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Delaware Group Equity Funds Iv

Filed: 4 Jun 21, 8:25am

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number:     811-04413
   
Exact name of registrant as specified in charter:Delaware Group® Equity Funds IV
   
Address of principal executive offices:610 Market Street
Philadelphia, PA 19106
   
Name and address of agent for service:David F. Connor, Esq.
610 Market Street
Philadelphia, PA 19106
   
Registrant’s telephone number, including area code:(800) 523-1918
   
Date of fiscal year end:September 30
   
Date of reporting period:March 31, 2021


Table of Contents

Item 1. Reports to Stockholders

Semiannual report

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



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

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

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




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

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


  


Table of Contents

Table of contents

Disclosure of Fund expenses1
Security type / sector / country allocations
and top 10 equity holdings
11
Schedules of investments29
Statements of assets and liabilities111
Statements of operations123
Statements of changes in net assets129
Financial highlights138
Notes to financial statements188
Other Fund information229
About the organization231

Experience Delaware Funds® by Macquarie

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

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

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

Manage your account online

Check your account balance and transactions

View statements and tax forms
Make purchases and redemptions

Visit delawarefunds.com/account-access.

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

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

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

The Funds are governed by US laws and regulations.

Unless otherwise noted, views expressed herein are current as of March 31, 2021, and subject to change for events occurring after such date.

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

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

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

© 2021 Macquarie Management Holdings, Inc.


Table of Contents

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

Delaware Equity Income Fund seeks total return.

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

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

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

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

Delaware Fund for Income seeks high current income.

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

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

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

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

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

Delaware Premium Income Fund seeks to generate income.

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

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

The examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from October 1, 2020 to March 31, 2021.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

1


Table of Contents

Disclosure of Fund expenses

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

                    Expenses
Paid
BeginningEndingDuring
AccountAccount AnnualizedPeriod
ValueValue Expense10/1/20 to
10/1/203/31/21 Ratio3/31/21*
Actual Fund return                    
Class A$1,000.00$1,252.001.11%$6.23
Institutional Class1,000.001,253.000.85%4.77
Class R61,000.001,253.800.81%4.55
Hypothetical 5% return (5% return before expenses)
Class A$1,000.00$1,019.401.11%$5.59
Institutional Class1,000.001,020.690.85%4.28
Class R61,000.001,020.890.81%4.08

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

                    Expenses
Paid
BeginningEndingDuring
AccountAccount AnnualizedPeriod
ValueValue Expense10/1/20 to
10/1/203/31/21 Ratio3/31/21*
Actual Fund return                    
Class A$1,000.00$1,253.401.07%$6.01
Institutional Class1,000.001,254.700.82%4.61
Class R61,000.001,255.200.75%4.22
Hypothetical 5% return (5% return before expenses)
Class A$1,000.00$1,019.601.07%$5.39
Institutional Class1,000.001,020.840.82%4.13
Class R61,000.001,021.190.75%3.78

2


Table of Contents

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

                    Expenses
Paid
BeginningEndingDuring
AccountAccount AnnualizedPeriod
ValueValue Expense10/1/20 to
10/1/203/31/21 Ratio3/31/21*
Actual Fund return                    
Class A$1,000.00$1,229.501.09%$6.06
Institutional Class1,000.001,230.800.84%4.67
Class R61,000.001,231.300.77%4.28
Hypothetical 5% return (5% return before expenses)
Class A$1,000.00$1,019.501.09%$5.49
Institutional Class1,000.001,020.740.84%4.23
Class R61,000.001,021.090.77%3.88

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

                    Expenses
Paid
BeginningEndingDuring
AccountAccount AnnualizedPeriod
ValueValue Expense10/1/20 to
10/1/203/31/21 Ratio3/31/21*
Actual Fund return                      
Class A$1,000.00$1,417.701.20%$7.23
Institutional Class1,000.001,419.400.90%5.43
Class R61,000.001,420.500.78%4.71
Hypothetical 5% return (5% return before expenses)
Class A$1,000.00$1,018.951.20%$6.04
Institutional Class1,000.001,020.440.90%4.53
Class R61,000.001,021.040.78%3.93

3


Table of Contents

Disclosure of Fund expenses

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

                    Expenses
Paid
BeginningEndingDuring
AccountAccountAnnualizedPeriod
ValueValueExpense10/1/20 to
10/1/203/31/21Ratio3/31/21*
Actual Fund return                    
Class A$1,000.00$1,591.301.24%$8.01
Institutional Class1,000.001,592.700.99%6.40
Class R61,000.001,594.300.87%5.63
Hypothetical 5% return (5% return before expenses)
Class A$1,000.00$1,018.751.24%$6.24
Institutional Class1,000.001,020.000.99%4.99
Class R61,000.001,020.590.87%4.38

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

                    Expenses
Paid
BeginningEndingDuring
AccountAccountAnnualizedPeriod
ValueValueExpense10/1/20 to
10/1/203/31/21Ratio3/31/21*
Actual Fund return                    
Class A$1,000.00$1,097.501.37%$7.16
Institutional Class1,000.001,099.801.07%5.60
Class R61,000.001,100.801.02%5.34
Hypothetical 5% return (5% return before expenses)
Class A$1,000.00$1,018.101.37%$6.89
Institutional Class1,000.001,019.601.07%5.39
Class R61,000.001,019.851.02%5.14

4


Table of Contents

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

Expenses
Paid
Beginning Ending During
AccountAccount AnnualizedPeriod
ValueValue Expense10/1/20 to
10/1/20      3/31/21      Ratio     3/31/21*
Actual Fund return                           
Class A$1,000.00$1,108.201.38%$7.25
Institutional Class1,000.001,110.201.13%5.94
Class R61,000.001,110.301.05%5.52
Hypothetical 5% return (5% return before expenses)
Class A$1,000.00$1,018.051.38%$6.94
Institutional Class1,000.001,019.301.13%5.69
Class R61,000.001,019.701.05%5.29

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

Expenses
Paid
BeginningEndingDuring
AccountAccountAnnualizedPeriod
ValueValueExpense10/1/20 to
10/1/20     3/31/21     Ratio     3/31/21*
Actual Fund return                           
Class A$1,000.00$1,040.301.05%$5.34
Institutional Class1,000.001,041.100.86%4.38
Class R61,000.001,042.900.74%3.77
Hypothetical 5% return (5% return before expenses)
Class A$1,000.00$1,019.701.05%$5.29
Institutional Class1,000.001,020.640.86%4.33
Class R61,000.001,021.240.74%3.73

5


Table of Contents

Disclosure of Fund expenses

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

Expenses
Paid
Beginning Ending During
AccountAccount AnnualizedPeriod
ValueValue Expense10/1/20 to
10/1/20      3/31/21      Ratio     3/31/21*
Actual Fund return                           
Class A$1,000.00$1,063.001.10%$5.66
Institutional Class1,000.001,068.900.85%4.38
Class R61,000.001,068.800.80%4.13
Hypothetical 5% return (5% return before expenses)
Class A$1,000.00$1,019.451.10%$5.54
Institutional Class1,000.001,020.690.85%4.28
Class R61,000.001,020.940.80%4.03

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

Expenses
Paid
Beginning Ending During
AccountAccount AnnualizedPeriod
ValueValue Expense10/1/20 to
10/1/20      3/31/21      Ratio     3/31/21*
Actual Fund return                           
Class A$1,000.00$968.201.31%$6.43
Institutional Class1,000.00969.901.07%5.26
Class R61,000.00968.800.94%4.61
Hypothetical 5% return (5% return before expenses)
Class A$1,000.00$1,018.401.31%$6.59
Institutional Class1,000.001,019.601.07%5.39
Class R61,000.001,020.240.94%4.73

6


Table of Contents

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

Expenses
Paid
Beginning Ending During
AccountAccount AnnualizedPeriod
ValueValue Expense10/1/20 to
10/1/20      3/31/21      Ratio     3/31/21*
Actual Fund return                           
Class A$1,000.00$1,000.000.96%$4.79
Institutional Class1,000.001,001.300.71%3.54
Class R61,000.001,002.630.66%3.30
Hypothetical 5% return (5% return before expenses)
Class A$1,000.00$1,020.140.96%$4.84
Institutional Class1,000.001,021.390.71%3.58
Class R61,000.001,021.640.66%3.33

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

Expenses
Paid
Beginning Ending During
AccountAccount AnnualizedPeriod
ValueValue Expense10/1/20 to
10/1/20      3/31/21      Ratio     3/31/21*
Actual Fund return                           
Class A$1,000.00$1,004.500.74%$3.70
Institutional Class1,000.001,004.500.50%2.50
Class R61,000.001,005.300.36%1.80
Hypothetical 5% return (5% return before expenses)
Class A$1,000.00$1,021.240.74%$3.73
Institutional Class1,000.001,022.440.50%2.52
Class R61,000.001,023.140.36%1.82

7


Table of Contents

Disclosure of Fund expenses

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

Expenses
Paid
Beginning Ending During
AccountAccount AnnualizedPeriod
ValueValue Expense10/1/20 to
10/1/20      3/31/21      Ratio     3/31/21*
Actual Fund return                           
Class A$1,000.00$1,044.401.12%$5.71
Institutional Class1,000.001,045.700.87%4.44
Hypothetical 5% return (5% return before expenses)
Class A$1,000.00$1,019.351.12%$5.64
Institutional Class1,000.001,020.590.87%4.38

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

Expenses
Paid
Beginning Ending During
AccountAccount AnnualizedPeriod
ValueValue Expense10/1/20 to
10/1/20      3/31/21      Ratio     3/31/21*
Actual Fund return                           
Class A$1,000.00$1,157.301.31%$7.05
Institutional Class1,000.001,158.201.08%5.81
Class R61,000.001,159.000.88%4.74
Hypothetical 5% return (5% return before expenses)
Class A$1,000.00$1,018.401.31%$6.59
Institutional Class1,000.001,019.551.08%5.44
Class R61,000.001,020.540.88%4.43

8


Table of Contents

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

Expenses
Paid
Beginning Ending During
AccountAccount AnnualizedPeriod
ValueValue Expense10/1/20 to
10/1/20      3/31/21      Ratio     3/31/21*
Actual Fund return                           
Class A$1,000.00$1,106.501.64%$8.61
Institutional Class1,000.001,108.401.30%6.83
Class R61,000.001,108.601.20%6.31
Hypothetical 5% return (5% return before expenses)
Class A$1,000.00$1,016.751.64%$8.25
Institutional Class1,000.001,018.451.30%6.54
Class R61,000.001,018.951.20%6.04

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

Expenses
Paid
Beginning Ending During
AccountAccount AnnualizedPeriod
ValueValue Expense10/1/20 to
10/1/20      3/31/21      Ratio     3/31/21*
Actual Fund return                           
Class A$1,000.00$1,094.101.30%$6.79
Institutional Class1,000.001,095.401.05%5.49
Class R61,000.001,095.600.90%4.70
Hypothetical 5% return (5% return before expenses)
Class A$1,000.00$1,018.451.30%$6.54
Institutional Class1,000.001,019.701.05%5.29
Class R61,000.001,020.440.90%4.53

9


Table of Contents

Disclosure of Fund expenses

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

Expenses
Paid
Beginning Ending During
AccountAccount AnnualizedPeriod
ValueValue Expense10/1/20 to
10/1/20      3/31/21      Ratio     3/31/21*
Actual Fund return                           
Class A$1,000.00$1,162.501.12%$6.04
Institutional Class1,000.001,164.100.87%4.69
Class R61,000.001,165.300.79%4.26
Hypothetical 5% return (5% return before expenses)
Class A$1,000.00$1,019.351.12%$5.64
Institutional Class1,000.001,020.590.87%4.38
Class R61,000.001,020.990.79%3.98

*“Expenses Paid During Period” are equal to the relevant Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).
Because actual returns reflect only the most recent six-month period, the returns shown may differ significantly from fiscal year returns.

In addition to the Fund’s expenses reflected above, each Fund also indirectly bears its portion of the fees and expenses of the investment companies (Underlying Funds) in which it invests, including exchange-traded funds. The tables above do not reflect the expenses of the Underlying Funds.

10


Table of Contents

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

As of March 31, 2021 (Unaudited)

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

Percentage
Security type / sectorof net assets
Common Stock          99.95%     
Communication Services9.15%
Consumer Discretionary7.26%
Consumer Staples9.74%
Energy5.97%
Financials14.07%
Healthcare18.03%
Industrials13.24%
Information Technology15.36%
Materials2.88%
Real Estate2.67%
Utilities1.58%
Short-Term Investments0.32%
Total Value of Securities100.27%
Liabilities Net of Receivables and Other
     Assets
(0.27%)
Total Net Assets100.00%

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 holdingsof net assets
Caterpillar     3.77%          
Cisco Systems3.42%
Raytheon Technologies3.25%
American International Group3.22%
Philip Morris International3.20%
Northrop Grumman3.19%
Oracle3.13%
Comcast Class A3.12%
CVS Health3.10%
Motorola Solutions3.08%

11


Table of Contents

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

As of March 31, 2021 (Unaudited)

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

Percentage
Security type / sectorof net assets
Common Stock          99.82%     
Communication Services9.10%
Consumer Discretionary7.32%
Consumer Staples9.57%
Energy5.95%
Financials14.07%
Healthcare17.79%
Industrials13.01%
Information Technology15.74%
Materials3.01%
Real Estate2.66%
Utilities1.60%
Short-Term Investments0.40%
Total Value of Securities100.22%
Liabilities Net of Receivables and Other
     Assets
(0.22%)
Total Net Assets100.00%

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 holdingsof net assets
Caterpillar     3.79%          
Cisco Systems3.38%
Motorola Solutions3.23%
American International Group3.21%
Philip Morris International3.18%
Comcast Class A3.17%
Johnson & Johnson3.15%
Oracle3.12%
Broadcom3.12%
Honeywell International3.10%

12


Table of Contents

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

As of March 31, 2021 (Unaudited)

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

Percentage
Security type / sectorof net assets
Common Stock           99.08%     
Communication Services6.72%
Consumer Discretionary17.40%
Consumer Staples3.65%
Financials7.26%
Healthcare15.56%
Industrials10.46%
Information Technology*36.81%
Materials1.22%
Short-Term Investments1.08%
Total Value of Securities100.16%
Liabilities Net of Receivables and Other
     Assets
(0.16%)
Total Net Assets100.00%

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

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

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

Percentage
Top 10 equity holdingsof net assets
Apple     5.01%          
Microsoft4.87%
Amazon.com3.67%
PayPal Holdings3.61%
Zebra Technologies Class A3.60%
Alphabet Class A3.53%
Deckers Outdoor3.40%
Parker-Hannifin3.37%
EPAM Systems3.30%
Fortinet3.28%

13


Table of Contents

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

As of March 31, 2021 (Unaudited)

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

Percentage
Security type / sectorof net assets
Common Stock        99.20%     
Basic Industry7.89%
Business Services1.65%
Capital Spending10.72%
Consumer Cyclical5.63%
Consumer Services9.43%
Consumer Staples3.16%
Energy4.59%
Financial Services20.58%
Healthcare5.69%
Real Estate Investment Trusts7.57%
Technology12.78%
Transportation3.43%
Utilities6.08%
Short-Term Investments0.33%
Total Value of Securities99.53%
Receivables and Other Assets Net of
     Liabilities
0.47%
Total Net Assets100.00%

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 holdingsof net assets
East West Bancorp     2.68%          
Hess2.07%
Raymond James Financial1.98%
ITT1.93%
Teradyne1.90%
KBR1.87%
Synchrony Financial1.81%
DR Horton1.79%
Quanta Services1.78%
Marriott International Class A1.77%

14


Table of Contents

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

As of March 31, 2021 (Unaudited)

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

Percentage
Security type / sectorof net assets
Common Stock         99.07%     
Basic Industry7.78%
Business Services1.86%
Capital Spending10.49%
Consumer Cyclical4.78%
Consumer Services10.19%
Consumer Staples3.66%
Energy3.65%
Financial Services*29.14%
Healthcare3.14%
Real Estate Investment Trusts7.51%
Technology10.87%
Transportation2.88%
Utilities3.12%
Short-Term Investments0.27%
Total Value of Securities99.34%
Receivables and Other Assets Net of
     Liabilities
0.66%
Total Net Assets100.00%

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

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

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

Percentage
Top 10 equity holdingsof net assets
East West Bancorp     3.42%          
MasTec2.60%
Stifel Financial2.33%
Western Alliance Bancorp2.28%
Louisiana-Pacific2.02%
Webster Financial1.97%
ITT1.89%
Hancock Whitney1.76%
Berry Global Group1.75%
FNB1.58%

15


Table of Contents

Security type / country and sector allocations
Delaware Global Equity Fund

As of March 31, 2021 (Unaudited)

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

Percentage
Security type / countryof net assets
Common Stock by Country          98.80%     
Denmark3.68%
France17.27%
Germany8.52%
Japan10.06%
Netherlands3.47%
Spain2.62%
Sweden7.69%
Switzerland10.60%
United Kingdom6.93%
United States27.96%
Exchange-Traded Funds0.65%
Short-Term Investments2.08%
Total Value of Securities101.53%
Liabilities Net of Receivables and Other
     Assets
(1.53%)
Total Net Assets100.00%
  
Percentage
Common stock and preferred stock by sector ◆of net assets
Communication Services4.20%     
Consumer Discretionary13.87%
Consumer Staples*42.17%
Healthcare22.15%
Industrials7.62%
Information Technology2.62%
Materials3.83%
Technology2.34%
Total98.80%

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

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

16


Table of Contents

Security type / country and sector allocations
Delaware International Fund

As of March 31, 2021 (Unaudited)

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

Percentage
Security type / countryof net assets
Common Stock by Country          98.45%     
Denmark5.35%
France21.50%
Germany12.00%
Japan18.95%
Netherlands4.03%
Spain2.37%
Sweden9.68%
Switzerland14.74%
United Kingdom9.83%
Exchange-Traded Funds1.02%
Short-Term Investments1.26%
Total Value of Securities100.73%
Liabilities Net of Receivables and Other
     Assets(0.73%)
Total Net Assets100.00%
    
Percentage
Common stock by sector ◆of net assets
Communication Services11.00%
Consumer Discretionary14.93%
Consumer Staples*37.10%
Health Care17.53%
Industrials7.04%
Information Technology5.78%
Materials5.07%
Total98.45%

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

(continues)17


Table of Contents

Security type / sector allocations
Delaware Floating Rate II Fund

As of March 31, 2021 (Unaudited)

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

Percentage
Security type / sectorof net assets
Convertible Bond           0.38%     
Corporate Bonds6.03%
Banking0.44%
Capital Goods0.78%
Communications0.83%
Consumer Non-Cyclical0.17%
Financial Services0.42%
Healthcare0.87%
Insurance0.40%
Media0.25%
Technology0.83%
Transportation1.04%
Loan Agreements91.34%
Short-Term Investments7.32%
Total Value of Securities105.07%
Liabilities Net of Receivables and Other
     Assets(5.07%)
Total Net Assets100.00%

18


Table of Contents

Security type / sector allocations
Delaware Fund for Income

As of March 31, 2021 (Unaudited)

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

Percentage
Security type / sectorof net assets
Corporate Bonds          85.72%     
Banking2.33%
Basic Industry8.46%
Capital Goods5.22%
Communications7.50%
Consumer Cyclical10.88%
Consumer Non-Cyclical3.94%
Energy14.19%
Financial Services4.07%
Healthcare6.31%
Insurance1.47%
Media6.30%
Real Estate1.37%
Services4.67%
Technology & Electronics3.76%
Transportation3.73%
Utilities1.52%
Loan Agreements10.84%
Short-Term Investments4.28%
Total Value of Securities100.84%
Liabilities Net of Receivables and Other
     Assets(0.84%)
Total Net Assets100.00%

(continues)19


Table of Contents

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

As of March 31, 2021 (Unaudited)

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

Percentage
Security type / sectorof net assets
Corporate Bonds        11.30%     
Banking9.52%
Electric1.78%
Sovereign Bonds65.81%
Australia2.89%
Austria1.33%
Belgium1.96%
Denmark0.72%
Finland0.48%
France7.93%
Germany5.25%
Ireland0.67%
Italy4.85%
Japan13.25%
Mexico2.64%
Netherlands1.42%
New Zealand4.17%
Poland1.17%
Portugal1.08%
Spain5.59%
United Kingdom10.41%
Supranational Banks5.21%
Regional Bonds14.53%
Short-Term Investments0.51%
Total Value of Securities97.36%
Receivables and Other Assets Net of
     Liabilities2.64%
Total Net Assets100.00%

20


Table of Contents

Security type / sector allocations
Delaware Investment Grade Fund

As of March 31, 2021 (Unaudited)

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

Percentage
Security type / sectorof net assets
Convertible Bond           0.48%     
Corporate Bonds99.15%
Banking23.01%
Basic Industry3.49%
Brokerage2.56%
Capital Goods3.73%
Communications16.32%
Consumer Cyclical3.55%
Consumer Non-Cyclical5.28%
Electric10.76%
Energy10.96%
Finance Companies5.37%
Insurance2.23%
Natural Gas0.37%
Real Estate Investment Trusts0.73%
Technology8.45%
Transportation1.98%
Utilities0.36%
Loan Agreements2.14%
Total Value of Securities101.77%
Liabilities Net of Receivables and Other
     Assets(1.77%)
Total Net Assets100.00%

(continues)21


Table of Contents

Security type / sector allocations
Delaware Limited Duration Bond Fund

As of March 31, 2021 (Unaudited)

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

Percentage
Security type / sectorof net assets
Agency Collateralized Mortgage Obligations           2.14%     
Agency Commercial Mortgage-Backed
     Security1.93%
Agency Mortgage-Backed Securities12.46%
Collateralized Debt Obligations7.84%
Corporate Bonds56.86%
Banking18.51%
Basic Industry1.90%
Brokerage0.94%
Capital Goods4.90%
Communications3.54%
Consumer Cyclical4.36%
Consumer Non-Cyclical4.23%
Electric7.10%
Energy3.99%
Finance Companies3.32%
Insurance1.13%
Technology1.41%
Transportation1.53%
Non-Agency Asset-Backed Securities5.70%
US Treasury Obligations10.89%
Short-Term Investments3.21%
Total Value of Securities101.03%
Liabilities Net of Receivables and Other
     Assets(1.03%)
Total Net Assets100.00%

22


Table of Contents

Security type / sector allocations
Delaware Strategic Income II Fund

As of March 31, 2021 (Unaudited)

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

Percentage
Security type / sectorof net assets
Agency Collateralized Mortgage Obligations    8.99%     
Agency Mortgage-Backed Securities2.16%
Convertible Bonds2.28%
Corporate Bonds52.76%
Banking3.34%
Basic Industry8.39%
Brokerage1.64%
Capital Goods2.14%
Communications4.89%
Consumer Cyclical5.75%
Consumer Non-Cyclical3.74%
Energy8.77%
Finance Companies1.25%
Insurance1.91%
Real Estate1.74%
Technology1.59%
Transportation5.10%
Utilities2.51%
Non-Agency Asset-Backed Securities1.82%
Non-Agency Collateralized Mortgage
     Obligations9.25%
Non-Agency Commercial Mortgage-Backed
     Securities1.27%
Loan Agreements    5.43%
Sovereign Bonds7.69%
Brazil0.59%     
Egypt1.35%
El Salvador0.68%
Honduras0.57%
Indonesia0.20%
Ivory Coast0.69%
Malaysia0.20%
Mongolia0.80%
Paraguay0.67%
Peru0.51%
Senegal0.64%
Uzbekistan0.79%
Supranational Bank0.76%
US Treasury Obligations2.83%
Short-Term Investments3.85%
Total Value of Securities99.09%
Receivables and Other Assets Net of
     Liabilities0.91%
Total Net Assets100.00%

(continues)23


Table of Contents

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

As of March 31, 2021 (Unaudited)

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

Percentage
Security type / sectorof net assets
Common Stock    101.16%     
Communication Services6.29%
Consumer Discretionary16.09%
Consumer Staples4.09%
Energy4.58%
Financials10.50%
Healthcare10.00%
Industrials9.16%
Information Technology*34.28%
Materials3.21%
Utilities2.96%
Short-Term Investments4.17%
Total Value of Securities Before Options
     Written105.33%
Options Written(3.20%)
Liabilities Net of Receivables and Other
     Assets(2.13%)
Total Net Assets100.00%

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

*

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

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

Percentage
Top 10 equity holdingsof net assets
Apple         7.81%          
Microsoft7.33%
Broadcom4.92%
Home Depot4.89%
Alphabet Class A4.38%
Booking Holdings4.31%
Costco Wholesale4.03%
Medtronic3.99%
Texas Instruments3.97%
United Rentals3.88%

24


Table of Contents

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

As of March 31, 2021 (Unaudited)

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

Percentage
Security type / sectorof net assets
Common Stock    95.10%     
Communication Services6.61%
Consumer Discretionary15.40%
Consumer Staples6.31%
Energy1.03%
Financials13.32%
Healthcare13.63%
Industrials11.57%
Information Technology17.87%
Materials3.39%
Real Estate3.81%
Utilities2.16%
Options Purchased0.68%
Short-Term Investments6.01%
Total Value of Securities Before Options
     Written101.79%
Options Written(0.38%)
Liabilities Net of Receivables and Other
     Assets(1.41%)
Total Net Assets100.00%

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 holdingsof net assets
Amazon.com         2.45%          
Alphabet Class A1.98%
Microsoft1.87%
Apple1.25%
TJX1.20%
Chubb1.17%
Johnson & Johnson1.17%
Marsh & McLennan1.16%
Medtronic1.13%
American Express1.06%

(continues)25


Table of Contents

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

As of March 31, 2021 (Unaudited)

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

Percentage
Security type / sectorof net assets
Common Stock    123.97%     
Communication Services5.94%
Consumer Discretionary15.00%
Consumer Staples12.91%
Energy8.59%
Financials13.09%
Healthcare14.84%
Industrials18.41%
Information Technology*32.68%
Utilities2.51%
Short-Term Investments4.18%
Total Value of Securities Before Options
     Written128.15%
Options Written(26.20%)
Liabilities Net of Receivables and Other
     Assets(1.95%)
Total Net Assets100.00%

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

*

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

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

Percentage 
Top 10 equity holdingsof net assets 
Broadcom         9.15%          
Whirlpool8.03% 
Corning6.91% 
Home Depot4.86% 
BlackRock4.86% 
Philip Morris International4.71% 
CSX4.70% 
Lockheed Martin4.69% 
Cisco Systems4.62% 
Amgen4.53% 

26


Table of Contents

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

As of March 31, 2021 (Unaudited)

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

Percentage 
Security type / sectorof net assets 
Agency Mortgage-Backed Securities    1.11%     
Collateralized Debt Obligations0.24% 
Convertible Bonds10.01% 
Corporate Bonds15.64% 
Banking1.23% 
Basic Industry1.64% 
Brokerage0.09% 
Capital Goods0.69% 
Communications1.46% 
Consumer Cyclical2.16% 
Consumer Non-Cyclical1.05% 
Energy2.11% 
Financials0.50% 
Healthcare1.06% 
Insurance0.30% 
Media1.21% 
Real Estate Investment Trusts0.19% 
Services0.52% 
Technology0.41% 
Transportation0.34% 
Utilities0.68% 
Non-Agency Commercial Mortgage-Backed 
     Securities0.51% 
Sovereign Bonds2.15% 
Armenia0.03% 
Dominican Republic0.17% 
Egypt0.12% 
Gabon0.04% 
Georgia0.06% 
Honduras0.04% 
Indonesia0.06% 
Israel0.06% 
Ivory Coast0.11% 
Malaysia0.08% 
Mexico0.08% 
Mongolia0.05% 
Morocco0.11% 
North Macedonia0.02% 
Panama0.09% 
Paraguay0.16% 
Peru    0.09%     
Republic of Vietnam0.05% 
Romania0.23% 
Senegal0.04% 
Serbia0.10% 
Turkey0.04% 
Ukraine0.11% 
Uruguay0.14% 
Uzbekistan0.07% 
Supranational Banks0.14% 
US Treasury Obligations1.33% 
Common Stock56.52% 
Communication Services4.30% 
Consumer Discretionary5.99% 
Consumer Staples6.55% 
Energy1.09% 
Financials5.92% 
Healthcare8.90% 
Industrials4.35% 
Information Technology11.20% 
Materials1.45% 
Real Estate0.10% 
REIT Diversified0.09% 
REIT Healthcare0.77% 
REIT Hotel0.31% 
REIT Industrial0.56% 
REIT Information Technology0.52% 
REIT Mall0.37% 
REIT Manufactured Housing0.15% 
REIT Multifamily1.45% 
REIT Office0.29% 
REIT Self-Storage0.57% 
REIT Shopping Center0.34% 
REIT Single Tenant0.24% 
REIT Specialty0.10% 
Utilities0.91% 
Convertible Preferred Stock2.75% 
Exchange-Traded Funds7.93% 
Limited Liability Corporation1.30% 

(continues)27


Table of Contents

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

Percentage
Security type / sectorof net assets
Short-Term Investments    0.21%     
Total Value of Securities99.84%
Receivables and Other Assets Net of
     Liabilities0.16%
Total Net Assets100.00%

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 holdingsof net assets
Johnson & Johnson         1.26%          
Lowe’s1.15%
Verizon Communications1.10%
Broadcom1.10%
Merck & Co.1.09%
Apple1.05%
Microsoft1.04%
MetLife1.01%
Cisco Systems1.00%
Equity Residential0.88%

28


Table of Contents

Schedules of investments
Delaware Equity Income Fund

March 31, 2021 (Unaudited)

                                                                           Number of     
sharesValue (US $)
Common Stock – 99.95%
Communication Services – 9.15%
AT&T284,412$8,609,151
Comcast Class A185,75910,051,419
Verizon
     Communications159,0209,247,013
Walt Disney †8,2801,527,826
29,435,409
Consumer Discretionary – 7.26%
Dollar Tree †84,4149,662,026
Lowe’s49,5959,431,977
TJX64,4774,265,154
23,359,157
Consumer Staples – 9.74%
Altria Group63,5563,251,525
Archer-Daniels-Midland98,4465,611,422
Conagra Brands67,9622,555,371
Mondelez International
     Class A164,6679,637,960
Philip Morris
     International115,98910,292,864
31,349,142
Energy – 5.97%
ConocoPhillips179,6309,515,001
Exxon Mobil173,4949,686,170
19,201,171
Financials – 14.07%
Allstate44,3985,101,330
American International
     Group224,33310,366,428
Discover Financial
     Services64,2736,105,292
First American Financial152,8818,660,709
MetLife84,5935,142,408
OneMain Holdings30,9421,662,204
Truist Financial141,0648,226,853
45,265,224
Healthcare – 18.03%
AbbVie44,7844,846,524
Bristol-Myers Squibb88,6125,594,076
Cardinal Health87,2605,301,045
Cigna25,1246,073,476
CVS Health132,5669,972,940
Johnson & Johnson57,6639,476,914
Merck & Co.119,5879,218,962
Viatris †538,8217,527,329
58,011,266
Industrials – 13.24%
Caterpillar52,33912,135,844
Honeywell International44,9729,762,072
Northrop Grumman31,70510,261,006
Raytheon Technologies135,09310,438,713
42,597,635
Information Technology – 15.36%
Broadcom20,0659,303,338
Cisco Systems212,91811,009,990
Cognizant Technology
     Solutions Class A116,7659,121,682
Motorola Solutions52,7309,915,876
Oracle143,26610,052,975
49,403,861
Materials – 2.88%
DuPont de Nemours120,0829,279,937
9,279,937
Real Estate – 2.67%
Equity Commonwealth31,362871,864
Equity Residential107,5227,701,801
8,573,665
Utilities – 1.58%
Edison International86,4855,068,021
5,068,021
Total Common Stock
(cost $279,511,665)321,544,488
       
Short-Term Investments – 0.32%
Money Market Mutual Funds – 0.32%
BlackRock FedFund –
     Institutional Shares
     (seven-day effective
     yield 0.01%)258,312258,312
Fidelity Investments
     Money Market
     Government Portfolio
     – Class I (seven-day
     effective yield 0.01%)258,311258,311
GS Financial Square
     Government Fund –
     Institutional Shares
     (seven-day effective
     yield 0.03%)258,311258,311

29


Table of Contents

Schedules of investments
Delaware Equity Income Fund

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

Non-income producing security.

Summary of abbreviations:
GS – Goldman Sachs

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

30


Table of Contents

Delaware Growth and Income Fund

March 31, 2021 (Unaudited)

                                                                           Number of     
sharesValue (US $)
Common Stock – 99.82%
Communication Services – 9.10%
AT&T1,023,964$30,995,390
Comcast Class A653,90135,382,583
Verizon
     Communications517,26930,079,192
Walt Disney †28,6455,285,576
101,742,741
Consumer Discretionary – 7.32%
Dollar Tree †290,31133,228,997
Lowe’s178,13633,877,904
TJX223,83714,806,818
81,913,719
Consumer Staples – 9.57%
Altria Group220,46611,279,040
Archer-Daniels-Midland341,54919,468,293
Conagra Brands235,4618,853,334
Mondelez International
     Class A545,01731,899,845
Philip Morris
     International400,94635,579,948
107,080,460
Energy – 5.95%
ConocoPhillips623,30933,016,678
Exxon Mobil599,55133,472,932
66,489,610
Financials – 14.07%
Allstate157,66918,116,168
American International
     Group778,44435,971,897
Discover Financial
     Services222,98821,181,630
First American Financial530,50030,052,825
MetLife292,60017,787,154
OneMain Holdings107,4805,773,826
Truist Financial489,38428,540,875
157,424,375
Healthcare – 17.79%
AbbVie155,03416,777,780
Bristol-Myers Squibb307,43019,408,056
Cardinal Health296,80618,030,965
Cigna81,65619,739,521
CVS Health453,91634,148,101
Johnson & Johnson214,62535,273,619
Merck & Co.386,88329,824,810
Viatris †1,848,09025,817,817
199,020,669
Industrials – 13.01%
Caterpillar182,91342,412,037
Honeywell International159,60134,644,589
Northrop Grumman105,42334,119,100
Raytheon Technologies444,07134,313,366
145,489,092
Information Technology – 15.74%
Broadcom75,18934,862,132
Cisco Systems730,90037,794,839
Cognizant Technology
     Solutions Class A413,42332,296,605
Motorola Solutions192,14836,133,431
Oracle498,37334,970,833
176,057,840
Materials – 3.01%
DuPont de Nemours435,21833,633,646
33,633,646
Real Estate – 2.66%
Equity Commonwealth108,8933,027,226
Equity Residential373,14526,728,376
29,755,602
Utilities – 1.60%
Edison International304,78917,860,636
17,860,636
Total Common Stock
(cost $946,755,691)1,116,468,390
   
Short-Term Investments – 0.40%
Money Market Mutual Funds – 0.40% 
BlackRock FedFund –
     Institutional Shares
     (seven-day effective
     yield 0.01%)1,122,9441,122,944
Fidelity Investments
     Money Market
     Government Portfolio
     – Class I (seven-day
     effective yield 0.01%)1,122,9431,122,943
GS Financial Square
     Government Fund –
     Institutional Shares
     (seven-day effective
     yield 0.03%)1,122,9431,122,943

31


Table of Contents

Schedules of investments
Delaware Growth and Income Fund

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

Non-income producing security.

Summary of abbreviations:
GS – Goldman Sachs

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

32


Table of Contents

Delaware Growth Equity Fund

March 31, 2021 (Unaudited)

                                                                           Number of     
sharesValue (US $)
Common Stock – 99.08%◆
Communication Services – 6.72%
Alphabet Class A †10,900$22,481,468
Facebook Class A †68,86020,281,336
42,762,804
Consumer Discretionary – 17.40% 
Amazon.com †7,55023,360,304
AutoZone †9,70013,621,710
Deckers Outdoor †65,39021,606,164
Lowe’s82,26015,644,207
Target88,29117,487,798
Tempur Sealy
     International519,00018,974,640
110,694,823
Consumer Staples – 3.65%
Procter & Gamble85,09211,524,009
Walmart86,10211,695,235
23,219,244
Financials – 7.26%
Ameriprise Financial67,22015,625,289
Capital One Financial119,18015,163,272
JPMorgan Chase & Co.101,27015,416,332
46,204,893
Healthcare – 15.56%
AbbVie118,08012,778,618
Eli Lilly and Co.98,36218,375,989
Envista Holdings †387,60015,814,080
Hologic †211,68015,744,758
Merck & Co.124,4109,590,767
Thermo Fisher Scientific25,93011,833,933
West Pharmaceutical
     Services52,91014,908,980
99,047,125
Industrials – 10.46%
Dover113,78015,602,651
EMCOR Group134,00015,029,440
Parker-Hannifin67,90021,417,697
Rockwell Automation54,64014,503,642
66,553,430
Information Technology – 36.81%
Adobe †40,70019,347,559
Apple261,07831,890,678
Arrow Electronics †117,89013,064,570
Cadence Design
     Systems †149,52020,482,745
EPAM Systems †52,96321,009,892
Fortinet †113,14020,865,279
II-VI †194,37013,289,077
Microsoft131,34030,966,032
NVIDIA32,64017,427,475
PayPal Holdings †94,69022,994,519
Zebra Technologies
     Class A †47,26722,933,003
234,270,829
Materials – 1.22%
International Paper143,7307,771,481
7,771,481
Total Common Stock
(cost $373,955,510)630,524,629
   
Short-Term Investments – 1.08%
Money Market Mutual Funds – 1.08% 
BlackRock FedFund –
     Institutional Shares
     (seven-day effective
     yield 0.01%)1,717,1161,717,116
Fidelity Investments
     Money Market
     Government Portfolio
     – Class I (seven-day
     effective yield 0.01%)1,717,1201,717,120
GS Financial Square
     Government Fund –
     Institutional Shares
     (seven-day effective
     yield 0.03%)1,717,1201,717,120
Morgan Stanley
     Government Portfolio
     – Institutional Share
     Class (seven-day
     effective yield 0.00%)1,717,1191,717,119
Total Short-Term Investments
(cost $6,868,475)6,868,475
Total Value of
Securities – 100.16%
(cost $380,823,985) $637,393,104

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

Non-income producing security.

Summary of abbreviations:
GS – Goldman Sachs

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

33


Table of Contents

Schedules of investments
Delaware Opportunity Fund

March 31, 2021 (Unaudited)

                                                                           Number of     
sharesValue (US $)
Common Stock – 99.20%
Basic Industry – 7.89%
Axalta Coating
     Systems †150,200$4,442,916
Berry Global Group †192,20011,801,080
Celanese51,5007,715,215
Crown Holdings71,8006,967,472
Graphic Packaging
     Holding544,6009,889,936
Huntsman415,90011,990,397
Newmont71,1004,285,197
57,092,213
Business Services – 1.65%
Brink’s93,4007,400,082
ManpowerGroup45,4004,490,060
11,890,142
Capital Spending – 10.72%
AECOM †150,9009,674,199
Allison Transmission
     Holdings104,4004,262,652
AMETEK35,3004,508,869
Gates Industrial †325,6005,206,344
ITT153,40013,945,594
KBR352,50013,532,475
Oshkosh58,9006,989,074
Quanta Services146,20012,862,676
United Rentals †19,8006,520,338
77,502,221
Consumer Cyclical – 5.63%
Aptiv †57,3007,901,670
DR Horton144,90012,913,488
Johnson Controls
     International145,5008,681,985
Stanley Black & Decker56,30011,241,421
40,738,564
Consumer Services – 9.43%
AutoZone †4,4006,178,920
Cable One2,8005,119,408
Darden Restaurants56,2007,980,400
Dollar Tree †58,0006,638,680
Hasbro54,3005,219,316
Marriott International
     Class A †86,60012,826,326
Polaris50,7006,768,450
PVH28,0002,959,600
Ross Stores42,4005,084,184
VF74,9005,986,008
ViacomCBS Class B77,1003,477,210
68,238,502
Consumer Staples – 3.16%
Campbell Soup61,9003,111,713
Conagra Brands140,0005,264,000
Kellogg74,0004,684,200
Tyson Foods Class A61,8004,591,740
US Foods Holding †135,8005,176,696
22,828,349
Energy – 4.59%
Cabot Oil & Gas282,3005,301,594
Hess211,20014,944,512
Marathon Oil789,7008,433,996
Valero Energy63,1004,517,960
33,198,062
Financial Services – 20.58%
Affiliated Managers
     Group47,3007,049,119
Allstate85,2009,789,480
American Financial
     Group94,10010,736,810
Assurant50,1007,102,677
East West Bancorp263,10019,416,780
Globe Life68,8006,648,144
Hancock Whitney200,2658,413,133
Hartford Financial
     Services Group184,30012,309,397
KeyCorp619,40012,375,612
Raymond James
     Financial116,60014,290,496
Reinsurance Group of
     America60,5007,626,025
Signature Bank47,00010,626,700
Synchrony Financial321,20013,059,992
Synovus Financial206,1009,429,075
148,873,440
Healthcare – 5.69%
AmerisourceBergen58,4006,895,288
Quest Diagnostics63,1008,098,254
Service Corp.
     International101,6005,186,680
STERIS34,4006,552,512
Syneos Health †64,5004,892,325
Zimmer Biomet
     Holdings59,7009,556,776
41,181,835
Real Estate Investment Trusts – 7.57%
Apartment Income REIT189,7298,112,812
Brandywine Realty Trust411,0005,306,010
Host Hotels & Resorts287,8004,849,430

34


Table of Contents

          Number of     
sharesValue (US $)
Common Stock (continued)
Real Estate Investment Trusts (continued) 
Kimco Realty364,800$6,840,000
Life Storage103,5508,900,122
MGM Growth Properties
     Class A214,4006,993,728
Outfront Media263,5005,752,205
VEREIT207,8008,025,236
54,779,543
Technology – 12.78%
Agilent Technologies80,80010,272,912
Avnet151,5006,288,765
Ciena †116,2006,358,464
Citrix Systems17,0002,386,120
Fiserv †31,5003,749,760
Flex †481,9008,823,589
Keysight Technologies †61,9008,876,460
ON Semiconductor †162,3006,753,303
Qorvo †55,00010,048,500
Synopsys †48,00011,893,440
Teradyne113,30013,786,344
Western Digital48,4003,230,700
92,468,357
Transportation – 3.43%
CSX35,8003,451,836
JB Hunt Transport
     Services31,8005,344,626
Kirby †81,9004,936,932
Southwest Airlines181,70011,094,602
24,827,996
Utilities – 6.08%
CMS Energy131,6008,056,552
Edison International90,0005,274,000
MDU Resources Group165,9005,244,099
NRG Energy175,5006,621,615
Public Service Enterprise
     Group155,6009,368,676
WEC Energy Group54,4005,091,296
Xcel Energy64,8004,309,848
43,966,086
Total Common Stock
(cost $541,695,124)717,585,310
 
Short-Term Investments – 0.33% 
Money Market Mutual Funds – 0.33% 
BlackRock FedFund –
     Institutional Shares
     (seven-day effective
     yield 0.01%)589,907589,907
Fidelity Investments
     Money Market
     Government Portfolio
     – Class I (seven-day
     effective yield 0.01%)589,908589,908
GS Financial Square
     Government Fund –
     Institutional Shares
     (seven-day effective
     yield 0.03%)589,908589,908
Morgan Stanley
     Government Portfolio
     – Institutional Share
     Class (seven-day
     effective yield 0.00%)589,908589,908
Total Short-Term Investments
(cost $2,359,631)2,359,631
Total Value of
Securities–99.53%
(cost $544,054,755)$719,944,941

Non-income producing security.

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

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

35


Table of Contents

Schedules of investments
Delaware Special Situations Fund

March 31, 2021 (Unaudited)

          Number of     
sharesValue (US $)
Common Stock – 99.07%
Basic Industry – 7.78%
Arconic †78,500$1,993,115
Ashland Global
     Holdings25,4002,254,758
Avient48,3002,283,141
Berry Global Group †106,6006,545,240
HB Fuller52,1003,277,611
Huntsman109,8003,165,534
Louisiana-Pacific135,9007,537,014
Summit Materials
     Class A †72,4002,028,648
29,085,061
Business Services – 1.86%
Deluxe28,6001,200,056
PAE †105,700953,414
WESCO International †55,4004,793,762
6,947,232
Capital Spending – 10.49%
Altra Industrial Motion96,0005,310,720
Atkore †75,9005,457,210
H&E Equipment Services50,7001,926,600
ITT77,8007,072,798
KBR72,2202,772,526
MasTec †103,5009,697,950
Primoris Services84,8002,809,424
Rexnord87,8004,134,502
39,181,730
Consumer Cyclical – 4.78%
Adient †89,0003,933,800
Barnes Group54,6002,704,884
KB Home78,5003,652,605
Knoll81,4001,343,914
Leggett & Platt49,1002,241,415
Meritage Homes †35,7003,281,544
Standard Motor
     Products17,000706,860
17,865,022
Consumer Services – 10.19%
Aaron’s20,250520,020
Acushnet Holdings49,6002,049,968
American Eagle
     Outfitters83,9002,453,236
Asbury Automotive
     Group †22,8004,480,200
Cable One1,2002,194,032
Choice Hotels
     International33,3003,572,757
Cracker Barrel Old
     Country Store22,6003,907,088
Denny’s †72,3001,309,353
PROG Holdings46,9002,030,301
Steven Madden58,6002,183,436
TEGNA176,9003,331,027
Texas Roadhouse †27,1502,604,771
UniFirst18,6004,161,006
Wolverine World Wide85,9393,293,182
38,090,377
Consumer Staples – 3.66%
Core-Mark Holding57,6002,228,544
J & J Snack Foods19,6003,077,788
Performance Food
     Group †47,9002,759,519
Scotts Miracle-Gro8,8002,155,736
Spectrum Brands
     Holdings40,8003,468,000
13,689,587
Energy – 3.65%
CNX Resources †262,0003,851,400
Delek US Holdings86,0001,873,080
Devon Energy174,7423,818,113
Dril-Quip †38,6001,282,678
Helix Energy Solutions
     Group †243,7001,230,685
Patterson-UTI Energy219,4001,564,322
13,620,278
Financial Services – 29.14%
American Equity
     Investment Life
     Holding139,8004,407,894
Bank of NT Butterfield &
     Son67,4002,576,028
East West Bancorp173,30012,789,540
Essent Group26,0001,234,740
First Financial Bancorp154,4003,705,600
First Interstate
     BancSystem Class A53,7002,472,348
First Midwest Bancorp41,100900,501
FNB464,7005,901,690
Great Western Bancorp129,5003,922,555
Hancock Whitney157,0006,595,570
Hanover Insurance
     Group36,0004,660,560
Kemper33,5002,670,620
NBT Bancorp36,3001,448,370
Prosperity Bancshares42,1003,152,869

36


Table of Contents

          Number of     
sharesValue (US $)
Common Stock (continued)
Financial Services (continued)
S&T Bancorp53,100$1,778,850
Sandy Spring Bancorp47,7002,071,611
Selective Insurance
     Group67,4004,889,196
Sterling Bancorp123,3002,838,366
Stifel Financial135,8008,699,348
Synovus Financial99,3004,542,975
Umpqua Holdings288,9005,070,195
Valley National Bancorp390,4005,364,096
Webster Financial133,7007,368,207
WesBanco35,9001,294,554
Western Alliance
     Bancorp90,3008,527,932
108,884,215
Healthcare – 3.14%
Avanos Medical †58,9002,576,286
Integer Holdings †37,6003,462,960
Integra LifeSciences
     Holdings †50,2003,468,318
Service Corp.
     International43,6002,225,780
11,733,344
Real Estate Investment Trusts – 7.51%
Brandywine Realty Trust252,9003,264,939
Independence Realty
     Trust108,8001,653,760
Kite Realty Group Trust105,5572,036,194
Lexington Realty Trust284,9003,165,239
Life Storage35,1003,016,845
National Health
     Investors32,5002,349,100
Outfront Media172,9003,774,407
RPT Realty163,0001,859,830
Spirit Realty Capital79,5003,378,750
STAG Industrial47,4511,594,828
Summit Hotel
     Properties †192,8001,958,848
28,052,740
Technology – 10.87%
Cirrus Logic †40,0003,391,600
Coherent †6,8381,729,262
Concentrix †18,1002,709,932
Diodes †27,4002,187,616
Flex †290,1415,312,482
NCR †32,8511,246,695
NetScout Systems †69,7001,962,752
ON Semiconductor †115,8004,818,438
SYNNEX17,3001,986,732
Teradyne35,9004,368,312
Tower Semiconductor †124,9003,502,196
TTM Technologies †220,4003,195,800
Viavi Solutions †185,0002,904,500
Vishay Intertechnology54,7001,317,176
40,633,493
Transportation – 2.88%
Kirby †43,5002,622,180
Saia †8,4001,936,872
SkyWest38,0002,070,240
Werner Enterprises87,2004,113,224
10,742,516
Utilities – 3.12%
ALLETE47,6003,198,244
Black Hills49,1003,278,407
South Jersey Industries96,4002,176,712
Southwest Gas Holdings43,6002,995,756
11,649,119
Total Common Stock
(cost $282,236,174)370,174,714
 
Short-Term Investments – 0.27%
Money Market Mutual Funds – 0.27%
BlackRock FedFund –
     Institutional Shares
     (seven-day effective
     yield 0.01%)247,221247,221
Fidelity Investments
     Money Market
     Government Portfolio
     – Class I (seven-day
     effective yield 0.01%)247,222247,222
GS Financial Square
     Government Fund –
     Institutional Shares
     (seven-day effective
     yield 0.03%)247,222247,222

37


Table of Contents

Schedules of investments
Delaware Special Situations Fund

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

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

Summary of abbreviations:
GS – Goldman Sachs

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

38


Table of Contents

Delaware Global Equity Fund

March 31, 2021 (Unaudited)

          Number of     
sharesValue (US $)
Common Stock – 98.80%Δ
Denmark - 3.68%
Novo Nordisk Class B148,640$10,070,238
10,070,238
France – 17.27%
Air Liquide64,05010,463,023
Danone184,25012,640,093
Orange596,9607,354,078
Publicis Groupe151,2009,227,329
Sodexo †78,5307,531,294
47,215,817
Germany – 8.52%
adidas AG †19,2205,999,960
Fresenius Medical Care
     AG & Co.147,95010,881,981
SAP52,2406,396,962
23,278,903
Japan – 10.06%
Asahi Group Holdings107,0004,508,060
Kao103,9006,862,233
KDDI134,8004,133,177
Lawson67,8003,324,940
Secom26,6002,237,307
Seven & i Holdings159,9006,445,100
27,510,817
Netherlands – 3.47%
Koninklijke Ahold
     Delhaize340,3309,478,744
9,478,744
Spain – 2.62%
Amadeus IT Group †101,2807,171,396
7,171,396
Sweden – 7.69%
Essity Class B213,1206,732,712
H & M Hennes &
     Mauritz Class B †229,1655,162,704
Securitas Class B535,9809,113,584
21,009,000
Switzerland – 10.60%
Nestle91,09010,152,273
Roche Holding35,65011,521,232
Swatch Group25,3807,301,298
28,974,803
United Kingdom – 6.93%
Diageo258,83010,667,225
Next †24,8702,696,920
Smith & Nephew294,4605,593,888
18,958,033
United States – 27.96%
3M32,5506,271,734
Conagra Brands199,2807,492,928
General Mills136,1808,350,558
Henry Schein †81,9805,676,295
Ingredion83,2007,481,344
Kimberly-Clark72,99010,149,259
Lamb Weston Holdings142,12011,011,458
Merck & Co.111,6508,607,098
Parker-Hannifin10,1703,207,923
Pfizer226,2908,198,487
76,447,084
Total Common Stock
(cost $249,310,444)270,114,835
 
Exchange-Traded Funds – 0.65%
Vanguard S&P 500 ETF4,8601,770,498
Total Exchange-Traded Funds
(cost $1,747,983)1,770,498
 
Short-Term Investments – 2.08%
Money Market Mutual Funds – 2.08%
BlackRock FedFund –
     Institutional Shares
     (seven-day effective
     yield 0.01%)1,418,9771,418,977
Fidelity Investments
     Money Market
     Government Portfolio
     – Class I (seven-day
     effective yield 0.01%)1,418,9771,418,977
GS Financial Square
     Government Fund –
     Institutional Shares
     (seven-day effective
     yield 0.03%)1,418,9781,418,978
Morgan Stanley
     Government Portfolio
     – Institutional Share
     Class (seven-day
     effective yield 0.00%)1,418,9781,418,978
Total Short-Term Investments
(cost $5,675,910)5,675,910
Total Value of
Securities–101.53%
 (cost $256,734,337)   $277,561,243

Δ

Securities have been classified by country of origin. Aggregate classification by business sector has been presented on page 16 in “Security type / country and sector allocations.”

Non-income producing security.

39


Table of Contents

Schedules of investments
Delaware Global Equity Fund

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

Foreign Currency Exchange Contracts

Currency toSettlementUnrealizedUnrealized
Counterparty     Receive (Deliver)     In Exchange For     Date     Appreciation     Depreciation
BNYMCHF(66,701)USD70,7154/1/21$141$      
BNYMDKK(634,767)USD99,8694/6/21(209)
BNYMGBP719,369USD(988,301)4/1/213,425
BNYMGBP1,268,212USD     (1,751,883)4/6/21(3,493)
BNYMJPY(2,892,628)USD26,2204/1/2195
BNYMJPY     (29,663,020)USD267,9324/2/2129
BNYMSEK(1,006,992)USD115,3324/6/2123
Total Foreign Currency Exchange Contracts$3,713$(3,702)

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

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

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

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

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

40


Table of Contents

Delaware International Fund

March 31, 2021 (Unaudited)

Number of
     shares     Value (US $)
Common Stock – 98.45%Δ
Denmark – 5.35%
     Novo Nordisk Class B229,820$15,570,117
     15,570,117
France – 21.50%
Air Liquide90,33014,756,048
Danone244,49016,772,735
Orange710,0308,747,011
Publicis Groupe194,22011,852,724
Sodexo †108,59010,414,151
62,542,669
Germany – 12.00%
adidas AG †30,2609,446,347
Fresenius Medical Care
AG & Co.211,08015,525,302
SAP81,0509,924,843
34,896,492
Japan – 18.95%
Asahi Group Holdings187,2007,887,000
Kao145,0009,576,744
KDDI371,40011,387,699
Kirin Holdings154,3002,955,007
Lawson105,8005,188,476
Secom79,0006,644,633
Seven & i Holdings284,40011,463,330
55,102,889
Netherlands – 4.03%
Koninklijke Ahold
Delhaize421,16011,729,990
11,729,990
Spain – 2.37%
Amadeus IT Group †97,4106,897,371
6,897,371
Sweden – 9.68%
Essity Class B227,6007,190,153
H & M Hennes &
Mauritz Class B †317,0607,142,831
Securitas Class B813,04013,824,598
28,157,582
Switzerland – 14.74%
Nestle142,53015,885,426
Roche Holding43,11013,932,127
Swatch Group45,32013,037,621
42,855,174
United Kingdom – 9.83%
Diageo467,60019,271,314
Next †30,8803,348,648
Smith & Nephew314,2805,970,411
28,590,373
Total Common Stock
(cost $270,219,933)286,342,657
 
Exchange-Traded Funds – 1.02%
iShares MSCI EAFE ETF503,794
iShares Trust iShares ESG
Aware MSCI EAFE
ETF38,8402,947,956
Total Exchange-Traded Funds
(cost $2,941,229)2,951,750
 
Short-Term Investments – 1.26%
Money Market Mutual Funds – 1.26%
BlackRock FedFund –
Institutional Shares
(seven-day effective
yield 0.01%)918,630918,630
Fidelity Investments
Money Market
Government Portfolio
– Class I (seven-day
effective yield 0.01%)918,630918,630
GS Financial Square
Government Fund –
Institutional Shares
(seven-day effective
yield 0.03%)918,630918,630
Morgan Stanley
Government Portfolio
– Institutional Share
Class (seven-day
effective yield 0.00%)918,631918,631
Total Short-Term Investments
(cost $3,674,521)3,674,521
Total Value of
Securities–100.73%
(cost $276,835,683)$292,968,928

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

41


Table of Contents

Schedules of investments
Delaware International Fund

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

Foreign Currency Exchange Contracts

Currency toSettlementUnrealizedUnrealized
CounterpartyReceive (Deliver)In Exchange ForDateAppreciationDepreciation
BNYM    CHF264,420    USD     (281,011)    4/1/21    $    $(1,239)
BNYMDKK605,559USD(95,565)4/6/21(92)
BNYMEUR174,729USD(204,917)4/1/21(8)
BNYMGBP828,158USD(1,137,743)4/1/213,960
BNYMGBP1,379,225USD(1,905,234)4/6/21(3,799)
BNYMJPY40,761,160USD(369,714)4/1/21(1,583)
BNYMSEK(1,063,833)USD121,8424/6/2124
BNYMDKK(975,467)USD153,4734/6/21(321)
BNYMJPY(4,387,106)USD39,7674/1/21145
Total Foreign Currency Exchange Contracts$4,129$(7,042)

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

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

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

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

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

42


Table of Contents

Delaware Floating Rate II Fund

March 31, 2021 (Unaudited)

Principal
          amount°Value (US $)
Convertible Bond – 0.38%          
Energy – 0.38%
Cheniere Energy PIK
144A 4.875%
exercise price $93.64,
maturity date
5/28/21 #, *184,685$186,048
186,048
Total Convertible Bond
(cost $186,225)186,048
 
Corporate Bonds – 6.03%
Banking – 0.44%
Barclays 6.125%
12/15/25 µ, ψ200,000218,650
218,650
Capital Goods – 0.78%
Bombardier 144A
7.875% 4/15/27 #125,000122,778
TransDigm 5.50%
11/15/27250,000259,157
381,935
Communications – 0.83%
Cincinnati Bell 144A
7.00% 7/15/24 #223,000230,526
Level 3 Financing 144A
4.25% 7/1/28 #175,000177,154
407,680
Consumer Non-Cyclical – 0.17%
United Natural Foods
144A 6.75%
10/15/28 #80,00085,600
85,600
Financial Services – 0.42%
NFP 144A 7.00%
5/15/25 #190,000204,488
204,488
Healthcare – 0.87%
Ortho-Clinical
Diagnostics 144A
7.375% 6/1/25 #96,000103,390
Surgery Center Holdings
144A 10.00%
4/15/27 #150,000165,656
Tenet Healthcare
6.875% 11/15/31142,000158,357
427,403
Insurance – 0.40%
HUB International 144A
7.00% 5/1/26 #190,000197,489
197,489
Media – 0.25%
Clear Channel Outdoor
Holdings 144A
7.75% 4/15/28 #60,00059,452
Clear Channel
Worldwide Holdings
9.25% 2/15/2461,00063,573
123,025
Technology – 0.83%
Banff Merger Sub 144A
9.75% 9/1/26 #215,000229,276
Boxer Parent 144A
9.125% 3/1/26 #165,000176,052
405,328
Transportation – 1.04%
Delta Air Lines 144A
7.00% 5/1/25 #350,000403,475
United Airlines Holdings
4.875% 1/15/25105,000107,153
510,628
Total Corporate Bonds
(cost $2,707,234)2,962,226
 
Loan Agreements – 91.34%
A&V Holdings Midco
3/10/27 ●312,658312,658
Acrisure TBD 2/15/27 X380,000376,105
Acrisure Tranche B
3.703% (LIBOR03M
+ 3.50%) 2/15/27 ●26,84126,566
Acuris Finance US
4.50% (LIBOR03M +
4.00%) 2/16/28 ●605,000605,378
Advantage Sales &
Marketing 1st Lien
6.00% (LIBOR03M +
5.25%) 10/28/27 ●438,900438,939
American Airlines
Tranche B 2.106%
(LIBOR01M + 2.00%)
12/14/23 ●385,419368,186
Applied Systems 2nd
Lien 6.25%
(LIBOR03M + 5.50%)
9/19/25 ●1,260,0001,269,450
Apro 5.00% (LIBOR03M
+ 4.00%) 11/14/26 ●799,091799,591

43


Table of Contents

Schedules of investments
Delaware Floating Rate II Fund

Principal
               amount°     Value (US $)
Loan Agreements (continued)
Array Technologies
3.75% (LIBOR01M +
3.25%) 10/14/27 ●881,500$882,051
Aruba Investments
Holdings 1st Lien
4.75% (LIBOR03M +
4.00%) 11/24/27 ●435,000436,631
Aruba Investments
Holdings 2nd Lien
8.50% (LIBOR03M +
7.75%) 11/24/28 ●435,000439,350
AssuredPartners
3.609% (LIBOR01M
+ 3.50%) 2/12/27 ●437,432433,126
5.50% (LIBOR01M +
4.50%) 2/12/27 ●222,750223,609
Avast Software Tranche
B TBD 3/15/28 X200,000200,281
Ball Metalpack Finco
2nd Lien 9.75%
(LIBOR03M + 8.75%)
7/31/26 ●305,000289,750
Bausch Health 3.109%
(LIBOR01M + 3.00%)
6/2/25 ●273,884273,278
Blue Ribbon 1st Lien
5.137% (LIBOR03M
+ 3.00%) 11/15/21 ●889,000872,054
Boxer Parent 3.859%
(LIBOR01M + 3.75%)
10/2/25 ●326,483325,463
BW Gas &
Convenience Holdings
6.36% (LIBOR01M +
6.25%) 11/18/24 ●785,286793,384
BW Gas &
Convenience Holdings
Tranche B TBD
3/17/28 X875,000876,094
Caesars Resort
Collection Tranche
B-1 4.609%
(LIBOR01M + 4.50%)
7/21/25 ●386,060387,290
Camelot US Acquisition l
3.109% (LIBOR01M
+ 3.00%) 10/30/26 ●420,073417,360
4.00% (LIBOR01M +
3.00%) 10/30/26 ●174,563174,563
Carnival 8.50%
(LIBOR01M + 7.50%)
6/30/25 ●632,222654,350
Chemours Tranche B-2
1.86% (LIBOR01M +
1.75%) 4/3/25 ●221,911$217,583
CityCenter Holdings
3.00% (LIBOR01M +
2.25%) 4/18/24 ●253,450250,616
Connect US Finco
4.50% (LIBOR01M +
3.50%) 12/11/26 ●374,105373,170
Consolidated
Communications
5.75% (LIBOR01M +
4.75%) 10/2/27 ●528,363529,817
Core & Main 3.75%
(LIBOR03M + 2.75%)
8/1/24 ●538,409537,568
CPC Acquisition 1st Lien
4.50% (LIBOR03M +
3.75%) 12/29/27 ●625,000633,984
CSC Holdings 2.356%
(LIBOR01M + 2.25%)
7/17/25 ●330,545326,496
Cumulus Media New
Holdings 4.75%
(LIBOR03M + 3.75%)
3/31/26 ●712,847705,496
Dun & Bradstreet
Tranche B 3.359%
(LIBOR01M + 3.25%)
2/6/26 ●445,387443,647
Endo Luxembourg
Finance I Tranche B
TBD 3/11/28 X500,000496,250
Ensemble RCM 3.962%
(LIBOR03M + 3.75%)
8/3/26 ●598,481598,357
Epicor Software 2nd Lien
8.75% (LIBOR01M +
7.75%) 7/31/28 ●760,000787,867
Frontier Communications
5.75% (LIBOR01M +
4.75%) 10/8/21 ●600,000601,875
Garda World Security
Tranche B-2 4.25%
(LIBOR01M + 4.25%)
10/30/26 ●423,678424,384
Global Medical
Response 5.75%
(LIBOR03M + 4.75%)
10/2/25 ●910,717909,152
Green Energy Partners
Tranche B-1 6.50%
(LIBOR03M + 5.50%)
11/13/21 ●119,319112,458

44


Table of Contents

Principal
               amount°     Value (US $)
Loan Agreements (continued)
Green Energy Partners
Tranche B-2 6.50%
(LIBOR03M + 5.50%)
11/13/21 ●168,155$158,486
Hamilton Projects
Acquiror 5.75%
(LIBOR03M + 4.75%)
6/17/27 ●708,346711,534
Heartland Dental
3.609% (LIBOR01M
+ 3.50%) 4/30/25 ●919,571906,416
HUB International
Tranche B-3 4.00%
(LIBOR03M + 3.25%)
4/25/25 ●248,889249,188
Ineos US Petrochem
Tranche B 3.25%
(LIBOR03M + 2.75%)
1/29/26 ●460,000458,965
Informatica 2nd Lien
7.125% 2/25/25 ●722,000739,749
Kenan Advantage Group
Tranche B TBD
3/12/26 X498,750497,347
Logmein 1st Lien
4.854% (LIBOR01M
+ 4.75%) 8/31/27 ●607,475606,770
Mermaid Bidco Tranche
B 5.00% (LIBOR02M
+ 4.25%) 12/22/27 ●950,000950,594
Milano Acquisition
Tranche B 4.75%
(LIBOR03M + 4.00%)
10/1/27 ●947,625945,256
Mileage Plus Holdings
6.25% (LIBOR03M +
5.25%) 6/21/27 ●553,000588,676
Numericable US Tranche
B-13 4.198%
(LIBOR03M + 4.00%)
8/14/26 ●252,348251,875
Ortho-Clinical
Diagnostics 3.359%
(LIBOR03M + 3.25%)
6/30/25 ●372,345372,199
Peraton Tranche B 1st
Lien 4.50%
(LIBOR03M + 3.75%)
2/1/28 ●322,475322,609
PetSmart 4.50%
(LIBOR03M + 3.75%)
2/12/28 ●625,000624,739
PG&E Tranche B 3.50%
(LIBOR03M + 3.00%)
6/23/25 ●876,866877,414
PQ 4.00% (LIBOR03M +
3.00%) 2/7/27 ●95,86896,048
PQ Tranche B 2.462%
(LIBOR03M + 2.25%)
2/8/27 ●153,605152,741
Pregis Topco 1st Lien
3.859% (LIBOR01M
+ 3.75%) 7/31/26 ●403,977401,705
Pretium PKG Holdings
1st Lien 4.75%
(LIBOR06M + 4.00%)
11/5/27 ●473,813474,010
Quikrete Holdings 1st
Lien 2.609%
(LIBOR01M + 2.50%)
2/1/27 ●435,269432,820
RealPage TBD 2/18/28 X1,020,0001,016,387
Rent-A-Center 4.75%
(LIBOR01M + 4.00%)
2/17/28 ●250,000251,458
Ryan Specialty Group
Tranche B-1 3.75%
(LIBOR01M + 3.00%)
9/1/27 ●472,625473,807
Schweitzer-Mauduit
International Tranche
B TBD 1/27/28 X620,000618,450
Scientific Games
International Tranche
B-5 2.859%
(LIBOR01M + 2.75%)
8/14/24 371,653364,963
Sinclair Televison Group
Tranche B-2 2.61%
(LIBOR01M + 2.50%)
9/30/26 ●301,221297,832
Solenis International 2nd
Lien 8.69%
(LIBOR03M + 8.50%)
6/26/26 ●840,000843,150
Spirit Aerosystems
6.00% (LIBOR01M +
5.25%) 1/15/25 ●583,537588,643
SS&C Technologies
Tranche B-5 1.859%
(LIBOR01M + 1.75%)
4/16/25 ●253,356251,168
Stars Group Holdings
3.703% (LIBOR03M
+ 3.50%) 7/10/25 ●500,772502,337

45


Table of Contents

Schedules of investments
Delaware Floating Rate II Fund

Principal
          amount°Value (US $)
Loan Agreements (continued)          
Surgery Center Holdings
4.25% (LIBOR01M +
3.25%) 9/2/24 ●289,257$287,088
Syncsort 1st Lien TBD
3/19/29 X745,000748,725
Syncsort Tranche B 1st
Lien TBD 3/20/28 X250,000249,531
Terrier Media Buyer
Tranche B 3.609%
(LIBOR01M + 3.50%)
12/17/26 ●252,737250,821
Titan
Acquisition 3.267%
(LIBOR03M + 3.00%)
3/28/25 ●459,748451,415
Tosca Services 4.25%
(LIBOR01M + 3.50%)
8/18/27 ●678,300678,583
TricorBraun 3.75%
(LIBOR06M + 3.25%)
3/3/28 ●246,748244,878
Triton Water Holdings
1st Lien TBD
3/31/28 X650,000648,549
Truck Hero 4.50%
(LIBOR01M + 3.75%)
1/29/28 ●925,000925,000
UKG 4.00% (LIBOR03M
+ 3.25%) 5/4/26 ●488,438488,781
Ultimate Software Group
2nd Lien 7.50%
(LIBOR03M + 6.75%)
5/3/27 ●962,000989,657
USI 3.453% (LIBOR03M
+ 3.25%) 12/2/26 ●250,367248,221
USS Ultimate Holdings
2nd Lien 8.75%
(LIBOR01M + 7.75%)
8/25/25 ●254,545255,182
Vantage Specialty
Chemicals 1st Lien
TBD 10/28/24 X225,000212,719
Vantage Specialty
Chemicals 2nd Lien
9.25% (LIBOR03M +
8.25%) 10/27/25 ●150,000140,648
Verscend Holding
Tranche B 4.609%
(LIBOR01M + 4.50%)
8/27/25 ●1,021,2831,025,296
Vertical Midco Tranche B
4.478% (LIBOR03M
+ 4.25%) 7/30/27 ●248,399249,227
White Cap Buyer 4.50%
(LIBOR03M + 4.00%)
10/19/27 ●393,750393,477
Whole Earth Brands
5.50% (LIBOR03M +
4.50%) 2/2/28 ●528,000525,360
Total Loan Agreements
(cost $44,056,307)44,864,721
 
Number of
shares
Short-Term Investments – 7.32%
Money Market Mutual Funds – 7.32%
BlackRock FedFund –
Institutional Shares
(seven-day effective
yield 0.01%)898,762898,762
Fidelity Investments
Money Market
Government Portfolio
– Class I (seven-day
effective yield 0.01%)898,762898,762
GS Financial Square
Government Fund –
Institutional Shares
(seven-day effective
yield 0.03%)898,762898,762
Morgan Stanley
Government Portfolio
– Institutional Share
Class (seven-day
effective yield 0.00%)898,762898,762
Total Short-Term Investments
(cost $3,595,048)3,595,048
Total Value of
Securities—105.07%
(cost $50,544,814)$51,608,043

°Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
#Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At March 31, 2021, the aggregate value of Rule 144A securities was $2,341,384, which represents 4.77% of the Fund’s net assets. See Note 9 in “Notes to financial statements.”
*PIK. 100% of the income received was in the form of principal.

46


Table of Contents

µFixed to variable rate investment. The rate shown reflects the fixed rate in effect at March 31, 2021. Rate will reset at a future date.
Ψ

Perpetual security. Maturity date represents next call date.

Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at March 31, 2021. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.

XThis loan will settle after March 31, 2021, at which time the interest rate, based on the LIBOR and the agreed upon spread on trade date, will be reflected.

Unfunded Loan Commitments

The Fund may invest in floating rate loans. In connection with these investments, the Fund may also enter into unfunded corporate loan commitments (commitments). Commitments may obligate the Fund to furnish temporary financing to a borrower until permanent financing can be arranged. In connection with these commitments, the Fund earns a commitment fee, typically set as a percentage of the commitment amount. The following unfunded loan commitments were outstanding at March 31, 2021:

Unrealized
PrincipalAppreciation
Borrower     Amount     Commitment      Value     (Depreciation)
Peraton TBD 2/24/28$567,525  $564,688 $567,762     $3,074     
TricorBraun 0.50% (LIBOR04M + 0.50%) 3/3/2853,25253,25252,849(403)

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

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

47


Table of Contents

Schedules of investments
Delaware Fund for Income

March 31, 2021 (Unaudited)

                               Principal
          amount°Value (US $)
Corporate Bonds – 85.72%          
Banking – 2.33%
Barclays 6.125%
12/15/25 µ, Ψ2,125,000$2,323,156
Deutsche Bank 6.00%
10/30/25 µ, Ψ3,000,0003,052,500
Popular 6.125%
9/14/231,658,0001,796,683
SVB Financial Group
4.10% 2/15/31 µ, Ψ2,070,0002,076,469
9,248,808
Basic Industry – 8.46%
Allegheny Technologies
5.875% 12/1/27825,000855,422
7.875% 8/15/232,480,0002,696,516
Arcosa 144A 4.375%
4/15/29 #840,000840,000
Avient 144A 5.75%
5/15/25 #1,947,0002,071,121
Blue Cube Spinco
10.00% 10/15/25287,000303,144
Chemours 144A 5.75%
11/15/28 #1,995,0002,104,306
First Quantum Minerals
144A 6.875%
10/15/27 #1,270,0001,363,663
144A 7.25%
4/1/23 #1,750,0001,783,294
144A 7.50%
4/1/25 #2,005,0002,072,669
Freeport-McMoRan
5.45% 3/15/431,730,0002,084,408
Hudbay Minerals 144A
6.125% 4/1/29 #970,0001,037,900
M/I Homes 4.95%
2/1/281,781,0001,847,787
Mattamy Group 144A
5.25% 12/15/27 #1,870,0001,962,331
New Gold 144A 7.50%
7/15/27 #1,945,0002,020,515
Novelis
144A 4.75%
1/30/30 #560,000578,242
144A 5.875%
9/30/26 #897,000937,365
Olin 5.00% 2/1/301,090,0001,144,282
PowerTeam Services
144A 9.033%
12/4/25 #3,820,0004,221,100
United States Steel
6.875% 3/1/291,350,0001,382,062
Vedanta Resources     
Finance II 144A
8.95% 3/11/25 #970,000928,183
Venator Finance 144A
5.75% 7/15/25 #1,440,0001,400,400
33,634,710
Capital Goods – 5.22%
ARD Finance PIK 144A
6.50% 6/30/27 #, >1,975,0002,076,219
Bombardier
144A 7.50%
12/1/24 #1,950,0001,951,219
144A 7.875%
4/15/27 #610,000599,154
Granite US Holdings
144A 11.00%
10/1/27 #1,910,0002,158,300
Reynolds Group Issuer
144A 4.00%
10/15/27 #2,105,0002,065,531
Spirit AeroSystems 144A
5.50% 1/15/25 #2,115,0002,239,256
Terex
144A 5.00%
5/15/29 #2,305,0002,389,017
144A 5.625%
2/1/25 #1,185,0001,218,334
Titan Acquisition 144A
7.75% 4/15/26 #800,000832,960
TransDigm 144A 6.25%
3/15/26 #1,945,0002,064,530
Vertical Holdco 144A
7.625% 7/15/28 #1,930,0002,078,851
Welbilt 9.50% 2/15/241,061,0001,094,820
20,768,191
Communications – 7.50%
Altice Financing 144A
5.00% 1/15/28 #1,445,0001,428,744
Altice France Holding
144A 6.00%
2/15/28 #3,030,0002,991,049
Cincinnati Bell 144A
7.00% 7/15/24 #1,450,0001,498,937
Connect Finco 144A
6.75% 10/1/26 #2,890,0003,081,578
Consolidated
Communications
144A 5.00%
10/1/28 #935,000944,631
144A 6.50%
10/1/28 #935,0001,011,324

48


Table of Contents

Principal
               amount°     Value (US $)
Corporate Bonds (continued)
Communications (continued)
Frontier Communications
144A 5.875%
10/15/27 #1,180,000$1,253,013
144A 6.75%
5/1/29 #930,000982,615
LCPR Senior Secured
Financing 144A
6.75% 10/15/27 #1,375,0001,467,675
Level 3 Financing 144A
4.25% 7/1/28 #2,385,0002,414,359
Sable International
Finance 144A 5.75%
9/7/27 #1,370,0001,447,919
Sprint
7.625% 3/1/261,325,0001,624,735
7.875% 9/15/232,745,0003,140,966
Sprint Capital 8.75%
3/15/32815,0001,205,996
T-Mobile USA
3.375% 4/15/291,090,0001,100,219
3.50% 4/15/31615,000620,381
Zayo Group Holdings
144A 6.125%
3/1/28 #3,500,0003,597,895
29,812,036
Consumer Cyclical – 10.88%
Allison Transmission
144A 5.875%
6/1/29 #1,810,0001,981,389
Boyd Gaming 4.75%
12/1/272,260,0002,307,697
Caesars Entertainment
144A 6.25%
7/1/25 #1,290,0001,376,778
144A 8.125%
7/1/27 #1,095,0001,208,935
Carnival
144A 5.75%
3/1/27 #1,045,0001,073,738
144A 7.625%
3/1/26 #5,335,0005,738,059
Ford Motor
8.50% 4/21/231,440,0001,607,400
9.00% 4/22/25490,000594,076
Ford Motor Credit
3.37% 11/17/23995,0001,021,119
3.375% 11/13/25945,000962,246
4.542% 8/1/261,205,0001,276,637
5.584% 3/18/241,085,0001,172,494
General Motors Financial
5.70% 9/30/30 µ, Ψ775,000838,938
Jaguar Land Rover 
Automotive
144A 4.50% 
10/1/27 #645,000613,714
144A 5.875% 
1/15/28 #1,485,0001,510,059
L Brands
6.875% 11/1/35 1,295,0001,545,311
6.95% 3/1/33 1,441,0001,610,317
144A 9.375% 
7/1/25 #890,0001,109,163
Levi Strauss & Co. 144A 
3.50% 3/1/31 # 2,235,0002,159,569
MGM Resorts
International 4.75% 
10/15/281,990,0002,059,143
Murphy Oil USA 144A 
3.75% 2/15/31 # 1,940,0001,910,512
PetSmart 144A 7.75% 
2/15/29 #2,340,0002,535,858
Royal Caribbean Cruises 
144A 5.50% 
4/1/28 #2,215,0002,228,844
Scientific Games 
International
144A 7.25% 
11/15/29 #1,000,0001,086,690
144A 8.25% 
3/15/26 #1,723,0001,850,855
Six Flags Entertainment 
144A 4.875% 
7/31/24 #1,310,0001,324,737
Station Casinos 144A 
5.00% 10/1/25 # 563,000571,093
43,275,371
Consumer Non-Cyclical – 3.94% 
JBS USA LUX 144A 
5.50% 1/15/30 # 2,475,0002,744,156
Kraft Heinz Foods 
5.00% 7/15/35 1,055,0001,216,116
5.20% 7/15/45 1,765,0002,045,718
Pilgrim’s Pride 144A 
5.875% 9/30/27 # 2,325,0002,494,609
Post Holdings
144A 5.50% 
12/15/29 #1,325,0001,420,499
144A 5.75% 
3/1/27 #1,150,0001,211,680
Rent-A-Center 144A 
6.375% 2/15/29 # 1,920,0002,040,000

49


Table of Contents

Schedules of investments
Delaware Fund for Income

Principal
               amount°     Value (US $)
Corporate Bonds (continued)
Consumer Non-Cyclical (continued)
United Natural Foods
144A 6.75%
10/15/28 #2,340,000$2,503,800
15,676,578
Energy – 14.19%
Apache
4.75% 4/15/431,333,0001,238,357
4.875% 11/15/271,015,0001,041,898
Ascent Resources Utica
Holdings 144A
7.00% 11/1/26 #2,050,0002,052,562
CNX Resources
144A 6.00%
1/15/29 #2,165,0002,253,884
144A 7.25%
3/14/27 #1,010,0001,086,114
Crestwood Midstream
Partners 144A 6.00%
2/1/29 #2,661,0002,626,074
DCP Midstream
Operating 5.125%
5/15/293,050,0003,248,677
EQM Midstream Partners
144A 4.75%
1/15/31 #1,255,0001,218,919
144A 6.50%
7/1/27 #875,000952,582
Genesis Energy
7.75% 2/1/282,000,0002,003,100
8.00% 1/15/273,355,0003,403,295
Murphy Oil
5.875% 12/1/271,759,0001,725,473
6.375% 7/15/283,465,0003,474,009
NuStar Logistics
5.625% 4/28/271,650,0001,729,151
6.00% 6/1/261,259,0001,359,468
6.375% 10/1/302,368,0002,564,840
Occidental Petroleum
3.00% 2/15/271,240,0001,169,103
3.40% 4/15/261,110,0001,079,198
3.50% 8/15/291,165,0001,094,576
6.125% 1/1/312,155,0002,383,592
6.45% 9/15/36990,0001,094,207
6.625% 9/1/301,555,0001,749,841
PDC Energy
5.75% 5/15/262,623,0002,723,985
6.125% 9/15/24823,000846,044
Southwestern Energy
7.50% 4/1/26600,000635,712
7.75% 10/1/272,030,0002,173,369
Targa Resources Partners
144A 4.00%
1/15/32 #1,555,0001,464,452
6.50% 7/15/272,465,0002,684,829
TechnipFMC 144A
6.50% 2/1/26 #3,855,0004,036,368
Western Midstream
Operating 4.75%
8/15/281,250,0001,309,375
56,423,054
Financial Services – 4.07%
AerCap Holdings
5.875% 10/10/79 µ2,670,0002,750,901
Air Lease 4.65%
6/15/26 µ, Ψ1,900,0001,881,000
Ally Financial 8.00%
11/1/311,420,0001,979,894
Camelot Finance 144A
4.50% 11/1/26 #2,105,0002,180,349
Credit Suisse Group
144A 4.50%
9/3/30 #, µ, Ψ2,075,0001,950,500
INEOS Quattro Finance
2 144A 3.375%
1/15/26 #2,135,0002,137,669
UBS Group 144A
4.375%
2/10/31 #, µ, Ψ2,140,0002,116,460
VM Consolidated 144A
5.50% 4/15/29 #1,140,0001,169,560
16,166,333
Healthcare – 6.31%
Bausch Health 144A
6.25% 2/15/29 #3,095,0003,294,320
Cheplapharm
Arzneimittel 144A
5.50% 1/15/28 #2,135,0002,220,443
CHS
144A 4.75%
2/15/31 #895,000875,444
144A 8.00%
3/15/26 #1,060,0001,147,238
DaVita 144A 4.625%
6/1/30 #1,720,0001,754,589
Hadrian Merger Sub
144A 8.50%
5/1/26 #2,326,0002,421,506
HCA
5.375% 2/1/251,305,0001,457,685
5.875% 2/1/291,095,0001,277,542

50


Table of Contents

Principal
               amount°     Value (US $)
Corporate Bonds (continued)
Healthcare (continued)
Jaguar Holding II
144A 4.625%
6/15/25 #1,075,000$1,123,300
144A 5.00%
6/15/28 #1,000,0001,042,750
Ortho-Clinical
Diagnostics
144A 7.25%
2/1/28 #1,014,0001,112,901
144A 7.375%
6/1/25 #1,314,0001,415,145
Surgery Center Holdings
144A 10.00%
4/15/27 #1,065,0001,176,159
Tenet Healthcare
144A 6.125%
10/1/28 #1,215,0001,269,675
6.75% 6/15/231,170,0001,269,333
6.875% 11/15/312,015,0002,247,108
25,105,138
Insurance – 1.47%
GTCR AP Finance 144A
8.00% 5/15/27 #702,000755,527
HUB International 144A
7.00% 5/1/26 #1,999,0002,077,791
USI 144A 6.875%
5/1/25 #2,954,0003,014,897
5,848,215
Media – 6.30%
AMC Networks 4.25%
2/15/291,615,0001,572,606
Beasley Mezzanine
Holdings 144A
8.625% 2/1/26 #2,070,0002,085,525
CCO Holdings
144A 4.50%
8/15/30 #3,950,0004,030,797
144A 5.375%
6/1/29 #1,650,0001,771,506
Clear Channel Outdoor
Holdings 144A
7.75% 4/15/28 #900,000891,788
Clear Channel
Worldwide Holdings
9.25% 2/15/241,057,0001,101,579
CSC Holdings 144A
4.625% 12/1/30 #4,085,0004,023,725
Cumulus Media New
Holdings 144A
6.75% 7/1/26 #2,227,0002,272,576
Gray Television 144A
7.00% 5/15/27 #2,435,0002,651,106
Nexstar Broadcasting
144A 4.75%
11/1/28 #1,540,0001,559,111
Terrier Media Buyer
144A 8.875%
12/15/27 #2,850,0003,072,086
25,032,405
Real Estate – 1.37%
Global Net Lease 144A
3.75% 12/15/27 #464,000452,802
Iron Mountain
144A 5.25%
3/15/28 #2,050,0002,133,281
144A 5.25%
7/15/30 #1,115,0001,151,851
MGM Growth Properties
Operating Partnership
144A 3.875%
2/15/29 #1,695,0001,691,610
5,429,544
Services – 4.67%
BCPE Ulysses
Intermediate 144A
PIK 7.75%
4/1/27 #, «1,165,0001,210,872
Gartner 144A 4.50%
7/1/28 #1,740,0001,796,550
LBM Acquisition 144A
6.25% 1/15/29 #790,000814,687
Legends Hospitality
Holding 144A 5.00%
2/1/26 #1,280,0001,304,000
Prime Security Services
Borrower
144A 5.75%
4/15/26 #1,360,0001,473,288
144A 6.25%
1/15/28 #1,950,0002,032,680
Sabre GLBL
144A 7.375%
9/1/25 #1,545,0001,688,376
144A 9.25%
4/15/25 #1,310,0001,563,812
Tms International
Holding 144A 7.25%
8/15/25 #1,440,0001,472,400
United Rentals North
America 5.25%
1/15/301,885,0002,049,325

51


Table of Contents

Schedules of investments
Delaware Fund for Income

Principal
               amount°     Value (US $)
Corporate Bonds (continued)
Services (continued)
White Cap Buyer 144A
6.875% 10/15/28 #2,980,000$3,169,424
18,575,414
Technology & Electronics – 3.76%
Austin BidCo 144A
7.125% 12/15/28 #790,000805,306
Banff Merger Sub 144A
9.75% 9/1/26 #2,422,0002,582,821
BY Crown Parent 144A
4.25% 1/31/26 #1,835,0001,907,813
CommScope
Technologies 144A
5.00% 3/15/27 #1,930,0001,915,535
Go Daddy Operating
144A 3.50%
3/1/29 #2,045,0002,013,047
Microchip Technology
144A 4.25%
9/1/25 #2,120,0002,215,318
Sensata Technologies
144A 4.00%
4/15/29 #2,210,0002,253,990
SS&C Technologies 144A
5.50% 9/30/27 #1,165,0001,242,239
14,936,069
Transportation – 3.73%
Delta Air Lines 7.375%
1/15/264,885,0005,717,779
Mileage Plus Holdings
144A 6.50%
6/20/27 #1,385,0001,520,038
Spirit Loyalty Cayman
144A 8.00%
9/20/25 #970,0001,098,443
Stena International
144A 6.125%
2/1/25 #770,000780,487
United Airlines Holdings
4.875% 1/15/252,880,0002,939,054
VistaJet Malta Finance
144A 10.50%
6/1/24 #2,540,0002,774,950
14,830,751
Utilities – 1.52%
Calpine 144A 5.00%
2/1/31 #2,240,0002,189,600
Edison International
5.375% 3/15/26 µ, Ψ1,785,0001,814,096
PG&E 5.25% 7/1/301,910,0002,026,987
6,030,683
Total Corporate Bonds
(cost $327,889,035)340,793,300
 
Loan Agreements – 10.84%
Applied Systems 2nd
Lien 6.25%
(LIBOR03M + 5.50%)
9/19/25 ●6,240,0006,286,800
Apro 5.00% (LIBOR03M
+ 4.00%) 11/14/26 ●2,104,4322,105,747
Blue Ribbon 1st Lien
5.137% (LIBOR03M
+ 3.00%) 11/15/21 ●524,000514,012
BW Gas &
Convenience Holdings
6.36% (LIBOR01M +
6.25%) 11/18/24 ●2,072,9062,094,282
Epicor Software 2nd Lien
8.75% (LIBOR01M +
7.75%) 7/31/28 ●1,616,6001,675,876
Frontier Communications
5.75% (LIBOR01M +
4.75%) 10/8/21 ●865,000867,703
Gainwell
Acquisition Tranche B
TBD 10/1/27 X2,249,0002,243,377
Global Medical
Response 5.75%
(LIBOR03M + 4.75%)
10/2/25 ●3,242,8733,237,298
Green Energy Partners
Tranche B-1 6.50%
(LIBOR03M + 5.50%)
11/13/21 ●788,004742,694
Green Energy Partners
Tranche B-2 6.50%
(LIBOR03M + 5.50%)
11/13/21 ●278,891262,855
Hamilton Projects
Acquiror 5.75%
(LIBOR03M + 4.75%)
6/17/27 ●2,183,5002,193,326
Informatica 2nd Lien
7.125% 2/25/25 ●2,398,0002,456,950
Peraton Tranche B 1st
Lien 4.50%
(LIBOR03M + 3.75%)
2/1/28 ●760,895761,213

52


Table of Contents

Principal
               amount°     Value (US $)
Loan Agreements (continued)
Schweitzer-Mauduit
International Tranche
B TBD 1/27/28 X1,025,000$1,022,437
Solenis International 2nd
Lien 8.69%
(LIBOR03M + 8.50%)
6/26/26 ●3,276,0013,288,286
Surgery Center Holdings
4.25% (LIBOR01M +
3.25%) 9/2/24 ●2,183,6122,167,235
Syncsort 1st Lien TBD
3/19/29 X880,000884,400
Ultimate Software Group
2nd Lien 7.50%
(LIBOR03M + 6.75%)
5/3/27 ●4,024,9984,140,717
Vantage Specialty
Chemicals 1st Lien
TBD 10/28/24 X1,375,0001,299,948
Vantage Specialty
Chemicals 2nd Lien
9.25% (LIBOR03M +
8.25%) 10/27/25 ●737,000691,052
Verscend Holding
Tranche B 4.609%
(LIBOR01M + 4.50%)
8/27/25 ●1,733,3251,740,135
Verscend Holding
Tranche B TBD
8/27/25 X2,420,0002,420,000
Total Loan Agreements
(cost $42,612,766)43,096,343
 
Number of
shares
Short-Term Investments – 4.28%
Money Market Mutual Funds – 4.28%
BlackRock FedFund –
Institutional Shares
(seven-day effective
yield 0.01%)4,257,8854,257,885
Fidelity Investments
Money Market
Government Portfolio
– Class I (seven-day
effective yield 0.01%)4,257,8854,257,885
GS Financial Square
Government Fund –
Institutional Shares
(seven-day effective
yield 0.03%)4,257,8864,257,886
Morgan Stanley
Government Portfolio
– Institutional Share
Class (seven-day
effective yield 0.00%)4,257,8864,257,886
Total Short-Term Investments
(cost $17,031,542)17,031,542
Total Value of
Securities–100.84%
(cost $387,533,343)$400,921,185

°Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
µFixed to variable rate investment. The rate shown reflects the fixed rate in effect at March 31, 2021. Rate will reset at a future date.
ψPerpetual security. Maturity date represents next call date.
#Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At March 31, 2021, the aggregate value of Rule 144A securities was $223,369,554, which represents 56.18% of the Fund’s net assets. See Note 9 in “Notes to financial statements.”
>PIK. 100% of the income received was in the form of cash.
«PIK. The first payment of cash and/or principal will be made after October 1, 2021.
Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at March 31, 2021. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.
XThis loan will settle after March 31, 2021, at which time the interest rate, based on the LIBOR and the agreed upon spread on trade date, will be reflected.

53


Table of Contents

Schedules of investments
Delaware Fund for Income

Unfunded Loan Commitments

The Fund may invest in floating rate loans. In connection with these investments, the Fund may also enter into unfunded corporate loan commitments (commitments). Commitments may obligate the Fund to furnish temporary financing to a borrower until permanent financing can be arranged. In connection with these commitments, the Fund earns a commitment fee, typically set as a percentage of the commitment amount. The following unfunded loan commitment was outstanding at March 31, 2021:

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

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

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

54


Table of Contents

Delaware International Opportunities Bond Fund

March 31, 2021 (Unaudited)

Principal
                    amount°     Value (US $)
Corporate Bonds – 11.30%
Banking – 9.52%
Development Bank of
Japan 0.235%
10/13/27JPY100,000,000$910,377
Kreditanstalt Fuer
Wiederaufbau 0.00%  
12/15/22EUR830,000984,239
1,894,616
Electric – 1.78%
Israel Electric 144A
5.00% 11/12/24 #315,000354,509
354,509
Total Corporate Bonds
(cost $1,931,350)2,249,125
 
Sovereign Bonds – 65.81%Δ
Australia – 2.89%
Australia Government
Bonds
2.75% 11/21/29AUD410,000341,661
3.00% 3/21/47AUD290,000234,461
576,122
Austria – 1.33%
Republic of Austria
Government Bond
144A
1.50% 2/20/47 #EUR180,000264,994
264,994
Belgium – 1.96%
Kingdom of Belgium
Government Bonds
144A 1.45%
6/22/37 #EUR160,000219,888
144A 4.25%
3/28/41 #EUR85,000170,767
390,655
Denmark – 0.72%
Denmark Government
Bond
0.50% 11/15/27DKK865,000143,846
143,846
Finland – 0.48%
Finland Government
Bond 144A
1.375% 4/15/47 #EUR65,00094,583
94,583
France – 7.93%
French Republic
Government Bond
OAT 144A 1.25%
5/25/36 #EUR1,180,0001,577,773
1,577,773
Germany – 5.25%
Bundesrepublik
Deutschland
Bundesanleihe
0.00% 8/15/29EUR105,000127,511
0.00% 8/15/50EUR300,000326,835
0.50% 2/15/25EUR210,000257,954
Deutsche
Bundesrepublik
Inflation Linked Bond  
0.50% 4/15/30EUR232,701332,024
1,044,324
Ireland – 0.67%
Ireland Government
Bond 1.35% 3/18/31 EUR100,000133,409
133,409
Italy – 4.85%
Italy Buoni Poliennali Del  
Tesoro
3.00% 8/1/29EUR125,000176,896
144A 3.85% 9/1/49 # EUR445,000788,133
965,029
Japan – 13.25%
Japan Finance 0.911%
7/19/23JPY94,900,000874,864
Japan Government Thirty  
Year Bond
0.40% 9/20/49JPY119,650,0001,011,124
Tokyo Metropolitan
Government 0.475%  
9/19/25JPY81,500,000751,437
2,637,425
Mexico – 2.64%
Mexican Bonos
8.00% 9/5/24MXN5,000,000262,859
8.00% 11/7/47MXN2,500,000125,591
8.50% 5/31/29MXN2,500,000137,419
525,869
Netherlands – 1.42%
Netherlands Government  
Bonds
144A 0.25%
7/15/29 #EUR75,00092,172

55


Table of Contents

Schedules of investments
Delaware International Opportunities Bond Fund

Principal
                                                     amount°     Value (US $)
Sovereign BondsΔ (continued)
Netherlands (continued)
Netherlands Government
Bonds
144A 2.75%
1/15/47 #EUR100,000$191,240
283,412
New Zealand – 4.17%
New Zealand
Government Bonds
3.00% 4/20/29NZD445,000345,718
6.00% 5/15/21NZD690,000484,893
830,611
Poland – 1.17%
Republic of Poland
Government Bond
3.25% 7/25/25PLN830,000233,013
233,013
Portugal – 1.08%
Portugal Obrigacoes do
Tesouro 144A 2.25%  
4/18/34 #EUR150,000214,529
214,529
Spain – 5.59%
Spain Government
Bonds
144A 0.60%
10/31/29 #EUR200,000243,539
144A 1.25%
10/31/30 #EUR300,000384,413
144A 2.70%
10/31/48 #EUR305,000484,220
1,112,172
United Kingdom – 10.41%  
United Kingdom Gilt
0.875% 10/22/29GBP910,0001,264,781
1.75% 1/22/49GBP540,000808,375
2,073,156
Total Sovereign Bonds
(cost $12,848,489)13,100,922
 
Supranational Banks – 5.21%
European Investment
Bank
0.375% 5/15/26EUR285,000348,982
International Bank for
Reconstruction and
Development
0.50% 6/21/35EUR570,000687,522
Total Supranational Banks  
(cost $989,391)1,036,504
 
Regional Bonds – 14.53%Δ  
Canada – 9.96%
Province of Alberta
Canada
2.20% 6/1/26CAD640,000528,500
Province of British
Columbia Canada
2.20% 6/18/30CAD905,000729,704
Province of Quebec
Canada
2.30% 9/1/29CAD885,000723,986
1,982,190
Japan – 4.57%
Japan Finance
Organization For
Municipalities
0.205% 5/28/27JPY100,000,000910,838
910,838
Total Regional Bonds
(cost $2,804,385)2,893,028
 
Number of
shares
Short-Term Investments – 0.51% 
Money Market Mutual Funds – 0.51% 
BlackRock FedFund –
Institutional Shares
(seven-day effective
yield 0.01%)25,58825,588
Fidelity Investments
Money Market
Government Portfolio
– Class I (seven-day
effective yield 0.01%)25,58825,588
GS Financial Square
Government Fund –
Institutional Shares
(seven-day effective
yield 0.03%)25,58825,588

56


Table of Contents

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

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

Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At March 31, 2021, the aggregate value of Rule 144A securities was $5,080,760, which represents 25.52% of the Fund’s net assets. See Note 9 in “Notes to financial statements.”

Δ

Securities have been classified by country of origin.

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

Foreign Currency Exchange Contracts

Currency toSettlementUnrealizedUnrealized
Counterparty     Receive (Deliver)      In Exchange For     Date     Appreciation     Depreciation
BNYMCAD     (6,450)USD     5,1314/1/21$$    (1)
BNYMEUR1,600USD(1,880)4/1/21(4)
BNYMJPY70,000USD(633)4/1/21(1)
JPMCBJPY168,363,167USD(1,616,110)4/8/21(95,425)
JPMCBKRW789,905,000USD(719,469)4/8/21(18,953)
TDAUD(415,000)USD316,0014/6/21774
TDCAD(2,047,072)USD1,598,4634/8/21(30,505)
TDEUR534,809USD(651,985)4/8/21(24,711)
TDGBP(130,000)USD179,2934/1/2175
TDGBP100,000USD(134,870)4/8/212,993
TDNZD(1,105,289)USD791,7744/8/2119,842
Total Foreign Currency Exchange Contracts$23,684$(169,600)

Futures Contracts
Exchange-Traded

Variation
Margin
NotionalValue/Value/Due from
          NotionalCostExpirationUnrealizedUnrealized(Due to)
Contracts to Buy (Sell)Amount     (Proceeds)     Date     Appreciation     Depreciation     Brokers
(15)CAN 10 yr Bond$(1,656,362)$(1,700,966)6/21/21$44,604$$5,353
(20)Euro-BOBL(3,168,166)(3,166,718) 6/8/21(1,448)(1,876)
1JPN 10 yr Bond1,365,1841,363,0196/14/212,165(642)
Total Futures Contracts$(3,504,665)$46,769$(1,448)$2,835

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

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Schedules of investments
Delaware International Opportunities Bond Fund

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

Summary of abbreviations:
BNYM – Bank of New York Mellon
BOBL – Bundesobligationen
GS – Goldman Sachs
JPMCB – JPMorgan Chase Bank
OAT – Obligations Assimilables du Tresor
TD – TD Bank
yr – Year
 
Summary of currencies:
AUD – Australian Dollar
CAD – Canadian Dollar
DKK – Danish Krone
EUR – European Monetary Unit
GBP – British Pound Sterling
JPY – Japanese Yen
KRW – South Korean Won
MXN – Mexican Peso
NZD – New Zealand Dollar
PLN – Polish Zloty
USD – US Dollar

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

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Delaware Investment Grade Fund

March 31, 2021 (Unaudited)

                                                  Principal     
amount°Value (US $)
Convertible Bond – 0.48%
Energy – 0.48%
Cheniere Energy PIK
144A 4.875%
exercise price $93.64,
maturity date
5/28/21 #, *1,070,330$1,078,230
1,078,230
Total Convertible Bond
(cost $1,079,255)1,078,230
      
Corporate Bonds – 99.15%
Banking – 23.01%
Ally Financial 5.75%
11/20/251,575,0001,790,408
Banco Santander
1.849% 3/25/26400,000399,423
2.749% 12/3/301,200,0001,143,988
Bank of America
2.676% 6/19/41 µ4,810,0004,513,011
Bank of New York
Mellon 4.70%
9/20/25 µ, ψ1,555,0001,688,652
Barclays
2.667% 3/10/32 µ585,000571,783
5.20% 5/12/262,748,0003,113,319
BBVA USA 3.875%
4/10/251,290,0001,410,223
BNP Paribas
144A 1.323%
1/13/27 #, µ1,270,0001,242,906
144A 4.625%
2/25/31 #, µ, ψ910,000906,587
Citigroup 4.00%
12/10/25 µ, ψ2,365,0002,393,971
Citizens Financial Group
2.85% 7/27/261,305,0001,385,505
Credit Suisse Group
144A 4.50%
9/3/30 #, µ, ψ515,000484,100
144A 5.10%
1/24/30 #, µ, ψ1,010,000976,165
144A 5.25%
2/11/27 #, µ, ψ640,000648,000
144A 6.375%
8/21/26 #, µ, ψ1,195,0001,273,673
Deutsche Bank
2.222% 9/18/24 µ740,000760,040
3.547% 9/18/31 µ350,000361,840
3.729% 1/14/32 µ1,450,0001,407,675
Goldman Sachs Group
1.431% 3/9/27 µ1,450,0001,437,698
3.50% 4/1/251,120,0001,213,868
HSBC Holdings 4.60%
12/17/30 µ, ψ910,000902,038
JPMorgan Chase & Co.
1.764% 11/19/31 µ1,105,0001,031,528
2.005% 3/13/26435,000447,671
Morgan Stanley
1.794% 2/13/32 µ1,760,0001,644,179
5.00% 11/24/251,715,0001,973,089
Natwest Group
2.359% 5/22/24 µ780,000805,167
3.754% 11/1/29 µ705,000750,176
8.625% 8/15/21 µ, ψ1,180,0001,210,645
PNC Bank 4.05%
7/26/28630,000704,724
SVB Financial Group
1.80% 2/2/31625,000577,543
4.10% 2/15/31 µ, ψ2,710,0002,718,469
Truist Bank 2.636%
9/17/29 µ2,120,0002,223,414
Truist Financial 4.95%
9/1/25 µ, ψ1,810,0001,966,112
UBS 7.625% 8/17/22715,000779,602
UBS Group 144A
4.375% 2/10/31 #, ψ725,000717,025
US Bancorp 3.00%
7/30/292,655,0002,784,122
Wells Fargo & Co.
3.90% 3/15/26 µ, ψ1,625,0001,642,103
52,000,442
Basic Industry – 3.49%
Graphic Packaging
International 144A
3.50% 3/1/29 #625,000608,984
LYB International
Finance III 3.375%
10/1/401,320,0001,310,042
LyondellBasell Industries
4.625% 2/26/55410,000457,498
Newmont
2.25% 10/1/30910,000887,216
2.80% 10/1/291,700,0001,750,343
Nutrition & Biosciences
144A 1.832%
10/15/27 #1,235,0001,208,658
Steel Dynamics
1.65% 10/15/27460,000451,069
2.40% 6/15/25295,000307,705

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Schedules of investments
Delaware Investment Grade Fund

                                                  Principal     
amount°Value (US $)
Corporate Bonds (continued)
Basic Industry (continued)
Suzano Austria 3.75%
1/15/31870,000$896,609
7,878,124
Brokerage – 2.56%
Charles Schwab
4.00% 6/1/26 µ, ψ530,000539,169
4.00% 12/1/30 µ, ψ515,000506,889
5.375% 6/1/25 µ, ψ915,0001,013,060
Intercontinental
Exchange 2.65%
9/15/40985,000912,533
Jefferies Group
2.75% 10/15/32510,000500,817
4.15% 1/23/30580,000637,998
6.45% 6/8/27810,0001,010,974
6.50% 1/20/43515,000659,791
5,781,231
Capital Goods – 3.73%
Ardagh Metal Packaging
Finance USA 144A
4.00% 9/1/29 #570,000569,783
Ball 2.875% 8/15/301,035,000998,257
Berry Global
144A 0.95%
2/15/24 #595,000592,569
144A 1.57%
1/15/26 #605,000596,209
144A 4.875%
7/15/26 #335,000354,832
CANPACK 144A
3.125% 11/1/25 #210,000213,413
CCL Industries 144A
3.05% 6/1/30 #590,000598,753
Reynolds Group Issuer
144A 4.00%
10/15/27 #635,000623,094
Siemens
Financieringsmaatschappij
144A 2.875%
3/11/41 #1,025,000989,606
Teledyne Technologies
0.95% 4/1/24350,000348,777
2.25% 4/1/281,115,0001,110,340
2.75% 4/1/311,435,0001,431,640
8,427,273
Communications – 16.32%
Altice France 144A
5.125% 1/15/29 #750,000760,781
AMC Networks 4.75%
8/1/25875,000898,914
AT&T
1.70% 3/25/26835,000835,103
3.10% 2/1/431,268,0001,185,877
144A 3.50%
9/15/53 #1,480,0001,370,285
Charter Communications
Operating 3.70%
4/1/511,220,0001,143,080
Comcast
3.20% 7/15/362,858,0002,987,539
3.75% 4/1/40117,000128,547
Crown Castle
International 1.05%
7/15/263,710,0003,593,955
CSC Holdings 144A
4.125% 12/1/30 #1,140,0001,133,479
Discovery
Communications
144A 4.00%
9/15/55 #1,617,0001,594,583
Level 3 Financing
144A 3.625%
1/15/29 #350,000339,719
144A 3.75%
7/15/29 #795,000779,021
144A 4.25%
7/1/28 #800,000809,848
NTT Finance 144A
1.162% 4/3/26 #1,440,0001,422,016
Time Warner Cable
7.30% 7/1/381,825,0002,540,500
Time Warner
Entertainment
8.375% 3/15/231,650,0001,892,558
T-Mobile USA
144A 2.55%
2/15/31 #1,305,0001,280,127
144A 3.00%
2/15/41 #1,240,0001,153,231
3.375% 4/15/291,220,0001,231,438
Verizon Communications
2.55% 3/21/31250,000249,992
3.40% 3/22/41230,000233,825
3.55% 3/22/51230,000230,099
4.50% 8/10/333,350,0003,894,870
ViacomCBS
4.375% 3/15/431,475,0001,593,908
4.95% 1/15/31250,000295,187
Virgin Media Secured
Finance 144A 5.50%
5/15/29 #1,398,0001,485,850

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