaware Covered Call Strategy Fund

March 31, 2022 (Unaudited)

			Number of
			shares		Value (US $)
Common Stocks – 101.90%◆
Communication Services – 7.81%
	Alphabet Class A ~, †		2,800		$	7,787,780
	Meta Platforms Class A ~, †		8,500			1,890,060
						9,677,840
Consumer Discretionary – 15.09%
	Amazon.com ~, †		1,000			3,259,950
	Booking Holdings ~, †		2,100			4,931,745
	Home Depot ~		14,900			4,460,017
	Tesla ~, †		3,300			3,556,080
	Whirlpool ~		14,400			2,488,032
						18,695,824
Consumer Staples – 4.98%
	Costco Wholesale ~		10,700			6,161,595
						6,161,595
Energy – 6.87%
	Chevron ~		25,100			4,087,033
	Exxon Mobil ~		53,600			4,426,824
						8,513,857
Financials – 8.60%
	Bank of America ~		95,200			3,924,144
	BlackRock ~		6,100			4,661,437
	JPMorgan Chase & Co. ~		15,200			2,072,064
						10,657,645
Healthcare – 8.91%
	Bristol-Myers Squibb ~		26,300			1,920,689
	Medtronic ~		39,400			4,371,430
	UnitedHealth Group ~		9,300			4,742,721
						11,034,840
Industrials – 11.33%
	Honeywell International ~		11,900			2,315,502
	Lockheed Martin ~		6,300			2,780,820
	Raytheon Technologies ~		24,900			2,466,843
	Southwest Airlines ~, †		62,100			2,844,180
	Union Pacific ~		13,300			3,633,693
						14,041,038
Information Technology – 31.10%
	Apple ~		69,100			12,065,551
	Broadcom ~		9,600			6,044,928
	Mastercard Class A ~		11,800			4,217,084
	Microsoft ~		34,300			10,575,033
	Texas Instruments ~		30,700			5,632,836
						38,535,432
Materials – 3.30%
	PPG Industries ~		31,200			4,089,384
						4,089,384
Utilities – 3.91%
	NextEra Energy ~		57,200			4,845,412
						4,845,412
Total Common Stocks
	(cost $79,194,661)					126,252,867
Short-Term Investments – 1.37%
Money Market Mutual Funds – 1.37%
	BlackRock FedFund – Institutional
		Shares (seven-day effective
		yield 0.23%)	425,275			425,275
	Fidelity Investments Money Market
		Government Portfolio – Class I
		(seven-day effective yield
		0.12%)	425,276			425,276
	GS Financial Square Government
		Fund – Institutional Shares
		(seven-day effective yield
		0.25%)	425,276			425,276
	Morgan Stanley Government
		Portfolio – Institutional Share
		Class (seven-day effective yield
		0.23%)	425,277			425,277
Total Short-Term Investments
	(cost $1,701,104)					1,701,104
Total Value of Securities Before
	Options Written–103.27%
	(cost $80,895,765)					127,953,971
			Number of
			contracts
Options Written – (3.40%)
Equity Call Options – (3.40%)
	Alphabet, strike price $2,820,
		expiration date 4/14/22, notional
		amount $(7,896,000)	(28	)		(102,900	)
	Amazon.com, strike price $3,400,
		expiration date 4/14/22, notional
		amount $(3,400,000)	(10	)		(23,775	)
	Apple, strike price $170, expiration
		date 4/14/22, notional amount
		$(11,747,000)	(691	)		(443,967	)
	Bank of America, strike price $46,
		expiration date 6/17/22, notional
		amount $(4,379,200)	(952	)		(62,832	)
	BlackRock, strike price $810,
		expiration date 6/17/22, notional
		amount $(4,941,000)	(61	)		(107,055	)

25

Schedules of investments
Delaware Covered Call Strategy Fund

			Number of
			contracts		Value (US $)
Options Written (continued)
Equity Call Options (continued)
	Booking Holdings, strike price
		$2,800, expiration date 6/17/22,
		notional amount $(5,880,000)	(21	)	$	(60,900	)
	Bristol-Myers Squibb, strike price
		$75, expiration date 9/16/22,
		notional amount $(1,972,500)	(263	)		(74,035	)
	Broadcom, strike price $630,
		expiration date 5/20/22, notional
		amount $(6,048,000)	(96	)		(264,000	)
	Chevron, strike price $160,
		expiration date 8/19/22, notional
		amount $(4,016,000)	(251	)		(315,632	)
	Costco Wholesale, strike price
		$525, expiration date 4/14/22,
		notional amount $(5,617,500)	(107	)		(559,877	)
	Exxon Mobil, strike price $80,
		expiration date 5/20/22, notional
		amount $(4,288,000)	(536	)		(276,040	)
	Home Depot, strike price $380,
		expiration date 4/14/22, notional
		amount $(5,662,000)	(149	)		(596	)
	Honeywell International, strike
		price $210, expiration date
		6/17/22, notional amount
		$(2,499,000)	(119	)		(25,109	)
	JPMorgan Chase & Co., strike
		price $160, expiration date
		4/14/22, notional amount
		$(2,432,000)	(152	)		(608	)
	Lockheed Martin, strike price $410,
		expiration date 4/14/22, notional
		amount $(2,583,000)	(63	)		(211,680	)
	Mastercard, strike price $360,
		expiration date 6/17/22, notional
		amount $(4,248,000)	(118	)		(223,610	)
	Medtronic, strike price $110,
		expiration date 4/14/22, notional
		amount $(4,334,000)	(394	)		(90,029	)
	Meta Platforms, strike price $250,
		expiration date 6/17/22, notional
		amount $(2,125,000)	(85	)		(56,100	)
	Microsoft, strike price $315,
		expiration date 4/14/22, notional
		amount $(10,804,500)	(343	)		(114,905	)
	NextEra Energy, strike price
		$87.50, expiration date 6/17/22,
		notional amount $(5,005,000)	(572	)		(132,990	)
	PPG Industries, strike price $160,
		expiration date 5/20/22, notional
		amount $(4,992,000)	(312	)		(74,880	)
	Raytheon Technologies, strike
		price $100, expiration date
		5/20/22, notional amount
		$(2,490,000)	(249	)		(77,813	)
	Southwest Airlines, strike price
		$50, expiration date 4/14/22,
		notional amount $(3,105,000)	(621	)		(10,868	)
	Tesla, strike price $1,025,
		expiration date 4/14/22, notional
		amount $(3,382,500)	(33	)		(257,977	)
	Texas Instruments, strike price
		$185, expiration date 5/20/22,
		notional amount $(5,679,500)	(307	)		(200,318	)
	Union Pacific, strike price $275,
		expiration date 5/20/22, notional
		amount $(3,657,500)	(133	)		(112,053	)
	UnitedHealth Group, strike price
		$480, expiration date 4/14/22,
		notional amount $(4,464,000)	(93	)		(311,317	)
	Whirlpool, strike price $210,
		expiration date 6/17/22, notional
		amount $(3,024,000)	(144	)		(25,200	)
Total Options Written
	(premium received $3,968,372)				$	(4,217,066	)

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

Summary of abbreviations:
GS – Goldman Sachs

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

26

Delaware Hedged U.S. Equity Opportunities Fund

March 31, 2022 (Unaudited)

		Number of
		shares	Value (US $)
Common Stocks – 95.75%
Communication Services – 8.40%
	Activision Blizzard	1,211	$	97,013
	Alphabet Class A †	596		1,657,685
	Alphabet Class C †	148		413,363
	AT&T	3,207		75,781
	Cable One	283		414,380
	Cargurus †	4,152		176,294
	Charter Communications Class A †	259		141,290
	Electronic Arts	2,802		354,481
	Match Group †	2,181		237,162
	Meta Platforms Class A †	2,350		522,546
	Omnicom Group	1,380		117,134
	Pinterest Class A †	2,278		56,062
	Roku †	1,844		230,998
	Snap Class A †	6,580		236,814
	Spotify Technology †	1,411		213,089
	T-Mobile US †	3,257		418,036
	Twitter †	2,439		94,365
	Verizon Communications	1,629		82,981
	Walt Disney †	1,213		166,375
	ZoomInfo Technologies Class A †	2,187		130,651
				5,836,500
Consumer Discretionary – 12.28%
	Airbnb Class A †	3,630		623,489
	Alibaba Group Holding ADR †	600		65,280
	Amazon.com †	516		1,682,134
	CarMax †	2,356		227,307
	Chewy Class A †	2,223		90,654
	Choice Hotels International	1,597		226,391
	Compass Group †	13,663		294,029
	Denny's †	9,855		141,025
	Dollar General	472		105,081
	Dollar Tree †	1,174		188,016
	DraftKings Class A †	6,396		124,530
	Etsy †	1,803		224,077
	Garmin	1,731		205,314
	General Motors †	1,925		84,199
	Genuine Parts	876		110,393
	Las Vegas Sands †	4,812		187,042
	Lennar Class A	1,506		122,242
	Lululemon Athletica †	811		296,202
	McDonald's	2,282		564,293
	NIKE Class B	4,775		642,524
	NVR †	96		428,858
	Peloton Interactive Class A †	4,480		118,362
	Six Flags Entertainment †	6,082		264,567
	Steven Madden	4,212		162,752
	Tesla †	66		71,122
	Thor Industries	1,447		113,879
	TJX	12,406		751,555
	Ulta Beauty †	722		287,515
	Visteon †	1,244		135,758
				8,538,590
Consumer Staples – 5.78%
	Clorox	97		13,486
	Coca-Cola	7,314		453,468
	Colgate-Palmolive	8,938		677,769
	Costco Wholesale	245		141,083
	General Mills	1,208		81,806
	Hormel Foods	1,898		97,823
	Kellogg	1,409		90,866
	Keurig Dr Pepper	7,045		267,006
	PepsiCo	4,291		718,228
	Philip Morris International	2,295		215,592
	Procter & Gamble	4,915		751,012
	Sysco	796		64,993
	Unilever	4,082		185,334
	US Foods Holding †	4,496		169,184
	Walmart	616		91,735
				4,019,385
Energy – 1.51%
	Baker Hughes	2,348		85,491
	Canadian Natural Resources	4,632		287,091
	ConocoPhillips	1,076		107,600
	Diamondback Energy	1,101		150,925
	Marathon Oil	7,594		190,685
	Schlumberger	2,982		123,187
	SolarEdge Technologies †	332		107,027
				1,052,006
Financials – 13.67%
	Aegon	37,886		200,417
	AerCap Holdings †	3,133		157,527
	Alleghany †	330		279,510
	American Express	2,961		553,707
	Apollo Global Management	2,138		132,535
	Arthur J Gallagher & Co.	760		132,696
	Assurant	910		165,465
	Bank of America	8,116		334,542
	Berkshire Hathaway Class B †	1,113		392,789
	Brown & Brown	1,661		120,040
	Cadence Bank	4,941		144,574
	Charles Schwab	7,388		622,882
	Chubb	4,658		996,346
	Credit Acceptance †	470		258,674
	Equitable Holdings	3,833		118,478
	First Citizens BancShares Class A	140		93,184
	First Republic Bank	797		129,194
	Globe Life	1,743		175,346
	Hanover Insurance Group	1,154		172,546

27

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

		Number of
		shares	Value (US $)
Common Stocks (continued)
Financials (continued)
	Intercontinental Exchange	842	$	111,245
	Kemper	2,306		130,381
	M&T Bank	2,637		446,971
	Markel †	245		361,434
	Marsh & McLennan	4,970		846,987
	MetLife	4,005		281,471
	Moody's	265		89,414
	Progressive	1,827		208,260
	Raymond James Financial	2,150		236,307
	Royal Bank of Canada	1,925		211,940
	S&P Global	706		289,587
	Travelers	784		143,260
	Voya Financial	5,352		355,105
	Western Alliance Bancorp	2,019		167,214
	White Mountains Insurance Group	81		92,035
	Willis Towers Watson	412		97,323
	Zions Bancorp	3,879		254,307
				9,503,693
Healthcare – 13.57%
	Abbott Laboratories	500		59,180
	ABIOMED †	503		166,614
	Agilent Technologies	674		89,190
	Alnylam Pharmaceuticals †	422		68,908
	Apellis Pharmaceuticals †	1,571		79,823
	AstraZeneca ADR	2,668		176,995
	Baxter International	5,727		444,072
	Becton Dickinson and Co.	840		223,440
	Biogen †	582		122,569
	Boston Scientific †	3,690		163,430
	Bristol-Myers Squibb	1,455		106,259
	Centene †	2,864		241,120
	Cerner	995		93,092
	CVS Health	2,166		219,221
	Danaher	1,802		528,581
	DENTSPLY SIRONA	3,804		187,233
	Dexcom †	371		189,804
	Eli Lilly & Co.	460		131,730
	Encompass Health	5,648		401,629
	Exact Sciences †	3,778		264,158
	Humana	459		199,743
	Illumina †	906		316,556
	Insulet †	388		103,359
	Integra LifeSciences
	Holdings †	2,752		176,844
	Intuitive Surgical †	202		60,939
	Jazz Pharmaceuticals †	567		88,265
	Johnson & Johnson	4,410		781,584
	Medtronic	5,066		562,073
	Merck & Co.	1,140		93,537
	Molina Healthcare †	676		225,507
	Organon & Co.	1,729		60,394
	Pfizer	2,411		124,817
	PTC Therapeutics †	1,871		69,807
	Regeneron Pharmaceuticals †	246		171,811
	Sanofi	1,160		118,598
	Seagen †	1,986		286,083
	STERIS	44		10,638
	Stryker	1,948		520,798
	Teleflex	341		120,997
	Thermo Fisher Scientific	190		112,224
	Ultragenyx Pharmaceutical †	1,022		74,218
	UnitedHealth Group	1,555		793,003
	Veeva Systems Class A †	1,479		314,228
	Vertex Pharmaceuticals †	333		86,903
				9,429,974
Industrials – 11.54%
	Airbus †	852		102,810
	AMERCO	264		157,592
	Boeing †	604		115,666
	Canadian National Railway	1,774		237,971
	Cintas	740		314,789
	Clean Harbors †	1,827		203,966
	Copart †	3,493		438,267
	CoStar Group †	2,051		136,617
	CRH	3,997		159,647
	Enovis †	3,057		121,638
	Expeditors International of
	Washington	2,708		279,357
	Fastenal	3,730		221,562
	Fortive	1,761		107,298
	Honeywell International	3,657		711,579
	IDEX	1,095		209,944
	II-VI †	2,304		167,017
	JB Hunt Transport Services	747		149,990
	JELD-WEN Holding †	4,090		82,945
	John Bean Technologies	1,158		137,188
	Johnson Controls International	2,989		195,989
	Knight-Swift Transportation
	Holdings	2,036		102,737
	Lennox International	727		187,464
	Lockheed Martin	695		306,773
	Middleby †	1,723		282,469
	Northrop Grumman	1,613		721,366
	PACCAR	3,753		330,527
	Raytheon Technologies	2,833		280,665
	Rollins	2,365		82,893
	Spirit AeroSystems Holdings
	Class A	3,493		170,773

28

		Number of
		shares	Value (US $)
Common Stocks (continued)
Industrials (continued)
	Uber Technologies †	3,491	$	124,559
	Union Pacific	1,942		530,574
	Waste Connections	852		119,024
	Westinghouse Air Brake
	Technologies	5,506		529,512
				8,021,168
Information Technology – 20.29%
	Accenture Class A	1,252		422,212
	Advanced Micro Devices †	3,457		377,988
	Amphenol Class A	1,144		86,200
	ANSYS †	227		72,107
	Apple	8,017		1,399,848
	Arista Networks †	2,529		351,480
	Automatic Data Processing	541		123,099
	Black Knight †	2,146		124,447
	Block †	1,962		266,047
	Broadcom	161		101,378
	CDW	757		135,420
	Cisco Systems	407		22,694
	Cognizant Technology Solutions
	Class A	3,180		285,151
	Constellation Software	224		382,904
	DocuSign †	1,183		126,723
	Dynatrace †	2,210		104,091
	EPAM Systems †	149		44,195
	F5 †	1,979		413,512
	Fair Isaac †	188		87,694
	Fidelity National Information
	Services	2,225		223,434
	Five9 †	846		93,398
	Fleetcor Technologies †	741		184,553
	Flex †	8,689		161,181
	Genpact	5,783		251,618
	GoDaddy Class A †	2,126		177,946
	Guidewire Software †	850		80,427
	Intel	1,543		76,471
	KLA	199		72,846
	Leidos Holdings	4,061		438,669
	Lumentum Holdings †	3,933		383,861
	Mastercard Class A	1,533		547,864
	Micron Technology	2,328		181,328
	Microsoft	5,651		1,742,260
	MKS Instruments	1,865		279,750
	MongoDB †	501		222,239
	Motorola Solutions	223		54,011
	NVIDIA	1,284		350,352
	NXP Semiconductors	458		84,767
	Okta †	836		126,203
	Oracle	1,425		117,890
	Palo Alto Networks †	400		249,004
	Paychex	1,012		138,108
	Paycom Software †	646		223,761
	PayPal Holdings †	398		46,029
	Qorvo †	909		112,807
	RingCentral Class A †	1,113		130,455
	Salesforce †	1,137		241,408
	Samsung Electronics GDR	70		89,715
	Shopify Class A †	75		50,697
	Synaptics †	599		119,500
	Topicus.com †	360		26,853
	Tyler Technologies †	205		91,202
	UiPath Class A †	4,666		100,739
	Universal Display	606		101,172
	Visa Class A	3,776		837,404
	VMware Class A	1,979		225,349
	WEX †	941		167,921
	Workday Class A †	1,562		374,037
				14,104,419
Materials – 3.83%
	Albemarle	633		139,988
	Ball	1,357		122,130
	Celanese	992		141,727
	Ecolab	3,511		619,902
	FMC	3,820		502,597
	Linde	1,514		483,617
	PPG Industries	1,118		146,536
	Reliance Steel & Aluminum	1,342		246,056
	Rio Tinto ADR	1,017		81,767
	Sherwin-Williams	718		179,227
				2,663,547
Real Estate – 2.98%
	American Tower	2,274		571,274
	Americold Realty Trust	4,858		135,441
	AvalonBay Communities	479		118,969
	Equinix	222		164,640
	Gaming and Leisure Properties	4,029		189,081
	Innovative Industrial Properties	379		77,847
	Public Storage	637		248,608
	Ryman Hospitality Properties †	1,947		180,623
	VICI Properties	8,452		240,544
	Welltower	1,461		140,461
				2,067,488
Utilities – 1.90%
	American Electric Power	70		6,984
	Avangrid	1,577		73,709
	Consolidated Edison	1,509		142,872
	Constellation Energy	1		56
	Dominion Energy	846		71,885

29

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

		Number of
		shares	Value (US $)
Common Stocks (continued)
Utilities (continued)
	Duke Energy	2,121	$	236,831
	Exelon	5,268		250,915
	Iberdrola	14,035		153,402
	Pinnacle West Capital	1,773		138,471
	UGI	3,802		137,709
	WEC Energy Group	1,100		109,791
				1,322,625
Total Common Stocks
	(cost $59,015,100)			66,559,395
Exchange-Traded Fund – 0.61%
	iShares Russell 1000 Growth ETF	1,534		425,885
Total Exchange-Traded Fund
	(cost $413,202)			425,885
		Number of
		contracts
Options Purchased – 1.03%
Options on Indices – 1.03%
	S&P 500 Index, strike price $3,950,
	expiration date 9/16/22, notional
	amount $4,740,000	12		120,660
	S&P 500 Index, strike price $3,950,
	expiration date 12/16/22,
	notional amount $6,320,000	16		239,440
	S&P 500 Index, strike price $4,100,
	expiration date 5/20/22, notional
	amount $4,920,000	12		35,760
	S&P 500 Index, strike price $4,100,
	expiration date
	6/17/22, notional amount
	$6,560,000	16		89,200
	S&P 500 Index, strike price $4,225,
	expiration date
	9/16/22, notional amount
	$6,337,500	15		229,575
Total Options Purchased
	(cost $1,222,596)			714,635
		Number of
		shares
Short-Term Investments – 1.96%
Money Market Mutual Funds – 1.96%
	BlackRock FedFund – Institutional
	Shares (seven-day effective yield
	0.23%)	340,318		340,318
	Fidelity Investments Money Market
	Government Portfolio – Class I
	(seven-day effective yield 0.12%)	340,319		340,319
	GS Financial Square Government
	Fund – Institutional Shares
	(seven-day effective yield 0.25%)	340,319		340,319
	Morgan Stanley Government
	Portfolio – Institutional Share
	Class (seven-day effective yield
	0.23%)	340,319		340,319
Total Short-Term Investments
	(cost $1,361,275)			1,361,275
Total Value of Securities Before
	Options Written–99.35%
	(cost $62,012,173)			69,061,190
		Number of
		contracts
Options Written – (0.56%)
Options on Indices – (0.56%)
	S&P 500 Index, strike price $3,750,
	expiration date 6/17/22, notional
	amount $(6,000,000)	(16)		(39,520	)
	S&P 500 Index, strike price $3,850,
	expiration date 9/16/22, notional
	amount $(5,775,000)	(15)		(128,850	)
	S&P 500 Index, strike price $3,600,
	expiration date 9/16/22, notional
	amount $(4,320,000)	(12)		(69,480	)
	S&P 500 Index, strike price $3,600,
	expiration date 12/16/22,
	notional amount $(5,760,000)	(16)		(151,680	)
Total Options Written
	(premium received $746,009)		$	(389,530	)

† Non-income producing security.

30

The following foreign currency exchange contracts and futures contracts were outstanding at March 31, 2022:¹

Foreign Currency Exchange Contracts

	Currency to					Settlement	Unrealized		Unrealized
Counterparty	Receive (Deliver)			In Exchange For		Date	Appreciation		Depreciation
BNYM	CAD	(12,200	)	USD	9,774	4/1/22	$	15	$	–
BNYM	CAD	(1,104	)	USD	882	4/1/22		–		(1	)
BNYM	EUR	(6,400	)	USD	7,084	4/1/22		4		–
BNYM	GBP	(3,355	)	USD	4,407	4/1/22		–		(1	)
DB	GBP	(459,000	)	USD	615,939	6/15/22		13,146		–
TD	CAD	(1,295,000	)	USD	1,014,378	6/15/22		–		(21,294	)
Total Foreign Currency Exchange Contracts							$	13,165	$	(21,296	)

Futures Contracts Exchange-Traded

												Variation
												Margin
					Notional				Value/			Due from
		Notional			Cost			Expiration	Unrealized			(Due to)
Contracts to Buy (Sell)		Amount			(Proceeds)			Date	Depreciation			Brokers
(17)	E-mini S&P 500 Index	$	(3,851,137	)	$	(3,654,943	)	6/17/22	$	(196,194	)	$	55,463
	E-mini S&P MidCap
(21)	400 Index		(5,647,320	)		(5,376,644	)	6/17/22		(270,676	)		80,850
(16)	EURO STOXX 50 Index		(676,671	)		(670,140	)	6/17/22		(6,531	)		7,191
(11)	FTSE 100 Index		(1,081,738	)		(1,031,432	)	6/17/22		(50,306	)		4,397
(2)	MSCI EAFE Index		(214,440	)		(202,851	)	6/17/22		(11,589	)		3,640
(5)	S&P/TSX 60 Index		(1,053,554	)		(1,032,336	)	6/16/22		(21,218	)		9,823
Total Futures Contracts					$	(11,968,346	)		$	(556,514	)	$	161,364

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

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

Summary of abbreviations:
ADR – American Depositary Receipt
DB – Deutsche Bank
EAFE – Europe, Australasia, and Far East
ETF – Exchange-Traded Fund
FTSE – Financial Times Stock Exchange
GDR – Global Depositary Receipt
GS – Goldman Sachs
MSCI – Morgan Stanley Capital International
S&P – Standard & Poor’s Financial Services
LLC TD – TD Bank

Summary of currencies:
CAD – Canadian Dollar
EUR – European Monetary Unit

31

Schedules of investments

Delaware Hedged U.S. Equity Opportunities Fund

Summary of currencies: (continued)

GBP – British Pound Sterling
USD – US Dollar

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

32

Delaware Premium Income Fund

March 31, 2022 (Unaudited)

		Number of
		shares	Value (US $)
Common Stocks – 119.94% ♦
Communication Services – 8.96%
	Alphabet Class A ~, †	600	$	1,668,810
	Comcast Class A ~	27,600		1,292,232
	Meta Platforms Class A ~, †	5,900		1,311,924
				4,272,966
Consumer Discretionary – 14.29%
	Booking Holdings ~, †	500		1,174,225
	Darden Restaurants ~	9,800		1,302,910
	Home Depot ~	5,900		1,766,047
	TJX ~	16,800		1,017,744
	Whirlpool ~	9,000		1,555,020
				6,815,946
Consumer Staples – 8.59%
	Constellation Brands Class A ~	9,400		2,165,008
	Mondelez International Class A ~	22,700		1,425,106
	Sysco ~	6,200		506,230
				4,096,344
Energy – 9.58%
	Chevron ~	20,500		3,338,015
	Exxon Mobil ~	14,900		1,230,591
				4,568,606
Financials – 13.74%
	American Express ~	9,300		1,739,100
	Bank of America ~	44,200		1,821,924
	BlackRock ~	2,400		1,834,008
	JPMorgan Chase & Co. ~	8,500		1,158,720
				6,553,752
Healthcare – 14.20%
	Amgen ~	3,200		773,824
	Bristol-Myers Squibb ~	17,700		1,292,631
	Merck & Co. ~	19,700		1,616,385
	Pfizer ~	41,000		2,122,570
	UnitedHealth Group ~	1,900		968,943
				6,774,353
Industrials – 15.64%
	Boeing ~, †	5,500		1,053,250
	CSX ~	59,200		2,217,040
	Lockheed Martin ~	4,800		2,118,720
	Raytheon Technologies ~	9,800		970,886
	United Rentals ~, †	3,100		1,101,151
				7,461,047
Information Technology – 30.81%
	Apple ~	12,700		2,217,547
	Broadcom ~	8,000		5,037,440
	Cisco Systems ~	39,600		2,208,096
	Corning ~	71,100		2,624,301
	First Solar ~, †	10,200		854,148
	Texas Instruments ~	4,000		733,920

	Visa Class A ~		4,600	1,020,142
				14,695,594
Materials – 2.00%
	PPG Industries ~		7,300	956,811
				956,811
Utilities – 2.13%
	NextEra Energy ~		12,000	1,016,520
				1,016,520
Total Common Stocks
	(cost $44,540,852)			57,211,939
Short-Term Investments – 1.39%
Money Market Mutual Funds – 1.39%
	BlackRock FedFund – Institutional
		Shares (seven-day effective
		yield 0.23%)	165,195	165,195
	Fidelity Investments Money Market
		Government Portfolio – Class I
		(seven-day effective yield
		0.12%)	165,195	165,195
	GS Financial Square Government
		Fund – Institutional Shares
		(seven-day effective yield
		0.25%)	165,195	165,195
	Morgan Stanley Government
		Portfolio – Institutional Share
		Class (seven-day effective yield
		0.23%)	165,196	165,196
Total Short-Term Investments
	(cost $660,781)			660,781
Total Value of Securities Before
	Options Written – 121.33%
	(cost $45,201,633)			57,872,720

			Number of
			contracts
Options Written – (21.91%)
Equity Call Options – (21.91%)
	Alphabet, strike price $2,300,
		expiration date 1/20/23, notional
		amount $(460,000)	(2	)	(124,330	)
	Alphabet, strike price $2,350,
		expiration date 1/20/23, notional
		amount $(940,000)	(4	)	(233,340	)
	American Express, strike price
		$150, expiration date 1/20/23,
		notional amount $(1,395,000)	(93	)	(428,497	)

33

Schedules of investments

Delaware Premium Income Fund

			Number of
			contracts		Value (US $)
Options Written (continued)
Equity Call Options (continued)
	Amgen, strike price $180,
		expiration date 1/20/23, notional
		amount $(576,000)	(32	)	$	(207,040	)
	Apple, strike price $135, expiration
		date 11/18/22, notional amount
		$(1,714,500)	(127	)		(573,087	)
	Bank of America, strike price $40,
		expiration date 9/16/22, notional
		amount $(1,768,000)	(442	)		(183,430	)
	BlackRock, strike price $720,
		expiration date 6/17/22, notional
		amount $(1,728,000)	(24	)		(156,960	)
	Boeing, strike price $190,
		expiration date 1/20/23, notional
		amount $(1,045,000)	(55	)		(153,313	)
	Booking Holdings, strike price
		$2,100, expiration date 1/20/23,
		notional amount $(420,000)	(2	)		(90,930	)
	Booking Holdings, strike price
		$1,950, expiration date 9/16/22,
		notional amount $(585,000)	(3	)		(148,305	)
	Bristol-Myers Squibb, strike price
		$62.5, expiration date 1/20/23,
		notional amount $(1,106,250)	(177	)		(218,595	)
	Broadcom, strike price $510,
		expiration date 1/20/23, notional
		amount $(1,989,000)	(39	)		(574,860	)
	Broadcom, strike price $530,
		expiration date 7/15/22, notional
		amount $(2,173,000)	(41	)		(465,760	)
	Chevron, strike price $115,
		expiration date 1/20/23, notional
		amount $(2,357,500)	(205	)		(1,014,237	)
	Cisco Systems, strike price $50,
		expiration date 1/20/23, notional
		amount $(1,980,000)	(396	)		(320,760	)
	Comcast, strike price $42.5,
		expiration date 1/20/23, notional
		amount $(1,173,000)	(276	)		(184,230	)
	Constellation Brands, strike price
		$200, expiration date 1/20/23,
		notional amount $(1,880,000)	(94	)		(380,700	)
	Corning, strike price $33,
		expiration date 5/20/22, notional
		amount $(1,815,000)	(550	)		(248,875	)

Corning, strike price $34,
	expiration date 8/19/22, notional
	amount $(547,400)	(161	)	(70,438	)
CSX, strike price $29.17,
	expiration date 6/17/22, notional
	amount $(1,726,864)	(592	)	(506,160	)
Darden Restaurants, strike price
	$115, expiration date 1/20/23,
	notional amount $(736,000)	(64	)	(163,840	)
Darden Restaurants, strike price
	$125, expiration date 1/20/23,
	notional amount $(425,000)	(34	)	(65,790	)
Exxon Mobil, strike price $72.5,
	expiration date 7/15/22, notional
	amount $(1,080,250)	(149	)	(173,585	)
First Solar, strike price $62.5,
	expiration date 1/20/23, notional
	amount $(637,500)	(102	)	(269,535	)
Home Depot, strike price $290,
	expiration date 6/17/22, notional
	amount $(1,711,000)	(59	)	(121,688	)
JPMorgan Chase & Co., strike
	price $140, expiration date
	1/20/23, notional amount
	$(1,190,000)	(85	)	(95,838	)
Lockheed Martin, strike price $340,
	expiration date 1/20/23, notional
	amount $(1,632,000)	(48	)	(517,680	)
Merck & Co., strike price $67.5,
	expiration date 1/20/23, notional
	amount $(1,329,750)	(197	)	(316,185	)
Meta Platforms, strike price $220,
	expiration date 1/20/23, notional
	amount $(1,298,000)	(59	)	(195,142	)
Mondelez International, strike price
	$52.50, expiration date 1/20/23,
	notional amount $(1,191,750)	(227	)	(274,670	)
NextEra Energy, strike price $70,
	expiration date 6/17/22, notional
	amount $(840,000)	(120	)	(184,800	)
Pfizer, strike price $45, expiration
	date 9/16/22, notional amount
	$(1,845,000)	(410	)	(328,000	)
PPG Industries, strike price $130,
	expiration date 5/20/22, notional
	amount $(520,000)	(40	)	(26,000	)

34

			Number of
			contracts		Value (US $)
Options Written (continued)
Equity Call Options (continued)
	PPG Industries, strike price $140,
		expiration date 1/20/23, notional
		amount $(462,000)	(33	)	$	(32,670	)
	Raytheon Technologies, strike
		price $80, expiration date
		1/20/23, notional amount
		$(400,000)	(50	)		(107,625	)
	Raytheon Technologies, strike
		price $80, expiration date
		6/17/22, notional amount
		$(384,000)	(48	)		(93,120	)
	Sysco, strike price $65, expiration
		date 1/20/23, notional amount
		$(201,500)	(31	)		(59,985	)
	Sysco, strike price $75, expiration
		date 11/18/22, notional amount
		$(232,500)	(31	)		(34,100	)
	Texas Instruments, strike price
		$145, expiration date 1/20/23,
		notional amount $(580,000)	(40	)		(178,000	)
	TJX, strike price $60, expiration
		date 1/20/23, notional amount
		$(1,008,000)	(168	)		(113,400	)
	United Rentals, strike price $300,
		expiration date 1/20/23, notional
		amount $(930,000)	(31	)		(260,710	)
	UnitedHealth Group, strike price
		$410, expiration date 1/20/23,
		notional amount $(779,000)	(19	)		(225,577	)
	Visa, strike price $175, expiration
		date 9/16/22, notional amount
		$(805,000)	(46	)		(234,370	)
	Whirlpool, strike price $200,
		expiration date 1/20/23, notional
		amount $(1,800,000)	(90	)		(92,700	)
Total Options Written
	(premium received $10,467,555)				$	(10,448,857	)

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

Summary of abbreviations:

GS – Goldman Sachs

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

35

Schedules of investments

Delaware Total Return Fund

March 31, 2022 (Unaudited)

			Principal
			amount°	Value (US $)
Agency Mortgage-Backed Securities – 2.74%
	Fannie Mae
		4.50% 2/1/44	66,636	$	70,376
	Fannie Mae S.F. 15 yr
		2.00% 2/1/36	160,451		156,021
	Fannie Mae S.F. 20 yr
		2.00% 3/1/41	67,142		63,015
		2.50% 1/1/41	54,199		52,398
		3.00% 3/1/33	359,003		355,635
	Fannie Mae S.F. 30 yr
		2.00% 12/1/50	65,242		60,768
		2.00% 3/1/51	937,405		872,677
		2.00% 6/1/51	805,304		750,254
		2.50% 10/1/50	173,236		166,214
		2.50% 7/1/51	248,566		237,478
		2.50% 8/1/51	339,646		325,165
		2.50% 9/1/51	228,428		218,239
		2.50% 11/1/51	514,959		492,044
		2.50% 12/1/51	123,132		117,640
		2.50% 2/1/52	430,954		411,818
		3.00% 3/1/50	121,707		119,802
		3.00% 6/1/50	32,786		32,169
		3.00% 5/1/51	13,444		13,242
		3.00% 3/1/52	811,671		794,867
		3.50% 12/1/47	421,733		425,386
		3.50% 1/1/48	268,115		270,890
		3.50% 8/1/50	82,000		82,865
		3.50% 1/1/52	808,379		814,091
		4.00% 3/1/47	228,907		237,078
		4.50% 1/1/50	155,108		164,860
		5.00% 7/1/47	100,331		108,495
		6.00% 5/1/36	30,726		32,816
		6.00% 6/1/37	11,159		12,452
		6.00% 7/1/37	14,314		15,975
		6.00% 8/1/37	15,320		17,017
		6.00% 10/1/40	118,408		132,169
		6.50% 11/1/33	73,965		79,401
		6.50% 6/1/36	35,427		38,034
		7.00% 3/1/32	99,607		103,988
		7.00% 8/1/32	81,622		83,363
	Fannie Mae S.F. 30 yr TBA
		3.50% 4/1/52	486,000		486,835
	Freddie Mac S.F. 15 yr
		2.00% 12/1/35	106,412		103,462
		3.00% 3/1/35	158,897		160,540
	Freddie Mac S.F. 20 yr
		2.00% 3/1/41	77,300		72,541
		2.50% 6/1/41	401,862		388,483
		3.00% 9/1/40	126,185		125,250
		3.00% 4/1/42	321,000		318,618
		3.50% 9/1/35	337,115		341,582

	Freddie Mac S.F. 30 yr
		3.00% 11/1/46	66,220	65,823
		3.00% 8/1/51	1,053,598	1,033,809
		3.50% 8/1/49	351,086	353,631
		4.00% 4/1/52	393,000	401,655
		4.50% 10/1/40	291,255	310,179
	GNMA I S.F. 30 yr
		3.00% 8/15/45	302,931	301,387
	GNMA II S.F. 30 yr
		3.00% 12/20/51	124,013	122,767
		3.00% 1/20/52	180,451	178,636
Total Agency Mortgage-Backed Securities
	(cost $13,310,679)			12,693,900
Collateralized Debt Obligations – 0.28%
	Octagon Investment
		Partners 34
		Series 2017-1A
		A1 144A 1.394%
		(LIBOR03M + 1.14%)
		1/20/30 #, •	1,000,000	999,070
	Venture 34 CLO
		Series 2018-34A A
		144A 1.471%
		(LIBOR03M + 1.23%,
		Floor 1.23%)
		10/15/31 #, •	300,000	298,886
Total Collateralized Debt Obligations
	(cost $1,297,941)			1,297,956
Convertible Bonds – 6.35%
Basic Industry – 0.14%
	Ivanhoe Mines 144A
		2.50% exercise price
		$7.43, maturity date
		4/15/26 #	450,000	647,100
				647,100
Capital Goods – 0.46%
	Chart Industries 144A
		1.00% exercise price
		$58.73, maturity date
		11/15/24 #	394,000	1,161,315
	Danimer Scientific 144A
		3.25% exercise price
		$10.79, maturity date
		12/15/26 #	184,000	151,340
	Kaman 3.25% exercise
		price $65.26, maturity
		date 5/1/24	798,000	822,977
				2,135,632

36

			Principal
			amount°	Value (US $)
Convertible Bonds (continued)
Communications — 0.75%
	Cable One 1.125%
		exercise price
		$2,275.83, maturity date
		3/15/28	1,028,000	$	924,172
	InterDigital 2.00% exercise
		price $81.29, maturity
		date 6/1/24	1,008,000		1,038,240
	Liberty Broadband 144A
		1.25% exercise price
		$900.01, maturity date
		9/30/50 #	1,132,000		1,089,550
	Liberty Latin America
		2.00% exercise price
		$20.65, maturity date
		7/15/24	480,000		437,700
					3,489,662
Consumer Cyclical — 0.55%
	Cheesecake Factory
		0.375% exercise price
		$78.40, maturity date
		6/15/26	772,000		694,800
	Ford Motor 0.00% exercise
		price $17.31, maturity
		date 3/15/26 ^	650,000		771,550
	fuboTV 144A 3.25%
		exercise price $57.78,
		maturity date 2/15/26 #	511,000		346,713
	Spirit Airlines 1.00%
		exercise price $49.07,
		maturity date 5/15/26	803,000		724,306
					2,537,369
Consumer Non-Cyclical — 1.98%
	BioMarin Pharmaceutical
		0.599% exercise price
		$124.67, maturity date
		8/1/24	332,000		332,664
	Chefs' Warehouse 1.875%
		exercise price $44.20,
		maturity date 12/1/24	1,094,000		1,156,905
	Chegg 3.90% exercise
		price $107.55, maturity
		date 9/1/26 ^	1,012,000		831,864
	Coherus Biosciences
		1.50% exercise price
		$19.26, maturity date
		4/15/26	620,000		616,776
	Collegium Pharmaceutical
		2.625% exercise price
		$29.19, maturity date
		2/15/26	678,000		677,661
	FTI Consulting 2.00%
		exercise price $101.38,
		maturity date 8/15/23	567,000		903,182
	Integra
		LifeSciences Holdings
		0.50% exercise price
		$73.67, maturity date
		8/15/25	962,000		1,014,140
	Ionis Pharmaceuticals
		0.125% exercise price
		$83.28, maturity date
		12/15/24	771,000		695,057
	Jazz Investments I 2.00%
		exercise price $155.81,
		maturity date 6/15/26	468,000		569,753
	Neurocrine Biosciences
		2.25% exercise price
		$75.92, maturity date
		5/15/24	271,000		357,720
	Paratek Pharmaceuticals
		4.75% exercise price
		$15.90, maturity date
		5/1/24	1,210,000		1,071,455
	Repay Holdings 144A
		1.608% exercise price
		$33.60, maturity date
		2/1/26 #, ^	1,117,000		934,929
					9,162,106
Energy — 0.25%
	Helix Energy Solutions
		Group 6.75% exercise
		price $6.97, maturity
		date 2/15/26	995,000		1,144,946
					1,144,946
Media — 0.21%
	DISH Network 3.375%
		exercise price $65.18,
		maturity date 8/15/26	1,097,000		989,494
					989,494
Real Estate Investment Trusts — 0.22%
	Blackstone Mortgage Trust
		4.75% exercise price
		$36.23, maturity date
		3/15/23	722,000		737,162
	Summit Hotel Properties
		1.50% exercise price
		$11.99, maturity date
		2/15/26	287,000		301,637
					1,038,799

37

Schedules of investments
Delaware Total Return Fund

			Principal
			amount°	Value (US $)
Convertible Bonds (continued)
Technology — 1.32%
	Block 0.125% exercise
		price $121.01, maturity
		date 3/1/25	489,000	$	643,341
	Microchip Technology
		1.625% exercise price
		$46.63, maturity date
		2/15/27	440,000		945,725
	ON Semiconductor
		1.625% exercise price
		$20.72, maturity date
		10/15/23	402,000		1,216,854
	Palo Alto Networks 0.75%
		exercise price $266.35,
		maturity date 7/1/23	466,000		1,091,838
	Quotient Technology
		1.75% exercise price
		$17.36, maturity date
		12/1/22	642,000		633,205
	Travere Therapeutics
		2.50% exercise price
		$38.80, maturity date
		9/15/25	735,000		768,075
	Vishay Intertechnology
		2.25% exercise price
		$31.30, maturity date
		6/15/25	381,000		380,543
	Wolfspeed 144A 0.25%
		exercise price $127.22,
		maturity date 2/15/28 #	364,000		413,367
					6,092,948
Transportation — 0.22%
	Seaspan 144A 3.75%
		exercise price $13.01,
		maturity date 12/15/25 #	829,000		1,033,349
					1,033,349
Utilities — 0.25%
	NextEra Energy Partners
		144A 0.357% exercise
		price $75.96, maturity
		date 11/15/25 #, ^	360,000		409,090
	NRG Energy 2.75%
		exercise price $44.53,
		maturity date 6/1/48	670,000		737,662
					1,146,752
Total Convertible Bonds
		(cost $26,419,271)			29,418,157
Corporate Bonds — 12.53%
Banking — 1.38%
	Banco Continental 144A
		2.75% 12/10/25 #	200,000		183,039
	Banco Nacional de
		Panama 144A 2.50%
		8/11/30 #	205,000		181,459
	Bank of America
		2.482% 9/21/36 µ	430,000		370,376
		2.551% 2/4/28 µ	190,000		181,729
		2.972% 2/4/33 µ	5,000		4,690
	Bank of New York Mellon
		4.70% 9/20/25 µ, ψ	20,000		20,530
	BBVA Bancomer 144A
		1.875% 9/18/25 #	200,000		190,809
	Citigroup
		3.07% 2/24/28 µ	340,000		331,522
		4.00% 12/10/25 µ, ψ	10,000		9,625
	Corp. Financiera de
		Desarrollo 144A 2.40%
		9/28/27 #	200,000		184,355
	Credit Agricole 144A
		2.811% 1/11/41 #	620,000		513,633
	Credit Suisse Group 144A
		2.593% 9/11/25 #, µ	250,000		241,696
	Deutsche Bank 2.222%
		9/18/24 µ	335,000		327,841
	Goldman Sachs Group
		1.542% 9/10/27 µ	533,000		487,868
		3.102% 2/24/33 µ	5,000		4,718
		3.615% 3/15/28 µ	70,000		69,989
	JPMorgan Chase & Co.
		1.47% 9/22/27 µ	5,000		4,614
		2.545% 11/8/32 µ	200,000		183,024
		2.963% 1/25/33 µ	480,000		453,019
		3.328% 4/22/52 µ	5,000		4,644
		4.60% 2/1/25 µ, ψ	30,000		28,988
	Morgan Stanley
		2.475% 1/21/28 µ	190,000		181,414
		2.484% 9/16/36 µ	284,000		243,962
		5.00% 11/24/25	110,000		116,058
	NBK SPC 144A 1.625%
		9/15/27 #, µ	205,000		187,791
	PNC Financial Services
		Group 2.60% 7/23/26	130,000		128,204
	QNB Finance 2.625%
		5/12/25	200,000		195,890
	State Street 2.203%
		2/7/28 µ	10,000		9,594

38

			Principal
			amount°	Value (US $)
Corporate Bonds (continued)
Banking (continued)
	SVB Financial Group
		1.80% 2/2/31	15,000	$	12,947
		4.00% 5/15/26 µ, ψ	405,000		375,131
	Truist Bank 2.636%
		9/17/29 µ	275,000		270,579
	Truist Financial
		1.887% 6/7/29 µ	20,000		18,199
		4.95% 9/1/25 µ, ψ	30,000		30,795
	US Bancorp
		1.45% 5/12/25	30,000		28,707
		2.215% 1/27/28 µ	5,000		4,782
		2.491% 11/3/36 µ	10,000		8,984
		2.677% 1/27/33 µ	320,000		304,577
		3.00% 7/30/29	290,000		284,522
					6,380,304
Banks — 0.16%
	Barclays 5.20% 5/12/26		200,000		208,345
	Citigroup 4.45% 9/29/27		375,000		387,434
	JPMorgan Chase & Co.
		4.023% 12/5/24 µ	150,000		152,466
					748,245
Basic Industry — 0.49%
	AngloGold Ashanti
		Holdings 3.75%
		10/1/30	200,000		187,389
	Artera Services 144A
		9.033% 12/4/25 #	130,000		130,052
	Avient 144A 5.75%
		5/15/25 #	144,000		148,075
	Chemours 144A 5.75%
		11/15/28 #	260,000		252,910
	Corp Nacional del Cobre
		de Chile 144A 3.15%
		1/14/30 #	657,000		633,078
	INEOS Quattro Finance 2
		144A 3.375% 1/15/26 #	200,000		186,460
	New Gold 144A 7.50%
		7/15/27 #	220,000		228,507
	Newmont
		2.25% 10/1/30	125,000		114,397
		2.60% 7/15/32	20,000		18,425
		2.80% 10/1/29	100,000		95,781
	OCP 144A 3.75%
		6/23/31 #	200,000		181,976
	Westlake 3.125% 8/15/51		105,000		86,658
					2,263,708
Basic Materials — 0.12%
	First Quantum Minerals
		144A 7.25% 4/1/23 #	200,000		199,906
		144A 7.50% 4/1/25 #	365,000		370,928
					570,834
Brokerage — 0.01%
	Charles Schwab 5.375%
		6/1/25 µ, ψ	25,000		25,875
					25,875
Capital Goods — 0.40%
	Boeing 3.25% 2/1/28		285,000		275,090
	Intertape Polymer Group
		144A 4.375% 6/15/29 #	235,000		242,340
	Madison IAQ 144A 5.875%
		6/30/29 #	180,000		161,800
	Teledyne Technologies
		0.95% 4/1/24	115,000		110,475
		2.25% 4/1/28	30,000		27,889
		2.75% 4/1/31	310,000		287,782
	Terex 144A 5.00%
		5/15/29 #	260,000		249,687
	TK Elevator US Newco
		144A 5.25% 7/15/27 #	235,000		232,704
	TransDigm 144A 6.25%
		3/15/26 #	260,000		267,246
					1,855,013
Communication Services — 0.03%
	AT&T 3.10% 2/1/43		136,000		117,757
					117,757
Communications — 1.28%
	Altice Financing 144A
		5.00% 1/15/28 #	200,000		179,635
	Altice France 144A 5.50%
		10/15/29 #	215,000		193,208
	Altice France Holding
		144A 6.00% 2/15/28 #	280,000		242,056
	AT&T
		1.70% 3/25/26	110,000		104,287
		3.50% 6/1/41	84,000		77,558
		3.50% 9/15/53	285,000		251,160
	Cellnex Finance 144A
		3.875% 7/7/41 #	250,000		203,547
	Charter Communications
		Operating
		3.85% 4/1/61	120,000		96,852
		4.40% 12/1/61	290,000		253,479
	Comcast 3.20% 7/15/36		440,000		421,739

39

Schedules of investments
Delaware Total Return Fund

			Principal
			amount°	Value (US $)
Corporate Bonds (continued)
Communications (continued)
	Consolidated
		Communications
		144A 5.00% 10/1/28 #	110,000	$	94,879
		144A 6.50% 10/1/28 #	110,000		101,629
	Discovery
		Communications 4.00%
		9/15/55	235,000		203,619
	Frontier Communications
		Holdings
		144A 5.875%
		10/15/27 #	370,000		367,980
		144A 6.75% 5/1/29 #	110,000		105,752
	Magallanes
		144A 3.755% 3/15/27 #	305,000		304,954
		144A 4.054% 3/15/29 #	5,000		5,031
		144A 4.279% 3/15/32 #	5,000		5,028
		144A 5.141% 3/15/52 #	15,000		15,382
	Millicom International
		Cellular 144A 4.50%
		4/27/31 #	200,000		186,516
	Ooredoo International
		Finance 144A 5.00%
		10/19/25 #	267,000		284,859
	Rogers Communications
		144A 3.80% 3/15/32 #	220,000		218,572
		144A 4.55% 3/15/52 #	10,000		9,971
	Sprint 7.125% 6/15/24		295,000		316,771
	Time Warner Cable 7.30%
		7/1/38	110,000		133,843
	Time Warner
		Entertainment 8.375%
		3/15/23	55,000		57,935
	T-Mobile USA
		1.50% 2/15/26	15,000		14,011
		2.55% 2/15/31	305,000		277,056
		2.625% 4/15/26	120,000		114,770
		3.00% 2/15/41	195,000		165,353
		3.375% 4/15/29	120,000		114,300
		3.50% 4/15/25	20,000		20,153
		3.75% 4/15/27	20,000		20,150
	Verizon Communications
		144A 2.355% 3/15/32 #	135,000		122,161
		3.40% 3/22/41	30,000		28,203
		3.875% 3/1/52	10,000		10,079
		4.50% 8/10/33	245,000		263,516
	Vodafone Group
		4.25% 9/17/50	115,000		115,009
		4.875% 6/19/49	130,000		141,915
	Zayo Group Holdings
		144A 6.125% 3/1/28 #	75,000		67,273
					5,910,191
Consumer Cyclical — 1.23%
	Allison Transmission 144A
		5.875% 6/1/29 #	400,000		408,644
	Aptiv
		3.10% 12/1/51	323,000		257,508
		3.25% 3/1/32	5,000		4,745
	Asbury Automotive Group
		144A 4.625%
		11/15/29 #	70,000		65,274
		4.75% 3/1/30	85,000		80,329
	AutoNation 3.85% 3/1/32		5,000		4,847
	B2W Digital 144A 4.375%
		12/20/30 #	200,000		172,546
	Bath & Body Works
		6.875% 11/1/35	245,000		252,817
		6.95% 3/1/33	169,000		174,888
	Caesars Entertainment
		144A 6.25% 7/1/25 #	410,000		423,825
	Carnival
		144A 5.75% 3/1/27 #	310,000		296,050
		144A 7.625% 3/1/26 #	300,000		302,310
	Fertitta Entertainment
		144A 6.75% 1/15/30 #	130,000		119,761
	Ford Motor Credit
		2.90% 2/16/28	350,000		317,063
		3.375% 11/13/25	270,000		264,203
		4.542% 8/1/26	285,000		285,057
	General Motors
		5.40% 10/2/23	15,000		15,527
		6.125% 10/1/25	15,000		16,117
	General Motors Financial
		1.017% (SOFR +
		0.76%) 3/8/24 •	135,000		134,113
		3.10% 1/12/32	100,000		90,004
		4.35% 4/9/25	75,000		76,354
		5.25% 3/1/26	165,000		172,979
	Hutama Karya Persero
		144A 3.75% 5/11/30 #	400,000		402,792
	Levi Strauss & Co. 144A
		3.50% 3/1/31 #	213,000		195,508
	Lowe's 4.25% 4/1/52		10,000		10,359
	MGM Growth Properties
		Operating Partnership
		144A 3.875% 2/15/29 #	120,000		118,129
	Murphy Oil USA 144A
		3.75% 2/15/31 #	225,000		205,782
	Royal Caribbean Cruises
		144A 5.50% 4/1/28 #	394,000		376,138
	Scientific Games
		International
		144A 7.25% 11/15/29 #	75,000		78,723
		144A 8.25% 3/15/26 #	207,000		215,539

40

			Principal
			amount°	Value (US $)
Corporate Bonds (continued)
Consumer Cyclical (continued)
	Six Flags Entertainment
		144A 4.875% 7/31/24 #	150,000	$	150,180
					5,688,111
Consumer Non-Cyclical — 1.01%
	AbbVie
		2.60% 11/21/24	30,000		29,820
		4.05% 11/21/39	10,000		10,304
		4.25% 11/21/49	30,000		31,246
	Amgen 2.80% 8/15/41		295,000		254,092
	Anheuser-Busch InBev
		Worldwide
		4.50% 6/1/50	130,000		139,338
		4.70% 2/1/36	25,000		26,881
	BAT Capital 2.259%
		3/25/28	40,000		35,962
	BAT International Finance
		1.668% 3/25/26	55,000		50,538
	Baxter International 144A
		3.132% 12/1/51 #	16,000		13,731
	Biogen 3.15% 5/1/50		365,000		299,929
	Bristol-Myers Squibb
		2.35% 11/13/40	245,000		207,276
		3.70% 3/15/52	285,000		287,283
	Bunge Finance 2.75%
		5/14/31	400,000		368,661
	Central American Bottling
		144A 5.25% 4/27/29 #	200,000		199,286
	CVS Health
		2.70% 8/21/40	295,000		252,280
		3.25% 8/15/29	280,000		276,770
		3.75% 4/1/30	15,000		15,283
		4.30% 3/25/28	6,000		6,287
	Gilead Sciences 4.15%
		3/1/47	30,000		30,981
	Global Payments 2.90%
		11/15/31	10,000		9,123
	HCA 144A 3.125%
		3/15/27 #	340,000		332,746
	InRetail Consumer 144A
		3.25% 3/22/28 #	200,000		187,911
	JBS USA LUX
		144A 3.00% 2/2/29 #	230,000		213,216
		144A 6.50% 4/15/29 #	287,000		304,587
	Pilgrim's Pride 144A
		4.25% 4/15/31 #	130,000		120,527
	Post Holdings 144A 5.50%
		12/15/29 #	418,000		402,839
	Regeneron
		Pharmaceuticals 1.75%
		9/15/30	15,000		13,036
	Royalty Pharma
		1.20% 9/2/25	285,000		262,476
		1.75% 9/2/27	190,000		172,759
	Viatris
		1.65% 6/22/25	5,000		4,658
		2.30% 6/22/27	5,000		4,559
		2.70% 6/22/30	115,000		101,313
		4.00% 6/22/50	10,000		8,434
					4,674,132
Electric — 0.18%
	NextEra Energy Capital
		Holdings 3.00%
		1/15/52	415,000		355,331
	Southern California Edison
		4.00% 4/1/47	35,000		33,765
		4.20% 3/1/29	150,000		155,514
		4.875% 3/1/49	90,000		96,066
	UEP Penonome II 144A
		6.50% 10/1/38 #	192,384		183,114
					823,790
Energy — 1.77%
	Ascent Resources Utica
		Holdings
		144A 5.875% 6/30/29 #	195,000		193,054
		144A 7.00% 11/1/26 #	95,000		97,583
	BP Capital Markets
		America
		2.721% 1/12/32	15,000		14,135
		3.06% 6/17/41	430,000		386,850
	Callon Petroleum 144A
		8.00% 8/1/28 #	65,000		68,633
	CNX Midstream Partners
		144A 4.75% 4/15/30 #	75,000		70,320
	CNX Resources
		144A 6.00% 1/15/29 #	165,000		166,865
		144A 7.25% 3/14/27 #	120,000		127,162
	ConocoPhillips 3.80%
		3/15/52	255,000		260,099
	Continental Resources
		4.375% 1/15/28	405,000		411,205
	Crestwood Midstream
		Partners
		144A 5.625% 5/1/27 #	66,000		65,533
		144A 6.00% 2/1/29 #	171,000		170,714
	DCP Midstream Operating
		5.125% 5/15/29	235,000		242,166
	Devon Energy 4.75%
		5/15/42	5,000		5,302

41

Schedules of investments
Delaware Total Return Fund

				Principal
				amount°	Value (US $)
Corporate Bonds (continued)
Energy (continued)
	Diamondback Energy
		3.125% 3/24/31		300,000	$	287,021
		4.25% 3/15/52		5,000		4,955
	Enbridge
		0.608% (SOFR +
		0.40%) 2/17/23 •		160,000		159,869
		2.50% 8/1/33		310,000		275,851
	Energy Transfer
		5.25% 4/15/29		50,000		53,441
		6.25% 4/15/49		55,000		63,354
		6.50% 11/15/26 µ, ψ		180,000		177,354
	Enterprise Products
		Operating
		3.20% 2/15/52		360,000		304,831
		3.30% 2/15/53		5,000		4,283
	EQM Midstream Partners
		144A 4.75% 1/15/31 #		145,000		135,794
	Equinor 1.75% 1/22/26			15,000		14,376
	Genesis Energy
		7.75% 2/1/28		340,000		342,312
		8.00% 1/15/27		235,000		242,008
	KazTransGas JSC 144A
		4.375% 9/26/27 #		579,000		524,342
	MPLX
		1.75% 3/1/26		15,000		14,075
		4.125% 3/1/27		290,000		297,022
	Murphy Oil 6.375%
		7/15/28		385,000		401,060
	NuStar Logistics 5.625%
		4/28/27		205,000		201,013
	Occidental Petroleum
		6.45% 9/15/36		65,000		76,479
		6.60% 3/15/46		210,000		247,194
		6.625% 9/1/30		105,000		120,619
	PDC Energy 5.75%
		5/15/26		280,000		284,277
	PTTEP Treasury Center
		144A 2.587% 6/10/27 #		200,000		191,837
	Qatar Energy 144A 2.25%
		7/12/31 #		200,000		184,495
	Sabine Pass Liquefaction
		5.625% 3/1/25		40,000		42,318
		5.75% 5/15/24		275,000		287,956
	Southwestern Energy
		7.75% 10/1/27		234,000		248,008
	TechnipFMC 144A 6.50%
		2/1/26 #		293,000		304,160
	Tengizchevroil Finance Co
		International 144A
		2.625% 8/15/25 #		200,000		177,500
	Tennessee Gas Pipeline
		144A 2.90% 3/1/30 #		150,000		140,915
	Weatherford International
		144A 8.625% 4/30/30 #		13,000		13,215
	Western Midstream
		Operating 4.75%
		8/15/28		110,000		113,736
						8,215,291
Finance Companies – 0.05%
	Ally Financial 4.70%
		5/15/26 µ, ψ		20,000		18,889
	Jefferies Group 2.625%
		10/15/31		240,000		216,789
						235,678
Financials – 0.68%
	AerCap Ireland Capital
		DAC 4.45% 4/3/26		345,000		348,914
	Air Lease
		2.875% 1/15/26		195,000		188,460
		2.875% 1/15/32		175,000		156,896
		3.00% 2/1/30		45,000		41,505
		3.375% 7/1/25		15,000		14,801
		4.125% 12/15/26 µ, ψ		10,000		8,525
	Ally Financial 8.00%
		11/1/31		35,000		43,983
	Aviation Capital Group
		144A 1.95% 1/30/26 #		465,000		427,634
	Avolon Holdings Funding
		144A 3.25% 2/15/27 #		10,000		9,422
		144A 3.95% 7/1/24 #		75,000		74,815
	Banco del Estado de Chile
		144A 2.704% 1/9/25 #		280,000		278,141
	Bank of Georgia 144A
		6.00% 7/26/23 #		255,000		248,625
	Castlelake Aviation
		Finance DAC 144A
		5.00% 4/15/27 #		200,000		178,914
	DAE Sukuk DIFC 144A
		3.75% 2/15/26 #		200,000		195,365
	Development Bank of
		Kazakhstan 144A
		10.95% 5/6/26 #	KZT	100,000,000		178,304
	Hightower Holding 144A
		6.75% 4/15/29 #		135,000		132,286
	MAF Sukuk 3.933%
		2/28/30		200,000		200,160
	Midcap Financial Issuer
		Trust
		144A 5.625% 1/15/30 #		200,000		177,115
		144A 6.50% 5/1/28 #		200,000		188,382

42

			Principal
			amount°	Value (US $)
Corporate Bonds (continued)
Financials (continued)
	SVB Financial Group
		1.80% 10/28/26	10,000	$	9,306
	US Bancorp 3.70%
		1/15/27 µ, ψ	10,000		9,075
	Wells Fargo & Co.
		3.526% 3/24/28 µ	5,000		4,994
		3.90% 3/15/26 µ, ψ	35,000		33,571
					3,149,193
Healthcare – 0.40%
	Bausch Health 144A
		6.25% 2/15/29 #	380,000		312,210
	CHS 144A 4.75%
		2/15/31 #	105,000		99,371
	DaVita 144A 4.625%
		6/1/30 #	195,000		182,364
	Encompass Health 4.75%
		2/1/30	30,000		28,850
	Hadrian Merger Sub 144A
		8.50% 5/1/26 #	295,000		297,299
	HCA
		5.375% 2/1/25	215,000		223,975
		5.875% 2/1/29	250,000		273,705
	Ortho-Clinical Diagnostics
		144A 7.25% 2/1/28 #	120,000		123,753
	Tenet Healthcare 144A
		6.125% 10/1/28 #	295,000		300,120
					1,841,647
Information Technology – 0.01%
	Autodesk 2.40% 12/15/31		25,000		22,333
	Broadcom 144A 3.419%
		4/15/33 #	11,000		10,287
	CDW 3.276% 12/1/28		15,000		14,157
					46,777
Insurance – 0.55%
	Aon 2.90% 8/23/51		230,000		191,420
	Arthur J Gallagher & Co.
		3.50% 5/20/51	440,000		392,654
	Athene Global Funding
		144A 1.00% 4/16/24 #	95,000		90,914
	Athene Holding 3.95%
		5/25/51	340,000		311,726
	Brighthouse Financial
		3.85% 12/22/51	265,000		221,647
		5.625% 5/15/30	15,000		16,475
	Brown & Brown 4.95%
		3/17/52	10,000		10,707
	GA Global Funding Trust
		144A 1.00% 4/8/24 #	470,000		450,277
	HUB International 144A
		5.625% 12/1/29 #	138,000		132,052
	Jackson Financial
		144A 3.125%
		11/23/31 #	10,000		9,117
		144A 4.00% 11/23/51 #	10,000		8,475
	NFP 144A 6.875%
		8/15/28 #	145,000		138,659
	USI 144A 6.875% 5/1/25 #		585,000		587,919
					2,562,042
Media – 0.65%
	AMC Networks 4.25%
		2/15/29	650,000		607,425
	CCO Holdings
		4.50% 5/1/32	65,000		59,546
		144A 5.375% 6/1/29 #	335,000		335,588
	Clear Channel Outdoor
		Holdings 144A 7.50%
		6/1/29 #	135,000		134,869
	CSC Holdings
		144A 3.375% 2/15/31 #	495,000		417,674
		144A 5.00% 11/15/31 #	280,000		235,116
	Directv Financing 144A
		5.875% 8/15/27 #	135,000		132,985
	Gray Escrow II 144A
		5.375% 11/15/31 #	30,000		28,725
	Gray Television 144A
		4.75% 10/15/30 #	125,000		116,262
	Nielsen Finance
		144A 4.50% 7/15/29 #	55,000		54,984
		144A 4.75% 7/15/31 #	185,000		185,179
	Sirius XM Radio 144A
		4.00% 7/15/28 #	325,000		309,190
	Terrier Media Buyer 144A
		8.875% 12/15/27 #	200,000		203,744
	VZ Secured Financing
		144A 5.00% 1/15/32 #	200,000		187,305
					3,008,592
Real Estate Investment Trusts – 0.18%
	Crown Castle International
		1.05% 7/15/26	485,000		438,850
	Iron Mountain 144A 5.25%
		3/15/28 #	375,000		370,612
	MGM Growth Properties
		Operating Partnership
		5.75% 2/1/27	35,000		37,122
					846,584
Services – 0.18%
	NESCO Holdings II 144A
		5.50% 4/15/29 #	80,000		78,699

43

Schedules of investments
Delaware Total Return Fund

			Principal
			amount°	Value (US $)
Corporate Bonds (continued)
Services (continued)
	Prime Security Services
		Borrower 144A 5.75%
		4/15/26 #	298,000	$	304,347
	United Rentals North
		America 5.25% 1/15/30	220,000		227,278
	Univar Solutions USA
		144A 5.125% 12/1/27 #	230,000		230,219
					840,543
Technology – 0.78%
	Broadcom
		144A 3.137%
		11/15/35 #	4,000		3,532
		144A 3.469% 4/15/34 #	355,000		329,519
	CDW 2.67% 12/1/26		5,000		4,722
	Fidelity National
		Information Services
		1.65% 3/1/28	470,000		421,415
	Fiserv 3.20% 7/1/26		315,000		313,823
	Global Payments
		2.15% 1/15/27	10,000		9,402
		2.65% 2/15/25	147,000		143,980
	Go Daddy Operating 144A
		3.50% 3/1/29 #	235,000		216,421
	Microchip Technology
		0.972% 2/15/24	345,000		330,884
		144A 0.983% 9/1/24 #	125,000		118,454
	Micron Technology 2.703%
		4/15/32	10,000		9,069
	MSCI 144A 3.625%
		11/1/31 #	200,000		188,563
	NXP
		144A 3.125% 2/15/42 #	10,000		8,628
		144A 3.25% 5/11/41 #	90,000		79,609
		144A 4.875% 3/1/24 #	285,000		292,975
	Oracle 2.95% 4/1/30		30,000		27,713
	PayPal Holdings 2.65%
		10/1/26	440,000		433,428
	SS&C Technologies 144A
		5.50% 9/30/27 #	240,000		242,100
	VMware 1.00% 8/15/24		475,000		453,300
	Workday
		3.70% 4/1/29	5,000		5,016
		3.80% 4/1/32	5,000		4,997
					3,637,550
Transportation – 0.37%
	Canadian Pacific Railway
		2.45% 12/2/31	5,000		4,650
		3.00% 12/2/41	5,000		4,509
	Delta Air Lines 7.375%
		1/15/26	131,000		142,410
	Mileage Plus Holdings
		144A 6.50% 6/20/27 #	345,000		360,094
	Rutas 2 and 7 Finance
		144A 3.08% 9/30/36 #,
		^	302,000		219,589
	Seaspan 144A 5.50%
		8/1/29 #	115,000		107,761
	Southwest Airlines 5.125%
		6/15/27	35,000		37,462
	Union Pacific
		2.80% 2/14/32	440,000		422,997
		3.50% 2/14/53	5,000		4,907
	United Airlines
		144A 4.375% 4/15/26 #	80,000		78,800
		144A 4.625% 4/15/29 #	95,000		90,461
	VistaJet Malta Finance
		144A 6.375% 2/1/30 #	275,000		259,105
					1,732,745
Utilities – 0.62%
	Calpine
		144A 4.50% 2/15/28 #	95,000		92,834
		144A 5.00% 2/1/31 #	220,000		200,575
		144A 5.25% 6/1/26 #	71,000		71,448
	CenterPoint Energy 1.45%
		6/1/26	345,000		320,236
	Duke Energy 4.875%
		9/16/24 µ, ψ	320,000		324,202
	Entergy Mississippi 2.85%
		6/1/28	90,000		86,697
	Entergy Texas 3.55%
		9/30/49	185,000		174,877
	Evergy Kansas Central
		3.45% 4/15/50	35,000		32,847
	Eversource Energy 2.90%
		3/1/27	10,000		9,816
	Infraestructura Energetica
		Nova 144A 3.75%
		1/14/28 #	275,000		272,166
	Pacific Gas and Electric
		2.10% 8/1/27	330,000		297,073
		3.25% 6/1/31	5,000		4,530
		3.30% 8/1/40	270,000		221,562
		4.95% 7/1/50	43,000		40,670
	PG&E 5.25% 7/1/30		130,000		126,256
	Sempra Energy 4.875%
		10/15/25 µ, ψ	20,000		20,150
	Sociedad de Transmision
		Austral 144A 4.00%
		1/27/32 #	200,000		194,306
	Southern California Edison
		3.45% 2/1/52	137,000		123,417

44

				Principal
				amount°	Value (US $)
Corporate Bonds (continued)
Utilities (continued)
	Vistra
		144A 7.00% 12/15/26 #,
		µ, ψ		170,000	$	165,802
		144A 8.00% 10/15/26 #,
		µ, ψ		105,000		106,181
						2,885,645
Total Corporate Bonds
	(cost $61,508,107)					58,060,247
Non-Agency Asset-Backed Securities – 0.17%
	Diamond Infrastructure
		Funding
		Series 2021-1A A 144A
		1.76% 4/15/49 #		150,000		135,816
	Domino's Pizza Master
		Issuer
		Series 2021-1A A2I
		144A 2.662% 4/25/51 #		148,875		138,025
	Taco Bell Funding
		Series 2021-1A A2I
		144A 1.946% 8/25/51 #		269,325		243,576
	Trafigura Securitisation
		Finance
		Series 2021-1A
		A2 144A 1.08%
		1/15/25 #		300,000		285,861
Total Non-Agency Asset-Backed Securities
	(cost $868,175)					803,278
Non-Agency Commercial Mortgage-Backed Securities – 1.34%
	BANK
		Series 2019-
		BN21 A5 2.851%
		10/17/52		100,000		96,556
		Series 2020-
		BN25 A5 2.649%
		1/15/63		500,000		475,185
		Series 2021-
		BN36 A5 2.47% 9/15/64		776,000		725,527
		Series 2022-
		BNK40 A4 3.507%
		3/15/64 •		500,000		503,459
	Benchmark Mortgage
		Trust
		Series 2020-
		B17 A5 2.289% 3/15/53		500,000		461,954
		Series 2020-
		B20 A5 2.034%
		10/15/53		400,000		360,783
		Series 2022-
		B33 A5 3.458% 3/15/55		500,000		504,759
	Cantor Commercial Real
		Estate Lending
		Series 2019-
		CF2 A5 2.874%
		11/15/52		350,000		337,158
	Citigroup Commercial
		Mortgage Trust
		Series 2019-
		C7 A4 3.102% 12/15/72		500,000		488,547
	GS Mortgage Securities
		Trust
		Series 2017-
		GS5 A4 3.674% 3/10/50		350,000		352,796
		Series 2017-
		GS6 A3 3.433% 5/10/50		350,000		349,318
		Series 2019-
		GC42 A4 3.001% 9/1/52		500,000		486,026
	JPM-DB Commercial
		Mortgage Securities
		Trust
		Series 2017-
		C7 A5 3.409% 10/15/50		350,000		350,675
	Morgan Stanley Bank of
		America Merrill Lynch
		Trust
		Series 2016-
		C29 A4 3.325% 5/15/49		350,000		347,519
	Wells Fargo Commercial
		Mortgage Trust
		Series 2016-
		BNK1 A3 2.652%
		8/15/49		350,000		339,653
Total Non-Agency Commercial Mortgage-
	Backed Securities
	(cost $6,666,467)					6,179,915
Sovereign Bonds – 1.62%Δ
Angola – 0.04%
	Angolan Government
		International Bond
		9.375% 5/8/48		200,000		197,220
						197,220
Armenia – 0.04%
	Republic of Armenia
		International Bond
		144A 3.60% 2/2/31 #		200,000		158,923
						158,923
Chile – 0.02%
	Bonos de la Tesoreria de
		la Republica en pesos
		144A 2.80% 10/1/33 #	CLP	65,000,000		60,046

45

Schedules of investments
Delaware Total Return Fund

				Principal
				amount°	Value (US $)
Sovereign BondsΔ (continued)
Chile (continued)
	Bonos de la Tesoreria de
		la Republica en pesos
		5.00% 3/1/35	CLP	30,000,000	$	34,103
						94,149
Colombia – 0.15%
	Colombia Government
		International Bonds
		4.125% 2/22/42		217,000		170,076
		5.20% 5/15/49		200,000		171,204
	Colombian TES 7.00%
		6/30/32	COP	1,635,100,000		358,229
						699,509
Dominican Republic – 0.18%
	Dominican Republic
		International Bond
		144A 4.50% 1/30/30 #		913,000		839,969
						839,969
Egypt – 0.04%
	Egypt Government
		International Bond
		5.25% 10/6/25		200,000		193,280
						193,280
Honduras – 0.04%
	Honduras Government
		International Bond
		144A 5.625% 6/24/30 #		200,000		182,000
						182,000
Indonesia – 0.03%
	Indonesia Treasury Bond
		6.125% 5/15/28	IDR	1,768,000,000		121,609
						121,609
Ivory Coast – 0.11%
	Ivory Coast Government
		International Bonds
		144A 4.875% 1/30/32 #	EUR	200,000		195,463
		144A 6.125% 6/15/33 #		234,000		227,313
		144A 6.875% 10/17/40 #	EUR	100,000		100,900
						523,676
Mongolia – 0.06%
	Mongolia Government
		International Bond
		144A 5.625% 5/1/23 #		269,000		271,353
						271,353
Morocco – 0.12%
	Morocco Government
		International Bonds
		144A 1.375% 3/30/26 #	EUR	270,000		288,062
	Morocco Government
		International Bonds
		144A 2.375% 12/15/27 #		300,000		274,494
						562,556
Nigeria – 0.04%
	Nigeria Government
		International Bond
		144A 8.375% 3/24/29 #		200,000		202,376
						202,376
North Macedonia – 0.02%
	North Macedonia
		Government
		International Bond
		144A 3.675% 6/3/26 #	EUR	100,000		110,661
						110,661
Paraguay – 0.21%
	Paraguay Government
		International Bond
		144A 4.95% 4/28/31 #		742,000		778,180
		5.60% 3/13/48		200,000		205,702
						983,882
Peru – 0.11%
	Peru Government Bond
		6.95% 8/12/31	PEN	743,000		207,362
	Peruvian Government
		International Bonds
		2.392% 1/23/26		300,000		291,657
						499,019
Romania – 0.02%
	Romanian Government
		International Bond
		144A 2.625% 12/2/40 #	EUR	100,000		84,524
						84,524
Senegal – 0.04%
	Senegal Government
		International Bond
		144A 6.25% 5/23/33 #		200,000		189,290
						189,290
Serbia – 0.10%
	Serbia International Bonds
		144A 2.125% 12/1/30 #		200,000		167,910
		144A 3.125% 5/15/27 #	EUR	250,000		270,078
						437,988

46

				Principal
				amount°	Value (US $)
Sovereign BondsΔ (continued)
South Africa – 0.08%
	Republic of South Africa
		Government
		International Bond
		5.65% 9/27/47		400,000	$	350,258
						350,258
Uruguay – 0.05%
	Uruguay Government
		International Bonds
		4.50% 8/14/24		69,000		71,157
		9.875% 6/20/22	UYU	6,623,000		161,609
						232,766
Uzbekistan – 0.12%
	Republic of Uzbekistan
		International Bonds
		144A 3.90% 10/19/31 #		200,000		177,210
		144A 4.75% 2/20/24 #		374,000		375,180
						552,390
Total Sovereign Bonds
	(cost $8,095,937)					7,487,398
Supranational Banks – 0.19%
	Banque Ouest Africaine de
		Developpement
		144A 4.70% 10/22/31 #		306,000		303,139
	Central American Bank for
		Economic Integration
		144A 2.00% 5/6/25 #		400,000		388,476
	European Investment
		Bank
		5.50% 1/23/23	MXN	3,931,000		192,123
Total Supranational Banks
	(cost $895,295)					883,738
US Treasury Obligations – 1.83%
	US Treasury Bonds
		1.75% 8/15/41		365,000		316,580
		1.875% 11/15/51		195,000		171,112
		2.00% 11/15/41		185,000		167,454
		2.25% 8/15/46		1,035,000		969,100
		2.375% 2/15/42		170,000		164,023
		4.375% 2/15/38		780,000		987,401
	US Treasury Note
		1.875% 2/15/32		90,000		86,442
	US Treasury Notes
		1.50% 2/15/25		1,900,000		1,847,008
		1.50% 1/31/27		2,155,000		2,059,709
		1.875% 2/28/29