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Delaware Group Equity Funds Iv

Filed: 8 Jun 22, 3:53pm

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number:     811-04413
   
Exact name of registrant as specified in charter:Delaware Group® Equity Funds IV
   
Address of principal executive offices:610 Market Street
Philadelphia, PA 19106
   
Name and address of agent for service:David F. Connor, Esq.
610 Market Street
Philadelphia, PA 19106
   
Registrant’s telephone number, including area code:(800) 523-1918
   
Date of fiscal year end:September 30
   
Date of reporting period:March 31, 2022


Item 1. Reports to Stockholders

Table of Contents


    

Semiannual report

Equity funds

Delaware Equity Income Fund
Delaware Growth and Income Fund
Delaware Growth Equity Fund
Delaware Opportunity Fund
Delaware Global Equity Fund

    

Alternative/specialty funds

Delaware Covered Call Strategy Fund
Delaware Hedged U.S. Equity Opportunities Fund
Delaware Premium Income Fund

Multi-asset fund

Delaware Total Return Fund

March 31, 2022





















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

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

  

Table of Contents

Table of contents

Disclosure of Fund expenses    1
Security type / sector / country allocations
     and top 10 equity holdings6
Schedules of investments16
Statements of assets and liabilities54
Statements of operations60
Statements of changes in net assets66
Financial highlights71
Notes to financial statements98
About the organization126

Experience Delaware Funds by Macquarie®

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

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

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

Manage your account online

Check your account balance and transactions

View statements and tax forms

Make purchases and redemptions

Visit delawarefunds.com/account-access.

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

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

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

The Funds are governed by US laws and regulations.

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

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

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

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

© 2022 Macquarie Management Holdings, Inc.


Table of Contents

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

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

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

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

                Expenses
Paid
Beginning Ending During
Account Account AnnualizedPeriod
Value Value Expense10/1/21 to
10/1/21 3/31/22 Ratio3/31/22*
Actual Fund return
Class A$1,000.00$1,087.201.09%    $5.67  
Institutional Class1,000.001,089.200.82%4.27
Class R61,000.001,089.400.76%3.96
Hypothetical 5% return (5% return before expenses)
Class A$1,000.00$1,019.501.09%$5.49
Institutional Class1,000.001,020.840.82%4.13
Class R61,000.001,021.140.76%3.83

1


Table of Contents

Disclosure of Fund expenses

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

                Expenses
Paid
Beginning Ending During
Account Account AnnualizedPeriod
Value Value Expense10/1/21 to
10/1/21 3/31/22 Ratio3/31/22*
Actual Fund return
Class A$1,000.00$1,087.901.05%   $5.47   
Institutional Class1,000.001,089.200.80%4.17
Class R61,000.001,090.300.73%3.80
Hypothetical 5% return (5% return before expenses)
Class A$1,000.00$1,019.701.05%$5.29
Institutional Class1,000.001,020.940.80%4.03
Class R61,000.001,021.290.73%3.68

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

                Expenses
Paid
Beginning Ending During
Account Account AnnualizedPeriod
Value Value Expense10/1/21 to
10/1/21 3/31/22 Ratio3/31/22*
Actual Fund return
Class A$1,000.00$988.301.08%   $5.35   
Institutional Class1,000.00990.100.83%4.12
Class R61,000.00990.300.76%3.77
Hypothetical 5% return (5% return before expenses)
Class A$1,000.00$1,019.551.08%$5.44
Institutional Class1,000.001,020.790.83%4.18
Class R61,000.001,021.140.76%3.83

2


Table of Contents

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

Expenses
Paid
BeginningEndingDuring
AccountAccountAnnualizedPeriod
ValueValueExpense10/1/21 to
     10/1/21     3/31/22     Ratio     3/31/22*
Actual Fund return
Class A$1,000.00$1,079.10   1.18%      $6.12   
Institutional Class1,000.001,080.900.90%4.67
Class R61,000.001,081.800.78%4.05
Hypothetical 5% return (5% return before expenses)
Class A$1,000.00$1,019.051.18%$5.94
Institutional Class1,000.001,020.440.90%4.53
Class R61,000.001,021.040.78%3.93

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

Expenses
Paid
BeginningEndingDuring
AccountAccountAnnualizedPeriod
ValueValueExpense10/1/21 to
     10/1/21     3/31/22     Ratio     3/31/22*
Actual Fund return
Class A$1,000.00$956.00   1.34%      $6.53   
Institutional Class1,000.00956.801.06%5.17
Class R61,000.00957.901.01%4.93
Hypothetical 5% return (5% return before expenses)
Class A$1,000.00$1,018.251.34%$6.74
Institutional Class1,000.001,019.651.06%5.34
Class R61,000.001,019.901.01%5.09

3


Table of Contents

Disclosure of Fund expenses

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

Expenses
Paid
BeginningEndingDuring
AccountAccountAnnualizedPeriod
ValueValueExpense10/1/21 to
     10/1/21     3/31/22     Ratio     3/31/22*
Actual Fund return
Class A     $1,000.00$1,046.70   1.31%      $6.68   
Institutional Class1,000.001,048.201.06%5.41
Class R61,000.001,048.600.88%4.49
Hypothetical 5% return (5% return before expenses)
Class A$1,000.00$1,018.401.31%$6.59
Institutional Class1,000.001,019.651.06%5.34
Class R61,000.001,020.540.88%4.43

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

Expenses
Paid
BeginningEndingDuring
AccountAccountAnnualizedPeriod
ValueValueExpense10/1/21 to
     10/1/21     3/31/22     Ratio     3/31/22*
Actual Fund return
Class A$1,000.00$995.901.61%   $8.01   
Institutional Class1,000.00997.101.30%6.47
Class R61,000.00997.101.20%5.97
Hypothetical 5% return (5% return before expenses)
Class A$1,000.00$1,016.901.61%$8.10
Institutional Class1,000.001,018.451.30%6.54
Class R61,000.001,018.951.20%6.04

4


Table of Contents

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

Expenses
Paid
BeginningEndingDuring
AccountAccountAnnualizedPeriod
ValueValueExpense10/1/21 to
     10/1/21     3/31/22     Ratio     3/31/22*
Actual Fund return
Class A$1,000.00$1,029.30   1.30%      $6.58   
Institutional Class1,000.001,029.601.05%5.31
Class R61,000.001,030.100.90%4.56
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

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

Expenses
Paid
BeginningEndingDuring
AccountAccountAnnualizedPeriod
ValueValueExpense10/1/21 to
     10/1/21     3/31/22     Ratio     3/31/22*
Actual Fund return
Class A$1,000.00$1,031.80   1.11%      $5.62   
Institutional Class1,000.001,033.700.86%4.36
Class R61,000.001,033.900.79%4.01
Hypothetical 5% return (5% return before expenses)
Class A$1,000.00$1,019.401.11%$5.59
Institutional Class1,000.001,020.640.86%4.33
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 Funds’ expenses reflected above and on the previous pages, each Fund also indirectly bears its portion of the fees and expenses of any investment companies (Underlying Funds), including exchange-traded funds in which it invests. The tables above and on the previous pages do not reflect the expenses of any applicable Underlying Funds.

5


Table of Contents

Security type / sector allocations and top 10 equity holdings

Delaware Equity Income Fund

As of March 31, 2022 (Unaudited)

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

Percentage
Security type / sector     of net assets
Common Stocks   99.61%     
Communication Services8.34%
Consumer Discretionary5.23%
Consumer Staples6.71%
Energy6.95%
Financials21.17%
Healthcare23.96%
Industrials10.34%
Information Technology15.53%
Materials1.38%
Short-Term Investments0.29%
Total Value of Securities99.90%
Receivables and Other Assets Net of Liabilities0.10%
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 holdings     of net assets
Johnson & Johnson     5.26%     
Exxon Mobil4.37%
Cisco Systems4.00%
Raytheon Technologies3.90%
Bristol-Myers Squibb3.80%
Cognizant Technology Solutions Class A3.36%
Motorola Solutions3.30%
Northrop Grumman3.28%
Verizon Communications3.27%
Allstate3.21%

6


Table of Contents

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

As of March 31, 2022 (Unaudited)

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

     Percentage
Security type / sectorof net assets
Common Stocks     99.66%     
Communication Services8.25%
Consumer Discretionary4.92%
Consumer Staples6.67%
Energy6.90%
Financials21.29%
Healthcare24.03%
Industrials10.63%
Information Technology15.58%
Materials1.39%
Short-Term Investments0.29%
Total Value of Securities99.95%
Receivables and Other Assets Net of Liabilities0.05%
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     5.28%     
Exxon Mobil4.32%
Raytheon Technologies4.08%
Cisco Systems3.97%
Bristol-Myers Squibb3.82%
Cognizant Technology Solutions Class A3.41%
Northrop Grumman3.36%
Motorola Solutions3.33%
Verizon Communications3.24%
Allstate3.14%

7


Table of Contents

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

As of March 31, 2022 (Unaudited)

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

     Percentage
Security type / sectorof net assets
Common Stocks  98.36%     
Communication Services6.18%
Consumer Discretionary14.35%
Consumer Staples3.12%
Financials11.91%
Healthcare16.56%
Industrials11.71%
Information Technology*32.40%
Materials2.13%
Short-Term Investments1.79%
Total Value of Securities100.15%
Liabilities Net of Receivables and Other Assets(0.15%)
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, Electronics, Office/Business Equipment, Semiconductors, Software and Telecommunications. As of March 31, 2022, such amounts, as a percentage of total net assets were 8.93%, 2.07%, 2.65%, 5.71%, 10.76% and 2.28%, respectively. The percentage in any such single industry will comply with the Fund's concentration policy even if the percentage in the Information Technology sector for financial reporting purposes may exceed 25%.

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

     Percentage
Top 10 equity holdingsof net assets
Apple     6.15%     
Microsoft4.99%
Alphabet Class A4.06%
Cadence Design Systems3.24%
NVIDIA3.17%
Costco Wholesale3.12%
AutoZone2.93%
West Pharmaceutical Services2.89%
Fortinet2.78%
Ameriprise Financial2.77%

8


Table of Contents

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

As of March 31, 2022 (Unaudited)

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

     Percentage
Security type / sectorof net assets
Common Stocks 98.20%     
Basic Industry8.85%
Consumer Discretionary12.16%
Consumer Staples2.90%
Energy7.27%
Financial Services19.80%
Healthcare5.55%
Industrials12.29%
Real Estate Investment Trusts7.73%
Technology11.91%
Transportation2.60%
Utilities7.14%
Short-Term Investments0.25%
Total Value of Securities98.45%
Receivables and Other Assets Net of Liabilities1.55%
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
Hess     2.84%     
Marathon Oil 2.46%
East West Bancorp2.36%
Raymond James Financial2.31%
Huntsman1.97%
KBR1.94%
Synopsys1.88%
Quanta Services1.83%
Teradyne1.70%
Hartford Financial Services Group1.68%

9


Table of Contents

Security type / country and sector allocations
Delaware Global Equity Fund

As of March 31, 2022 (Unaudited)

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

     Percentage
Security type / countryof net assets
Common Stocks by Country  98.19%     
Denmark3.93%
France12.01%
Germany11.63%
Japan5.96%
Netherlands3.36%
Spain4.65%
Sweden6.05%
Switzerland9.71%
United Kingdom9.73%
United States31.16%
Exchange-Traded Fund1.02%
Short-Term Investments0.09%
Total Value of Securities99.30%
Receivables and Other Assets Net of Liabilities0.70%
Total Net Assets100.00%
      
Percentage
Common stocks and preferred stocks by sector ◆of net assets
Communication Services2.38%
Consumer Discretionary9.96%
Consumer Staples*37.91%
Healthcare24.98%
Industrials10.10%
Information Technology8.87%
Materials3.99%
Total98.19%

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

*

To monitor compliance with the Fund's concentration guidelines as described in the Fund's Prospectus and Statement of Additional Information, the Consumer Staples sector (as disclosed herein for financial reporting purposes) is subdivided into a variety of “industries” (in accordance with the requirements of the Investment Company Act of 1940, as amended). The Consumer Staples sector consisted of beverages, cosmetics/personal care, food, and household products/wares. As of March 31, 2022, such amounts, as a percentage of total net assets were 5.69%, 4.77%, 21.55%, and 5.90%, respectively. The percentage in any such single industry will comply with the Fund's concentration policy even if the percentage in the Consumer Staples sector for financial reporting purposes may exceed 25%.

10


Table of Contents

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

As of March 31, 2022 (Unaudited)

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

     Percentage
Security type / sectorof net assets
Common Stocks ◆  101.90%     
Communication Services7.81%
Consumer Discretionary15.09%
Consumer Staples4.98%
Energy6.87%
Financials8.60%
Healthcare8.91%
Industrials11.33%
Information Technology*31.10%
Materials3.30%
Utilities3.91%
Short-Term Investments1.37%
Total Value of Securities Before Options
     Written103.27%
Options Written(3.40%)
Receivables and Other Assets Net of Liabilities0.13%
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, semiconductors, and software. As of March 31, 2022, such amounts, as a percentage of total net assets were 9.74%, 3.40%, 9.53%, and 8.43%, respectively. The percentage in any such single industry will comply with the Fund's concentration policy even if the percentage in the Information Technology sector for financial reporting purposes may exceed 25%.

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

     Percentage
Top 10 equity holdingsof net assets
Apple     9.74%     
Microsoft8.53%
Alphabet Class A6.29%
Costco Wholesale4.97%
Broadcom4.88%
Texas Instruments4.55%
Booking Holdings3.98%
NextEra Energy3.91%
UnitedHealth Group3.83%
BlackRock3.76%

11


Table of Contents

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

As of March 31, 2022 (Unaudited)

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

Percentage
Security type / sectorof net assets
Common Stocks     95.75%     
Communication Services8.40%
Consumer Discretionary12.28%
Consumer Staples5.78%
Energy1.51%
Financials13.67%
Healthcare13.57%
Industrials11.54%
Information Technology20.29%
Materials3.83%
Real Estate2.98%
Utilities1.90%
Exchange-Traded Fund0.61%
Options Purchased1.03%
Short-Term Investments1.96%
Total Value of Securities Before Options
     Written99.35%
Options Written(0.56%)
Receivables and Other Assets Net of Liabilities1.21%
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
Microsoft     2.51%     
Amazon.com2.42%
Alphabet Class A2.39%
Apple2.01%
Chubb1.43%
Marsh & McLennan1.22%
Visa Class A1.21%
UnitedHealth Group1.14%
Johnson & Johnson1.12%
TJX1.08%

12


Table of Contents

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

As of March 31, 2022 (Unaudited)

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

Percentage
Security type / sectorof net assets
Common Stocks ◆     119.94%     
Communication Services8.96%
Consumer Discretionary14.29%
Consumer Staples8.59%
Energy9.58%
Financials13.74%
Healthcare14.20%
Industrials15.64%
Information Technology*30.81%
Materials2.00%
Utilities2.13%
Short-Term Investments1.39%
Total Value of Securities Before Options
     Written121.33%
Options Written(21.91%)
Receivables and Other Assets Net of Liabilities0.58%
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, and Telecommunications. As of March 31, 2022, such amounts, as a percentage of total net assets were 4.65%, 2.14%, 1.79%, 12.10%, and 10.13%, respectively. The percentage in any such single industry will comply with the Fund’s concentration policy even if the percentage in the Information Technology sector for financial reporting purposes may exceed 25%.

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

Percentage
Top 10 equity holdingsof net assets
Broadcom     10.56%     
Chevron7.00%
Corning5.50%
Apple4.65%
CSX4.65%
Cisco Systems4.63%
Constellation Brands Class A4.54%
Pfizer4.45%
Lockheed Martin4.44%
BlackRock3.84%

13


Table of Contents

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

As of March 31, 2022 (Unaudited)

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

Percentage
Security type / sectorof net assets
Agency Mortgage-Backed Securities     2.74%     
Collateralized Debt Obligations0.28%
Convertible Bonds6.35%
Corporate Bonds12.53%
Banking1.38%
Banks0.16%
Basic Industry0.49%
Basic Materials0.12%
Brokerage0.01%
Capital Goods0.40%
Communication Services0.03%
Communications1.28%
Consumer Cyclical1.23%
Consumer Non-Cyclical1.01%
Electric0.18%
Energy1.77%
Finance Companies0.05%
Financials0.68%
Healthcare0.40%
Information Technology0.01%
Insurance0.55%
Media0.65%
Real Estate Investment Trusts0.18%
Services0.18%
Technology0.78%
Transportation0.37%
Utilities0.62%
Non-Agency Asset-Backed Securities0.17%
Non-Agency Commercial Mortgage-Backed
     Securities1.34%
Sovereign Bonds1.62%
Supranational Banks0.19%
US Treasury Obligations1.83%
Common Stocks62.29%
Banks0.58%
Basic Materials0.30%
Biotechnology0.15%
Communication Services1.93%
Communications2.42%
Consumer Discretionary7.81%
Consumer Staples4.20%
Electric0.24%
Energy3.73%
Financials4.61%
Healthcare9.01%
Industrials3.39%
Information Technology9.44%
Insurance2.17%
Materials0.92%
Media0.61%
REIT Diversified0.52%
REIT Healthcare0.39%
REIT Hotel0.02%
REIT Industrial0.10%
REIT Mall0.09%
REIT Manufactured Housing0.12%
REIT Multifamily1.03%
REIT Office0.05%
REIT Self-Storage0.33%
REIT Shopping Center0.15%
REIT Single Tenant0.19%
REIT Specialty0.01%
REITs1.41%
Retail0.26%
Technology5.19%
Utilities0.92%
Convertible Preferred Stock1.62%
Exchange-Traded Funds5.23%
Limited Liability Corporation2.18%
Short-Term Investments1.31%
Total Value of Securities99.68%
Receivables and Other Assets Net of Liabilities0.32%
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.

14


Table of Contents

Percentage
Top 10 equity holdingsof net assets
Apple     2.64%     
Microsoft2.19%
Johnson & Johnson1.45%
Broadcom1.30%
ConocoPhillips1.17%
Merck & Co.1.16%
MetLife1.11%
Cisco Systems1.05%
TJX1.00%
Verizon Communications1.00%

15


Table of Contents

Schedules of investments
Delaware Equity Income Fund

March 31, 2022 (Unaudited)

Number of     
sharesValue (US $)
Common Stocks – 99.61%
Communication Services – 8.34%
     AT&T259,746$6,137,798
     Comcast Class A182,6348,550,924
     Verizon Communications185,8879,469,084
24,157,806
Consumer Discretionary – 5.23%
     APA26,7381,105,082
     Chipotle Mexican Grill †1,8932,994,783
     Lowe's14,8062,993,625
     PulteGroup11,912499,113
     TJX124,4617,539,847
 15,132,450
Consumer Staples – 6.71%
     Altria Group93,8074,901,416
     Archer-Daniels-Midland15,1491,367,349
     Mondelez International Class A74,9864,707,621
     Philip Morris International89,8918,444,360
 19,420,746
Energy – 6.95%
     ConocoPhillips74,6877,468,700
     Exxon Mobil153,18412,651,467
 20,120,167
Financials – 21.17%
     Allstate67,0469,286,542
     American Financial Group17,9472,613,442
     American International Group69,0954,337,093
     Discover Financial Services9,2541,019,698
     Evercore Class A17,7731,978,490
     Fidelity National Financial26,3211,285,518
     First American Financial136,3598,838,790
     MetLife119,3538,388,129
     Old Republic International184,6434,776,714
     OneMain Holdings75,1833,564,426
     Synchrony Financial140,6974,897,663
     Truist Financial138,3237,842,914
     Unum Group77,8512,453,085
 61,282,504
Healthcare – 23.96%
     AbbVie7,2461,174,649
     AmerisourceBergen31,4994,873,210
     Bristol-Myers Squibb150,70411,005,913
     Cardinal Health27,4321,555,394
     Cigna29,5937,090,779
     CVS Health63,9216,469,445
     Gilead Sciences122,3877,275,907
     Johnson & Johnson85,93215,229,728
     Merck & Co.110,0729,031,408
     Pfizer46,2782,395,812
     Viatris300,1063,265,153
  69,367,398
Industrials – 10.34%
     Emerson Electric42,5934,176,244
     Honeywell International25,6854,997,787
     Northrop Grumman21,2209,490,008
     Raytheon Technologies113,94211,288,234
     29,952,273
Information Technology – 15.53%
     Broadcom13,9768,800,408
     Cisco Systems207,56511,573,824
     Cognizant Technology Solutions
          Class A108,6349,741,211
     HP99,7193,619,800
     Motorola Solutions39,4569,556,243
     Oracle9,699802,398
     Western Union46,563872,591
       44,966,475
Materials – 1.38%
     DuPont de Nemours41,9913,089,698
     Newmont11,547917,409
 4,007,107
Total Common Stocks
     (cost $244,092,839)288,406,926
 
Short-Term Investments – 0.29%
Money Market Mutual Funds – 0.29%
     BlackRock FedFund – Institutional
          Shares (seven-day effective
          yield 0.23%)207,569207,569
     Fidelity Investments Money Market
          Government Portfolio – Class I
          (seven-day effective yield
          0.12%)207,569207,569
     GS Financial Square Government
          Fund – Institutional Shares
          (seven-day effective yield
          0.25%)207,569207,569
     Morgan Stanley Government
          Portfolio – Institutional Share
          Class (seven-day effective yield
          0.23%)207,570207,570
Total Short-Term Investments
     (cost $830,277)830,277
Total Value of Securities–99.90%
     (cost $244,923,116)$289,237,203

† Non-income producing security.

16


Table of Contents

Summary of abbreviations:
GS – Goldman Sachs

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

17


Table of Contents

Schedules of investments
Delaware Growth and Income Fund

March 31, 2022 (Unaudited)

Number of
          shares     Value (US $)
Common Stocks – 99.66%
Communication Services – 8.25%
AT&T938,236$22,170,516
Comcast Class A650,93830,476,917
Verizon Communications666,27133,939,845
86,587,278
Consumer Discretionary – 4.92%
APA73,3083,029,820
Chipotle Mexican Grill †6,83610,814,757
Lowe's54,41411,001,967
TJX441,51626,747,039
51,593,583
Consumer Staples – 6.67%
Altria Group335,31617,520,261
Archer-Daniels-Midland52,4264,731,971
Mondelez International Class A263,25816,527,337
Philip Morris International332,38331,224,059
70,003,628
Energy – 6.90%
ConocoPhillips269,91926,991,900
Exxon Mobil548,99145,341,167
72,333,067
Financials – 21.29%
Allstate237,78132,935,046
American Financial Group67,0369,761,782
American International Group255,68616,049,410
Discover Financial Services37,3714,117,910
Evercore Class A66,7517,430,721
Fidelity National Financial95,5074,664,562
First American Financial498,92532,340,319
MetLife428,45130,111,536
Old Republic International648,64016,780,317
OneMain Holdings275,27213,050,646
Synchrony Financial520,78118,128,387
Truist Financial504,54628,607,758
Unum Group295,1689,300,744
223,279,138
Healthcare – 24.03%
AbbVie34,0175,514,496
AmerisourceBergen114,04017,643,128
Bristol-Myers Squibb549,34540,118,665
Cardinal Health91,8675,208,859
Cigna106,43825,503,609
CVS Health232,16023,496,914
Gilead Sciences440,82226,206,868
Johnson & Johnson312,44155,373,918
Merck & Co.398,33232,683,141
Pfizer168,1058,702,796
     Viatris     1,061,890     11,553,363
252,005,757
Industrials – 10.63%
Emerson Electric158,84415,574,654
Honeywell International92,19317,938,914
Northrop Grumman78,80035,240,936
Raytheon Technologies431,51442,750,092
111,504,596
Information Technology – 15.58%
Broadcom50,68031,912,182
Cisco Systems747,05441,655,731
Cognizant Technology Solutions
     Class A399,29135,804,424
HP364,04913,214,979
Motorola Solutions144,04934,888,668
Oracle34,5292,856,584
Western Union162,6283,047,649
163,380,217
Materials – 1.39%
DuPont de Nemours153,41911,288,570
Newmont41,9313,331,418
14,619,988
Total Common Stocks
(cost $860,271,017)1,045,307,252
 
Short-Term Investments – 0.29%
Money Market Mutual Funds – 0.29%
BlackRock FedFund –
     Institutional Shares (seven-
     day effective yield 0.23%)764,039764,039
Fidelity Investments Money
     Market Government Portfolio
     – Class I (seven-day effective
     yield 0.12%)764,039764,039
GS Financial Square
     Government Fund –
     Institutional Shares (seven-
     day effective yield 0.25%)764,039764,039
Morgan Stanley Government
     Portfolio – Institutional Share
     Class (seven-day effective
     yield 0.23%)764,040764,040
Total Short-Term Investments
(cost $3,056,157)3,056,157
Total Value of
Securities–99.95%
(cost $863,327,174)$1,048,363,409

Non-income producing security.

18


Table of Contents

Summary of abbreviations:
GS – Goldman Sachs

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

19


Table of Contents

Schedules of investments
Delaware Growth Equity Fund

March 31, 2022 (Unaudited)

Number of
          shares     Value (US $)
Common Stocks – 98.36%
Communication Services – 6.18%
Alphabet Class A †7,360$20,470,736
Omnicom Group125,25010,631,220
31,101,956
Consumer Discretionary – 14.35%
Amazon.com †4,18013,626,591
AutoZone †7,21014,741,422
Lowe's59,56012,042,436
Ralph Lauren79,6109,030,958
Target60,51112,841,645
Tempur Sealy International357,8109,990,055
72,273,107
Consumer Staples – 3.12%
Costco Wholesale27,33015,737,981
15,737,981
Financials – 11.91%
American Express74,05013,847,350
Ameriprise Financial46,46013,954,725
Capital One Financial81,93010,756,590
JPMorgan Chase & Co.71,0809,689,626
W R Berkley176,20011,733,158
59,981,449
Healthcare – 16.56%
Envista Holdings †280,24013,650,490
HCA Healthcare50,36012,621,223
IQVIA Holdings †46,33010,711,959
Merck & Co.79,8106,548,411
Pfizer266,18013,780,139
Thermo Fisher Scientific19,53011,535,394
West Pharmaceutical Services35,39014,535,027
83,382,643
Industrials – 11.71%
Dover78,37012,296,253
EMCOR Group90,07010,144,584
Parker-Hannifin45,88013,018,909
Rockwell Automation38,06010,657,942
United Parcel Service Class B60,00012,867,600
58,985,288
Information Technology – 32.40%
Adobe †27,92012,720,910
Apple177,45830,985,941
Arrow Electronics †87,97010,435,881
Cadence Design Systems †99,23016,319,366
Fortinet †40,94013,990,836
Juniper Networks309,00011,482,440
KLA34,96012,797,458
Microsoft81,45025,111,849
NVIDIA58,57015,981,410
     Zebra Technologies Class A †     32,257     13,344,721
163,170,812
Materials – 2.13%
Westlake86,90010,723,460
10,723,460
Total Common Stocks
(cost $317,109,172)495,356,696
 
Short-Term Investments – 1.79%
Money Market Mutual Funds – 1.79%
BlackRock FedFund – Institutional
     Shares (seven-day effective
     yield 0.23%)2,258,6802,258,680
Fidelity Investments Money Market
     Government Portfolio – Class I
     (seven-day effective yield
     0.12%)2,258,6812,258,681
GS Financial Square Government
     Fund – Institutional Shares
     (seven-day effective yield
     0.25%)2,258,6812,258,681
Morgan Stanley Government
     Portfolio – Institutional Share
     Class (seven-day effective yield
     0.23%)2,258,6812,258,681
Total Short-Term Investments
(cost $9,034,723)9,034,723
Total Value of Securities–100.15%
(cost $326,143,895)$504,391,419

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

Summary of abbreviations:

GS – Goldman Sachs

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

20


Table of Contents

Delaware Opportunity Fund

March 31, 2022 (Unaudited)

Number of
          shares     Value (US $)
Common Stocks – 98.20%
Basic Industry – 8.85%
Alcoa68,500$6,167,055
Axalta Coating Systems †125,5003,084,790
Berry Global Group †124,1007,192,836
Celanese42,9006,129,123
Crown Holdings51,3006,417,117
Graphic Packaging Holding351,4007,042,056
Huntsman346,20012,985,962
Louisiana-Pacific74,6004,634,152
Newmont59,4004,719,330
58,372,421
Consumer Discretionary – 12.16%
Aptiv †42,0005,027,820
AutoZone †3,9007,973,862
Cable One2,0803,045,619
Capri Holdings †81,2004,172,868
Darden Restaurants33,6004,467,120
Dollar Tree †42,1006,742,315
DR Horton106,6007,942,766
Hasbro45,5003,727,360
Johnson Controls International95,9006,288,163
Marriott International Class A †59,50010,457,125
Nexstar Media Group Class A27,0005,088,960
Polaris41,6004,381,312
Ross Stores48,0004,342,080
Stanley Black & Decker46,7006,528,193
80,185,563
Consumer Staples – 2.90%
Campbell Soup51,7002,304,269
Conagra Brands117,0003,927,690
Kellogg61,9003,991,931
Tyson Foods Class A51,6004,624,908
US Foods Holding †113,4004,267,242
19,116,040
Energy – 7.27%
Coterra Energy280,3007,559,691
Hess175,20018,753,408
Marathon Oil647,00016,246,170
Valero Energy52,7005,351,158
47,910,427
Financial Services – 19.80%
Affiliated Managers Group38,7005,454,765
Allstate71,1009,848,061
Assurant41,9007,618,677
East West Bancorp196,60015,535,332
Globe Life57,7005,804,620
Hancock Whitney147,9657,716,375
Hartford Financial Services Group153,90011,051,559
KeyCorp465,60010,420,128
Raymond James Financial138,65015,239,021
Reinsurance Group of America69,9007,651,254
Signature Bank23,2006,808,968
State Street69,5006,054,840
Synchrony Financial247,7008,622,437
Synovus Financial149,0007,301,000
Western Alliance Bancorp66,0005,466,120
130,593,157
Healthcare – 5.55%
AmerisourceBergen48,8007,549,848
Quest Diagnostics45,5006,227,130
Service Corp. International65,6004,317,792
STERIS28,5006,890,445
Syneos Health †54,0004,371,300
Zimmer Biomet Holdings56,7007,251,930
36,608,445
Industrials – 12.29%
AECOM111,6008,571,996
AMETEK29,3003,902,174
CACI International Class A †13,0003,916,380
Gates Industrial †271,7004,091,802
ITT111,9738,421,490
KBR233,90012,801,347
ManpowerGroup37,9003,559,568
Oshkosh59,6005,998,740
Quanta Services91,70012,068,637
Regal Rexnord32,8004,879,984
United Rentals †16,7005,932,007
WESCO International †52,9006,884,406
81,028,531
Real Estate Investment Trusts – 7.73%
Apartment Income REIT119,3296,379,328
Brandywine Realty Trust343,6004,858,504
Host Hotels & Resorts240,2004,667,086
Kimco Realty301,6007,449,520
Life Storage48,6506,831,920
MGM Growth Properties Class A180,9007,000,830
Outfront Media221,2006,288,716
Spirit Realty Capital163,4007,519,668
50,995,572
Technology – 11.91%
Agilent Technologies66,8008,839,644
Avnet126,8005,146,812
Ciena †97,3005,899,299
Fiserv †26,3002,666,820
Flex †400,3007,425,565
Keysight Technologies †51,7008,167,049
ON Semiconductor †135,7008,496,177

21


Table of Contents

Schedules of investments
Delaware Opportunity Fund

               Number of     
sharesValue (US $)
Common Stocks (continued)
Technology (continued)
Qorvo †50,600$6,279,460
Synopsys †37,30012,430,971
Teradyne94,70011,196,381
Western Digital †40,8002,025,720
78,573,898
Transportation – 2.60%
JB Hunt Transport Services26,7005,361,093
Kirby †67,1004,843,949
Southwest Airlines †152,0006,961,600
17,166,642
Utilities – 7.14%
CMS Energy114,1007,980,154
Edison International96,5006,764,650
MDU Resources Group143,5003,824,275
NRG Energy167,5006,425,300
Public Service Enterprise Group132,7009,289,000
WEC Energy Group58,4005,828,904
Xcel Energy96,9006,993,273
47,105,556
Total Common Stocks
(cost $454,345,683)647,656,252
 
Short-Term Investments – 0.25%
Money Market Mutual Funds – 0.25%
BlackRock Liquidity FedFund –
Institutional Shares (seven-day
effective yield 0.03%)410,265410,265
Fidelity Government Portfolio –
Class I (seven-day effective
yield 0.01%)410,267410,267
GS Financial Square Government
Fund – Institutional Shares
(seven-day effective yield
0.03%)410,267410,267
MSILF Government Portfolio –
Institutional Share Class (seven-
day effective yield 0.03%)410,268410,268
Total Short-Term Investments
(cost $1,641,067)1,641,067
Total Value of Securities–98.45%
(cost $455,986,750)$649,297,319

Non-income producing security.

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

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

22


Table of Contents

Delaware Global Equity Fund

March 31, 2022 (Unaudited)

               Number of     
sharesValue (US $)
Common Stocks – 98.19%Δ
Denmark – 3.93%
Novo Nordisk Class B73,390$8,140,136
8,140,136
France – 12.01%
Air Liquide47,2608,267,850
Danone100,3705,544,739
Orange416,2204,928,586
Sodexo75,8506,172,364
24,913,539
Germany – 11.63%
adidas AG28,5906,662,215
Fresenius Medical Care AG & Co.116,4407,802,741
Knorr-Bremse41,2503,162,102
SAP58,5306,486,772
24,113,830
Japan – 5.96%
Asahi Group Holdings83,0003,022,900
Kao118,3004,830,267
Makita72,1002,306,955
Seven & i Holdings46,1002,197,919
12,358,041
Netherlands – 3.36%
Koninklijke Ahold Delhaize216,6306,968,016
6,968,016
Spain – 4.65%
Amadeus IT Group †148,4109,649,337
9,649,337
Sweden – 6.05%
Essity Class B214,5005,061,993
H & M Hennes & Mauritz Class B172,0002,309,554
Securitas Class B458,8705,176,660
12,548,207
Switzerland – 9.71%
Nestle67,1008,724,252
Roche Holding14,8405,871,622
Swatch Group19,5105,531,553
20,127,427
United Kingdom – 9.73%
Diageo172,9808,774,338
Intertek Group48,7303,324,252
Smith & Nephew507,7908,076,337
20,174,927
United States – 31.16%
3M31,8704,744,806
Clorox39,9705,557,029
Conagra Brands150,3605,047,585
General Mills19,9901,353,723
Henry Schein †89,6207,813,968
Ingredion63,6005,542,740
Kimberly-Clark54,3406,692,514
Lamb Weston Holdings155,4109,310,613
Merck & Co.93,5507,675,778
Parker-Hannifin7,7902,210,490
Pfizer123,5506,396,184
Visa Class A10,2202,266,489
64,611,919
Total Common Stocks
(cost $205,042,655)203,605,379
    
Exchange-Traded Fund – 1.02%
Vanguard S&P 500 ETF5,1202,125,670
Total Exchange-Traded Fund
(cost $2,023,075)2,125,670
 
Short-Term Investments – 0.09%
Money Market Mutual Funds – 0.09%
BlackRock FedFund – Institutional
Shares (seven-day effective
yield 0.23%)46,63946,639
Fidelity Investments Money Market
Government Portfolio – Class I
(seven-day effective yield
0.12%)46,63846,638
GS Financial Square Government
Fund – Institutional Shares
(seven-day effective yield
0.25%)46,63846,638
Morgan Stanley Government
Portfolio – Institutional Share
Class (seven-day effective yield
0.23%)46,63946,639
Total Short-Term Investments
(cost $186,554)186,554
Total Value of Securities–99.30%
(cost $207,252,284)$205,917,603

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

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

23


Table of Contents

Schedules of investments
Delaware Global Equity Fund

Foreign Currency Exchange Contracts

Currency toSettlementUnrealizedUnrealized
Counterparty     Receive (Deliver)     In Exchange For     Date     Appreciation     Depreciation
BNYMCHF(58,959) USD63,918 4/4/22$105$
BNYMEUR90,421USD   (100,939)4/1/22(907)
BNYMSEK   (1,051,050)USD113,4194/1/221,632
BNYMSEK(970,423)USD103,3984/4/22181
Total Foreign Currency Exchange Contracts$1,918$(907)

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

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

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

24


Table of Contents

Delaware Covered Call Strategy Fund

March 31, 2022 (Unaudited)

               Number of      
shares Value (US $)
Common Stocks – 101.90%
Communication Services – 7.81%
Alphabet Class A ~, †2,800$7,787,780
Meta Platforms Class A ~, †8,5001,890,060
9,677,840
Consumer Discretionary – 15.09%
Amazon.com ~, †1,0003,259,950
Booking Holdings ~, †2,1004,931,745
Home Depot ~14,9004,460,017
Tesla ~, †3,3003,556,080
Whirlpool ~14,4002,488,032
18,695,824
Consumer Staples – 4.98%
Costco Wholesale ~10,7006,161,595
6,161,595
Energy – 6.87%
Chevron ~25,1004,087,033
Exxon Mobil ~53,6004,426,824
8,513,857
Financials – 8.60%
Bank of America ~95,2003,924,144
BlackRock ~6,1004,661,437
JPMorgan Chase & Co. ~15,2002,072,064
10,657,645
Healthcare – 8.91%
Bristol-Myers Squibb ~26,3001,920,689
Medtronic ~39,4004,371,430
UnitedHealth Group ~9,3004,742,721
11,034,840
Industrials – 11.33%
Honeywell International ~11,9002,315,502
Lockheed Martin ~6,3002,780,820
Raytheon Technologies ~24,9002,466,843
Southwest Airlines ~, †62,1002,844,180
Union Pacific ~13,3003,633,693
14,041,038
Information Technology – 31.10%
Apple ~69,10012,065,551
Broadcom ~9,6006,044,928
Mastercard Class A ~11,8004,217,084
Microsoft ~34,30010,575,033
Texas Instruments ~30,7005,632,836
38,535,432
Materials – 3.30%
PPG Industries ~31,2004,089,384
4,089,384
Utilities – 3.91%
NextEra Energy ~57,2004,845,412
4,845,412
Total Common Stocks
(cost $79,194,661)126,252,867
  
Short-Term Investments – 1.37%
Money Market Mutual Funds – 1.37%
BlackRock FedFund – Institutional
Shares (seven-day effective
yield 0.23%)425,275425,275
Fidelity Investments Money Market
Government Portfolio – Class I
(seven-day effective yield
0.12%)425,276425,276
GS Financial Square Government
Fund – Institutional Shares
(seven-day effective yield
0.25%)425,276425,276
Morgan Stanley Government
Portfolio – Institutional Share
Class (seven-day effective yield
0.23%)425,277425,277
Total Short-Term Investments
(cost $1,701,104)1,701,104
Total Value of Securities Before
Options Written–103.27%
(cost $80,895,765)127,953,971
 
Number of
contracts
Options Written – (3.40%)
Equity Call Options – (3.40%)
Alphabet, strike price $2,820,
expiration date 4/14/22, notional
amount $(7,896,000)(28)(102,900)
Amazon.com, strike price $3,400,
expiration date 4/14/22, notional
amount $(3,400,000)(10)(23,775)
Apple, strike price $170, expiration
date 4/14/22, notional amount
$(11,747,000)(691)(443,967)
Bank of America, strike price $46,
expiration date 6/17/22, notional
amount $(4,379,200)(952)(62,832)
BlackRock, strike price $810,
expiration date 6/17/22, notional
amount $(4,941,000)(61)(107,055)

25


Table of Contents

Schedules of investments
Delaware Covered Call Strategy Fund

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

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

Summary of abbreviations:
GS – Goldman Sachs

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

26


Table of Contents

Delaware Hedged U.S. Equity Opportunities Fund

March 31, 2022 (Unaudited)

Number of
          shares     Value (US $)
Common Stocks – 95.75%
Communication Services – 8.40%
Activision Blizzard1,211$   97,013
Alphabet Class A †5961,657,685
Alphabet Class C †148413,363
AT&T3,20775,781
Cable One283414,380
Cargurus †4,152176,294
Charter Communications Class A †259141,290
Electronic Arts2,802354,481
Match Group †2,181237,162
Meta Platforms Class A †2,350522,546
Omnicom Group1,380117,134
Pinterest Class A †2,27856,062
Roku †1,844230,998
Snap Class A †6,580236,814
Spotify Technology †1,411213,089
T-Mobile US †3,257418,036
Twitter †2,43994,365
Verizon Communications1,62982,981
Walt Disney †1,213166,375
ZoomInfo Technologies Class A †2,187130,651
5,836,500
Consumer Discretionary – 12.28%
Airbnb Class A †3,630623,489
Alibaba Group Holding ADR †60065,280
Amazon.com †5161,682,134
CarMax †2,356227,307
Chewy Class A †2,22390,654
Choice Hotels International1,597226,391
Compass Group †13,663294,029
Denny's †9,855141,025
Dollar General472105,081
Dollar Tree †1,174188,016
DraftKings Class A †6,396124,530
Etsy †1,803224,077
Garmin1,731205,314
General Motors †1,92584,199
Genuine Parts876110,393
Las Vegas Sands †4,812187,042
Lennar Class A1,506122,242
Lululemon Athletica †811296,202
McDonald's2,282564,293
NIKE Class B4,775642,524
NVR †96428,858
Peloton Interactive Class A †4,480118,362
Six Flags Entertainment †6,082264,567
Steven Madden4,212162,752
Tesla †6671,122
Thor Industries1,447113,879
TJX12,406751,555
Ulta Beauty †722287,515
Visteon †1,244135,758
8,538,590
Consumer Staples – 5.78%
Clorox9713,486
Coca-Cola7,314453,468
Colgate-Palmolive8,938677,769
Costco Wholesale245141,083
General Mills1,20881,806
Hormel Foods1,89897,823
Kellogg1,40990,866
Keurig Dr Pepper7,045267,006
PepsiCo4,291718,228
Philip Morris International2,295215,592
Procter & Gamble4,915751,012
Sysco79664,993
Unilever4,082185,334
US Foods Holding †4,496169,184
Walmart61691,735
4,019,385
Energy – 1.51%
Baker Hughes2,34885,491
Canadian Natural Resources4,632287,091
ConocoPhillips1,076107,600
Diamondback Energy1,101150,925
Marathon Oil7,594190,685
Schlumberger2,982123,187
SolarEdge Technologies †332107,027
1,052,006
Financials – 13.67%
Aegon37,886200,417
AerCap Holdings †3,133157,527
Alleghany †330279,510
American Express2,961553,707
Apollo Global Management2,138132,535
Arthur J Gallagher & Co.760132,696
Assurant910165,465
Bank of America8,116334,542
Berkshire Hathaway Class B †1,113392,789
Brown & Brown1,661120,040
Cadence Bank4,941144,574
Charles Schwab7,388622,882
Chubb4,658996,346
Credit Acceptance †470258,674
Equitable Holdings3,833118,478
First Citizens BancShares Class A14093,184
First Republic Bank797129,194
Globe Life1,743175,346
Hanover Insurance Group1,154172,546

27


Table of Contents

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

Number of 
          shares     Value (US $)
Common Stocks (continued)
Financials (continued)
Intercontinental Exchange842$   111,245
Kemper2,306130,381
M&T Bank2,637446,971
Markel †245361,434
Marsh & McLennan4,970846,987
MetLife4,005281,471
Moody's26589,414
Progressive1,827208,260
Raymond James Financial2,150236,307
Royal Bank of Canada1,925211,940
S&P Global706289,587
Travelers784143,260
Voya Financial5,352355,105
Western Alliance Bancorp2,019167,214
White Mountains Insurance Group8192,035
Willis Towers Watson41297,323
Zions Bancorp3,879254,307
9,503,693
Healthcare – 13.57%
Abbott Laboratories50059,180
ABIOMED †503166,614
Agilent Technologies67489,190
Alnylam Pharmaceuticals †42268,908
Apellis Pharmaceuticals †1,57179,823
AstraZeneca ADR2,668176,995
Baxter International5,727444,072
Becton Dickinson and Co.840223,440
Biogen †582122,569
Boston Scientific †3,690163,430
Bristol-Myers Squibb1,455106,259
Centene †2,864241,120
Cerner99593,092
CVS Health2,166219,221
Danaher1,802528,581
DENTSPLY SIRONA3,804187,233
Dexcom †371189,804
Eli Lilly & Co.460131,730
Encompass Health5,648401,629
Exact Sciences †3,778264,158
Humana459199,743
Illumina †906316,556
Insulet †388103,359
Integra LifeSciences
     Holdings †2,752176,844
Intuitive Surgical †20260,939
Jazz Pharmaceuticals †56788,265
Johnson & Johnson4,410781,584
Medtronic5,066562,073
Merck & Co.1,14093,537
Molina Healthcare †676225,507
Organon & Co.1,72960,394
Pfizer2,411124,817
PTC Therapeutics †1,87169,807
Regeneron Pharmaceuticals †246171,811
Sanofi1,160118,598
Seagen †1,986286,083
STERIS4410,638
Stryker1,948520,798
Teleflex341120,997
Thermo Fisher Scientific190112,224
Ultragenyx Pharmaceutical †1,02274,218
UnitedHealth Group1,555793,003
Veeva Systems Class A †1,479314,228
Vertex Pharmaceuticals †33386,903
9,429,974
Industrials – 11.54%
Airbus †852102,810
AMERCO264157,592
Boeing †604115,666
Canadian National Railway1,774237,971
Cintas740314,789
Clean Harbors †1,827203,966
Copart †3,493438,267
CoStar Group †2,051136,617
CRH3,997159,647
Enovis †3,057121,638
Expeditors International of
     Washington2,708279,357
Fastenal3,730221,562
Fortive1,761107,298
Honeywell International3,657711,579
IDEX1,095209,944
II-VI †2,304167,017
JB Hunt Transport Services747149,990
JELD-WEN Holding †4,09082,945
John Bean Technologies1,158137,188
Johnson Controls International2,989195,989
Knight-Swift Transportation
     Holdings2,036102,737
Lennox International727187,464
Lockheed Martin695306,773
Middleby †1,723282,469
Northrop Grumman1,613721,366
PACCAR3,753330,527
Raytheon Technologies2,833280,665
Rollins2,36582,893
Spirit AeroSystems Holdings
     Class A3,493170,773

28


Table of Contents

Number of
          shares     Value (US $)
Common Stocks (continued)
Industrials (continued)
Uber Technologies †3,491124,559
Union Pacific1,942530,574
Waste Connections852119,024
Westinghouse Air Brake
     Technologies5,506529,512
8,021,168
Information Technology – 20.29%
Accenture Class A1,252422,212
Advanced Micro Devices †3,457377,988
Amphenol Class A1,14486,200
ANSYS †22772,107
Apple8,0171,399,848
Arista Networks †2,529351,480
Automatic Data Processing541123,099
Black Knight †2,146124,447
Block †1,962266,047
Broadcom161101,378
CDW757135,420
Cisco Systems40722,694
Cognizant Technology Solutions
     Class A3,180285,151
Constellation Software224382,904
DocuSign †1,183126,723
Dynatrace †2,210104,091
EPAM Systems †14944,195
F5 †1,979413,512
Fair Isaac †18887,694
Fidelity National Information
     Services2,225223,434
Five9 †84693,398
Fleetcor Technologies †741184,553
Flex †8,689161,181
Genpact5,783251,618
GoDaddy Class A †2,126177,946
Guidewire Software †85080,427
Intel1,54376,471
KLA19972,846
Leidos Holdings4,061438,669
Lumentum Holdings †3,933383,861
Mastercard Class A1,533547,864
Micron Technology2,328181,328
Microsoft5,6511,742,260
MKS Instruments1,865279,750
MongoDB †501222,239
Motorola Solutions22354,011
NVIDIA1,284350,352
NXP Semiconductors45884,767
Okta †836126,203
Oracle1,425117,890
Palo Alto Networks †400249,004
Paychex1,012138,108
Paycom Software †646223,761
PayPal Holdings †39846,029
Qorvo †909112,807
RingCentral Class A †1,113130,455
Salesforce †1,137241,408
Samsung Electronics GDR7089,715
Shopify Class A †7550,697
Synaptics †599119,500
Topicus.com †36026,853
Tyler Technologies †20591,202
UiPath Class A †4,666100,739
Universal Display606101,172
Visa Class A3,776837,404
VMware Class A1,979225,349
WEX †941167,921
Workday Class A †1,562374,037
14,104,419
Materials – 3.83%
Albemarle633139,988
Ball1,357122,130
Celanese992141,727
Ecolab3,511619,902
FMC3,820502,597
Linde1,514483,617
PPG Industries1,118146,536
Reliance Steel & Aluminum1,342246,056
Rio Tinto ADR1,01781,767
Sherwin-Williams718179,227
2,663,547
Real Estate – 2.98%
American Tower2,274571,274
Americold Realty Trust4,858135,441
AvalonBay Communities479118,969
Equinix222164,640
Gaming and Leisure Properties4,029189,081
Innovative Industrial Properties37977,847
Public Storage637248,608
Ryman Hospitality Properties †1,947180,623
VICI Properties8,452240,544
Welltower1,461140,461
2,067,488
Utilities – 1.90%
American Electric Power706,984
Avangrid1,57773,709
Consolidated Edison1,509142,872
Constellation Energy156
Dominion Energy84671,885

29


Table of Contents

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

Number of
          shares     Value (US $)
Common Stocks (continued)
Utilities (continued)
Duke Energy2,121$236,831
Exelon5,268250,915
Iberdrola14,035153,402
Pinnacle West Capital1,773138,471
UGI3,802137,709
WEC Energy Group1,100109,791
1,322,625
Total Common Stocks
(cost $59,015,100)66,559,395
        
Exchange-Traded Fund – 0.61%
iShares Russell 1000 Growth ETF1,534425,885
Total Exchange-Traded Fund
(cost $413,202)425,885
        
Number of
contracts
Options Purchased – 1.03%
Options on Indices – 1.03%
S&P 500 Index, strike price $3,950,
     expiration date 9/16/22, notional
     amount $4,740,00012120,660
S&P 500 Index, strike price $3,950,
     expiration date 12/16/22,
     notional amount $6,320,00016239,440
S&P 500 Index, strike price $4,100,
     expiration date 5/20/22, notional
     amount $4,920,0001235,760
S&P 500 Index, strike price $4,100,
     expiration date
     6/17/22, notional amount
     $6,560,0001689,200
S&P 500 Index, strike price $4,225,
     expiration date
     9/16/22, notional amount
     $6,337,50015229,575
Total Options Purchased
(cost $1,222,596)714,635
        
Number of
shares
Short-Term Investments – 1.96%
Money Market Mutual Funds – 1.96%
BlackRock FedFund – Institutional
     Shares (seven-day effective yield
     0.23%)340,318340,318
Fidelity Investments Money Market
     Government Portfolio – Class I
     (seven-day effective yield 0.12%)340,319340,319
GS Financial Square Government
     Fund – Institutional Shares
     (seven-day effective yield 0.25%)340,319340,319
Morgan Stanley Government
     Portfolio – Institutional Share
     Class (seven-day effective yield
     0.23%)340,319340,319
Total Short-Term Investments
(cost $1,361,275)1,361,275
Total Value of Securities Before
Options Written–99.35%
(cost $62,012,173)69,061,190
        
Number of
contracts
Options Written – (0.56%)
Options on Indices – (0.56%)
S&P 500 Index, strike price $3,750,
     expiration date 6/17/22, notional
     amount $(6,000,000)(16)(39,520)
S&P 500 Index, strike price $3,850,
     expiration date 9/16/22, notional
     amount $(5,775,000)(15)(128,850)
S&P 500 Index, strike price $3,600,
     expiration date 9/16/22, notional
     amount $(4,320,000)(12)(69,480)
S&P 500 Index, strike price $3,600,
     expiration date 12/16/22,
     notional amount $(5,760,000)(16)(151,680)
Total Options Written
(premium received $746,009)$(389,530)

Non-income producing security.

30


Table of Contents

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

Foreign Currency Exchange Contracts

Currency toSettlement UnrealizedUnrealized
Counterparty     Receive (Deliver)     In Exchange For     Date      Appreciation     Depreciation
BNYMCAD     (12,200)USD     9,7744/1/22$     15$     
BNYMCAD(1,104)USD8824/1/22(1)
BNYMEUR(6,400)USD7,0844/1/224
BNYMGBP(3,355)USD4,4074/1/22(1)
DBGBP(459,000)USD615,9396/15/2213,146
TDCAD(1,295,000)USD1,014,3786/15/22(21,294)
Total Foreign Currency Exchange Contracts$13,165$(21,296)

Futures Contracts Exchange-Traded

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

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

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

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

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

31


Table of Contents

Schedules of investments

Delaware Hedged U.S. Equity Opportunities Fund

Summary of currencies: (continued)

GBP – British Pound Sterling
USD – US Dollar

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

32


Table of Contents

Delaware Premium Income Fund

March 31, 2022 (Unaudited)

     Number of
sharesValue (US $)
Common Stocks – 119.94% ♦
Communication Services – 8.96%    
    Alphabet Class A ~, †600    $1,668,810
Comcast Class A ~27,6001,292,232
Meta Platforms Class A ~, †5,9001,311,924
 4,272,966
Consumer Discretionary – 14.29%
Booking Holdings ~, †5001,174,225
Darden Restaurants ~9,8001,302,910
Home Depot ~5,9001,766,047
TJX ~16,8001,017,744
Whirlpool ~9,0001,555,020
 6,815,946
Consumer Staples – 8.59%
Constellation Brands Class A ~9,4002,165,008
Mondelez International Class A ~22,7001,425,106
Sysco ~6,200506,230
4,096,344
Energy – 9.58%
Chevron ~20,5003,338,015
Exxon Mobil ~14,9001,230,591
 4,568,606
Financials – 13.74%
American Express ~9,3001,739,100
Bank of America ~44,2001,821,924
BlackRock ~2,4001,834,008
JPMorgan Chase & Co. ~8,5001,158,720
 6,553,752
Healthcare – 14.20%
Amgen ~3,200773,824
Bristol-Myers Squibb ~17,7001,292,631
Merck & Co. ~19,7001,616,385
Pfizer ~41,0002,122,570
UnitedHealth Group ~1,900968,943
 6,774,353
Industrials – 15.64%
Boeing ~, †5,5001,053,250
CSX ~59,2002,217,040
Lockheed Martin ~4,8002,118,720
Raytheon Technologies ~9,800970,886
United Rentals ~, †3,1001,101,151
 7,461,047
Information Technology – 30.81%
Apple ~12,7002,217,547
Broadcom ~8,0005,037,440
Cisco Systems ~39,6002,208,096
Corning ~71,1002,624,301
First Solar ~, †10,200854,148
Texas Instruments ~4,000733,920
Visa Class A ~4,600        1,020,142
           14,695,594
Materials – 2.00%
PPG Industries ~7,300956,811
956,811
Utilities – 2.13%
NextEra Energy ~12,0001,016,520
1,016,520
 Total Common Stocks
(cost $44,540,852)57,211,939
 
Short-Term Investments – 1.39%
Money Market Mutual Funds – 1.39%
BlackRock FedFund – Institutional
Shares (seven-day effective
yield 0.23%)165,195165,195
Fidelity Investments Money Market
Government Portfolio – Class I
(seven-day effective yield
0.12%)    165,195165,195
GS Financial Square Government
Fund – Institutional Shares
(seven-day effective yield
0.25%)165,195165,195
Morgan Stanley Government
Portfolio – Institutional Share
Class (seven-day effective yield
0.23%)165,196165,196
 Total Short-Term Investments
(cost $660,781)660,781
 Total Value of Securities Before
Options Written – 121.33%
(cost $45,201,633)    57,872,720
Number of
contracts
Options Written – (21.91%)    
Equity Call Options – (21.91%)
Alphabet, strike price $2,300,
        expiration date 1/20/23, notional
amount $(460,000)(2)    (124,330)
Alphabet, strike price $2,350,
expiration date 1/20/23, notional
amount $(940,000)(4)(233,340)
American Express, strike price
$150, expiration date 1/20/23,
notional amount $(1,395,000)(93)(428,497)

33


Table of Contents

Schedules of investments

Delaware Premium Income Fund

Number of
contracts  Value (US $)
Options Written (continued)
Equity Call Options (continued)
Amgen, strike price $180,
        expiration date 1/20/23, notional
amount $(576,000)    (32)    $(207,040)
Apple, strike price $135, expiration
date 11/18/22, notional amount
$(1,714,500)(127)(573,087)
Bank of America, strike price $40,
expiration date 9/16/22, notional
amount $(1,768,000)(442)(183,430)
BlackRock, strike price $720,
expiration date 6/17/22, notional
amount $(1,728,000)(24)(156,960)
Boeing, strike price $190,
expiration date 1/20/23, notional
amount $(1,045,000)(55)(153,313)
Booking Holdings, strike price
$2,100, expiration date 1/20/23,
notional amount $(420,000)(2)(90,930)
Booking Holdings, strike price
$1,950, expiration date 9/16/22,
notional amount $(585,000)(3)(148,305)
Bristol-Myers Squibb, strike price
$62.5, expiration date 1/20/23,
notional amount $(1,106,250)(177)(218,595)
Broadcom, strike price $510,
expiration date 1/20/23, notional
amount $(1,989,000)(39)(574,860)
Broadcom, strike price $530,
expiration date 7/15/22, notional
amount $(2,173,000)(41)(465,760)
Chevron, strike price $115,
expiration date 1/20/23, notional
amount $(2,357,500)(205)(1,014,237)
Cisco Systems, strike price $50,
expiration date 1/20/23, notional
amount $(1,980,000)(396)(320,760)
Comcast, strike price $42.5,
expiration date 1/20/23, notional
amount $(1,173,000)(276)(184,230)
Constellation Brands, strike price
$200, expiration date 1/20/23,
notional amount $(1,880,000)(94)(380,700)
Corning, strike price $33,
expiration date 5/20/22, notional
amount $(1,815,000)(550)(248,875)
Corning, strike price $34,                             
        expiration date 8/19/22, notional
amount $(547,400)(161)    (70,438)
CSX, strike price $29.17,    
expiration date 6/17/22, notional
amount $(1,726,864)(592)(506,160)
Darden Restaurants, strike price
$115, expiration date 1/20/23,
notional amount $(736,000)(64)(163,840)
Darden Restaurants, strike price
$125, expiration date 1/20/23,
notional amount $(425,000)(34)(65,790)
Exxon Mobil, strike price $72.5,
expiration date 7/15/22, notional
amount $(1,080,250)(149)(173,585)
First Solar, strike price $62.5,
expiration date 1/20/23, notional
amount $(637,500)(102)(269,535)
Home Depot, strike price $290,
expiration date 6/17/22, notional
amount $(1,711,000)(59)(121,688)
JPMorgan Chase & Co., strike
price $140, expiration date
1/20/23, notional amount
$(1,190,000)(85)(95,838)
Lockheed Martin, strike price $340,
expiration date 1/20/23, notional
amount $(1,632,000)(48)(517,680)
Merck & Co., strike price $67.5,
expiration date 1/20/23, notional
amount $(1,329,750)(197)(316,185)
Meta Platforms, strike price $220,
expiration date 1/20/23, notional
amount $(1,298,000)(59)(195,142)
Mondelez International, strike price
$52.50, expiration date 1/20/23,
notional amount $(1,191,750)(227)(274,670)
NextEra Energy, strike price $70,
expiration date 6/17/22, notional
amount $(840,000)(120)(184,800)
Pfizer, strike price $45, expiration
date 9/16/22, notional amount
$(1,845,000)(410)(328,000)
PPG Industries, strike price $130,
expiration date 5/20/22, notional
amount $(520,000)(40)(26,000)

34


Table of Contents

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

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

Summary of abbreviations:

GS – Goldman Sachs

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

35


Table of Contents

Schedules of investments

Delaware Total Return Fund

March 31, 2022 (Unaudited)

Principal
amount°Value (US $)
Agency Mortgage-Backed Securities – 2.74%
Fannie Mae
4.50% 2/1/44    66,636    $70,376
Fannie Mae S.F. 15 yr
        2.00% 2/1/36160,451156,021
Fannie Mae S.F. 20 yr
2.00% 3/1/4167,14263,015
2.50% 1/1/4154,19952,398
3.00% 3/1/33359,003355,635
Fannie Mae S.F. 30 yr
2.00% 12/1/5065,24260,768
2.00% 3/1/51937,405872,677
2.00% 6/1/51805,304750,254
2.50% 10/1/50173,236166,214
2.50% 7/1/51248,566237,478
2.50% 8/1/51339,646325,165
2.50% 9/1/51228,428218,239
2.50% 11/1/51514,959492,044
2.50% 12/1/51123,132117,640
2.50% 2/1/52430,954411,818
3.00% 3/1/50121,707119,802
3.00% 6/1/5032,78632,169
3.00% 5/1/5113,44413,242
3.00% 3/1/52811,671794,867
3.50% 12/1/47421,733425,386
3.50% 1/1/48268,115270,890
3.50% 8/1/5082,00082,865
3.50% 1/1/52808,379814,091
4.00% 3/1/47228,907237,078
4.50% 1/1/50155,108164,860
5.00% 7/1/47100,331108,495
6.00% 5/1/3630,72632,816
6.00% 6/1/3711,15912,452
6.00% 7/1/3714,31415,975
6.00% 8/1/3715,32017,017
6.00% 10/1/40118,408132,169
6.50% 11/1/3373,96579,401
6.50% 6/1/3635,42738,034
7.00% 3/1/3299,607103,988
7.00% 8/1/3281,62283,363
Fannie Mae S.F. 30 yr TBA
3.50% 4/1/52486,000486,835
Freddie Mac S.F. 15 yr
2.00% 12/1/35106,412103,462
3.00% 3/1/35158,897160,540
Freddie Mac S.F. 20 yr
2.00% 3/1/4177,30072,541
2.50% 6/1/41401,862388,483
3.00% 9/1/40126,185125,250
3.00% 4/1/42321,000318,618
3.50% 9/1/35337,115341,582
Freddie Mac S.F. 30 yr     
        3.00% 11/1/46    66,220    65,823
3.00% 8/1/511,053,5981,033,809
3.50% 8/1/49351,086353,631
4.00% 4/1/52393,000401,655
4.50% 10/1/40291,255310,179
GNMA I S.F. 30 yr
3.00% 8/15/45302,931301,387
GNMA II S.F. 30 yr
3.00% 12/20/51124,013122,767
3.00% 1/20/52180,451178,636
 Total Agency Mortgage-Backed Securities
(cost $13,310,679)12,693,900
       
Collateralized Debt Obligations – 0.28%
Octagon Investment
Partners 34
Series 2017-1A
A1 144A 1.394%
(LIBOR03M + 1.14%)
1/20/30 #, •1,000,000999,070
Venture 34 CLO
Series 2018-34A A
144A 1.471%
(LIBOR03M + 1.23%,
Floor 1.23%)
10/15/31 #, •300,000298,886
 Total Collateralized Debt Obligations
(cost $1,297,941)1,297,956
       
Convertible Bonds – 6.35%
Basic Industry – 0.14%
Ivanhoe Mines 144A
2.50% exercise price
$7.43, maturity date
4/15/26 #450,000647,100
647,100
Capital Goods – 0.46%
Chart Industries 144A
1.00% exercise price
$58.73, maturity date
11/15/24 #394,0001,161,315
Danimer Scientific 144A
3.25% exercise price
$10.79, maturity date
12/15/26 #184,000151,340
Kaman 3.25% exercise
price $65.26, maturity
date 5/1/24798,000822,977
2,135,632

36


Table of Contents

          Principal
     amount°     Value (US $)
Convertible Bonds (continued)
Communications — 0.75%
Cable One 1.125%
exercise price
$2,275.83, maturity date
3/15/281,028,000$924,172
InterDigital 2.00% exercise
price $81.29, maturity
date 6/1/241,008,0001,038,240
Liberty Broadband 144A
1.25% exercise price
$900.01, maturity date
9/30/50 #1,132,0001,089,550
Liberty Latin America
2.00% exercise price
$20.65, maturity date
7/15/24480,000437,700
3,489,662
Consumer Cyclical — 0.55%
Cheesecake Factory
0.375% exercise price
$78.40, maturity date
6/15/26772,000694,800
Ford Motor 0.00% exercise
price $17.31, maturity
date 3/15/26 ^650,000771,550
fuboTV 144A 3.25%
exercise price $57.78,
maturity date 2/15/26 #511,000346,713
Spirit Airlines 1.00%
exercise price $49.07,
maturity date 5/15/26803,000724,306
2,537,369
Consumer Non-Cyclical — 1.98%
BioMarin Pharmaceutical
0.599% exercise price
$124.67, maturity date
8/1/24332,000332,664
Chefs' Warehouse 1.875%
exercise price $44.20,
maturity date 12/1/241,094,0001,156,905
Chegg 3.90% exercise
price $107.55, maturity
date 9/1/26 ^1,012,000831,864
Coherus Biosciences
1.50% exercise price
$19.26, maturity date
4/15/26620,000616,776
Collegium Pharmaceutical
2.625% exercise price
$29.19, maturity date
2/15/26678,000677,661
FTI Consulting 2.00%
exercise price $101.38,
maturity date 8/15/23567,000903,182
Integra
LifeSciences Holdings
0.50% exercise price
$73.67, maturity date
8/15/25962,0001,014,140
Ionis Pharmaceuticals
0.125% exercise price
$83.28, maturity date
12/15/24771,000695,057
Jazz Investments I 2.00%
exercise price $155.81,
maturity date 6/15/26468,000569,753
Neurocrine Biosciences
2.25% exercise price
$75.92, maturity date
5/15/24271,000357,720
Paratek Pharmaceuticals
4.75% exercise price
$15.90, maturity date
5/1/241,210,0001,071,455
Repay Holdings 144A
1.608% exercise price
$33.60, maturity date
2/1/26 #, ^1,117,000934,929
9,162,106
Energy — 0.25%
Helix Energy Solutions
Group 6.75% exercise
price $6.97, maturity
date 2/15/26995,0001,144,946
1,144,946
Media — 0.21%
DISH Network 3.375%
exercise price $65.18,
maturity date 8/15/261,097,000989,494
989,494
Real Estate Investment Trusts — 0.22%
Blackstone Mortgage Trust
4.75% exercise price
$36.23, maturity date
3/15/23722,000737,162
Summit Hotel Properties
1.50% exercise price
$11.99, maturity date
2/15/26287,000301,637
1,038,799

37


Table of Contents

Schedules of investments
Delaware Total Return Fund

Principal
               amount°     Value (US $)
Convertible Bonds (continued)
Technology — 1.32%
Block 0.125% exercise
price $121.01, maturity
date 3/1/25489,000$643,341
Microchip Technology
1.625% exercise price
$46.63, maturity date
2/15/27440,000945,725
ON Semiconductor
1.625% exercise price
$20.72, maturity date
10/15/23402,0001,216,854
Palo Alto Networks 0.75%
exercise price $266.35,
maturity date 7/1/23466,0001,091,838
Quotient Technology
1.75% exercise price
$17.36, maturity date
12/1/22642,000633,205
Travere Therapeutics
2.50% exercise price
$38.80, maturity date
9/15/25735,000768,075
Vishay Intertechnology
2.25% exercise price
$31.30, maturity date
6/15/25381,000380,543
Wolfspeed 144A 0.25%
exercise price $127.22,
maturity date 2/15/28 #364,000413,367
6,092,948
Transportation — 0.22%
Seaspan 144A 3.75%
exercise price $13.01,
maturity date 12/15/25 #829,0001,033,349
1,033,349
Utilities — 0.25%
NextEra Energy Partners
144A 0.357% exercise
price $75.96, maturity
date 11/15/25 #, ^360,000409,090
NRG Energy 2.75%
exercise price $44.53,
maturity date 6/1/48670,000737,662
1,146,752
Total Convertible Bonds
(cost $26,419,271)29,418,157
 
      
Corporate Bonds — 12.53%
Banking — 1.38%
Banco Continental 144A
2.75% 12/10/25 #200,000183,039
Banco Nacional de
Panama 144A 2.50%
8/11/30 #205,000181,459
Bank of America
2.482% 9/21/36 µ430,000370,376
2.551% 2/4/28 µ190,000181,729
2.972% 2/4/33 µ5,0004,690
Bank of New York Mellon
4.70% 9/20/25 µ, ψ20,00020,530
BBVA Bancomer 144A
1.875% 9/18/25 #200,000190,809
Citigroup
3.07% 2/24/28 µ340,000331,522
4.00% 12/10/25 µ, ψ10,0009,625
Corp. Financiera de
Desarrollo 144A 2.40%
9/28/27 #200,000184,355
Credit Agricole 144A
2.811% 1/11/41 #620,000513,633
Credit Suisse Group 144A
2.593% 9/11/25 #, µ250,000241,696
Deutsche Bank 2.222%
9/18/24 µ335,000327,841
Goldman Sachs Group
1.542% 9/10/27 µ533,000487,868
3.102% 2/24/33 µ5,0004,718
3.615% 3/15/28 µ70,00069,989
JPMorgan Chase & Co.
1.47% 9/22/27 µ5,0004,614
2.545% 11/8/32 µ200,000183,024
2.963% 1/25/33 µ480,000453,019
3.328% 4/22/52 µ5,0004,644
4.60% 2/1/25 µ, ψ30,00028,988
Morgan Stanley
2.475% 1/21/28 µ190,000181,414
2.484% 9/16/36 µ284,000243,962
5.00% 11/24/25110,000116,058
NBK SPC 144A 1.625%
9/15/27 #, µ205,000187,791
PNC Financial Services
Group 2.60% 7/23/26130,000128,204
QNB Finance 2.625%
5/12/25200,000195,890
State Street 2.203%
2/7/28 µ10,0009,594

38


Table of Contents

Principal
               amount°     Value (US $)
Corporate Bonds (continued)
Banking (continued)
SVB Financial Group
1.80% 2/2/3115,000$12,947
4.00% 5/15/26 µ, ψ405,000375,131
Truist Bank 2.636%
9/17/29 µ275,000270,579
Truist Financial
1.887% 6/7/29 µ20,00018,199
4.95% 9/1/25 µ, ψ30,00030,795
US Bancorp
1.45% 5/12/2530,00028,707
2.215% 1/27/28 µ5,0004,782
2.491% 11/3/36 µ10,0008,984
2.677% 1/27/33 µ320,000304,577
3.00% 7/30/29290,000284,522
6,380,304
Banks — 0.16%
Barclays 5.20% 5/12/26200,000208,345
Citigroup 4.45% 9/29/27375,000387,434
JPMorgan Chase & Co.
4.023% 12/5/24 µ150,000152,466
748,245
Basic Industry — 0.49%
AngloGold Ashanti
Holdings 3.75%
10/1/30200,000187,389
Artera Services 144A
9.033% 12/4/25 #130,000130,052
Avient 144A 5.75%
5/15/25 #144,000148,075
Chemours 144A 5.75%
11/15/28 #260,000252,910
Corp Nacional del Cobre
de Chile 144A 3.15%
1/14/30 #657,000633,078
INEOS Quattro Finance 2
144A 3.375% 1/15/26 #200,000186,460
New Gold 144A 7.50%
7/15/27 #220,000228,507
Newmont
2.25% 10/1/30125,000114,397
2.60% 7/15/3220,00018,425
2.80% 10/1/29100,00095,781
OCP 144A 3.75%
6/23/31 #200,000181,976
Westlake 3.125% 8/15/51105,00086,658
2,263,708
Basic Materials — 0.12%
First Quantum Minerals
144A 7.25% 4/1/23 #200,000 199,906
144A 7.50% 4/1/25 #365,000370,928
570,834
Brokerage — 0.01%
Charles Schwab 5.375%
6/1/25 µ, ψ25,00025,875
25,875
Capital Goods — 0.40%
Boeing 3.25% 2/1/28285,000275,090
Intertape Polymer Group
144A 4.375% 6/15/29 #235,000242,340
Madison IAQ 144A 5.875%
6/30/29 #180,000161,800
Teledyne Technologies
0.95% 4/1/24115,000110,475
2.25% 4/1/2830,00027,889
2.75% 4/1/31310,000287,782
Terex 144A 5.00%
5/15/29 #260,000249,687
TK Elevator US Newco
144A 5.25% 7/15/27 #235,000232,704
TransDigm 144A 6.25%
3/15/26 #260,000267,246
1,855,013
Communication Services — 0.03%
AT&T 3.10% 2/1/43136,000117,757
117,757
Communications — 1.28%
Altice Financing 144A
5.00% 1/15/28 #200,000179,635
Altice France 144A 5.50%
10/15/29 #215,000193,208
Altice France Holding
144A 6.00% 2/15/28 #280,000242,056
AT&T
1.70% 3/25/26110,000104,287
3.50% 6/1/4184,00077,558
3.50% 9/15/53285,000251,160
Cellnex Finance 144A
3.875% 7/7/41 #250,000203,547
Charter Communications
Operating
3.85% 4/1/61120,00096,852
4.40% 12/1/61290,000253,479
Comcast 3.20% 7/15/36440,000421,739

39


Table of Contents

Schedules of investments
Delaware Total Return Fund

Principal
               amount°     Value (US $)
Corporate Bonds (continued)
Communications (continued)
Consolidated
Communications
144A 5.00% 10/1/28 #110,000$94,879
144A 6.50% 10/1/28 #110,000101,629
Discovery
Communications 4.00%
9/15/55235,000203,619
Frontier Communications
Holdings
144A 5.875%
10/15/27 #370,000367,980
144A 6.75% 5/1/29 #110,000105,752
Magallanes
144A 3.755% 3/15/27 #305,000304,954
144A 4.054% 3/15/29 #5,0005,031
144A 4.279% 3/15/32 #5,0005,028
144A 5.141% 3/15/52 #15,00015,382
Millicom International
Cellular 144A 4.50%
4/27/31 #200,000186,516
Ooredoo International
Finance 144A 5.00%
10/19/25 #267,000284,859
Rogers Communications
144A 3.80% 3/15/32 #220,000218,572
144A 4.55% 3/15/52 #10,0009,971
Sprint 7.125% 6/15/24295,000316,771
Time Warner Cable 7.30%
7/1/38110,000133,843
Time Warner
Entertainment 8.375%
3/15/2355,00057,935
T-Mobile USA
1.50% 2/15/2615,00014,011
2.55% 2/15/31305,000277,056
2.625% 4/15/26120,000114,770
3.00% 2/15/41195,000165,353
3.375% 4/15/29120,000114,300
3.50% 4/15/2520,00020,153
3.75% 4/15/2720,00020,150
Verizon Communications
144A 2.355% 3/15/32 #135,000122,161
3.40% 3/22/4130,00028,203
3.875% 3/1/5210,00010,079
4.50% 8/10/33245,000263,516
Vodafone Group
4.25% 9/17/50115,000115,009
4.875% 6/19/49130,000141,915
Zayo Group Holdings
144A 6.125% 3/1/28 #75,00067,273
5,910,191
Consumer Cyclical — 1.23%
Allison Transmission 144A
5.875% 6/1/29 #400,000408,644
Aptiv
3.10% 12/1/51323,000257,508
3.25% 3/1/325,0004,745
Asbury Automotive Group
144A 4.625%
11/15/29 #70,00065,274
4.75% 3/1/3085,00080,329
AutoNation 3.85% 3/1/325,0004,847
B2W Digital 144A 4.375%
12/20/30 #200,000172,546
Bath & Body Works
6.875% 11/1/35245,000252,817
6.95% 3/1/33169,000174,888
Caesars Entertainment
144A 6.25% 7/1/25 #410,000423,825
Carnival
144A 5.75% 3/1/27 #310,000296,050
144A 7.625% 3/1/26 #300,000302,310
Fertitta Entertainment
144A 6.75% 1/15/30 #130,000119,761
Ford Motor Credit
2.90% 2/16/28350,000317,063
3.375% 11/13/25270,000264,203
4.542% 8/1/26285,000285,057
General Motors
5.40% 10/2/2315,00015,527
6.125% 10/1/2515,00016,117
General Motors Financial
1.017% (SOFR +
0.76%) 3/8/24 •135,000134,113
3.10% 1/12/32100,00090,004
4.35% 4/9/2575,00076,354
5.25% 3/1/26165,000172,979
Hutama Karya Persero
144A 3.75% 5/11/30 #400,000402,792
Levi Strauss & Co. 144A
3.50% 3/1/31 #213,000195,508
Lowe's 4.25% 4/1/5210,00010,359
MGM Growth Properties
Operating Partnership
144A 3.875% 2/15/29 #120,000118,129
Murphy Oil USA 144A
3.75% 2/15/31 #225,000205,782
Royal Caribbean Cruises
144A 5.50% 4/1/28 #394,000376,138
Scientific Games
International
144A 7.25% 11/15/29 #75,00078,723
144A 8.25% 3/15/26 #207,000215,539

40


Table of Contents

Principal
               amount°     Value (US $)
Corporate Bonds (continued)
Consumer Cyclical (continued)
Six Flags Entertainment
144A 4.875% 7/31/24 #150,000$150,180
5,688,111
Consumer Non-Cyclical — 1.01%
AbbVie
2.60% 11/21/2430,00029,820
4.05% 11/21/3910,00010,304
4.25% 11/21/4930,00031,246
Amgen 2.80% 8/15/41295,000254,092
Anheuser-Busch InBev
Worldwide
4.50% 6/1/50130,000139,338
4.70% 2/1/3625,00026,881
BAT Capital 2.259%
3/25/2840,00035,962
BAT International Finance
1.668% 3/25/2655,00050,538
Baxter International 144A
3.132% 12/1/51 #16,00013,731
Biogen 3.15% 5/1/50365,000299,929
Bristol-Myers Squibb
2.35% 11/13/40245,000207,276
3.70% 3/15/52285,000287,283
Bunge Finance 2.75%
5/14/31400,000368,661
Central American Bottling
144A 5.25% 4/27/29 #200,000199,286
CVS Health
2.70% 8/21/40295,000252,280
3.25% 8/15/29280,000276,770
3.75% 4/1/3015,00015,283
4.30% 3/25/286,0006,287
Gilead Sciences 4.15%
3/1/4730,00030,981
Global Payments 2.90%
11/15/3110,0009,123
HCA 144A 3.125%
3/15/27 #340,000332,746
InRetail Consumer 144A
3.25% 3/22/28 #200,000187,911
JBS USA LUX
144A 3.00% 2/2/29 #230,000213,216
144A 6.50% 4/15/29 #287,000304,587
Pilgrim's Pride 144A
4.25% 4/15/31 #130,000120,527
Post Holdings 144A 5.50%
12/15/29 #418,000402,839
Regeneron
Pharmaceuticals 1.75%
9/15/3015,00013,036
Royalty Pharma
1.20% 9/2/25285,000262,476
1.75% 9/2/27190,000172,759
Viatris
1.65% 6/22/255,0004,658
2.30% 6/22/275,0004,559
2.70% 6/22/30115,000101,313
4.00% 6/22/5010,0008,434
4,674,132
Electric — 0.18%
NextEra Energy Capital
Holdings 3.00%
1/15/52415,000355,331
Southern California Edison
4.00% 4/1/4735,00033,765
4.20% 3/1/29150,000155,514
4.875% 3/1/4990,00096,066
UEP Penonome II 144A
6.50% 10/1/38 #192,384183,114
823,790
Energy — 1.77%
Ascent Resources Utica
Holdings
144A 5.875% 6/30/29 #195,000193,054
144A 7.00% 11/1/26 #95,00097,583
BP Capital Markets
America
2.721% 1/12/3215,00014,135
3.06% 6/17/41430,000386,850
Callon Petroleum 144A
8.00% 8/1/28 #65,00068,633
CNX Midstream Partners
144A 4.75% 4/15/30 #75,00070,320
CNX Resources
144A 6.00% 1/15/29 #165,000166,865
144A 7.25% 3/14/27 #120,000127,162
ConocoPhillips 3.80%
3/15/52255,000260,099
Continental Resources
4.375% 1/15/28405,000411,205
Crestwood Midstream
Partners
144A 5.625% 5/1/27 #66,00065,533
144A 6.00% 2/1/29 #171,000170,714
DCP Midstream Operating
5.125% 5/15/29235,000242,166
Devon Energy 4.75%
5/15/425,0005,302

41


Table of Contents

Schedules of investments
Delaware Total Return Fund

Principal
                              amount°Value (US $)
Corporate Bonds (continued)      
Energy (continued) 
Diamondback Energy
3.125% 3/24/31300,000$   287,021
4.25% 3/15/525,0004,955
Enbridge
0.608% (SOFR +
0.40%) 2/17/23 •160,000159,869
2.50% 8/1/33310,000275,851
Energy Transfer
5.25% 4/15/2950,00053,441
6.25% 4/15/4955,00063,354
6.50% 11/15/26 µ, ψ180,000177,354
Enterprise Products
Operating
3.20% 2/15/52360,000304,831
3.30% 2/15/535,0004,283
EQM Midstream Partners
144A 4.75% 1/15/31 #145,000135,794
Equinor 1.75% 1/22/2615,00014,376
Genesis Energy
7.75% 2/1/28340,000342,312
8.00% 1/15/27235,000242,008
KazTransGas JSC 144A
4.375% 9/26/27 #579,000524,342
MPLX
1.75% 3/1/2615,00014,075
4.125% 3/1/27290,000297,022
Murphy Oil 6.375%
7/15/28385,000401,060
NuStar Logistics 5.625%
4/28/27205,000201,013
Occidental Petroleum
6.45% 9/15/3665,00076,479
6.60% 3/15/46210,000247,194
6.625% 9/1/30105,000120,619
PDC Energy 5.75%
5/15/26280,000284,277
PTTEP Treasury Center
144A 2.587% 6/10/27 #200,000191,837
Qatar Energy 144A 2.25%
7/12/31 #200,000184,495
Sabine Pass Liquefaction
5.625% 3/1/2540,00042,318
5.75% 5/15/24275,000287,956
Southwestern Energy
7.75% 10/1/27234,000248,008
TechnipFMC 144A 6.50%
2/1/26 #293,000304,160
Tengizchevroil Finance Co
International 144A
2.625% 8/15/25 #200,000177,500
Tennessee Gas Pipeline
144A 2.90% 3/1/30 #150,000     140,915
Weatherford International 
144A 8.625% 4/30/30 # 13,00013,215
Western Midstream
Operating 4.75%
8/15/28110,000113,736
8,215,291
Finance Companies – 0.05% 
Ally Financial 4.70%
5/15/26 µ, ψ20,00018,889
Jefferies Group 2.625%
10/15/31240,000216,789
235,678
Financials – 0.68%
AerCap Ireland Capital
DAC 4.45% 4/3/26345,000348,914
Air Lease
2.875% 1/15/26195,000188,460
2.875% 1/15/32175,000156,896
3.00% 2/1/3045,00041,505
3.375% 7/1/2515,00014,801
4.125% 12/15/26 µ, ψ10,0008,525
Ally Financial 8.00%
11/1/3135,00043,983
Aviation Capital Group
144A 1.95% 1/30/26 #465,000427,634
Avolon Holdings Funding
144A 3.25% 2/15/27 #10,0009,422
144A 3.95% 7/1/24 #75,00074,815
Banco del Estado de Chile  
144A 2.704% 1/9/25 #280,000278,141
Bank of Georgia 144A
6.00% 7/26/23 #255,000248,625
Castlelake Aviation
Finance DAC 144A
5.00% 4/15/27 #200,000178,914
DAE Sukuk DIFC 144A
3.75% 2/15/26 #200,000195,365
Development Bank of
Kazakhstan 144A
10.95% 5/6/26 #KZT100,000,000178,304
Hightower Holding 144A
6.75% 4/15/29 #135,000132,286
MAF Sukuk 3.933%
2/28/30200,000200,160
Midcap Financial Issuer
Trust
144A 5.625% 1/15/30 # 200,000177,115
144A 6.50% 5/1/28 #200,000188,382

42


Table of Contents

Principal
                                                                                                                             amount°     Value (US $)
Corporate Bonds (continued)
Financials (continued)
SVB Financial Group
1.80% 10/28/2610,000$   9,306
US Bancorp 3.70%
1/15/27 µ, ψ10,0009,075
Wells Fargo & Co.
3.526% 3/24/28 µ5,0004,994
3.90% 3/15/26 µ, ψ35,00033,571
3,149,193
Healthcare – 0.40%
Bausch Health 144A
6.25% 2/15/29 #380,000312,210
CHS 144A 4.75%
2/15/31 #105,00099,371
DaVita 144A 4.625%
6/1/30 #195,000182,364
Encompass Health 4.75%
2/1/3030,00028,850
Hadrian Merger Sub 144A
8.50% 5/1/26 #295,000297,299
HCA
5.375% 2/1/25215,000223,975
5.875% 2/1/29250,000273,705
Ortho-Clinical Diagnostics
144A 7.25% 2/1/28 #120,000123,753
Tenet Healthcare 144A
6.125% 10/1/28 #295,000300,120
1,841,647
Information Technology – 0.01%
Autodesk 2.40% 12/15/3125,00022,333
Broadcom 144A 3.419%
4/15/33 #11,00010,287
CDW 3.276% 12/1/2815,00014,157
46,777
Insurance – 0.55%
Aon 2.90% 8/23/51230,000191,420
Arthur J Gallagher & Co.
3.50% 5/20/51440,000392,654
Athene Global Funding
144A 1.00% 4/16/24 #95,00090,914
Athene Holding 3.95%
5/25/51340,000311,726
Brighthouse Financial
3.85% 12/22/51265,000221,647
5.625% 5/15/3015,00016,475
Brown & Brown 4.95%
3/17/5210,00010,707
GA Global Funding Trust
144A 1.00% 4/8/24 #470,000450,277
HUB International 144A
5.625% 12/1/29 #138,000132,052
Jackson Financial
144A 3.125%
11/23/31 #10,0009,117
144A 4.00% 11/23/51 #10,0008,475
NFP 144A 6.875%
8/15/28 #145,000138,659
USI 144A 6.875% 5/1/25 #585,000587,919
2,562,042
Media – 0.65%
AMC Networks 4.25%
2/15/29650,000607,425
CCO Holdings
4.50% 5/1/3265,00059,546
144A 5.375% 6/1/29 #335,000335,588
Clear Channel Outdoor
Holdings 144A 7.50%
6/1/29 #135,000134,869
CSC Holdings
144A 3.375% 2/15/31 #495,000417,674
144A 5.00% 11/15/31 #280,000235,116
Directv Financing 144A
5.875% 8/15/27 #135,000132,985
Gray Escrow II 144A
5.375% 11/15/31 #30,00028,725
Gray Television 144A
4.75% 10/15/30 #125,000116,262
Nielsen Finance
144A 4.50% 7/15/29 #55,00054,984
144A 4.75% 7/15/31 #185,000185,179
Sirius XM Radio 144A
4.00% 7/15/28 #325,000309,190
Terrier Media Buyer 144A
8.875% 12/15/27 #200,000203,744
VZ Secured Financing
144A 5.00% 1/15/32 #200,000187,305
3,008,592
Real Estate Investment Trusts – 0.18%
Crown Castle International
1.05% 7/15/26485,000438,850
Iron Mountain 144A 5.25%
3/15/28 #375,000370,612
MGM Growth Properties
Operating Partnership
5.75% 2/1/2735,00037,122
846,584
Services – 0.18%
NESCO Holdings II 144A
5.50% 4/15/29 #80,00078,699

43


Table of Contents

Schedules of investments
Delaware Total Return Fund

Principal
               amount°     Value (US $)
Corporate Bonds (continued)
Services (continued)
Prime Security Services
Borrower 144A 5.75%
4/15/26 #298,000$   304,347
United Rentals North
America 5.25% 1/15/30220,000227,278
Univar Solutions USA
144A 5.125% 12/1/27 #230,000230,219
840,543
Technology – 0.78%
Broadcom
144A 3.137%
11/15/35 #4,0003,532
144A 3.469% 4/15/34 #355,000329,519
CDW 2.67% 12/1/265,0004,722
Fidelity National
Information Services
1.65% 3/1/28470,000421,415
Fiserv 3.20% 7/1/26315,000313,823
Global Payments
2.15% 1/15/2710,0009,402
2.65% 2/15/25147,000143,980
Go Daddy Operating 144A
3.50% 3/1/29 #235,000216,421
Microchip Technology
0.972% 2/15/24345,000330,884
144A 0.983% 9/1/24 #125,000118,454
Micron Technology 2.703%
4/15/3210,0009,069
MSCI 144A 3.625%
11/1/31 #200,000188,563
NXP
144A 3.125% 2/15/42 #10,0008,628
144A 3.25% 5/11/41 #90,00079,609
144A 4.875% 3/1/24 #285,000292,975
Oracle 2.95% 4/1/3030,00027,713
PayPal Holdings 2.65%
10/1/26440,000433,428
SS&C Technologies 144A
5.50% 9/30/27 #240,000242,100
VMware 1.00% 8/15/24475,000453,300
Workday
3.70% 4/1/295,0005,016
3.80% 4/1/325,0004,997
3,637,550
Transportation – 0.37%
Canadian Pacific Railway
2.45% 12/2/315,0004,650
3.00% 12/2/415,0004,509
Delta Air Lines 7.375%
1/15/26131,000142,410
Mileage Plus Holdings
144A 6.50% 6/20/27 #345,000360,094
Rutas 2 and 7 Finance
144A 3.08% 9/30/36 #,
^302,000219,589
Seaspan 144A 5.50%
8/1/29 #115,000107,761
Southwest Airlines 5.125%
6/15/2735,00037,462
Union Pacific
2.80% 2/14/32440,000422,997
3.50% 2/14/535,0004,907
United Airlines
144A 4.375% 4/15/26 #80,00078,800
144A 4.625% 4/15/29 #95,00090,461
VistaJet Malta Finance
144A 6.375% 2/1/30 #275,000259,105
1,732,745
Utilities – 0.62%
Calpine
144A 4.50% 2/15/28 #95,00092,834
144A 5.00% 2/1/31 #220,000200,575
144A 5.25% 6/1/26 #71,00071,448
CenterPoint Energy 1.45%
6/1/26345,000320,236
Duke Energy 4.875%
9/16/24 µ, ψ320,000324,202
Entergy Mississippi 2.85%
6/1/2890,00086,697
Entergy Texas 3.55%
9/30/49185,000174,877
Evergy Kansas Central
3.45% 4/15/5035,00032,847
Eversource Energy 2.90%
3/1/2710,0009,816
Infraestructura Energetica
Nova 144A 3.75%
1/14/28 #275,000272,166
Pacific Gas and Electric
2.10% 8/1/27330,000297,073
3.25% 6/1/315,0004,530
3.30% 8/1/40270,000221,562
4.95% 7/1/5043,00040,670
PG&E 5.25% 7/1/30130,000126,256
Sempra Energy 4.875%
10/15/25 µ, ψ20,00020,150
Sociedad de Transmision
Austral 144A 4.00%
1/27/32 #200,000194,306
Southern California Edison
3.45% 2/1/52137,000123,417

44


Table of Contents

Principal
                                                                           amount°     Value (US $)
Corporate Bonds (continued)
Utilities (continued)
Vistra
144A 7.00% 12/15/26 #,
µ, ψ170,000165,802
144A 8.00% 10/15/26 #,
µ, ψ105,000106,181
2,885,645
Total Corporate Bonds
(cost $61,508,107)58,060,247
  
Non-Agency Asset-Backed Securities – 0.17%  
Diamond Infrastructure
Funding
Series 2021-1A A 144A
1.76% 4/15/49 #150,000135,816
Domino's Pizza Master
Issuer
Series 2021-1A A2I
144A 2.662% 4/25/51 #148,875138,025
Taco Bell Funding
Series 2021-1A A2I
144A 1.946% 8/25/51 #269,325243,576
Trafigura Securitisation
Finance
Series 2021-1A
A2 144A 1.08%
1/15/25 #300,000285,861
Total Non-Agency Asset-Backed Securities  
(cost $868,175)803,278
 
Non-Agency Commercial Mortgage-Backed Securities – 1.34%     
BANK
Series 2019-
BN21 A5 2.851%
10/17/52100,00096,556
Series 2020-
BN25 A5 2.649%
1/15/63500,000475,185
Series 2021-
BN36 A5 2.47% 9/15/64776,000725,527
Series 2022-
BNK40 A4 3.507%
3/15/64 •500,000503,459
Benchmark Mortgage
Trust
Series 2020-
B17 A5 2.289% 3/15/53500,000461,954
Series 2020-
B20 A5 2.034%
10/15/53400,000360,783
Series 2022-
B33 A5 3.458% 3/15/55500,000504,759
Cantor Commercial Real
Estate Lending
Series 2019-
CF2 A5 2.874%
11/15/52350,000337,158
Citigroup Commercial
Mortgage Trust
Series 2019-
C7 A4 3.102% 12/15/72500,000488,547
GS Mortgage Securities
Trust
Series 2017-
GS5 A4 3.674% 3/10/50350,000352,796
Series 2017-
GS6 A3 3.433% 5/10/50350,000349,318
Series 2019-
GC42 A4 3.001% 9/1/52500,000486,026
JPM-DB Commercial
Mortgage Securities
Trust
Series 2017-
C7 A5 3.409% 10/15/50350,000350,675
Morgan Stanley Bank of
America Merrill Lynch
Trust
Series 2016-
C29 A4 3.325% 5/15/49350,000347,519
Wells Fargo Commercial
Mortgage Trust
Series 2016-
BNK1 A3 2.652%
8/15/49350,000339,653
Total Non-Agency Commercial Mortgage-  
Backed Securities
(cost $6,666,467)6,179,915
 
Sovereign Bonds – 1.62%Δ
Angola – 0.04%
Angolan Government
International Bond
9.375% 5/8/48200,000197,220
197,220
Armenia – 0.04%
Republic of Armenia
International Bond
144A 3.60% 2/2/31 #200,000158,923
158,923
Chile – 0.02%
Bonos de la Tesoreria de
la Republica en pesos
144A 2.80% 10/1/33 #CLP65,000,00060,046

45


Table of Contents

Schedules of investments
Delaware Total Return Fund

Principal
                    amount°     Value (US $)
Sovereign BondsΔ (continued)
Chile (continued)
Bonos de la Tesoreria de
la Republica en pesos
5.00% 3/1/35CLP30,000,000$      34,103
94,149
Colombia – 0.15%
Colombia Government
International Bonds
4.125% 2/22/42217,000170,076
5.20% 5/15/49200,000171,204
Colombian TES 7.00%
6/30/32COP 1,635,100,000358,229
699,509
Dominican Republic – 0.18%
Dominican Republic
International Bond
144A 4.50% 1/30/30 #913,000839,969
839,969
Egypt – 0.04%
Egypt Government
International Bond
5.25% 10/6/25200,000193,280
193,280
Honduras – 0.04%
Honduras Government
International Bond
144A 5.625% 6/24/30 #200,000182,000
182,000
Indonesia – 0.03%
Indonesia Treasury Bond
6.125% 5/15/28IDR 1,768,000,000121,609
121,609
Ivory Coast – 0.11%
Ivory Coast Government
International Bonds
144A 4.875% 1/30/32 #EUR200,000195,463
144A 6.125% 6/15/33 #234,000227,313
144A 6.875% 10/17/40 #EUR100,000100,900
523,676
Mongolia – 0.06%
Mongolia Government
International Bond
144A 5.625% 5/1/23 #269,000271,353
271,353
Morocco – 0.12%
Morocco Government
International Bonds
144A 1.375% 3/30/26 #EUR270,000288,062
Morocco Government
International Bonds
144A 2.375% 12/15/27 #300,000274,494
562,556
Nigeria – 0.04%
Nigeria Government
International Bond
144A 8.375% 3/24/29 #200,000202,376
202,376
North Macedonia – 0.02%
North Macedonia
Government
International Bond
144A 3.675% 6/3/26 #EUR100,000110,661
110,661
Paraguay – 0.21%
Paraguay Government
International Bond
144A 4.95% 4/28/31 #742,000778,180
5.60% 3/13/48200,000205,702
983,882
Peru – 0.11%
Peru Government Bond
6.95% 8/12/31PEN743,000207,362
Peruvian Government
International Bonds
2.392% 1/23/26300,000291,657
499,019
Romania – 0.02%
Romanian Government
International Bond
144A 2.625% 12/2/40 #EUR100,00084,524
84,524
Senegal – 0.04%
Senegal Government
International Bond
144A 6.25% 5/23/33 #200,000189,290
189,290
Serbia – 0.10%
Serbia International Bonds
144A 2.125% 12/1/30 #200,000167,910
144A 3.125% 5/15/27 #EUR250,000270,078
437,988

46


Table of Contents

                         Principal     
amount°Value (US $)
Sovereign BondsΔ (continued)
South Africa – 0.08%
Republic of South Africa
Government
International Bond
5.65% 9/27/47400,000$350,258
350,258
Uruguay – 0.05%
Uruguay Government
International Bonds
4.50% 8/14/2469,00071,157
9.875% 6/20/22UYU6,623,000161,609
232,766
Uzbekistan – 0.12%
Republic of Uzbekistan
International Bonds
144A 3.90% 10/19/31 # 200,000177,210
144A 4.75% 2/20/24 #374,000375,180
552,390
Total Sovereign Bonds
(cost $8,095,937)7,487,398
  
Supranational Banks – 0.19%
Banque Ouest Africaine de 
Developpement
144A 4.70% 10/22/31 # 306,000303,139
Central American Bank for 
Economic Integration
144A 2.00% 5/6/25 #400,000388,476
European Investment
Bank
5.50% 1/23/23MXN3,931,000192,123
Total Supranational Banks 
(cost $895,295)883,738
   
US Treasury Obligations – 1.83%
US Treasury Bonds
1.75% 8/15/41365,000316,580
1.875% 11/15/51195,000171,112
2.00% 11/15/41185,000167,454
2.25% 8/15/461,035,000969,100
2.375% 2/15/42170,000164,023
4.375% 2/15/38780,000987,401
US Treasury Note
1.875% 2/15/3290,00086,442
US Treasury Notes
1.50% 2/15/251,900,0001,847,008
1.50% 1/31/272,155,0002,059,709
1.875% 2/28/291,330,0001,284,177
2.50% 3/31/27240,000240,544
US Treasury Strip Principal 
2.225% 5/15/44 ^335,000187,046
Total US Treasury Obligations
(cost $8,867,498)8,480,596
 
Number of