Form N-CSRS DELAWARE GROUP INCOME For: Jan 31

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:		811-02071
Exact name of registrant as specified in charter:		Delaware Group® Income Funds
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:		July 31
Date of reporting period:		January 31, 2021

---

Item 1. Reports to Stockholders

---

Experience Delaware Funds^® by Macquarie

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

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

You can learn more about Delaware Funds or obtain a prospectus for Delaware Corporate Bond Fund and Delaware Extended Duration Bond Fund at delawarefunds.com/literature.

Manage your account online

●	Check your account balance and transactions
●	View statements and tax forms
●	Make purchases and redemptions

Visit delawarefunds.com/account-access.

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

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

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

The Funds are governed by US laws and regulations.

Table of contents

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

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

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

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

© 2021 Macquarie Management Holdings, Inc.

---

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

The investment objective of the Funds is to seek to provide investors with total return.

As a shareholder of the 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. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from August 1, 2020 to January 31, 2021.

Actual expenses

The first section of the table 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 the 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 Fund’s expenses shown in the table reflect fee waivers in effect and assume reinvestment of all dividends and distributions.

1

---

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

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

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

2

---

In addition to the Funds’ expenses reflected on the previous page, each Fund also indirectly bears its portion of the fees and expenses of the investment companies (Underlying Funds) in which it invests. The tables on the previous page do not reflect the expenses of the Underlying Funds.

3

---

Security type / sector allocations
Delaware Corporate Bond Fund	As of January 31, 2021 (Unaudited)

Sector designations may be different from the sector designations presented in other Fund materials. The sector designations may represent the investment manager’s internal sector classifications, which may result in the sector designations for one fund being different from another fund’s sector designations.

Security type / sector		Percentage of net assets
Convertible Bonds		0.66	%
Corporate Bonds		93.85	%
Banking		22.78	%
Basic Industry		4.68	%
Brokerage		2.22	%
Capital Goods		3.60	%
Communications		13.16	%
Consumer Cyclical		3.51	%
Consumer Non-Cyclical		9.06	%
Electric		10.45	%
Energy		7.85	%
Finance Companies		3.65	%
Insurance		1.95	%
Natural Gas		0.26	%
Real Estate Investment Trusts		1.33	%
Technology		6.20	%
Transportation		2.54	%
Utilities		0.61	%
Loan Agreements		0.74	%
US Treasury Obligations		0.31	%
Convertible Preferred Stock		0.33	%
Preferred Stock		0.57	%
Short-Term Investments		2.19	%
Total Value of Securities		98.65	%
Receivables and Other Assets Net of Liabilities		1.35	%
Total Net Assets		100.00	%

4

---

Security type / sector allocations
Delaware Extended Duration Bond Fund	As of January 31, 2021 (Unaudited)

Sector designations may be different from the sector designations presented in other Fund materials. The sector designations may represent the investment manager’s internal sector classifications, which may result in the sector designations for one fund being different from another fund’s sector designations.

Security type / sector		Percentage of net assets
Convertible Bonds		0.79	%
Corporate Bonds		94.17	%
Banking		9.59	%
Basic Industry		3.46	%
Brokerage		1.18	%
Capital Goods		5.11	%
Communications		14.15	%
Consumer Cyclical		3.47	%
Consumer Non-Cyclical		14.12	%
Electric		15.84	%
Energy		7.48	%
Finance Companies		1.48	%
Insurance		7.43	%
Natural Gas		4.59	%
Technology		2.38	%
Transportation		2.56	%
Utilities		1.33	%
Municipal Bonds		2.14	%
Loan Agreements		0.27	%
Convertible Preferred Stock		0.79	%
Preferred Stock		0.46	%
Short-Term Investments		1.62	%
Total Value of Securities		100.24	%
Liabilities Net of Receivables and Other Assets		(0.24	%)
Total Net Assets		100.00	%

5

---

Schedules of investments
Delaware Corporate Bond Fund	January 31, 2021 (Unaudited)

				Principal amount°		Value (US $)
Convertible Bonds – 0.66%
	Cheniere Energy 144A PIK 4.875% exercise price
		$93.64, maturity date 5/28/21 #, *		3,746,159		$	3,769,572
	PDC Energy 1.125% exercise price $85.39, maturity
		date 9/15/21		4,685,000			4,616,289
Total Convertible Bonds (cost $8,206,777)							8,385,861
Corporate Bonds – 93.85%
Banking – 22.78%
	Ally Financial
		1.45% 10/2/23		3,255,000			3,309,566
		5.75% 11/20/25		6,820,000			7,946,801
		8.00% 11/1/31		1,840,000			2,673,712
	Banco Santander 2.749% 12/3/30			5,800,000			5,845,930
	Bank of America
		2.676% 6/19/41 µ		11,785,000			11,793,914
		2.831% 10/24/51 µ		7,525,000			7,519,769
	Bank of New York Mellon 4.70% 9/20/25 µ, ψ			7,215,000			7,918,535
	Barclays 5.20% 5/12/26			12,817,000			14,863,170
	BBVA USA
		2.875% 6/29/22		3,360,000			3,470,794
		3.875% 4/10/25		4,205,000			4,723,955
	BNP Paribas 144A 1.323% 1/13/27 #, µ			9,375,000			9,409,488
	Citigroup
		2.572% 6/3/31 µ		10,650,000			11,104,881
		4.00% 12/10/25 µ, ψ		7,925,000			8,053,781
	Citizens Financial Group
		2.85% 7/27/26		11,170,000			12,247,289
		5.65% 10/6/25 µ, ψ		910,000			1,021,475
	Credit Agricole 144A 2.811% 1/11/41 #			7,325,000			7,233,069
	Credit Suisse Group
		144A 2.593% 9/11/25 #, µ		3,830,000			4,043,471
		144A 4.50% 9/3/30 #, µ, ψ		2,420,000			2,401,850
		144A 5.10% 1/24/30 #, µ, ψ		4,295,000			4,403,663
		144A 5.25% 2/11/27 #, µ, ψ		2,580,000			2,734,671
		144A 6.375% 8/21/26 #, µ, ψ		3,600,000			4,012,506
	Deutsche Bank
		2.222% 9/18/24 µ		3,540,000			3,642,563
		3.547% 9/18/31 µ		1,490,000			1,573,469
		3.729% 1/14/32 µ		8,775,000			8,738,033
	Goldman Sachs Group
		1.992% 1/27/32 µ		9,085,000			9,088,549
		3.50% 4/1/25		3,085,000			3,407,390

6

---

		Principal amount°		Value (US $)
Corporate Bonds (continued)
Banking (continued)
HSBC Holdings 4.60% 12/17/30 µ, ψ		4,315,000		$	4,385,119
JPMorgan Chase & Co.
1.04% 2/4/27 µ		2,105,000			2,106,358
1.953% 2/4/32 µ		2,185,000			2,190,960
3.109% 4/22/41 µ		6,945,000			7,523,446
Morgan Stanley
1.433% (LIBOR03M + 1.22%) 5/8/24 ●		3,455,000			3,527,614
1.794% 2/13/32 µ		6,135,000			6,054,328
2.802% 1/25/52 µ		2,660,000			2,656,085
5.00% 11/24/25		5,080,000			6,006,707
Natwest Group
2.359% 5/22/24 µ		2,945,000			3,047,255
3.754% 11/1/29 µ		3,245,000			3,468,554
8.625% 8/15/21 µ, ψ		3,555,000			3,687,317
PNC Bank 4.05% 7/26/28		3,035,000			3,572,389
Popular 6.125% 9/14/23		5,020,000			5,429,858
Regions Financial 3.80% 8/14/23		3,335,000			3,604,384
SVB Financial Group
1.80% 2/2/31		2,325,000			2,300,284
3.125% 6/5/30		3,060,000			3,403,753
4.10% 2/15/31 µ, ψ		7,125,000			7,258,237
Truist Bank
2.15% 12/6/24		5,920,000			6,277,956
2.636% 9/17/29 µ		12,015,000			12,732,966
Truist Financial 4.95% 9/1/25 µ, ψ		6,825,000			7,473,375
UBS 7.625% 8/17/22		3,430,000			3,788,008
UBS Group
6.875% 3/22/21 µ, ψ		4,275,000			4,305,186
7.125% 8/10/21 µ, ψ		860,000			883,143
US Bancorp 3.00% 7/30/29		12,710,000			14,000,427
Wells Fargo & Co. 3.90% 3/15/26 µ, ψ		4,750,000			4,752,969
					287,618,972
Basic Industry – 4.68%
DuPont de Nemours 2.169% 5/1/23		3,895,000			3,921,192
Georgia-Pacific
144A 1.75% 9/30/25 #		2,545,000			2,649,684
144A 2.10% 4/30/27 #		2,025,000			2,139,530
8.00% 1/15/24		4,345,000			5,319,203
Graphic Packaging International 144A 3.50%
3/1/29 #		2,530,000			2,594,831
LYB International Finance III 3.375% 10/1/40		6,225,000			6,423,690

7

---

Schedules of investments
Delaware Corporate Bond Fund

		Principal amount°		Value (US $)
Corporate Bonds (continued)
Basic Industry (continued)
Newmont
2.25% 10/1/30		3,555,000		$	3,659,629
2.80% 10/1/29		8,145,000			8,762,389
Nutrien 2.95% 5/13/30		3,100,000			3,389,942
Nutrition & Biosciences
144A 1.832% 10/15/27 #		5,915,000			6,069,681
144A 2.30% 11/1/30 #		4,170,000			4,262,824
Steel Dynamics
1.65% 10/15/27		2,060,000			2,113,201
2.40% 6/15/25		1,115,000			1,184,786
2.80% 12/15/24		1,675,000			1,800,783
Suzano Austria 3.75% 1/15/31		4,055,000			4,309,249
WR Grace & Co. 144A 4.875% 6/15/27 #		452,000			474,575
					59,075,189
Brokerage – 2.22%
Charles Schwab
4.00% 12/1/30 µ, ψ		2,430,000			2,515,050
5.375% 6/1/25 µ, ψ		3,280,000			3,643,621
Intercontinental Exchange 2.65% 9/15/40		4,035,000			4,007,473
Jefferies Group
2.75% 10/15/32		2,255,000			2,342,209
4.15% 1/23/30		1,725,000			1,999,535
6.45% 6/8/27		5,627,000			7,216,028
6.50% 1/20/43		1,575,000			2,129,776
National Securities Clearing 144A 1.20% 4/23/23 #		4,105,000			4,185,278
					28,038,970
Capital Goods – 3.60%
Ball 2.875% 8/15/30		4,205,000			4,190,493
Berry Global
144A 0.95% 2/15/24 #		2,910,000			2,918,745
144A 1.57% 1/15/26 #		2,885,000			2,904,834
144A 4.875% 7/15/26 #		1,295,000			1,387,651
CANPACK 144A 3.125% 11/1/25 #		945,000			961,537
CCL Industries 144A 3.05% 6/1/30 #		2,220,000			2,391,284
General Electric 3.625% 5/1/30		2,505,000			2,783,988
L3Harris Technologies
1.80% 1/15/31		8,430,000			8,464,437
3.85% 6/15/23		1,690,000			1,821,492

8

---

		Principal amount°		Value (US $)
Corporate Bonds (continued)
Capital Goods (continued)
Otis Worldwide
3.112% 2/15/40		3,565,000		$	3,762,770
3.362% 2/15/50		1,005,000			1,095,970
Reynolds Group Issuer 144A 4.00% 10/15/27 #		2,750,000			2,769,800
Waste Connections
2.60% 2/1/30		5,640,000			6,000,583
3.05% 4/1/50		3,945,000			4,060,807
					45,514,391
Communications – 13.16%
Altice France 144A 5.125% 1/15/29 #		2,970,000			3,068,381
AMC Networks 4.75% 8/1/25		2,450,000			2,527,187
American Tower
1.875% 10/15/30		5,765,000			5,710,876
3.375% 5/15/24		8,670,000			9,395,922
AT&T
3.10% 2/1/43		2,415,000			2,355,259
3.50% 6/1/41		7,685,000			7,941,083
144A 3.50% 9/15/53 #		7,890,000			7,616,579
Charter Communications Operating 3.70% 4/1/51		4,115,000			4,073,613
Comcast
3.20% 7/15/36		8,476,000			9,393,097
3.75% 4/1/40		4,009,000			4,677,739
Crown Castle International
2.25% 1/15/31		2,045,000			2,080,506
5.25% 1/15/23		5,000,000			5,452,958
CSC Holdings 144A 4.125% 12/1/30 #		4,320,000			4,421,088
Discovery Communications 144A 4.00% 9/15/55 #		7,698,000			8,307,966
Level 3 Financing
144A 3.625% 1/15/29 #		1,420,000			1,415,580
144A 3.75% 7/15/29 #		3,905,000			3,933,819
144A 4.25% 7/1/28 #		3,075,000			3,154,058
Sprint Spectrum
144A 3.36% 3/20/23 #		726,562			734,130
144A 4.738% 9/20/29 #		4,195,000			4,566,362
Time Warner Cable 7.30% 7/1/38		5,490,000			8,022,459
Time Warner Entertainment 8.375% 3/15/23		4,965,000			5,780,196
T-Mobile USA
144A 2.55% 2/15/31 #		2,550,000			2,615,102
144A 3.00% 2/15/41 #		12,300,000			12,132,413

9

---

Schedules of investments
Delaware Corporate Bond Fund

		Principal amount°		Value (US $)
Corporate Bonds (continued)
Communications (continued)
Verizon Communications
2.65% 11/20/40		7,170,000		$	6,998,578
4.50% 8/10/33		10,910,000			13,465,987
ViacomCBS
4.375% 3/15/43		7,205,000			8,370,131
4.95% 1/15/31		2,050,000			2,536,954
Virgin Media Secured Finance 144A 5.50%
5/15/29 #		5,760,000			6,190,272
Vodafone Group
4.25% 9/17/50		3,870,000			4,601,554
4.875% 6/19/49		3,540,000			4,567,378
					166,107,227
Consumer Cyclical – 3.51%
Best Buy 1.95% 10/1/30		6,155,000			6,100,944
Dollar Tree 4.00% 5/15/25		2,075,000			2,337,997
Ford Motor 8.50% 4/21/23		4,315,000			4,840,351
General Motors
5.40% 10/2/23		1,895,000			2,120,793
6.125% 10/1/25		1,895,000			2,283,579
6.25% 10/2/43		4,615,000			6,252,418
General Motors Financial
2.35% 1/8/31		1,615,000			1,604,864
5.20% 3/20/23		4,025,000			4,400,858
5.70% 9/30/30 µ, ψ		2,930,000			3,299,912
Lowe’s
1.70% 10/15/30		3,145,000			3,098,724
3.00% 10/15/50		6,100,000			6,233,314
Prime Security Services Borrower 144A 3.375%
8/31/27 #		1,780,000			1,759,156
					44,332,910
Consumer Non-Cyclical – 9.06%
AbbVie 2.95% 11/21/26		6,730,000			7,409,873
Anheuser-Busch InBev Worldwide
4.15% 1/23/25		1,170,000			1,323,455
4.50% 6/1/50		12,575,000			15,229,148
BAT Capital 2.259% 3/25/28		2,495,000			2,552,721
BAT International Finance 1.668% 3/25/26		3,120,000			3,170,703
Biogen 3.15% 5/1/50		3,540,000			3,543,548
Bristol-Myers Squibb 2.35% 11/13/40		9,190,000			9,134,123
Bunge Limited Finance 1.63% 8/17/25		8,865,000			9,085,287
Conagra Brands 1.375% 11/1/27		5,615,000			5,602,550

10

---

				Principal amount°		Value (US $)
Corporate Bonds (continued)
Consumer Non-Cyclical (continued)
	CVS Health
		1.875% 2/28/31		950,000		$	941,139
		2.70% 8/21/40		5,070,000			4,964,613
		4.30% 3/25/28		1,018,000			1,196,602
		4.78% 3/25/38		5,870,000			7,270,086
	Energizer Holdings 144A 4.375% 3/31/29 #			2,416,000			2,473,984
	Imperial Brands Finance 144A 3.50% 7/26/26 #			4,400,000			4,835,352
	Lamb Weston Holdings 144A 4.625% 11/1/24 #			455,000			475,157
	Mondelez International 1.50% 5/4/25			2,910,000			3,008,403
	Perrigo Finance Unlimited 4.375% 3/15/26			6,135,000			6,962,088
	Regeneron Pharmaceuticals 1.75% 9/15/30			2,410,000			2,350,497
	Royalty Pharma 144A 1.75% 9/2/27 #			7,020,000			7,171,699
	Takeda Pharmaceutical
		2.05% 3/31/30		2,830,000			2,863,275
		3.025% 7/9/40		2,845,000			2,930,756
		3.175% 7/9/50		3,960,000			4,065,955
	Teleflex 144A 4.25% 6/1/28 #			2,750,000			2,893,825
	Viatris 144A 4.00% 6/22/50 #			2,680,000			2,993,842
							114,448,681
Electric – 10.45%
	Berkshire Hathaway Energy 144A 2.85% 5/15/51 #			4,750,000			4,754,454
	CenterPoint Energy 3.85% 2/1/24			2,343,000			2,558,515
	CMS Energy 4.75% 6/1/50 µ			3,550,000			4,036,590
	Dominion Energy 4.65% 12/15/24 µ, ψ			6,010,000			6,340,550
	Duke Energy 4.875% 9/16/24 µ, ψ			6,215,000			6,650,050
	Edison International
		3.125% 11/15/22		3,330,000			3,461,093
		4.95% 4/15/25		2,200,000			2,504,278
	Entergy Mississippi 3.85% 6/1/49			860,000			1,011,822
	Entergy Texas 3.55% 9/30/49			2,030,000			2,276,482
	Evergy Kansas Central 3.45% 4/15/50			3,090,000			3,469,461
	Eversource Energy 1.65% 8/15/30			2,225,000			2,188,264
	Exelon 4.05% 4/15/30			3,210,000			3,757,927
	FirstEnergy Transmission 144A 4.55% 4/1/49 #			4,430,000			5,014,947
	IPALCO Enterprises
		3.70% 9/1/24		2,075,000			2,265,339
		144A 4.25% 5/1/30 #		2,490,000			2,852,769
	Liberty Utilities Finance GP 1 144A 2.05%
		9/15/30 #		3,745,000			3,728,598
	Louisville Gas and Electric 4.25% 4/1/49			6,020,000			7,445,107
	Nevada Power Series EE 3.125% 8/1/50			4,595,000			4,932,701

11

---

Schedules of investments
Delaware Corporate Bond Fund

				Principal amount°		Value (US $)
Corporate Bonds (continued)
Electric (continued)
	NRG Energy
		144A 2.45% 12/2/27 #		2,035,000		$	2,126,412
		144A 3.375% 2/15/29 #		1,780,000			1,824,099
		144A 3.625% 2/15/31 #		1,430,000			1,489,881
		144A 3.75% 6/15/24 #		1,985,000			2,166,939
		144A 4.45% 6/15/29 #		3,180,000			3,675,125
	Oglethorpe Power 144A 3.75% 8/1/50 #			4,210,000			4,451,600
	Pacific Gas and Electric
		2.10% 8/1/27		6,070,000			6,167,897
		2.50% 2/1/31		2,105,000			2,092,772
		3.30% 8/1/40		895,000			883,347
		4.60% 6/15/43		2,600,000			2,833,704
	San Diego Gas & Electric 3.32% 4/15/50			2,015,000			2,217,601
	Southern 4.00% 1/15/51 µ			5,875,000			6,216,621
	Southern California Edison
		3.65% 2/1/50		2,555,000			2,756,297
		4.875% 3/1/49		2,555,000			3,236,838
		6.00% 1/15/34		1,415,000			1,971,618
	Southwestern Electric Power 4.10% 9/15/28			4,055,000			4,712,659
	Vistra Operations
		144A 3.55% 7/15/24 #		4,271,000			4,628,982
		144A 3.70% 1/30/27 #		2,779,000			3,072,159
		144A 4.30% 7/15/29 #		2,975,000			3,424,285
	WEC Energy Group 1.80% 10/15/30			2,740,000			2,720,476
							131,918,259
Energy – 7.85%
	BP Capital Markets 4.875% 3/22/30 µ, ψ			4,315,000			4,713,274
	Cheniere Corpus Christi Holdings 7.00% 6/30/24			5,215,000			6,073,422
	Cimarex Energy 4.375% 3/15/29			3,120,000			3,532,923
	Continental Resources 4.375% 1/15/28			2,380,000			2,430,075
	Devon Energy 5.85% 12/15/25			2,124,000			2,493,627
	Enbridge 5.75% 7/15/80 µ			3,755,000			4,159,842
	Energy Transfer Operating
		6.25% 4/15/49		3,590,000			4,252,566
		7.125% 5/15/30 µ, ψ		4,575,000			4,310,107
	Enterprise Products Operating 3.20% 2/15/52			9,600,000			9,246,270
	EQM Midstream Partners 144A 4.75% 1/15/31 #			3,130,000			3,025,552
	Marathon Oil 4.40% 7/15/27			8,995,000			10,143,943

12

---

				Principal amount°		Value (US $)
Corporate Bonds (continued)
Energy (continued)
	MPLX
		2.65% 8/15/30		1,925,000		$	1,971,851
		4.125% 3/1/27		7,365,000			8,408,968
		4.70% 4/15/48		550,000			618,860
		5.50% 2/15/49		1,885,000			2,357,068
	NuStar Logistics 5.625% 4/28/27			2,585,000			2,719,097
	ONEOK 7.50% 9/1/23			4,985,000			5,747,272
	Sabine Pass Liquefaction
		5.75% 5/15/24		5,514,000			6,313,016
		5.875% 6/30/26		2,100,000			2,543,343
	Targa Resources Partners
		144A 4.00% 1/15/32 #		2,705,000			2,684,713
		144A 4.875% 2/1/31 #		2,370,000			2,476,650
		5.50% 3/1/30		265,000			281,976
	Tennessee Gas Pipeline 144A 2.90% 3/1/30 #			5,865,000			6,135,112
	WPX Energy 5.25% 9/15/24			2,221,000			2,475,027
							99,114,554
Finance Companies – 3.65%
	AerCap Ireland Capital DAC
		1.75% 1/30/26		4,990,000			4,920,013
		3.65% 7/21/27		1,630,000			1,750,159
		4.125% 7/3/23		2,325,000			2,483,218
		4.50% 9/15/23		1,885,000			2,040,657
		4.625% 10/15/27		2,190,000			2,481,171
		6.50% 7/15/25		1,715,000			2,033,035
	Air Lease
		2.875% 1/15/26		3,720,000			3,924,492
		3.00% 2/1/30		4,513,000			4,600,977
	Aviation Capital Group
		144A 1.95% 1/30/26 #		3,535,000			3,508,526
		144A 5.50% 12/15/24 #		6,835,000			7,724,398
	Avolon Holdings Funding
		144A 2.75% 2/21/28 #		5,780,000			5,657,708
		144A 4.25% 4/15/26 #		2,855,000			3,085,106
	DAE Sukuk DIFC 144A 3.75% 2/15/26 #			1,765,000			1,876,276
							46,085,736
Insurance – 1.95%
	Athene Holding 3.50% 1/15/31			3,150,000			3,317,094
	Brighthouse Financial 4.70% 6/22/47			2,527,000			2,677,065
	Brown & Brown 2.375% 3/15/31			2,015,000			2,075,208

13

---

Schedules of investments
Delaware Corporate Bond Fund

				Principal amount°			Value (US $)
Corporate Bonds (continued)
Insurance (continued)
	Centene
		3.375% 2/15/30		3,160,000		$	3,315,045
		4.625% 12/15/29		2,035,000			2,258,850
	Equitable Financial Life Global Funding 144A 1.40%
		8/27/27 #		2,955,000			2,970,468
	Equitable Holdings 4.95% 9/15/25 µ, ψ			2,310,000			2,474,587
	MetLife 3.85% 9/15/25 µ, ψ			1,460,000			1,511,100
	Prudential Financial 3.70% 10/1/50 µ			3,825,000			4,011,469
							24,610,886
Natural Gas – 0.26%
	Sempra Energy 4.875% 10/15/25 µ, ψ			3,035,000			3,276,889
							3,276,889
Real Estate Investment Trusts – 1.33%
	Corporate Office Properties 5.25% 2/15/24			2,415,000			2,693,678
	CubeSmart 3.00% 2/15/30			5,540,000			5,953,481
	Global Net Lease 144A 3.75% 12/15/27 #			1,365,000			1,391,083
	Life Storage 4.00% 6/15/29			945,000			1,089,194
	LifeStorage 3.50% 7/1/26			2,745,000			3,084,622
	MPT Operating Partnership 3.50% 3/15/31			2,620,000			2,649,344
							16,861,402
Technology – 6.20%
	Broadcom
		144A 3.50% 2/15/41 #		4,645,000			4,688,740
		4.25% 4/15/26		2,905,000			3,297,614
	CoStar Group 144A 2.80% 7/15/30 #			3,370,000			3,476,563
	Fiserv
		2.65% 6/1/30		3,200,000			3,402,307
		3.20% 7/1/26		6,530,000			7,248,283
	Global Payments 2.65% 2/15/25			3,321,000			3,545,071
	Iron Mountain 144A 5.25% 7/15/30 #			3,399,000			3,607,189
	KLA 3.30% 3/1/50			5,970,000			6,580,822
	Lam Research 2.875% 6/15/50			3,685,000			3,846,614
	Microchip Technology
		144A 0.972% 2/15/24 #		4,405,000			4,411,030
		3.922% 6/1/21		1,335,000			1,350,514
		4.333% 6/1/23		9,520,000			10,279,618

14

---

		Principal amount°			Value (US $)
Corporate Bonds (continued)
Technology (continued)
NXP
144A 2.70% 5/1/25 #		505,000		$	541,037
144A 3.40% 5/1/30 #		975,000			1,090,547
144A 4.30% 6/18/29 #		1,104,000			1,290,816
144A 4.875% 3/1/24 #		7,660,000			8,609,674
PayPal Holdings
1.65% 6/1/25		3,420,000			3,547,183
2.65% 10/1/26		2,210,000			2,410,027
ServiceNow 1.40% 9/1/30		3,030,000			2,899,739
SS&C Technologies 144A 5.50% 9/30/27 #		2,035,000			2,157,629
					78,281,017
Transportation – 2.54%
DAE Funding 144A 3.375% 3/20/28 #		905,000			932,150
Delta Air Lines
144A 7.00% 5/1/25 #		6,399,000			7,424,362
7.375% 1/15/26		2,660,000			3,057,782
Mileage Plus Holdings 144A 6.50% 6/20/27 #		3,430,000			3,755,850
Southwest Airlines
5.125% 6/15/27		5,680,000			6,729,918
5.25% 5/4/25		3,250,000			3,732,789
Union Pacific 3.25% 2/5/50		4,090,000			4,417,417
United Airlines 2019-1 Class AA Pass Through Trust
Series 2019-1 AA 4.15% 2/25/33 ◆		1,921,868			2,008,611
					32,058,879
Utilities – 0.61%
Essential Utilities
2.704% 4/15/30		1,815,000			1,946,581
3.351% 4/15/50		1,765,000			1,904,410
4.276% 5/1/49		3,100,000			3,848,137
					7,699,128
Total Corporate Bonds (cost $1,128,892,469)					1,185,043,090
Loan Agreements – 0.74%
BWay Holding 3.381% (LIBOR03M + 3.25%)
4/3/24 ●		1,287,538			1,266,078
Numericable US Tranche B-13 4.127% (LIBOR01M
+ 4.00%) 8/14/26 ●		2,443,750			2,449,478
Stars Group Holdings 3.754% (LIBOR03M + 3.50%)
7/10/25 ●		600,361			603,127

15

---

Schedules of investments
Delaware Corporate Bond Fund

		Principal amount°		Value (US $)
Loan Agreements (continued)
USI Tranche B 3.254% (LIBOR03M + 3.00%)
5/16/24 ●		2,437,028		$	2,423,320
Zayo Group Holdings 3.121% (LIBOR01M + 3.00%)
3/9/27 ●		2,583,289			2,578,177
Total Loan Agreements (cost $9,278,194)					9,320,180
US Treasury Obligations – 0.31%
US Treasury Notes
0.375% 11/30/25		3,300,000			3,295,101
0.375% 1/31/26		585,000			583,378
Total US Treasury Obligations (cost $3,881,292)					3,878,479
		Number of shares
Convertible Preferred Stock – 0.33%
El Paso Energy Capital Trust I 4.75% exercise price
$34.49, maturity date 3/31/28		22,731			1,204,743
Lyondellbasell Advanced Polymers 6.00% exercise
price $52.33 ψ		2,808			2,977,884
Total Convertible Preferred Stock (cost $4,053,106)					4,182,627
Preferred Stock – 0.57%
Morgan Stanley 4.051% (LIBOR03M + 3.81%) ●		6,825,000			6,828,752
USB Realty 144A
1.388% (LIBOR03M + 1.147%) #, ●		400,000			306,500
Total Preferred Stock (cost $7,227,575)					7,135,252
Short-Term Investments – 2.19%
Money Market Mutual Funds – 2.19%
BlackRock FedFund – Institutional Shares
(seven-day effective yield 0.01%)		6,918,221			6,918,221
Fidelity Investments Money Market Government
Portfolio – Class I (seven-day effective yield
0.01%)		6,918,220			6,918,220

16

---

		Number of shares		Value (US $)
Short-Term Investments (continued)
Money Market Mutual Funds (continued)
GS Financial Square Government Fund –
Institutional Shares (seven-day effective yield
0.02%)		6,918,220		$	6,918,220
Morgan Stanley Government Portfolio – Institutional
Share Class (seven-day effective yield 0.00%)		6,918,220			6,918,220
Total Short-Term Investments (cost $27,672,881)					27,672,881
Total Value of Securities–98.65%
(cost $1,189,212,294)				$	1,245,618,370

17

---

Schedules of investments
Delaware Corporate Bond Fund

The following futures contracts were outstanding at January 31, 2021:¹

Futures Contracts
Exchange-Traded

															Variation
															Margin
						Notional					Value/				Due from
			Notional			Cost			Expiration		Unrealized				(Due to)
Contracts to Buy (Sell)			Amount			(Proceeds)			Date		Depreciation				Brokers
201	US Treasury 10 yr Notes		$	27,543,281		$	27,707,381		3/22/21		$	(164,100	)		$	(43,969	)
86	US Treasury Long Bonds			14,509,812			15,030,732		3/22/21			(520,920	)			(72,562	)
Total Futures Contracts						$	42,738,113				$	(685,020	)		$	(116,531	)

The use of futures contracts involves elements of market risk and risks in excess of the amounts disclosed in the financial statements. The notional amount presented above represents the Fund’s total exposure in such contracts, whereas only the variation margin is reflected in the Fund’s net assets.

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

Summary of abbreviations:
DAC – Designated Activity Company
DIFC – Dubai International Financial Centre
GS – Goldman Sachs
ICE – Intercontinental Exchange, Inc.
LIBOR – London interbank offered rate
LIBOR01M – ICE LIBOR USD 1 Month
LIBOR03M – ICE LIBOR USD 3 Month
LIBOR06M – ICE LIBOR USD 6 Month
PIK – Payment-in-kind
USD – US Dollar
yr – Year

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

18

---

Schedules of investments
Delaware Extended Duration Bond Fund	January 31, 2021 (Unaudited)

		Principal amount°		Value (US $)
Convertible Bonds – 0.79%
Cheniere Energy 144A PIK 4.875% exercise price
$93.64, maturity date 5/28/21 #, *		2,166,896		$	2,180,439
PDC Energy 1.125% exercise price $85.39, maturity
date 9/15/21		2,340,000			2,305,681
Total Convertible Bonds (cost $4,395,171)					4,486,120
Corporate Bonds – 94.17%
Banking – 9.59%
Ally Financial 8.00% 11/1/31		595,000			864,597
Bank of America
2.676% 6/19/41 µ		5,535,000			5,539,187
2.831% 10/24/51 µ		1,130,000			1,129,215
Bank of New York Mellon 4.70% 9/20/25 µ, ψ		2,600,000			2,853,526
Citigroup 4.00% 12/10/25 µ, ψ		3,715,000			3,775,369
Citizens Financial Group 5.65% 10/6/25 µ, ψ		515,000			578,087
Credit Agricole 144A 2.811% 1/11/41 #		2,205,000			2,177,327
Credit Suisse Group
144A 4.50% 9/3/30 #, µ, ψ		1,150,000			1,141,375
144A 5.10% 1/24/30 #, µ, ψ		1,145,000			1,173,968
144A 5.25% 2/11/27 #, µ, ψ		1,305,000			1,383,235
144A 6.25% 12/18/24 #, µ, ψ		1,147,000			1,257,409
144A 6.375% 8/21/26 #, µ, ψ		2,310,000			2,574,691
Deutsche Bank 3.729% 1/14/32 µ		3,395,000			3,380,698
HSBC Holdings 4.60% 12/17/30 µ, ψ		2,015,000			2,047,744
JPMorgan Chase & Co. 3.109% 4/22/41 µ		1,020,000			1,104,955
Morgan Stanley 2.802% 1/25/52 µ		6,230,000			6,220,831
SVB Financial Group 4.10% 2/15/31 µ, ψ		3,205,000			3,264,933
Truist Financial 4.95% 9/1/25 µ, ψ		4,285,000			4,692,075
UBS 7.625% 8/17/22		2,635,000			2,910,029
UBS Group 6.875% 3/22/21 µ, ψ		3,500,000			3,524,713
USB Capital IX 3.50% (LIBOR03M + 1.02%)
4/15/11 ψ, ●		345,000			336,375
Wells Fargo & Co. 3.90% 3/15/26 µ, ψ		2,150,000			2,151,344
					54,081,683
Basic Industry – 3.46%
Graphic Packaging International 144A 3.50%
3/1/29 #		1,265,000			1,297,415
LYB International Finance III 3.375% 10/1/40		3,317,000			3,422,872
LyondellBasell Industries NV 4.625% 2/26/55		2,745,000			3,265,719
Nutrition & Biosciences 144A 3.268% 11/15/40 #		2,555,000			2,693,195
Packaging Corp. of America 4.05% 12/15/49		2,980,000			3,607,246
RPM International 4.25% 1/15/48		3,115,000			3,331,969

19

---

Schedules of investments
Delaware Extended Duration Bond Fund

		Principal amount°		Value (US $)
Corporate Bonds (continued)
Basic Industry (continued)
Steel Dynamics 3.25% 10/15/50		1,650,000		$	1,667,947
WR Grace & Co. 144A 4.875% 6/15/27 #		222,000			233,087
					19,519,450
Brokerage – 1.18%
Charles Schwab
4.00% 12/1/30 µ, ψ		1,130,000			1,169,550
5.375% 6/1/25 µ, ψ		2,525,000			2,804,921
Jefferies Group 6.50% 1/20/43		1,985,000			2,684,194
					6,658,665
Capital Goods – 5.11%
Ball 2.875% 8/15/30		2,105,000			2,097,738
General Electric 4.35% 5/1/50		1,195,000			1,382,650
Otis Worldwide 3.362% 2/15/50		3,531,000			3,850,616
Parker-Hannifin 4.00% 6/14/49		1,545,000			1,902,155
Republic Services 3.05% 3/1/50		3,940,000			4,149,963
Reynolds Group Issuer 144A 4.00% 10/15/27 #		1,315,000			1,324,468
Snap-on 4.10% 3/1/48		2,298,000			2,918,661
Stanley Black & Decker 2.75% 11/15/50		4,770,000			4,777,584
Waste Connections 3.05% 4/1/50		6,245,000			6,428,325
					28,832,160
Communications – 14.15%
Altice France 144A 5.125% 1/15/29 #		1,425,000			1,472,203
AMC Networks 4.25% 2/15/29		2,000,000			1,993,520
AT&T
3.10% 2/1/43		1,200,000			1,170,315
3.50% 6/1/41		3,248,000			3,356,232
144A 3.50% 9/15/53 #		1,435,000			1,385,271
3.65% 6/1/51		3,095,000			3,110,288
Charter Communications Operating
3.70% 4/1/51		3,680,000			3,642,988
5.125% 7/1/49		765,000			906,845
5.375% 4/1/38		3,170,000			3,867,647
Comcast
2.80% 1/15/51		1,735,000			1,728,557
3.20% 7/15/36		2,265,000			2,510,071
3.75% 4/1/40		4,410,000			5,145,629
CSC Holdings 144A 4.125% 12/1/30 #		2,135,000			2,184,959
Deutsche Telekom 144A 3.625% 1/21/50 #		3,135,000			3,509,103
Deutsche Telekom International Finance 8.75%
6/15/30		1,335,000			2,083,368

20

---

		Principal amount°		Value (US $)
Corporate Bonds (continued)
Communications (continued)
Discovery Communications
144A 4.00% 9/15/55 #		2,818,000		$	3,041,290
5.20% 9/20/47		2,285,000			2,908,148
Level 3 Financing
144A 3.625% 1/15/29 #		715,000			712,775
144A 4.25% 7/1/28 #		1,505,000			1,543,694
Time Warner Cable
6.75% 6/15/39		2,105,000			2,949,385
7.30% 7/1/38		5,265,000			7,693,670
T-Mobile USA 144A 3.00% 2/15/41 #		7,575,000			7,471,791
Verizon Communications 4.50% 8/10/33		1,845,000			2,277,245
ViacomCBS 4.375% 3/15/43		4,195,000			4,873,379
Virgin Media Secured Finance 144A 5.50%
5/15/29 #		2,460,000			2,643,762
Vodafone Group
4.25% 9/17/50		1,660,000			1,973,793
4.875% 6/19/49		2,800,000			3,612,615
					79,768,543
Consumer Cyclical – 3.47%
Ford Motor 8.50% 4/21/23		2,475,000			2,776,331
General Motors
6.25% 10/2/43		3,520,000			4,768,908
6.75% 4/1/46		3,820,000			5,509,304
General Motors Financial 5.70% 9/30/30 µ, ψ		1,085,000			1,221,981
Lowe’s 3.00% 10/15/50		4,300,000			4,393,976
Prime Security Services Borrower 144A 3.375%
8/31/27 #		895,000			884,520
					19,555,020
Consumer Non-Cyclical – 14.12%
AbbVie
4.05% 11/21/39		3,815,000			4,481,562
4.25% 11/21/49		1,390,000			1,693,217
Anheuser-Busch InBev Worldwide 4.90% 2/1/46		8,410,000			10,569,680
BAT Capital 3.734% 9/25/40		5,280,000			5,408,422
Biogen 3.15% 5/1/50		4,420,000			4,424,430
Cigna 3.20% 3/15/40		2,620,000			2,816,372
CVS Health
2.70% 8/21/40		680,000			665,865
4.25% 4/1/50		2,825,000			3,405,713
4.78% 3/25/38		3,415,000			4,229,530

21

---

Schedules of investments
Delaware Extended Duration Bond Fund

		Principal amount°		Value (US $)
Corporate Bonds (continued)
Consumer Non-Cyclical (continued)
Danaher 2.60% 10/1/50		4,555,000		$	4,474,571
Energizer Holdings 144A 4.375% 3/31/29 #		1,155,000			1,182,720
Gilead Sciences
2.80% 10/1/50		4,365,000			4,247,412
4.50% 2/1/45		2,525,000			3,140,924
Lamb Weston Holdings 144A 4.625% 11/1/24 #		222,000			231,835
Mondelez International 2.625% 9/4/50		5,730,000			5,528,020
Pernod Ricard 144A 5.50% 1/15/42 #		1,195,000			1,666,759
Regeneron Pharmaceuticals 2.80% 9/15/50		4,505,000			4,222,266
Takeda Pharmaceutical
3.025% 7/9/40		1,395,000			1,437,049
3.175% 7/9/50		4,945,000			5,077,309
Teleflex 144A 4.25% 6/1/28 #		1,345,000			1,415,343
US Foods 144A 4.75% 2/15/29 #		2,000,000			2,007,500
Viatris 144A 4.00% 6/22/50 #		6,550,000			7,317,040
					79,643,539
Electric – 15.84%
AEP Texas 3.80% 10/1/47		3,200,000			3,627,263
Alabama Power 4.30% 7/15/48		2,630,000			3,387,559
American Transmission Systems 144A 5.00%
9/1/44 #		5,110,000			6,218,219
Appalachian Power 4.50% 3/1/49		1,315,000			1,651,166
Arizona Public Service
4.20% 8/15/48		2,720,000			3,337,653
4.25% 3/1/49		2,790,000			3,479,090
Baltimore Gas and Electric 3.75% 8/15/47		2,580,000			3,066,295
Berkshire Hathaway Energy 144A 2.85% 5/15/51 #		2,205,000			2,207,068
CenterPoint Energy 3.70% 9/1/49		3,450,000			3,825,954
CMS Energy 4.75% 6/1/50 µ		1,835,000			2,086,519
Dominion Energy 4.65% 12/15/24 µ, ψ		1,960,000			2,067,800
Duke Energy 4.875% 9/16/24 µ, ψ		2,445,000			2,616,150
Entergy Arkansas 4.95% 12/15/44		2,765,000			3,065,058
Entergy Louisiana 4.95% 1/15/45		125,000			138,589
Evergy Kansas Central
3.25% 9/1/49		5,038,000			5,514,866
3.45% 4/15/50		1,430,000			1,605,608
Exelon 4.70% 4/15/50		1,720,000			2,216,049
Louisville Gas and Electric 4.25% 4/1/49		4,520,000			5,590,014
NextEra Energy Capital Holdings 5.65% 5/1/79 µ		1,605,000			1,900,327
NRG Energy 144A 3.625% 2/15/31 #		675,000			703,266

22

---

				Principal amount°		Value (US $)
Corporate Bonds (continued)
Electric (continued)
	Oglethorpe Power
		144A 3.75% 8/1/50 #		3,190,000		$	3,373,065
		5.05% 10/1/48		2,580,000			3,223,124
	Oklahoma Gas and Electric 3.85% 8/15/47			4,500,000			5,253,242
	Pacific Gas and Electric
		3.30% 8/1/40		1,105,000			1,090,613
		4.60% 6/15/43		5,240,000			5,711,004
	San Diego Gas & Electric 3.32% 4/15/50			1,195,000			1,315,153
	Southern 4.00% 1/15/51 µ			2,840,000			3,005,141
	Southern California Edison
		3.65% 2/1/50		610,000			658,059
		4.00% 4/1/47		1,530,000			1,713,340
		4.125% 3/1/48		3,245,000			3,718,106
		4.875% 3/1/49		650,000			823,462
	Southwestern Public Service 4.40% 11/15/48			875,000			1,114,903
							89,303,725
Energy – 7.48%
	BP Capital Markets 4.875% 3/22/30 µ, ψ			2,115,000			2,310,214
	Enbridge 5.75% 7/15/80 µ			1,840,000			2,038,378
	Enbridge Energy Partners 5.50% 9/15/40			1,392,000			1,711,907
	Energy Transfer Operating
		6.25% 4/15/49		1,630,000			1,930,831
		7.125% 5/15/30 µ, ψ		2,075,000			1,954,857
	Eni 144A 5.70% 10/1/40 #			3,450,000			4,214,416
	Enterprise Products Operating
		3.20% 2/15/52		4,365,000			4,204,163
		4.20% 1/31/50		2,445,000			2,748,675
	EQM Midstream Partners 144A 4.75% 1/15/31 #			1,450,000			1,401,614
	Kinder Morgan 3.25% 8/1/50			5,955,000			5,631,244
	Marathon Oil 5.20% 6/1/45			2,800,000			3,188,372
	MPLX
		4.70% 4/15/48		1,260,000			1,417,751
		5.50% 2/15/49		3,340,000			4,176,450
	NuStar Logistics 6.375% 10/1/30			2,000,000			2,206,250
	Targa Resources Partners
		144A 4.875% 2/1/31 #		1,390,000			1,452,550
		5.50% 3/1/30		1,500,000			1,596,090
							42,183,762

23

---

Schedules of investments
Delaware Extended Duration Bond Fund

				Principal amount°		Value (US $)
Corporate Bonds (continued)
Finance Companies – 1.48%
	AerCap Ireland Capital DAC
		1.75% 1/30/26		2,275,000		$	2,243,092
		6.50% 7/15/25		1,865,000			2,210,851
	Air Lease 3.00% 2/1/30			1,495,000			1,524,144
	Avolon Holdings Funding 144A 2.75% 2/21/28 #			1,535,000			1,502,523
	DAE Sukuk DIFC 144A 3.75% 2/15/26 #			830,000			882,328
							8,362,938
Insurance – 7.43%
	Berkshire Hathaway Finance
		2.85% 10/15/50		1,225,000			1,259,859
		4.20% 8/15/48		5,385,000			6,805,963
		4.25% 1/15/49		1,150,000			1,466,709
	Brighthouse Financial 4.70% 6/22/47			1,637,000			1,734,212
	Centene 3.375% 2/15/30			1,820,000			1,909,298
	Empower Finance 2020 144A 3.075% 9/17/51 #			1,990,000			2,110,331
	Equitable Holdings 4.95% 9/15/25 µ, ψ			635,000			680,244
	High Street Funding Trust II 144A 4.682% 2/15/48 #			6,505,000			8,123,854
	MetLife 3.85% 9/15/25 µ, ψ			710,000			734,850
	Nationwide Mutual Insurance 144A 4.95% 4/22/44 #			2,010,000			2,382,502
	New York Life Insurance 144A 3.75% 5/15/50 #			2,705,000			3,137,740
	Pacific Life Insurance 144A 4.30% 10/24/67 #, µ			4,985,000			5,715,501
	Prudential Financial 3.70% 10/1/50 µ			1,910,000			2,003,113
	Willis North America 3.875% 9/15/49			3,260,000			3,856,595
							41,920,771
Natural Gas – 4.59%
	Brooklyn Union Gas 144A 4.273% 3/15/48 #			5,010,000			6,202,039
	Piedmont Natural Gas 3.64% 11/1/46			6,300,000			6,992,792
	Sempra Energy 4.875% 10/15/25 µ, ψ			1,485,000			1,603,355
	Southern California Gas 4.30% 1/15/49			4,500,000			5,773,050
	Southwest Gas
		3.80% 9/29/46		2,150,000			2,408,095
		4.15% 6/1/49		2,430,000			2,914,476
							25,893,807
Technology – 2.38%
	Broadcom 144A 3.50% 2/15/41 #			1,690,000			1,705,914
	Iron Mountain 144A 5.25% 7/15/30 #			1,666,000			1,768,043
	KLA 3.30% 3/1/50			4,960,000			5,467,483
	Lam Research 2.875% 6/15/50			2,675,000			2,792,318
	SS&C Technologies 144A 5.50% 9/30/27 #			1,590,000			1,685,813
							13,419,571

24

---

				Principal amount°		Value (US $)
Corporate Bonds (continued)
Transportation – 2.56%
	DAE Funding 144A 3.375% 3/20/28 #			415,000		$	427,450
	Delta Air Lines 144A 7.00% 5/1/25 #			2,465,000			2,859,986
	Mileage Plus Holdings 144A 6.50% 6/20/27 #			1,550,000			1,697,250
	Norfolk Southern 4.15% 2/28/48			4,795,000			5,861,090
	Union Pacific 3.55% 8/15/39			3,155,000			3,565,092
							14,410,868
Utilities – 1.33%
	Essential Utilities
		3.351% 4/15/50		1,015,000			1,095,170
		4.276% 5/1/49		5,138,000			6,377,977
							7,473,147
Total Corporate Bonds (cost $489,732,843)							531,027,649
Municipal Bonds – 2.14%
	Long Island, New York Power Authority Electric
		System Revenue
		(Federally Taxable - Issuer Subsidy - Build
		America Bonds) Series B 5.85% 5/1/41		3,600,000			5,209,884
	Metropolitan Transportation Authority, New York
		Revenue
		(Build America Bonds)
		Series A-2 6.089% 11/15/40		3,205,000			4,553,311
	Oregon Department of Transportation Highway User
		Tax Revenue
		(Federally Taxable Build America Bonds)
		Subordinate Series A 5.834% 11/15/34		1,605,000			2,304,748
Total Municipal Bonds (cost $8,430,316)							12,067,943
Loan Agreements – 0.27%
	Zayo Group Holdings 3.121% (LIBOR01M + 3.00%)
		3/9/27 ●		1,514,342			1,511,345
Total Loan Agreements (cost $1,510,556)							1,511,345
				Number of shares
Convertible Preferred Stock – 0.79%
	Bank of America 7.25% exercise price $50.00 ψ			1,360			1,989,381

25

---

Schedules of investments
Delaware Extended Duration Bond Fund

				Number of shares		Value (US $)
Convertible Preferred Stock (continued)
	El Paso Energy Capital Trust I 4.75% exercise price
		$34.49, maturity date 3/31/28		14,912		$	790,336
	Lyondellbasell Advanced Polymers 6.00% exercise
		price $52.33 ψ		1,597			1,693,618
Total Convertible Preferred Stock (cost $4,194,316)							4,473,335
Preferred Stock – 0.46%
	Morgan Stanley 4.051% (LIBOR03M + 3.81%) ●			2,280,000			2,281,254
	USB Realty 144A
		1.388% (LIBOR03M + 1.147%) #, ●		400,000			306,500
Total Preferred Stock (cost $2,590,000)							2,587,754
Short-Term Investments – 1.62%
Money Market Mutual Funds – 1.62%
	BlackRock FedFund – Institutional Shares
		(seven-day effective yield 0.01%)		2,274,056			2,274,056
	Fidelity Investments Money Market Government
		Portfolio – Class I (seven-day effective yield
		0.01%)		2,274,056			2,274,056
	GS Financial Square Government Fund –
		Institutional Shares (seven-day effective yield
		0.02%)		2,274,056			2,274,056
	Morgan Stanley Government Portfolio – Institutional
		Share Class (seven-day effective yield 0.00%)		2,274,056			2,274,056
Total Short-Term Investments (cost $9,096,224)							9,096,224
Total Value of Securities–100.24%
	(cost $519,949,426)					$	565,250,370

°	Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At January 31, 2021, the aggregate value of Rule 144A securities was $116,185,146, which represents 20.60% of the Fund’s net assets. See Note 8 in “Notes to financial statements.”
*	PIK. 100% of the income received was in the form of principal.
µ	Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at January 31, 2021. Rate will reset at a future date.
ψ	Perpetual security. Maturity date represents next call date.

26

---

●

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

The following futures contracts were outstanding at January 31, 2021:¹

Futures Contracts
Exchange-Traded

Contracts to Buy (Sell)		Notional Amount			Notional Cost (Proceeds)			Expiration Date		Value/ Unrealized Depreciation				Variation Margin Due from (Due to) Brokers
255 US Treasury Long Bonds		$	43,023,281		$	44,567,869		3/22/21		$	(1,544,588	)		$	(215,156	)

The use of futures contracts involves elements of market risk and risks in excess of the amounts disclosed in the financial statements. The notional amounts presented above represents the Fund’s total exposure in such contracts, whereas only the variation margin is reflected in the Fund’s net assets.

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

Summary of abbreviations:

DAC – Designated Activity Company
DIFC – Dubai International Financial Centre
GS – Goldman Sachs
ICE – Intercontinental Exchange, Inc.
LIBOR – London interbank offered rate
LIBOR01M – ICE LIBOR USD 1 Month
LIBOR03M – ICE LIBOR USD 3 Month
LIBOR06M – ICE LIBOR USD 6 Month
PIK – Payment-in-kind
USD – US Dollar

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

27

---

Statements of assets and liabilities

January 31, 2021 (Unaudited)

			Delaware Corporate Bond Fund			Delaware Extended Duration Bond Fund
Assets:
	Investments, at value*		$	1,245,618,370		$	565,250,370
	Cash			1,544,504			1,510,434
	Cash collateral due from brokers			654,775			1,122,000
	Receivable for securities sold			24,412,758			2,341,822
	Receivable for fund shares sold			13,916,910			1,086,316
	Dividends and interest receivable			10,532,618			5,956,853
	Total Assets			1,296,679,935			577,267,795
Liabilities:
	Payable for securities purchased			27,830,265			10,630,785
	Payable for fund shares redeemed			4,258,075			2,008,633
	Distribution payable			1,074,097			86,751
	Investment management fees payable to affiliates			404,615			162,404
	Other accrued expenses			230,994			168,913
	Variation margin due to broker on futures contracts			116,531			215,156
	Distribution fees payable to affiliates			84,804			37,731
	Audit and tax fees payable			25,105			25,105
	Dividend disbursing and transfer agent fees and expenses
	payable to affiliates			8,945			4,064
	Trustees’ fees and expenses payable to affiliates			4,348			2,020
	Accounting and administration expenses payable to affiliates			3,897			1,956
	Legal fees payable to affiliates			1,580			734
	Reports and statements to shareholders expenses payable to
	affiliates			1,553			696
	Total Liabilities			34,044,809			13,344,948
Total Net Assets			$	1,262,635,126		$	563,922,847
Net Assets Consist of:
	Paid-in capital		$	1,204,684,242		$	509,361,489
	Total distributable earnings (loss)			57,950,884			54,561,358
Total Net Assets			$	1,262,635,126		$	563,922,847

28

---

		Delaware Corporate Bond Fund				Delaware Extended Duration Bond Fund
Net Asset Value
Class A:
Net assets		$	201,223,258			$	107,357,079
Shares of beneficial interest outstanding, unlimited authorization,
no par			31,097,355				15,225,978
Net asset value per share		$	6.47			$	7.05
Sales charge			4.50	%			4.50	%
Offering price per share, equal to net asset value per share / (1 -
sales charge)		$	6.77			$	7.38
Class C:
Net assets		$	36,665,721			$	11,283,281
Shares of beneficial interest outstanding, unlimited authorization,
no par			5,666,155				1,601,428
Net asset value per share		$	6.47			$	7.05
Class R:
Net assets		$	14,075,995			$	10,048,705
Shares of beneficial interest outstanding, unlimited authorization,
no par			2,173,581				1,422,632
Net asset value per share		$	6.48			$	7.06
Institutional Class:
Net assets		$	1,002,428,961			$	379,035,507
Shares of beneficial interest outstanding, unlimited authorization,
no par			154,917,966				53,859,854
Net asset value per share		$	6.47			$	7.04
Class R6:
Net assets		$	8,241,191			$	56,198,275
Shares of beneficial interest outstanding, unlimited authorization,
no par			1,274,388				7,979,120
Net asset value per share		$	6.47			$	7.04
____________________ *  Investments, at cost		$	1,189,212,294			$	519,949,426

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

29

---

Statements of operations

Six months ended January 31, 2021 (Unaudited)

			Delaware Corporate Bond Fund				Delaware Extended Duration Bond Fund
Investment Income:
	Interest		$	18,743,274			$	10,346,087
	Dividends			114,963				115,632
				18,858,237				10,461,719
Expenses:
	Management fees			2,920,779				1,557,734
	Distribution expenses — Class A			250,161				148,657
	Distribution expenses — Class C			235,541				65,479
	Distribution expenses — Class R			35,140				28,586
	Dividend disbursing and transfer agent fees and expenses			651,262				321,063
	Accounting and administration expenses			118,103				65,608
	Reports and statements to shareholders expenses			72,790				35,905
	Registration fees			54,034				45,034
	Legal fees			44,701				24,641
	Trustees’ fees and expenses			34,677				16,599
	Audit and tax fees			26,270				25,770
	Custodian fees			20,487				10,926
	Other			27,444				20,319
				4,491,389				2,366,321
	Less expenses waived			(525,345	)			(512,154	)
	Less expenses paid indirectly			(241	)			(144	)
	Total operating expenses			3,965,803				1,854,023
Net Investment Income				14,892,434				8,607,696

30

---

	Delaware				Delaware
	Corporate				Extended Duration
	Bond Fund				Bond Fund
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments	$	27,120,833			$	24,370,076
Distributions from investment companies		8				5
Futures contracts		(413,872	)			(883,872	)
Net realized gain		26,706,969				23,486,209
Net change in unrealized appreciation (depreciation) of:
Investments		(28,475,813	)			(36,194,501	)
Futures contracts		(1,232,057	)			(2,484,133	)
Net change in unrealized appreciation (depreciation)		(29,707,870	)			(38,678,634	)
Net Realized and Unrealized Loss		(3,000,901	)			(15,192,425	)
Net Increase (Decrease) in Net Assets Resulting from
Operations	$	11,891,533			$	(6,584,729	)

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

31

---

Statements of changes in net assets
Delaware Corporate Bond Fund

	Six months
	ended
	1/31/21				Year ended
	(Unaudited)				7/31/20
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	14,892,434			$	31,204,544
Net realized gain		26,706,969				51,058,310
Net change in unrealized appreciation (depreciation)		(29,707,870	)			45,971,208
Net increase in net assets resulting from operations		11,891,533				128,234,062
Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		(3,698,437	)			(5,285,286	)
Class C		(696,769	)			(1,396,953	)
Class R		(242,084	)			(443,563	)
Institutional Class		(18,707,850	)			(27,210,784	)
Class R6		(130,397	)			(38,151	)
		(23,475,537	)			(34,374,737	)
Capital Share Transactions:
Proceeds from shares sold:
Class A		29,167,416				62,982,195
Class C		4,586,337				10,660,221
Class R		2,827,690				5,609,745
Institutional Class		246,407,431				504,256,201
Class R6		4,949,008				4,758,341
Net asset value of shares issued upon reinvestment of
dividends and distributions:
Class A		3,240,675				4,758,388
Class C		643,842				1,198,923
Class R		247,454				443,259
Institutional Class		13,062,659				19,226,028
Class R6		3,194				985
		305,135,706				613,894,286

32

---

	Six months
	ended
	1/31/21				Year ended
	(Unaudited)				7/31/20
Capital Share Transactions (continued):
Cost of shares redeemed:
Class A	$	(28,714,519	)		$	(53,081,068	)
Class C		(16,405,561	)			(37,184,640	)
Class R		(2,965,010	)			(10,525,703	)
Institutional Class		(151,459,218	)			(421,540,769	)
Class R6		(776,108	)			(896,507	)
		(200,320,416	)			(523,228,687	)
Increase in net assets derived from capital share transactions		104,815,290				90,665,599
Net Increase in Net Assets		93,231,286				184,524,924
Net Assets:
Beginning of period		1,169,403,840				984,878,916
End of period	$	1,262,635,126			$	1,169,403,840

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

33

---

Statements of changes in net assets
Delaware Extended Duration Bond Fund

	Six months
	ended
	1/31/21				Year ended
	(Unaudited)				7/31/20
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	8,607,696			$	20,354,911
Net realized gain		23,486,209				47,141,711
Net change in unrealized appreciation (depreciation)		(38,678,634	)			33,952,546
Net increase (decrease) in net assets resulting from
operations		(6,584,729	)			101,449,168
Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		(8,757,057	)			(6,783,486	)
Class C		(963,070	)			(700,946	)
Class R		(889,044	)			(611,834	)
Institutional Class		(30,280,886	)			(23,233,495	)
Class R6		(4,519,095	)			(2,601,926	)
		(45,409,152	)			(33,931,687	)
Capital Share Transactions:
Proceeds from shares sold:
Class A		14,592,921				31,793,438
Class C		1,354,745				4,000,885
Class R		3,496,047				5,159,979
Institutional Class		69,620,092				137,592,975
Class R6		824,363				11,168,538
Net asset value of shares issued upon reinvestment of
dividends and distributions:
Class A		8,599,945				6,688,533
Class C		960,379				651,683
Class R		895,890				613,147
Institutional Class		29,109,121				22,414,672
Class R6		4,538,840				2,586,005
		133,992,343				222,669,855

34

---

	Six months
	ended
	1/31/21				Year ended
	(Unaudited)				7/31/20
Capital Share Transactions (continued):
Cost of shares redeemed:
Class A	$	(35,930,678	)		$	(46,526,197	)
Class C		(3,709,189	)			(7,237,749	)
Class R		(5,371,616	)			(6,913,146	)
Institutional Class		(62,919,204	)			(272,359,520	)
Class R6		(1,170,589	)			(7,675,284	)
		(109,101,276	)			(340,711,896	)
Increase (decrease) in net assets derived from capital share
transactions		24,891,067				(118,042,041	)
Net Decrease in Net Assets		(27,102,814	)			(50,524,560	)
Net Assets:
Beginning of period		591,025,661				641,550,221
End of period	$	563,922,847			$	591,025,661

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

35

---

Financial highlights
Delaware Corporate Bond Fund Class A

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income2

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return4

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets5

Ratio of expenses to average net assets prior to fees waived5

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets prior to fees waived

Portfolio turnover

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	The average shares outstanding have been applied for per share information.
3	Amount is less than $0.005 per share.
4	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
5	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

36

---

	Six months ended
	1/31/211						Year ended
	(Unaudited)						7/31/20				7/31/19				7/31/18				7/31/17				7/31/16
		$	6.54				$	5.97			$	5.61			$	5.90			$	5.94			$	5.81
			0.07					0.17				0.21				0.19				0.19				0.19
			(0.02	)				0.58				0.37				(0.27	)			(0.03	)			0.14
			0.05					0.75				0.58				(0.08	)			0.16				0.33
			(0.08	)				(0.18	)			(0.22	)			(0.21	)			(0.20	)			(0.20	)
			(0.04	)				—				—				—				—				—	3
			(0.12	)				(0.18	)			(0.22	)			(0.21	)			(0.20	)			(0.20	)
		$	6.47				$	6.54			$	5.97			$	5.61			$	5.90			$	5.94
			0.79%					12.90%				10.65%				(1.44%	)			2.84%				5.91%
		$	201,223				$	199,500			$	168,910			$	200,600			$	248,143			$	352,477
			0.82%					0.82%				0.82%				0.88%				0.94%				0.94%
			0.91%					0.91%				0.92%				0.92%				0.94%				0.96%
			2.29%					2.71%				3.68%				3.26%				3.19%				3.28%
			2.20%					2.62%				3.58%				3.22%				3.19%				3.26%
			52%					172%				173%				158%				168%				217%

37

---

Financial highlights
Delaware Corporate Bond Fund Class C

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income2

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return4

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets5

Ratio of expenses to average net assets prior to fees waived5

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets prior to fees waived

Portfolio turnover

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	The average shares outstanding have been applied for per share information.
3	Amount is less than $0.005 per share.
4	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
5	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

38

---

	Six months ended
	1/31/211						Year ended
	(Unaudited)						7/31/20				7/31/19				7/31/18				7/31/17				7/31/16
		$	6.54				$	5.97			$	5.61			$	5.90			$	5.94			$	5.81
			0.05					0.12				0.17				0.14				0.14				0.15
			(0.02	)				0.59				0.37				(0.27	)			(0.02	)			0.14
			0.03					0.71				0.54				(0.13	)			0.12				0.29
			(0.06	)				(0.14	)			(0.18	)			(0.16	)			(0.16	)			(0.16	)
			(0.04	)				—				—				—				—				—	3
			(0.10	)				(0.14	)			(0.18	)			(0.16	)			(0.16	)			(0.16	)
		$	6.47				$	6.54			$	5.97			$	5.61			$	5.90			$	5.94
			0.41%					12.05%				9.83%				(2.18%	)			2.07%				5.12%
		$	36,666				$	48,283			$	68,277			$	88,274			$	131,520			$	173,057
			1.57%					1.57%				1.57%				1.63%				1.69%				1.69%
			1.66%					1.66%				1.67%				1.67%				1.69%				1.71%
			1.54%					1.96%				2.93%				2.51%				2.44%				2.53%
			1.45%					1.87%				2.83%				2.47%				2.44%				2.51%
			52%					172%				173%				158%				168%				217%

39

---

Financial highlights
Delaware Corporate Bond Fund Class R

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income2

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return4

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets5

Ratio of expenses to average net assets prior to fees waived5

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets prior to fees waived

Portfolio turnover

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	The average shares outstanding have been applied for per share information.
3	Amount is less than $0.005 per share.
4	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
5	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

40

---

	Six months ended
	1/31/211						Year ended
	(Unaudited)						7/31/20				7/31/19				7/31/18				7/31/17				7/31/16
		$	6.54				$	5.98			$	5.62			$	5.90			$	5.94			$	5.82
			0.07					0.15				0.19				0.17				0.17				0.17
			(0.01	)				0.58				0.38				(0.26	)			(0.02	)			0.14
			0.06					0.73				0.57				(0.09	)			0.15				0.31
			(0.08	)				(0.17	)			(0.21	)			(0.19	)			(0.19	)			(0.19	)
			(0.04	)				—				—				—				—				—	3
			(0.12	)				(0.17	)			(0.21	)			(0.19	)			(0.19	)			(0.19	)
		$	6.48				$	6.54			$	5.98			$	5.62			$	5.90			$	5.94
			0.82%					12.43%				10.36%				(1.51%	)			2.58%				5.47%
		$	14,076				$	14,107			$	17,517			$	19,512			$	24,207			$	29,149
			1.07%					1.07%				1.07%				1.13%				1.19%				1.19%
			1.16%					1.16%				1.17%				1.17%				1.19%				1.21%
			2.04%					2.46%				3.43%				3.01%				2.94%				3.03%
			1.95%					2.37%				3.33%				2.97%				2.94%				3.01%
			52%					172%				173%				158%				168%				217%

41

---

Financial highlights
Delaware Corporate Bond Fund Institutional Class

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income2

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return4

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets5

Ratio of expenses to average net assets prior to fees waived5

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets prior to fees waived

Portfolio turnover

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	The average shares outstanding have been applied for per share information.
3	Amount is less than $0.005 per share.
4	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
5	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

42

---

	Six months ended
	1/31/211						Year ended
	(Unaudited)						7/31/20				7/31/19				7/31/18				7/31/17				7/31/16
		$	6.54				$	5.97			$	5.61			$	5.90			$	5.94			$	5.81
			0.08					0.18				0.22				0.20				0.20				0.20
			(0.02	)				0.59				0.37				(0.27	)			(0.02	)			0.15
			0.06					0.77				0.59				(0.07	)			0.18				0.35
			(0.09	)				(0.20	)			(0.23	)			(0.22	)			(0.22	)			(0.22	)
			(0.04	)				—				—				—				—				—	3
			(0.13	)				(0.20	)			(0.23	)			(0.22	)			(0.22	)			(0.22	)
		$	6.47				$	6.54			$	5.97			$	5.61			$	5.90			$	5.94
			0.92%					13.18%				10.93%				(1.20%	)			3.09%				6.18%
		$	1,002,429				$	903,456			$	730,173			$	860,359			$	687,186			$	583,649
			0.57%					0.57%				0.57%				0.63%				0.69%				0.69%
			0.66%					0.66%				0.67%				0.67%				0.69%				0.71%
			2.54%					2.96%				3.93%				3.51%				3.44%				3.53%
			2.45%					2.87%				3.83%				3.47%				3.44%				3.51%
			52%					172%				173%				158%				168%				217%

43

---

Financial highlights
Delaware Corporate Bond Fund Class R6

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income3

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return4

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets5

Ratio of expenses to average net assets prior to fees waived5

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets prior to fees waived

Portfolio turnover

1	Date of commencement of operations; ratios have been annualized and total return has not been annualized.
2	Ratios have been annualized and total return and portfolio turnover have not been annualized.
3	The average shares outstanding have been applied for per share information.
4	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
5	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
6	Portfolio turnover is representative of the Fund for the entire period.

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

44

---

	Six months ended										1/31/191
	1/31/212						Year ended				to
	(Unaudited)						7/31/20				7/31/19
		$	6.53				$	5.97			$	5.59
			0.09					0.19				0.11
			(0.02	)				0.58				0.39
			0.07					0.77				0.50
			(0.09	)				(0.21	)			(0.12	)
			(0.04	)				—				—
			(0.13	)				(0.21	)			(0.12	)
		$	6.47				$	6.53			$	5.97
			1.12%					13.12%				8.98%
		$	8,241				$	4,058			$	2
			0.48%					0.48%				0.48%
			0.57%					0.57%				0.58%
			2.63%					3.05%				4.01%
			2.54%					2.96%				3.91%
			52%					172%				173%	6

45

---

Financial highlights
Delaware Extended Duration Bond Fund Class A

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income2

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Return of capital

Total dividends and distributions

Net asset value, end of period

Total return4

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets5

Ratio of expenses to average net assets prior to fees waived5

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets prior to fees waived

Portfolio turnover

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	The average shares outstanding have been applied for per share information.
3	Amount is less than $0.005 per share.
4	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
5	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

46

---

47

---

Financial highlights
Delaware Extended Duration Bond Fund Class C

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

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

48

---

49

---

Financial highlights
Delaware Extended Duration Bond Fund Class R

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

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

50

---

	Six months ended
	1/31/211						Year ended
	(Unaudited)						7/31/20				7/31/19				7/31/18				7/31/17				7/31/16
		$	7.74				$	6.85			$	6.29			$	6.63			$	6.80			$	6.30
			0.10					0.21				0.22				0.21				0.20				0.21
			(0.20	)				1.04				0.57				(0.33	)			(0.16	)			0.51
			(0.10	)				1.25				0.79				(0.12	)			0.04				0.72
			(0.10	)				(0.21	)			(0.23	)			(0.22	)			(0.21	)			(0.21	)
			(0.48	)				(0.15	)			—				—				—				(0.01	)
			—					—				—				—				—				—	3
			(0.58	)				(0.36	)			(0.23	)			(0.22	)			(0.21	)			(0.22	)
		$	7.06				$	7.74			$	6.85			$	6.29			$	6.63			$	6.80
			(1.37%	)				18.87%				12.87%				(1.88%	)			0.71%				11.84%
		$	10,049				$	12,065			$	11,984			$	15,389			$	19,294			$	25,965
			1.07%					1.07%				1.07%				1.12%				1.21%				1.21%
			1.25%					1.23%				1.23%				1.23%				1.25%				1.25%
			2.58%					2.91%				3.53%				3.27%				3.15%				3.35%
			2.40%					2.75%				3.37%				3.16%				3.11%				3.31%
			37%					108%				133%				147%				187%				219%

51

---

Financial highlights
Delaware Extended Duration Bond Fund Institutional Class

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income2

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Return of capital

Total dividends and distributions

Net asset value, end of period

Total return4

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets5

Ratio of expenses to average net assets prior to fees waived5

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets prior to fees waived

Portfolio turnover

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	The average shares outstanding have been applied for per share information.
3	Amount is less than $0.005 per share.
4	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
5	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

52

---

	Six months ended
	1/31/211						Year ended
	(Unaudited)						7/31/20				7/31/19				7/31/18				7/31/17				7/31/16
		$	7.71				$	6.82			$	6.27			$	6.61			$	6.78			$	6.28
			0.11					0.24				0.25				0.25				0.24				0.24
			(0.18	)				1.05				0.56				(0.34	)			(0.17	)			0.51
			(0.07	)				1.29				0.81				(0.09	)			0.07				0.75
			(0.12	)				(0.25	)			(0.26	)			(0.25	)			(0.24	)			(0.24	)
			(0.48	)				(0.15	)			—				—				—				(0.01	)
			—					—				—				—				—				—	3
			(0.60	)				(0.40	)			(0.26	)			(0.25	)			(0.24	)			(0.25	)
		$	7.04				$	7.71			$	6.82			$	6.27			$	6.61			$	6.78
			(0.99%	)				19.54%				13.30%				(1.40%	)			1.21%				12.26%
		$	379,036				$	377,316			$	444,635			$	433,957			$	393,714			$	372,052
			0.57%					0.57%				0.57%				0.62%				0.71%				0.71%
			0.75%					0.73%				0.73%				0.73%				0.75%				0.75%
			3.08%					3.41%				4.03%				3.77%				3.65%				3.85%
			2.90%					3.25%				3.87%				3.66%				3.61%				3.81%
			37%					108%				133%				147%				187%				219%

53

---

Financial highlights
Delaware Extended Duration Bond Fund Class R6

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income3

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Return of capital

Total dividends and distributions

Net asset value, end of period

Total return5

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets6

Ratio of expenses to average net assets prior to fees waived6

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets prior to fees waived

Portfolio turnover

1	Date of commencement of operations; ratios have been annualized and total return has not been annualized.
2	Ratios have been annualized and total return and portfolio turnover have not been annualized.
3	The average shares outstanding have been applied for per share information.
4	Amount is less than $0.005 per share.
5	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
6	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
7	Portfolio turnover is representative of the Fund for the entire period.

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

54

---

	Six months ended																						5/2/161
	1/31/212						Year ended																to
	(Unaudited)						7/31/20				7/31/19				7/31/18				7/31/17				7/31/16
		$	7.72				$	6.83			$	6.27			$	6.61			$	6.78			$	6.38
			0.12					0.25				0.26				0.25				0.24				0.23
			(0.20	)				1.04				0.56				(0.33	)			(0.16	)			0.22
			(0.08	)				1.29				0.82				(0.08	)			0.08				0.45
			(0.12	)				(0.25	)			(0.26	)			(0.26	)			(0.25	)			(0.05	)
			(0.48	)				(0.15	)			—				—				—				—
			—					—				—				—				—				—	4
			(0.60	)				(0.40	)			(0.26	)			(0.26	)			(0.25	)			(0.05	)
		$	7.04				$	7.72			$	6.83			$	6.27			$	6.61			$	6.78
			(1.09%	)				19.61%				13.56%				(1.32%	)			1.29%				7.20%
		$	56,198				$	57,108			$	44,970			$	48,373			$	23,229			$	8,578
			0.49%					0.49%				0.49%				0.54%				0.63%				0.63%
			0.65%					0.63%				0.64%				0.65%				0.67%				0.65%
			3.16%					3.49%				4.11%				3.85%				3.73%				3.40%
			3.00%					3.35%				3.96%				3.74%				3.69%				3.38%
			37%					108%				133%				147%				187%				219%	7

55

---

Notes to financial statements
Delaware Corporate Bond Fund and Delaware Extended Duration Bond Fund	January 31, 2021 (Unaudited)

Delaware Group^® Income Funds (Trust) is organized as a Delaware statutory trust and offers four series: Delaware Corporate Bond Fund, Delaware Extended Duration Bond Fund, Delaware Floating Rate Fund, and Delaware High-Yield Opportunities Fund. These financial statements and the related notes pertain to Delaware Corporate Bond Fund and Delaware Extended Duration Bond Fund (each, a Fund or together, the Funds). The Trust is an open-end investment company. Each Fund is considered diversified under the Investment Company Act of 1940, as amended, and offers Class A, Class C, Class R, Institutional Class, and Class R6 shares. Class A shares are sold with a maximum front-end sales charge of 4.50%. Class A share purchases of $1,000,000 or more will incur a contingent deferred sales charge (CDSC) instead of a front-end sales charge of 1.00%, if redeemed during the first year, and 0.50% during the second year, provided that Delaware Distributors, L.P. (DDLP) paid a financial advisor a commission on the purchase of those shares. Class C shares are sold with a CDSC of 1.00%, which will be incurred if redeemed during the first 12 months. Class R, Institutional Class, and Class R6 shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class R6 shares do not pay any service fees, sub-accounting fees, and/or sub-transfer agency fees to any brokers, dealers or other financial intermediaries.

1. Significant Accounting Policies

Each Fund follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services — Investment Companies. The following accounting policies are in accordance with US generally accepted accounting principles (US GAAP) and are consistently followed by the Funds.

Security Valuation — Equity securities, except those traded on the Nasdaq Stock Market LLC (Nasdaq), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange on the valuation date. Equity securities traded on the Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If, on a particular day, an equity security does not trade, the mean between the bid and ask prices will be used, which approximates fair value. US government and agency securities are valued at the mean between the bid and ask prices, which approximates fair value. Open-end investment companies are valued at their published net asset value (NAV). Other debt securities are valued based upon valuations provided by an independent pricing service or broker and reviewed by management. To the extent current market prices are not available, the pricing service may take into account developments related to the specific security, as well as transactions in comparable securities. Valuations for fixed income securities utilize matrix systems, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. Futures contracts are valued at the daily quoted settlement prices. Generally, other securities and assets for which market quotations are not readily available are valued at fair value as determined in good faith under the direction of the Trust’s Board of Trustees (Board). In determining whether market quotations are readily available or fair valuation will be used, various factors will be taken into consideration, such as market closures or suspension of trading in a security. Restricted securities are valued at fair value using methods approved by the Board.

Federal Income Taxes — No provision for federal income taxes has been made as each Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under

56

---

Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. Each Fund evaluates tax positions taken or expected to be taken in the course of preparing each Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are recorded as a tax benefit or expense in the current year. Management has analyzed each Fund’s tax positions taken or expected to be taken on each Fund’s federal income tax returns through the six months ended January 31, 2021, and for all open tax years (years ended July 31, 2018–July 31, 2020), and has concluded that no provision for federal income tax is required in each Fund’s financial statements. If applicable, each Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in “Other” on the “Statements of operations.” During the six months ended January 31, 2021, the Funds did not incur any interest or tax penalties.

Class Accounting — Investment income and common expenses are allocated to the various classes of each Fund on the basis of “settled shares” of each class in relation to the net assets of each Fund. Realized and unrealized gain (loss) on investments are allocated to the various classes of each Fund on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class. Class R6 shares will not be allocated any expenses related to service fees, sub-accounting fees, and/or sub-transfer agency fees paid to brokers, dealers, or other financial intermediaries.

Use of Estimates — The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other — Expenses directly attributable to a Fund are charged directly to that Fund. Other expenses common to various funds within the Delaware Funds^® by Macquarie (Delaware Funds) are generally allocated among such funds on the basis of average net assets. Management fees and certain other expenses are paid monthly. Security transactions are recorded on the date the securities are purchased or sold (trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Discounts and premiums on debt securities are accreted or amortized to interest income, respectively, over the lives of the respective securities using the effective interest method. Premiums on callable debt securities are amortized to interest income to the earliest call date using the effective interest method. Each Fund declares dividends daily from net investment income and pays the dividends monthly and declares and pays distributions from net realized gain on investments, if any, annually. Each Fund may distribute more frequently, if necessary for tax purposes. Dividends and distributions, if any, are recorded on the ex-dividend date.

Each Fund receives earnings credits from its custodian when positive cash balances are maintained, which may be used to offset custody fees. The expenses paid under this arrangement are included on the “Statements of operations” under “Custodian fees” with the corresponding expenses offset included

57

---

Notes to financial statements
Delaware Corporate Bond Fund and
Delaware Extended Duration Bond Fund

1. Significant Accounting Policies (continued)

under “Less expenses paid indirectly.” There were no earnings credit for the six months ended January 31, 2021 for Delaware Corporate Bond Fund and Delaware Extended Duration Bond Fund.

Each Fund receives earnings credits from its transfer agent when positive cash balances are maintained, which may be used to offset transfer agent fees. If the amount earned is greater than $1, the expenses paid under this arrangement are included on the “Statements of operations” under “Dividend disbursing and transfer agent fees and expenses” with the corresponding expenses offset included under “Less expenses paid indirectly.” For the six months ended January 31, 2021, each Fund earned the following amounts under this arrangement:

Fund		Earnings Credits
Delaware Corporate Bond Fund		$	241
Delaware Extended Duration Bond Fund			144

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

In accordance with the terms of its respective investment management agreement, each Fund pays Delaware Management Company (DMC), a series of Macquarie Investment Management Business Trust and the investment manager, an annual fee which is calculated daily and paid monthly based on each Fund’s average daily net assets as follows:

		Delaware Corporate Bond Fund					Delaware Extended Duration Bond Fund
On the first $500 million			0.5000	%				0.5500	%
On the next $500 million			0.4750	%				0.5000	%
On the next $1.5 billion			0.4500	%				0.4500	%
In excess of $2.5 billion			0.4250	%				0.4250	%

DMC has contractually agreed to waive all or a portion, if any, of its management fee and/or pay/reimburse each Fund to the extent necessary to ensure that total annual operating expenses (excluding any distribution and service (12b-1) fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) from exceeding 0.57% of average daily net assets of Class A, Class C, Class R, and Institutional Class shares and 0.48% of average daily net assets of Class R6 shares. Prior to November 27, 2020, Delaware Extended Duration Bond Fund, expense waiver was 0.57% of average daily net assets of Class A, Class C, Class R, and Institutional Class shares, and 0.49% of average daily net assets of Class R6 shares. The expense waivers were in effect from August 1, 2020 through January 31, 2021.* These waivers and reimbursements may be terminated only by agreement of DMC and the Funds. The waivers and reimbursements are accrued daily and received monthly.

DMC may seek investment advice and recommendations from its affiliates: Macquarie Investment Management Europe Limited, Macquarie Investment Management Austria Kapitalanlage AG, and Macquarie Investment Management Global Limited (together, the “Affiliated Sub-Advisors”). The

58

---

Manager may also permit these Affiliated Sub-Advisors to execute Fund security trades on behalf of the Manager and exercise investment discretion for securities in certain markets where DMC believes it will be beneficial to utilize an Affiliated Sub-Advisor’s specialized market knowledge. Although the Affiliated Sub-Advisors serve as sub-advisors, DMC has ultimate responsibility for all investment advisory services. For these services, DMC, not the Fund, pays each Affiliated Sub-Advisor a portion of its investment management fee.

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

Fund		Fees
Delaware Corporate Bond Fund		$	22,533
Delaware Extended Duration Bond Fund			11,693

DIFSC is also the transfer agent and dividend disbursing agent of each Fund. For these services, DIFSC’s fees are calculated daily and paid monthly based on the aggregate daily net assets of the retail funds within the Delaware Funds at the following annual rates: 0.014% of the first $20 billion; 0.011% of the next $5 billion; 0.007% of the next $5 billion; 0.005% of the next $20 billion; and 0.0025% of average daily net assets in excess of $50 billion. The fees payable to DIFSC under the shareholder services agreement described above are allocated among all retail funds in the Delaware Funds on a relative NAV basis. These amounts are included on the “Statements of operations” under “Dividend disbursing and transfer agent fees and expenses.” For the six months ended January 31, 2021, each Fund was charged for these services as follows:

Fund		Fees
Delaware Corporate Bond Fund		$	54,403
Delaware Extended Duration Bond Fund			25,682

Pursuant to a sub-transfer agency agreement between DIFSC and BNY Mellon Investment Servicing (US) Inc. (BNYMIS), BNYMIS provides certain sub-transfer agency services to the Funds. Sub-transfer agency fees are paid by the Funds and are also included on the “Statements of operations” under “Dividend disbursing and transfer agent fees and expenses.” The fees that are calculated daily and paid as invoices are received on a monthly or quarterly basis.

Pursuant to a distribution agreement and distribution plan, each Fund pays DDLP, the distributor and an affiliate of DMC, an annual 12b-1 fee of 0.25%, 1.00%, and 0.50% of the average daily net assets of the

59

---

Notes to financial statements
Delaware Corporate Bond Fund and
Delaware Extended Duration Bond Fund

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

Class A, Class C, and Class R shares, respectively. The fees are calculated daily and paid monthly. Institutional Class and Class R6 shares do not pay 12b-1 fees.

As provided in the investment management agreement, each Fund bears a portion of the cost of certain resources shared with DMC, including the cost of internal personnel of DMC and/or its affiliates that provide legal, tax, and regulatory reporting services to the Funds. These amounts are included on the “Statements of operations” under “Legal fees.” For the six months ended January 31, 2021, each Fund was charged for internal legal, tax, and regulatory reporting services provided by DMC and/or its affiliates’ employees as follows:

Fund		Fees
Delaware Corporate Bond Fund		$	17,690
Delaware Extended Duration Bond Fund			8,384

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

Fund		Commissions
Delaware Corporate Bond Fund			$	6,608
Delaware Extended Duration Bond Fund				10,961

For the six months ended January 31, 2021, DDLP received gross CDSC commissions on redemptions of each Fund’s Class C shares and these commissions were entirely used to offset upfront commissions previously paid by DDLP to broker/dealers on sales of those shares. The amounts received were as follows:

Fund		Class C
Delaware Corporate Bond Fund		$	4,291
Delaware Extended Duration Bond Fund			1,264

Trustees’ fees include expenses accrued by each Fund for each Trustee’s retainer and meeting fees. Certain officers of DMC, DIFSC, and DDLP are officers and/or Trustees of the Trust. These officers and Trustees are paid no compensation by the Funds.

In addition to the management fees and other expenses of a Fund, a Fund indirectly bears the investment management fees and other expenses of the investment companies (Underlying Funds) in which it invests. The amount of these fees and expenses incurred indirectly by a Fund will vary based upon the expense and fee levels of the Underlying Funds and the number of shares that are owned of the Underlying Funds at different times.

*	The aggregate contractual waiver period covering this report is from January 1, 2020 through November 27, 2021.

60

---

3. Investments

For the six months ended January 31, 2021, each Fund made purchases and sales of investment securities other than short-term investments as follows:

		Purchases				Sales
		other than		Purchases of		other than		Sales of
		US government		US government		US government		US government
Fund		securities		securities		securities		securities
Delaware Corporate
Bond Fund		$551,387,552		$141,938,132		$467,088,626		$146,231,698
Delaware Extended
Duration Bond
Fund		204,593,936		2,426,621		215,758,025		2,348,223

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

				Aggregate		Aggregate
				unrealized		unrealized		Net unrealized
		Cost of		appreciation		depreciation		appreciation
		investments		of investments		of investments		of investments
Fund		and derivatives		and derivatives		and derivatives		and derivatives
Delaware Corporate
Bond Fund		$1,193,541,925		$56,194,368		$(4,802,942)		$51,391,426
Delaware Extended
Duration Bond
Fund		520,509,640		46,371,202		(3,175,060)		43,196,142

At July 31, 2020, there was no capital loss carryforwards for Delaware Extended Duration Bond Fund. At July 31, 2020, capital loss carryforwards available to offset future realized capital gains for Delaware Corporate Bond Fund were as follows:

		Loss carryforward character
		Short-term		Long-term		Total
Delaware Corporate Bond
Fund		$—		$10,905,533		$10,905,533

US GAAP defines fair value as the price that each Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three-level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions that market

61

---

Notes to financial statements
Delaware Corporate Bond Fund and
Delaware Extended Duration Bond Fund

3. Investments (continued) participants would use in pricing the asset or liability based on the best information available under the circumstances. Each Fund’s investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-level hierarchy of inputs is summarized as follows:

Level 3 investments are valued using significant unobservable inputs. Each Fund may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may also be based upon current market prices of securities that are comparable in coupon, rating, maturity, and industry. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.

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

		Delaware Corporate Bond Fund
		Level 1			Level 2			Total
Securities
Assets:
Convertible Bonds		$	—		$	8,385,861		$	8,385,861
Convertible Preferred Stock1			1,204,743			2,977,884			4,182,627
Corporate Bonds			—			1,185,043,090			1,185,043,090
Loan Agreements			—			9,320,180			9,320,180
Preferred Stock			—			7,135,252			7,135,252
US Treasury Obligations			—			3,878,479			3,878,479
Short-Term Investments			27,672,881			—			27,672,881
Total Value of Securities		$	28,877,624		$	1,216,740,746		$	1,245,618,370

62

---

		Delaware Corporate Bond Fund
		Level 1				Level 2			Total
Derivatives2
Liabilities:
Futures Contracts		$	(685,020	)		$	—		$	(685,020	)

		Delaware Extended Duration Bond Fund
		Level 1				Level 2			Total
Securities
Assets:
Convertible Bonds		$	—			$	4,486,120		$	4,486,120
Convertible Preferred Stock1			2,779,717				1,693,618			4,473,335
Corporate Bonds			—				531,027,649			531,027,649
Loan Agreements			—				1,511,345			1,511,345
Municipal Bonds			—				12,067,943			12,067,943
Preferred Stock			—				2,587,754			2,587,754
Short-Term Investments			9,096,224				—			9,096,224
Total Value of Securities		$	11,875,941			$	553,374,429		$	565,250,370
Derivatives2
Liabilities:
Futures Contracts		$	(1,544,588	)		$	—		$	(1,544,588	)

1

Security type is valued across multiple levels. Level 1 investments represent exchange-traded investments while Level 2 investments represent investments with observable inputs or matrix-priced investments. The amounts attributed to Level 1 investments and Level 2 investments represent the following percentages of the total market value of these security types for each Fund:

		Delaware
		Corporate
		Bond Fund
		Level 1		Level 2		Total
Convertible Preferred Stock		28.80%		71.20%		100.00%
		Delaware
		Extended Duration
		Bond Fund
		Level 1		Level 2		Total
Convertible Preferred Stock		62.14%		37.86%		100.00%

2	Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument at period end.

During the six months ended January 31, 2021, there were no transfers into or out of Level 3 investments. Each Fund’s policy is to recognize transfers into or out of Level 3 investments based on fair value at the beginning of the reporting period.

63

---

Notes to financial statements
Delaware Corporate Bond Fund and
Delaware Extended Duration Bond Fund

3. Investments (continued)

A reconciliation of Level 3 investments is presented when each Fund has a significant amount of Level 3 investments at the beginning, interim, or end of the period in relation to each Fund’s net assets. During the six months ended January 31, 2021, there were no Level 3 investments.

4. Capital Shares

Transactions in capital shares were as follows:

		Delaware Corporate Bond Fund						Delaware Extended Duration Bond Fund
		Six months						Six months
		ended			Year ended			ended			Year ended
		1/31/21			7/31/20			1/31/21			7/31/20
Shares sold:
Class A		4,496,595			10,153,386			1,987,299			4,439,282
Class C		708,248			1,738,267			183,956			562,875
Class R		436,815			905,259			476,356			736,113
Institutional Class		38,033,259			82,566,206			9,474,713			19,369,145
Class R6		772,132			766,427			112,419			1,520,821
Shares issued upon reinvestment of dividends and distributions:
Class A		499,544			781,707			1,187,441			956,470
Class C		99,198			197,049			132,892			93,282
Class R		38,123			72,860			123,607			87,481
Institutional Class		2,013,854			3,156,644			4,031,511			3,210,298
Class R6		493			156			627,730			369,396
		47,098,261			100,337,961			18,337,924			31,345,163
Shares redeemed:
Class A		(4,421,290	)		(8,692,677	)		(4,862,537	)		(6,798,456	)
Class C		(2,528,108	)		(5,979,168	)		(510,451	)		(1,019,738	)
Class R		(457,826	)		(1,751,822	)		(736,436	)		(1,014,830	)
Institutional Class		(23,359,020	)		(69,739,026	)		(8,566,398	)		(38,810,928	)
Class R6		(119,433	)		(145,752	)		(159,955	)		(1,075,826	)
		(30,885,677	)		(86,308,445	)		(14,835,777	)		(48,719,778	)
Net increase (decrease)		16,212,584			14,029,516			3,502,147			(17,374,615	)

64

---

Certain shareholders may exchange shares of one class for shares of another class in the same Fund. These exchange transactions are included as subscriptions and redemptions in the table on the previous page and on the “Statements of changes in net assets.” For the six months ended January 31, 2021 and the year ended July 31, 2020, each Fund had the following exchange transactions:

		Exchange Redemptions						Exchange Subscriptions
						Institutional				Institutional
		Class A		Class C		Class		Class A		Class
		Shares		Shares		Shares		Shares		Shares		Value
Delaware Corporate Bond Fund
Six months ended
1/31/21		9,077		61,536		—		47,406		23,240		$458,295
Year ended
7/31/20		23,616		79,498		2,410		60,214		45,359		655,916
Delaware Extended Duration Bond Fund
Six months ended
1/31/21		11,881		29,185		—		29,171		11,904		294,343
Year ended
7/31/20		5,885		32,354		—		32,370		5,894		271,502

5. Line of Credit

Each Fund, along with certain other funds in the Delaware Funds (Participants), was a participant in a $275,000,000 revolving line of credit (Agreement) intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the Agreement, the Participants were charged an annual commitment fee of 0.15%, which was allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants were permitted to borrow up to a maximum of one-third of their net assets under the Agreement. Each Participant was individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the Agreement expired on November 2, 2020.

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

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

6. Derivatives

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

65

---

Notes to financial statements
Delaware Corporate Bond Fund and
Delaware Extended Duration Bond Fund

6. Derivatives (continued)

Futures Contracts — A futures contract is an agreement in which the writer (or seller) of the contract agrees to deliver to the buyer an amount of cash or securities equal to a specific dollar amount times the difference between the value of a specific security or index at the close of the last trading day of the contract and the price at which the agreement is made. Each Fund may use futures in the normal course of pursuing its investment objective. Each Fund may invest in futures contracts to hedge its existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions. Upon entering into a futures contract, each Fund deposits cash or pledges US government securities to a broker, equal to the minimum “initial margin” requirements of the exchange on which the contract is traded. Subsequent payments are received from the broker or paid to the broker each day, based on the daily fluctuation in the market value of the contract. These receipts or payments are known as “variation margin” and are recorded daily by the Funds as unrealized gains or losses until the contracts are closed. When the contracts are closed, the Funds record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts include potential imperfect correlation between the futures contracts and the underlying securities and the possibility of an illiquid secondary market for these instruments. When investing in futures, there is reduced counterparty credit risk to the Funds because futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees against default. At January 31, 2021, Delaware Corporate Bond Fund posted $654,775 and Delaware Extended Duration Bond Fund posted $1,122,000 cash collateral as margin for open futures contracts, which is included in “Cash collateral due from broker” on the “Statements of assets and liabilities.”

During the six months ended January 31, 2021, each Fund used futures contracts to hedge the Funds’ existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions.

During the six months ended January 31, 2021, the Funds experienced net realized and unrealized gain or loss attributable to their use of futures contracts, which is disclosed as “Variation margin due from broker on futures contracts” on the “Statements of assets and liabilities” and as “Net realized gain (loss) on futures contracts” on the “Statements of operations.”

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

		Long Derivative Volume
		Delaware Corporate Bond Fund			Delaware Extended Duration Bond Fund
Futures contracts (average
notional value)		$	42,120,141		$	43,679,843

7. Securities Lending

Each Fund, along with other funds in the Delaware Funds, may lend its securities pursuant to a security lending agreement (Lending Agreement) with The Bank of New York Mellon (BNY Mellon). At the time a security is loaned, the borrower must post collateral equal to the required percentage of the market value

66

---

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

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

In the event of default or bankruptcy by the lending agent, realization and/or retention of the collateral may be subject to legal proceedings. In the event the borrower fails to return loaned securities and the collateral received is insufficient to cover the value of the loaned securities and provided such collateral shortfall is not the result of investment losses, the lending agent has agreed to pay the amount of the shortfall to each Fund or, at the discretion of the lending agent, replace the loaned securities. Each Fund continues to record dividends or interest, as applicable, on the securities loaned and is subject to changes in value of the securities loaned that may occur during the term of the loan. Each Fund has the right under the Lending Agreement to recover the securities from the borrower on demand. With respect to security loans collateralized by non-cash collateral, each Fund receives loan premiums paid by the borrower. With respect to security loans collateralized by cash collateral, the earnings from the collateral investments are shared among each Fund, the security lending agent, and the borrower. Each Fund records security lending income net of allocations to the security lending agent and the borrower.

Each Fund may incur investment losses as a result of investing securities lending collateral. This could occur if an investment in the collateral investment account defaulted or became impaired. Under those circumstances, the value of each Fund’s cash collateral account may be less than the amount each Fund would be required to return to the borrowers of the securities and each Fund would be required to make up for this shortfall.

67

---

Notes to financial statements
Delaware Corporate Bond Fund and
Delaware Extended Duration Bond Fund

7. Securities Lending (continued)

During the six months ended January 31, 2021, each Fund had no securities out on loan.

8. Credit and Market Risk

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

Each Fund invests in high yield fixed income securities, which are securities rated lower than BBB- by Standard & Poor’s Financial Services LLC and lower than Baa3 by Moody’s Investors Service, Inc., or similarly rated by another nationally recognized statistical rating organization. Investments in these higher yielding securities are generally accompanied by a greater degree of credit risk than higher rated securities. Additionally, lower rated securities may be more susceptible to adverse economic and competitive industry conditions than investment grade securities.

When interest rates rise, fixed income securities (i.e. debt obligations) generally will decline in value. These declines in value are greater for fixed income securities with longer maturities or durations.

IBOR is the risk that changes related to the use of the London interbank offered rate (LIBOR) and other interbank offered rate (collectively, IBORs) could have adverse impacts on financial instruments that reference LIBOR (or the corresponding IBOR). The abandonment of LIBOR could affect the value and liquidity of instruments that reference LIBOR. The use of alternative reference rate products may impact investment strategy performance. These risks may also apply with respect to changes in connection with other IBORs, such as the euro overnight index average (EONIA), which are also the subject of recent reform.

Each Fund invests in bank loans and other securities that may subject them to direct indebtedness risk, the risk that the Funds will not receive payment of principal, interest, and other amounts due in connection with these investments and will depend primarily on the financial condition of the borrower. Loans that are fully secured offer the Funds more protection than unsecured loans in the event of nonpayment of scheduled interest or principal, although there is no assurance that the liquidation of collateral from a secured loan would satisfy the corporate borrower’s obligation, or that the collateral can be liquidated. Some loans or claims may be in default at the time of purchase. Certain of the loans and the other direct indebtedness acquired by the Funds may involve revolving credit facilities or other standby financing commitments that obligate the Funds to pay additional cash on a certain date or on demand. These commitments may require each Fund to increase its investment in a company at a time when the Funds might not otherwise decide to do so (including at a time when the company’s financial condition makes it unlikely that such amounts will be repaid). To the extent that each Fund is committed to advance additional funds, it will at all times hold and maintain cash or other high grade debt obligations in an amount sufficient to meet such commitments. When a loan agreement is purchased, the Funds may pay an assignment fee. On an ongoing basis, the Funds may receive a commitment fee

68

---

based on the undrawn portion of the underlying line of credit portion of a loan agreement. Prepayment penalty fees are received upon the prepayment of a loan agreement by the borrower. Prepayment penalty, facility, commitment, consent, and amendment fees are recorded to income as earned or paid.

As the Funds may be required to rely upon another lending institution to collect and pass on to the Funds amounts payable with respect to the loan and to enforce the Funds’ rights under the loan and other direct indebtedness, an insolvency, bankruptcy, or reorganization of the lending institution may delay or prevent the Funds from receiving such amounts. The highly leveraged nature of many loans may make them especially vulnerable to adverse changes in economic or market conditions. Investments in such loans and other direct indebtedness may involve additional risk to the Funds.

Each Fund invests in certain obligations that may have liquidity protection designed to ensure that the receipt of payments due on the underlying security is timely. Such protection may be provided through guarantees, insurance policies, or letters of credit obtained by the issuer or sponsor through third parties, through various means of structuring the transaction, or through a combination of such approaches. The Funds will not pay any additional fees for such credit support, although the existence of credit support may increase the price of a security.

Each Fund may invest up to 15% of its net assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A promulgated under the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair each Fund from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, each Board has delegated to DMC, the day-to-day functions of determining whether individual securities are liquid for purposes of the Funds’ limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Funds’ 15% limit on investments in illiquid securities. Rule 144A securities have been identified on the “Schedules of investments.”

9. Contractual Obligations

Each Fund enters into contracts in the normal course of business that contain a variety of indemnifications. Each Fund’s maximum exposure under these arrangements is unknown. However, each Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed each Fund’s existing contracts and expects the risk of loss to be remote.

10. Recent Accounting Pronouncements

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

69

---

Notes to financial statements
Delaware Corporate Bond Fund and
Delaware Extended Duration Bond Fund

10. Recent Accounting Pronouncements (continued)

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

11. Subsequent Events

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

70

---

Other Fund information (Unaudited)
Delaware Corporate Bond Fund and Delaware Extended Duration Bond Fund

Board consideration of Investment Advisory and Sub-Advisory Agreements for Delaware Corporate Bond Fund and Delaware Extended Duration Bond Fund at a meeting held August 11-13, 2020

At a meeting held on August 11-13, 2020 (the “Annual Meeting”), the Board of Trustees (the “Board”), including a majority of disinterested or independent Trustees, approved the renewal of the Investment Advisory and Sub-Advisory Agreements for each of Delaware Corporate Bond Fund and Delaware Extended Duration Bond Fund (each, a “Fund” and together, the “Funds”). In making its decision, the Board considered information furnished at regular quarterly Board meetings, including reports detailing Fund performance, investment strategies, and expenses, as well as information prepared specifically in connection with the renewal of the investment advisory and sub-advisory contracts. Information furnished specifically in connection with the renewal of the Investment Management Agreement with Delaware Management Company (“DMC”), a series of Macquarie Investment Management Business Trust (“MIMBT”), and the Sub-Advisory Agreements with Macquarie Investment Management Global Limited (“MIMGL”), Macquarie Investment Management Europe Limited (“MIMEL”), and Macquarie Investment Management Austria Kapitalanlage AG (“MIMAK”) (the “Sub-Advisers”), included materials provided by DMC and its affiliates (collectively, “Macquarie Investment Management”) concerning, among other things, the nature, extent, and quality of services provided to the Funds; the costs of such services to the Funds; economies of scale; and the investment manager’s financial condition and profitability. In addition, in connection with the Annual Meeting, materials were provided to the Trustees in May 2020, including reports provided by Broadridge Financial Solutions (“Broadridge”). The Broadridge reports compared each Fund’s investment performance and expenses with those of other comparable mutual funds. The Independent Trustees reviewed and discussed the Broadridge reports with independent legal counsel to the Independent Trustees. In addition to the information noted above, the Board also requested and received information regarding DMC’s policy with respect to advisory fee levels and its breakpoint philosophy; the structure of portfolio manager compensation; comparative client fee information; and any constraints or limitations on the availability of securities for certain investment styles, which had in the past year inhibited, or which were likely in the future to inhibit, the investment manager’s ability to invest fully in accordance with Fund policies.

In considering information relating to the approval of each Fund’s advisory and sub-advisory agreements, as applicable, the Independent Trustees received assistance and advice from and met separately with independent legal counsel to the Independent Trustees and also received assistance and advice from an experienced and knowledgeable independent fund consultant, JDL Consultants, LLC (“JDL”). Although the Board gave attention to all information furnished, the following discussion identifies, under separate headings, the primary factors taken into account by the Board during its contract renewal considerations.

Nature, extent, and quality of services. The Board considered the services provided by DMC to the Funds and their shareholders. In reviewing the nature, extent, and quality of services, the Board considered reports furnished to it throughout the year, which covered matters such as the relative performance of the Funds; compliance of portfolio managers with the investment policies, strategies, and restrictions for the Funds; compliance by DMC and Delaware Distributors, L.P. (together, “Management”) personnel with the Code of Ethics adopted throughout the Delaware Funds^® by Macquarie (“Delaware Funds”); and adherence to fair value pricing procedures as established by the

71

---

Other Fund information (Unaudited)
Delaware Corporate Bond Fund and Delaware Extended Duration Bond Fund

Board consideration of Investment Advisory and Sub-Advisory Agreements for Delaware Corporate Bond Fund and Delaware Extended Duration Bond Fund at a meeting held August 11-13, 2020 (continued)

Board. The Board was pleased with the current staffing of DMC and the emphasis placed on research in the investment process. The Board recognized DMC’s receipt of certain favorable industry distinctions during the past several years. The Board gave favorable consideration to DMC’s efforts to control expenses while maintaining service levels committed to Fund matters. The Board also noted the benefits provided to Fund shareholders through (a) each shareholder’s ability to: (i) exchange an investment in one Delaware Fund for the same class of shares in another Delaware Fund without a sales charge, or (ii) reinvest Fund dividends into additional shares of the Fund or into additional shares of other Delaware Funds, and (b) the privilege to combine holdings in other Delaware Funds to obtain a reduced sales charge. The Board was satisfied with the nature, extent, and quality of the overall services provided by DMC.

Nature, extent, and quality of services. The Board considered the services provided by each Sub-Adviser to the Funds. In reviewing the nature, extent, and quality of services, the Board considered reports furnished to it throughout the year at regular Board Meetings covering matters such as relative performance of the Funds; compliance of portfolio managers with the investment policies, strategies, and restrictions for the Funds; the compliance of Sub-Adviser personnel with its Code of Ethics; and adherence to fair value pricing procedures as established by the Board. The Board was pleased with the current staffing of the Sub-Advisers and the emphasis placed on research in the investment process. The Board was satisfied with the nature, extent, and quality of the overall services provided by the Sub-Advisers.

Investment performance. The Board placed significant emphasis on the investment performance of the Funds in view of the importance of investment performance to shareholders. Although the Board considered performance reports and discussions with portfolio managers at Investment Committee meetings throughout the year, the Board gave particular weight to the Broadridge reports furnished for the Annual Meeting. The Broadridge reports prepared for each Fund showed the investment performance of its Class A shares in comparison to a group of similar funds as selected by Broadridge (the “Performance Universe”). A fund with the best performance ranked first, and a fund with the poorest performance ranked last. The highest/best performing 25% of funds in the Performance Universe make up the first quartile; the next 25%, the second quartile; the next 25%, the third quartile; and the poorest/worst performing 25% of funds in the Performance Universe make up the fourth quartile. Comparative annualized performance for each Fund was shown for the past 1-, 3-, 5-, and 10-year periods, to the extent, applicable, ended January 31, 2020. The Board’s objective is that each Fund’s performance for the 1-, 3-, and 5-year periods be at or above the median of its Performance Universe.

Delaware Corporate Bond Fund – The Performance Universe for the Fund consisted of the Fund and all retail and institutional BBB-rated corporate debt funds as selected by Broadridge. The Broadridge report comparison showed that the Fund’s total return for the 1-, 3-, and 10-year periods was in the first quartile of its Performance Universe. The report further showed that the Fund’s total return for the 5-year period was in the second quartile of its Performance Universe. The Board was satisfied with performance.

72

---

Delaware Extended Duration Bond Fund – The Performance Universe for the Fund consisted of the Fund and all retail and institutional BBB-rated corporate debt funds as selected by Broadridge. The Broadridge report comparison showed that the Fund’s total return for the 1-, 3-, 5-, and 10-year periods was in the first quartile of its Performance Universe. The Board was satisfied with performance.

Comparative expenses. The Board considered expense data for the Delaware Funds. Management provided the Board with information on pricing levels and fee structures for each Fund as of its most recently completed fiscal year. The Board also focused on the comparative analysis of effective management fees and total expense ratios of each Fund versus effective management fees and total expense ratios of a group of similar funds as selected by Broadridge (the “Expense Group”). In reviewing comparative costs, each Fund’s contractual management fee and the actual management fee incurred by the Fund were compared with the contractual management fees (assuming all funds in the Expense Group were similar in size to the Fund) and actual management fees (as reported by each fund) within the Expense Group, taking into account any applicable breakpoints and fee waivers. Each Fund’s total expenses were also compared with those of its Expense Group. The Broadridge total expenses, for comparative consistency, were shown by Broadridge for Class A shares and comparative total expenses including 12b-1 and non-12b-1 service fees. The Board’s objective is for each Fund’s total expense ratio to be competitive with those of the peer funds within its Expense Group.

Delaware Corporate Bond Fund – The expense comparisons for the Fund showed that its actual management fee and total expenses were in the quartile with the second lowest expenses of its Expense Group. The Board was satisfied with the management fee and total expenses of the Fund in comparison to those of its Expense Group as shown in the Broadridge report.

Delaware Extended Duration Bond Fund – The expense comparisons for the Fund showed that its actual management fee was in the quartile with the second highest expenses of its Expense Group and its total return was in the quartile with the second lowest expenses of its Expense Group. The Board was satisfied with the total expenses of the Fund in comparison to those of its Expense Group as shown in the Broadridge report.

Management profitability. The Board considered the level of profits realized by DMC in connection with the operation of the Funds. In this respect, the Board reviewed the Investment Management Profitability Analysis that addressed the overall profitability of DMC’s business in providing management and other services to each of the individual funds and the Delaware Funds as a whole. Specific attention was given to the methodology used by DMC in allocating costs for the purpose of determining profitability. Management stated that the level of profits of DMC, to a certain extent, reflects recent operational cost savings and efficiencies initiated by DMC. The Board considered DMC’s efforts to improve services provided to Fund shareholders and to meet additional regulatory and compliance requirements resulting from recent industry-wide Securities and Exchange Commission initiatives. The Board also considered the extent to which DMC might derive ancillary benefits from fund operations, including the potential for procuring additional business as a result of the prestige and visibility associated with its role as service provider to the Delaware Funds and the benefits from allocation of fund brokerage to improve trading efficiencies. As part of its work, the Board also reviewed a report prepared by JDL regarding MIMBT profitability as compared to certain peer fund complexes and the Independent Trustees met with JDL personnel to discuss DMC’s profitability in such context. The Board found that the management fees were reasonable in light of the services rendered and the level of profitability of DMC.

73

---

Other Fund information (Unaudited)
Delaware Corporate Bond Fund and Delaware Extended Duration Bond Fund

Board consideration of Investment Advisory and Sub-Advisory Agreements for Delaware Corporate Bond Fund and Delaware Extended Duration Bond Fund at a meeting held August 11-13, 2020 (continued)

Management profitability. Trustees were also given available information on profits being realized by each of the Sub-Advisers in relation to the services being provided to the Fund and in relation to the Sub-Adviser’s overall investment advisory business, but believed such information to be of limited relevance because the sub-advisory fees are paid by DMC out of its management fee, and changes in the level of sub-advisory fees have no impact on Fund expenses. The Board was also provided information on potential fall-out benefits derived or to be derived by the Sub-Advisers in connection with their relationship to the Funds, such as reputational enhancement, soft dollar arrangements, or commissions paid to affiliated broker/dealers, as applicable.

Economies of scale. The Trustees considered whether economies of scale are realized by DMC as each Fund’s assets increase and the extent to which any economies of scale are reflected in the level of management fees charged. The Trustees reviewed each Fund’s advisory fee pricing and structure, approved by the Board and shareholders, which includes breakpoints, and which applies to most funds in the Delaware Funds complex. Breakpoints in the advisory fee occur when the advisory fee rate is reduced on assets in excess of specified levels. Breakpoints result in a lower advisory fee than would otherwise be the case in the absence of breakpoints, when the asset levels specified in the breakpoints are exceeded. The Board noted that, as of March 31, 2020, each Fund’s net assets exceeded the first breakpoint level. The Board believed that, given the extent to which economies of scale might be realized by DMC and its affiliates, the schedule of fees under each Fund’s Investment Management Agreement provides a sharing of benefits with the Fund and its shareholders.

74

---

About the organization

Board of trustees
Shawn K. Lytle		Ann D. Borowiec		Frances A.		Christianna Wood
President and		Former Chief Executive		Sevilla-Sacasa		Chief Executive Officer
Chief Executive Officer		Officer		Former Chief Executive		and President
Delaware Funds®		Private Wealth Management		Officer		Gore Creek Capital, Ltd.
by Macquarie		J.P. Morgan Chase & Co.		Banco Itaú International		Golden, CO
Philadelphia, PA		New York, NY		Miami, FL		Janet L. Yeomans
Jerome D. Abernathy		Joseph W. Chow		Thomas K. Whitford		Former Vice President and
Managing Member,		Former Executive Vice		Former Vice Chairman		Treasurer
Stonebrook Capital		President		PNC Financial Services		3M Company
Management, LLC		State Street Corporation		Group		St. Paul, MN
Jersey City, NJ		Boston, MA		Pittsburgh, PA
Thomas L. Bennett		John A. Fry
Chairman of the Board		President
Delaware Funds		Drexel University
by Macquarie		Philadelphia, PA
Private Investor
Rosemont, PA
Affiliated officers
David F. Connor		Daniel V. Geatens		Richard Salus
Senior Vice President,		Vice President and		Senior Vice President and
General Counsel,		Treasurer		Chief Financial Officer
and Secretary		Delaware Funds		Delaware Funds
Delaware Funds		by Macquarie		by Macquarie
by Macquarie		Philadelphia, PA		Philadelphia, PA
Philadelphia, PA

This semiannual report is for the information of Delaware Corporate Bond Fund and Delaware Extended Duration Bond Fund shareholders, but it may be used with prospective investors when preceded or accompanied by the Delaware Fund fact sheet for the most recently completed calendar quarter. These documents are available at delawarefunds.com/literature.

Each Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT. Each Fund’s Forms N-PORT, as well as a description of the policies and procedures that the Funds use to determine how to vote proxies (if any) relating to portfolio securities, are available without charge (i) upon request, by calling 800 523-1918; and (ii) on the SEC’s website at sec.gov. In addition, a description of the policies and procedures that the Funds use to determine how to vote proxies (if any) relating to portfolio securities and the Schedules of Investments included in the Funds’ most recent Form N-PORT are available without charge on the Funds’ website at delawarefunds.com/literature. Each Fund’s Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C.; information on the operation of the Public Reference Room may be obtained by calling 800 SEC-0330.

Information (if any) regarding how the Funds voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through the Funds’ website at delawarefunds.com/proxy; and (ii) on the SEC’s website at sec.gov.

75

---

---

Schedule of investments
Delaware Floating Rate Fund	January 31, 2021 (Unaudited)

			Principal amount°		Value (US $)
Convertible Bond — 0.25%
	Cheniere Energy 144A PIK 4.875% exercise price
	$93.64, maturity date 5/28/21 #, *		294,866		$	296,709
Total Convertible Bond (cost $297,325)						296,709
Corporate Bonds — 5.57%
Banking — 0.46%
	Deutsche Bank 6.00% 10/30/25 µ, ψ		200,000			195,250
	Popular 6.125% 9/14/23		250,000			270,411
	SVB Financial Group 4.10% 2/15/31 µ, ψ		75,000			76,403
						542,064
Basic Industry — 0.21%
	Freeport-McMoRan 5.45% 3/15/43		200,000			250,372
						250,372
Capital Goods — 0.32%
	Bombardier 144A 7.875% 4/15/27 #		125,000			115,587
	TransDigm 5.50% 11/15/27		250,000			256,925
						372,512
Communications — 0.40%
	Clear Channel Worldwide Holdings 9.25% 2/15/24		125,000			130,260
	Level 3 Financing 144A 4.25% 7/1/28 #		325,000			333,356
						463,616
Consumer Cyclical — 1.18%
	Carnival 144A 7.625% 3/1/26 #		230,000			243,656
	Delta Air Lines
	144A 7.00% 5/1/25 #		550,000			638,131
	7.375% 1/15/26		250,000			287,385
	United Airlines Holdings 4.875% 1/15/25		215,000			207,587
						1,376,759
Consumer Non-Cyclical — 0.93%
	Hadrian Merger Sub 144A 8.50% 5/1/26 #		122,000			127,009
	Ortho-Clinical Diagnostics 144A 7.375% 6/1/25 #		250,000			267,969
	Surgery Center Holdings 144A 10.00% 4/15/27 #		200,000			221,375
	Tenet Healthcare 6.875% 11/15/31		267,000			289,311
	United Natural Foods 144A 6.75% 10/15/28 #		170,000			179,987
						1,085,651
Energy — 0.17%
	CNX Resources 144A 7.25% 3/14/27 #		180,000			193,779
						193,779

4

---

			Principal amount°		Value (US $)
Corporate Bonds (continued)
Financial Services — 0.78%
	AerCap Holdings 5.875% 10/10/79 µ		150,000		$	152,531
	DAE Sukuk DIFC 144A 3.75% 2/15/26 #		400,000			425,219
	NFP 144A 7.00% 5/15/25 #		310,000			335,381
						913,131
Insurance — 0.28%
	HUB International 144A 7.00% 5/1/26 #		310,000			321,937
						321,937
Services — 0.19%
	PowerTeam Services 144A 9.033% 12/4/25 #		200,000			222,000
						222,000
Technology — 0.26%
	Banff Merger Sub 144A 9.75% 9/1/26 #		20,000			21,191
	Boxer Parent 144A 9.125% 3/1/26 #		265,000			283,245
						304,436
Transportation — 0.39%
	DAE Funding
	144A 4.50% 8/1/22 #		75,000			75,698
	144A 5.75% 11/15/23 #		371,000			381,666
						457,364
Total Corporate Bonds (cost $6,142,080)						6,503,621
Loan Agreements — 92.09%
	A&V Holdings Midco 6.375% (LIBOR06M + 5.375%)
	3/10/27 ●		560,443			553,438
	Acrisure TBD 2/15/27 X		900,000			891,000
	Acrisure Tranche B 3.621% (LIBOR01M + 3.50%)
	2/15/27 ●		699,829			698,079
	Advantage Sales & Marketing 1st Lien 5.469%
	(LIBOR03M + 5.25%) 10/28/27 ●		1,170,000			1,178,044
	American Airlines Tranche B 2.127% (LIBOR01M +
	2.00%) 12/14/23 ●		1,011,284			943,745
	Applied Systems 2nd Lien 8.00% (LIBOR03M +
	7.00%) 9/19/25 ●		2,180,719			2,204,343
	Apro 5.00% (LIBOR03M + 4.00%) 11/14/26 ●		1,541,918			1,551,555
	Array Technologies 5.00% (LIBOR01M + 4.00%)
	10/14/27 ●		1,811,000			1,823,074
	Aruba Investments Holdings 1st Lien 4.75%
	(LIBOR03M + 4.00%) 11/24/27 ●		825,000			832,219
	Aruba Investments Holdings 2nd Lien TBD
	11/24/28 X		825,000			835,313

5

---

Schedule of investments
Delaware Floating Rate Fund

			Principal amount°		Value (US $)
Loan Agreements (continued)
	AssuredPartners
	3.647% (LIBOR01M + 3.50%) 2/12/27 ●		822,544		$	819,203
	5.50% (LIBOR01M + 4.50%) 2/12/27 ●		446,625			450,031
	Astoria Energy Tranche B TBD 12/10/27 X		1,565,000			1,568,424
	Ball Metalpack Finco 2nd Lien 9.75% (LIBOR03M +
	8.75%) 7/31/26 ●		593,000			536,665
	Bausch Health 3.121% (LIBOR01M + 3.00%)
	6/2/25 ●		684,102			686,368
	Blue Ribbon 1st Lien 5.00% (LIBOR03M + 4.00%)
	11/15/21 ●		2,259,667			2,183,968
	Boxer Parent 4.371% (LIBOR01M + 4.25%)
	10/2/25 ●		1,351,284			1,351,003
	BW Gas & Convenience Holdings 6.38%
	(LIBOR01M + 6.25%) 11/18/24 ●		1,671,171			1,700,416
	BWay Holding 3.381% (LIBOR03M + 3.25%)
	4/3/24 ●		950,902			935,053
	Caesars Resort Collection Tranche B-1 4.621%
	(LIBOR01M + 4.50%) 7/21/25 ●		1,078,298			1,080,030
	Camelot US Acquisition l
	3.121% (LIBOR01M + 3.00%) 10/30/26 ●		474,352			476,309
	4.00% (LIBOR01M + 3.00%) 10/30/26 ●		900,000			905,063
	Carnival 8.50% (LIBOR01M + 7.50%) 6/30/25 ●		1,063,655			1,100,085
	Chemours Tranche B-2 1.88% (LIBOR01M +
	1.75%) 4/3/25 ●		349,615			347,430
	CityCenter Holdings 3.00% (LIBOR01M + 2.25%)
	4/18/24 ●		570,566			565,359
	Connect US Finco 4.50% (LIBOR01M + 3.50%)
	12/12/26 ●		1,205,079			1,210,226
	Consolidated Communications 5.75% (LIBOR01M +
	4.75%) 10/2/27 ●		1,421,438			1,435,814
	Core & Main 3.75% (LIBOR03M + 2.75%) 8/1/24 ●		925,642			926,221
	CPC Acquisition 1st Lien 4.50% (LIBOR03M +
	3.75%) 12/29/27 ●		1,205,000			1,223,075
	CPI Holdco Tranche B-1 1st Lien TBD 11/4/26 X		250,000			250,938
	Crestwood Holdings 7.63% (LIBOR01M + 7.50%)
	3/6/23 ●		1,147,736			962,664
	CSC Holdings 2.377% (LIBOR01M + 2.25%)
	7/17/25 ●		520,445			518,819
	Cumulus Media New Holdings 4.75% (LIBOR06M +
	3.75%) 3/31/26 ●		1,072,268			1,072,938
	Delta Air Lines
	4.75% (LIBOR03M + 3.75%) 10/20/27 ●		1,000,000			1,050,687
	4.871% (LIBOR01M + 4.75%) 4/29/23 ●		273,625			277,102

6

---

			Principal amount°		Value (US $)
Loan Agreements (continued)
	Digicel International Finance Tranche B 1st Lien
	3.51% (LIBOR06M + 3.25%) 5/27/24 ●		1,680,218		$	1,572,404
	Dun & Bradstreet 1st Lien TBD 2/6/26 X		310,000			310,814
	Dun & Bradstreet Tranche B 3.878% (LIBOR01M +
	3.75%) 2/6/26 ●		568,318			569,810
	EFS Cogen Holdings I Tranche B 4.50% (LIBOR03M
	+ 3.50%) 10/1/27 ●		1,061,879			1,062,449
	Ensemble RCM 3.962% (LIBOR03M + 3.75%)
	8/3/26 ●		521,215			523,007
	Epicor Software 2nd Lien 8.75% (LIBOR01M +
	7.75%) 7/31/28 ●		1,510,000			1,586,444
	eResearchTechnology TBD 2/4/27 X		605,000			608,673
	ESH Hospitality 2.121% (LIBOR01M + 2.00%)
	9/18/26 ●		383,534			381,976
	Frontier Communications 5.75% (LIBOR01M +
	4.75%) 10/8/21 ●		2,295,000			2,305,041
	Garda World Security Tranche B 1st Lien 4.99%
	(LIBOR03M + 4.75%) 10/30/26 ●		593,628			595,854
	Global Medical Response 5.75% (LIBOR03M +
	4.75%) 10/2/25 ●		2,005,000			2,008,759
	Granite US Holdings Tranche B 4.169% (LIBOR02M
	+ 4.00%) 9/30/26 ●		1,009,380			1,013,166
	Hamilton Projects Acquiror 5.75% (LIBOR03M +
	4.75%) 6/17/27 ●		1,323,784			1,338,124
	Heartland Dental 3.621% (LIBOR01M + 3.50%)
	4/30/25 ●		1,919,507			1,879,917
	HUB International 3.013% (LIBOR03M + 2.75%)
	4/25/25 ●		681,555			677,189
	Ineos US Petrochem TBD 1/21/26 X		915,000			919,290
	Informatica 2nd Lien 7.125% 2/25/25 ●		1,750,000			1,795,937
	JBS USA LUX 2.121% (LIBOR01M + 2.00%)
	5/1/26 ●		524,028			524,683
	LBM Acquisition 1st Lien TBD 12/17/27 X		1,770,000			1,776,085
	LCPR Loan Financing 5.127% (LIBOR01M + 5.00%)
	10/15/26 ●		905,000			914,050
	Logmein 1st Lien 4.881% (LIBOR03M + 4.75%)
	8/31/27 ●		1,765,000			1,765,275
	Mermaid Bidco Tranche B 5.00% (LIBOR03M +
	4.25%) 12/12/27 ●		1,810,000			1,828,100
	Milano Acquisition Tranche B 4.75% (LIBOR03M +
	4.00%) 10/1/27 ●		1,650,000			1,656,187
	Mileage Plus Holdings 6.25% (LIBOR03M + 5.25%)
	6/21/27 ●		1,326,000			1,415,874
	Numericable US Tranche B-13 4.127% (LIBOR01M
	+ 4.00%) 8/14/26 ●		1,100,035			1,102,614

7

---

Schedule of investments
Delaware Floating Rate Fund

			Principal amount°		Value (US $)
Loan Agreements (continued)
	Ortho-Clinical Diagnostics 3.394% (LIBOR01M +
	3.25%) 6/30/25 ●		980,443		$	979,447
	PetSmart Tranche B TBD 1/29/28 X		1,835,000			1,816,650
	PG&E 6.75% (PRIME + 3.50%) 6/23/25 ●		1,960,150			1,982,609
	PQ 4.00% (LIBOR03M + 3.00%) 2/7/27 ●		150,649			151,177
	PQ Tranche B 2.462% (LIBOR03M + 2.25%)
	2/8/27 ●		539,062			539,544
	Pregis Topco 1st Lien TBD 7/31/26 X		775,000			778,148
	Pretium PKG Holdings 1st Lien 4.75% (LIBOR03M +
	4.00%) 11/5/27 ●		1,750,000			1,764,219
	Prime Security Services Borrower Tranche
	B-1 4.25% (LIBOR03M + 3.25%) 9/23/26 ●		445,056			446,446
	QUIKRETE Holdings 1st Lien 2.621% (LIBOR01M +
	2.50%) 2/1/27 ●		814,768			814,513
	Reynolds Group Holdings Tranche B-2 3.371%
	(LIBOR01M + 3.25%) 2/5/26 ●		525,000			525,492
	Ryan Specialty Group 4.00% (LIBOR01M + 3.25%)
	9/1/27 ●		798,000			800,328
	Sabre GLBL Tranche B 4.121% (LIBOR01M +
	4.00%) 12/17/27 ●		1,765,000			1,785,959
	Scientific Games International Tranche B-5 2.871%
	(LIBOR01M + 2.75%) 8/14/24 ●		1,458,231			1,439,662
	Sinclair Television Group Tranche B 2.38%
	(LIBOR01M + 2.25%) 1/3/24 ●		489,909			488,317
	Solenis International 2nd Lien 8.733% (LIBOR03M +
	8.50%) 6/26/26 ●		1,619,111			1,621,810
	Spirit Aerosystems 6.00% (LIBOR01M + 5.25%)
	1/15/25 ●		1,135,000			1,152,025
	SS&C Technologies Tranche B-5 1.871%
	(LIBOR01M + 1.75%) 4/16/25 ●		577,487			575,898
	Stars Group Holdings 3.754% (LIBOR03M + 3.50%)
	7/10/25 ●		774,231			777,798
	Surgery Center Holdings
	4.25% (LIBOR01M + 3.25%) 9/2/24 ●		1,617,462			1,610,529
	9.00% (LIBOR01M + 8.00%) 9/30/24 ●		198,500			204,157
	Tecta America 4.621% (LIBOR01M + 4.50%)
	11/20/25 ●		1,034,917			1,006,457
	Terrier Media Buyer 4.371% (LIBOR01M + 4.25%)
	12/17/26 ●		1,304,820			1,307,946
	Titan Acquisition 3.267% (LIBOR06M + 3.00%)
	3/28/25 ●		1,437,317			1,408,571

8

---

		Principal amount°			Value (US $)
Loan Agreements (continued)
Tosca Services 1st Lien 5.25% (LIBOR01M +
4.25%) 8/18/27 ●		1,145,000		$	1,152,156
Transdigm Tranche F 2.371% (LIBOR01M + 2.25%)
12/9/25 ●		1,062,387			1,045,455
TricorBraun TBD
1/29/28 X		502,070			499,559
1/29/28 X		112,930			112,930
Truck Hero Tranche B TBD 1/20/28 X		1,825,000			1,830,703
UKG 4.00% (LIBOR03M + 3.25%) 5/4/26 ●		1,205,000			1,211,695
Ultimate Software Group 2nd Lien 7.50%
(LIBOR03M + 6.75%) 5/3/27 ●		2,242,000			2,331,680
USI 4.254% (LIBOR03M + 4.00%) 12/2/26 ●		445,500			446,781
USI Tranche B 3.254% (LIBOR03M + 3.00%)
5/16/24 ●		894,892			889,858
USS Ultimate Holdings 1st Lien 4.75% (LIBOR01M
+ 3.75%) 8/26/24 ●		196,947			197,981
USS Ultimate Holdings 2nd Lien 8.75% (LIBOR01M
+ 7.75%) 8/25/25 ●		1,050,000			1,056,563
Vantage Specialty Chemicals 1st lien TBD
10/28/24 X		555,000			536,500
Vantage Specialty Chemicals 2nd Lien 9.25%
(LIBOR03M + 8.25%) 10/27/25 ●		1,205,000			1,123,663
Verscend Holding Tranche B 4.621% (LIBOR01M +
4.50%) 8/27/25 ●		1,225,649			1,228,713
Vertical Midco Tranche B 4.496% (LIBOR06M +
4.25%) 7/30/27 ●		1,137,150			1,148,047
Virtusa Tranche B TBD 12/9/27 X		1,325,000			1,332,453
White Cap Buyer 4.50% (LIBOR03M + 4.00%)
10/19/27 ●		806,000			810,389
Zaxby’s Operating 1st Lien 4.50% (LIBOR01M +
3.75%) 12/28/27 ●		900,000			907,875
Zaxby’s Operating 2nd Lien 7.25% (LIBOR01M +
6.50%) 12/28/28 ●		450,000			459,000
Total Loan Agreements (cost $105,266,942)					107,576,126
		Number of shares
Master Limited Partnerships — 0.31%
Summit Midstream Partners†		23,061			358,598
Total Master Limited Partnerships (cost $0)					358,598

9

---

Schedule of investments
Delaware Floating Rate Fund

		Number of shares			Value (US $)
Short-Term Investments — 8.99%
Money Market Mutual Funds – 8.99%
BlackRock FedFund – Institutional Shares
(seven-day effective yield 0.01%)		2,624,316		$	2,624,316
Fidelity Investments Money Market Government
Portfolio – Class I (seven-day effective yield
0.01%)		2,624,316			2,624,316
GS Financial Square Government Fund –
Institutional Shares (seven-day effective yield
0.02%)		2,624,316			2,624,316
Morgan Stanley Government Portfolio – Institutional
Share Class (seven-day effective yield 0.00%)		2,624,316			2,624,316
Total Short-Term Investments (cost $10,497,264)					10,497,264
Total Value of Securities—107.21%
(cost $122,203,611)				$	125,232,318

°	Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At January 31, 2021, the aggregate value of Rule 144A securities was $4,683,895, which represents 4.01% of the Fund’s net assets. See Note 7 in “Notes to financial statements.”
*	PIK. 100% of the income received was in the form of principal.
µ	Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at January 31, 2021. Rate will reset at a future date.
ψ	Perpetual security. Maturity date represents next call date.
●	Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at January 31, 2021. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.
X	This loan will settle after January 31, 2021, at which time the interest rate, based on the LIBOR and the agreed upon spread on trade date, will be reflected.
†	Non-income producing security.

Unfunded Loan Commitments

The Fund may invest in floating rate loans. In connection with these investments, the Fund may also enter into unfunded corporate loan commitments (commitments). Commitments may obligate the Fund to furnish temporary financing to a borrower until permanent financing can be arranged. In connection with these commitments, the Fund earns a

10

---

commitment fee, typically set as a percentage of the commitment amount. The following unfunded loan commitment was outstanding at January 31, 2021:

									Unrealized
			Principal						Appreciation
Borrower			Amount		Commitment		Value		(Depreciation)
LBM Acquisition TBD 12/17/27			$393,333		$389,400		$394,686		$5,286

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

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

11

---

Statement of assets and liabilities
Delaware Floating Rate Fund	January 31, 2021 (Unaudited)

Assets:
Investments, at value*		$	125,232,318
Receivable for fund shares sold			9,499,985
Receivable for securities sold			6,464,481
Dividends and interest receivable			428,330
Total Assets			141,625,114
Liabilities:
Due to custodian			28,999
Payable for securities purchased			18,807,221
Payable for fund shares redeemed			5,809,831
Other accrued expenses			67,045
Distribution payable			52,318
Investment management fees payable to affiliates			30,471
Distribution fees payable to affiliates			15,144
Dividend disbursing and transfer agent fees and expenses payable to affiliates			814
Accounting and administration expenses payable to affiliates			663
Trustees’ fees and expenses payable to affiliates			390
Legal fees payable to affiliates			142
Reports and statements to shareholders expenses payable to affiliates			141
Total Liabilities			24,813,179
Total Net Assets		$	116,811,935
Net Assets Consist of:
Paid-in capital		$	133,946,451
Total distributable earnings (loss)			(17,134,516	)
Total Net Assets		$	116,811,935

12

---

Net Asset Value
Class A:
Net assets		$	25,140,941
Shares of beneficial interest outstanding, unlimited authorization, no par			3,065,617
Net asset value per share		$	8.20
Sales charge			2.75	%
Offering price per share, equal to net asset value per share / (1 - sales charge)		$	8.43
Class C:
Net assets		$	10,495,247
Shares of beneficial interest outstanding, unlimited authorization, no par			1,279,906
Net asset value per share		$	8.20
Class R:
Net assets		$	6,521
Shares of beneficial interest outstanding, unlimited authorization, no par			795
Net asset value per share		$	8.20
Institutional Class:
Net assets		$	81,169,226
Shares of beneficial interest outstanding, unlimited authorization, no par			9,897,817
Net asset value per share		$	8.20
____________________
* Investments, at cost		$	122,203,611

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

13

---

Statement of operations
Delaware Floating Rate Fund	Six months ended January 31, 2021 (Unaudited)

Investment Income:
Interest	$	2,920,874
Dividends		874
		2,921,748
Expenses:
Management fees		296,138
Distribution expenses — Class A		29,064
Distribution expenses — Class C		64,463
Distribution expenses — Class R		17
Dividend disbursing and transfer agent fees and expenses		50,995
Registration fees		33,534
Accounting and administration expenses		29,113
Audit and tax fees		27,002
Reports and statements to shareholders expenses		16,523
Custodian fees		6,503
Legal fees		4,839
Trustees’ fees and expenses		3,426
Other		14,311
		575,928
Less expenses waived		(73,688	)
Less expenses paid indirectly		(56	)
Total operating expenses		502,184
Net Investment Income		2,419,564

14

---

Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments	$	(903,742	)
Distributions from investment companies		1
Net realized loss		(903,741	)
Net change in unrealized appreciation (depreciation) of investments		5,148,563
Net Realized and Unrealized Gain		4,244,822
Net Increase in Net Assets Resulting from Operations	$	6,664,386

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

15

---

Statements of changes in net assets
Delaware Floating Rate Fund

		Six months
		ended
		1/31/21				Year ended
		(Unaudited)				7/31/20
Increase (Decrease) in Net Assets from Operations:
Net investment income		$	2,419,564			$	6,042,698
Net realized loss			(903,741	)			(5,001,438	)
Net change in unrealized appreciation (depreciation)			5,148,563				(2,010,992	)
Net increase (decrease) in net assets resulting from
operations			6,664,386				(969,732	)
Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A			(444,200	)			(1,279,981	)
Class C			(197,583	)			(770,597	)
Class R			(119	)			(571	)
Institutional Class			(1,674,600	)			(3,809,321	)
Return of capital:
Class A			—				(12,821	)
Class C			—				(7,358	)
Class R			—				(4	)
Institutional Class			—				(42,904	)
			(2,316,502	)			(5,923,557	)
Capital Share Transactions:
Proceeds from shares sold:
Class A			4,604,675				9,613,454
Class C			624,400				2,105,341
Class R			19				1,555
Institutional Class			26,597,917				51,528,421
Net asset value of shares issued upon reinvestment of
dividends and distributions:
Class A			397,521				1,257,658
Class C			199,885				725,047
Class R			123				461
Institutional Class			1,564,074				3,624,491
			33,988,614				68,856,428

16

---

		Six months
		ended
		1/31/21				Year ended
		(Unaudited)				7/31/20
Capital Share Transactions (continued):
Cost of shares redeemed:
Class A		$	(4,457,784	)		$	(24,187,252	)
Class C			(4,431,278	)			(13,531,736	)
Class R			(1,253	)			(54,983	)
Institutional Class			(29,372,171	)			(54,198,185	)
			(38,262,486	)			(91,972,156	)
Decrease in net assets derived from capital share
transactions			(4,273,872	)			(23,115,728	)
Net Increase (Decrease) in Net Assets			74,012				(30,009,017	)
Net Assets:
Beginning of period			116,737,923				146,746,940
End of period		$	116,811,935			$	116,737,923

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

17

---

Financial highlights
Delaware Floating Rate Fund Class A

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income2

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Return of capital

Total dividends and distributions

Net asset value, end of period

Total return4

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets6

Ratio of expenses to average net assets prior to fees waived6

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets prior to fees waived

Portfolio turnover

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	The average shares outstanding have been applied for per share information.
3	Amount is less than $0.005 per share.
4	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
5	Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
6	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

18

---

	Six months ended
	1/31/211						Year ended
	(Unaudited)						7/31/20				7/31/19				7/31/18				7/31/17				7/31/16
		$	7.90				$	8.28			$	8.34			$	8.39			$	8.29			$	8.42
			0.16					0.38				0.43				0.35				0.20				0.17
			0.29					(0.39	)			(0.06	)			(0.03	)			0.11				(0.15	)
			0.45					(0.01	)			0.37				0.32				0.31				0.02
			(0.15	)				(0.37	)			(0.43	)			(0.37	)			(0.19	)			(0.12	)
			—					—	3			—	3			—	3			(0.02	)			(0.03	)
			(0.15	)				(0.37	)			(0.43	)			(0.37	)			(0.21	)			(0.15	)
		$	8.20				$	7.90			$	8.28			$	8.34			$	8.39			$	8.29
			6.08%	5				(0.02%	)5			4.62%	5			3.85%	5			3.82%				0.29%
		$	25,141				$	23,727			$	38,669			$	38,701			$	49,486			$	57,985
			0.94%					0.94%				0.94%				0.97%				0.97%				0.96%
			1.06%					1.05%				0.99%				0.98%				0.97%				0.96%
			3.99%					4.77%				5.22%				4.22%				2.41%				2.09%
			3.87%					4.66%				5.17%				4.21%				2.41%				2.09%
			60%					125%				143%				157%				173%				90%

19

---

Financial highlights
Delaware Floating Rate Fund Class C

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income2

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Return of capital

Total dividends and distributions

Net asset value, end of period

Total return4

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets6

Ratio of expenses to average net assets prior to fees waived6

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets

prior to fees waived

Portfolio turnover

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	The average shares outstanding have been applied for per share information.
3	Amount is less than $0.005 per share.
4	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
5	Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
6	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

20

---

	Six months ended
	1/31/211						Year ended
	(Unaudited)						7/31/20				7/31/19				7/31/18				7/31/17				7/31/16
		$	7.89				$	8.28			$	8.34			$	8.39			$	8.29			$	8.42
			0.13					0.32				0.37				0.29				0.14				0.11
			0.30					(0.40	)			(0.06	)			(0.04	)			0.11				(0.15	)
			0.43					(0.08	)			0.31				0.25				0.25				(0.04	)
			(0.12	)				(0.31	)			(0.37	)			(0.30	)			(0.13	)			(0.06	)
			—					—	3			—	3			—	3			(0.02	)			(0.03	)
			(0.12	)				(0.31	)			(0.37	)			(0.30	)			(0.15	)			(0.09	)
		$	8.20				$	7.89			$	8.28			$	8.34			$	8.39			$	8.29
			5.68%	5				(0.90%	)5			3.84%	5			3.08%	5			3.06%				(0.46%	)
		$	10,495				$	13,613			$	25,374			$	30,512			$	38,778			$	51,400
			1.69%					1.69%				1.69%				1.72%				1.72%				1.71%
			1.81%					1.80%				1.74%				1.73%				1.72%				1.71%
			3.24%					4.02%				4.47%				3.47%				1.66%				1.34%
			3.12%					3.91%				4.42%				3.46%				1.66%				1.34%
			60%					125%				143%				157%				173%				90%

21

---

Financial highlights
Delaware Floating Rate Fund Class R

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income2

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Return of capital

Total dividends and distributions

Net asset value, end of period

Total return4

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets6

Ratio of expenses to average net assets prior to fees waived6

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets

prior to fees waived

Portfolio turnover

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	The average shares outstanding have been applied for per share information.
3	Amount is less than $0.005 per share.
4	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
5	Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
6	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

22

---

	Six months ended
	1/31/211						Year ended
	(Unaudited)						7/31/20				7/31/19				7/31/18				7/31/17				7/31/16
		$	7.89				$	8.28			$	8.34			$	8.39			$	8.29			$	8.42
			0.15					0.36				0.41				0.33				0.18				0.15
			0.30					(0.40	)			(0.06	)			(0.03	)			0.11				(0.15	)
			0.45					(0.04	)			0.35				0.30				0.29				—
			(0.14	)				(0.35	)			(0.41	)			(0.35	)			(0.17	)			(0.10	)
			—					—	3			—	3			—	3			(0.02	)			(0.03	)
			(0.14	)				(0.35	)			(0.41	)			(0.35	)			(0.19	)			(0.13	)
		$	8.20				$	7.89			$	8.28			$	8.34			$	8.39			$	8.29
			5.93%	5				(0.40%	)5			4.36%	5			3.60%	5			3.57%				0.03%
		$	7				$	7			$	61			$	416			$	472			$	494
			1.19%					1.19%				1.19%				1.22%				1.22%				1.21%
			1.31%					1.30%				1.24%				1.23%				1.22%				1.21%
			3.74%					4.52%				4.97%				3.97%				2.16%				1.84%
			3.62%					4.41%				4.92%				3.96%				2.16%				1.84%
			60%					125%				143%				157%				173%				90%

23

---

Financial highlights
Delaware Floating Rate Fund Institutional Class

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income2

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Return of capital

Total dividends and distributions

Net asset value, end of period

Total return4

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets6

Ratio of expenses to average net assets prior to fees waived6

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets prior to fees waived

Portfolio turnover

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	The average shares outstanding have been applied for per share information.
3	Amount is less than $0.005 per share.
4	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
5	Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
6	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

24

---

	Six months ended
	1/31/211						Year ended
	(Unaudited)					7/31/20					7/31/19					7/31/18					7/31/17					7/31/16
		$	7.90				$	8.28				$	8.34				$	8.39				$	8.29				$	8.42
			0.17					0.40					0.45					0.37					0.22					0.19
			0.29					(0.39	)				(0.06	)				(0.03	)				0.11					(0.15	)
			0.46					0.01					0.39					0.34					0.33					0.04
			(0.16	)				(0.39	)				(0.45	)				(0.39	)				(0.21	)				(0.14	)
			—					—	3				—	3				—	3				(0.02	)				(0.03	)
			(0.16	)				(0.39	)				(0.45	)				(0.39	)				(0.23	)				(0.17	)
		$	8.20				$	7.90				$	8.28				$	8.34				$	8.39				$	8.29
			6.21%	5				0.23%	5				4.88%	5				4.11%	5				4.08%					0.54%
		$	81,169				$	79,391				$	82,643				$	144,258				$	190,698				$	185,674
			0.69%					0.69%					0.69%					0.72%					0.72%					0.71%
			0.81%					0.80%					0.74%					0.73%					0.72%					0.71%
			4.24%					5.02%					5.47%					4.47%					2.66%					2.34%
			4.12%					4.91%					5.42%					4.46%					2.66%					2.34%
			60%					125%					143%					157%					173%					90%

25

---

Notes to financial statements
Delaware Floating Rate Fund	January 31, 2021 (Unaudited)

Delaware Group^® Income Funds (Trust) is organized as a Delaware statutory trust and offers four series: Delaware Corporate Bond Fund, Delaware Extended Duration Bond Fund, Delaware Floating Rate Fund, and Delaware High-Yield Opportunities Fund. These financial statements and the related notes pertain to Delaware Floating Rate Fund (Fund). The Fund is an open-end investment company. The Fund is considered diversified under the Investment Company Act of 1940, as amended, and offers Class A, Class C, Class R, and Institutional Class shares. Class A shares are sold with a maximum front-end sales charge of 2.75%. Class A share purchases of $1,000,000 or more will incur a limited contingent deferred sales charge (CDSC) instead of a front-end sales charge of 1.00%, if redeemed during the first year, provided that Delaware Distributors, L.P. (DDLP) paid a financial advisor a commission on the purchase of those shares. Class C shares are sold with a CDSC of 1.00%, which will be incurred if redeemed during the first 12 months. Class R and Institutional Class shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors.

1. Significant Accounting Policies

The Fund follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services — Investment Companies. The following accounting policies are in accordance with US generally accepted accounting principles (US GAAP) and are consistently followed by the Fund.

Security Valuation — Equity securities, except those traded on the Nasdaq Stock Market LLC (Nasdaq), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange on the valuation date. Equity securities traded on the Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If, on a particular day, an equity security does not trade, the mean between the bid and ask prices will be used, which approximates fair value. Debt securities are valued based upon valuations provided by an independent pricing service or broker and reviewed by management. To the extent current market prices are not available, the pricing service may take into account developments related to the specific security, as well as transactions in comparable securities. Open-end investment companies are valued at their published net asset value (NAV). Valuations for fixed income securities utilize matrix systems, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. Generally, other securities and assets for which market quotations are not readily available are valued at fair value as determined in good faith under the direction of the Trust’s Board of Trustees (Board). In determining whether market quotations are readily available or fair valuation will be used, various factors will be taken into consideration, such as market closures or suspension of trading in a security. Restricted securities are valued at fair value using methods approved by the Board.

Federal and Foreign Income Taxes — No provision for federal income taxes has been made as the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are recorded as a tax benefit or expense in the current year.

26

---

Management has analyzed the Fund’s tax positions taken or expected to be taken on the Fund’s federal income tax returns through the six months ended January 31, 2021, and for all open tax years (years ended July 31, 2018–July 31, 2020), and has concluded that no provision for federal income tax is required in the Fund’s financial statements. If applicable, the Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in “Other” on the “Statement of operations.” During the six months ended January 31, 2021, the Fund did not incur any interest or tax penalties.

Class Accounting — Investment income and common expenses are allocated to the various classes of the Fund on the basis of “settled shares” of each class in relation to the net assets of the Fund. Realized and unrealized gain (loss) on investments are allocated to the various classes of the Fund on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.

Use of Estimates — The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other — Expenses directly attributable to the Fund are charged directly to the Fund. Other expenses common to various funds within the Delaware Funds^® by Macquarie (Delaware Funds) are generally allocated among such funds on the basis of average net assets. Management fees and certain other expenses are paid monthly. Security transactions are recorded on the date the securities are purchased or sold (trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Discounts and premiums on debt securities are accreted or amortized to interest income, respectively, over the lives of the respective securities using the effective interest method. Premiums on callable debt securities are amortized to interest income to the earliest call date using the effective interest method. The Fund declares dividends daily from net investment income and pays the dividends monthly and declares and pays distributions from net realized gain on investments, if any, annually. The Fund may distribute more frequently, if necessary for tax purposes. Dividends and distributions, if any, are recorded on the ex-dividend date.

The Fund receives earnings credits from its custodian when positive cash balances are maintained, which may be used to offset custody fees. The expenses paid under this arrangement are included on the “Statement of operations” under “Custodian fees” with the corresponding expenses offset included under “Less expenses paid indirectly.” There were no such earnings credits for the six months ended January 31, 2021.

The Fund receives earnings credits from its transfer agent when positive cash balances are maintained, which may be used to offset transfer agent fees. If the amount earned is greater than $1, the expenses paid under this arrangement are included on the “Statement of operations” under “Dividend disbursing

27

---

Notes to financial statements
Delaware Floating Rate Fund

1. Significant Accounting Policies (continued)

and transfer agent fees and expenses” with the corresponding expenses offset included under “Less expenses paid indirectly.” For the six months ended January 31, 2021, the Fund earned $56 under this arrangement.

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

In accordance with the terms of its investment management agreement, the Fund pays Delaware Management Company (DMC), a series of Macquarie Investment Management Business Trust and the investment manager, an annual fee which is calculated daily and paid monthly at the rates of 0.50% on the first $500 million of average daily net assets of the Fund, 0.475% on the next $500 million, 0.45% on the next $1.5 billion, and 0.425% on average daily net assets in excess of $2.5 billion.

DMC has contractually agreed to waive all or a portion of its management fee and/or pay/reimburse expenses (excluding any distribution and service (12b-1) fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual operating expenses exceeding 0.69% of the Fund’s average daily net assets from August 1, 2020 through January 31, 2021.* These waivers and reimbursements may be terminated only by agreement of DMC and the Fund. The waivers and reimbursements are accrued daily and received monthly.

DMC may seek investment advice and recommendations from its affiliates: Macquarie Investment Management Europe Limited, Macquarie Investment Management Austria Kapitalanlage AG, and Macquarie Investment Management Global Limited (together, the “Affiliated Sub-Advisors”). The Manager may also permit these Affiliated Sub-Advisors to execute Fund security trades on behalf of the Manager and exercise investment discretion for securities in certain markets where DMC believes it will be beneficial to utilize an Affiliated Sub-Advisor’s specialized market knowledge. Although the Affiliated Sub-Advisors serve as sub-advisors, DMC has ultimate responsibility for all investment advisory services. For these services, DMC, not the Fund, pays each Affiliated Sub-Advisor a portion of its investment management fee.

Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administrative oversight services to the Fund. For these services, DIFSC’s fees are calculated daily and paid monthly based on the aggregate daily net assets of all funds within the Delaware Funds at the following annual rates: 0.00475% of the first $35 billion; 0.0040% of the next $10 billion; and 0.0025% of aggregate average daily net assets in excess of $45 billion (Total Fee). Each fund in the Delaware Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each fund then pays its portion of the remainder of the Total Fee on a relative NAV basis. This amount is included on the “Statement of operations” under “Accounting and administration expenses.” For the six months ended January 31, 2021, the Fund was charged $4,015 for these services.

DIFSC is also the transfer agent and dividend disbursing agent of the Fund. For these services, DIFSC’s fees are calculated daily and paid monthly based on the aggregate daily net assets of the retail funds within the Delaware Funds at the following annual rates: 0.014% of the first $20 billion; 0.011% of the

28

---

next $5 billion; 0.007% of the next $5 billion; 0.005% of the next $20 billion; and 0.0025% of average daily net assets in excess of $50 billion. The fees payable to DIFSC under the shareholder services agreement described previously are allocated among all retail funds in the Delaware Funds on a relative NAV basis. This amount is included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses.” For the six months ended January 31, 2021, the Fund was charged $5,318 for these services. Pursuant to a sub-transfer agency agreement between DIFSC and BNY Mellon Investment Servicing (US) Inc. (BNYMIS), BNYMIS provides certain sub-transfer agency services to the Fund. Sub-transfer agency fees are paid by the Fund and are also included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses.” The fees that are calculated daily and paid as invoices are received on a monthly or quarterly basis.

Pursuant to a distribution agreement and distribution plan, the Fund pays DDLP, the distributor and an affiliate of DMC, an annual 12b-1 fee of 0.25%, 1.00%, and 0.50% of the average daily net assets of the Class A, Class C, and Class R shares, respectively. These fees are calculated daily and paid monthly. Institutional Class shares do not pay 12b-1 fees.

As provided in the investment management agreement, the Fund bears a portion of the cost of certain resources shared with DMC, including the cost of internal personnel of DMC and/or its affiliates that provide legal, tax, and regulatory reporting services to the Fund. For the six months ended January 31, 2021, the Fund was charged $1,716 for internal legal, tax, and regulatory reporting services provided by DMC and/or its affiliates’ employees. This amount is included on the “Statement of operations” under “Legal fees.”

For the six months ended January 31, 2021, DDLP earned $338 for commissions on sales of the Fund’s Class A shares.

Trustees’ fees include expenses accrued by the Fund for each Trustee’s retainer and meeting fees. Certain officers of DMC, DIFSC, and DDLP are officers and/or Trustees of the Trust. These officers and Trustees are paid no compensation by the Fund.

In addition to the management fees and other expenses of the Fund, the Fund indirectly bears the investment management fees and other expenses of the investment companies (Underlying Funds) in which it invests. The amount of these fees and expenses incurred indirectly by the Fund will vary based upon the expense and fee levels of the Underlying Funds and the number of shares that are owned of the Underlying Funds at different times.

*	The aggregate contractual waiver period covering this report is from November 28, 2019 through November 27, 2021.

3. Investments

For the six months ended January 31, 2021, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	68,550,672
Sales		72,889,125

29

---

Notes to financial statements
Delaware Floating Rate Fund

3. Investments (continued)

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

Cost of investments		$	121,920,394
Aggregate unrealized appreciation of investments		$	3,681,640
Aggregate unrealized depreciation of investments			(369,716	)
Net unrealized appreciation of investments		$	3,311,924

At July 31, 2020, capital loss carryforwards available to offset future realized capital gains were as follows:

US GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three-level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available under the circumstances. The Fund’s investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-level hierarchy of inputs is summarized as follows:

Level 1 –	Inputs are quoted prices in active markets for identical investments. (Examples: equity securities, open-end investment companies, futures contracts, and exchange-traded options contracts)
Level 2 –	Other observable inputs, including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, and default rates) or other market-corroborated inputs. (Examples: debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, and fair valued securities)
Level 3 –	Significant unobservable inputs, including the Fund’s own assumptions used to determine the fair value of investments. (Examples: broker-quoted securities and fair valued securities)

30

---

Level 3 investments are valued using significant unobservable inputs. The Fund may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may also be based upon current market prices of securities that are comparable in coupon, rating, maturity, and industry. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of January 31, 2021:

		Level 1			Level 2			Total
Securities
Assets:
Convertible Bond		$	—		$	296,709		$	296,709
Corporate Bonds			—			6,503,621			6,503,621
Loan Agreements			—			107,576,126			107,576,126
Master Limited Partnerships			358,598			—			358,598
Short-Term Investments			10,497,264			—			10,497,264
Total Value of Securities		$	10,855,862		$	114,376,456		$	125,232,318

During the six months ended January 31, 2021, there were no transfers into or out of Level 3 investments. The Fund’s policy is to recognize transfers into or out of Level 3 based on fair value at the beginning of the reporting period.

A reconciliation of Level 3 investments is presented when the Fund has a significant amount of Level 3 investments at the beginning, interim, or end of the period in relation to the Fund’s net assets. During the six months ended January 31, 2021, there were no Level 3 investments.

4. Capital Shares

Transactions in capital shares were as follows:

		Six months
		ended		Year ended
		1/31/21		7/31/20
Shares sold:
Class A		566,895		1,203,145
Class C		76,960		263,991
Class R		2		190
Institutional Class		3,294,486		6,533,101

31

---

Notes to financial statements
Delaware Floating Rate Fund

4. Capital Shares (continued)

		Six months
		ended			Year ended
		1/31/21			7/31/20
Shares issued upon reinvestment of dividends and distributions:
Class A		49,506			157,268
Class C		24,914			90,726
Class R		15			58
Institutional Class		194,844			454,895
		4,207,622			8,703,374
Shares redeemed:
Class A		(555,717	)		(3,027,627	)
Class C		(546,308	)		(1,695,756	)
Class R		(157	)		(6,684	)
Institutional Class		(3,646,972	)		(6,917,655	)
		(4,749,154	)		(11,647,722	)
Net decrease		(541,532	)		(2,944,348	)

Certain shareholders may exchange shares of one class for shares of another class in the same Fund. These exchange transactions are included as subscriptions and redemptions in the table above and on the “Statements of changes in net assets.” For the six months ended January 31, 2021 and the year ended July 31, 2020, the Fund had the following exchange transactions:

		Exchange Redemptions		Exchange Subscriptions
						Institutional
		Class C		Class A		Class
		Shares		Shares		Shares		Value
Six months ended
1/31/21		20,713		20,744		—		$	170,104
Year ended
7/31/20		18,302		16,325		1,996			146,380

5. Line of Credit

The Fund, along with certain other funds in the Delaware Funds (Participants), was a participant in a $275,000,000 revolving line of credit (Agreement) intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the Agreement, the Participants were charged an annual commitment fee of 0.15%, which was allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants were permitted to borrow up to a maximum of one-third of their net assets under the Agreement. Each Participant was individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the Agreement expired on November 2, 2020.

32

---

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

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

6. Securities Lending

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

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

In the event of default or bankruptcy by the lending agent, realization and/or retention of the collateral may be subject to legal proceedings. In the event the borrower fails to return loaned securities and the collateral received is insufficient to cover the value of the loaned securities and provided such collateral shortfall is not the result of investment losses, the lending agent has agreed to pay the amount of the

33

---

Notes to financial statements
Delaware Floating Rate Fund

6. Securities Lending (continued)

shortfall to the Fund or, at the discretion of the lending agent, replace the loaned securities. The Fund continues to record dividends or interest, as applicable, on the securities loaned and is subject to changes in value of the securities loaned that may occur during the term of the loan. The Fund has the right under the Lending Agreement to recover the securities from the borrower on demand. With respect to security loans collateralized by non-cash collateral, the Fund receives loan premiums paid by the borrower. With respect to security loans collateralized by cash collateral, the earnings from the collateral investments are shared among the Fund, the security lending agent, and the borrower. The Fund records security lending income net of allocations to the security lending agent and the borrower.

The Fund may incur investment losses as a result of investing securities lending collateral. This could occur if an investment in the collateral investment account defaulted or became impaired. Under those circumstances, the value of the Fund’s cash collateral account may be less than the amount the Fund would be required to return to the borrowers of the securities and the Fund would be required to make up for this shortfall.

During the six months ended January 31, 2021, the Fund had no securities out on loan.

7. Credit and Market Risk

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

The Fund invests a portion of its assets in high yield fixed income securities, which are securities rated lower than BBB- by Standard & Poor’s Financial Services LLC and Baa3 by Moody’s Investor Service, Inc., or similarly rated by another nationally recognized statistical rating organization. Investments in these higher yielding securities are generally accompanied by a greater degree of credit risk than higher rated securities. Additionally, lower rated securities may be more susceptible to adverse economic and competitive industry conditions than investment grade securities.

The Fund invests in certain obligations that may have liquidity protection designed to ensure that the receipt of payments due on the underlying security is timely. Such protection may be provided through guarantees, insurance policies or letters of credit obtained by the issuer or sponsor through third parties, through various means of structuring the transaction or through a combination of such approaches. The Fund will not pay any additional fees for such credit support, although the existence of credit support may increase the price of the security.

The Fund invests in bank loans and other securities that may subject it to direct indebtedness risk, the risk that the Fund will not receive payment of principal, interest, and other amounts due in connection with these investments and will depend primarily on the financial condition of the borrower. Loans that are fully secured offer the Fund more protection than unsecured loans in the event of nonpayment of

34

---

scheduled interest or principal, although there is no assurance that the liquidation of collateral from a secured loan would satisfy the corporate borrower’s obligation, or that the collateral can be liquidated. Some loans or claims may be in default at the time of purchase. Certain of the loans and the other direct indebtedness acquired by the Fund may involve revolving credit facilities or other standby financing commitments that obligate the Fund to pay additional cash on a certain date or on demand. These commitments may require the Fund to increase its investment in a company at a time when the Fund might not otherwise decide to do so (including at a time when the company’s financial condition makes it unlikely that such amounts will be repaid). To the extent that the Fund is committed to advance additional funds, it will at all times hold and maintain cash or other high-grade debt obligations in an amount sufficient to meet such commitments. When a loan agreement is purchased, the Fund may pay an assignment fee. On an ongoing basis, the Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a loan agreement. Prepayment penalty fees are received upon the prepayment of a loan agreement by the borrower. Prepayment penalty, facility, commitment, consent, and amendment fees are recorded to income as earned or paid.

As the Fund may be required to rely upon another lending institution to collect and pass on to the Fund amounts payable with respect to the loan and to enforce the Fund’s rights under the loan and other direct indebtedness, an insolvency, bankruptcy, or reorganization of the lending institution may delay or prevent the Fund from receiving such amounts. The highly leveraged nature of many loans may make them especially vulnerable to adverse changes in economic or market conditions. Investments in such loans and other direct indebtedness may involve additional risk to the Fund.

When interest rates rise, fixed income securities (i.e. debt obligations) generally will decline in value. These declines in value are greater for fixed income securities with longer maturities or durations.

IBOR risk is the risk that changes related to the use of the London interbank offered rate (LIBOR) and other interbank offered rate (collectively, “IBORs”) could have adverse impacts on financial instruments that reference LIBOR. The abandonment of LIBOR could affect the value and liquidity of instruments that reference LIBOR. The use of alternative reference rate products may impact investment strategy performance. These risks may also apply with respect to changes in connection with IBORs, such as euro overnight index average (EONIA), which are also the subject of recent reform.

The Fund may invest up to 15% of its net assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A, promulgated under the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the Fund from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Board has delegated to DMC the day-to-day functions of determining whether individual securities are liquid for purposes of the Fund’s limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Fund’s 15% limit on investments in illiquid securities. Rule 144A securities have been identified on the “Schedule of investments.”

35

---

Notes to financial statements
Delaware Floating Rate Fund

8. Contractual Obligations

The Fund enters into contracts in the normal course of business that contain a variety of indemnifications. The Fund’s maximum exposure under these arrangements is unknown. However, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund’s existing contracts and expects the risk of loss to be remote.

9. Recent Accounting Pronouncements

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

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

10. Subsequent Events

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

36

---

Other Fund information (Unaudited)
Delaware Floating Rate Fund

Board consideration of Investment Advisory and Sub-Advisory Agreements for Delaware Floating
Rate Fund at a meeting held August 11-13, 2020

At a meeting held on August 11-13, 2020 (the “Annual Meeting”), the Board of Trustees (the “Board”), including a majority of disinterested or independent Trustees, approved the renewal of the Investment Advisory and Sub-Advisory Agreements for Delaware Floating Rate Fund (the “Fund”). In making its decision, the Board considered information furnished at regular quarterly Board meetings, including reports detailing Fund performance, investment strategies, and expenses, as well as information prepared specifically in connection with the renewal of the investment advisory and sub-advisory contracts. Information furnished specifically in connection with the renewal of the Investment Management Agreement with Delaware Management Company (“DMC”), a series of Macquarie Investment Management Business Trust (“MIMBT”), and the Sub-Advisory Agreements with Macquarie Investment Management Global Limited (“MIMGL”), Macquarie Investment Management Europe Limited (“MIMEL”), and Macquarie Investment Management Austria Kapitalanlage AG (“MIMAK”) (the “Sub-Advisers”), included materials provided by DMC and its affiliates (collectively, “Macquarie Investment Management”) concerning, among other things, the nature, extent, and quality of services provided to the Fund; the costs of such services to the Fund; economies of scale; and the investment manager’s financial condition and profitability. In addition, in connection with the Annual Meeting, materials were provided to the Trustees in May 2020, including reports provided by Broadridge Financial Solutions (“Broadridge”). The Broadridge reports compared the Fund’s investment performance and expenses with those of other comparable mutual funds. The Independent Trustees reviewed and discussed the Broadridge reports with independent legal counsel to the Independent Trustees. In addition to the information noted above, the Board also requested and received information regarding DMC’s policy with respect to advisory fee levels and its breakpoint philosophy; the structure of portfolio manager compensation; comparative client fee information; and any constraints or limitations on the availability of securities for certain investment styles, which had in the past year inhibited, or which were likely in the future to inhibit, the investment manager’s ability to invest fully in accordance with Fund policies.

In considering information relating to the approval of the Fund’s advisory and sub-advisory agreements, as applicable, the Independent Trustees received assistance and advice from and met separately with independent legal counsel to the Independent Trustees and also received assistance and advice from an experienced and knowledgeable independent fund consultant, JDL Consultants, LLC (“JDL”). Although the Board gave attention to all information furnished, the following discussion identifies, under separate headings, the primary factors taken into account by the Board during its contract renewal considerations.

Nature, extent, and quality of services. The Board considered the services provided by DMC to the Fund and its shareholders. In reviewing the nature, extent, and quality of services, the Board considered reports furnished to it throughout the year, which covered matters such as the relative performance of the Fund; compliance of portfolio managers with the investment policies, strategies, and restrictions for the Fund; compliance by DMC and Delaware Distributors, L.P. (together, “Management”) personnel with the Code of Ethics adopted throughout the Delaware Funds^® by Macquarie (“Delaware Funds”); and adherence to fair value pricing procedures as established by the Board. The Board was pleased with the current staffing of DMC and the emphasis placed on research in the investment process. The Board recognized DMC’s receipt of certain favorable industry distinctions during the past several years. The

37

---

Other Fund information (Unaudited)
Delaware Floating Rate Fund

Board consideration of Investment Advisory and Sub-Advisory Agreements for Delaware Floating
Rate Fund at a meeting held August 11-13, 2020 (continued)

Board gave favorable consideration to DMC’s efforts to control expenses while maintaining service levels committed to Fund matters. The Board also noted the benefits provided to Fund shareholders through (a) each shareholder’s ability to: (i) exchange an investment in one Delaware Fund for the same class of shares in another Delaware Fund without a sales charge, or (ii) reinvest Fund dividends into additional shares of the Fund or into additional shares of other Delaware Funds, and (b) the privilege to combine holdings in other Delaware Funds to obtain a reduced sales charge. The Board was satisfied with the nature, extent, and quality of the overall services provided by DMC.

Nature, extent, and quality of services. The Board considered the services provided by each Sub-Adviser to the Fund. In reviewing the nature, extent, and quality of services, the Board considered reports furnished to it throughout the year at regular Board Meetings covering matters such as relative performance of the Fund; compliance of portfolio managers with the investment policies, strategies, and restrictions for the Fund; the compliance of Sub-Adviser personnel with its Code of Ethics; and adherence to fair value pricing procedures as established by the Board. The Board was pleased with the current staffing of the Sub-Advisers and the emphasis placed on research in the investment process. The Board was satisfied with the nature, extent, and quality of the overall services provided by the Sub-Advisers.

Investment performance. The Board placed significant emphasis on the investment performance of the Fund in view of the importance of investment performance to shareholders. Although the Board considered performance reports and discussions with portfolio managers at Investment Committee meetings throughout the year, the Board gave particular weight to the Broadridge reports furnished for the Annual Meeting. The Broadridge reports prepared for the Fund showed the investment performance of its Class A shares in comparison to a group of similar funds as selected by Broadridge (the “Performance Universe”). A fund with the best performance ranked first, and a fund with the poorest performance ranked last. The highest/best performing 25% of funds in the Performance Universe make up the first quartile; the next 25%, the second quartile; the next 25%, the third quartile; and the poorest/ worst performing 25% of funds in the Performance Universe make up the fourth quartile. Comparative annualized performance for the Fund was shown for the past 1-, 3-, 5-, and 10-year periods, to the extent, applicable, ended January 31, 2020. The Board’s objective is that the Fund’s performance for the 1-, 3-, and 5-year periods be at or above the median of its Performance Universe.

The Performance Universe for the Fund consisted of the Fund and all retail and institutional loan participation funds as selected by Broadridge. The Broadridge report comparison showed that the Fund’s total return for the 1- and 3-year periods was in the first quartile of its Performance Universe. The report further showed that the Fund’s total return for the 5-year and since inception periods was in the fourth quartile of its Performance Universe. The Board observed that the Fund’s long-term performance results were not in line with the Board’s objective. In evaluating the Fund’s performance, the Board considered the Fund’s short-term performance, which was strong. The Board also considered the numerous investment and performance reports delivered by Management personnel to the Board’s Investments Committee. The Board was satisfied that Management was taking action to improve Fund performance and to meet the Board’s performance objective.

38

---

Comparative expenses. The Board considered expense data for the Delaware Funds. Management provided the Board with information on pricing levels and fee structures for the Fund as of its most recently completed fiscal year. The Board also focused on the comparative analysis of effective management fees and total expense ratios of the Fund versus effective management fees and total expense ratios of a group of similar funds as selected by Broadridge (the “Expense Group”). In reviewing comparative costs, the Fund’s contractual management fee and the actual management fee incurred by the Fund were compared with the contractual management fees (assuming all funds in the Expense Group were similar in size to the Fund) and actual management fees (as reported by each fund) within the Expense Group, taking into account any applicable breakpoints and fee waivers. The Fund’s total expenses were also compared with those of its Expense Group. The Broadridge total expenses, for comparative consistency, were shown by Broadridge for Class A shares and comparative total expenses including 12b-1 and non-12b-1 service fees. The Board’s objective is for the Fund’s total expense ratio to be competitive with those of the peer funds within its Expense Group.

The expense comparisons for the Fund showed that its actual management fee and total expenses were in the quartile with the lowest expenses of its Expense Group. The Board was satisfied with the management fee and total expenses of the Fund in comparison to those of its Expense Group as shown in the Broadridge report.

Management profitability. The Board considered the level of profits realized by DMC in connection with the operation of the Fund. In this respect, the Board reviewed the Investment Management Profitability Analysis that addressed the overall profitability of DMC’s business in providing management and other services to each of the individual funds and the Delaware Funds as a whole. Specific attention was given to the methodology used by DMC in allocating costs for the purpose of determining profitability. Management stated that the level of profits of DMC, to a certain extent, reflects recent operational cost savings and efficiencies initiated by DMC. The Board considered DMC’s efforts to improve services provided to Fund shareholders and to meet additional regulatory and compliance requirements resulting from recent industry-wide Securities and Exchange Commission initiatives. The Board also considered the extent to which DMC might derive ancillary benefits from fund operations, including the potential for procuring additional business as a result of the prestige and visibility associated with its role as service provider to the Delaware Funds and the benefits from allocation of fund brokerage to improve trading efficiencies. As part of its work, the Board also reviewed a report prepared by JDL regarding MIMBT profitability as compared to certain peer fund complexes and the Independent Trustees met with JDL personnel to discuss DMC’s profitability in such context. The Board found that the management fees were reasonable in light of the services rendered and the level of profitability of DMC.

Management profitability. Trustees were also given available information on profits being realized by each of the Sub-Advisers in relation to the services being provided to the Fund and in relation to the Sub-Adviser’s overall investment advisory business, but believed such information to be of limited relevance because the sub-advisory fees are paid by DMC out of its management fee, and changes in the level of sub-advisory fees have no impact on Fund expenses. The Board was also provided information on potential fall-out benefits derived or to be derived by the Sub-Advisers in connection with their relationship to the Fund, such as reputational enhancement, soft dollar arrangements, or commissions paid to affiliated broker/dealers, as applicable.

39

---

Other Fund information (Unaudited)
Delaware Floating Rate Fund

Board consideration of Investment Advisory and Sub-Advisory Agreements for Delaware Floating Rate Fund at a meeting held August 11-13, 2020 (continued)

Economies of scale. The Trustees considered whether economies of scale are realized by DMC as the Fund’s assets increase and the extent to which any economies of scale are reflected in the level of management fees charged. The Trustees reviewed the Fund’s advisory fee pricing and structure, approved by the Board and shareholders, which includes breakpoints, and which applies to most funds in the Delaware Funds complex. Breakpoints in the advisory fee occur when the advisory fee rate is reduced on assets in excess of specified levels. Breakpoints result in a lower advisory fee than would otherwise be the case in the absence of breakpoints, when the asset levels specified in the breakpoints are exceeded. Although, as of March 31, 2020, the Fund had not reached a size at which it could take advantage of any breakpoints in the applicable fee schedule, the Board recognized that the fee was structured so that, if the Fund increases sufficiently in size, then economies of scale may be shared.

40

---

About the organization

Board of trustees
Shawn K. Lytle President and Chief Executive Officer Delaware Funds® by Macquarie Philadelphia, PA Jerome D. Abernathy Managing Member, Stonebrook Capital Management, LLC Jersey City, NJ Thomas L. Bennett Chairman of the Board Delaware Funds by Macquarie Private Investor Rosemont, PA		Ann D. Borowiec Former Chief Executive Officer Private Wealth Management J.P. Morgan Chase & Co. New York, NY Joseph W. Chow Former Executive Vice President State Street Corporation Boston, MA John A. Fry President Drexel University Philadelphia, PA		Frances A. Sevilla-Sacasa Former Chief Executive Officer Banco Itaú International Miami, FL Thomas K. Whitford Former Vice Chairman PNC Financial Services Group Pittsburgh, PA		Christianna Wood Chief Executive Officer and President Gore Creek Capital, Ltd. Golden, CO Janet L. Yeomans Former Vice President and Treasurer 3M Company St. Paul, MN
Affiliated officers
David F. Connor Senior Vice President, General Counsel, and Secretary Delaware Funds by Macquarie Philadelphia, PA		Daniel V. Geatens Vice President and Treasurer Delaware Funds by Macquarie Philadelphia, PA		Richard Salus Senior Vice President and Chief Financial Officer Delaware Funds by Macquarie Philadelphia, PA

This semiannual report is for the information of Delaware Floating Rate Fund shareholders, but it may be used with prospective investors when preceded or accompanied by the Delaware Fund fact sheet for the most recently completed calendar quarter. These documents are available at delawarefunds.com/literature.

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT. The Fund’s Forms N-PORT, as well as a description of the policies and procedures that the Fund uses to determine how to vote proxies (if any) relating to portfolio securities, are available without charge (i) upon request, by calling 800 523-1918; and (ii) on the SEC’s website at sec.gov. In addition, a description of the policies and procedures that the Fund uses to determine how to vote proxies (if any) relating to portfolio securities and the Schedule of Investments included in the Fund’s most recent Form N-PORT are available without charge on the Fund’s website at delawarefunds.com/literature. The Fund’s Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C.; information on the operation of the Public Reference Room may be obtained by calling 800 SEC-0330.

Information (if any) regarding how the Fund voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through the Fund’s website at delawarefunds.com/proxy; and (ii) on the SEC’s website at sec.gov.

41

---

---

Experience Delaware Funds^® by Macquarie

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

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

You can learn more about Delaware Funds or obtain a prospectus for Delaware High-Yield Opportunities Fund at delawarefunds.com/literature.

Manage your account online

●	Check your account balance and transactions
●	View statements and tax forms
●	Make purchases and redemptions

Visit delawarefunds.com/account-access.

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

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

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

The Fund is governed by US laws and regulations.

Table of contents

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

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

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

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

© 2021 Macquarie Management Holdings, Inc.

---

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

The investment objective of the Fund is to seek total return and, as a secondary objective, high current income.

As a shareholder of the 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. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from August 1, 2020 to January 31, 2021.

Actual expenses

The first section of the table 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 table shown, “Hypothetical 5% return,” provides information about hypothetical account values and hypothetical expenses based on the 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 the 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 table 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 the 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 Fund’s expenses shown in the table reflect fee waivers in effect and assume reinvestment of all dividends and distributions.

1

---

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

Delaware High-Yield Opportunities Fund
Expense analysis of an investment of $1,000

		Beginning					Ending									Expenses
		Account Value					Account Value					Annualized				Paid During Period
		8/1/20					1/31/21					Expense Ratio				8/1/20 to 1/31/21*
Actual Fund return†
Class A			$	1,000.00				$	1,057.80				0.94%				$	4.88
Class C				1,000.00					1,053.80				1.69%					8.75
Class R				1,000.00					1,056.40				1.19%					6.17
Institutional Class				1,000.00					1,056.40				0.69%					3.58
Hypothetical 5% return (5% return before expenses)
Class A			$	1,000.00				$	1,020.47				0.94%				$	4.79
Class C				1,000.00					1,016.69				1.69%					8.59
Class R				1,000.00					1,019.21				1.19%					6.06
Institutional Class				1,000.00					1,021.73				0.69%					3.52

*	“Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
†	Because actual returns reflect only the most recent six-month period, the returns shown may differ significantly from fiscal year returns.

In addition to the Fund’s expenses reflected above, the Fund also indirectly bears its portion of the fees and expenses of the investment companies (Underlying Funds) in which it invests. The table above does not reflect the expenses of the Underlying Funds.

2

---

Security type / sector allocation
Delaware High-Yield Opportunities Fund	As of January 31, 2021 (Unaudited)

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

Security type / sector	Percentage of net assets
Convertible Bond		0.13%
Corporate Bonds		86.96%
Automotive		3.09%
Banking		2.45%
Basic Industry		9.94%
Capital Goods		5.06%
Communications		9.24%
Consumer Cyclical		5.90%
Consumer Non-Cyclical		3.42%
Energy		12.10%
Financial Services		4.00%
Healthcare		7.24%
Insurance		1.72%
Media		6.76%
Real Estate		1.79%
Services		4.00%
Technology & Electronics		4.52%
Transportation		3.88%
Utilities		1.85%
Loan Agreements		9.60%
Common Stock		0.00%
Short-Term Investments		6.80%
Total Value of Securities		103.49%
Liabilities Net of Receivables and Other Assets		(3.49%	)
Total Net Assets		100.00%

3

---

Schedule of investments
Delaware High-Yield Opportunities Fund	January 31, 2021 (Unaudited)

		Principal amount°		Value (US $)
Convertible Bond – 0.13%
PDC Energy 1.125% exercise price $85.39, maturity
date 9/15/21		230,000		$	226,627
Total Convertible Bond (cost $221,087)					226,627
Corporate Bonds – 86.96%
Automotive – 3.09%
Allison Transmission 144A 5.875% 6/1/29 #		724,000			799,032
Ford Motor
8.50% 4/21/23		620,000			695,485
9.00% 4/22/25		195,000			237,907
Ford Motor Credit
3.37% 11/17/23		470,000			478,845
3.375% 11/13/25		460,000			468,142
4.125% 8/17/27		440,000			463,650
4.542% 8/1/26		480,000			514,200
5.584% 3/18/24		430,000			465,208
General Motors Financial 5.70% 9/30/30 µ, ψ		305,000			343,506
Jaguar Land Rover Automotive
144A 4.50% 10/1/27 #		260,000			253,016
144A 5.875% 1/15/28 #		625,000			637,625
					5,356,616
Banking – 2.45%
Barclays 6.125% 12/15/25 µ, ψ		825,000			895,148
Deutsche Bank 6.00% 10/30/25 µ, ψ		600,000			585,750
Popular 6.125% 9/14/23		1,369,000			1,480,772
SVB Financial Group 4.10% 2/15/31 µ, ψ		1,270,000			1,293,749
					4,255,419
Basic Industry – 9.94%
Allegheny Technologies 5.875% 12/1/27		1,285,000			1,351,807
Avient 144A 5.75% 5/15/25 #		1,193,000			1,267,562
BCPE Ulysses Intermediate 144A PIK 7.75%
4/1/27 #, «		475,000			473,813
Blue Cube Spinco 10.00% 10/15/25		310,000			329,763
Chemours 144A 5.75% 11/15/28 #		855,000			886,652
First Quantum Minerals
144A 6.875% 10/15/27 #		625,000			674,956
144A 7.25% 4/1/23 #		805,000			823,439
144A 7.50% 4/1/25 #		710,000			734,871
Freeport-McMoRan 5.45% 3/15/43		1,025,000			1,283,156

4

---

				Principal amount°		Value (US $)
Corporate Bonds (continued)
Basic Industry (continued)
	Hudbay Minerals
		144A 6.125% 4/1/29 #		380,000		$	403,750
		144A 7.625% 1/15/25 #		410,000			427,558
	Intertape Polymer Group 144A 7.00% 10/15/26 #			685,000			725,237
	LBM Acquisition 144A 6.25% 1/15/29 #			320,000			324,304
	M/I Homes 4.95% 2/1/28			1,086,000			1,145,866
	Mattamy Group
		144A 4.625% 3/1/30 #		260,000			270,197
		144A 5.25% 12/15/27 #		720,000			760,050
	New Gold
		144A 6.375% 5/15/25 #		63,000			65,323
		144A 7.50% 7/15/27 #		310,000			335,834
	Novelis
		144A 4.75% 1/30/30 #		230,000			241,931
		144A 5.875% 9/30/26 #		425,000			445,719
	Olin 5.00% 2/1/30			430,000			451,489
	PowerTeam Services 144A 9.033% 12/4/25 #			1,525,000			1,692,750
	Tronox 144A 6.50% 4/15/26 #			625,000			645,313
	WESCO Distribution 144A 7.25% 6/15/28 #			215,000			241,826
	White Cap Buyer 144A 6.875% 10/15/28 #			1,205,000			1,254,748
							17,257,914
Capital Goods — 5.06%
	ARD Finance 144A PIK 6.50% 6/30/27 #, >			755,000			794,637
	ATS Automation Tooling Systems 144A 4.125%
		12/15/28 #		320,000			324,600
	Bombardier
		144A 7.50% 3/15/25 #		585,000			548,438
		144A 7.875% 4/15/27 #		461,000			426,287
	GrafTech Finance 144A 4.625% 12/15/28 #			240,000			243,300
	Granite US Holdings 144A 11.00% 10/1/27 #			770,000			868,175
	Reynolds Group Issuer 144A 4.00% 10/15/27 #			840,000			846,048
	Spirit AeroSystems 144A 5.50% 1/15/25 #			840,000			882,000
	Terex 144A 5.625% 2/1/25 #			470,000			482,044
	Titan Acquisition 144A 7.75% 4/15/26 #			310,000			316,051
	TransDigm
		144A 4.625% 1/15/29 #		390,000			387,808
		144A 6.25% 3/15/26 #		1,315,000			1,392,526
	Vertical Holdco 144A 7.625% 7/15/28 #			775,000			837,484
	Welbilt 9.50% 2/15/24			417,000			430,204
							8,779,602

5

---

Schedule of investments
Delaware High-Yield Opportunities Fund

				Principal amount°		Value (US $)
Corporate Bonds (continued)
Communications — 9.24%
	Altice Financing 144A 5.00% 1/15/28 #			565,000		$	579,868
	Altice France Holding 144A 6.00% 2/15/28 #			1,665,000			1,680,576
	C&W Senior Financing 144A 6.875% 9/15/27 #			1,099,000			1,172,083
	Cablevision Lightpath
		144A 3.875% 9/15/27 #		580,000			583,683
		144A 5.625% 9/15/28 #		300,000			308,063
	Cincinnati Bell 144A 7.00% 7/15/24 #			1,130,000			1,175,200
	Connect Finco 144A 6.75% 10/1/26 #			1,435,000			1,535,235
	Frontier Communications
		144A 5.875% 10/15/27 #		470,000			505,990
		144A 6.75% 5/1/29 #		760,000			799,672
	LCPR Senior Secured Financing 144A 6.75%
		10/15/27 #		515,000			554,387
	Level 3 Financing 144A 4.25% 7/1/28 #			960,000			984,682
	Lumen Technologies 144A 4.50% 1/15/29 #			475,000			488,459
	Sprint
		7.125% 6/15/24		255,000			297,662
		7.625% 3/1/26		510,000			629,348
		7.875% 9/15/23		1,110,000			1,283,437
	Sprint Capital 8.75% 3/15/32			170,000			259,845
	T-Mobile USA
		6.00% 4/15/24		640,000			647,827
		6.50% 1/15/26		1,070,000			1,104,946
	Zayo Group Holdings 144A 6.125% 3/1/28 #			1,385,000			1,443,014
							16,033,977
Consumer Cyclical — 5.90%
	Boyd Gaming 4.75% 12/1/27			890,000			913,763
	Caesars Entertainment
		144A 6.25% 7/1/25 #		530,000			559,240
		144A 8.125% 7/1/27 #		440,000			483,474
	Carnival
		144A 7.625% 3/1/26 #		860,000			911,062
		144A 11.50% 4/1/23 #		500,000			568,023
	L Brands
		6.875% 11/1/35		520,000			603,611
		6.95% 3/1/33		592,000			632,552
		144A 9.375% 7/1/25 #		355,000			438,869
	MGM Resorts International 4.75% 10/15/28			775,000			808,868
	Murphy Oil USA 144A 3.75% 2/15/31 #			790,000			791,975

6

---

				Principal amount°		Value (US $)
Corporate Bonds (continued)
Consumer Cyclical (continued)
	PetSmart
		144A 4.75% 2/15/28 #		485,000		$	485,000
		144A 7.75% 2/15/29 #		485,000			485,000
	Scientific Games International
		144A 7.25% 11/15/29 #		405,000			437,072
		144A 8.25% 3/15/26 #		714,000			756,190
	Six Flags Entertainment 144A 4.875% 7/31/24 #			525,000			521,918
	Station Casinos
		144A 4.50% 2/15/28 #		435,000			427,116
		144A 5.00% 10/1/25 #		415,000			418,459
							10,242,192
Consumer Non-Cyclical — 3.42%
	Energizer Holdings 144A 4.375% 3/31/29 #			675,000			691,200
	JBS USA LUX
		144A 5.50% 1/15/30 #		490,000			557,297
		144A 6.50% 4/15/29 #		675,000			768,454
	Kraft Heinz Foods
		5.00% 7/15/35		420,000			498,014
		5.20% 7/15/45		700,000			815,292
	Pilgrim’s Pride 144A 5.75% 3/15/25 #			525,000			537,521
	Post Holdings 144A 5.50% 12/15/29 #			970,000			1,054,870
	United Natural Foods 144A 6.75% 10/15/28 #			950,000			1,005,812
							5,928,460
Energy — 12.10%
	Apache
		4.75% 4/15/43		534,000			508,101
		4.875% 11/15/27		405,000			416,745
	CNX Resources
		144A 6.00% 1/15/29 #		865,000			895,556
		144A 7.25% 3/14/27 #		405,000			436,003
	Continental Resources 3.80% 6/1/24			855,000			877,978
	Crestwood Midstream Partners 144A 5.625%
		5/1/27 #		1,065,000			1,027,320
	DCP Midstream Operating 5.125% 5/15/29			1,215,000			1,323,500
	EQM Midstream Partners
		144A 4.75% 1/15/31 #		510,000			492,981
		144A 6.50% 7/1/27 #		350,000			375,274
	Genesis Energy 8.00% 1/15/27			1,370,000			1,304,480
	Murphy Oil
		5.875% 12/1/27		1,769,000			1,683,451
		6.875% 8/15/24		220,000			215,325

7

---

Schedule of investments
Delaware High-Yield Opportunities Fund

				Principal amount°		Value (US $)
Corporate Bonds (continued)
Energy (continued)
	NuStar Logistics
		6.00% 6/1/26		965,000		$	1,026,967
		6.375% 10/1/30		936,000			1,032,525
	Occidental Petroleum
		3.00% 2/15/27		485,000			449,534
		3.40% 4/15/26		450,000			435,231
		3.50% 8/15/29		470,000			436,686
		6.125% 1/1/31		865,000			942,591
		6.45% 9/15/36		400,000			439,550
		6.625% 9/1/30		610,000			687,165
	PDC Energy
		5.75% 5/15/26		1,046,000			1,066,899
		6.125% 9/15/24		324,000			331,152
	Southwestern Energy 7.75% 10/1/27			806,000			851,841
	Targa Resources Partners
		144A 4.00% 1/15/32 #		635,000			630,238
		144A 4.875% 2/1/31 #		515,000			538,175
	TechnipFMC 144A 6.50% 2/1/26 #			1,575,000			1,642,053
	Western Midstream Operating 4.75% 8/15/28			875,000			927,500
							20,994,821
Financial Services — 4.00%
	AerCap Holdings 5.875% 10/10/79 µ			848,000			862,310
	Ally Financial 8.00% 11/1/31			705,000			1,024,438
	Credit Suisse Group 144A 4.50% 9/3/30 #, µ, y			835,000			828,737
	DAE Funding
		144A 4.50% 8/1/22 #		230,000			232,139
		144A 5.75% 11/15/23 #		1,529,000			1,572,959
	DAE Sukuk DIFC 144A 3.75% 2/15/26 #			685,000			728,187
	INEOS Quattro Finance 2 144A 3.375% 1/15/26 #			865,000			869,866
	United Wholesale Mortgage 144A 5.50% 11/15/25 #			775,000			816,656
							6,935,292
Healthcare — 7.24%
	Bausch Health 144A 6.25% 2/15/29 #			1,215,000			1,304,934
	Cheplapharm Arzneimittel 144A 5.50% 1/15/28 #			845,000			870,350
	CHS
		144A 4.75% 2/15/31 #		280,000			280,350
		144A 6.875% 4/15/29 #		550,000			557,219
		144A 8.00% 3/15/26 #		425,000			457,300
	Encompass Health 4.75% 2/1/30			584,000			629,132
	Hadrian Merger Sub 144A 8.50% 5/1/26 #			880,000			916,133

8

---

				Principal amount°		Value (US $)
Corporate Bonds (continued)
Healthcare (continued)
	HCA
		5.375% 2/1/25		490,000		$	550,870
		7.58% 9/15/25		690,000			841,800
	Jaguar Holding II 144A 5.00% 6/15/28 #			780,000			827,947
	Ortho-Clinical Diagnostics
		144A 7.25% 2/1/28 #		680,000			728,875
		144A 7.375% 6/1/25 #		870,000			932,531
	Surgery Center Holdings 144A 10.00% 4/15/27 #			445,000			492,559
	Tenet Healthcare
		144A 6.125% 10/1/28 #		860,000			899,870
		6.75% 6/15/23		455,000			494,130
		6.875% 11/15/31		781,000			846,260
	Verscend Escrow 144A 9.75% 8/15/26 #			875,000			945,503
							12,575,763
Insurance — 1.72%
	AssuredPartners 144A 5.625% 1/15/29 #			320,000			325,200
	GTCR AP Finance 144A 8.00% 5/15/27 #			305,000			329,400
	HUB International 144A 7.00% 5/1/26 #			815,000			846,382
	USI 144A 6.875% 5/1/25 #			1,465,000			1,493,106
							2,994,088
Media — 6.76%
	AMC Networks 4.25% 2/15/29			670,000			667,829
	Beasley Mezzanine Holdings 144A 8.625% 2/1/26 #			840,000			846,300
	CCO Holdings
		144A 4.50% 8/15/30 #		1,875,000			1,976,953
		144A 4.50% 5/1/32 #		210,000			218,709
		144A 5.375% 6/1/29 #		720,000			781,884
	Clear Channel Worldwide Holdings 9.25% 2/15/24			1,104,000			1,150,462
	CSC Holdings
		144A 4.625% 12/1/30 #		1,075,000			1,097,989
		144A 5.75% 1/15/30 #		780,000			838,266
	Cumulus Media New Holdings 144A 6.75% 7/1/26 #			786,000			799,138
	Gray Television 144A 7.00% 5/15/27 #			830,000			908,186
	Netflix 144A 4.875% 6/15/30 #			480,000			584,100
	Nexstar Broadcasting 144A 4.75% 11/1/28 #			610,000			629,444
	Terrier Media Buyer 144A 8.875% 12/15/27 #			1,145,000			1,240,178
							11,739,438
Real Estate — 1.79%
	Global Net Lease 144A 3.75% 12/15/27 #			995,000			1,014,013
	HAT Holdings I 144A 3.75% 9/15/30 #			635,000			642,144

9

---

Schedule of investments
Delaware High-Yield Opportunities Fund

				Principal amount°		Value (US $)
Corporate Bonds (continued)
Real Estate (continued)
	Iron Mountain 144A 5.25% 7/15/30 #			545,000		$	578,381
	MGM Growth Properties Operating Partnership
		144A 3.875% 2/15/29 #		855,000			871,031
							3,105,569
Services — 4.00%
	Covanta Holding 5.00% 9/1/30			310,000			325,888
	Gartner 144A 4.50% 7/1/28 #			700,000			739,165
	H&E Equipment Services 144A 3.875% 12/15/28 #			490,000			488,236
	Legends Hospitality Holding 144A 5.00% 2/1/26 #			520,000			529,425
	Prime Security Services Borrower
		144A 5.75% 4/15/26 #		945,000			1,035,767
		144A 6.25% 1/15/28 #		1,150,000			1,226,371
	Sabre GLBL
		144A 7.375% 9/1/25 #		600,000			647,400
		144A 9.25% 4/15/25 #		515,000			611,666
	Tms International Holding 144A 7.25% 8/15/25 #			515,000			525,300
	United Rentals North America 3.875% 2/15/31			780,000			814,612
							6,943,830
Technology & Electronics — 4.52%
	Austin BidCo 144A 7.125% 12/15/28 #			320,000			332,200
	Banff Merger Sub 144A 9.75% 9/1/26 #			935,000			990,651
	Black Knight InfoServ 144A 3.625% 9/1/28 #			725,000			734,570
	BY Crown Parent
		144A 4.25% 1/31/26 #		750,000			769,688
		144A 7.375% 10/15/24 #		1,537,000			1,560,216
	Camelot Finance 144A 4.50% 11/1/26 #			790,000			823,081
	CommScope Technologies 144A 5.00% 3/15/27 #			765,000			759,741
	Microchip Technology 144A 4.25% 9/1/25 #			815,000			853,903
	SS&C Technologies 144A 5.50% 9/30/27 #			963,000			1,021,030
							7,845,080
Transportation — 3.88%
	Delta Air Lines
		144A 7.00% 5/1/25 #		805,000			933,992
		7.375% 1/15/26		1,240,000			1,425,432
	Hawaiian Brand Intellectual Property 144A 5.75%
		1/20/26 #		845,000			880,913
	Mileage Plus Holdings 144A 6.50% 6/20/27 #			550,000			602,250
	Spirit Loyalty Cayman 144A 8.00% 9/20/25 #			380,000			431,680
	Stena International 144A 6.125% 2/1/25 #			300,000			295,050

10

---

			Principal amount°		Value (US $)
Corporate Bonds (continued)
Transportation (continued)
	United Airlines Holdings 4.875% 1/15/25		1,160,000		$		1,120,003
	VistaJet Malta Finance 144A 10.50% 6/1/24 #		1,015,000				1,040,375
							6,729,695
Utilities — 1.85%
	Calpine
	144A 4.625% 2/1/29 #		155,000				156,783
	144A 5.00% 2/1/31 #		905,000				931,245
	PG&E 5.25% 7/1/30		812,000				894,215
	Vistra Operations
	144A 5.50% 9/1/26 #		573,000				596,464
	144A 5.625% 2/15/27 #		595,000				628,540
							3,207,247
Total Corporate Bonds (cost $143,607,126)							150,925,003
Loan Agreements — 9.60%
	Applied Systems 2nd Lien 8.00% (LIBOR03M +
	7.00%) 9/19/25 ●		2,325,579				2,350,772
	Apro 5.00% (LIBOR03M + 4.00%) 11/14/26 ●		854,489				859,830
	Blue Ribbon 1st Lien 5.00% (LIBOR03M + 4.00%)
	11/15/21 ●		347,103				335,475
	Boxer Parent 4.371% (LIBOR01M + 4.25%)
	10/2/25 ●		257,999				257,945
	BW Gas & Convenience Holdings 6.38%
	(LIBOR01M + 6.25%) 11/18/24 ●		859,547				874,589
	BWay Holding 3.381% (LIBOR03M + 3.25%)
	4/3/24 ●		1,378,575				1,355,599
	Carnival 8.50% (LIBOR01M + 7.50%) 6/30/25 ●		943,350				975,660
	Epicor Software 2nd Lien 8.75% (LIBOR01M +
	7.75%) 7/31/28 ●		658,200				691,521
	Frontier Communications 5.75% (LIBOR01M +
	4.75%) 10/8/21 ●		345,000				346,509
	Global Medical Response 5.75% (LIBOR03M +
	4.75%) 10/2/25 ●		1,301,000				1,303,439
	Hamilton Projects Acquiror 5.75% (LIBOR03M +
	4.75%) 6/17/27 ●		885,550				895,143
	Informatica 2nd Lien 7.125% (LIBOR03M + 7.125%)
	2/25/25 ●		945,000				969,806
	Solenis International 2nd Lien 8.733% (LIBOR03M +
	8.50%) 6/26/26 ●		1,258,647				1,260,745
	Surgery Center Holdings 4.25% (LIBOR01M +
	3.25%) 9/2/24 ●		878,126				874,363

11

---

Schedule of investments
Delaware High-Yield Opportunities Fund

			Principal amount°		Value (US $)
Loan Agreements (continued)
	Ultimate Software Group 2nd Lien 7.50%
	(LIBOR03M + 6.75%) 5/3/27 ●		1,630,000		$		1,695,200
	Vantage Specialty Chemicals 1st lien TBD
	10/28/24 X		270,000				261,000
	Vantage Specialty Chemicals 2nd Lien 9.25%
	(LIBOR03M + 8.25%) 10/27/25 ●		699,000				651,818
	Verscend Holding Tranche B 4.62% (LIBOR01M +
	4.50%) 8/27/25 ●		701,341				703,094
Total Loan Agreements (cost $16,395,071)							16,662,508
			Number of shares
Common Stock — 0.00%
	Century Communications =, †		4,250,000				0
Total Common Stock (cost $128,662)							0
Short-Term Investments — 6.80%
Money Market Mutual Funds — 6.80%
	BlackRock FedFund – Institutional Shares
	(seven-day effective yield 0.01%)		2,953,021				2,953,021
	Fidelity Investments Money Market Government
	Portfolio – Class I (seven-day effective yield
	0.01%)		2,953,020				2,953,020
	GS Financial Square Government Fund –
	Institutional Shares (seven-day effective yield
	0.02%)		2,953,020				2,953,020
	Morgan Stanley Government Portfolio – Institutional
	Share Class (seven-day effective yield 0.00%)		2,953,021				2,953,021
Total Short-Term Investments (cost $11,812,082)							11,812,082
Total Value of Securities—103.49%
	(cost $172,164,028)				$		179,626,220

°	Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At January 31, 2021, the aggregate value of Rule 144A securities was $102,910,589, which represents 59.29% of the Fund’s net assets. See Note 7 in “Notes to financial statements.”
µ	Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at January 31, 2021. Rate will reset at a future date.
ψ	Perpetual security. Maturity date represents next call date.
«	PIK. The first payment of cash and/or principal will be made on October 1, 2021.
>	PIK. 100% of the income received was in the form of cash.

12

---

●	Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at January 31, 2021. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.
X	This loan will settle after January 31, 2021, at which time the interest rate, based on the LIBOR and the agreed upon spread on trade date, will be reflected.
=	The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in “Notes to financial statements.”
†	Non-income producing security.

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

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

13

---

Statement of assets and liabilities
Delaware High-Yield Opportunities Fund	January 31, 2021 (Unaudited)

Assets:
	Investments, at value*		$		179,626,220
	Cash				333,400
	Dividends and interest receivable				2,287,472
	Receivable for securities sold				2,207,280
	Receivable for fund shares sold				141,302
	Total Assets				184,595,674
Liabilities:
	Payable for securities purchased				9,990,207
	Payable for fund shares redeemed				781,073
	Other accrued expenses				95,479
	Distribution payable				70,546
	Investment management fees payable to affiliates				56,300
	Distribution fees payable to affiliates				36,889
	Dividend disbursing and transfer agent fees and expenses payable to affiliates				1,239
	Accounting and administration expenses payable to affiliates				833
	Trustees’ fees and expenses payable to affiliates				602
	Legal fees payable to affiliates				219
	Reports and statements to shareholders expenses payable to affiliates				215
	Total Liabilities				11,033,602
Total Net Assets			$		173,562,072
Net Assets Consist of:
	Paid-in capital		$		232,139,773
	Total distributable earnings (loss)				(58,577,701	)
Total Net Assets			$		173,562,072

14

---

Net Asset Value
Class A:
Net assets			$		114,319,258
Shares of beneficial interest outstanding, unlimited authorization, no par					29,648,116
Net asset value per share			$		3.86
Sales charge					4.50	%
Offering price per share, equal to net asset value per share / (1 - sales charge)			$		4.04
Class C:
Net assets			$		11,286,181
Shares of beneficial interest outstanding, unlimited authorization, no par					2,924,052
Net asset value per share			$		3.86
Class R:
Net assets			$		3,356,723
Shares of beneficial interest outstanding, unlimited authorization, no par					867,747
Net asset value per share			$		3.87
Institutional Class:
Net assets			$		44,599,910
Shares of beneficial interest outstanding, unlimited authorization, no par					11,571,095
Net asset value per share			$		3.85
*Investments, at cost			$		172,164,028

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

15

---

Statement of operations
Delaware High-Yield Opportunities Fund	Six months ended January 31, 2021 (Unaudited)

Investment Income:
	Interest		$		4,829,886
	Dividends				460
					4,830,346
Expenses:
	Management fees				559,966
	Distribution expenses — Class A				139,782
	Distribution expenses — Class C				74,078
	Distribution expenses — Class R				8,524
	Dividend disbursing and transfer agent fees and expenses				85,902
	Accounting and administration expenses				33,430
	Registration fees				31,556
	Reports and statements to shareholders expenses				29,514
	Audit and tax fees				22,789
	Legal fees				6,842
	Custodian fees				6,268
	Trustees’ fees and expenses				5,011
	Other				16,529
					1,020,191
	Less expenses waived				(202,934	)
	Less expenses paid indirectly				(267	)
	Total operating expenses				816,990
Net Investment Income					4,013,356
Net Realized and Unrealized Gain:
	Net realized gain on:
	Investments				3,783,726
	Distributions from investment companies				2
	Net realized gain				3,783,728
	Net change in unrealized appreciation (depreciation) of investments				1,581,507
Net Realized and Unrealized Gain					5,365,235
Net Increase in Net Assets Resulting from Operations			$		9,378,591

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

16

---

Statements of changes in net assets
Delaware High-Yield Opportunities Fund

		Six months
		ended
		1/31/21				Year ended
		(Unaudited)				7/31/20
Increase (Decrease) in Net Assets from Operations:
Net investment income		$	4,013,356			$	9,010,249
Net realized gain (loss)			3,783,728				(3,490,753	)
Net change in unrealized appreciation (depreciation)			1,581,507				2,165,535
Net increase in net assets resulting from operations			9,378,591				7,685,031
Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A			(2,737,444	)			(6,029,768	)
Class C			(306,072	)			(822,386	)
Class R			(78,861	)			(207,301	)
Institutional Class			(1,078,572	)			(2,262,940	)
Return of capital:
Class A			—				(26,988	)
Class C			—				(3,803	)
Class R			—				(945	)
Institutional Class			—				(10,315	)
			(4,200,949	)			(9,364,446	)
Capital Share Transactions:
Proceeds from shares sold:
Class A			6,131,087				7,859,215
Class C			311,642				992,382
Class R			628,027				820,673
Institutional Class			5,490,279				12,462,261
Net asset value of shares issued upon reinvestment of
dividends and distributions:
Class A			2,481,593				5,270,188
Class C			317,091				792,496
Class R			81,289				207,165
Institutional Class			1,062,727				2,083,177
			16,503,735				30,487,557

17

---

Statements of changes in net assets
Delaware High-Yield Opportunities Fund

		Six months
		ended
		1/31/21				Year ended
		(Unaudited)				7/31/20
Capital Share Transactions (continued):
Cost of shares redeemed:
Class A		$	(8,414,306	)		$	(22,757,367	)
Class C			(5,425,949	)			(7,071,655	)
Class R			(1,345,420	)			(1,916,862	)
Institutional Class			(5,511,606	)			(16,882,593	)
			(20,697,281	)			(48,628,477	)
Decrease in net assets derived from capital share
transactions			(4,193,546	)			(18,140,920	)
Net Increase (Decrease) in Net Assets			984,096				(19,820,335	)
Net Assets:
Beginning of period			172,577,976				192,398,311
End of period		$	173,562,072			$	172,577,976

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

18

---

Financial highlights
Delaware High-Yield Opportunities Fund Class A

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income2

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Return of capital

Total dividends and distributions

Net asset value, end of period

Total return4

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets5

Ratio of expenses to average net assets prior to fees waived5

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets prior to fees waived

Portfolio turnover

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

20

---

	Six months ended
	1/31/211						Year ended
	(Unaudited)						7/31/20				7/31/19				7/31/18				7/31/17				7/31/16
		$	3.74				$	3.76			$	3.71			$	3.89			$	3.74			$	3.95
			0.09					0.19				0.20				0.20				0.21				0.22
			0.12					(0.02	)			0.06				(0.18	)			0.15				(0.22	)
			0.21					0.17				0.26				0.02				0.36				—
			(0.09	)				(0.19	)			(0.21	)			(0.20	)			(0.21	)			(0.21	)
			—					—	3			—	3			—	3			—	3			—	3
			(0.09	)				(0.19	)			(0.21	)			(0.20	)			(0.21	)			(0.21	)
		$	3.86				$	3.74			$	3.76			$	3.71			$	3.89			$	3.74
			5.78%					4.89%				7.25%				0.58%				9.83%				0.41%
		$	114,319				$	110,750			$	121,500			$	131,149			$	156,157			$	173,815
			0.94%					0.94%				0.94%				1.02%				1.05%				1.06%
			1.18%					1.16%				1.15%				1.15%				1.15%				1.15%
			4.67%					5.09%				5.50%				5.14%				5.42%				5.98%
			4.43%					4.87%				5.29%				5.01%				5.32%				5.89%
			57%					108%				76%				96%				90%				109%

21

---

Financial highlights
Delaware High-Yield Opportunities Fund Class C

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income2

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Return of capital

Total dividends and distributions

Net asset value, end of period

Total return4

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets5

Ratio of expenses to average net assets prior to fees waived5

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets

prior to fees waived

Portfolio turnover

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

22

---

	Six months ended
	1/31/211						Year ended
	(Unaudited)						7/31/20				7/31/19				7/31/18				7/31/17				7/31/16
		$	3.74				$	3.77			$	3.72			$	3.90			$	3.74			$	3.96
			0.08					0.16				0.17				0.17				0.18				0.19
			0.13					(0.02	)			0.06				(0.18	)			0.16				(0.23	)
			0.21					0.14				0.23				(0.01	)			0.34				(0.04	)
			(0.08	)				(0.17	)			(0.18	)			(0.17	)			(0.18	)			(0.18	)
			—					—	3			—	3			—	3			—	3			—	3
			(0.08	)				(0.17	)			(0.18	)			(0.17	)			(0.18	)			(0.18	)
		$	3.86				$	3.74			$	3.77			$	3.72			$	3.90			$	3.74
			5.38%					3.83%				6.45%				(0.16%	)			9.29%				(0.59%	)
		$	11,286				$	15,622			$	21,170			$	25,186			$	39,523			$	46,842
			1.69%					1.69%				1.69%				1.77%				1.80%				1.81%
			1.93%					1.91%				1.90%				1.90%				1.90%				1.90%
			3.92%					4.34%				4.75%				4.39%				4.67%				5.23%
			3.68%					4.12%				4.54%				4.26%				4.57%				5.14%
			57%					108%				76%				96%				90%				109%

23

---

Financial highlights
Delaware High-Yield Opportunities Fund Class R

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income2

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Return of capital

Total dividends and distributions

Net asset value, end of period

Total return4

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets5

Ratio of expenses to average net assets prior to fees waived5

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets

prior to fees waived

Portfolio turnover

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	The average shares outstanding have been applied for per share information.
3	Amount is less than $0.005 per share.
4	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
5	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

24

---

	Six months ended
	1/31/211						Year ended
	(Unaudited)						7/31/20				7/31/19				7/31/18				7/31/17				7/31/16
		$	3.75				$	3.78			$	3.73			$	3.90			$	3.75			$	3.97
			0.09					0.18				0.19				0.19				0.20				0.21
			0.12					(0.02	)			0.06				(0.17	)			0.15				(0.23	)
			0.21					0.16				0.25				0.02				0.35				(0.02	)
			(0.09	)				(0.19	)			(0.20	)			(0.19	)			(0.20	)			(0.20	)
			—					—	3			—	3			—	3			—	3			—	3
			(0.09	)				(0.19	)			(0.20	)			(0.19	)			(0.20	)			(0.20	)
		$	3.87				$	3.75			$	3.78			$	3.73			$	3.90			$	3.75
			5.64%					4.35%				6.97%				0.62%				9.54%				(0.09%	)
		$	3,357				$	3,891			$	4,805			$	5,863			$	7,529			$	8,766
			1.19%					1.19%				1.19%				1.27%				1.30%				1.31%
			1.43%					1.41%				1.40%				1.40%				1.40%				1.40%
			4.42%					4.84%				5.25%				4.89%				5.17%				5.73%
			4.18%					4.62%				5.04%				4.76%				5.07%				5.64%
			57%					108%				76%				96%				90%				109%

25

---

Financial highlights
Delaware High-Yield Opportunities Fund Institutional Class

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income2

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Return of capital

Total dividends and distributions

Net asset value, end of period

Total return4

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets5

Ratio of expenses to average net assets prior to fees waived5

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets prior to fees waived

Portfolio turnover

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	The average shares outstanding have been applied for per share information.
3	Amount is less than $0.005 per share.
4	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
5	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

26

---

	Six months ended
	1/31/211						Year ended
	(Unaudited)						7/31/20				7/31/19				7/31/18				7/31/17				7/31/16
		$	3.74				$	3.76			$	3.71			$	3.89			$	3.74			$	3.95
			0.10					0.20				0.21				0.21				0.22				0.23
			0.11					(0.02	)			0.06				(0.18	)			0.15				(0.22	)
			0.21					0.18				0.27				0.03				0.37				0.01
			(0.10	)				(0.20	)			(0.22	)			(0.21	)			(0.22	)			(0.22	)
			—					—	3			—	3			—	3			—	3			—	3
			(0.10	)				(0.20	)			(0.22	)			(0.21	)			(0.22	)			(0.22	)
		$	3.85				$	3.74			$	3.76			$	3.71			$	3.89			$	3.74
			5.64%					5.15%				7.52%				0.84%				10.08%				0.66%
		$	44,600				$	42,315			$	44,923			$	60,226			$	80,166			$	103,489
			0.69%					0.69%				0.69%				0.77%				0.80%				0.81%
			0.93%					0.91%				0.90%				0.90%				0.90%				0.90%
			4.92%					5.34%				5.75%				5.39%				5.67%				6.23%
			4.68%					5.12%				5.54%				5.26%				5.57%				6.14%
			57%					108%				76%				96%				90%				109%

27

---

Notes to financial statements
Delaware High-Yield Opportunities Fund	January 31, 2021 (Unaudited)

Delaware Group^® Income Funds (Trust) is organized as a Delaware statutory trust and offers four series: Delaware Corporate Bond Fund, Delaware Extended Duration Bond Fund, Delaware Floating Rate Fund, and Delaware High-Yield Opportunities Fund. These financial statements and the related notes pertain to Delaware High-Yield Opportunities Fund (Fund). The Trust is an open-end investment company. The Fund is considered diversified under the Investment Company Act of 1940, as amended, and offers Class A, Class C, Class R, and Institutional Class shares. Class A shares are sold with a maximum front-end sales charge of 4.50%. Class A share purchases of $1,000,000 or more will incur a contingent deferred sales charge (CDSC) instead of a front-end sales charge of 1.00%, if redeemed during the first year, and 0.50% during the second year, provided that Delaware Distributors, L.P. (DDLP) paid a financial advisor a commission on the purchase of those shares. Class C shares are sold with a CDSC of 1.00%, which will be incurred if redeemed during the first 12 months. Class R and Institutional Class shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors.

1. Significant Accounting Policies

The Fund follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services — Investment Companies. The following accounting policies are in accordance with US generally accepted accounting principles (US GAAP) and are consistently followed by the Fund.

Security Valuation — Equity securities, except those traded on the Nasdaq Stock Market LLC (Nasdaq), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange on the valuation date. Equity securities traded on the Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If, on a particular day, an equity security does not trade, the mean between the bid and ask prices will be used, which approximates fair value. Open-end investment companies are valued at their published net asset value (NAV). Other debt securities are valued based upon valuations provided by an independent pricing service or broker and reviewed by management. To the extent current market prices are not available, the pricing service may take into account developments related to the specific security, as well as transactions in comparable securities. Valuations for fixed income securities utilize matrix systems, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. Generally, other securities and assets for which market quotations are not readily available are valued at fair value as determined in good faith under the direction of the Trust’s Board of Trustees (Board). In determining whether market quotations are readily available or fair valuation will be used, various factors will be taken into consideration, such as market closures or suspension of trading in a security. Restricted securities are valued at fair value using methods approved by the Board.

Federal Income Taxes — No provision for federal income taxes has been made as the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of

28

---

being sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are recorded as a tax benefit or expense in the current year. Management has analyzed the Fund’s tax positions taken or expected to be taken on the Fund’s federal income tax returns through the six months ended January 31, 2021 and for all open tax years (years ended July 31, 2018–July 31, 2020), and has concluded that no provision for federal income tax is required in the Fund’s financial statements. If applicable, the Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in “Other” on the “Statement of operations.” During the six months ended January 31, 2021, the Fund did not incur any interest or tax penalties.

Class Accounting — Investment income and common expenses are allocated to the various classes of the Fund on the basis of “settled shares” of each class in relation to the net assets of the Fund. Realized and unrealized gain (loss) on investments are allocated to the various classes of the Fund on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.

Use of Estimates — The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other — Expenses directly attributable to the Fund are charged directly to the Fund. Other expenses common to various funds within the Delaware Funds^® by Macquarie (Delaware Funds) are generally allocated among such funds on the basis of average net assets. Management fees and certain other expenses are paid monthly. Security transactions are recorded on the date the securities are purchased or sold (trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Discounts and premiums on debt securities are accreted or amortized to interest income, respectively, over the lives of the respective securities using the effective interest method. Premiums on callable debt securities are amortized to interest income to the earliest call date using the effective interest method. The Fund declares dividends daily from net investment income and pays the dividends monthly and declares and pays distributions from net realized gain on investments, if any, annually. The Fund may distribute more frequently, if necessary for tax purposes. Dividends and distributions, if any, are recorded on the ex-dividend date.

The Fund receives earnings credits from its custodian when positive cash balances are maintained, which may be used to offset custody fees. The expenses paid under this arrangement are included on the “Statement of operations” under “Custodian fees” with the corresponding expenses offset included under “Less expenses paid indirectly.” There were no such earnings credits for the six months ended January 31, 2021.

The Fund receives earnings credits from its transfer agent when positive cash balances are maintained, which may be used to offset transfer agent fees. If the amount earned is greater than $1, the expenses paid under this arrangement are included on the “Statement of operations” under “Dividend disbursing

29

---

Notes to financial statements
Delaware High-Yield Opportunities Fund

1. Significant Accounting Policies (continued) and transfer agent fees and expenses” with the corresponding expenses offset included under “Less expenses paid indirectly.” For the six months ended January 31, 2021, the Fund earned $267 under this arrangement.

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

In accordance with the terms of its investment management agreement, the Fund pays Delaware Management Company (DMC), a series of Macquarie Investment Management Business Trust and the investment manager, an annual fee which is calculated daily and paid monthly at the rates of 0.65% on the first $500 million of average daily net assets of the Fund, 0.60% on the next $500 million, 0.55% on the next $1.5 billion, and 0.50% on average daily net assets in excess of $2.5 billion.

DMC has contractually agreed to waive all or a portion of its management fee and/or pay/reimburse expenses (excluding any distribution and service (12b-1) fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations), in order to prevent total annual fund operating expenses from exceeding 0.69% of the Fund’s average daily net assets from August 1, 2020 through January 31, 2021.* These waivers and reimbursements may only be terminated by agreement of DMC and the Fund. The waivers and reimbursements are accrued daily and received monthly.

DMC may seek investment advice and recommendations from its affiliates: Macquarie Investment Management Europe Limited, Macquarie Investment Management Austria Kapitalanlage AG, and Macquarie Investment Management Global Limited (together, the “Affiliated Sub-Advisors”). The Manager may also permit these Affiliated Sub-Advisors to execute Fund security trades on behalf of the Manager and exercise investment discretion for securities in certain markets where DMC believes it will be beneficial to utilize an Affiliated Sub-Advisor’s specialized market knowledge. Although the Affiliated Sub-Advisors serve as sub-advisors, DMC has ultimate responsibility for all investment advisory services. For these services, DMC, not the Fund, pays each Affiliated Sub-Advisor a portion of its investment management fee.

Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administrative oversight services to the Fund. For these services, DIFSC’s fees are calculated daily and paid monthly based on the aggregate daily net assets of all funds within the Delaware Funds at the following annual rates: 0.00475% of the first $35 billion; 0.0040% of the next $10 billion; and 0.0025% of aggregate average daily net assets in excess of $45 billion (Total Fee). Each fund in the Delaware Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each fund then pays its portion of the remainder of the Total Fee on a relative NAV basis. This amount is included on the “Statement of operations” under “Accounting and administration expenses.” For the six months ended January 31, 2021, the Fund was charged $4,924 for these services.

DIFSC is also the transfer agent and dividend disbursing agent of the Fund. For these services, DIFSC’s fees are calculated daily and paid monthly based on the aggregate daily net assets of the retail funds within the Delaware Funds at the following annual rates: 0.014% of the first $20 billion; 0.011% of the

30

---

next $5 billion; 0.007% of the next $5 billion; 0.005% of the next $20 billion; and 0.0025% of average daily net assets in excess of $50 billion. The fees payable to DIFSC under the shareholder services agreement described previously are allocated among all retail funds in the Delaware Funds on a relative NAV basis. This amount is included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses.” For the six months ended January 31, 2021, the Fund was charged $7,725 for these services. Pursuant to a sub-transfer agency agreement between DIFSC and BNY Mellon Investment Servicing (US) Inc. (BNYMIS), BNYMIS provides certain sub-transfer agency services to the Fund. Sub-transfer agency fees are paid by the Fund and are also included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses.” The fees that are calculated daily and paid as invoices are received on a monthly or quarterly basis.

Pursuant to a distribution agreement and distribution plan, the Fund pays DDLP, the distributor and an affiliate of DMC, an annual 12b-1 fee of 0.25%, 1.00%, and 0.50% of the average daily net assets of the Class A, Class C, and Class R shares, respectively. The Board has adopted a formula for calculating 12b-1 fees for the Fund’s Class A shares that went into effect on June 1, 1992. The Fund’s Class A shares are currently subject to a blended 12b-1 fee equal to the sum of: (i) 0.10% of the average daily net assets representing shares that were acquired prior to June 1, 1992, and (ii) 0.25% of the average daily net assets representing shares that were acquired on or after June 1, 1992. All Class A shareholders currently bear 12b-1 fees at the same rate, the blended rate, currently 0.25% of average daily net assets, based on the formula described above. This method of calculating Class A 12b-1 fees may be discontinued at the sole discretion of the Board. The fees are calculated daily and paid monthly. Institutional Class shares do not pay 12b-1 fees.

As provided in the investment management agreement, the Fund bears a portion of the cost of certain resources shared with DMC, including the cost of internal personnel of DMC and/or its affiliates that provide legal, tax, and regulatory reporting services to the Fund. For the six months ended January 31, 2021, the Fund was charged $2,516 for internal legal, tax, and regulatory reporting services provided by DMC and/or its affiliates’ employees. This amount is included on the “Statement of operations” under “Legal fees.”

For the six months ended January 31, 2021, DDLP earned $731 for commissions on sales of the Fund’s Class A shares. For the six months ended January 31, 2021, DDLP received gross CDSC commissions of $204 on redemptions of the Fund’s Class A shares and these commissions were entirely used to offset upfront commissions previously paid by DDLP to broker/dealers on sales of those shares.

Trustees’ fees include expenses accrued by the Fund for each Trustee’s retainer and meeting fees. Certain officers of DMC, DIFSC, and DDLP are officers and/or Trustees of the Trust. These officers and Trustees are paid no compensation by the Fund.

31

---

Notes to financial statements
Delaware High-Yield Opportunities Fund

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

In addition to the management fees and other expenses of the Fund, the Fund indirectly bears the investment management fees and other expenses of the investment companies (Underlying Funds) in which it invests. The amount of these fees and expenses incurred indirectly by the Fund will vary based upon the expense and fee levels of the Underlying Funds and the number of shares that are owned of the Underlying Funds at different times.

* The aggregate contractual waiver period covering this report is from November 28, 2019 through November 27, 2021.

3. Investments

For the six months ended January 31, 2021, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases	$	93,173,369
Sales		96,738,553

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

Cost of investments	$	172,380,383
Aggregate unrealized appreciation of investments	$	7,938,990
Aggregate unrealized depreciation of investments		(693,153	)
Net unrealized appreciation of investments	$	7,245,837

At July 31, 2020, capital loss carryforwards available to offset future realized capital gains were as follows:

	Loss carryforward character
	Short-term			Long-term			Total
	$	28,540,886		$	40,448,617		$	68,989,503

US GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three-level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available under the

32

---

circumstances. The Fund’s investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-level hierarchy of inputs is summarized as follows:

Level 1 –	Inputs are quoted prices in active markets for identical investments. (Examples: equity securities, open-end investment companies, futures contracts, and exchange-traded options contracts)
Level 2 –	Other observable inputs, including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, and default rates) or other market-corroborated inputs. (Examples: debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, and fair valued securities)
Level 3 –	Significant unobservable inputs, including the Fund’s own assumptions used to determine the fair value of investments. (Examples: broker-quoted securities and fair valued securities)

Level 3 investments are valued using significant unobservable inputs. The Fund may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may also be based upon current market prices of securities that are comparable in coupon, rating, maturity, and industry. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of January 31, 2021:

	Level 1			Level 2			Level 3					Total
Securities
Assets:
Common Stock	$	—		$	—			$	—	*		$	—
Convertible Bond		—			226,627				—				226,627
Corporate Bonds		—			150,925,003				—				150,925,003
Loan Agreements		—			16,662,508				—				16,662,508
Short-Term Investments		11,812,082			—				—				11,812,082
Total Value of Securities	$	11,812,082		$	167,814,138			$	—			$	179,626,220

^*The security that has been valued at zero on the “Schedule of investments” is considered to be Level 3 investment in this table.

During the six months ended January 31, 2021, there were no transfers into or out of Level 3 investments. The Fund’s policy is to recognize transfers into or out of Level 3 investments based on fair value at the beginning of the reporting period.

33

---

Notes to financial statements
Delaware High-Yield Opportunities Fund

3. Investments (continued)

A reconciliation of Level 3 investments is presented when the Fund has a significant amount of Level 3 investments at the beginning, interim, or end of the period in relation to the Fund’s net assets. Management has determined not to provide a reconciliation of Level 3 investments as the Level 3 investments were not considered significant to the Fund’s net assets at the beginning, interim, or end of the period. Management has determined not to provide additional disclosure on Level 3 inputs since the Level 3 investments are not considered significant to the Fund’s net assets at the end of the period.

4. Capital Shares

Transactions in capital shares were as follows:

		Six months
		ended			Year ended
		1/31/21			7/31/20
Shares sold:
Class A		1,603,178			2,149,774
Class C		81,573			267,125
Class R		164,095			224,270
Institutional Class		1,431,239			3,480,551
Shares issued upon reinvestment of dividends and distributions:
Class A		656,935			1,444,978
Class C		83,881			216,809
Class R		21,445			56,578
Institutional Class		281,448			570,915
		4,323,794			8,411,000
Shares redeemed:
Class A		(2,224,619	)		(6,262,973	)
Class C		(1,414,257	)		(1,930,097	)
Class R		(354,750	)		(516,444	)
Institutional Class		(1,460,421	)		(4,671,706	)
		(5,454,047	)		(13,381,220	)
Net decrease		(1,130,253	)		(4,970,220	)

34

---

Certain shareholders may exchange shares of one class for shares of another class in the same Fund. These exchange transactions are included as subscriptions and redemptions in the table on the previous page and on the “Statements of changes in net assets.” For the six months ended January 31, 2021 and the year ended July 31, 2020, the Fund had the following exchange transactions:

		Exchange Redemptions				Exchange Subscriptions
								Institutional
		Class A		Class C		Class A		Class
		Shares		Shares		Shares		Shares		Value
Six months ended
1/31/21		4,746		94,961		80,650		19,301		$385,342
Year ended
7/31/20		18,902		55,935		43,662		31,364		276,039

5. Line of Credit

The Fund, along with certain other funds in the Delaware Funds (Participants), was a participant in a $275,000,000 revolving line of credit (Agreement) intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the Agreement, the Participants were charged an annual commitment fee of 0.15%, which was allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants were permitted to borrow up to a maximum of one-third of their net assets under the Agreement. Each Participant was individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the Agreement expired on November 2, 2020.

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

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

6. Securities Lending

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

35

---

Notes to financial statements
Delaware High-Yield Opportunities Fund

6. Securities Lending (continued)

securities collateral and cash collateral held with respect to a security loan exceeds the applicable initial collateral requirement, upon the request of the borrower, BNY Mellon must return enough collateral to the borrower by the end of the following business day to reduce the value of the remaining collateral to the applicable initial collateral requirement for such security loan. As a result of the foregoing, the value of the collateral held with respect to a loaned security on any particular day, may be more or less than the value of the security on loan. The collateral percentage with respect to the market value of the loaned security is determined by the security lending agent.

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

In the event of default or bankruptcy by the lending agent, realization and/or retention of the collateral may be subject to legal proceedings. In the event the borrower fails to return loaned securities and the collateral received is insufficient to cover the value of the loaned securities and provided such collateral shortfall is not the result of investment losses, the lending agent has agreed to pay the amount of the shortfall to the Fund or, at the discretion of the lending agent, replace the loaned securities. The Fund continues to record dividends or interest, as applicable, on the securities loaned and is subject to changes in value of the securities loaned that may occur during the term of the loan. The Fund has the right under the Lending Agreement to recover the securities from the borrower on demand. With respect to security loans collateralized by non-cash collateral, the Fund receives loan premiums paid by the borrower. With respect to security loans collateralized by cash collateral, the earnings from the collateral investments are shared among the Fund, the security lending agent, and the borrower. The Fund records security lending income net of allocations to the security lending agent and the borrower.

The Fund may incur investment losses as a result of investing securities lending collateral. This could occur if an investment in the collateral investment account defaulted or became impaired. Under those circumstances, the value of the Fund’s cash collateral account may be less than the amount the Fund would be required to return to the borrowers of the securities and the Fund would be required to make up for this shortfall.

During the six months ended January 31, 2021, the Fund had no securities out on loan.

7. Credit and Market Risk

Beginning in January 2020, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of a novel coronavirus known as COVID-19. The outbreak

36

---

of COVID-19 has resulted in travel and border restrictions, quarantines, supply chain disruptions, lower consumer demand, and general market uncertainty. The effects of COVID-19 have and may continue to adversely affect the global economy, the economies of certain nations, and individual issuers, all of which may negatively impact the Fund’s performance.

When interest rates rise, fixed income securities (i.e., debt obligations) generally will decline in value. These declines in value are greater for fixed income securities with longer maturities or durations.

IBOR is the risk that changes related to the use of the London interbank offered rate (LIBOR) and other interbank offered rate (collectively, “IBORs”) could have adverse impacts on financial instruments that reference LIBOR (or the corresponding IBOR). The abandonment of LIBOR could affect the value and liquidity of instruments that reference LIBOR. The use of alternative reference rate products may impact investment strategy performance. These risks may also apply with respect to changes in connection with other IBORs, such as the euro overnight index average (EONIA), which are also the subject of recent reform.

The Fund invests in high yield fixed income securities, which are securities rated lower than BBB- by Standard & Poor’s Financial Services LLC and Baa3 by Moody’s Investors Service, Inc., or similarly rated by another nationally recognized statistical rating organization. Investments in these higher yielding securities are generally accompanied by a greater degree of credit risk than higher rated securities. Additionally, lower rated securities may be more susceptible to adverse economic and competitive industry conditions than investment grade securities.

The Fund invests in bank loans and other securities that may subject it to direct indebtedness risk, the risk that the Fund will not receive payment of principal, interest, and other amounts due in connection with these investments and will depend primarily on the financial condition of the borrower. Loans that are fully secured offer the Fund more protection than unsecured loans in the event of nonpayment of scheduled interest or principal, although there is no assurance that the liquidation of collateral from a secured loan would satisfy the corporate borrower’s obligation, or that the collateral can be liquidated. Some loans or claims may be in default at the time of purchase. Certain of the loans and the other direct indebtedness acquired by the Fund may involve revolving credit facilities or other standby financing commitments that obligate the Fund to pay additional cash on a certain date or on demand. These commitments may require the Fund to increase its investment in a company at a time when the Fund might not otherwise decide to do so (including at a time when the company’s financial condition makes it unlikely that such amounts will be repaid). To the extent that the Fund is committed to advance additional funds, it will at all times hold and maintain cash or other high grade debt obligations in an amount sufficient to meet such commitments. When a loan agreement is purchased, the Fund may pay an assignment fee. On an ongoing basis, the Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a loan agreement. Prepayment penalty fees are received upon the prepayment of a loan agreement by the borrower. Prepayment penalty, facility, commitment, consent, and amendment fees are recorded to income as earned or paid.

As the Fund may be required to rely upon another lending institution to collect and pass on to the Fund amounts payable with respect to the loan and to enforce the Fund’s rights under the loan and other direct indebtedness, an insolvency, bankruptcy, or reorganization of the lending institution may delay or

37

---

Notes to financial statements
Delaware High-Yield Opportunities Fund

7. Credit and Market Risk (continued)

prevent the Fund from receiving such amounts. The highly leveraged nature of many loans may make them especially vulnerable to adverse changes in economic or market conditions. Investments in such loans and other direct indebtedness may involve additional risk to the Fund.

The Fund invests in certain obligations that may have liquidity protection designed to ensure that the receipt of payments due on the underlying security is timely. Such protection may be provided through guarantees, insurance policies, or letters of credit obtained by the issuer or sponsor through third parties, through various means of structuring the transaction or through a combination of such approaches. The Fund will not pay any additional fees for such credit support, although the existence of credit support may increase the price of the security.

The Fund may invest up to 15% of its net assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A promulgated under the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the Fund from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Board has delegated to DMC the day-to-day functions of determining whether individual securities are liquid for purposes of the Fund’s limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Fund’s 15% limit on investments in illiquid securities. Rule 144A securities have been identified on the “Schedule of investments.”

8. Contractual Obligations

The Fund enters into contracts in the normal course of business that contain a variety of indemnifications. The Fund’s maximum exposure under these arrangements is unknown. However, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund’s existing contracts and expects the risk of loss to be remote.

9. Recent Accounting Pronouncements

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

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

38

---

during the period March 12, 2020 through December 31, 2022. As of the financial reporting period, Management is evaluating the impact of applying this ASU.

10. Subsequent Events

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

39

---

Other Fund information (Unaudited)
Delaware High-Yield Opportunities Fund

Board consideration of Investment Advisory and Sub-Advisory Agreements for Delaware
High-Yield Opportunities Fund at a meeting held August 11-13, 2020

At a meeting held on August 11-13, 2020 (the “Annual Meeting”), the Board of Trustees (the “Board”), including a majority of disinterested or independent Trustees, approved the renewal of the Investment Advisory and Sub-Advisory Agreements for Delaware High-Yield Opportunities Fund (the “Fund”). In making its decision, the Board considered information furnished at regular quarterly Board meetings, including reports detailing Fund performance, investment strategies, and expenses, as well as information prepared specifically in connection with the renewal of the investment advisory and sub-advisory contracts. Information furnished specifically in connection with the renewal of the Investment Management Agreement with Delaware Management Company (“DMC”), a series of Macquarie Investment Management Business Trust (“MIMBT”), and the Sub-Advisory Agreements with Macquarie Investment Management Global Limited (“MIMGL”), Macquarie Investment Management Europe Limited (“MIMEL”), and Macquarie Investment Management Austria Kapitalanlage AG (“MIMAK”) (the “Sub-Advisers”), included materials provided by DMC and its affiliates (collectively, “Macquarie Investment Management”) concerning, among other things, the nature, extent, and quality of services provided to the Fund; the costs of such services to the Fund; economies of scale; and the investment manager’s financial condition and profitability. In addition, in connection with the Annual Meeting, materials were provided to the Trustees in May 2020, including reports provided by Broadridge Financial Solutions (“Broadridge”). The Broadridge reports compared the Fund’s investment performance and expenses with those of other comparable mutual funds. The Independent Trustees reviewed and discussed the Broadridge reports with independent legal counsel to the Independent Trustees. In addition to the information noted above, the Board also requested and received information regarding DMC’s policy with respect to advisory fee levels and its breakpoint philosophy; the structure of portfolio manager compensation; comparative client fee information; and any constraints or limitations on the availability of securities for certain investment styles, which had in the past year inhibited, or which were likely in the future to inhibit, the investment manager’s ability to invest fully in accordance with Fund policies.

In considering information relating to the approval of the Fund’s advisory and sub-advisory agreements, as applicable, the Independent Trustees received assistance and advice from and met separately with independent legal counsel to the Independent Trustees and also received assistance and advice from an experienced and knowledgeable independent fund consultant, JDL Consultants, LLC (“JDL”). Although the Board gave attention to all information furnished, the following discussion identifies, under separate headings, the primary factors taken into account by the Board during its contract renewal considerations.

Nature, extent, and quality of services. The Board considered the services provided by DMC to the Fund and its shareholders. In reviewing the nature, extent, and quality of services, the Board considered reports furnished to it throughout the year, which covered matters such as the relative performance of the Fund; compliance of portfolio managers with the investment policies, strategies, and restrictions for the Fund; compliance by DMC and Delaware Distributors, L.P. (together, “Management”) personnel with the Code of Ethics adopted throughout the Delaware Funds^® by Macquarie (“Delaware Funds”); and adherence to fair value pricing procedures as established by the Board. The Board was pleased with the current staffing of DMC and the emphasis placed on research in the investment process. The Board recognized DMC’s receipt of certain favorable industry distinctions during the past several years. The

40

---

Board gave favorable consideration to DMC’s efforts to control expenses while maintaining service levels committed to Fund matters. The Board also noted the benefits provided to Fund shareholders through (a) each shareholder’s ability to: (i) exchange an investment in one Delaware Fund for the same class of shares in another Delaware Fund without a sales charge, or (ii) reinvest Fund dividends into additional shares of the Fund or into additional shares of other Delaware Funds, and (b) the privilege to combine holdings in other Delaware Funds to obtain a reduced sales charge. The Board was satisfied with the nature, extent, and quality of the overall services provided by DMC.

Nature, extent, and quality of services. The Board considered the services provided by each Sub-Adviser to the Fund. In reviewing the nature, extent, and quality of services, the Board considered reports furnished to it throughout the year at regular Board Meetings covering matters such as relative performance of the Fund; compliance of portfolio managers with the investment policies, strategies, and restrictions for the Fund; the compliance of Sub-Adviser personnel with its Code of Ethics; and adherence to fair value pricing procedures as established by the Board. The Board was pleased with the current staffing of the Sub-Advisers and the emphasis placed on research in the investment process. The Board was satisfied with the nature, extent, and quality of the overall services provided by the Sub-Advisers.

Investment performance. The Board placed significant emphasis on the investment performance of the Fund in view of the importance of investment performance to shareholders. Although the Board considered performance reports and discussions with portfolio managers at Investment Committee meetings throughout the year, the Board gave particular weight to the Broadridge reports furnished for the Annual Meeting. The Broadridge reports prepared for the Fund showed the investment performance of its Class A shares in comparison to a group of similar funds as selected by Broadridge (the “Performance Universe”). A fund with the best performance ranked first, and a fund with the poorest performance ranked last. The highest/best performing 25% of funds in the Performance Universe make up the first quartile; the next 25%, the second quartile; the next 25%, the third quartile; and the poorest/worst performing 25% of funds in the Performance Universe make up the fourth quartile. Comparative annualized performance for the Fund was shown for the past 1-, 3-, 5-, and 10-year periods, to the extent, applicable, ended January 31, 2020. The Board’s objective is that the Fund’s performance for the 1-, 3-, and 5-year periods be at or above the median of its Performance Universe.

The Performance Universe for the Fund consisted of the Fund and all retail and institutional high yield funds as selected by Broadridge. The Broadridge report comparison showed that the Fund’s total return for the 1-year period was in the first quartile of its Performance Universe. The report further showed that the Fund’s total return for the 3-, 5-, and 10-year periods was in the second quartile, fourth quartile, and third quartile, respectively. The Board was satisfied with performance.

Comparative expenses. The Board considered expense data for the Delaware Funds. Management provided the Board with information on pricing levels and fee structures for the Fund as of its most recently completed fiscal year. The Board also focused on the comparative analysis of effective management fees and total expense ratios of the Fund versus effective management fees and total expense ratios of a group of similar funds as selected by Broadridge (the “Expense Group”). In reviewing comparative costs, the Fund’s contractual management fee and the actual management fee incurred by the Fund were compared with the contractual management fees (assuming all funds in the Expense Group were similar in size to the Fund) and actual management fees (as reported by each fund) within

41

---

Other Fund information (Unaudited)
Delaware High-Yield Opportunities Fund

Board consideration of Investment Advisory and Sub-Advisory Agreements for Delaware
High-Yield Opportunities Fund at a meeting held August 11-13, 2020 (continued)

the Expense Group, taking into account any applicable breakpoints and fee waivers. The Fund’s total expenses were also compared with those of its Expense Group. The Broadridge total expenses, for comparative consistency, were shown by Broadridge for Class A shares and comparative total expenses including 12b-1 and non-12b-1 service fees. The Board’s objective is for the Fund’s total expense ratio to be competitive with those of the peer funds within its Expense Group.

The expense comparisons for the Fund showed that its actual management fee and total expenses were in the quartile with the lowest expenses of its Expense Group. The Board was satisfied with the management fee and total expenses of the Fund in comparison to those of its Expense Group as shown in the Broadridge report.

Management profitability. The Board considered the level of profits realized by DMC in connection with the operation of the Fund. In this respect, the Board reviewed the Investment Management Profitability Analysis that addressed the overall profitability of DMC’s business in providing management and other services to each of the individual funds and the Delaware Funds as a whole. Specific attention was given to the methodology used by DMC in allocating costs for the purpose of determining profitability. Management stated that the level of profits of DMC, to a certain extent, reflects recent operational cost savings and efficiencies initiated by DMC. The Board considered DMC’s efforts to improve services provided to Fund shareholders and to meet additional regulatory and compliance requirements resulting from recent industry-wide Securities and Exchange Commission initiatives. The Board also considered the extent to which DMC might derive ancillary benefits from fund operations, including the potential for procuring additional business as a result of the prestige and visibility associated with its role as service provider to the Delaware Funds and the benefits from allocation of fund brokerage to improve trading efficiencies. As part of its work, the Board also reviewed a report prepared by JDL regarding MIMBT profitability as compared to certain peer fund complexes and the Independent Trustees met with JDL personnel to discuss DMC’s profitability in such context. The Board found that the management fees were reasonable in light of the services rendered and the level of profitability of DMC.

Management profitability. Trustees were also given available information on profits being realized by each of the Sub-Advisers in relation to the services being provided to the Fund and in relation to the Sub-Adviser’s overall investment advisory business, but believed such information to be of limited relevance because the sub-advisory fees are paid by DMC out of its management fee, and changes in the level of sub-advisory fees have no impact on Fund expenses. The Board was also provided information on potential fall-out benefits derived or to be derived by the Sub-Advisers in connection with their relationship to the Fund, such as reputational enhancement, soft dollar arrangements, or commissions paid to affiliated broker/dealers, as applicable.

Economies of scale. The Trustees considered whether economies of scale are realized by DMC as the Fund’s assets increase and the extent to which any economies of scale are reflected in the level of management fees charged. The Trustees reviewed the Fund’s advisory fee pricing and structure, approved by the Board and shareholders, which includes breakpoints, and which applies to most funds in the Delaware Funds complex. Breakpoints in the advisory fee occur when the advisory fee rate is reduced on assets in excess of specified levels. Breakpoints result in a lower advisory fee than would

42

---

otherwise be the case in the absence of breakpoints, when the asset levels specified in the breakpoints are exceeded. Although, as of March 31, 2020, the Fund had not reached a size at which it could take advantage of any breakpoints in the applicable fee schedule, the Board recognized that the fee was structured so that, if the Fund increases sufficiently in size, then economies of scale may be shared.

43

---

About the organization

Board of trustees
Shawn K. Lytle President and Chief Executive Officer Delaware Funds® by Macquarie Philadelphia, PA Jerome D. Abernathy Managing Member, Stonebrook Capital Management, LLC Jersey City, NJ Thomas L. Bennett Chairman of the Board Delaware Funds by Macquarie Private Investor Rosemont, PA		Ann D. Borowiec Former Chief Executive Officer Private Wealth Management J.P. Morgan Chase & Co. New York, NY Joseph W. Chow Former Executive Vice President State Street Corporation Boston, MA John A. Fry President Drexel University Philadelphia, PA		Frances A. Sevilla-Sacasa Former Chief Executive Officer Banco Itaú International Miami, FL Thomas K. Whitford Former Vice Chairman PNC Financial Services Group Pittsburgh, PA		Christianna Wood Chief Executive Officer and President Gore Creek Capital, Ltd. Golden, CO Janet L. Yeomans Former Vice President and Treasurer 3M Company St. Paul, MN
Affiliated officers
David F. Connor Senior Vice President, General Counsel, and Secretary Delaware Funds by Macquarie Philadelphia, PA		Daniel V. Geatens Vice President and Treasurer Delaware Funds by Macquarie Philadelphia, PA		Richard Salus Senior Vice President and Chief Financial Officer Delaware Funds by Macquarie Philadelphia, PA

This semiannual report is for the information of Delaware High-Yield Opportunities Fund shareholders, but it may be used with prospective investors when preceded or accompanied by the Delaware Fund fact sheet for the most recently completed calendar quarter. These documents are available at delawarefunds.com/literature.

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT. The Fund’s Forms N-PORT, as well as a description of the policies and procedures that the Fund uses to determine how to vote proxies (if any) relating to portfolio securities, are available without charge (i) upon request, by calling 800 523-1918; and (ii) on the SEC’s website at sec.gov. In addition, a description of the policies and procedures that the Fund uses to determine how to vote proxies (if any) relating to portfolio securities and the Schedule of Investments included in the Fund’s most recent Form N-PORT are available without charge on the Fund’s website at delawarefunds.com/literature. The Fund’s Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C.; information on the operation of the Public Reference Room may be obtained by calling 800 SEC-0330.

Information (if any) regarding how the Fund voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through the Fund’s website at delawarefunds.com/proxy; and (ii) on the SEC’s website at sec.gov.

44

---

Item 2. Code of Ethics

Not applicable.

Item 3. Audit Committee Financial Expert

Not applicable.

Item 4. Principal Accountant Fees and Services

Not applicable.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Investments

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

Item 11. Controls and Procedures

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

---

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

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

Not applicable.

Item 13. Exhibits

(a) (1) Code of Ethics

Not applicable.

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

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

Not applicable.

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

---

SIGNATURES

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

DELAWARE GROUP^® INCOME FUNDS

/s/SHAWN K. LYTLE
By:	Shawn K. Lytle
Title:	President and Chief Executive Officer
Date:	April 6, 2021

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

/s/SHAWN K. LYTLE
By:	Shawn K. Lytle
Title:	President and Chief Executive Officer
Date:	April 6, 2021
/s/RICHARD SALUS
By:	Richard Salus
Title:	Chief Financial Officer
Date:	April 6, 2021

---