Table of Contents

Annual report

Fixed income mutual fund

Delaware Emerging Markets Debt Corporate Fund

July 31, 2022

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

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

---

Table of Contents

Experience Delaware Funds by Macquarie^®

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

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

You can learn more about Delaware Funds or obtain a prospectus for Delaware Emerging Markets Debt Corporate Fund at delawarefunds.com/literature.

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

Visit delawarefunds.com/account-access.

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

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

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

The Fund is governed by US laws and regulations.

Table of contents
Portfolio management review		1
Performance summary		5
Disclosure of Fund expenses		10
Security type / country and sector allocations		12
Schedule of investments		14
Statement of assets and liabilities		25
Statement of operations		27
Statements of changes in net assets		29
Financial highlights		32
Notes to financial statements		40
Report of independent registered public accounting firm		58
Other Fund information		59
Board of trustees / directors and officers addendum		61
About the organization		71

Unless otherwise noted, views expressed herein are current as of July 31, 2022, 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.

© 2022 Macquarie Management Holdings, Inc.

---

Table of Contents

Portfolio management review
Delaware Emerging Markets Debt Corporate Fund	July 31, 2022 (Unaudited)

Performance preview (for the year ended July 31, 2022)
Delaware Emerging Markets Debt Corporate Fund
(Institutional Class shares)		1-year return		-13.60%
Delaware Emerging Markets Debt Corporate Fund
(Class A shares)		1-year return		-13.83%
J.P. Morgan Corporate Emerging Markets Bond Index (CEMBI) Broad
Diversified (benchmark)		1-year return		-13.54%

Past performance does not guarantee future results.

For complete, annualized performance for Delaware Emerging Markets Debt Corporate Fund, please see the table on page 5.

Institutional Class shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Institutional Class shares pay no distribution and service fee.

The performance of Class A shares excludes the applicable sales charge. The performance of both Institutional Class shares and Class A shares reflects the reinvestment of all distributions.

Please see page 8 for a description of the index. Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

Investment objective

The Fund seeks current income and, secondarily, capital appreciation.

Market review

Although it was not apparent at the time, as the fiscal year began in August 2021, global economies and markets were nearing the end of the post-pandemic euphoria that had taken hold in the previous fiscal year. The initial pandemic-induced market selloff in March 2020 and economic lockdowns had given rise to extraordinary counter measures, including extremely loose fiscal and monetary policy that was very much warranted. But as the initial shocks abated, central banks began taking stock of overheated asset prices, tight labor markets, supply-chain disruptions, and inflation.

Initially dismissed as transitory, it wasn’t long before central banks, investors, and consumers saw inflation as entrenched, quite possibly for a prolonged period. That prompted a dramatic shift in central bank policy to a much tighter framework. Bucking the commonly held view that governance and

During the Fund’s fiscal year:

●	The economic backdrop was supportive for emerging markets.
●	Transportation and infrastructure led the recovery.
●	High yield outperformed investment grade.

1

---

Table of Contents

Portfolio management review
Delaware Emerging Markets Debt Corporate Fund

policy standards are generally higher in developed markets, we saw emerging market central banks tighten monetary policy preventatively based on their own views of inflation. With only some exceptions, notably Turkey, emerging market countries were quicker to initiate rate hikes than developed market countries.

The US Federal Reserve began to raise interest rates in mid-March 2022 with a 0.25 percentage point increase. That was followed in early May with a 0.50 percentage point increase and then 0.75 percentage point increases in mid-June and late July. The Fed’s aggressive response took the wind out of the sails of all risk assets. In the emerging market universe, that had a particularly negative effect on longer-duration and higher-beta (more volatile) assets.

In addition to the tragic loss of life and property, the outbreak of the Russia-Ukraine war in late February had a significant negative effect on global markets. The conflict led to immediate shortages and higher prices of commodities, adding to inflation and supply-chain problems. In particular, the war led to severe food shortages and higher prices in food-importing countries throughout the Middle East, Asia, and Africa. Energy supplies were also curtailed, leading to higher prices and shortages, most notably in Europe.

The US dollar strengthened significantly throughout the fiscal period. Usually, a negative factor for emerging market debt, its effect over the past few months was mixed. Bonds that are not US-dollar-denominated tend to experience difficulty as the dollar rises, and a stronger dollar typically stokes inflation in emerging market countries. However, the balance sheets for both emerging market corporate and sovereign bonds are considerably more manageable and resilient today than they have been in the past.

Within the Fund

For the fiscal year ended July 31, 2022, Delaware Emerging Markets Debt Corporate Fund’s Institutional Class shares posted negative performance and slightly underperformed its benchmark, the J.P. Morgan Corporate Emerging Markets Bond Index (CEMBI) Broad Diversified. The Fund’s Class A shares also underperformed the benchmark. The Fund’s Institutional Class shares declined 13.60%. The Fund’s Class A shares declined 13.83% at net asset value and 17.71% at maximum offer price. These figures reflect all distributions reinvested. For the same period, the Fund’s benchmark declined 13.54%. For complete annualized performance for Delaware Emerging Markets Debt Corporate Fund, please see the table on page 5.

The effects of the pandemic were far reaching, suppressing significant volumes of global trade. Similarly, the effects of inflation, supply-chain disruptions, and the Russia-Ukraine conflict were widespread. However, not all emerging markets were affected to the same degree, and we have seen both regional winners and losers. On the positive side, Latin America, as a net commodity exporter, was more resilient overall to geopolitical shocks, due in no small part to being untouched by sanctions that affected other commodities producers. On the opposite end of the transaction, resource importers, particularly those that are dollar denominated, suffered greatly. This caused severe price pressures in Turkey and India.

Latin America was not free of concern, however. Particularly in 2021 and 2022, the markets were sensitive to the lurch towards

2

---

Table of Contents

populism as elections took place in Chile, Colombia, and Peru. Traditionally center right countries, all three took steps towards a more populist government. It’s a trend we will continue to monitor as Brazil heads into an election later this year. While the populist shift raises concerns about fiscal and monetary policy, what we’ve seen so far is limited sharp rhetoric that panders to polarized and unhappy voter bases as the election nears. But the actual mechanics of passing populist policies has gotten stuck in still fragmented legislative bodies.

Brazil was a significant detractor from Fund performance during the period. Our holdings were subject to all elements of the slowdown that occurred this year. Our significant overweight to Brazil relative to the benchmark was disadvantageous as was some negative security selection. Nonetheless, we anticipate maintaining our overweight, a nod to the underlying strength of the corporate credits – mainly large, blue-chip companies with a long track record of conservative management – that we continue to hold.

The most notable underperforming security we held in Brazil was Azul Linhas Aéreas Brasileiras SA. The airline mainly suffered from the inflation-induced selloff and the cost pressures resulting from higher jet-fuel prices. As the recovery from the pandemic continues, however, we believe Azul will recover. Stone Co., a payments processor, also detracted as the company experienced several strategic missteps. We exited that position.

Mexican airline Grupo Aeromexico SAB de CV was a notable contributor in the region. This was a distressed security in which we took an active approach to restructuring, obtaining a favorable outcome for secured bond holders.

We held an overweight position in Ukraine based on the strong fundamentals of our corporate bond holdings. When the war broke out, we were punished dramatically as the conflict resulted in sudden and severe economic disruptions. What we do next in Ukraine will depend on our evaluation of each individual credit and to what extent normal business operations resume. There are some hopeful signs; at the end of the period, arrangements were underway with Russia to resume limited grain exports.

The most significant underperforming credit in Ukraine was Ukravtodor, the state agency of roads, a quasi-sovereign that currently trades as a distressed bond. Kernel Holding SA and MHP SA, both blue-chip agricultural producers, also plunged into distress. Both still maintain good balance sheets and we think could potentially recover if conditions normalize.

Perhaps counterintuitively, the Fund benefited from its holdings in Russia for two reasons. Prior to the outbreak of war, we had maintained an underweight position that was beneficial. Then, after the conflict broke out, Russian credits were dropped from the Fund’s benchmark, essentially zeroing out their value. In reality, however, the credits we owned retained residual value that was actually quite high in some cases. So, we outperformed the index for that reason as well. Our leading outperformer was an underweight position in energy producer Gazprom PJSC. We have since exited the position. The Fund also benefited on a relative basis by not owning several credits, including MMC Norilsk Nickel PJSC, VTBBank PJSC, and Sberbank of Russia PJSC.

Our investments in China underperformed for several reasons. The Common Prosperity policy introduced last year is a series of social

3

---

Table of Contents

Portfolio management review
Delaware Emerging Markets Debt Corporate Fund

constructs that are often at odds with general market practices. The Three Red Lines policy, also implemented last year, was a response in large part to the China Evergrande debacle that roiled China’s equity markets. For investors, both policies have been at odds with the typical goals of western capital markets. Many times, the policies have conflicted with the goals of the companies they are intended to help. The continuation of zero-COVID policies has also undercut China’s economic performance, wreaking havoc on supply chains and economic growth.

The property sector, which accounts for 15% to 25% of China’s gross domestic product, was especially weak. Although the Three Red Lines policy was intended to force the property-development sector to manage balance sheets more conservatively, an extreme credit crunch has taken hold instead. In the early stages, we saw some credit differentiation, but over time a broad generalized panic has brought not just high-yield bond issuers, but also investment grade issuers, to distressed levels. We intend to focus on credits we believe have a better chance of survival through this tumultuous period. Among our holdings during the period, only CIFI Holdings Group Co. Ltd. remains in the Fund. Although we think this property developer and manager is more likely to survive, that hasn’t exempted it from near-term distress.

We also underperformed significantly in India, where some adverse security selection combined with an overweight just prior to the selloff earlier this year contributed to the decline. The leading detractor was Future Retail Ltd., a distressed credit that was undergoing protracted litigation in an attempt to close a sale to Reliance Industries Ltd. Despite going to the Indian supreme court and arbitrators in Singapore, the suit was not resolved, and little was left to recover by unsecured bond holders.

We did outperform in several other parts of Asia. The Fund benefitted from an underweight in Macao, which was hard hit by the zero-COVID policy that severely restricts travel to the island’s gaming venues. We may reduce the underweighting in the expectation that China may relax its zero-COVID policy soon. We were also underweight Hong Kong and Singapore relative to the benchmark. These are both investment-grade-centric countries, where we saw limited value versus developed markets. Both countries underperformed relative to the broader emerging market realm as credits succumbed to the duration selloff earlier in the year. As valuations adjust and yields improve, we may consider reducing our underweight.

The Fund also benefited from US Treasury futures that we purchased to hedge duration. As interest rates rose throughout the latter half of the fiscal year, the futures performed well. Throughout the year, as volatility increased, we also sought to improve credit quality at the margin. Functionally, we mainly held excess cash as a hedge against volatility. As valuations became more attractive, we began to redeploy the cash. We also reduced duration during the course of the fiscal year and are prepared to restore some of that duration when the macroeconomic environment improves.

During the fiscal year, Delaware Emerging Markets Debt Corporate Fund invested in credit default swaps and US dollar futures. These positions added 0.31 percentage points to performance for the fiscal year. The Fund had exposure to derivatives at the end of the fiscal year.

4

---

Table of Contents

Performance summary
Delaware Emerging Markets Debt Corporate Fund	July 31, 2022 (Unaudited)

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 800 523-1918 or visiting delawarefunds.com/performance.

Fund and benchmark performance1,2,3		Average annual total returns through July 31, 2022
		1 year					5 year					10 year					Lifetime
Class A (Est. September 30, 2013)
Excluding sales charge			-13.83	%				+1.02	%				+3.29	%				+4.20	%
Including sales charge			-17.71	%				+0.09	%				+2.82	%				+3.79	%
Class C (Est. September 30, 2013)
Excluding sales charge			-14.46	%				+0.25	%				+2.72	%				+3.60	%
Including sales charge			-15.28	%				+0.25	%				+2.72	%				+3.60	%
Class R (Est. September 30, 2013)
Excluding sales charge			-13.60	%				+1.27	%				+3.38	%				+4.24	%
Including sales charge			-13.60	%				+1.27	%				+3.38	%				+4.24	%
Institutional Class (Est. September 30, 2013)
Excluding sales charge			-13.60	%				+1.25	%				+3.48	%				+4.40	%
Including sales charge			-13.60	%				+1.25	%				+3.48	%				+4.40	%
J.P. Morgan Corporate Emerging Markets
Bond Index (CEMBI) Broad Diversified			-13.54	%				+1.30	%				+3.25	%				+3.67	%*

*

The benchmark lifetime return is for Class A share comparison only and is calculated using the month end prior to the Fund’s Class A inception date (November 3, 2010).

1

A privately offered fund managed by the Fund’s portfolio manager was reorganized into the Fund and the Fund commenced operations on September 30, 2013. This privately offered fund commenced operations on November 3, 2010 and had an investment objective and strategies that were, in all material respects, the same as those of the Fund, and was managed in a manner that, in all material respects, complied with the investment guidelines and restrictions of the Fund. However, the privately offered fund was not registered as an investment under the Investment Company Act of 1940 (1940 Act). As a result, the privately offered fund was not subject to certain investment limitations, diversification requirements, liquidity requirements, and other restrictions imposed by the 1940 Act and the Internal Revenue Code of 1986, as amended, which, if applicable, may have adversely affected its performance.

The Fund’s performance for the periods prior to its commencement of operations on September 30, 2013 is that of the privately offered fund. Because the privately offered fund was a master fund that did not charge any management or other asset-based fees, the privately offered fund’s performance shown above has been restated, on a one-

5

---

Table of Contents

Performance summary
Delaware Emerging Markets Debt Corporate Fund

time basis, to reflect the fees, expenses, and waivers and reimbursements for each class of the Fund at the commencement of the Fund’s operations. If the performance of the privately offered fund had not been restated, the performance for such classes may have been higher than the performance shown in the average annual total returns table on page 5.

2	Returns reflect the reinvestment of all distributions and are presented both with and without the applicable sales charges described below. Returns do not reflect the deduction of taxes the shareholder would pay on Fund distributions or redemptions of Fund shares.

Expense limitations were in effect for certain classes during some or all of the periods shown in the “Fund and benchmark performance” table. Expenses for each class are listed in the “Fund expense ratios” table on page 7. Performance would have been lower had expense limitations not been in effect.

Institutional Class shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Institutional Class shares pay no distribution and service (12b-1) fee.

Class A shares are sold with a maximum front-end sales charge of 4.50%, and have an annual 12b-1 fee of 0.25% of average daily net assets. Performance for Class A shares, excluding sales charges, assumes that no front-end sales charge applied.

Class C shares are sold with a contingent deferred sales charge (CDSC) of 1.00% if redeemed during the first 12 months. They are also subject to an annual 12b-1 fee of 1.00% of average daily net assets. Performance for Class C shares, excluding sales charges, assumes either that CDSCs did not apply or that the investment was not redeemed.

Class R shares are available only for certain retirement plan products. They are sold without a sales charge and have an annual 12b-1 fee of 0.50% of average daily net assets. Delaware Distributors, L.P. has agreed to voluntarily suspend the 12b-1 for the Class R Shares and the suspension of the 12b-1 fee will continue while the Class is not broadly distributed.

Fixed income securities and bond funds can lose value, and investors can lose principal, as interest rates rise. They also may be affected by economic conditions that hinder an issuer’s ability to make interest and principal payments on its debt. This includes prepayment risk, the risk that the principal of a bond that is held by a portfolio will be prepaid prior to maturity, at the time when interest rates are lower than what the bond was paying. A portfolio may then have to reinvest that money at a lower interest rate.

High yielding, non-investment-grade bonds (junk bonds) involve higher risk than investment grade bonds. The high yield secondary market is particularly susceptible to liquidity problems when institutional investors, such as mutual funds and certain other financial institutions, temporarily stop buying bonds for regulatory, financial, or other reasons. In addition, a less liquid secondary market makes it more difficult to obtain precise valuations of the high yield securities.

The Fund may invest in derivatives, which may involve additional expenses and are subject to risk, including the risk that an underlying security or securities index moves in the opposite direction from what the portfolio manager anticipated. A derivatives transaction depends upon the counterparties’ ability to fulfill their contractual obligations.

International investments entail risks including fluctuation in currency values, differences in

6

---

Table of Contents

accounting principles, or economic or political instability. Investing in emerging markets can be riskier than investing in established foreign markets due to increased volatility, lower trading volume, and higher risk of market closures. In many emerging markets, there is substantially less publicly available information and the available information may be incomplete or misleading. Legal claims are generally more difficult to pursue.

If and when the Fund invests in forward foreign currency contracts or uses other investments to hedge against currency risks, the Fund will be subject to special risks, including counterparty risk.

Diversification may not protect against market risk.

The Fund may experience portfolio turnover in excess of 100%, which could result in higher transaction costs and tax liability.

If and when the Fund invests in forward foreign currency contracts or uses other investments to hedge against currency risks, the Fund will be subject to special risks, including counterparty risk.

IBOR risk is the risk that changes related to the use of the London interbank offered rate (LIBOR) or similar rates (such as EONIA) could have adverse impacts on financial instruments that reference these rates. The abandonment of these rates and transition to alternative rates could affect the value and liquidity of instruments that reference them and could affect investment strategy performance.

The disruptions caused by natural disasters, pandemics, or similar events could prevent the Fund from executing advantageous investment decisions in a timely manner and could negatively impact the Fund’s ability to achieve its investment objective and the value of the Fund’s investments.

3

The Fund’s expense ratios, as described in the most recent prospectus, are disclosed in the following “Fund expense ratios” table. The expense ratios below may differ from the expense ratios in the "Financial highlights" since they are based on different time periods and the expense ratios in the prospectus include acquired fund fees and expenses, if any. See Note 2 in "Notes to financial statements" for additional details. Please see the most recent prospectus and any applicable supplement(s) for additional information on these fee waivers and/or reimbursements. Please see the “Financial highlights” section in this report for the most recent expense ratios.

								Institutional
Fund expense ratios		Class A		Class C		Class R		Class
Total annual operating expenses
(without fee waivers)		1.42%		2.17%		1.67%		1.17%
Net expenses (including fee
waivers, if any)		1.04%		1.79%		1.29%		0.79%
Type of waiver		Contractual		Contractual		Contractual		Contractual

7

---

Table of Contents

Performance summary
Delaware Emerging Markets Debt Corporate Fund

Performance of a $10,000 investment¹

For the period September 30, 2013 (Fund's inception) through July 31, 2022

			Starting value					Ending value
	J.P. Morgan Corporate Emerging Markets Bond Index
	(CEMBI) Broad Diversified			$	10,000				$	13,279
	Delaware Emerging Markets Debt Corporate Fund —
	Institutional Class shares			$	10,000				$	13,039
	Delaware Emerging Markets Debt Corporate Fund —
	Class A shares				$9,550				$	12,265

1

The “Performance of a $10,000 investment” graph assumes $10,000 invested in Institutional Class and Class A shares of the Fund on September 30, 2013, and includes the effect of a 4.50% front-end sales charge (for Class A shares) and the reinvestment of all distributions. The graph does not reflect the deduction of taxes the shareholders would pay on Fund distributions or redemptions of Fund shares. Expense limitations were in effect for some or all of the periods shown. Performance would have been lower had expense limitations not been in effect. Expenses are listed in the “Fund expense ratios” table on page 7. Please note additional details on pages 5 through 9.

The graph also assumes $10,000 invested in the J.P. Morgan Corporate Emerging Markets Bond Index (CEMBI) Broad Diversified as of September 30, 2013. The J.P. Morgan Corporate Emerging Markets Bond Index (CEMBI) Broad Diversified tracks US dollar-denominated emerging market corporate bonds, limiting the weights of countries with larger corporate debt stocks by including only a specified portion of those countries’ eligible current face amounts of debt outstanding.

Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results.

8

---

Table of Contents

		Nasdaq symbols		CUSIPs
Class A		DEDAX		246094841
Class C		DEDCX		246094833
Class R		DEDRX		246094825
Institutional Class		DEDIX		246094817

9

---

Table of Contents

Disclosure of Fund expenses
For the six-month period from February 1, 2022 to July 31, 2022 (Unaudited)

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 February 1, 2022 to July 31, 2022.

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.

10

---

Table of Contents

Delaware Emerging Markets Debt Corporate Fund
Expense analysis of an investment of $1,000

		Beginning Account Value 2/1/22					Ending Account Value 7/31/22					Annualized Expense Ratio					Expenses Paid During Period 2/1/22 to 7/31/22*
Actual Fund return†
Class A			$	1,000.00					$889.10				1.04	%				$	4.87
Class C				1,000.00					886.00				1.79	%					8.37
Class R				1,000.00					889.30				0.79	%					3.70
Institutional Class				1,000.00					889.30				0.79	%					3.70
Hypothetical 5% return (5% return before expenses)
Class A			$	1,000.00				$	1,019.64				1.04	%				$	5.21
Class C				1,000.00					1,015.92				1.79	%					8.95
Class R				1,000.00					1,020.88				0.79	%					3.96
Institutional Class				1,000.00					1,020.88				0.79	%					3.96

*	“Expenses Paid During Period” are equal to the Fund's annualized ratio, multiplied by the average account value over the period, multiplied by 181/365 (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 any investment companies (Underlying Funds) in which it invests. The table above does not reflect the expenses of any Underlying Funds.

11

---

Table of Contents

Security type / country and sector allocations
Delaware Emerging Markets Debt Corporate Fund	As of July 31, 2022 (Unaudited)

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

Security type / country		Percentage of net assets
Corporate Bonds			89.56	%
Argentina			1.77	%
Barbados			0.68	%
Brazil			9.38	%
Chile			4.62	%
China			5.47	%
Colombia			4.03	%
Czech Republic			0.79	%
Georgia			1.07	%
Ghana			0.95	%
Guatemala			2.10	%
Hong Kong			1.33	%
India			5.89	%
Indonesia			4.13	%
Israel			4.63	%
Kazakhstan			0.60	%
Kuwait			1.20	%
Macao			1.60	%
Malaysia			1.76	%
Mauritius			0.36	%
Mexico			6.30	%
Morocco			0.92	%
Netherlands			0.33	%
Nigeria			1.09	%
Oman			0.76	%
Panama			0.41	%
Paraguay			1.36	%
Peru			2.82	%
Philippines			0.81	%
Qatar			2.23	%
Republic of Korea			2.97	%
Republic of Vietnam			0.30	%
Russia			0.57	%
Saudi Arabia			2.58	%
Singapore			0.80	%
South Africa			3.02	%
Taiwan			0.96	%
Tanzania			0.38	%

12

---

Table of Contents

Security type / country		Percentage of net assets
Thailand			1.42	%
Turkey			2.56	%
Ukraine			0.65	%
United Arab Emirates			3.02	%
Zambia			0.94	%
Sovereign Bonds			1.62	%
Common Stock by Country			0.30	%
Short-Term Investments			8.90	%
Total Value of Securities			100.38	%
Liabilities Net of Receivables and Other Assets			(0.38	%)
Total Net Assets			100.00	%
Corporate bonds by sector		Percentage of net assets
Banking			13.00	%
Basic Industry			7.78	%
Basic Materials			3.39	%
Capital Goods			0.10	%
Communications			8.43	%
Consumer Cyclical			8.19	%
Consumer Non-Cyclical			7.12	%
Electric			6.58	%
Energy			15.37	%
Finance Companies			0.61	%
Financials			1.61	%
Industrials			7.54	%
Insurance			1.08	%
Real Estate			1.91	%
Technology			3.65	%
Utilities			3.20	%
Total			89.56	%

13

---

Table of Contents

Schedule of investments
Delaware Emerging Markets Debt Corporate Fund	July 31, 2022

			Principal
			amount°		Value (US $)
Corporate Bonds – 89.56%Δ
Argentina – 1.77%
	Aeropuertos Argentina 2000 144A 8.50% 8/1/31 #		854,629		$	621,281
	Transportadora de Gas del Sur 144A 6.75% 5/2/25 #		515,000			418,474
	YPF 144A 6.95% 7/21/27 #		1,210,000			676,708
						1,716,463
Barbados – 0.68%
	Sagicor Financial 144A 5.30% 5/13/28 #		700,000			655,525
						655,525
Brazil – 9.38%
	Acu Petroleo Luxembourg 144A 7.50% 7/13/35 #		435,000			364,371
	Arcos Dorados 144A 6.125% 5/27/29 #		610,000			580,427
	Azul Investments
	144A 5.875% 10/26/24 #		420,000			294,545
	144A 7.25% 6/15/26 #		600,000			406,461
	B2W Digital 144A 4.375% 12/20/30 #		545,000			416,634
	Braskem Netherlands Finance 144A 4.50% 1/31/30 #		755,000			690,927
	CSN Resources 144A 5.875% 4/8/32 #		840,000			671,587
	Gol Finance 144A 8.00% 6/30/26 #		360,000			238,797
	Guara Norte 144A 5.198% 6/15/34 #		1,109,338			912,108
	Klabin Austria 144A 3.20% 1/12/31 #		415,000			339,600
	MARB BondCo 144A 3.95% 1/29/31 #		990,000			808,721
	MercadoLibre 3.125% 1/14/31		645,000			498,812
	Natura & Co. Luxembourg Holdings 144A 6.00% 4/19/29 #		790,000			733,290
	Petrobras Global Finance 6.75% 6/3/50		350,000			327,075
	Suzano Austria 3.125% 1/15/32		725,000			590,161
	Vale Overseas 3.75% 7/8/30		800,000			732,776
	XP 144A 3.25% 7/1/26 #		545,000			489,780
						9,096,072
Chile – 4.62%
	AES Andes 144A 7.125% 3/26/79 #, µ		605,000			552,589
	Alfa Desarrollo 144A 4.55% 9/27/51 #		817,789			590,599
	Antofagasta 144A 5.625% 5/13/32 #		750,000			743,438
	Cia Cervecerias Unidas 144A 3.35% 1/19/32 #		775,000			675,207
	Falabella 144A 3.375% 1/15/32 #		605,000			504,712
	Inversiones La Construccion 144A 4.75% 2/7/32 #		635,000			481,711
	Sociedad de Transmision Austral 144A 4.00% 1/27/32 #		510,000			428,555
	Telefonica Moviles Chile 144A 3.537% 11/18/31 #		585,000			506,739
						4,483,550
China – 5.47%
	Agile Group Holdings 5.50% 5/17/26		465,000			121,704

14

---

Table of Contents

			Principal
			amount°		Value (US $)
Corporate BondsΔ (continued)
China (continued)
	Alibaba Group Holding 2.70% 2/9/41		445,000		$	310,841
	Bank of China 144A 5.00% 11/13/24 #		420,000			430,733
	China Evergrande Group 10.00% 4/11/23		520,000			45,607
	CIFI Holdings Group
	5.25% 5/13/26		200,000			71,767
	5.95% 10/20/25		280,000			104,440
	6.00% 7/16/25		230,000			88,235
	6.45% 11/7/24		605,000			237,462
	ENN Energy Holdings
	144A 2.625% 9/17/30 #		735,000			637,501
	144A 4.625% 5/17/27 #		750,000			768,105
	Huarong Finance 2019 3.875% 11/13/29		770,000			591,937
	JD.com 3.875% 4/29/26		665,000			657,859
	Lenovo Group 144A 6.536% 7/27/32 #		680,000			677,439
	Tencent Holdings
	144A 2.88% 4/22/31 #		325,000			285,854
	144A 3.68% 4/22/41 #		350,000			276,972
						5,306,456
Colombia – 4.03%
	Banco de Bogota 144A 6.25% 5/12/26 #		565,000			539,174
	Banco GNB Sudameris 144A 7.50% 4/16/31 #, µ		405,000			332,325
	Bancolombia 4.875% 10/18/27 µ		570,000			524,699
	Canacol Energy 144A 5.75% 11/24/28 #		860,000			711,217
	Ecopetrol
	4.625% 11/2/31		840,000			692,924
	5.375% 6/26/26		491,000			475,880
	Geopark 144A 5.50% 1/17/27 #		735,000			633,400
						3,909,619
Czech Republic – 0.79%
	Energo-Pro 144A 8.50% 2/4/27 #		795,000			761,988
						761,988
Georgia – 1.07%
	Bank of Georgia 144A 6.00% 7/26/23 #		680,000			683,558
	Silknet JSC 144A 8.375% 1/31/27 #		365,000			353,138
						1,036,696
Ghana – 0.95%
	Kosmos Energy 144A 7.75% 5/1/27 #		410,000			348,566
	Tullow Oil 144A 10.25% 5/15/26 #		610,000			572,689
						921,255

15

---

Table of Contents

Schedule of investments
Delaware Emerging Markets Debt Corporate Fund

			Principal
			amount°		Value (US $)
Corporate BondsΔ (continued)
Guatemala – 2.10%
	Banco Industrial 144A 4.875% 1/29/31 #, µ		455,000		$	423,043
	Central American Bottling 144A 5.25% 4/27/29 #		795,000			753,660
	CT Trust 144A 5.125% 2/3/32 #		960,000			860,170
						2,036,873
Hong Kong – 1.33%
	AIA Group 144A 3.375% 4/7/30 #		400,000			384,003
	CLP Power Hong Kong Financing 2.875% 4/26/23		419,000			418,087
	Goodman HK Finance 4.375% 6/19/24		485,000			486,989
						1,289,079
India – 5.89%
	Azure Power Energy 144A 3.575% 8/19/26 #		375,843			329,802
	CA Magnum Holdings 144A 5.375% 10/31/26 #		1,040,000			920,369
	Clean Renewable Power Mauritius 144A 4.25% 3/25/27 #		416,500			335,542
	Future Retail 144A 5.60% 1/22/25 #		425,000			49,555
	Greenko Power II 144A 4.30% 12/13/28 #		865,087			743,320
	ICICI Bank 144A 4.00% 3/18/26 #		650,000			646,753
	JSW Hydro Energy 144A 4.125% 5/18/31 #		289,800			250,371
	JSW Steel 144A 5.05% 4/5/32 #		295,000			231,466
	Summit Digitel Infrastructure 144A 2.875% 8/12/31 #		1,000,000			779,814
	UltraTech Cement 144A 2.80% 2/16/31 #		835,000			677,211
	Vedanta Resources Finance II 144A 8.95% 3/11/25 #		1,020,000			749,644
						5,713,847
Indonesia – 4.13%
	Cikarang Listrindo 144A 4.95% 9/14/26 #		802,000			740,920
	Freeport Indonesia 144A 5.315% 4/14/32 #		630,000			592,200
	Indika Energy Capital IV 144A 8.25% 10/22/25 #		845,000			823,241
	Indofood CBP Sukses Makmur Tbk Pt 3.541% 4/27/32		605,000			498,472
	Medco Laurel Tree 144A 6.95% 11/12/28 #		630,000			542,839
	Minejesa Capital 144A 5.625% 8/10/37 #		395,000			321,819
	Perusahaan Perseroan Persero 144A 3.875% 7/17/29 #		525,000			483,664
						4,003,155
Israel – 4.63%
	Altice Financing 144A 5.00% 1/15/28 #		600,000			529,848
	Bank Hapoalim 144A 3.255% 1/21/32 #, µ		605,000			523,082
	Bank Leumi Le-Israel 144A 3.275% 1/29/31 #, µ		650,000			583,050
	Bank Leumi Le-Israel BM 144A 5.125% 7/27/27 #		720,000			736,448
	ICL Group 144A 6.375% 5/31/38 #		450,000			451,550
	Israel Electric 144A 3.75% 2/22/32 #		845,000			779,747

16

---

Table of Contents

			Principal
			amount°		Value (US $)
Corporate BondsΔ (continued)
Israel (continued)
	Teva Pharmaceutical Finance Netherlands III
	5.125% 5/9/29		560,000		$	515,178
	6.75% 3/1/28		375,000			376,664
						4,495,567
Kazakhstan – 0.60%
	KazTransGas JSC 144A 4.375% 9/26/27 #		269,000			236,922
	Tengizchevroil Finance Co International 144A 2.625%
	8/15/25 #		420,000			350,167
						587,089
Kuwait – 1.20%
	MEGlobal Canada 144A 5.00% 5/18/25 #		405,000			411,183
	NBK SPC 144A 1.625% 9/15/27 #, µ		835,000			752,627
						1,163,810
Macao – 1.60%
	MGM China Holdings 144A 4.75% 2/1/27 #		475,000			376,780
	Sands China
	144A 3.25% 8/8/31 #		465,000			360,977
	4.30% 1/8/26		580,000			523,125
	Wynn Macau 144A 5.625% 8/26/28 #		375,000			293,434
						1,554,316
Malaysia – 1.76%
	CIMB Bank 144A 2.125% 7/20/27 #		525,000			483,616
	Misc Capital Two Labuan 144A 3.75% 4/6/27 #		1,280,000			1,224,684
						1,708,300
Mauritius – 0.36%
	Axian Telecom 144A 7.375% 2/16/27 #		375,000			346,429
						346,429
Mexico – 6.30%
	Alsea 144A 7.75% 12/14/26 #		800,000			763,644
	America Movil 4.70% 7/21/32		950,000			986,461
	Banco Mercantil del Norte 144A 8.375% 10/14/30 #, µ, ψ		410,000			390,174
	BBVA Bancomer 144A 5.125% 1/18/33 #, µ		460,000			398,990
	Cemex 144A 5.20% 9/17/30 #		450,000			405,985
	CIBANCO Institucion de Banca Multiple Trust 144A 4.375%
	7/22/31 #		640,000			441,722
	GCC 144A 3.614% 4/20/32 #		800,000			669,465
	Grupo Aeromexico 144A 8.50% 3/17/27 #		800,000			766,704
	Nemak 144A 3.625% 6/28/31 #		785,000			613,395

17

---

Table of Contents

Schedule of investments
Delaware Emerging Markets Debt Corporate Fund

			Principal
			amount°		Value (US $)
Corporate BondsΔ (continued)
Mexico (continued)
	Petroleos Mexicanos 6.95% 1/28/60		1,004,000		$	678,286
						6,114,826
Morocco – 0.92%
	OCP
	144A 3.75% 6/23/31 #		380,000			309,779
	144A 4.50% 10/22/25 #		400,000			394,326
	144A 5.125% 6/23/51 #		270,000			191,315
						895,420
Netherlands – 0.33%
	VEON Holdings 144A 3.375% 11/25/27 #		665,000			319,865
						319,865
Nigeria – 1.09%
	Access Bank
	144A 6.125% 9/21/26 #		415,000			308,698
	144A 9.125% 10/7/26 #, µ, ψ		540,000			385,719
	IHS Holding 144A 5.625% 11/29/26 #		430,000			358,973
						1,053,390
Oman – 0.76%
	Oryx Funding 144A 5.80% 2/3/31 #		790,000			740,372
						740,372
Panama – 0.41%
	UEP Penonome II 144A 6.50% 10/1/38 #		441,109			401,149
						401,149
Paraguay – 1.36%
	Banco Continental 144A 2.75% 12/10/25 #		900,000			780,768
	Rutas 2 and 7 Finance 144A 10.255% 9/30/36 #, ^		899,000			536,182
						1,316,950
Peru – 2.82%
	Consorcio Transmantaro 144A 5.20% 4/11/38 #		605,000			557,344
	InRetail Consumer 144A 3.25% 3/22/28 #		720,000			598,759
	Lima Metro Line 2 Finance 144A 4.35% 4/5/36 #		399,149			361,393
	SAN Miguel Industrias Pet 144A 3.50% 8/2/28 #		1,090,000			906,542
	Volcan Cia Minera 144A 4.375% 2/11/26 #		359,000			314,558
						2,738,596
Philippines – 0.81%
	International Container Terminal Services 4.75% 6/17/30		855,000			786,856
						786,856

18

---

Table of Contents

				Principal
				amount°		Value (US $)
Corporate BondsΔ (continued)
Qatar – 2.23%
	Ooredoo International Finance 144A 5.00% 10/19/25 #			425,000		$	440,340
	Qatar Energy
		144A 1.375% 9/12/26 #		275,000			254,425
		144A 2.25% 7/12/31 #		325,000			289,447
	QNB Finance 2.625% 5/12/25			1,215,000			1,175,027
							2,159,239
Republic of Korea – 2.97%
	Hana Bank 144A 1.25% 12/16/26 #			335,000			304,701
	Kia 144A 2.375% 2/14/25 #			855,000			819,766
	NongHyup Bank 144A 0.875% 7/28/24 #			430,000			408,137
	Shinhan Financial Group 144A 3.34% 2/5/30 #, µ			355,000			343,347
	SK Hynix
		144A 1.50% 1/19/26 #		590,000			531,696
		144A 2.375% 1/19/31 #		595,000			472,439
							2,880,086
Republic of Vietnam – 0.30%
	Mong Duong Finance Holdings 144A 5.125% 5/7/29 #			350,000			287,875
							287,875
Russia – 0.57%
	Lukoil Capital DAC
		144A 2.80% 4/26/27 #		405,000			258,879
		144A 3.60% 10/26/31 #		405,000			224,028
	Phosagro OAO Via Phosagro Bond Funding DAC 144A
		3.949% 4/24/23 #		200,000			67,750
							550,657
Saudi Arabia – 2.58%
	EIG Pearl Holdings 144A 3.545% 8/31/36 #			895,000			783,916
	SA Global Sukuk 144A 2.694% 6/17/31 #			415,000			379,266
	Saudi Arabian Oil
		144A 3.50% 11/24/70 #		410,000			316,678
		144A 4.25% 4/16/39 #		400,000			387,506
	Saudi Electricity Global Sukuk Co. 4 4.222% 1/27/24			630,000			635,470
							2,502,836
Singapore – 0.80%
	Oversea-Chinese Banking 144A 4.25% 6/19/24 #			775,000			780,225
							780,225
South Africa – 3.02%
	AngloGold Ashanti Holdings 3.375% 11/1/28			830,000			722,473
	Bidvest Group UK 144A 3.625% 9/23/26 #			995,000			891,918

19

---

Table of Contents

Schedule of investments
Delaware Emerging Markets Debt Corporate Fund

			Principal
			amount°		Value (US $)
Corporate BondsΔ (continued)
South Africa (continued)
	Sasol Financing USA 4.375% 9/18/26		725,000		$	658,438
	Stillwater Mining 144A 4.00% 11/16/26 #		760,000			654,626
						2,927,455
Taiwan – 0.96%
	TSMC Global 144A 4.625% 7/22/32 #		905,000			933,497
						933,497
Tanzania – 0.38%
	HTA Group 144A 7.00% 12/18/25 #		415,000			368,445
						368,445
Thailand – 1.42%
	Bangkok Bank 144A 5.00% 9/23/25 #, µ, Ψ		380,000			355,790
	GC Treasury Center 144A 5.20% 3/30/52 #		670,000			594,414
	PTTEP Treasury Center 144A 2.587% 6/10/27 #		465,000			431,878
						1,382,082
Turkey – 2.56%
	Akbank TAS 144A 6.80% 2/6/26 #		730,000			638,243
	Coca-Cola Icecek 144A 4.50% 1/20/29 #		610,000			490,092
	Turkcell Iletisim Hizmetleri 144A 5.80% 4/11/28 #		790,000			604,153
	Turkiye Sise ve Cam Fabrikalari 144A 6.95% 3/14/26 #		845,000			748,603
						2,481,091
Ukraine – 0.65%
	Kernel Holding 144A 6.50% 10/17/24 #		445,000			181,774
	Metinvest 144A 7.75% 10/17/29 #		425,000			169,150
	MHP 144A 6.25% 9/19/29 #		430,000			180,385
	State Agency of Roads of Ukraine 144A 6.25% 6/24/28 #		560,000			101,348
						632,657
United Arab Emirates – 3.02%
	Abu Dhabi National Energy PJSC 144A 2.00% 4/29/28 #		585,000			530,231
	Emirates NBD Bank PJSC 2.625% 2/18/25		470,000			456,433
	Galaxy Pipeline Assets Bidco 144A 2.94% 9/30/40 #		1,036,654			873,734
	MAF Global Securities 6.375% 3/20/26 µ, Ψ		590,000			562,978
	Sweihan PV Power PJSC 144A 3.625% 1/31/49 #		600,000			507,080
						2,930,456

20

---

Table of Contents

				Principal
				amount°		Value (US $)
Corporate BondsΔ (continued)
Zambia – 0.94%
	First Quantum Minerals
		144A 6.875% 10/15/27 #		515,000		$	491,699
		144A 7.50% 4/1/25 #		425,000			423,655
							915,354
Total Corporate Bonds (cost $99,184,578)							86,885,468
Sovereign Bonds – 1.62%Δ
Bermuda – 0.35%
	Bermuda Government International Bond 144A 5.00%
		7/15/32 #		325,000			337,289
Hong Kong – 0.72%
	Airport Authority
		144A 2.50% 1/12/32 #		410,000			368,258
		144A 3.25% 1/12/52 #		405,000			332,056
							700,314
Philippines – 0.55%
	Philippine Government International Bond 3.229% 3/29/27			535,000			532,321
Total Sovereign Bonds (cost $1,669,592)							1,569,924
				Number of
				shares
Common Stock – 0.30%
Mexico – 0.30%
	Grupo Aeromexico †			29,657			288,052
Total Common Stock (cost $484,743)							288,052
Short-Term Investments – 8.90%
Money Market Mutual Funds – 8.90%
	BlackRock Liquidity FedFund – Institutional Shares
		(seven-day effective yield 1.73%)		2,159,214			2,159,214
	Fidelity Investments Money Market Government Portfolio –
		Class I (seven-day effective yield 1.49%)		2,159,212			2,159,212
	GS Financial Square Government Fund – Institutional
		Shares (seven-day effective yield 1.73%)		2,159,212			2,159,212

21

---

Table of Contents

Schedule of investments
Delaware Emerging Markets Debt Corporate Fund

		Number of
		shares		Value (US $)
Short-Term Investments (continued)
Money Market Mutual Funds (continued)
Morgan Stanley Institutional Liquidity Funds Government
Portfolio – Institutional Class (seven-day effective yield
1.60%)		2,159,212		$	2,159,212
Total Short-Term Investments (cost $8,632,568)					8,636,850
Total Value of Securities–100.38%
(cost $109,971,481)				$	97,380,294

The following futures and swap contracts were outstanding at July 31, 2022:¹

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
		US Treasury
		10 yr Ultra
(17)		Notes		$	(2,231,250	)		$	(2,180,606	)		9/21/22		$	(50,644	)		$	(7,703	)
		US Treasury
		Long
(2)		Bonds			(288,000	)			(278,714	)		9/21/22			(9,286	)			(1,688	)
Total Futures Contracts								$	(2,459,320	)				$	(59,930	)		$	(9,391	)

22

---

Table of Contents

Swap Contracts

CDS Contracts²

Counterparty/																Variation
Reference										Upfront						Margin
Obligation/				Annual						Payments						Due from
Termination Date/		Notional		Protection						Paid			Unrealized			(Due to)
Payment Frequency		Amount3		Payments			Value			(Received)			Appreciation4			Brokers
Over-The-Counter:
Protection Purchased/
Moody’s
Ratings:
JPMCB-Federated
Republic of
Brazil
4.25%
6/6/25 B2
6/20/26-
Quarterly		2,527,000		1.000	%		$	115,453		$	62,136		$	53,317		$	—
JPMCB-United
Mexican States
10.375%
9/20/22 Baa2
6/22/26-
Quarterly		1,748,000		1.000	%			20,729			10,174			10,555			—
Total CDS Contracts							$	136,182		$	72,310		$	63,872		$	—

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

23

---

Table of Contents

Schedule of investments
Delaware Emerging Markets Debt Corporate Fund

Summary of abbreviations:
CDS – Credit Default Swap
DAC – Designated Activity Company
GS – Goldman Sachs
JSC – Joint Stock Company
PJSC – Private Joint Stock Company
yr – Year
USD – US Dollar

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

24

---

Table of Contents

Statement of assets and liabilities
Delaware Emerging Markets Debt Corporate Fund	July 31, 2022

Assets:
	Investments, at value*	$	97,380,294
	Cash		180,556
	Cash collateral due from broker		54,350
	Foreign currencies, at valueΔ		6
	Dividends and interest receivable		1,184,418
	Receivable for fund shares sold		114,041
	Upfront payments paid on credit default swap contracts		72,310
	Unrealized appreciation on credit default swap contracts		63,872
	Prepaid expenses		1,244
	Other assets		558
	Total Assets		99,051,649
Liabilities:
	Payable for fund shares redeemed		1,505,740
	Payable for securities purchased		199,465
	Cash collateral due to broker		150,000
	Other accrued expenses		136,457
	Investment management fees payable to affiliates		31,257
	Variation margin due to broker on futures contracts		9,391
	Administration expenses payable to affiliates		7,232
	Swap payments payable		4,869
	Distribution fees payable to affiliates		65
	Total Liabilities		2,044,476
Total Net Assets		$	97,007,173
Net Assets Consist of:
	Paid-in capital	$	111,280,390
	Total distributable earnings (loss)		(14,273,217	)
Total Net Assets		$	97,007,173

25

---

Table of Contents

Statement of assets and liabilities
Delaware Emerging Markets Debt Corporate Fund

Net Asset Value
Class A:
Net assets	$	767,025
Shares of beneficial interest outstanding, unlimited authorization, no par		104,406
Net asset value per share	$	7.35
Sales charge		4.50	%
Offering price per share, equal to net asset value per share / (1 - sales
charge)	$	7.70
Class C:
Net assets	$	210,343
Shares of beneficial interest outstanding, unlimited authorization, no par		28,675
Net asset value per share	$	7.34
Class R:
Net assets	$	2,629
Shares of beneficial interest outstanding, unlimited authorization, no par		358
Net asset value per share	$	7.34
Institutional Class:
Net assets	$	96,027,176
Shares of beneficial interest outstanding, unlimited authorization, no par		13,084,901
Net asset value per share	$	7.34
___________________
*Investments, at cost	$	109,971,481
ΔForeign currencies, at cost		6

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

26

---

Table of Contents

Statement of operations
Delaware Emerging Markets Debt Corporate Fund	Year ended July 31, 2022

Investment Income:
	Interest	$	4,195,079
	Dividends		28,044
			4,223,123
Expenses:
	Management fees		644,613
	Distribution expenses — Class A		2,227
	Distribution expenses — Class C		1,352
	Distribution expenses — Class R		14
	Dividend disbursing and transfer agent fees and expenses		160,012
	Accounting and administration expenses		54,371
	Audit and tax fees		44,863
	Legal fees		33,812
	Reports and statements to shareholders expenses		26,045
	Registration fees		9,618
	Custodian fees		6,679
	Trustees’ fees and expenses		2,836
	Other		33,306
			1,019,748
	Less expenses waived		(336,389	)
	Less waived distribution
	expenses — Class R		(14	)
	Less expenses paid indirectly		(503	)
	Total operating expenses		682,842
Net Investment Income (Loss)			3,540,281

27

---

Table of Contents

Statement of operations
Delaware Emerging Markets Debt Corporate Fund

Net Realized and Unrealized Gain (Loss):
	Net realized gain (loss) on:
		Investments	$	(1,582,331	)
		Foreign currencies		(3,212	)
		Foreign currency exchange contracts		3,208
		Futures contracts		249,969
		Swap contracts		(61,238	)
	Net realized gain (loss)			(1,393,604	)
	Net change in unrealized appreciation (depreciation) on:
		Investments		(14,782,205	)
		Foreign currencies		(1	)
		Futures contracts		1,972
		Swap contracts		69,397
	Net change in unrealized appreciation (depreciation)			(14,710,837	)
Net Realized and Unrealized Gain (Loss)				(16,104,441	)
Net Increase (Decrease) in Net Assets Resulting from Operations			$	(12,564,160	)

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

28

---

Table of Contents

Statements of changes in net assets
Delaware Emerging Markets Debt Corporate Fund

			Year ended
			7/31/22				7/31/21
Increase (Decrease) in Net Assets from Operations:
	Net investment income (loss)		$	3,540,281			$	2,907,302
	Net realized gain (loss)			(1,393,604	)			1,560,903
	Net change in unrealized appreciation (depreciation)			(14,710,837	)			1,822,656
	Net increase (decrease) in net assets resulting from
	operations			(12,564,160	)			6,290,861
Dividends and Distributions to Shareholders from:
	Distributable earnings:
	Class A			(39,568	)			(17,592	)
	Class C			(5,017	)			(2,699	)
	Class R			(133	)			(116	)
	Institutional Class			(3,932,638	)			(2,881,145	)
				(3,977,356	)			(2,901,552	)
Capital Share Transactions:
	Proceeds from shares sold:
	Class A			366,899				557,501
	Class C			151,347				168,737
	Institutional Class			54,184,674				29,640,532
	Net asset value of shares issued upon reinvestment of
	dividends and distributions:
	Class A			39,568				17,571
	Class C			5,017				2,699
	Class R			133				116
	Institutional Class			3,843,722				2,818,437
				58,591,360				33,205,593

29

---

Table of Contents

Statements of changes in net assets
Delaware Emerging Markets Debt Corporate Fund

				Year ended
				7/31/22				7/31/21
Capital Share Transactions (continued):
	Cost of shares redeemed:
		Class A		$	(283,336	)		$	(60,262	)
		Class C			(18,387	)			(161,435	)
		Institutional Class			(32,170,599	)			(18,911,586	)
					(32,472,322	)			(19,133,283	)
	Increase in net assets derived from capital share
		transactions			26,119,038				14,072,310
Net Increase in Net Assets					9,577,522				17,461,619
Net Assets:
	Beginning of year				87,429,651				69,968,032
	End of year			$	97,007,173			$	87,429,651

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

30

---

Table of Contents

Financial highlights
Delaware Emerging Markets Debt Corporate 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 income1

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 return2

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets3

Ratio of expenses to average net assets prior to fees waived3

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.

32

---

Table of Contents

	Year ended
	7/31/22				7/31/21				7/31/20				7/31/19				7/31/18
	$	8.91			$	8.48			$	8.67			$	8.26			$	8.77
		0.32				0.33				0.32				0.40				0.39
		(1.52	)			0.42				(0.18	)			0.41				(0.39	)
		(1.20	)			0.75				0.14				0.81				—
		(0.31	)			(0.32	)			(0.32	)			(0.35	)			(0.38	)
		(0.05	)			—				—				(0.05	)			(0.13	)
		—				—				(0.01	)			—				—
		(0.36	)			(0.32	)			(0.33	)			(0.40	)			(0.51	)
	$	7.35			$	8.91			$	8.48			$	8.67			$	8.26
		(13.83%	)			8.99%				1.73%				10.21%				(0.10%	)
	$	767			$	817			$	281			$	93			$	57
		1.04%				1.04%				1.04%				1.04%				1.16%
		1.43%				1.42%				1.48%				1.90%				1.90%
		3.87%				3.69%				3.77%				4.88%				4.57%
		3.48%				3.31%				3.33%				4.02%				3.83%
		55%				99%				93%				74%				108%

33

---

Table of Contents

Financial highlights
Delaware Emerging Markets Debt Corporate 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 income1

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 return2

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets3

Ratio of expenses to average net assets prior to fees waived3

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.

34

---

Table of Contents

	Year ended
	7/31/22				7/31/21				7/31/20				7/31/19				7/31/18
	$	8.90			$	8.47			$	8.66			$	8.26			$	8.77
		0.25				0.26				0.25				0.34				0.33
		(1.51	)			0.43				(0.17	)			0.40				(0.39	)
		(1.26	)			0.69				0.08				0.74				(0.06	)
		(0.25	)			(0.26	)			(0.26	)			(0.29	)			(0.32	)
		(0.05	)			—				—				(0.05	)			(0.13	)
		—				—				(0.01	)			—				—
		(0.30	)			(0.26	)			(0.27	)			(0.34	)			(0.45	)
	$	7.34			$	8.90			$	8.47			$	8.66			$	8.26
		(14.46%	)			8.19%				0.99%				9.27%				(0.84%	)
	$	210			$	99			$	84			$	61			$	82
		1.79%				1.79%				1.79%				1.79%				1.91%
		2.18%				2.17%				2.23%				2.65%				2.65%
		3.12%				2.94%				3.02%				4.13%				3.82%
		2.73%				2.56%				2.58%				3.27%				3.08%
		55%				99%				93%				74%				108%

35

---

Table of Contents

Financial highlights
Delaware Emerging Markets Debt Corporate 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 income1

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 return2

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets3

Ratio of expenses to average net assets prior to fees waived3

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.

36

---

Table of Contents

	Year ended
	7/31/22				7/31/21				7/31/20				7/31/19				7/31/18
	$	8.90			$	8.47			$	8.66			$	8.26			$	8.77
		0.34				0.35				0.34				0.42				0.42
		(1.51	)			0.43				(0.18	)			0.40				(0.39	)
		(1.17	)			0.78				0.16				0.82				0.03
		(0.34	)			(0.35	)			(0.34	)			(0.37	)			(0.41	)
		(0.05	)			—				—				(0.05	)			(0.13	)
		—				—				(0.01	)			—				—
		(0.39	)			(0.35	)			(0.35	)			(0.42	)			(0.54	)
	$	7.34			$	8.90			$	8.47			$	8.66			$	8.26
		(13.60%	)			9.30%				2.00%				10.42%				0.16%
	$	3			$	3			$	3			$	3			$	2
		0.79%				0.79%				0.79%				0.79%				0.91%
		1.68%				1.68%				1.73%				2.15%				2.13%
		4.12%				3.94%				4.02%				5.13%				4.82%
		3.23%				3.05%				3.08%				3.77%				3.60%
		55%				99%				93%				74%				108%

37

---

Table of Contents

Financial highlights
Delaware Emerging Markets Debt Corporate 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 income1

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 return2

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets3

Ratio of expenses to average net assets prior to fees waived3

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.

38

---

Table of Contents

	Year ended
	7/31/22				7/31/21				7/31/20				7/31/19				7/31/18
	$	8.90			$	8.47			$	8.67			$	8.27			$	8.78
		0.34				0.35				0.34				0.42				0.42
		(1.51	)			0.43				(0.19	)			0.40				(0.39	)
		(1.17	)			0.78				0.15				0.82				0.03
		(0.34	)			(0.35	)			(0.34	)			(0.37	)			(0.41	)
		(0.05	)			—				—				(0.05	)			(0.13	)
		—				—				(0.01	)			—				—
		(0.39	)			(0.35	)			(0.35	)			(0.42	)			(0.54	)
	$	7.34			$	8.90			$	8.47			$	8.67			$	8.27
		(13.60%	)			9.30%				1.88%				10.41%				0.16%
	$	96,027			$	86,511			$	69,600			$	51,784			$	21,683
		0.79%				0.79%				0.79%				0.79%				0.91%
		1.18%				1.17%				1.23%				1.65%				1.65%
		4.12%				3.94%				4.02%				5.13%				4.82%
		3.73%				3.56%				3.58%				4.27%				4.08%
		55%				99%				93%				74%				108%

39

---

Table of Contents

Notes to financial statements
Delaware Emerging Markets Debt Corporate Fund	July 31, 2022

Delaware Group^® Government Fund (Trust) is organized as a Delaware statutory trust and offers two series: Delaware Strategic Income Fund and Delaware Emerging Markets Debt Corporate Fund. These financial statements and the related notes pertain to Delaware Emerging Markets Debt Corporate 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%. There is no front-end sales charge when you purchase $1,000,000 or more of Class A shares. However, if Delaware Distributors, L.P. (DDLP) paid your financial intermediary a commission on your purchase of $1,000,000 or more of Class A shares, for shares purchased prior to July 1, 2020, you will have to pay a limited contingent deferred sales charge (Limited CDSC) of 1.00% if you redeem these shares within the first year after your purchase and 0.50% if you redeem these shares within the second year, or for shares purchased on or after July 1, 2020, you will have to pay a Limited CDSC of 1.00% if you redeem these shares within the first 18 months after your purchase; unless a specific waiver of the Limited CDSC applies. Class C shares have no upfront sales charge, but 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. Equity Securities listed on a foreign exchange are normally valued at the last quoted sales price on the valuation date. Debt securities and credit default swap (CDS) contracts are valued based upon valuations provided by an independent pricing service or broker/counterparty 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. Foreign currency exchange contracts are valued at the mean between the bid and ask prices, which approximates fair value. Interpolated values are derived when the settlement date of the contract is an interim date for which quotations are not available. Futures contracts and options on futures contracts are valued at the daily quoted settlement prices. Open-end investment companies are valued at their

40

---

Table of Contents

published net asset value (NAV). 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. Management has analyzed the Fund’s tax positions taken or expected to be taken on the Fund’s federal income tax returns through the year ended July 31, 2022, and for all open tax years (years ended July 31, 2019–July 31, 2021), and has concluded that no provision for federal income tax is required in the Fund’s financial statements. In regard to foreign taxes only, the Fund has open tax years in certain foreign countries in which it invests that may date back to the inception of the Fund. 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 year ended July 31, 2022, the Fund did not incur any interest or tax penalties.

Class Accounting — Investment income, common expenses, and 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.

Foreign Currency Transactions — Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the valuation date in accordance with the Fund’s prospectus. The value of all assets and liabilities denominated in foreign currencies is translated daily into US dollars at the exchange rate of such currencies against the US dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. The Fund generally bifurcates that portion of realized gains and losses on investments in debt securities which is due to changes in foreign exchange rates from that which is due to changes in market prices of debt securities. That portion of gains (losses), attributable to changes in foreign exchange rates, is included on the “Statement of operations” under “Net realized gain (loss) on foreign currencies.” The Fund reports certain foreign currency related transactions as components of realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes.

41

---

Table of Contents

Notes to financial statements
Delaware Emerging Markets Debt Corporate Fund

1. Significant Accounting Policies (continued)

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 fund 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. Income and capital gain distributions from any investment companies (Underlying Funds) in which the Fund invests are recorded on the ex-dividend date. 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 and pays dividends from net investment income monthly 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. There were no such earnings credits for the year ended July 31, 2022.

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 and transfer agent fees and expenses” with the corresponding expenses offset included under “Less expenses paid indirectly.” For the year ended July 31, 2022, the Fund earned $503 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 rate

42

---

Table of Contents

of 0.75% on the first $500 million of average daily net assets of the Fund, 0.70% on the next $500 million, 0.65% on the next $1.5 billion, and 0.60% 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 fund annual operating expenses from exceeding 0.79% of the Fund’s average daily net assets from August 1, 2021 through July 31, 2022.* 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 DMC may also permit these Affiliated Sub-Advisors to execute Fund security trades on its behalf 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; 0.0025% of the next $45 billion; and 0.0015% of aggregate average daily net assets in excess of $90 billion (Total Fee). The fund in the Delaware Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. The 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 year ended July 31, 2022, the Fund paid $6,769 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 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. This amount is included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses.” For the year ended July 31, 2022, the Fund paid $3,865 for these services. Pursuant to a sub-transfer agency

43

---

Table of Contents

Notes to financial statements
Delaware Emerging Markets Debt Corporate Fund

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

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 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 affiliate of DMC, annual 12b-1 fees 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 fees are calculated daily and paid monthly. DDLP has agreed to voluntarily suspend the 12b-1 fee for the Class R shares and the suspension of the 12b-1 fee will continue while the Class is not broadly distributed. Institutional Class shares do not pay 12b-1 fee.

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 and regulatory reporting services to the Fund. For the year ended July 31, 2022, the Fund paid $1,475 for internal legal 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 year ended July 31, 2022, DDLP earned $193 for commissions on sales of the Fund’s Class A shares. For the year ended July 31, 2022, DDLP received gross CDSC commissions of $9 on redemptions of the 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.

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 any 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 level of any Underlying Funds and the number of shares that are owned of any Underlying Funds at different times.

44

---

Table of Contents

3. Investments

For the year ended July 31, 2022, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases		$	67,345,834
Sales			43,903,225

The tax cost of investments and derivatives includes adjustments to net unrealized appreciation (depreciation) which may not necessarily be the final tax cost basis adjustments but which approximate the tax basis unrealized gains and losses that may be realized and distributed to shareholders. At July 31, 2022, the cost and unrealized appreciation (depreciation) of investments and derivatives for federal income tax purposes for the Fund were as follows:

Cost of investments and derivatives		$	109,984,808
Aggregate unrealized appreciation of investments and derivatives		$	310,141
Aggregate unrealized depreciation of investments and derivatives			(12,910,713	)
Net unrealized depreciation of investments and derivatives		$	(12,600,572	)

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:

45

---

Table of Contents

Notes to financial statements
Delaware Emerging Markets Debt Corporate Fund

3. Investments (continued)

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 July 31, 2022:

		Level 1				Level 2			Total
Securities
Assets:
Common Stock		$	288,052			$	—		$	288,052
Corporate Bonds			—				86,885,468			86,885,468
Sovereign Bonds			—				1,569,924			1,569,924
Short-Term Investments			8,636,850				—			8,636,850
Total Value of Securities		$	8,924,902			$	88,455,392		$	97,380,294
Derivatives1
Assets:
OTC Credit Default Swaps		$	—			$	63,872		$	63,872
Liabilities:
Futures Contracts		$	(59,930	)		$	—		$	(59,930	)

During the year ended July 31, 2022, 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.

A reconciliation of Level 3 investments is presented when the Fund has a significant amount of Level 3 investments at the beginning or end of the year in relation to the Fund’s net assets. During the year ended July 31, 2022, there were no Level 3 investments.

46

---

Table of Contents

4. Dividend and Distribution Information

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from US GAAP. Additionally, distributions from net gains on foreign currency transactions and net short-term gains on sales of investment securities are treated as ordinary income for federal income tax purposes. The tax character of dividends and distributions paid during the years ended July 31, 2022 and 2021 were as follows:

		Year ended
		7/31/22			7/31/21
Ordinary income		$	3,622,843		$	2,851,665
Long-term capital gains			354,513			49,887
Total		$	3,977,356		$	2,901,552

5. Components of Net Assets on a Tax Basis

As of July 31, 2022, the components of net assets on a tax basis were as follows:

Shares of beneficial interest		$	111,280,390
Undistributed ordinary income			3,102
Qualified late year loss deferrals			(1,675,747	)
Unrealized depreciation of investments and derivatives			(12,600,572	)
Net assets		$	97,007,173

The differences between book basis and tax basis components of net assets are primarily attributable to tax deferral of losses on wash sales, mark-to-market of futures contracts, tax treatment of swap contracts, and amortization of premium on callable bonds.

Qualified late year ordinary and capital losses (including currency and specified gain/loss items) represent losses from January 1, 2022 through July 31, 2022 and November 1, 2021 through July 31, 2022, respectively, that, in accordance with federal income tax regulations, the Fund has elected to defer and treat as having arisen in the following fiscal year.

For financial reporting purposes, capital accounts are adjusted to reflect the tax character of permanent book/tax differences. Results of operations and net assets were not affected by these reclassifications. For the year ended July 31, 2022, the Fund had no reclassifications.

6. Capital Shares

Transactions in capital shares were as follows:

		Year ended
		7/31/22		7/31/21
Shares sold:
Class A		42,191		63,325
Class C		19,267		19,719
Institutional Class		6,765,116		3,345,906

47

---

Table of Contents

Notes to financial statements
Delaware Emerging Markets Debt Corporate Fund

6. Capital Shares (continued)

			Year ended
			7/31/22			7/31/21
Shares issued upon reinvestment of dividends and distributions:
	Class A		4,815			1,994
	Class C		616			308
	Class R		16			14
	Institutional Class		473,783			321,115
			7,305,804			3,752,381
Shares redeemed:
	Class A		(34,303	)		(6,770	)
	Class C		(2,302	)		(18,842	)
	Institutional Class		(3,869,943	)		(2,164,649	)
			(3,906,548	)		(2,190,261	)
Net increase			3,399,256			1,562,120

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 years ended July 31, 2022 and 2021, the Fund had the following exchange transactions:

		Exchange Redemptions				Exchange Subscriptions
		Class C				Class A
		Shares				Shares				Value
Year ended
7/31/22			205				205			$	1,677
7/31/21			76				76				675

7. Line of Credit

The Fund, along with certain other funds in the Delaware Funds (Participants), was a participant in a $225,000,000 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% with the addition of an upfront fee of 0.05%, 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 1, 2021.

On November 1, 2021, the Fund, along with the other Participants, entered into an amendment to the Agreement for a $355,000,000 revolving line of credit to be used as described above and operates in substantially the same manner as the original Agreement. Under the amendment to

48

---

Table of Contents

the agreement, the Participants are charged an annual commitment fee of 0.15%, with the addition of an upfront fee of 0.05%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The line of credit available under the Agreement expires on October 31, 2022.

The Fund had no amounts outstanding as of July 31, 2022, or at any time during the year then ended.

8. 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.

Foreign Currency Exchange Contracts — The Fund may enter into foreign currency exchange contracts and foreign cross currency exchange contracts as a way of managing foreign exchange rate risk. The Fund may enter into these contracts to fix the US dollar value of a security that it has agreed to buy or sell for the period between the date the trade was entered into and the date the security is delivered and paid for. The Fund may also enter into these contracts to hedge the US dollar value of securities it already owns that are denominated in foreign currencies. In addition, the Fund may enter into these contracts to facilitate or expedite the settlement of portfolio transactions. The change in value is recorded as an unrealized gain or loss. When the contract is closed, a realized gain or loss is recorded 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.

The use of foreign currency exchange contracts and foreign cross currency exchange contracts does not eliminate fluctuations in the underlying prices of the securities, but does establish a rate of exchange that can be achieved in the future. Although foreign currency exchange contracts and foreign cross currency exchange contracts limit the risk of loss due to an unfavorable change in the value of the hedged currency, they also limit any potential gain that might result should the value of the currency change favorably. In addition, the Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts. The Fund’s maximum risk of loss from counterparty credit risk is the value of its currency exchanged with the counterparty. The risk is generally mitigated by having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund's exposure to the counterparty. No foreign currency exchange contracts and foreign cross currency exchange contracts were outstanding at July 31, 2022.

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. The Fund may use futures contracts in the normal course of pursuing its investment objective. The Fund may invest in futures contracts to hedge its existing portfolio securities against fluctuations in value caused

49

---

Table of Contents

Notes to financial statements
Delaware Emerging Markets Debt Corporate Fund

8. Derivatives (continued)

by changes in interest rates or market conditions. Upon entering into a futures contract, the 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 Fund as unrealized gains or losses until the contracts are closed. When the contracts are closed, the Fund records 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 Fund because futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees against default. At July 31, 2022, the Fund posted $54,350 in cash as collateral for open futures contracts, which is presented as “Cash collateral due from broker” on the “Statement of assets and liabilities.”

During the year ended July 31, 2022, the Fund used futures contracts to hedge the Fund’s existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions.

Swap Contracts — The Fund may enter into CDS contracts in the normal course of pursuing its investment objective. The Fund may enter into CDS contracts in order to hedge against credit events, to enhance total return, or to gain exposure to certain securities or markets. The Fund will not be permitted to enter into any swap transactions unless, at the time of entering into such transactions, the unsecured long-term debt of the actual counterparty, combined with any credit enhancements, is rated at least BBB- by Standard & Poor’s Financial Services LLC (S&P) or Baa3 by Moody’s Investors Service, Inc. (Moody’s) or is determined to be of equivalent credit quality by DMC.

Credit Default Swaps. A CDS contract is a risk-transfer instrument through which one party (purchaser of protection) transfers to another party (seller of protection) the financial risk of a credit event (as defined in the CDS agreement), as it relates to a particular reference security or basket of securities (such as an index). In exchange for the protection offered by the seller of protection, the purchaser of protection agrees to pay the seller of protection a periodic amount at a stated rate that is applied to the notional amount of the CDS contract. In addition, an upfront payment may be made or received by the Fund in connection with an unwinding or assignment of a CDS contract. Upon the occurrence of a credit event, the seller of protection would pay the par (or other agreed-upon) value of the reference security (or basket of securities) to the counterparty. Credit events generally include, among others, bankruptcy, failure to pay, and obligation default.

During the year ended July 31, 2022, the Fund entered into CDS contracts as a purchaser of protection. Periodic payments (receipts) on such contracts are accrued daily and recorded as

50

---

Table of Contents

unrealized losses (gains) on swap contracts. Upon payment (receipt), such amounts are recorded as realized losses (gains) on swap contracts. Upfront payments made or received in connection with CDS contracts are amortized over the expected life of the CDS contracts as unrealized losses (gains) on swap contracts. The change in value of CDS contracts is recorded daily as unrealized appreciation or depreciation. A realized gain or loss is recorded upon a credit event (as defined in the CDS agreement) or the maturity or termination of the agreement. Initial margin and variation margin are posted to central counterparties for CDS basket trades, as determined by the applicable central counterparty. During the year ended July 31, 2022, the Fund did not enter into any CDS contracts as a seller of protection.

CDS contracts may involve greater risks than if the Fund had invested in the reference obligation directly. CDS contracts are subject to general market risk, liquidity risk, counterparty risk, and credit risk. The Fund’s maximum risk of loss from counterparty credit risk, either as the seller of protection or the buyer of protection, is the fair value of the contract. This risk is mitigated by (1) for bilateral swap contracts, having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty or (2) for cleared swaps, trading these instruments through a central counterparty.

During the year ended July 31, 2022, the Fund used CDS contracts to hedge against credit events.

Swaps Generally. For centrally cleared swaps, 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 by the Fund as unrealized gains or losses until the contracts are closed. When the contracts are closed, the Fund records 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. The value of open swaps may differ from that which would be realized in the event the Fund terminated its position in the contract on a given day. Risks of entering into these contracts include the potential inability of the counterparty to meet the terms of the contracts. This type of risk is generally limited to the amount of favorable movement in the value of the underlying security, instrument, or basket of instruments, if any, at the day of default. Risks also arise from potential losses from adverse market movements and such losses could exceed the unrealized amounts shown on the “Schedule of investments.”

At July 31, 2022, the Fund received $150,000 in cash collateral for open over-the-counter credit default swap contracts, which is included in “Cash collateral due from broker” on the “Statement of assets and liabilities.”

51

---

Table of Contents

Notes to financial statements
Delaware Emerging Markets Debt Corporate Fund

8. Derivatives (continued)

Fair values of derivative instruments as of July 31, 2022 were as follows:

	Asset Derivatives Fair Value
Statement of Assets and		Credit
Liabilities Location		Contracts
Unrealized appreciation on credit default swap contracts		$	63,872
	Liability Derivatives Fair Value
		Interest
Statement of Assets and		Rate
Liabilities Location		Contracts
Variation margin due to broker on futures contracts*		$	(59,930	)

*	Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts were opened through July 31, 2022. Only current day variation margin is reported on the “Statement of assets and liabilities.”

The effect of derivative instruments on the “Statement of operations” for the year ended July 31, 2022 was as follows:

	Net Realized Gain (Loss) on:
	Foreign
	Currency
	Exchange					Futures			Swap
	Contracts					Contracts			Contracts				Total
Currency contracts		$	3,208			$	—		$	—			$	3,208
Interest rate contracts			—				249,969			—				249,969
Credit contracts			—				—			(61,238	)			(61,238	)
Total		$	3,208			$	249,969		$	(61,238	)		$	191,939

	Net Change in Unrealized Appreciation (Depreciation) on:
	Futures					Swap
	Contracts					Contracts					Total
Interest rate contracts		$	1,972				$	—				$	1,972
Credit contracts			—					69,397					69,397
Total		$	1,972				$	69,397				$	71,369

The table below summarizes the average daily balance of derivative holdings by the Fund during the year ended July 31, 2022:

	Long Derivative			Short Derivative
	Volume			Volume
Futures contracts (average notional value)	$	—		$	2,106,200
CDS contracts (average notional value)**		4,258,036			—

**	Long represents buying protection and short represents selling protection.

52

---

Table of Contents

9. Offsetting

The Fund entered into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or a similar agreement with certain of its derivative contract counterparties in order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs over-the-counter (OTC) derivatives and foreign exchange contracts and typically contains, among other things, collateral posting items and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out), including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency, or other events.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements on the “Statement of assets and liabilities.”

At July 31, 2022, the Fund had the following assets and liabilities subject to offsetting provisions:

Offsetting of Financial Assets and Liabilities and Derivative Assets and Liabilities

	Gross Value of			Gross Value of
Counterparty	Derivative Asset			Derivative Liability		Net Position
JPMorgan Chase Bank		$63,872		$—			$63,872

Fair Value of

Fair Value of

Non-Cash

Non-Cash

Collateral

Cash Collateral

Collateral

Cash Collateral

Counterparty

Net Position

Received

Received(a)

Pledged

Pledged

Net Exposure(b)

JPMorgan

Chase

Bank

$63,872

$—

$(63,872)

$—

$—

$—

(a)	The value of the related collateral exceeded the value of the derivatives as of July 31, 2022, as applicable.
(b)	Net exposure represents the receivable (payable) that would be due from (to) the counterparty in the event of default.

10. Securities Lending

The Fund, along with other funds in 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

53

---

Table of Contents

Notes to financial statements
Delaware Emerging Markets Debt Corporate Fund

10. Securities Lending (continued)

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 the 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; certain money market funds; and asset-backed securities. The 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.

54

---

Table of Contents

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 year ended July 31, 2022, the Fund had no securities out on loan.

11. 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.

Beginning in late February 2022, global financial markets have experienced and may continue to experience significant volatility related to military action by Russia in Ukraine. As a result of this military action, the US and many other countries have imposed sanctions on Russia and certain Russian individuals, banks and corporations. The ongoing hostilities and resulting sanctions are expected to have a severe adverse effect on the region’s economies and more globally, including significant negative impact on markets for certain securities and commodities, such as oil and natural gas. Any cessation of trading on the Russian securities markets will impact the value and liquidity of certain portfolio holdings. The extent and duration of military action, sanctions, and resulting market disruptions are impossible to predict, but could be substantial and prolonged and impact your 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.

Some countries in which the Fund may invest require governmental approval for the repatriation of investment income, capital, or the proceeds of sales of securities by foreign investors. In addition, if there is deterioration in a country’s balance of payments or for other reasons, a country may impose temporary restrictions on foreign capital remittances abroad.

55

---

Table of Contents

Notes to financial statements
Delaware Emerging Markets Debt Corporate Fund

11. Credit and Market Risk (continued)

The securities exchanges of certain foreign markets are substantially smaller, less liquid, and more volatile than the major securities markets in the US. Consequently, acquisition and disposition of securities by the Fund may be inhibited. In addition, a significant portion of the aggregate market value of securities listed on the major securities exchanges in emerging markets is held by a smaller number of investors. This may limit the number of shares available for acquisition or disposition by the Fund.

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 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 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 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.

56

---

Table of Contents

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.

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.”

12. 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.

13. Recent Accounting Pronouncements

In March 2020, FASB issued an Accounting Standards Update (ASU), 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. In March 2021, the administrator for LIBOR announced the extension of the publication of a majority of the USD LIBOR settings to June 30, 2023. 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.

14. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to July 31, 2022, that would require recognition or disclosure in the Fund's financial statements.

57

---

Table of Contents

Report of independent
registered public accounting firm

To the Board of Trustees of Delaware Group^® Government Fund and Shareholders of Delaware Emerging Markets Debt Corporate Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Delaware Emerging Markets Debt Corporate Fund (one of the funds constituting Delaware Group^® Government Fund, referred to hereafter as the “Fund”) as of July 31, 2022, the related statement of operations for the year ended July 31, 2022, the statements of changes in net assets for each of the two years in the period ended July 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended July 31, 2022 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of July 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended July 31, 2022 and the financial highlights for each of the five years in the period ended July 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of July 31, 2022 by correspondence with the custodian, transfer agents, and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
September 16, 2022

We have served as the auditor of one or more investment companies in Delaware Funds by Macquarie^® since 2010.

58

---

Table of Contents

Other Fund information (Unaudited)
Delaware Emerging Markets Debt Corporate Fund

Liquidity Risk Management Program

The Securities and Exchange Commission (the “SEC”) has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”), which requires all open-end funds (other than money market funds) to adopt and implement a program reasonably designed to assess and manage the fund’s “liquidity risk,” defined as the risk that the fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the fund.

The Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Board has designated a member of the US Operational Risk Group of Macquarie Asset Management as the Program Administrator for each Fund in the Trust.

As required by the Liquidity Rule, the Program includes policies and procedures that provide for: (1) assessment, management, and review (no less frequently than annually) of the Fund’s liquidity risk; (2) classification of each of the Fund’s portfolio holdings into one of four liquidity categories (Highly Liquid, Moderately Liquid, Less Liquid, and Illiquid); (3) for funds that do not primarily hold assets that are Highly Liquid, establishing and maintaining a minimum percentage of the Fund’s net assets in Highly Liquid investments (called a “Highly Liquid Investment Minimum” or “HLIM”); and (4) prohibiting the Fund’s acquisition of Illiquid investments if, immediately after the acquisition, the Fund would hold more than 15% of its net assets in Illiquid assets. The Program also requires reporting to the SEC (on a non-public basis) and to the Board if the Fund’s holdings of Illiquid assets exceed 15% of the Fund’s net assets. Funds with HLIMs must have procedures for addressing HLIM shortfalls, including reporting to the Board and, with respect to HLIM shortfalls lasting more than seven consecutive calendar days, reporting to the SEC (on a non-public basis).

In assessing and managing the Fund’s liquidity risk, the Program Administrator considers, as relevant, a variety of factors, including: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. Classification of the Fund’s portfolio holdings in the four liquidity categories is based on the number of days it is reasonably expected to take to convert the investment to cash (for Highly Liquid and Moderately Liquid holdings) or to sell or dispose of the investment (for Less Liquid and Illiquid investments), in current market conditions without significantly changing the investment’s market value. The Fund primarily holds assets that are classified as Highly Liquid, and therefore is not required to establish an HLIM.

At a meeting of the Board held on May 17-19, 2022, the Program Administrator provided the required written annual report to the Board addressing the Program’s operation and assessing the adequacy and effectiveness of its implementation for the period from April 1, 2021 through March 31, 2022. The report concluded that the Program is appropriately designed and effectively implemented and that it meets the requirements of Rule 22e-4 and the Fund’s liquidity needs. The Fund’s HLIM is set at an appropriate level and the Fund complied with its HLIM at all times during the reporting period.

59

---

Table of Contents

Other Fund information (Unaudited)
Delaware Emerging Markets Debt Corporate Fund

Tax Information

The information set forth below is for the Fund’s fiscal year as required by federal income tax laws. Shareholders, however, must report distributions on a calendar year basis for income tax purposes, which may include distributions for portions of two fiscal years of the Fund.

Accordingly, the information needed by shareholders for income tax purposes will be sent to them in January of each year. Please consult your tax advisor for proper treatment of this information. All disclosures are based on financial information available as of the date of this annual report and, accordingly are subject to change. For any and all items requiring reporting, it is the intention of the Fund to report the maximum amount permitted under the Internal Revenue Code and the regulations thereunder.

For the year ended July 31, 2022, the Fund reports distributions paid during the year as follows:

(A) Long-Term Capital Gains Distribution (Tax Basis)	8.91%
(B) Ordinary Income Distributions (Tax Basis)	91.09%
Total Distributions (Tax Basis)	100.00%

For the fiscal year ended July 31, 2022, certain interest income paid by the Fund, determined to be Qualified Interest Income and Short-term Capital Gains may be subject to relief from US withholding for foreign shareholders, as provided by the American Jobs Creation Act of 2004; the Tax Relief Unemployment Insurance Reauthorization, and Job Creations Act of 2010; and as extended by the American Taxpayer Relief Act of 2012. For the year ended July 31, 2022, the Fund has reported maximum distributions of Qualified Interest Income of $1,562,366 and Qualified Short-term Capital Gains of $77,419.

The percentage of the ordinary dividends reported by Delaware Emerging Markets Debt Corporate Fund that is treated as a Section 163(j) interest dividend and thus is eligible to be treated as interest income for purposes of Section 163(j) and the regulations thereunder is 99.50%.

60

---

Table of Contents

Board of trustees / directors and officers addendum
Delaware Funds by Macquarie^®

A mutual fund is governed by a Board of Trustees/Directors (“Trustees”), which has oversight responsibility for the management of a fund’s business affairs. Trustees establish procedures and oversee and review the performance of the investment manager, the distributor, and others who perform services for the fund. The independent fund trustees, in particular, are advocates for shareholder interests. Each trustee has served in that capacity since he or she was elected to or appointed to the Board of Trustees, and will continue to serve until his or her retirement or the election of a new trustee in his or her place. The following is a list of the Trustees and Officers with certain background and related information.

										Other
						Number of		Principal		Directorships
Name,		Position(s)				Funds in Fund		Occupation(s)		Held by Trustee
Address,		Held with		Length of Time		Complex Overseen		During the		During the
and Birth Date		the Trust		Served		by Trustee		Past Five Years		Past Five Years
Interested Trustee
Shawn K. Lytle1		President,		President and		128		Macquarie Asset		None
100 Independence		Chief Executive		Chief Executive				Management2
610 Market Street		Officer,		Officer				(2015–Present)
Philadelphia, PA		and Trustee		since August 2015				-Global Head of
19106-2354								Macquarie Asset
February 1970				Trustee since				Management
				September 2015				(2019–Present)
								-Head of Americas of
								Macquarie Group
								(2017–Present)
								-Deputy Global Head of
								Macquarie Asset
								Management
								(2017–2019)
								-Head of Macquarie
								Asset Management
								Americas (2015–2017)

61

---

Table of Contents

Board of trustees / directors and officers addendum
Delaware Funds by Macquarie^®

										Other
						Number of		Principal		Directorships
Name,		Position(s)				Funds in Fund		Occupation(s)		Held by Trustee
Address,		Held with		Length of Time		Complex Overseen		During the		During the
and Birth Date		the Trust		Served		by Trustee		Past Five Years		Past Five Years
Independent Trustees
Jerome D.		Trustee		Since January 2019		128		Stonebrook Capital		None
Abernathy								Management, LLC
100 Independence								(financial
610 Market Street								technology: macro
Philadelphia, PA								factors and databases)
19106-2354								-Managing Member
July 1959								(1993-Present)
Thomas L. Bennett		Chair and Trustee		Trustee since March		128		Private Investor		None
100 Independence				2005				(2004–Present)
610 Market Street
Philadelphia, PA				Chair since March
19106-2354				2015
October 1947
Ann D. Borowiec		Trustee		Since March 2015		128		J.P. Morgan Chase & Co.		Banco Santander International
100 Independence								(1987-2013)		(2016–2019)
610 Market Street								-Chief Executive Officer,		Santander Bank, N.A.
Philadelphia, PA								Private Wealth		(2016-2019)
19106-2354								Management
November 1958								(2011–2013)

62

---

Table of Contents

										Other
						Number of		Principal		Directorships
Name,		Position(s)				Funds in Fund		Occupation(s)		Held by Trustee
Address,		Held with		Length of Time		Complex Overseen		During the		During the
and Birth Date		the Trust		Served		by Trustee		Past Five Years		Past Five Years
Joseph W. Chow		Trustee		Since January 2013		128		Private Investor		None
100 Independence								(2011–Present)
610 Market Street
Philadelphia, PA
19106-2354
January 1953
H. Jeffrey Dobbs3		Trustee		Since December 2021		128		KPMG LLP		TechAccel LLC
100 Independence								(2010-2015)		(2015–Present)
610 Market Street								-Global Sector Chairman,		PatientsVoices, Inc.
Philadelphia, PA								Industrial Manufacturing		(2018–Present)
19106-2354								(2010-2015)		Valparaiso University Board
May 1955										(2012-Present)
										Ivy Funds Complex (2019-2021)

63

---

Table of Contents

Board of trustees / directors and officers addendum
Delaware Funds by Macquarie^®

										Other
						Number of		Principal		Directorships
Name,		Position(s)				Funds in Fund		Occupation(s)		Held by Trustee
Address,		Held with		Length of Time		Complex Overseen		During the		During the
and Birth Date		the Trust		Served		by Trustee		Past Five Years		Past Five Years
John A. Fry		Trustee		Since January 2001		128		Drexel University		Federal Reserve
100 Independence								-President		Bank of Philadelphia
610 Market Street								(August 2010–Present)		(2020–Present)
Philadelphia, PA										FS Credit Real Estate Income
19106-2354										Trust, Inc. (2018–Present)
May 1960										vTv Therapeutics Inc.
										(2017–Present)
										Community Health Systems
										(2004–Present)
										Drexel Morgan & Co.
										(2015–2019)

64

---

Table of Contents

										Other
						Number of		Principal		Directorships
Name,		Position(s)				Funds in Fund		Occupation(s)		Held by Trustee
Address,		Held with		Length of Time		Complex Overseen		During the		During the
and Birth Date		the Trust		Served		by Trustee		Past Five Years		Past Five Years
Joseph Harroz, Jr.3		Trustee		Since December 2021		128		University of Oklahoma		OU Medicine, Inc.
100 Independence								-President		(2020–Present)
610 Market Street								(2020–Present)		Big 12 Athletic Conference
Philadelphia, PA								-Interim President		(2019-Present)
19106-2354								(2019–2020)		Valliance Bank
January 1967								-Vice President and		(2007–Present)
								Dean, College of Law		Ivy Funds
								(2010–2019)		(1998-2021)
								Brookhaven Investments
								LLC (commercial
								enterprises)
								-Managing Member
								(2019–Present)
								St. Clair, LLC
								(commercial enterprises)
								-Managing Member
								(2019–Present)

65

---

Table of Contents

Board of trustees / directors and officers addendum
Delaware Funds by Macquarie^®

										Other
						Number of		Principal		Directorships
Name,		Position(s)				Funds in Fund		Occupation(s)		Held by Trustee
Address,		Held with		Length of Time		Complex Overseen		During the		During the
and Birth Date		the Trust		Served		by Trustee		Past Five Years		Past Five Years
Sandra A.J.		Trustee		Since December 2021		128		Children’s Mercy		Brixmor Property Group Inc.
Lawrence3								Hospitals and Clinics		(2021-Present)
100 Independence								(2005–2019)		Sera Prognostics Inc.
610 Market Street								-Chief Of Administrative		(biotechnology) (2021-Present)
Philadelphia, PA								Officer		Recology (resource recovery)
19106-2354								(2016–2019)		(2021-Present)
September 1957										Evergy, Inc., Kansas City Power
										& Light Company, KCP&L
										Greater Missouri Operations
										Company, Westar Energy, Inc.
										and Kansas Gas and Electric
										Company (related utility
										companies) (2018-Present)
										National Association of Corporate
										Directors (2017-Present)
										Ivy Funds Complex (2019-2021)
										American Shared Hospital
										Services (medical device)
										(2017-2021)
										Ivy NextShares (2019)
										Westar Energy (utility)
										(2004-2018)

66

---

Table of Contents

										Other
						Number of		Principal		Directorships
Name,		Position(s)				Funds in Fund		Occupation(s)		Held by Trustee
Address,		Held with		Length of Time		Complex Overseen		During the		During the
and Birth Date		the Trust		Served		by Trustee		Past Five Years		Past Five Years
Frances A.		Trustee		Since September		128		Banco Itaú International		Florida Chapter of National
Sevilla-Sacasa				2011				-Chief Executive Officer		Association of Corporate
100 Independence								(2012–2016)		Directors (2021-Present)
610 Market Street										Callon Petroleum Company
Philadelphia, PA										(2019-Present)
19106-2354										Camden Property Trust
January 1956										(2011-Present)
										New Senior Investment
										Group Inc. (2021)
										Carrizo Oil & Gas, Inc.
										(2018-2019)
Thomas K. Whitford		Trustee		Since January 2013		128		PNC Financial Services		HSBC USA Inc.
100 Independence								Group (1983–2013)		(2014–Present)
610 Market Street								-Vice Chairman		HSBC North America
Philadelphia, PA								(2009-2013)		Holdings Inc.
19106-2354										(2013–Present)
March 1956										HSBC Finance Corporation
										(2013–2018)

67

---

Table of Contents

Board of trustees / directors and officers addendum
Delaware Funds by Macquarie^®

										Other
						Number of		Principal		Directorships
Name,		Position(s)				Funds in Fund		Occupation(s)		Held by Trustee
Address,		Held with		Length of Time		Complex Overseen		During the		During the
and Birth Date		the Trust		Served		by Trustee		Past Five Years		Past Five Years
Christianna Wood		Trustee		Since January 2019		128		Gore Creek		The Merger Fund
100 Independence								Capital, Ltd.		(2013–2021),
610 Market Street								-Chief Executive Officer		The Merger Fund VL
Philadelphia, PA								and President		(2013–2021),
19106-2354								(2009–Present)		WCM Alternatives: Event-Driven
August 1959										Fund (2013–2021),
										and WCM Alternatives: Credit
										Event Fund (2017–2021)
										Grange Insurance
										(2013–Present)
										H&R Block Corporation
										(2008–Present)

68

---

Table of Contents

										Other
						Number of		Principal		Directorships
Name,		Position(s)				Funds in Fund		Occupation(s)		Held by Trustee
Address,		Held with		Length of Time		Complex Overseen		During the		During the
and Birth Date		the Trust		Served		by Trustee		Past Five Years		Past Five Years
Janet L. Yeomans		Trustee		Since April 1999		128		3M Company		Okabena Company (2009–2017)
100 Independence								(1995-2012)
610 Market Street								-Vice President and
Philadelphia, PA								Treasurer (2006–2012)
19106-2354
July 1948
Officers
David F. Connor		Senior Vice President,		Senior Vice President,		128		David F. Connor has		None4
100 Independence		General Counsel, and		since May 2013;				served in various
610 Market Street		Secretary		General Counsel				capacities at different
Philadelphia, PA				since May 2015;				times at Macquarie Asset
19106-2354				Secretary since				Management.
December 1963				October 2005
Daniel V. Geatens		Senior Vice President		Senior Vice President		128		Daniel V. Geatens has		None4
100 Independence		and Treasurer		and Treasurer since				served in various
610 Market Street				October 2007				capacities at different
Philadelphia, PA								times at Macquarie Asset
19106-2354								Management.
October 1972

69

---

Table of Contents

Board of trustees / directors and officers addendum
Delaware Funds by Macquarie^®

										Other
						Number of		Principal		Directorships
Name,		Position(s)				Funds in Fund		Occupation(s)		Held by Trustee
Address,		Held with		Length of Time		Complex Overseen		During the		During the
and Birth Date		the Trust		Served		by Trustee		Past Five Years		Past Five Years
Richard Salus		Senior Vice President		Senior Vice President		128		Richard Salus has		None
100 Independence		and Chief Financial		and Chief Financial				served in various
610 Market Street		Officer		Officer since				capacities at different
Philadelphia, PA				November 2006				times at Macquarie Asset
19106-2354								Management.
October 1963

The Statement of Additional Information for the Fund(s) includes additional information about the Trustees and Officers and is available, without charge, upon request by calling 800 523-1918.

70

---

Table of Contents

About the organization

Board of trustees
Shawn K. Lytle President and Chief Executive Officer Delaware Funds by Macquarie® Jerome D. Abernathy Managing Member Stonebrook Capital Management, LLC Thomas L. Bennett Chairman of the Board Delaware Funds by Macquarie Private Investor	Ann D. Borowiec Former Chief Executive Officer Private Wealth Management J.P. Morgan Chase & Co. Joseph W. Chow Private Investor H. Jeffrey Dobbs Former Global Sector Chairman Industrial Manufacturing, KPMG, LLP	John A. Fry President Drexel University Joseph Harroz, Jr. President University of Oklahoma Sandra A.J. Lawrence Former Chief Administrative Officer Children's Mercy Hospitals and Clinics	Frances A. Sevilla-Sacasa Former Chief Executive Officer Banco Itaú International Thomas K. Whitford Former Vice Chairman PNC Financial Services Group Christianna Wood Chief Executive Officer and President Gore Creek Capital, Ltd. Janet L. Yeomans Former Vice President and Treasurer 3M Company
Affiliated officers
David F. Connor Senior Vice President, General Counsel, and Secretary Delaware Funds by Macquarie	Daniel V. Geatens Senior Vice President and Treasurer Delaware Funds by Macquarie	Richard Salus Senior Vice President and Chief Financial Officer Delaware Funds by Macquarie
This annual report is for the information of Delaware Emerging Markets Debt Corporate 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.

71

---