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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number:		811-04304

Exact name of registrant as specified in charter:		Delaware Group ^® Government Fund

Address of principal executive offices:		2005 Market Street
		Philadelphia, PA 19103

Name and address of agent for service:		David F. Connor, Esq.
		2005 Market Street
		Philadelphia, PA 19103

Registrant’s telephone number, including area code:		(800) 523-1918

Date of fiscal year end:		July 31

Date of reporting period:		January 31, 2014

Item 1. Reports to Stockholders

LOGO

Semiannual report

Fixed income mutual fund

Delaware Core Plus Bond Fund

January 31, 2014

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 delawareinvestments.com 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 delawareinvestments.com/edelivery.

Experience Delaware Investments

Delaware Investments is committed to the pursuit of consistently superior asset management and unparalleled client service. We believe in our investment processes, which seek to deliver consistent results, and in convenient services that help add value for our clients.

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

You can learn more about Delaware Investments or obtain a prospectus for Delaware Core Plus Bond Fund at delawareinvestments.com.

Manage your investments online

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24-hour access to your account information

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Obtain share prices

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Check your account balance and recent transactions

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Request statements or literature

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Make purchases and redemptions

Delaware Management Holdings, Inc. and its subsidiaries (collectively known by the marketing name of Delaware Investments) are wholly owned subsidiaries of Macquarie Group Limited, a global provider of banking, financial, advisory, investment and funds management services.

Investments in Delaware Core Plus Bond Fund are not and will not be deposits with or liabilities of Macquarie Bank Limited ABN 46 008 583 542 and its holding companies, including their subsidiaries or related companies (Macquarie Group), and are subject to investment risk, including possible delays in repayment and loss of income and capital invested. No Macquarie Group company guarantees or will guarantee the performance of the Fund, the repayment of capital from the Fund, or any particular rate of return.


Table of contents
Disclosure of Fund expenses			1
Security type / sector allocation			3
Schedule of investments			4
Statement of assets and liabilities			26
Statement of operations			28
Statements of changes in net assets			30
Financial highlights			32
Notes to financial statements			42
Other Fund information			59
About the organization			62

Unless otherwise noted, views expressed herein are current as of Jan. 31, 2014, and subject to change.

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

Mutual fund advisory services provided by Delaware Management Company, a series of Delaware Management Business Trust, which is a registered investment advisor. Delaware Investments, a member of Macquarie Group, refers to Delaware Management Holdings, Inc. and its subsidiaries, including the Fund’s distributor, Delaware Distributors, L.P. Macquarie Group refers to Macquarie Group Limited and its subsidiaries and affiliates worldwide.

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

Disclosure of Fund expenses

For the six-month period from August 1, 2013 to January 31, 2014 (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/or 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 Aug. 1, 2013 to Jan. 1, 2014.

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. The expenses shown in the table assume reinvestment of all dividends and distributions.

Disclosure of Fund expenses

For the six-month period from August 1, 2013 to January 31, 2014 (Unaudited)

Delaware Core Plus Bond Fund

Expense analysis of an investment of $1,000


	Beginning Account Value 8/1/13	Ending Account Value 1/31/14	Annualized Expense Ratio	Expenses Paid During Period 8/1/13 to 1/31/14*

Actual Fund return ^†
Class A	$1,000.00	$1,024.50	0.90%	$4.59
Class B	1,000.00	1,024.50	0.90%	4.59
Class C	1,000.00	1,020.60	1.65%	8.40
Class R	1,000.00	1,023.20	1.15%	5.86
Institutional Class	1,000.00	1,025.80	0.65%	3.32

Hypothetical 5% return (5% return before expenses)
Class A	$1,000.00	$1,020.67	0.90%	$4.58
Class B	1,000.00	1,020.67	0.90%	4.58
Class C	1,000.00	1,016.89	1.65%	8.39
Class R	1,000.00	1,019.41	1.15%	5.85
Institutional Class	1,000.00	1,021.93	0.65%	3.31

*	“Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

^†	Because actual returns reflect only the most recent six-month period, the returns shown may differ significantly from fiscal year returns.


Security type / sector allocation
Delaware Core Plus Bond Fund		As of January 31, 2014 (Unaudited)

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


Security type / sector	Percentage of net assets

Agency Collateralized Mortgage Obligations		4.20%

Agency Mortgage-Backed Securities		21.00%

Commercial Mortgage-Backed Securities		1.69%

Convertible Bonds		0.66%

Corporate Bonds		49.00%
Banking		6.68%
Basic Industry		3.47%
Brokerage		0.79%
Capital Goods		1.40%
Communications		8.37%
Consumer Cyclical		1.96%
Consumer Non-Cyclical		2.54%
Electric		5.44%
Energy		5.29%
Finance Companies		1.22%
Insurance		2.61%
Natural Gas		3.58%
Real Estate		2.01%
Technology		3.22%
Transportation		0.42%

Municipal Bonds		0.93%

Non-Agency Asset-Backed Securities		2.19%

Non-Agency Collateralized Mortgage Obligations		0.66%

Regional Bond		0.14%

Senior Secured Loans		12.98%

Sovereign Bonds		0.31%

Supranational Banks		0.54%

U.S. Treasury Obligations		3.38%

Convertible Preferred Stock		0.16%

Preferred Stock		1.01%

Short-Term Investments		13.77%

Option Purchased		0.00%

Total Value of Securities		112.62%

Liabilities Net of Receivables and Other Assets		(12.62%)

Total Net Assets		100.00%


Schedule of investments
Delaware Core Plus Bond Fund		January 31, 2014 (Unaudited)


	Principal amount°		Value (U.S. $)

Agency Collateralized Mortgage Obligations – 4.20%

Fannie Mae Grantor Trust
Series 2002-T1 A2 7.00% 11/25/31		50,573	$	59,778
Fannie Mae Interest Strip
Series 35 2 12.00% 7/1/18		16,638		18,570
Fannie Mae REMICs
Series 1988-15 A 9.00% 6/25/18		342		379
Series 1996-46 ZA 7.50% 11/25/26		57,686		66,237
Series 2002-83 GH 5.00% 12/25/17		183,901		194,882
Series 2011-80 CB 4.00% 8/25/26		1,953,713		2,041,568
Series 2012-122 SD 5.942% 11/25/42 • ∑		220,045		55,579
Series 2012-124 SD 5.992% 11/25/42 • ∑		310,408		71,920
Series 2013-26 ID 3.00% 4/25/33 ∑		298,937		49,023
Series 2013-38 AI 3.00% 4/25/33 ∑		300,819		48,466
Series 2013-44 DI 3.00% 5/25/33 ∑		889,047		148,034
Fannie Mae Whole Loan
Series 2002-W1 2A 6.659% 2/25/42 •		67,225		79,054
Freddie Mac REMICs
Series 2557 WE 5.00% 1/15/18		155,889		165,266
Series 3173 PE 6.00% 4/15/35		27,045		27,269
Series 3656 PM 5.00% 4/15/40		235,000		255,662
Series 4148 SA 5.94% 12/15/42 • ∑		364,896		85,333
Series 4185 LI 3.00% 3/15/33 ∑		222,796		37,283
Series 4191 CI 3.00% 4/15/33 ∑		95,910		16,004
Freddie Mac Structured Pass Through Securities
Series T-42 A5 7.50% 2/25/42 ¿		26,571		31,213
GNMA
Series 2010-42 PC 5.00% 7/20/39		545,000		607,863
Series 2010-113 KE 4.50% 9/20/40		245,000		265,679
NCUA Guaranteed Notes
Series 2010-C1 A2 2.90% 10/29/20		80,000		83,467

Total Agency Collateralized Mortgage Obligations (cost $4,394,352)				4,408,529



Agency Mortgage-Backed Securities – 21.00%

Fannie Mae
2.27% 1/1/23		211,236		200,792
4.50% 5/1/41		81,192		86,271
10.50% 6/1/30		10,580		10,864
Fannie Mae ARM
2.411% 5/1/43 •		73,621		72,484
2.44% 11/1/35 •		34,528		36,568
2.518% 7/1/36 •		60,145		65,508
2.546% 6/1/43 •		24,976		24,795
3.293% 9/1/43 •		92,393		94,794


	Principal amount°		Value (U.S. $)

Agency Mortgage-Backed Securities (continued)

Fannie Mae ARM
5.142% 8/1/35 •		20,297	$	21,854
Fannie Mae S.F. 15 yr
2.50% 7/1/27		16,007		16,113
2.50% 10/1/27		80,988		81,525
2.50% 2/1/28		349,449		351,769
2.50% 5/1/28		46,791		46,993
3.00% 11/1/27		53,224		55,038
3.50% 7/1/26		111,738		117,906
4.00% 4/1/24		42,436		45,293
4.00% 5/1/24		127,311		135,963
4.00% 11/1/25		213,789		229,129
4.50% 4/1/18		9,785		10,476
5.00% 5/1/21		61,248		65,600
8.00% 10/1/16		19,126		19,899
Fannie Mae S.F. 15 yr TBA
2.50% 2/1/29		2,559,000		2,566,997
3.00% 2/1/29		3,111,000		3,210,649
3.50% 2/1/29		1,689,000		1,780,312
Fannie Mae S.F. 20 yr
3.00% 8/1/33		45,833		46,128
3.00% 9/1/33		86,263		86,819
3.50% 9/1/33		49,929		51,909
5.00% 11/1/23		8,102		8,849
5.50% 8/1/28		149,216		164,859
5.50% 12/1/29		12,943		14,297
6.00% 12/1/21		5,422		6,000
Fannie Mae S.F. 30 yr
3.00% 7/1/42		67,612		65,806
3.00% 10/1/42		1,053,379		1,025,244
3.00% 12/1/42		181,403		176,557
3.00% 1/1/43		448,162		436,190
3.00% 4/1/43		281,634		274,110
3.50% 7/1/42		13,333		13,540
4.00% 11/1/40		44,275		46,422
4.00% 1/1/41		206,971		216,960
4.00% 3/1/42		82,018		85,978
4.00% 1/1/43		99,158		103,958
4.50% 7/1/36		35,060		37,623
4.50% 4/1/40		40,051		42,971
4.50% 11/1/40		101,817		109,252
4.50% 2/1/41		48,667		52,229
4.50% 3/1/41		215,743		231,525

Schedule of investments

Delaware Core Plus Bond Fund


	Principal amount°		Value (U.S. $)

Agency Mortgage-Backed Securities (continued)

Fannie Mae S.F. 30 yr
4.50% 5/1/41		34,328	$	36,943
4.50% 10/1/41		121,284		130,118
4.50% 11/1/41		108,172		116,027
4.50% 9/1/43		88,805		95,345
5.00% 10/1/35		30,972		33,830
5.00% 2/1/36		34,496		37,669
5.50% 2/1/33		65,420		72,264
5.50% 4/1/34		23,236		25,649
5.50% 11/1/34		23,000		25,354
5.50% 12/1/34		41,721		45,990
5.50% 3/1/35		32,946		36,324
5.50% 5/1/35		39,265		43,602
5.50% 12/1/35		22,923		25,240
5.50% 1/1/36		15,016		16,570
5.50% 4/1/36		12,093		13,313
5.50% 5/1/36		11,903		13,104
5.50% 8/1/37		63,274		69,687
5.50% 2/1/38		22,840		25,167
5.50% 9/1/38		79,671		87,728
6.00% 8/1/37		16,926		18,906
6.00% 9/1/37		9,466		10,510
6.00% 9/1/39		373,818		413,773
8.00% 2/1/30		19,251		19,803
10.00% 7/1/20		4,666		5,306
10.00% 5/1/22		4,163		4,613
10.00% 2/1/25		72,530		80,724
Fannie Mae S.F. 30 yr TBA
3.00% 2/1/43		989,000		961,493
3.50% 2/1/43		588,000		596,544
4.00% 3/1/42		337,000		351,902
4.00% 2/1/44		1,098,000		1,150,155
4.50% 3/1/44		2,521,000		2,696,288
Freddie Mac
4.50% 1/1/41		145,807		154,343
Freddie Mac ARM
2.265% 10/1/36 •		49,376		53,020
2.499% 7/1/36 •		27,627		29,598
Freddie Mac S.F. 15 yr
4.00% 12/1/24		35,867		38,187
4.00% 8/1/25		49,022		52,203
4.00% 4/1/26		52,699		56,123
4.50% 8/1/24		64,998		70,184


	Principal amount°		Value (U.S. $)

Agency Mortgage-Backed Securities (continued)

Freddie Mac S.F. 15 yr
5.00% 6/1/18		25,655	$	27,399
Freddie Mac S.F. 30 yr
3.00% 10/1/42		80,409		78,104
3.00% 11/1/42		108,279		105,191
4.00% 11/1/40		72,568		75,853
4.50% 10/1/39		141,553		151,568
4.50% 3/1/42		439,709		471,045
4.50% 10/1/43		41,364		44,550
5.50% 3/1/40		32,877		35,941
6.00% 8/1/38		212,743		236,580
8.00% 5/1/31		54,267		62,149
10.00% 1/1/19		7,001		7,811
11.50% 6/1/15		344		346
11.50% 8/1/15		351		353
11.50% 2/1/16		1,943		1,959
11.50% 3/1/16		771		779
Freddie Mac S.F. 30 yr TBA
5.50% 3/1/44		202,000		221,009
GNMA I
12.00% 3/15/15		484		487
GNMA I GPM 30 yr
12.25% 3/15/14		328		329
GNMA I S.F. 15 yr
6.50% 7/15/14		6,216		6,229
GNMA I S.F. 30 yr
7.50% 1/15/32		9,412		11,463
8.00% 5/15/30		12,635		12,992
9.50% 10/15/19		2,563		2,576
9.50% 8/15/21		8,262		9,736
9.50% 3/15/23		10,722		12,345
10.00% 9/15/18		6,115		6,148
11.00% 8/15/15		626		628
12.00% 4/15/14		236		236
12.00% 5/15/14		131		131
12.00% 6/15/15		5,585		5,672
12.50% 1/15/16		8,235		8,383
GNMA II S.F. 30 yr
7.50% 9/20/30		13,809		16,270
8.00% 6/20/30		7,856		9,572
10.00% 11/20/15		124		125
10.00% 5/20/19		892		909
10.00% 6/20/20		2,954		3,339

Schedule of investments

Delaware Core Plus Bond Fund


	Principal amount°		Value (U.S. $)

Agency Mortgage-Backed Securities (continued)

GNMA II S.F. 30 yr
10.00% 8/20/20		1,607	$	1,832
10.00% 1/20/21		2,409		2,767
10.00% 2/20/21		7,614		8,616
10.00% 5/20/21		3,167		3,629
10.00% 6/20/21		483		516
10.50% 3/20/16		327		332
10.50% 1/20/18		250		251
10.50% 12/20/18		299		335
10.50% 2/20/19		114		114
10.50% 6/20/19		332		375
10.50% 9/20/19		316		360
10.50% 5/20/20		5,152		5,273
10.50% 8/20/20		444		447
10.50% 10/20/20		4,212		4,825
10.50% 2/20/21		17,300		17,399
11.00% 5/20/15		159		159
11.00% 7/20/19		411		413
12.00% 5/20/15		50		51
12.50% 7/20/15		110		110

Total Agency Mortgage-Backed Securities (cost $21,958,891)				22,034,428



Commercial Mortgage-Backed Securities – 1.69%

Bank of America Merrill Lynch Mortgage Trust
Series 2005-CIP1 A2 4.96% 7/12/38		35,158		35,181
Bear Stearns Commercial Mortgage Securities Trust
Series 2006-PW12 A4 5.71% 9/11/38 •		55,000		60,180
CD1 Commercial Mortgage Trust
Series 2005-CD1 C 5.219% 7/15/44 •		65,000		67,576
Commercial Mortgage Pass Through Certificates
Series 2005-C6 A5A 5.116% 6/10/44 •		95,000		99,853
Series 2013-CR12 A4 4.046% 10/10/46 ¿		65,000		67,042
Credit Suisse Commercial Mortgage Trust
Series 2006-C1 AAB 5.465% 2/15/39 •		36,276		36,982
FREMF Mortgage Trust
Series 2010-K7 B 144A 5.435% 4/25/20 #•		43,000		46,771
Goldman Sach Mortgage Securities II
Series 2010-C1 A2 144A 4.592% 8/10/43 #		245,000		268,233
Series 2010-C1 C 144A 5.635% 8/10/43 #•		150,000		164,565
Lehman Brothers-UBS Commercial Mortgage Trust
Series 2004-C1 A4 4.568% 1/15/31		18,594		19,205
Series 2005-C3 B 4.895% 7/15/40 •		60,000		61,699


	Principal amount°		Value (U.S. $)

Commercial Mortgage-Backed Securities (continued)

Morgan Stanley Capital I
Series 2005-HQ7 5.207% 11/14/42 •		480,000	$	477,777
Series 2005-HQ7 AJ 5.207% 11/14/42 •		35,000		36,793
Timberstar Trust
Series 2006-1A A 144A 5.668% 10/15/36 #		185,000		201,877
WF-RBS Commercial Mortgage Trust
Series 2012-C9 A3 2.87% 11/15/45		130,000		124,713

Total Commercial Mortgage-Backed Securities (cost $1,748,753)				1,768,447



Convertible Bonds – 0.66%

Alaska Communications Systems Group 144A 6.25% exercise price $10.28, expiration date 4/27/18 #		24,000		20,460
Alere 3.00% exercise price $43.98, expiration date 5/15/16		22,000		24,915
Ares Capital 5.75% exercise price $19.13, expiration date 2/1/16		20,000		21,725
ArvinMeritor 4.00% exercise price $26.73, expiration date 2/12/27 f		39,000		38,561
BGC Partners 4.50% exercise price $9.84, expiration date 7/13/16		25,000		26,297
Blucora 144A 4.25% exercise price $21.66, expiration date 3/29/19 #		5,000		6,775
Chesapeake Energy 2.50% exercise price $50.90, expiration date 5/15/37		11,000		11,192
Ciena 144A 3.75% exercise price $20.17, expiration date 10/15/18 #		19,000		27,158
Dendreon 2.875% exercise price $51.24, expiration date 1/13/16		15,000		10,838
Equinix 4.75% exercise price $84.32, expiration date 6/13/16		5,000		11,403
General Cable 5.00% exercise price $35.88, expiration date 11/15/29 f		43,000		46,332
Gilead Sciences 1.625% exercise price $22.71, expiration date 5/1/16		7,000		24,806
Helix Energy Solutions Group 3.25% exercise price $25.02, expiration date 3/12/32		9,000		10,204
Hologic 2.00% exercise price $31.17, expiration date 2/27/42 f		19,000		19,297
Illumina 144A 0.25% exercise price $83.55, expiration date 3/11/16 #		11,000		20,240
Intel 3.25% exercise price $21.94, expiration date 8/1/39		19,000		25,116
Jefferies Group 3.875% exercise price $45.51, expiration date 10/31/29		32,000		33,940
Lexington Realty Trust 144A 6.00% exercise price $6.76, expiration date 1/11/30 #		12,000		19,238

Schedule of investments

Delaware Core Plus Bond Fund


	Principal amount°		Value (U.S. $)

Convertible Bonds (continued)

Liberty Interactive 144A 0.75% exercise price $1,000.00, expiration date 3/30/43 #		23,000	$	27,744
MGM Resorts International 4.25% exercise price $18.58, expiration date 4/10/15		11,000		15,462
Mylan 3.75% exercise price $13.32, expiration date 9/15/15		6,000		20,558
Nuance Communications 2.75% exercise price $32.30, expiration date 11/1/31		27,000		26,899
NuVasive 2.75% exercise price $42.13, expiration date 6/30/17		44,000		51,755
Peabody Energy 4.75% exercise price $57.95, expiration date 12/15/41		19,000		14,939
Ryman Hospitality Properties 144A 3.75% exercise price $21.38, expiration date 9/29/14 #		13,000		25,171
SanDisk 1.50% exercise price $52.00, expiration date 8/11/17		17,000		24,937
SBA Communications 4.00% exercise price $30.38, expiration date 9/29/14		8,000		24,470
Steel Dynamics 5.125% exercise price $17.14, expiration date 6/15/14		9,000		9,591
TIBCO Software 2.25% exercise price $50.57, expiration date 4/30/32		24,000		24,075
Titan Machinery 3.75% exercise price $43.17, expiration date 4/30/19		26,000		22,376
Vector Group 2.50% exercise price $17.62, expiration date 1/14/19 •		8,000		9,742

Total Convertible Bonds (cost $626,359)				696,216



Corporate Bonds – 49.00%

Banking – 6.68%
Bancolombia 5.95% 6/3/21		180,000		188,550
Bank of America
2.60% 1/15/19		95,000		95,652
4.125% 1/22/24		170,000		171,998
Barclays Bank 7.625% 11/21/22		400,000		426,000
BB&T 5.25% 11/1/19		377,000		427,955
BBVA Banco Continental 144A 3.25% 4/8/18 #		85,000		85,000
City National 5.25% 9/15/20		160,000		176,029
Credit Suisse 144A 6.50% 8/8/23 #		250,000		266,250
Credit Suisse Group 144A 7.50% 12/11/49 #•		200,000		210,752
Fifth Third Bancorp 4.30% 1/16/24		85,000		84,982
Goldman Sachs Group 2.625% 1/31/19		125,000		125,252
HBOS Capital Funding 144A 6.071% 6/29/49 #•		790,000		793,950
ING Bank 144A 5.80% 9/25/23 #		200,000		209,754


	Principal amount°		Value (U.S. $)

Corporate Bonds (continued)

Banking (continued)
JPMorgan Chase
3.875% 2/1/24		230,000	$	230,078
4.85% 2/1/44		65,000		65,111
6.75% 8/29/49 —		115,000		117,128
KeyBank 5.45% 3/3/16		250,000		272,306
KFW 1.875% 4/1/19		170,000		171,047
Morgan Stanley
4.10% 5/22/23		345,000		336,620
5.00% 11/24/25		205,000		208,447
Northern Trust 3.95% 10/30/25		80,000		80,439
PNC Financial Services Group 2.854% 11/9/22 f		175,000		167,094
Rabobank 4.625% 12/1/23		250,000		253,619
RBS Capital Trust I 2.112% 12/29/49 —		70,000		68,250
SVB Financial Group 5.375% 9/15/20		150,000		169,138
U.S. Bank North America 4.95% 10/30/14		250,000		258,764
USB Capital IX 3.50% 10/29/49 —		705,000		564,000
VEB Finance 144A 4.224% 11/21/18 #		200,000		198,250
Wachovia 0.609% 10/15/16 —		95,000		94,696
Wells Fargo 144A 4.48% 1/16/24 #		108,000		110,507
Zions Bancorp
4.50% 3/27/17		160,000		170,588
4.50% 6/13/23		115,000		114,987
7.75% 9/23/14		95,000		98,578

				7,011,771

Basic Industry – 3.47%
ArcelorMittal 10.35% 6/1/19		330,000		414,150
Barrick Gold 4.10% 5/1/23		145,000		134,102
Barrick North America Finance 5.75% 5/1/43		40,000		37,178
CF Industries
6.875% 5/1/18		210,000		245,694
7.125% 5/1/20		275,000		327,672
Dow Chemical 8.55% 5/15/19		479,000		616,991
FMC 4.10% 2/1/24		125,000		127,412
FMG Resources August 2006 144A 6.875% 4/1/22 #		160,000		173,400
Georgia-Pacific 8.00% 1/15/24		100,000		132,156
International Paper 7.50% 8/15/21		205,000		257,911
Mosaic 5.625% 11/15/43		115,000		118,470
Perstorp Holding 144A 8.75% 5/15/17 #		200,000		214,500
Plains Exploration & Production 6.50% 11/15/20		130,000		143,162
Rio Tinto Finance USA 3.50% 11/2/20		110,000		112,913
Rock-Tenn 3.50% 3/1/20		70,000		71,104
Rockwood Specialties Group 4.625% 10/15/20		115,000		117,300

Schedule of investments

Delaware Core Plus Bond Fund


	Principal amount°		Value (U.S. $)

Corporate Bonds (continued)

Basic Industry (continued)
Teck Resources 3.75% 2/1/23		140,000	$	133,196
Vale Overseas 5.625% 9/15/19		70,000		76,465
Vedanta Resources 144A 6.00% 1/31/19 #		200,000		190,500

				3,644,276

Brokerage – 0.79%
Jefferies Group
5.125% 1/20/23		285,000		296,074
6.45% 6/8/27		60,000		63,958
6.50% 1/20/43		50,000		52,011
Lazard Group 6.85% 6/15/17		366,000		419,870

				831,913

Capital Goods – 1.40%
Algeco Scotsman Global Finance 144A 8.50% 10/15/18 #		545,000		592,688
Cemex Espana Luxembourg 144A 9.25% 5/12/20 #		180,000		195,570
Crane
2.75% 12/15/18		65,000		66,002
4.45% 12/15/23		65,000		66,840
Ingersoll-Rand Global Holding
144A 2.875% 1/15/19 #		225,000		226,688
144A 4.25% 6/15/23 #		105,000		107,105
URS 3.85% 4/1/17		25,000		25,859
Votorantim Cimentos 144A 7.25% 4/5/41 #		200,000		186,000

				1,466,752

Communications – 8.37%
American Tower 5.00% 2/15/24		25,000		26,370
American Tower Trust I
144A 1.551% 3/15/43 #		85,000		83,582
144A 3.07% 3/15/23 #		210,000		202,481
AT&T
2.375% 11/27/18		70,000		70,646
4.30% 12/15/42		95,000		82,301
CC Holdings GS V 3.849% 4/15/23		445,000		429,187
CenturyLink 5.80% 3/15/22		265,000		262,350
Columbus International 144A 11.50% 11/20/14 #		100,000		105,225
Crown Castle Towers 144A 4.883% 8/15/20 #		800,000		872,210
DISH DBS 5.00% 3/15/23		655,000		615,700
Intelsat Jackson Holdings 144A 5.50% 8/1/23 #		345,000		330,769
Interpublic Group 3.75% 2/15/23		90,000		87,043
Myriad International Holdings 144A 6.375% 7/28/17 #		100,000		110,750
Nara Cable Funding 144A 8.875% 12/1/18 #		500,000		545,000
Nielsen Finance 4.50% 10/1/20		735,000		729,488


	Principal amount°		Value (U.S. $)

Corporate Bonds (continued)

Communications (continued)
Orange
2.75% 2/6/19		150,000	$	150,764
5.50% 2/6/44		50,000		50,962
Qwest 6.75% 12/1/21		185,000		206,863
SBA Tower Trust 144A 2.24% 4/16/18 #		160,000		158,399
SES 144A 3.60% 4/4/23 #		365,000		356,085
Sinclair Television Group 6.125% 10/1/22		430,000		436,450
Sprint 144A 7.125% 6/15/24 #		160,000		161,200
Telefonica Emisiones 4.57% 4/27/23		570,000		575,277
Telemar Norte Leste 144A 5.50% 10/23/20 #		265,000		249,431
Time Warner Cable 8.25% 4/1/19		385,000		455,758
Verizon Communications
5.15% 9/15/23		470,000		511,946
6.40% 9/15/33		120,000		141,017
6.55% 9/15/43		20,000		24,093
Zayo Group 10.125% 7/1/20		645,000		749,006

				8,780,353

Consumer Cyclical – 1.96%
General Motors 144A 3.50% 10/2/18 #		115,000		118,019
Historic TW 6.875% 6/15/18		220,000		262,825
Host Hotels & Resorts
3.75% 10/15/23		45,000		43,154
4.75% 3/1/23		175,000		181,113
5.25% 3/15/22		180,000		192,907
5.875% 6/15/19		75,000		81,413
Hyundai Capital America 144A 2.125% 10/2/17 #		130,000		130,408
International Game Technology 5.35% 10/15/23		225,000		238,314
Marriott International 3.375% 10/15/20		100,000		100,884
QVC 4.375% 3/15/23		435,000		419,574
TRW Automotive 144A 4.45% 12/1/23 #		90,000		87,525
Wyndham Worldwide
4.25% 3/1/22		100,000		101,058
5.625% 3/1/21		90,000		98,403

				2,055,597

Consumer Non-Cyclical – 2.54%
Anheuser-Busch InBev Finance 3.70% 2/1/24		140,000		142,451
BFF International 144A 7.25% 1/28/20 #		100,000		110,000
Boston Scientific 6.00% 1/15/20		240,000		279,190
BRF 144A 5.875% 6/6/22 #		255,000		253,088
CareFusion 6.375% 8/1/19		230,000		266,597
Celgene 3.95% 10/15/20		120,000		127,375
Coca-Cola Femsa 2.375% 11/26/18		150,000		151,177

Schedule of investments

Delaware Core Plus Bond Fund


	Principal amount°		Value (U.S. $)

Corporate Bonds (continued)

Consumer Non-Cyclical (continued)
Constellation Brands 4.25% 5/1/23		75,000	$	71,062
Cosan Luxembourg 144A 5.00% 3/14/23 #		200,000		171,000
Del Monte 7.625% 2/15/19		55,000		57,200
Immucor 11.125% 8/15/19		30,000		33,862
JBS Investments 144A 7.75% 10/28/20 #		200,000		206,000
Korea Expressway 144A 1.875% 10/22/17 #		200,000		198,830
Kroger 3.30% 1/15/21		180,000		180,963
Mylan 144A 6.00% 11/15/18 #		245,000		260,668
Thermo Fisher Scientific 4.15% 2/1/24		25,000		25,467
Yale University 2.90% 10/15/14		125,000		127,351

				2,662,281

Electric – 5.44%
AES 7.375% 7/1/21		535,000		595,188
AES Gener 144A 8.375% 12/18/73 # —		200,000		210,500
Ameren Illinois 9.75% 11/15/18		389,000		519,148
American Transmission Systems 144A 5.25% 1/15/22 #		100,000		108,499
Cleveland Electric Illuminating 5.50% 8/15/24		230,000		255,418
CMS Energy 6.25% 2/1/20		190,000		222,918
ComEd Financing III 6.35% 3/15/33		190,000		181,378
Electricite de France
144A 4.875% 1/22/44 #		30,000		29,288
144A 5.25% 1/29/49 # —		325,000		314,584
144A 5.625% 12/29/49 # —		100,000		97,525
Enel 144A 8.75% 9/24/73 # —		200,000		217,500
Integrys Energy Group 6.11% 12/1/66 —		295,000		297,772
LG&E & KU Energy 4.375% 10/1/21		380,000		401,080
National Rural Utilities Cooperative Finance
4.75% 4/30/43 —		190,000		179,075
NextEra Energy Capital Holdings 6.35% 10/1/66 —		440,000		435,862
NV Energy 6.25% 11/15/20		100,000		118,701
Pennsylvania Electric 5.20% 4/1/20		175,000		192,746
PPL Capital Funding 6.70% 3/30/67 —		150,000		151,606
Puget Energy 6.00% 9/1/21		65,000		74,894
Puget Sound Energy 6.974% 6/1/67 —		525,000		553,230
Wisconsin Energy 6.25% 5/15/67 —		535,000		548,778

				5,705,690

Energy – 5.29%
CNOOC Curtis Funding 144A 4.50% 10/3/23 #		200,000		199,048
Continental Resources 4.50% 4/15/23		225,000		230,818
Gazprom Neft 144A 6.00% 11/27/23 #		200,000		200,250
KazMunayGas National 144A 9.125% 7/2/18 #		210,000		251,212
Newfield Exploration 5.625% 7/1/24		175,000		175,875


	Principal amount°		Value (U.S. $)

Corporate Bonds (continued)

Energy (continued)
ONGC Videsh 2.50% 5/7/18		200,000	$	190,890
Pacific Rubiales Energy
144A 5.375% 1/26/19 #		100,000		100,750
144A 7.25% 12/12/21 #		100,000		105,500
Petrobras International Finance 5.375% 1/27/21		300,000		297,712
Petrohawk Energy 7.25% 8/15/18		340,000		364,752
Petroleos de Venezuela 8.50% 11/2/17		70,000		54,495
Pride International 6.875% 8/15/20		475,000		575,177
PTT Exploration & Production 144A 3.707% 9/16/18 #		200,000		203,817
QEP Resources 5.375% 10/1/22		645,000		627,262
Samson Investment 144A 10.50% 2/15/20 #		425,000		469,625
SandRidge Energy 8.75% 1/15/20		235,000		254,975
Sunoco Logistics Partners Operations 3.45% 1/15/23		20,000		18,761
Talisman Energy 5.50% 5/15/42		470,000		460,769
Whiting Petroleum 5.00% 3/15/19		645,000		665,962
Woodside Finance 144A 8.75% 3/1/19 #		85,000		108,703

				5,556,353

Finance Companies – 1.22%
Ford Motor Credit 12.00% 5/15/15		200,000		228,108
General Electric Capital
2.10% 12/11/19		65,000		64,250
4.375% 9/16/20		240,000		262,798
6.25% 12/29/49 —		300,000		314,058
7.125% 12/29/49 —		100,000		112,555
International Lease Finance
5.875% 4/1/19		85,000		91,800
6.25% 5/15/19		88,000		95,920
8.75% 3/15/17		100,000		116,875

				1,286,364

Insurance – 2.61%
Allstate 5.75% 8/15/53 —		185,000		187,752
American International Group
8.175% 5/15/58 —		200,000		249,500
8.25% 8/15/18		100,000		125,854
Chubb 6.375% 3/29/67 —		680,000		753,100
Highmark
144A 4.75% 5/15/21 #		200,000		196,778
144A 6.125% 5/15/41 #		30,000		27,676
ING U.S. 5.65% 5/15/53 —		220,000		211,310
Liberty Mutual Group 144A 4.25% 6/15/23 #		220,000		218,802
Prudential Financial
3.875% 1/14/15		65,000		67,022

Schedule of investments

Delaware Core Plus Bond Fund


	Principal amount°		Value (U.S. $)

Corporate Bonds (continued)

Insurance (continued)
Prudential Financial
4.50% 11/15/20		50,000	$	54,722
5.625% 6/15/43 —		95,000		95,494
5.875% 9/15/42 —		245,000		252,350
6.00% 12/1/17		120,000		139,230
XL Group 6.50% 12/29/49 —		160,000		157,600

				2,737,190

Natural Gas – 3.58%
AmeriGas Finance 7.00% 5/20/22		350,000		382,375
El Paso Pipeline Partners Operating 6.50% 4/1/20		295,000		342,669
Enbridge Energy Partners 8.05% 10/1/37 —		265,000		298,690
Energy Transfer Partners
3.60% 2/1/23		160,000		151,599
5.95% 10/1/43		185,000		191,543
9.70% 3/15/19		127,000		165,619
Enterprise Products Operating 7.034% 1/15/68 —		450,000		499,933
Kinder Morgan Energy Partners 9.00% 2/1/19		415,000		531,092
Plains All American Pipeline 8.75% 5/1/19		195,000		252,131
TransCanada PipeLines 6.35% 5/15/67 —		310,000		320,144
Williams Partners 7.25% 2/1/17		535,000		621,253

				3,757,048

Real Estate – 2.01%
CBL & Associates 5.25% 12/1/23		95,000		98,023
Corporate Office Properties
3.60% 5/15/23		150,000		139,297
5.25% 2/15/24		85,000		89,310
CubeSmart 4.375% 12/15/23		45,000		45,507
DDR
4.625% 7/15/22		80,000		83,008
4.75% 4/15/18		80,000		87,017
7.875% 9/1/20		90,000		112,088
9.625% 3/15/16		150,000		175,041
Digital Realty Trust
5.25% 3/15/21		450,000		469,189
5.875% 2/1/20		95,000		104,606
Duke Realty 3.625% 4/15/23		150,000		141,380
Mid-America Apartments 4.30% 10/15/23		70,000		69,772
National Retail Properties 3.80% 10/15/22		90,000		88,097
Regency Centers
4.80% 4/15/21		55,000		58,678
5.875% 6/15/17		95,000		106,199
USB Realty 144A 1.386% 12/29/49 # —		100,000		91,000


	Principal amount°		Value (U.S. $)

Corporate Bonds (continued)

Real Estate (continued)
Weingarten Realty Investors 3.50% 4/15/23		165,000	$	155,285

				2,113,497

Technology – 3.22%
Baidu 3.25% 8/6/18		245,000		248,312
BMC Software Finance 144A 8.125% 7/15/21 #		550,000		570,625
Broadridge Financial Solutions 3.95% 9/1/20		100,000		102,521
Fidelity National Information Services 3.50% 4/15/23		220,000		206,568
National Semiconductor 6.60% 6/15/17		255,000		298,977
NetApp
2.00% 12/15/17		125,000		125,530
3.25% 12/15/22		45,000		41,892
Samsung Electronics America 144A 1.75% 4/10/17 #		200,000		200,298
Seagate HDD Cayman 144A 3.75% 11/15/18 #		125,000		127,812
Total System Services
2.375% 6/1/18		80,000		79,716
3.75% 6/1/23		130,000		123,677
VeriSign 4.625% 5/1/23		705,000		678,562
Xerox 6.35% 5/15/18		490,000		571,223

				3,375,713

Transportation – 0.42%
Brambles USA 144A 3.95% 4/1/15 #		80,000		82,624
DP World Sukuk 144A 6.25% 7/2/17 #		100,000		110,850
ERAC USA Finance 144A 5.25% 10/1/20 #		220,000		245,692

				439,166

Total Corporate Bonds (cost $49,945,926)				51,423,964



Municipal Bonds – 0.93%

California Statewide Communities Development Authority (Kaiser Permanente)
Series A 5.00% 4/1/42		45,000		46,057
Fairfax County, Virginia
Series B 5.00% 4/1/24		80,000		96,498
Golden State, California Tobacco Securitization Corporation Settlement Revenue (Asset-Backed Senior Notes) Series A-1
5.125% 6/1/47		165,000		119,538
5.75% 6/1/47		60,000		47,497
New Jersey Transportation Trust Fund
Series A 5.00% 6/15/42		40,000		41,338
Series AA 5.00% 6/15/44		130,000		134,367
New York City, New York
Series I 5.00% 8/1/22		50,000		58,338

Schedule of investments

Delaware Core Plus Bond Fund


	Principal amount°		Value (U.S. $)

Municipal Bonds (continued)

New York City Transitional Finance Authority (New York City Recovery)
Series 13 5.00% 11/1/22		120,000	$	142,556
New York City Water & Sewer System
(Second Generation) Series BB 5.00% 6/15/47		25,000		26,153
New York State Thruway Authority
Series A 5.00% 5/1/19		60,000		69,844
State of Maryland Local Facilities
Series A 5.00% 8/1/21		85,000		102,712
Texas A&M University
Series D 5.00% 5/15/22		15,000		18,021
Series D 5.00% 5/15/23		15,000		17,996
Texas Private Activity Bond Surface Transportation Senior Lien Revenue Bond
6.75% 6/30/43 (AMT)		55,000		59,132

Total Municipal Bonds (cost $946,346)				980,047



Non-Agency Asset-Backed Securities – 2.19%

Ally Master Owner Trust
Series 2013-2 A 0.61% 4/15/18 —		200,000		200,445
Appalachian Consumer Rate Relief Funding
Series 2013-1 A1 2.008% 2/1/24		120,000		119,576
Avis Budget Rental Car Funding AESOP
Series 2011-2A A 144A 2.37% 11/20/14 #		135,000		136,383
California Republic Auto Receivables Trust
Series 2013-1 A2 144A 1.41% 9/17/18 #		92,544		92,533
Capital One Multi-Asset Execution Trust
Series 2007-A7 A7 5.75% 7/15/20		100,000		115,260
Series 2013-A2 A2 0.34% 2/15/19 —		440,000		439,428
Enterprise Fleet Financing
Series 2012-1 A2 144A 1.14% 11/20/17 #		106,361		106,574
John Deere Owner Trust
Series 2011-A A4 1.96% 4/16/18		145,000		145,824
Mercedes-Benz Auto Lease Trust
Series 2013-A A4 0.72% 12/17/18		180,000		180,173
Navistar Financial Owner Trust
Series 2012-A A2 144A 0.85% 3/18/15 #		38,501		38,505
Trafigura Securitisation Finance
Series 2012-1A A 144A 2.56% 10/15/15 # —		160,000		161,925


	Principal amount°		Value (U.S. $)

Non-Agency Asset-Backed Securities (continued)

Volvo Financial Equipment
Series 2012-1A A4 144A 1.09% 8/15/17 #		330,000	$	330,870
World Omni Automobile Lease Securitization Trust
Series 2012-A A3 0.93% 11/16/15		230,000		230,576

Total Non-Agency Asset-Backed Securities (cost $2,297,630)				2,298,072



Non-Agency Collateralized Mortgage Obligations – 0.66%

American Home Mortgage Investment Trust
Series 2005-2 5A1 5.064% 9/25/35 f		10,587		10,831
Citicorp Residential Mortgage Trust
Series 2006-3 A5 5.948% 11/25/36 f		300,000		287,574
GSMPS Mortgage Loan Trust
Series 1998-2 A 144A 7.723% 5/19/27 # —		67,406		68,388
JPMorgan Mortgage Trust
Series 2007-A1 7A4 2.71% 7/25/35 —		198,253		177,271
Structured Asset Securities Corporation Mortgage Pass-Through
Series 2004-20 2A1 5.50% 11/25/34 ¿		53,248		55,064
Washington Mutual Alternative Mortgage Pass Through Certificates
Series 2005-1 5A2 6.00% 3/25/35 ¿		114,840		66,222
Wells Fargo Mortgage-Backed Securities Trust
Series 2006-AR5 2A1 2.641% 4/25/36 —		24,785		23,206

Total Non-Agency Collateralized Mortgage Obligations (cost $723,801)				688,556



Regional Bond – 0.14% D

Canada – 0.14%
Province of Ontario Canada 2.00% 1/30/19		140,000		140,740

Total Regional Bond (cost $139,920)				140,740



Senior Secured Loans – 12.98%«

Activision Blizzard Tranche B 1st Lien 3.25% 9/12/20		345,000		348,473
Allegion U.S. Holding Tranche B 3.00% 12/26/20		355,000		356,553
ARAMARK Tranche D 4.00% 9/30/19		170,000		171,274
Azure Midstream Tranche B 6.50% 10/21/18		190,000		192,316
BJ’s Wholesale Club Tranche B 1st Lien 4.50% 9/26/19		319,573		323,048
Burlington Coat Factory Warehouse Tranche B2 4.00% 2/23/17		669,339		676,555
Chrysler Group Tranche B 4.25% 5/24/17		168,702		169,847
Clear Channel Communications Tranche B 3.65% 1/29/16		226,352		221,158
DaVita Tranche B 4.50% 10/20/16		196,456		197,561
Drillships Financing Holding Tranche B1 6.00% 2/17/21		169,150		173,379

Schedule of investments

Delaware Core Plus Bond Fund


	Principal amount°		Value (U.S. $)

Senior Secured Loans« (continued)

Emdeon 1st Lien 3.75% 11/2/18		583,171	$	585,965
Energy Transfer 1st Lien 3.25% 12/2/19		125,000		125,234
First Data 1st Lien 4.00% 4/5/17		300,857		301,421
Gray Television 4.50% 10/11/19		54,432		54,909
HCA Tranche B4 2.75% 5/1/18		698,250		700,269
HCA Tranche B5 1st Lien 2.75% 3/31/17		453,862		455,250
Hilton Worldwide Finance Tranche B2 3.75% 9/23/20		676,000		681,606
Houghton International 2nd Lien 9.50% 11/20/20		475,000		488,062
IASIS Healthcare Tranche B 1st Lien 4.50% 5/3/18		206,325		208,414
Immucor Tranche B2 5.00% 8/19/18		494,663		498,991
Infor U.S. Tranche B5 1st Lien 3.75% 6/3/20		177,618		178,479
Intelsat Jackson Holdings Tranche B2 3.75% 6/30/19		519,117		523,854
Landry’s Tranche B 4.75% 4/24/18		178,038		180,041
Level 3 Financing Tranche B 4.00% 1/15/20		250,000		252,031
MultiPlan Tranche B 4.00% 8/18/17		13,301		13,417
Neiman Marcus Group 5.00% 10/18/20		408,975		414,285
Novelis Tranche B 3.75% 3/10/17		182,126		183,557
Nuveen Investments 1st Lien 4.00% 5/13/17		550,000		550,172
Nuveen Investments 2nd Lien 6.50% 2/28/19		870,000		868,912
OSI Restaurants Tranche B 1st Lien 3.50% 10/26/19		448,800		450,637
PQ Tranche B 4.50% 8/7/17		133,650		135,022
Samson Investment 2nd Lien 5.00% 9/25/18		345,000		348,968
Scientific Games International 4.25% 5/22/20		270,000		271,663
Smart & Final Tranche B 1st Lien 4.50% 11/15/19		192,061		192,229
Sprouts Farmers Markets Holdings 4.00% 4/12/20		150,188		151,221
Truven Health Analytics Tranche B 4.50% 5/23/19		281,445		282,500
Univision Communications Tranche C1 1st Lien 4.50% 2/22/20		192,074		193,360
Univision Communications Tranche C2 4.50% 2/6/20		367,225		369,520
USI Insurance Services Tranche B 1st Lien 4.25% 12/3/18		188,104		189,514
Valeant Pharmaceuticals Tranche B 4.50% 5/30/20		248,125		250,955
Vantage Drilling Tranche B 1st Lien 5.00% 10/25/17		180,375		181,784
Zayo Group Tranche B 1st Lien 4.00% 7/2/19		507,310		511,115

Total Senior Secured Loans (cost $13,487,830)				13,623,521



Sovereign Bonds – 0.31% D

Gabon – 0.19%
Gabonese Republic 144A 6.375% 12/12/24 #		200,000		206,500

				206,500

Hungary – 0.05%
Hungary Government International Bond 5.75% 11/22/23		50,000		49,562

				49,562


	Principal amount°		Value (U.S. $)

Sovereign Bonds D (continued)

Romania – 0.07%
Romanian Government International Bond 144A
4.875% 1/22/24 #		72,000	$	70,560

				70,560

Total Sovereign Bonds (cost $320,509)				326,622



Supranational Banks – 0.54%

European Investment Bank
1.875% 3/15/19		170,000		170,567
3.25% 1/29/24		205,000		207,473
Inter-American Development Bank 4.375% 1/24/44		60,000		61,653
International Bank for Reconstruction & Development
1.875% 3/15/19		130,000		130,860

Total Supranational Banks (cost $562,335)				570,553



U.S. Treasury Obligations – 3.38%

U.S. Treasury Bonds
3.625% 8/15/43		280,000		280,087
3.75% 11/15/43		55,000		56,289
U.S. Treasury Notes
1.50% 12/31/18 ¥		920,000		920,683
1.50% 1/31/19		1,020,000		1,019,561
2.375% 12/31/20		45,000		45,744
2.75% 11/15/23		1,210,000		1,218,886

Total U.S. Treasury Obligations (cost $3,489,953)				3,541,250


	Number of Shares

Convertible Preferred Stock – 0.16%

ArcelorMittal 6.00% exercise price $20.61, expiration date 12/21/15		475		11,727
Bank of America 7.25% exercise price $50.00, expiration date 12/31/49		7		7,820
Chesapeake Energy 144A 5.75% exercise price $27.83, expiration date 12/31/49		16		18,190
Dominion Resources
6.00% exercise price $65.27, expiration date 7/1/16		90		5,043
6.125% exercise price $65.27, expiration date 4/1/16		90		5,034
Goodyear Tire & Rubber 5.875% exercise price $18.21, expiration date 3/31/14		400		26,412
HealthSouth 6.50% exercise price $30.18, expiration date 12/31/49		10		12,002

Schedule of investments

Delaware Core Plus Bond Fund


	Number of Shares		Value (U.S. $)

Convertible Preferred Stock (continued)

Intelsat 5.75% exercise price $22.05, expiration date 5/1/16		405	$	21,273
MetLife 5.00% exercise price $44.27, expiration date 3/26/14		550		16,032
SandRidge Energy 8.50% exercise price $8.01, expiration date 12/31/49		280		28,490
Wells Fargo 7.50% exercise price $156.71, expiration date 12/31/49		14		16,205

Total Convertible Preferred Stock (cost $161,901)				168,228



Preferred Stock – 1.01%

Alabama Power 5.625%		3,715		85,705
Integrys Energy Group 6.00% —		4,400		107,316
National Retail Properties 5.70%		4,225		85,345
Public Storage 5.20%		4,400		87,692
U.S. Bancorp 3.50% —		350		268,278
Wells Fargo 5.20%		20,200		429,250

Total Preferred Stock (cost $1,167,835)				1,063,586


	Principal amount°

Short-Term Investments – 13.77%

Repurchase Agreements – 8.83%
Bank of America Merril Lynch
0.01%, dated 1/31/14, to be repurchased on 2/3/14, repurchase price $2,334,724 (collateralized by U.S. government obligations 0.00%-1.25% 5/8/14-11/30/18; market value $2,381,417)		2,334,723		2,334,723
Bank of Montreal
0.02%, dated 1/31/14, to be repurchased on 2/3/14, repurchase price $389,121 (collateralized by U.S. government obligations 0.25%-2.75% 4/30/14-11/15/23; market value $396,903)		389,120		389,120
BNP Paribas
0.02%, dated 1/31/14, to be repurchased on 2/3/14, repurchase price $6,542,168 (collateralized by U.S. government obligations 0.25%-2.375% 3/31/14-12/31/20; market value $6,673,000)		6,542,157		6,542,157

				9,266,000

U.S. Treasury Obligations – 4.94% ≠
U.S. Treasury Bills
0.058% 4/24/14		4,032,816		4,032,582


	Principal amount°		Value (U.S. $)

Short-Term Investments (continued)

U.S. Treasury Obligations ≠ (continued)
U.S. Treasury Bills
0.093% 11/13/14		1,151,561	$	1,150,916

				5,183,498

Total Short-Term Investments (cost $14,449,001)				14,449,498


	Number of Contracts		Value (U.S.$)

Option Purchased – 0.00%

Currency Call Option – 0.00%
USD vs TRY strike price TRY 200, expiration date 3/12/14		223,100		20


Total Option Purchased (cost $1,151)				20


Total Value of Securities – 112.62% (cost $116,422,493)			$	118,182,277

#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At Jan. 31, 2014, the aggregate value of Rule 144A securities was $15,001,012, which represents 14.29% of the Fund’s net assets. See Note 9 in “Notes to financial statements.”

¿	Pass Through Agreement. Security represents the contractual right to receive a proportionate amount of underlying payments due to the counterparty pursuant to various agreements related to the rescheduling of obligations and the exchange of certain notes.

≠	The rate shown is the effective yield at the time of purchase.

°	Principal amount shown is stated in U.S. dollars unless noted that the security is denominated in another currency.

—	Variable rate security. The rate shown is the rate as of Jan. 31, 2014. Interest rates reset periodically.

¥	Fully or partially pledged as collateral for futures contracts.

D	Securities have been classified by country of origin.

S	Interest only security. An interest only security is the interest only portion of a fixed income security which is separated and sold individually from the principal portion of the security.

Senior secured loans generally pay interest at rates which are periodically redetermined by reference to a base lending rate plus a premium. These base lending rates are generally: (i) the prime rate offered by one or more U.S. banks, (ii) the lending rate offered by one or more European banks such as the London Inter-Bank Offered Rate (LIBOR), and (iii) the certificate of deposit rate. Senior secured loans may be subject to restrictions on resale. Stated rate in effect at Jan. 31, 2014.

f	Step coupon bond. Coupon increases or decreases periodically based on a predetermined schedule. Stated rate in effect at Jan. 31, 2014.

Schedule of investments

Delaware Core Plus Bond Fund

The following foreign currency exchange contracts, futures contracts and swap contracts were outstanding at Jan. 31, 2014: ¹

Foreign Currency Exchange Contracts


Counterparty	Contracts to Receive (Deliver)			In Exchange For			Settlement Date		Unrealized Appreciation (Depreciation)
BAML	CAD	(33,260	)	USD	30,606			2/14/14	$	747
BAML	CLP	11,391,355		USD	(20,477	)		2/14/14		(2	)
BAML	ZAR	(228,277	)	USD	20,477			2/14/14		(25	)
BNYM	NGN	(15,528,234	)	USD	95,335			2/3/14		(129	)
DB	EUR	(278,234	)	USD	378,785			2/14/14		3,488
TD	JPY	(402,887	)	USD	3,911			2/14/14		(32	)
UBS	COP	41,354,382		USD	(20,508	)		2/14/14		(10	)
UBS	MXN	567,716		USD	(43,233	)		2/14/14		(810	)

									$	3,227

Futures Contracts


Contracts to Buy (Sell)				Notional Cost (Proceeds)			Notional Value			Expiration Date		Unrealized Appreciation (Depreciation)
	(3	)	S&P 500 E-mini	$	(272,555	)	$	(266,490	)		3/22/14	$	6,065
	108		U.S. Treasury 10 yr Notes		13,471,959			13,581,000			3/21/14		109,041
	33		U.S. Treasury 5 yr Notes		3,961,499			3,980,625			4/1/14		19,126
	7		U.S. Treasury Long Bonds		934,311			935,156			3/21/14		845

				$	18,095,214							$	135,077

Swap Contracts

CDS Contracts ²


Counterparty		Swap Referenced Obligation	Notional Value		Annual Protection Payments		Termination Date	Unrealized Appreciation (Depreciation)

	Protection Purchased:
JPMC	CDX.EM.20-V1		$	555,000		5.00%	12/20/18	$	1,703

								$	1,703

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

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

daily and recorded as 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 as unrealized appreciation or depreciation daily. 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.

Summary of abbreviations:

AMT – Subject to Alternative Minimum Tax

ARM – Adjustable Rate Mortgage

BAML – Bank of America Merrill Lynch

BNYM – BNY Mellon

CAD – Canadian Dollar

CDX.EM – Credit Default Swap Index Emerging Markets

CLP – Chilean Peso

COP – Colombian Peso

DB – Deutsche Bank

EUR – European Monetary Unit

GNMA – Government National Mortgage Association

GPM – Graduated Payment Mortgage

GSMPS – Goldman Sachs Reperforming Mortgage Securities

JPMC – JPMorgan Chase Bank

JPY – Japanese Yen

MXN – Mexican Peso

NCUA – National Credit Union Administration

NGN – Nigerian Naira

REMIC – Real Estate Mortgage Investment Conduit

S.F. – Single Family

TBA – To be announced

TD – Toronto Dominion Bank

UBS – Union Bank of Switzerland

USD – United States Dollar

yr – Year

ZAR – South African Rand


Statement of assets and liabilities
Delaware Core Plus Bond Fund		January 31, 2014 (Unaudited)


Assets:
Investments, at value ¹	$	103,732,779
Short-term investments, at value ²		14,449,498
Foreign currencies, at value ³		518,418
Cash		147,768
Receivables for securities sold		14,412,201
Dividends and interest receivable		885,058
Receivables for fund shares sold		44,155
Variation margin receivable on futures contracts		39,351
Unrealized gain on foreign currency exchange contracts		4,235
Unrealized gain on credit default swap contracts		1,703

Total assets		134,235,166

Liabilities:
Payable for securities purchased		28,696,081
Payable for fund shares redeemed		190,403
Due to brokers		113,398
Income distribution payable		85,217
Interest payable on credit default swap contracts		2,612
Other accrued expenses		99,651
Investment management fees payable		30,425
Distribution fees payable		26,299
Other affiliates payable		6,264
Trustees’ fees and expenses payable		337
Upfront payment received on credit default swap contracts		40,070
Unrealized loss on foreign currency exchange contracts		1,008

Total liabilities		29,291,765

Total Net Assets	$	104,943,401


Net Assets Consist of:
Paid-in capital	$	106,843,710
Distributions in excess of net investment income		(438,473	)
Accumulated net realized loss on investments		(3,360,644	)
Net unrealized appreciation of investments and derivatives		1,898,808

Total Net Assets	$	104,943,401


¹ Investments, at cost	$	101,973,492
² Short-term investments, at cost		14,449,001
³ Foreign currencies, at cost		519,035


Class A:
Net assets	$	70,135,025
Shares of beneficial interest outstanding, unlimited authorization, no par		8,341,915
Net asset value per share	$	8.41
Sales charge		4.50	%
Offering price per share, equal to net asset value per share/(1 – sales charge)	$	8.81

Class B:
Net assets	$	440,817
Shares of beneficial interest outstanding, unlimited authorization, no par		52,427
Net asset value per share	$	8.41

Class C:
Net assets	$	9,365,270
Shares of beneficial interest outstanding, unlimited authorization, no par		1,112,572
Net asset value per share	$	8.42

Class R:
Net assets	$	7,457,989
Shares of beneficial interest outstanding, unlimited authorization, no par		884,105
Net asset value per share	$	8.44

Institutional Class:
Net assets	$	17,544,300
Shares of beneficial interest outstanding, unlimited authorization, no par		2,084,348
Net asset value per share	$	8.42

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


Statement of operations
Delaware Core Plus Bond Fund		Six months ended January 31, 2014 (Unaudited)


Investment Income:
Interest	$	2,092,070
Dividends		44,771
Securities lending income		95

		2,136,936

Expenses:
Management fees		335,370
Distribution expenses – Class A		101,307
Distribution expenses – Class B		2,797
Distribution expenses – Class C		48,808
Distribution expenses – Class R		21,079
Transfer agent fees and expenses		95,200
Registration fees		39,138
Accounting and administration expenses		23,192
Reports and statements to shareholders		21,020
Audit and tax		20,756
Legal fees		15,243
Custodian fees		9,798
Trustees’ expenses		3,332
Other		19,681

		756,721
Less expenses waived		(184,545	)
Less waived distribution expenses – Class A		(6,552	)
Less waived distribution expenses – Class B		(2,098	)
Less waived distribution expenses – Class R		(1,328	)
Less expense paid indirectly		(60	)

Total operating expenses		562,138

Net Investment Income		1,574,798


Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(206,917	)
Foreign currencies		(240,947	)
Foreign currency exchange contracts		(143,439	)
Futures contracts		191,076
Swap contracts		(227,354	)

Net realized loss		(627,581	)


Net change in unrealized appreciation (depreciation) of:
Investments		1,044,033
Foreign currencies		1,992
Foreign currency exchange contracts		16,517
Futures contracts		167,144
Swap contracts		126,428

Net change in unrealized appreciation (depreciation)		1,356,114

Net Realized and Unrealized Gain		728,533

Net Increase in Net Assets Resulting from Operations	$	2,303,331

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

Statements of changes in net assets

Delaware Core Plus Bond Fund


	Six months ended 1/31/14 (Unaudited)			Year ended 7/31/13
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	1,574,798		$	4,349,887
Net realized loss		(627,581	)		(591,593	)
Net change in unrealized appreciation (depreciation)		1,356,114			(6,043,856	)

Net increase (decrease) in net assets resulting from operations		2,303,331			(2,285,562	)


Dividends and Distributions to Shareholders from:
Net investment income:
Class A		(1,193,365	)		(2,730,485	)
Class B		(8,773	)		(25,033	)
Class C		(117,206	)		(289,681	)
Class R		(114,271	)		(235,625	)
Institutional Class		(493,165	)		(2,405,977	)

Net realized gain:
Class A		—			(198,651	)
Class B		—			(2,416	)
Class C		—			(27,998	)
Class R		—			(18,246	)
Institutional Class		—			(168,817	)

		(1,926,780	)		(6,102,929	)


Capital Share Transactions:
Proceeds from shares sold:
Class A		4,505,428			12,632,942
Class B		107			58,051
Class C		740,838			1,698,682
Class R		804,657			2,441,868
Institutional Class		4,100,260			17,622,719

Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		1,073,780			2,618,546
Class B		7,277			20,024
Class C		111,663			292,656
Class R		113,835			251,017
Institutional Class		516,991			2,519,552

		11,974,836			40,156,057


	Six months ended 1/31/14 (Unaudited)			Year ended 7/31/13
Capital Share Transactions (continued):
Cost of shares redeemed:
Class A		(17,016,938	)		(21,141,396	)
Class B		(255,858	)		(562,194	)
Class C		(2,546,222	)		(3,407,300	)
Class R		(1,599,405	)		(3,397,339	)
Institutional Class		(46,995,540	)		(32,201,742	)

		(68,413,963	)		(60,709,971	)

Decrease in net assets derived from capital share transactions		(56,439,127	)		(20,553,914	)

Net Decrease in Net Assets		(56,062,576	)		(28,942,405	)

Net Assets:
Beginning of period		161,005,977			189,948,382

End of period	$	104,943,401		$	161,005,977

Distributions in excess of net investment income	$	(438,473	)	$	(86,491	)

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

Financial highlights

Delaware Core Plus Bond Fund Class A

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income ²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return ³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

¹	Ratios have been annualized and portfolio turnover and total return have not been annualized.

²	The average shares outstanding method has been applied for per share information.

Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total investment return during all of the periods shown reflects waivers by the manager and distributor. Performance would have been lower had the waivers not been in effect.

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


Six months ended				Year ended
1/31/14				7/31/13			7/31/12			7/31/11			7/31/10			7/31/09
(Unaudited) ¹

	$	8.340		$	8.750		$	8.420		$	8.220		$	7.620		$	7.260


		0.109			0.202			0.205			0.264			0.366			0.367
		0.093			(0.328	)		0.375			0.244			0.606			0.395

		0.202			(0.126	)		0.580			0.508			0.972			0.762



		(0.132	)		(0.265	)		(0.250	)		(0.308	)		(0.372	)		(0.402	)
		—			(0.019	)		—			—			—			—

		(0.132	)		(0.284	)		(0.250	)		(0.308	)		(0.372	)		(0.402	)


	$	8.410		$	8.340		$	8.750		$	8.420		$	8.220		$	7.620


		2.45%			(1.51%	)		7.01%			6.32%			13.03%			11.13%


	$	70,135		$	81,042		$	91,099		$	74,107		$	72,618		$	64,746
		0.90%			0.90%			0.90%			0.90%			0.91%			0.98%
		1.23%			1.17%			1.18%			1.29%			1.34%			1.32%
		2.60%			2.33%			2.41%			3.20%			4.60%			5.20%
		2.27%			2.06%			2.13%			2.81%			4.17%			4.86%
		130%			340%			422%			293%			264%			244%

Financial highlights

Delaware Core Plus Bond Fund Class B

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 income ²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return ³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

¹	Ratios have been annualized and portfolio turnover and total return have not been annualized.

²	The average shares outstanding method has been applied for per share information.

Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total investment return during all of the periods shown reflects waivers by the manager and/or the distributor. Performance would have been lower had the waivers not been in effect.

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


Six months ended				Year ended
1/31/14				7/31/13			7/31/12			7/31/11			7/31/10			7/31/09
(Unaudited) ¹

	$	8.340		$	8.750		$	8.420		$	8.220		$	7.620		$	7.260



		0.109			0.160			0.141			0.202			0.305			0.314
		0.093			(0.328	)		0.375			0.245			0.608			0.396

		0.202			(0.168	)		0.516			0.447			0.913			0.710



		(0.132	)		(0.223	)		(0.186	)		(0.247	)		(0.313	)		(0.350	)
		—			(0.019	)		—			—			—			—

		(0.132	)		(0.242	)		(0.186	)		(0.247	)		(0.313	)		(0.350	)


	$	8.410		$	8.340		$	8.750		$	8.420		$	8.220		$	7.620


		2.45%			(1.97%	)		6.21%			5.53%			12.19%			10.31%


	$	441		$	687		$	1,211		$	1,921		$	3,197		$	4,494
		0.90%			1.39%			1.65%			1.65%			1.66%			1.73%
		1.96%			1.87%			1.88%			1.99%			2.04%			2.02%
		2.60%			1.84%			1.66%			2.45%			3.85%			4.45%
		1.54%			1.36%			1.43%			2.11%			3.47%			4.16%
		130%			340%			422%			293%			264%			244%

Financial highlights

Delaware Core Plus Bond Fund Class C

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income ²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return ³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

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

Portfolio turnover

¹	Ratios have been annualized and portfolio turnover and total return have not been annualized.

²	The average shares outstanding method has been applied for per share information.

Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total investment return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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


Six months ended				Year ended
1/31/14				7/31/13			7/31/12			7/31/11			7/31/10			7/31/09
(Unaudited) ¹

	$	8.350		$	8.760		$	8.430		$	8.230		$	7.620		$	7.260


		0.078			0.137			0.142			0.203			0.307			0.314
		0.093			(0.328	)		0.374			0.244			0.616			0.396

		0.171			(0.191	)		0.516			0.447			0.923			0.710



		(0.101	)		(0.200	)		(0.186	)		(0.247	)		(0.313	)		(0.350	)
		—			(0.019	)		—			—			—			—

		(0.101	)		(0.219	)		(0.186	)		(0.247	)		(0.313	)		(0.350	)


	$	8.420		$	8.350		$	8.760		$	8.430		$	8.230		$	7.620


		2.06%			(2.24%	)		6.20%			5.53%			12.32%			10.31%


	$	9,365		$	10,990		$	12,989		$	10,147		$	10,022		$	5,813
		1.65%			1.65%			1.65%			1.65%			1.66%			1.73%
		1.96%			1.87%			1.88%			1.99%			2.04%			2.02%
		1.85%			1.58%			1.66%			2.45%			3.85%			4.45%
		1.54%			1.36%			1.43%			2.11%			3.47%			4.16%
		130%			340%			422%			293%			264%			244%

Financial highlights

Delaware Core Plus Bond Fund Class R

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



Net asset value, beginning of period

Income (loss) from investment operations:
Net investment income ²
Net realized and unrealized gain (loss)
Total from investment operations

Less dividends and distributions from:
Net investment income
Net realized gain
Total dividends and distributions

Net asset value, end of period

Total return ³

Ratios and supplemental data:
Net assets, end of period (000 omitted)
Ratio of expenses to average net assets
Ratio of expenses to average net assets prior to fees waived
Ratio of net investment income to average net assets
Ratio of net investment income to average net assets prior to fees waived
Portfolio turnover

¹	Ratios have been annualized and portfolio turnover and total return have not been annualized.

²	The average shares outstanding method has been applied for per share information.

Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total investment return during all of the periods shown reflects waivers by the manager and distributor. Performance would have been lower had the waivers not been in effect.

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


Six months ended				Year ended
1/31/14				7/31/13			7/31/12			7/31/11			7/31/10			7/31/09
(Unaudited) ¹

	$	8.370		$	8.780		$	8.450		$	8.240		$	7.630		$	7.260


		0.099			0.181			0.185			0.244			0.350			0.349
		0.093			(0.328	)		0.374			0.255			0.613			0.406

		0.192			(0.147	)		0.559			0.499			0.963			0.755



		(0.122	)		(0.244	)		(0.229	)		(0.289	)		(0.353	)		(0.385	)
		—			(0.019	)		—			—			—			—

		(0.122	)		(0.263	)		(0.229	)		(0.289	)		(0.353	)		(0.385	)


	$	8.440		$	8.370		$	8.780		$	8.450		$	8.240		$	7.630


		2.32%			(1.74%	)		6.73%			6.17%			12.87%			11.00%


	$	7,458		$	8,077		$	9,180		$	6,789		$	6,031		$	235
		1.15%			1.15%			1.15%			1.15%			1.16%			1.23%
		1.49%			1.47%			1.48%			1.59%			1.64%			1.62%
		2.35%			2.08%			2.16%			2.95%			4.35%			4.95%
		2.01%			1.76%			1.83%			2.51%			3.87%			4.56%
		130%			340%			422%			293%			264%			244%

Financial highlights

Delaware Core Plus Bond Fund Institutional Class

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



Net asset value, beginning of period

Income (loss) from investment operations:
Net investment income ²
Net realized and unrealized gain (loss)
Total from investment operations

Less dividends and distributions from:
Net investment income
Net realized gain
Total dividends and distributions

Net asset value, end of period

Total return ³

Ratios and supplemental data:
Net assets, end of period (000 omitted)
Ratio of expenses to average net assets
Ratio of expenses to average net assets prior to fees waived
Ratio of net investment income to average net assets
Ratio of net investment income to average net assets prior to fees waived
Portfolio turnover

¹	Ratios have been annualized and portfolio turnover and total return have not been annualized.

²	The average shares outstanding method has been applied for per share information.

Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total investment return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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


Six months ended				Year ended
1/31/14				7/31/13			7/31/12			7/31/11			7/31/10			7/31/09
(Unaudited) ¹

	$	8.350		$	8.760		$	8.430		$	8.230		$	7.630		$	7.260


		0.120			0.224			0.228			0.285			0.388			0.384
		0.093			(0.328	)		0.373			0.245			0.605			0.406

		0.213			(0.104	)		0.601			0.530			0.993			0.790



		(0.143	)		(0.287	)		(0.271	)		(0.330	)		(0.393	)		(0.420	)
		—			(0.019	)		—			—			—			—

		(0.143	)		(0.306	)		(0.271	)		(0.330	)		(0.393	)		(0.420	)


	$	8.420		$	8.350		$	8.760		$	8.430		$	8.230		$	7.630


		2.58%			(1.26%	)		7.27%			6.58%			13.30%			11.55%


	$	17,544		$	60,210		$	75,469		$	10,205		$	8,640		$	3,213
		0.65%			0.65%			0.65%			0.65%			0.66%			0.73%
		0.96%			0.87%			0.88%			0.99%			1.04%			1.02%
		2.85%			2.58%			2.66%			3.45%			4.85%			5.45%
		2.54%			2.36%			2.43%			3.11%			4.47%			5.16%
		130%			340%			422%			293%			264%			244%


Notes to financial statements
Delaware Core Plus Bond Fund		January 31, 2014 (Unaudited)

Delaware Group ^® Government Fund (Trust) is organized as a Delaware statutory trust and offers three series: Delaware Core Plus Bond Fund, Delaware Inflation Protected Bond Fund and Delaware Emerging Markets Debt Fund. These financial statements and the related notes pertain to Delaware Core Plus Bond 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 B, Class C, Class R and Institutional Class shares. Class A shares are sold with a maximum front-end sales charge of 4.50%. Class A share purchases of $1,000,000 or more will incur a contingent deferred sales charge (CDSC) of 1.00% if redeemed during the first year and 0.50% during the second year, provided that Delaware Distributors, L.P. (DDLP) paid a financial advisor a commission on the purchase of those shares. Class B shares may be purchased only through dividend reinvestment and certain permitted exchanges. Prior to June 1, 2007, Class B shares were sold with a CDSC that declined from 4.00% to zero depending upon the period of time the shares were held. Class B shares will automatically convert to Class A shares on a quarterly basis approximately eight years after purchase. Class C shares are sold with a CDSC of 1.00%, 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.

The investment objective of the Fund is to seek maximum long-term total return, consistent with reasonable risk.

1. Significant Accounting Policies

The following accounting policies are in accordance with U.S. generally accepted accounting principles (U.S. GAAP) and are consistently followed by the Fund.

Security Valuation – Equity securities, except those traded on the Nasdaq Stock Market, Inc. (Nasdaq), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange (NYSE) on the valuation date. 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, then the mean between the bid and ask prices will be used, which approximates fair value. Debt securities, credit default swap (CDS) contracts and interest rate swap 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. U.S. government securities are valued at the mean between the bid and ask prices, which approximates fair value. For asset-backed securities, collateralized mortgage obligations, commercial mortgage securities and U.S. government agency mortgage securities, pricing vendors utilize matrix pricing which considers prepayment speed, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type as well as broker/dealer-supplied prices. Swap prices are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments. Investment company securities are valued at net asset value per share, as reported by the underlying investment company. Foreign currency exchange contracts and foreign cross 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. Exchange-traded options are valued at the last reported sale price or, if no sales are reported, at the mean between the last reported bid and ask prices, which approximates fair value. 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 Fund’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.

Federal & 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 for all open federal income tax years (July 31, 2010–July 31, 2013), 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 it invests in that may date back to the inception of the Fund.

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

Repurchase Agreements – The Fund may purchase certain U.S. government securities subject to the counterparty’s agreement to repurchase them at an agreed upon date and price. The counterparty will be required on a daily basis to maintain the value of the collateral subject to the agreement at not less than the repurchase price (including accrued interest). The agreements are conditioned upon the collateral being deposited under the Federal Reserve book-entry system with the Fund’s custodian or a third party sub-custodian. In the event of default or bankruptcy by the other party to the agreement, retention of the collateral may be subject to legal proceedings. All open repurchase agreements as of the date of this report were entered into on Jan. 31, 2014.

To Be Announced Trades (TBA) – The Fund may contract to purchase securities for a fixed price at a transaction date beyond the customary settlement period (e.g., “when issued,” “delayed delivery,” “forward commitment,” or “TBA transactions”) consistent with the Fund’s ability to manage its investment portfolio and meet redemption requests. These transactions involve a commitment by the Fund to purchase securities for a predetermined price or yield with payment and delivery taking place more than three days in the future, or after a period longer than the customary settlement period for that type of security. No interest will be earned by the Fund on such purchases until the securities are delivered; however, the market value may change prior to delivery.

Notes to financial statements

Delaware Core Plus Bond Fund

1. Significant Accounting Policies (continued)

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 U.S. dollars at the exchange rate of such currencies against the U.S. 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) is included in the statement of operations under the caption 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.

Use of Estimates – The preparation of financial statements in conformity with U.S. 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 Investments ^® Family of Funds are generally allocated among such funds on the basis of average net assets. Management fees and some other expenses are paid monthly. Security transactions are recorded on the date the securities are purchased or sold (trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Discounts and premiums on debt securities are amortized to interest income over the lives of the respective securities using the effective interest method. Realized gains (losses) on paydowns of asset- and mortgage-backed securities are classified as interest income. Withholding taxes and reclaims on foreign interest have been recorded in accordance with the Fund’s understanding of the applicable country’s tax rules and rates. The Fund paid foreign capital gains taxes on certain foreign securities held which are included as components of realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary loss for federal income tax purposes. The Fund declares dividends daily from net investment income and pays the dividends monthly and declares and pays distributions from net realized gain on investments, if any, annually. The Fund may distribute more frequently, if necessary for tax purposes. Dividends and distributions, if any, are recorded on the ex-dividend date.

The Fund may receive earnings credits from its custodian when positive cash balances are maintained, which may be used to offset custody fees. There were no earnings credits for the six months ended Jan. 31, 2014.

expenses on the statement of operations with the corresponding expense offset shown as “expense paid indirectly.” For the year ended Jan. 31, 2014, the Fund earned $60 under this agreement.

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 Delaware Management Business Trust and the investment manager, an annual fee which is calculated daily at the rate of 0.55% on the first $500 million of average daily net assets of the Fund, 0.50% on the next $500 million, 0.45% on the next $1.5 billion, and 0.425% on average daily net assets in excess of $2.5 billion.

DMC has contractually agreed to waive that portion, if any, of its management fees and/or pay/ reimburse the Fund to the extent necessary to ensure that total annual operating expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, inverse floater program expenses, short sale and dividend 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 (collectively, nonroutine expenses)), do not exceed 0.65% of average daily net assets of the Fund from Aug. 1, 2013 through Jan. 31, 2014*. For purposes of this waiver and reimbursement, nonroutine expenses may also include such additional costs and expenses, as may be agreed upon from time to time by the Fund’s Board and DMC. The expense waiver and reimbursement apply only to expenses paid directly by the Fund and may only be terminated by agreement of DMC and the Fund.

Delaware Service Company, Inc. (DSC), an affiliate of DMC, provides fund accounting and financial administration oversight services to the Fund. For these services, the Fund pays DSC fees based on the aggregate daily net assets of the Delaware Investments ^® Family of Funds at the following annual rate: 0.0050% of the first $30 billion; 0.0045% of the next $10 billion; 0.0040% of the next $10 billion; and 0.0025% of aggregate average daily net assets in excess of $50 billion. The fees payable to DSC under the service agreement described above are allocated among all Funds in the Delaware Investments Family of Funds on a relative net asset value basis. For the six months ended Jan. 31, 2014, the Fund was charged $2,949 for these services.

DSC is also the transfer agent and dividend disbursing agent of the Fund. The Fund pays DSC a monthly asset-based fee for these services. For the six months ended Jan. 31, 2014, the Fund was charged $13,481 for these services. Pursuant to a sub-transfer agency agreement between DSC and BNY Mellon Investment Servicing (US) Inc. (BNYMIS), BNYMIS provides certain sub-transfer agency services to the Fund. Sub-transfer agency fees are passed on to and paid directly by the Fund.

Pursuant to a distribution agreement and distribution plan, effective Oct. 1, 2013, the Fund pays DDLP, the distributor and an affiliate of DMC, an annual distribution and service fee of 0.25% of the average daily net assets of the Class A shares, 1.00% of the average daily net assets of the Class B and C shares and 0.50% of the average daily net assets of the Class R shares. Institutional Class shares pay no distribution and service expenses. For the period Aug. 1, 2013, through Sept. 30, 2013, the Fund paid DDLP an annual distribution fee of 0.30% of average daily net assets of the class A shares and 0.60% of the average daily net assets of the class R shares respectively. DDLP contracted to limit the Class A and

Notes to financial statements

Delaware Core Plus Bond Fund

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

Class R shares’ 12b-1 fees from Aug. 1, 2013 through Sept. 30, 2013 to no more than 0.25% and 0.50%, respectively, of the classes’ average daily net assets. DDLP has contracted to limit the Class B shares 12b-1 fees from Aug. 1, 2013 through Jan. 31, 2014* to no more than 0.25% of average daily net assets.

The Board has adopted a formula for calculating 12b-1 plan fees for the Fund’s Class A shares that went into effect on June 1, 1992. The Fund’s Class A shares are currently subject to a blended 12b-1 fee equal to the sum of: (i) 0.10% of the average daily net assets representing shares that were acquired prior to June 1, 1992, and (ii) 0.30% (currently limited to 0.25% through Nov. 28, 2014) of the average daily net assets representing shares acquired on or after June 1, 1992. All Class A shareholders currently bear 12b-1 fees at the same rate, the blended rate based on the formula described above. This method of calculating Class A 12b-1 fees may be discontinued at the sole discretion of the Board.

As provided in the investment management agreement, the Fund bears the cost of certain resources shared with DMC, including the cost of internal personnel of DMC and/or its affiliates that provide legal, tax and regulatory reporting services to the Fund. For the six months ended Jan. 31, 2014, the Fund was charged $1,857 for internal legal, tax and regulatory reporting provided by DMC and/or its affiliates’ employees.

For the six months ended Jan. 31, 2014, DDLP earned $1,166 for commissions on sales of the Fund’s Class A shares. For the six months ended Jan. 31, 2014, DDLP received gross CDSC commissions of $38 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, DSC, and DDLP are officers and/or Trustees of the Trust. These officers and Trustees are paid no compensation by the Fund.

* The contractual waiver period was Nov. 27, 2013 through Nov. 28, 2014.

3. Investments

For the six months ended Jan. 31, 2014, the Fund made purchases and sales of investment securities other than short-term investments as follows:


Purchases other than U.S. government securities			$143,700,458
Purchases of U.S. government securities			13,949,949
Sales other than U.S. government securities			197,585,077
Sales of U.S. government securities			15,930,108

At Jan. 31, 2014, the cost of investments and unrealized appreciation (depreciation) for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At Jan. 31, 2014, the cost of investments and unrealized appreciation (depreciation) were as follows:


Cost of investments	$	116,462,719

Aggregate unrealized appreciation	$	2,124,418
Aggregate unrealized depreciation		(404,860	)

Net unrealized appreciation	$	1,719,558

U.S. 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 developed 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 below.


Level 1 –		inputs are quoted prices in active markets for identical investments (e.g., equity securities, open-end investment companies, futures contracts, exchange-traded options contracts)

Level 2 –		other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) (e.g., debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, fair valued securities)

Level 3 –		inputs are significant unobservable inputs (including the Fund’s own assumptions used to determine the fair value of investments) (e.g., broker-quoted securities, fair valued securities)

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

Notes to financial statements

Delaware Core Plus Bond Fund

3. Investments (continued)

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of Jan. 31, 2014:


	Level 1		Level 2		Total
Agency, Asset Backed & Mortgage Backed Securities	$	—	$	31,198,032	$	31,198,032
Corporate Debt		—		52,120,180		52,120,180
Municipal Bonds		—		980,047		980,047
Foreign Debt		—		1,037,915		1,037,915
Senior Secured Loans		—		13,623,521		13,623,521
U.S. Treasury Obligations		—		3,541,250		3,541,250
Convertible Preferred Stock ¹		63,587		104,641		168,228
Preferred Stock		1,063,586		—		1,063,586
Short-Term Investments		—		14,449,498		14,449,498
Options Purchased		—		20		20


Total	$	1,127,173	$	117,055,104	$	118,182,277


Foreign Currency Exchange Contracts	$	—	$	3,227	$	3,227
Futures Contracts		135,077		—		135,077
Swap Contracts		—		1,703		1,703

¹ Security type is valued across multiple levels. The amounts attributed to Level 1 investments and Level 2 investments represent 37.80% and 62.20%, respectively, of the total market value of this security type. Level 1 investments represent exchange traded investments while Level 2 investments represent matrix-priced investments.

During the six months ended Jan. 31, 2014, there were no transfers between Level 1 investments, Level 2 investments or Level 3 investments that had a significant impact to the Fund. The Fund’s policy is to recognize transfers between levels at the beginning of the reporting period.

4. Capital Shares

Transactions in capital shares were as follows:


	Six months ended 1/31/14			Year ended 7/31/13
Shares sold:
Class A		542,048			1,456,098
Class B		13			6,686
Class C		89,094			195,769
Class R		96,529			279,660
Institutional Class		492,493			2,041,700

Shares issued upon reinvestment of dividends and distributions:
Class A		129,141			302,922
Class B		876			2,317
Class C		13,414			33,814
Class R		13,645			28,950
Institutional Class		62,308			290,999
		1,439,561			4,638,915

Shares redeemed:
Class A		(2,047,916	)		(2,454,528	)
Class B		(30,886	)		(65,057	)
Class C		(306,241	)		(396,361	)
Class R		(191,427	)		(389,173	)
Institutional Class		(5,682,244	)		(3,737,933	)
		(8,258,714	)		(7,043,052	)
Net decrease		(6,819,153	)		(2,404,137	)

For the six months ended Jan. 31, 2014 and year ended July 31, 2013, 5,004 Class B shares were converted to 5,004 Class A shares valued at $41,541 and 23,025 Class B shares were converted to 23,044 Class A shares valued at $198,965, respectively. The respective amounts are included in Class B redemptions and Class A subscriptions in the table above and the statements of changes in net assets.

5. Line of Credit

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 under the agreement expired on Nov. 12, 2013.

Notes to financial statements

Delaware Core Plus Bond Fund

5. Line of Credit (continued)

On Nov. 12, 2013, the Fund, along with the other Participants, entered into an amendment to the agreement for a $225,000,000 revolving line of credit. The line of credit is to be used as described above and operates in substantially the same manner as the original agreement. The line of credit available under the agreement expires on Nov. 10, 2014.

The Fund had no amounts outstanding as of Jan. 31, 2014 or at any time during the six months then ended.

6. Derivatives

U.S. 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 entered into these contracts to fix the U.S. dollar value of securities that it agreed to buy or sell for the period between the date the trade was entered into and the date the security was delivered and paid for. The Fund also entered into these contracts to hedge the U.S. dollar value of securities it already owned that were denominated in foreign currencies. 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 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.

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.

Options Contracts – During the six months ended Jan. 31, 2014, the Fund entered into options contracts in the normal course of pursuing its investment objective. During the period, the Fund entered into options contracts to manage its exposure to changes in securities prices caused by interest rates or market conditions. The Fund may also buy or write options contracts for any number of reasons, including without limitation: to manage the Fund’s exposure to changes in other foreign currencies; as an efficient means of adjusting the Fund’s overall exposure to certain markets; and as a cash management tool. The Fund may buy or write call or put options on securities, futures, swaps, “swaptions”, financial indices, and foreign currencies. When the Fund buys an option, a premium is paid and an asset is recorded and adjusted on a daily basis to reflect the current market value of the option purchased. When the Fund writes an option, a premium is received and a liability is recorded and adjusted on a daily basis to reflect the current market value of the option written. Premiums received from writing options that expire unexercised are treated by the Fund on the expiration date as realized gains. The difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is treated as realized gain or loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether the Fund has a realized gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the Fund. The Fund, as writer of an option, bears the market risk of an unfavorable change in the price of the security underlying the written option. When writing options, the Fund is subject to minimal counterparty risk because the counterparty is only obligated to pay premiums and does not bear the market risk of an unfavorable market change. During the six months ended Jan. 31, 2014, there were no option contracts written.

Swap Contracts – The Fund may enter into interest rate swaps and CDS contracts in the normal course of pursuing its investment objective. The Fund may use interest rate swaps to adjust the Fund’s sensitivity to interest rates or to hedge against changes in interest rates. The Fund entered into CDS contracts in order to hedge against a credit event. 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 & Poors (S&P) or Baa3 by Moody’s Investors Service (Moody’s) or is determined to be of equivalent credit quality by the Manager.

Notes to financial statements

Delaware Core Plus Bond Fund

6. Derivatives (continued)

based on a fixed interest rate and making payments based on a variable or floating interest rate. Interest rate swaps may be used to adjust the Fund’s sensitivity to interest rates or to hedge against changes in interest rates. Periodic payments on such contracts are accrued daily and recorded as unrealized appreciation/depreciation on swap contracts. Upon periodic payment/receipt or termination of the contract, such amounts are recorded as realized gains or losses on swap contracts. The Fund’s maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from/paid to the counterparty over the interest rate swap contract’s remaining life, to the extent that the amount is positive. This risk is mitigated by (1) 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 for trades entered prior to June 10, 2013, and (2) trading these instruments through a central counterparty for trades entered on or after June 10, 2013.

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 six months ended Jan. 31, 2014, the Fund entered into CDS contracts as a purchaser and seller of protection as a hedge against credit events. Periodic payments (receipts) on such contracts are accrued daily and recorded as 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 as unrealized appreciation or depreciation daily. 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 is posted to central counterparties for CDS basket trades submitted on or after June 10, 2013, as determined by the applicable central counterparty.

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) 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 for trades entered prior to June 10, 2013, and (2) trading these instruments through a central counterparty for trades entered on or after June 10, 2013.

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 statement of net assets.

Fair value of derivative instruments as Jan. 31, 2014 was as follows:

Asset Derivatives

Liability Derivatives

Statement of

Assets and
Liabilities Location

Fair Value

Statement of
Assets and
Liabilities Location

Fair Value

Forward currency exchange contracts (Foreign currency exchange contracts)

Unrealized gain

Unrealized loss

on foreign
currency
exchange
contracts

4,235

foreign currency
exchange
contracts

$(1,008)

Equity contracts (Futures contracts)

Variation margin
receivable on
futures contracts*

6,065

Variation margin
payable on
futures contracts*

—

Interest rate contracts (Futures contracts)

Variation margin

receivable on
futures contracts*

129,012

payable on
futures contracts*

—

Credit contracts (Swap contracts)

Unrealized gain
on credit default
swap contracts

1,703

Unrealized loss
on

credit default
swap contracts

—

Total

141,015

$(1,008)

*Includes cumulative depreciation of futures contracts from the date the contracts are opened through Jan. 31, 2014. Only current day variation margin is reported on the Fund’s statement of assets and liabilities.

The effect of derivative instruments on the statement of operations for the six months ended Jan. 31, 2014 was as follows:


	Net Realized Gain (Loss) on:
	Foreign Currency Transactions			Financial Futures Contracts			Swaps			Total
Forward currency exchange contracts		$(143,439	)		$ 500			$ —			$(142,939	)
Equity contracts		—			(15,553	)		—			(15,553	)
Interest rate contracts		—			206,129			(123,632	)		82,497
Credit contracts		—			—			(103,722	)		(103,722	)

Notes to financial statements

Delaware Core Plus Bond Fund

6. Derivatives (continued)


	Net Realized Gain (Loss) on:
	Foreign Currency Transactions			Financial Futures Contracts		Swaps			Total
Total		$(143,439	)		$191,076		$(227,354	)		$(179,717	)
	Net Change in Unrealized Appreciation of:
	Foreign Currency Transactions			Financial Futures Contracts		Swaps			Total
Forward currency exchange contracts		$16,517			$ —		$ —			$ 16,517
Equity Contracts		—			17,620		—			17,620
Interest rate contracts		—			149,524		12,697			162,221
Credit contracts		—			—		113,731			113,731
Total		$16,517			$167,144		$126,428			$310,089

Derivatives Generally. The table below summarizes the average balance of derivative holdings by the Fund during the year ended Jan. 31, 2014.


	Long Derivative Volume		Short Derivative Volume
Foreign currency exchange contracts (average cost)	USD	527,522	USD	1,448,023
Futures contracts (average notional value)		7,198,729		4,554,999
Options contracts (average notional value)		2,055		—
CDS contracts (average notional value)*		790,441		137,008
	EUR	452,480		—
Interest rate contracts (average notional value)	USD	841,732		—

*Long represents buying protection and short represents selling protection.

7. Offsetting

In December 2011, the Financial Accounting Standards Board (FASB) issued guidance that expands current disclosure requirements on the off setting of certain assets and liabilities. The new disclosures are required for investments and derivative financial instruments subject to master netting or similar agreements which are eligible for offset in the statement of assets and liabilities and will require an entity to disclose both gross and net information about such investments and transactions in the financial statements. In January 2013, the FASB issued guidance that clarifies which investments and transactions are subject to the offsetting disclosure requirements. The scope of the disclosure requirements for offsetting is limited to derivative instruments, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions. The guidance is effective for financial statements with fiscal years beginning on or after Jan. 1, 2013, and interim periods within those fiscal years. The Fund adopted the disclosure provisions on offsetting during the current reporting period.

In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund entered into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or similar agreement with their derivative contract counterparties. 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 instrument’s 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) netting 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 in the statement of assets and liabilities.

At Jan. 31, 2014, the Fund had the following assets and liabilities subject to offsetting provisions:

Offsetting of Financial Assets and Liabilities and Derivative Assets and Liabilities


Counterparty	Gross Value of Derivative Asset		Gross Value of Derivative Liability		Net Position
Bank of America Merrill Lynch		$2,335,470		$ (27)		$2,335,443
Bank of Montreal		389,120		—		389,120
BNP Paribas		6,542,157		—		6,542,157
BNY Mellon		—		(129)		(129)
Deutsche Bank		3,488		—		3,488
Hong Kong Shanghai Bank		39,351		—		39,351
JPMorgan Chase Bank		1,703		—		1,703
Toronto Dominion Bank		—		(32)		(32)
Union Bank of Switzerland		—		(820 )		(820 )
Total		$9,311,289		$(1,008 )		$9,310,281

Notes to financial statements

Delaware Core Plus Bond Fund

7. Offsetting (continued)

Offsetting of Financial Assets and Liabilities and Derivative Assets and Liabilities


	Gross Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Net Position		Fair Value of Non Cash Collateral Received			Cash Collateral Received		Fair Value of Non Cash Collateral Pledged		Cash Collateral Pledged		Net Amount ^(a)
Bank of America Merrill Lynch		$2,335,443	$	(2,334,723	)		$ —		$ —		$ —		$720
Bank of Montreal		389,120		(389,120	)		—		—		—		—
BNP Paribas		6,542,157		(6,542,157	)		—		—		—		—
BNY Mellon		(129)		—			—		—		—		(129)
Deutsche Bank		3,488		—			—		—		—		3,488
Hong Kong Shanghai Bank		39,351		—			—		—		—		39,351
JPMorgan Chase Bank		1,703		—			—		—		—		1,703
Toronto Dominion Bank		(32)		—			—		—		—		(32)
Union Bank of Switzerland		(820)		—			—		—		—		(820)
Total		$ 9,310,281	$	( 9,266,000	)		$ —		$ —		$ —		$44,281

^(a) Net amount represents the receivable/(payable) that would be due from/(to) the counterparty in the event of default.

8. Securities Lending

The Fund, along with other funds in the Delaware Investments ^® Family of 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: (i) 102% with respect to U.S. securities and foreign securities that are denominated and payable in U.S. dollars; and (ii) 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 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.

securities and in repurchase agreements collateralized by such securities, provided that the Collective Trust will generally have a dollar-weighted average portfolio maturity of 60 days or less. The Fund can also accept U.S. government securities and letters of credit (non-cash collateral) in connection with securities loans. In the event of default or bankruptcy by the lending agent, realization and/or retention of the collateral may be subject to legal proceedings. In the event the borrower fails to return loaned securities and the collateral received is insufficient to cover the value of the loaned securities and provided such collateral shortfall is not the result of investment losses, the lending agent has agreed to pay the amount of the shortfall to the Fund, or at the discretion of the lending agent, replace the loaned securities. The Fund continues to record dividends or interest, as applicable, on the securities loaned and is subject to changes in value of the securities loaned that may occur during the term of the loan. The Fund has the right under the Lending Agreement to recover the securities from the borrower on demand. With respect to security loans collateralized by non-cash collateral, the Fund receives loan premiums paid by the borrower. With respect to security loans collateralized by cash collateral, the earnings from the collateral investments are shared among the Fund, the security lending agent and the borrower. The Fund records security lending income net of allocations to the security lending agent and the borrower.

The Collective Trust used for the investment of cash collateral received from borrowers of securities seeks to maintain a net asset value per unit of $1.00, but there can be no assurance that it will always be able to do so. The Fund may incur investment losses as a result of investing securities lending collateral in the Collective Trust. This could occur if an investment in the Collective Trust defaulted or if it were necessary to liquidate assets in the Collective Trust to meet returns on outstanding security loans at a time when the Collective Trust’s net asset value per unit was less than $1.00. Under those circumstances, the Fund may not receive an amount from the Collective Trust that is equal in amount to the collateral the Fund would be required to return to the borrower of the securities and the Fund would be required to make up for this shortfall.

At Jan. 31, 2014, the Fund had no securities out on loan.

9. Credit and Market Risk

The Fund invests a portion of its assets in high yield, fixed income securities, which are securities rated lower than BBB- by S&P and Baa3 by Moody’s, 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.

Notes to financial statements

Delaware Core Plus Bond Fund

9. Credit and Market Risk (continued)

mortgages held under an indenture. Prepayment of mortgages may shorten the stated maturity of the obligations and can result in a loss of premium, if any has been paid. Certain of these securities may be stripped (securities which provide only the principal or interest feature of the underlying security). The yield to maturity on an interest-only CMO is extremely sensitive not only to changes in prevailing interest rates, but also to the rate of principal payments (including prepayments) on the related underlying mortgage assets. A rapid rate of principal payments may have a material adverse effect on the Fund’s yield to maturity. If the underlying mortgage assets experience greater than anticipated prepayments of principal, the Fund may fail to fully recoup its initial investment in these securities even if the securities are rated in the highest rating categories.

The Fund invests in certain obligations that may have liquidity protection 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 a security.

The Fund may invest up to 15% of its net assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A of 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 Fund’s 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. As of Jan. 31, 2014, no securities have been determined to be illiquid under the Fund’s Liquidity Procedures. Rule 144A securities have been identified on the schedule of investments.

10. 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.

11. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to Jan. 31, 2014 that would require recognition or disclosure in the Fund’s financial statements.

Other Fund information (Unaudited)

Delaware Core Plus Bond Fund

Board Consideration of Delaware Core Plus Bond Fund investment advisory agreement

At a meeting held on Aug. 20–22, 2013 (the “Annual Meeting”), the Board of Trustees (the “Board”), including a majority of disinterested or independent Trustees, approved the renewal of the Investment Advisory Agreement for Delaware Core Plus Bond Fund (the “Fund”). In making its decision, the Board considered information furnished at regular quarterly Board meetings, including reports detailing Fund performance, investment strategies and expenses, as well as information prepared specifically in connection with the renewal of the investment advisory and sub-advisory contracts. Information furnished specifically in connection with the renewal of the Investment Advisory Agreement with Delaware Management Company (“DMC”) included materials provided by DMC and its affiliates (“Delaware Investments”) concerning, among other things, the nature, extent and quality of services provided to the Fund, the costs of such services to the Fund, economies of scale and the financial condition and profitability of Delaware Investments. In addition, in connection with the Annual Meeting, reports were provided to the Trustees in May 2013 and included reports provided by Lipper, Inc., an independent statistical compilation organization (“Lipper”). The Lipper reports compared the Fund’s investment performance and expenses with those of other comparable mutual funds. The Independent Trustees reviewed and discussed the Lipper reports with independent legal counsel to the Independent Trustees. The Board requested and received information regarding DMC’s policy with respect to advisory fee levels and its breakpoint philosophy; the structure of portfolio manager compensation; the investment manager’s profitability; comparative client fee information; and any constraints or limitations on the availability of securities for certain investment styles, which had in the past year inhibited, or which were likely in the future to inhibit, DMC’s ability to invest fully in accordance with Fund policies.

In considering information relating to the approval of the Fund’s advisory agreement, the Independent Trustees received assistance and advice from and met separately with independent legal counsel to the Independent Trustees. Although the Board gave attention to all information furnished, the following discussion identifies, under separate headings, the primary factors taken into account by the Board during its contract renewal considerations.

Nature, extent and quality of service. The Board considered the services provided by Delaware Investments to the Fund and its shareholders. In reviewing the nature, extent and quality of services, the Board considered reports furnished to it throughout the year, which covered matters such as the relative performance of the Fund, compliance of portfolio managers with the investment policies, strategies and restrictions for the Fund, compliance by DMC and Delaware Distributors, L.P. (together, “Management”) personnel with the Code of Ethics adopted throughout the Delaware Investments ^® Family of Funds complex and adherence to fair value pricing procedures as established by the Board. The Board was pleased with the current staffing of the Fund’s investment advisor and the emphasis placed on research in the investment process. The Board recognized DMC’s recent receipt of several industry distinctions. The Board gave favorable consideration to DMC’s efforts to control expenditures while maintaining service levels committed to fund matters. The Board noted that in July 2011 Management implemented measures to reduce overall costs and improve transfer agent and shareholder servicing functions through outsourcing. The Board noted the benefits provided to Fund shareholders through each shareholder’s ability to exchange an investment in one Delaware Investments fund for the same class of shares in another Delaware Investments fund without a sales charge, to reinvest Fund dividends into additional shares of the Fund or into additional shares of other Delaware Investments funds and the

Other Fund information (Unaudited)

Delaware Core Plus Bond Fund

privilege to combine holdings in other Delaware Investments ^® funds to obtain a reduced sales charge. The Board was satisfied with the nature, extent and quality of the overall services provided by Delaware Investments.

Investment performance. The Board placed significant emphasis on the investment performance of the Fund in view of the importance of investment performance to shareholders. Although the Board gave appropriate consideration to performance reports and discussions with portfolio managers at Investment Committee meetings throughout the year, the Board gave particular weight to the Lipper reports furnished for the Annual Meeting. The Lipper reports prepared for the Fund showed the investment performance of its Class A shares in comparison to a group of similar funds as selected by Lipper (the “Performance Universe”). A fund with the best performance ranked first, and a fund with the poorest performance ranked last. The highest/best performing 25% of funds in the Performance Universe make up the first quartile; the next 25%, the second quartile; the next 25%, the third quartile; and the poorest/ worst performing 25% of funds in the Performance Universe make up the fourth quartile. Comparative annualized performance for the Fund was shown for the past one-, three-, five- and ten-year periods ended March 31, 2013. The Board’s objective is that the Fund’s performance for the periods considered be at or above the median of its Performance Universe. The following paragraph summarizes the performance results for the Fund and the Board’s view of such performance.

The Performance Universe for the Fund consisted of the Fund and all retail and institutional intermediate investment-grade debt funds as selected by Lipper. The Lipper report comparison showed that the Fund’s total return for the one-, three- and ten-year periods was in the second quartile of its Performance Universe. The report further showed that the Fund’s total return for the five-year period was in the first quartile of its Performance Universe. The Board was satisfied with performance.

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

The expense comparisons for the Fund showed that its actual management fee was in the quartile with the lowest expenses of its Expense Group and its total expenses were in the quartile with the second highest expenses of its Expense Group. The Board gave favorable consideration to the Fund’s management fee, but noted that the Fund’s total expenses were not in line with the Board’s objective. In

evaluating total expenses, the Board considered fee waivers in place through November 2013 and various initiatives implemented by Management, such as the outsourcing of certain transfer agency services, which had created an opportunity for a further reduction in expenses. The Board was satisfied with Management’s efforts to improve the Fund’s total expense ratio and to bring it in line with the Board’s objective.

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

Economies of scale. The Trustees considered whether economies of scale are realized by Delaware Investments as the Fund’s assets increase and the extent to which any economies of scale are reflected in the level of management fees charged. The Trustees reviewed the standardized advisory fee pricing and structure, approved by the Board and shareholders, which includes breakpoints. Breakpoints in the advisory fee occur when the advisory fee rate is reduced on assets in excess of specified levels. Breakpoints result in a lower advisory fee than would otherwise be the case on all assets when the asset levels specified are exceeded. The Board noted that the fee under the Fund’s management contract fell within the standard structure. Although the Fund has not reached a size at which it can take advantage of breakpoints, the Board recognized that the fee was structured so that when the Fund grows, economies of scale may be shared.

About the organization

This semiannual report is for the information of Delaware Core Plus Bond Fund shareholders, but it may be used with prospective investors when preceded or accompanied by the Delaware Investments Fund fact sheet for the most recently completed calendar quarter. These documents are available at delawareinvestments.com.

Delaware Investments is the marketing name of Delaware Management Holdings, Inc. and its subsidiaries.

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-Q. The Fund’s Forms N-Q, 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 Fund’s Schedule of Investments are available without charge on the Fund’s website at delawareinvestments.com. The Fund’s Forms N-Q 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 delawareinvestments.com; and (ii) on the SEC’s website at sec.gov.

LOGO

Semiannual report

Fixed income mutual fund

Delaware Emerging Markets Debt Fund

January 31, 2014

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, if available, its summary prospectus, which may be obtained by visiting delawareinvestments.com or calling 800 523-1918. Investors should read the prospectus and, if available, the summary prospectus carefully before investing.

You can obtain shareholder reports and prospectuses online instead of in the mail.

Visit delawareinvestments.com/edelivery.

Experience Delaware Investments

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

You can learn more about Delaware Investments or obtain a prospectus for Delaware Emerging Markets Debt Fund at delawareinvestments.com.

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Investments in Delaware Emerging Markets Debt Fund are not and will not be deposits with or liabilities of Macquarie Bank Limited ABN 46 008 583 542 and its holding companies, including their subsidiaries or related companies (Macquarie Group), and are subject to investment risk, including possible delays in repayment and loss of income and capital invested. No Macquarie Group company guarantees or will guarantee the performance of the Fund, the repayment of capital from the Fund, or any particular rate of return.

Table of contents


Disclosure of Fund expenses			1
Security type/sector allocation			3
Schedule of investments			4
Statement of assets and liabilities			10
Statement of operations			12
Statement of changes in net assets			13
Financial highlights			14
Notes to financial statements			16
Other Fund information			31
About the organization			33

Unless otherwise noted, views expressed herein are current as of Jan. 31, 2014, and subject to change.

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

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

Disclosure of Fund expenses

For the period September 30, 2013* to January 31, 2014 (Unaudited)

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 Sept. 30, 2013* to Jan. 31, 2014.

Actual expenses

Hypothetical example for comparison purposes

The Fund commenced operations on Sept. 30, 2013. The ending account value for “Actual” uses the performance since inception and is not annualized and the expenses paid during period for “Actual” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 124/365 (to reflect the actual days since inception).

Disclosure of Fund expenses

For the period September 30, 2013* to January 31, 2014 (Unaudited)

Delaware Emerging Markets Debt Fund

Expense analysis of an investment of $1,000


	Beginning Account Value 8/1/13	Ending Account Value 1/31/14	Annualized Expense Ratio	Expenses Paid During Period 8/1/13 to 1/31/14

Actual Fund return ^*
Class A	$1,000.00	$1,007.80	1.34%	$4.57
Class C	1,000.00	1,004.00	2.09%	7.11
Class R	1,000.00	1,006.80	1.59%	5.42
Institutional Class	1,000.00	1,008.60	1.09%	3.72

Hypothetical 5% return (5% return before expenses) ^**
Class A	$1,000.00	$1,012.43	1.34%	$4.58
Class C	1,000.00	1,009.89	2.09%	7.14
Class R	1,000.00	1,011.58	1.59%	5.43
Institutional Class	1,000.00	1,013.28	1.09%	3.73

**	“Expenses Paid During Period” for “Hypothetical” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Security type/sector allocation


Delaware Emerging Markets Debt Fund		As of January 31, 2014 (Unaudited)


Security type / sector	Percentage of net assets

Corporate Bonds		78.18%
Banking		15.92%
Basic Industry		8.14%
Brokerage		2.62%
Capital Goods		8.77%
Communications		13.75%
Consumer Cyclical		1.32%
Consumer Non-Cyclical		2.44%
Electric		3.67%
Energy		12.86%
Finance Companies		1.12%
Real Estate Investment Trusts		3.02%
Technology		1.14%
Transportation		3.41%

Sovereign Bonds		15.93%

Supranational Banks		8.27%

Securities Sold Short		(9.16%)

Total Value of Securities		93.22%

Receivables and Other Assets Net of Liabilities		6.78%

Total Net Assets		100.00%

Schedule of investments


Delaware Emerging Markets Debt Fund		January 31, 2014 (Unaudited)


	Principal amount°		Value (U.S. $)

Corporate Bonds – 78.18%

Banking – 15.92%
Alfa Bank 7.875% 9/25/17		250,000	$	278,750
Banco Nacional de Costa Rica 144A 4.875% 11/1/18 # ¥		200,000		195,700
Banco Santander Mexico 144A 5.95% 1/30/24 #• ¥		200,000		203,750
Bank of Georgia 144A 7.75% 7/5/17 #		300,000		314,062
BBVA Bancomer 6.50% 3/10/21		250,000		269,687
Finansbank 5.50% 5/11/16 ¥		700,000		689,500
VEB Finance 144A 4.224% 11/21/18 #		250,000		247,812
Yapi ve Kredi Bankasi
5.188% 10/13/15		350,000		352,625
144A 5.25% 12/3/18 #		300,000		285,000

				2,836,886

Basic Industry – 8.14%
Alpek 4.50% 11/20/22		250,000		236,875
EuroChem Mineral & Chemical 5.125% 12/12/17		200,000		199,750
Minera Ares 144A 7.75% 1/23/21 #		200,000		200,250
MMC Finance 144A 5.55% 10/28/20 # ¥		227,000		224,730
Vale Overseas 5.625% 9/15/19 ¥		100,000		109,236
Vedanta Resources 6.00% 1/31/19		500,000		478,775

				1,449,616

Brokerage – 2.62%
Grupo Aval 5.25% 2/1/17		444,000		466,422

				466,422

Capital Goods – 8.77%
Cemex 9.50% 6/15/18 ¥		500,000		563,750
Metalloinvest Finance
5.625% 4/17/20		250,000		241,250
144A 6.50% 7/21/16 #		250,000		261,250
OAS Investments
8.25% 10/19/19		313,000		302,436
144A 8.25% 10/19/19 #		200,000		193,250

				1,561,936

Communications – 13.75%
Columbus International 11.50% 11/20/14		500,000		526,125
Comcel Trust 144A 6.875% 2/6/24 #		200,000		196,466
Digicel Group 144A 8.25% 9/30/20 # ¥		500,000		522,500
Millicom International Cellular 144A 6.625% 10/15/21 #		200,000		202,302
Myriad International Holdings 6.00% 7/18/20		250,000		263,750
Telefonica Celular del Paraguay 6.75% 12/13/22		250,000		255,625
Telemar Norte Leste 144A 5.50% 10/23/20 # ¥		300,000		282,375
VTR Finance 144A 6.875% 1/15/24 #		200,000		200,731

				2,449,874


		Principal amount°		Value (U.S. $)

Corporate Bonds (continued)

Consumer Cyclical – 1.32%
BC Luxco 1 7.375% 1/29/20			250,000	$	235,937

					235,937

Consumer Non-Cyclical – 2.44%
ENA Norte Trust 4.95% 4/25/23			234,147		229,206
JBS Investments 144A 7.75% 10/28/20 #			200,000		206,000

					435,206

Electric – 3.67%
AES Gener 144A 8.375% 12/18/73 #•			200,000		210,500
Comision Federal de Electricidad 144A 4.875% 1/15/24 #			200,000		198,000
Samruk-Energy 3.75% 12/20/17			250,000		246,250

					654,750

Energy – 12.86%
Gazprom 144A 3.85% 2/6/20 #			300,000		286,500
Gazprom Neft 144A 6.00% 11/27/23 # ¥			300,000		300,375
ONGC Videsh 2.50% 5/7/18			200,000		190,890
Pacific Rubiales Energy 7.25% 12/12/21			400,000		422,000
Petrobras Global Finance 2.379% 1/15/19 • ¥			500,000		487,500
Petroleos de Venezuela 8.50% 11/2/17			250,000		194,625
Petroleos Mexicanos
2.257% 7/18/18 • ¥			250,000		258,125
144A 3.125% 1/23/19 #			150,000		150,980

					2,290,995

Finance Companies – 1.12%
Trust F 144A 5.25% 12/15/24 #			200,000		199,000

					199,000

Real Estate Investment Trusts – 3.02%
Vingroup 144A 11.625% 5/7/18 #			500,000		537,500

					537,500

Technology – 1.14%
Baidu 3.25% 8/6/18 ¥			200,000		202,703

					202,703

Transportation – 3.41%
DP World Sukuk 6.25% 7/2/17			250,000		277,125
Red de Carreteras de Occidente SAPIB de CV 9.00% 6/10/28	MXN		5,000,000		331,335

					608,460

Total Corporate Bonds (cost $13,897,106)					13,929,285

Schedule of investments

Delaware Emerging Markets Debt Fund


	Principal amount°		Value (U.S. $)

Sovereign Bonds – 15.93% D

Gabon – 1.74%
Gabonese Republic 144A 6.375% 12/12/24 #		300,000	$	309,750

				309,750

Hungary – 1.78%
Hungary Government International Bond 5.75% 11/22/23		320,000		317,200

				317,200

Iceland – 1.18%
Republic of Iceland 144A 5.875% 5/11/22 #		200,000		209,742

				209,742

Indonesia – 2.08%
Indonesia Government International Bond 144A 5.875% 1/15/24 #		362,000		369,692

				369,692

Ivory Coast – 0.98%
Ivory Coast Government International Bond 5.75% 12/31/32 f		200,000		174,500

				174,500

Netherlands – 1.80%
Republic of Angola Via Northern Lights 7.00% 8/16/19		300,000		320,625

				320,625

Philippines – 1.43%
Philippine Government International Bond 4.20% 1/21/24		252,000		255,150

				255,150

Romania – 0.67%
Romanian Government International Bond 144A 4.875% 1/22/24 #		122,000		119,560

				119,560

Sri Lanka – 1.19%
Sri Lanka Government International Bond 144A 6.00% 1/14/19 #		209,000		212,657

				212,657

Trinidad & Tobago – 1.41%
Republic of Trinidad & Tobago 144A 4.375% 1/16/24 #		244,000		251,930

				251,930

Turkey – 1.67%
Hazine Mustesarligi Varlik Kiralama 144A 4.557% 10/10/18 # ¥		300,000		296,625

				296,625

Total Sovereign Bonds (cost $2,812,266)				2,837,431



Supranational Banks – 8.27%

African Export-Import Bank 5.75% 7/27/16 ¥		1,000,000		1,066,250


	Principal amount°			Value (U.S. $)

Supranational Banks (continued)

Eurasian Development Bank 144A 5.00% 9/26/20 # ¥		400,000		$	408,000

Total Supranational Banks (cost $1,441,370)					1,474,250


Total Value of Securities Before Securities Sold Short – 102.38% (cost $18,150,742)					18,240,966


	Number of Shares

Securities Sold Short – (9.16%)

iShares JP Morgan USD Emerging Markets Bond ETF		(2,500	)		(268,250	)
PowerShares Emerging Markets Sovereign Debt Portfolio		(19,073	)		(509,821	)
WisdomTree Emerging Markets Local Debt Fund		(19,400	)		(853,600	)

Total Securities Sold Short (proceeds $1,648,414)					(1,631,671	)


Total Value of Securities – 93.22% (cost $16,502,328)					$16,609,295

#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At Jan. 31, 2014, the aggregate value of Rule 144A securities was $7,796,989, which represents 43.76% of the Fund’s net assets. See Note 8 in “Notes to financial statements.”

°	Principal amount shown is stated in U.S. dollars unless noted that the security is denominated in another currency.

•	Variable rate security. The rate shown is the rate as of Jan. 31, 2014. Interest rates reset periodically.

¥	Fully or partially pledged as collateral for borrowing transactions.

D	Securities have been classified by country of origin.

f	Step coupon bond. Coupon increases or decreases periodically based on a predetermined schedule. Stated rate in effect at Jan. 31, 2014.

The following foreign currency exchange contracts, futures contracts and swap contracts were outstanding at Jan. 31, 2014: ¹

Foreign Currency Exchange Contracts

Counterparty

Contracts to
Receive (Deliver)

In Exchange For

Settlement Date

Unrealized
Appreciation
(Depreciation)

MXN (4,493,643

)

USD 342,417

2/14/14

6,617

Schedule of investments

Delaware Emerging Markets Debt Fund

Futures Contracts


Contracts to Buy (Sell)		Notional Cost (Proceeds)			Notional Value		Expiration Date	Unrealized Appreciation (Depreciation)
50	U.S. Treasury 10 yr Notes	$	(626,977)		$	(628,750)	3/21/14	$	(1,773)

Swap Contracts
CDS Contracts ²

Counterparty	Swap Referenced Obligation	Notional Value			Annual Protection Payments		Termination Date	Unrealized Appreciation (Depreciation)
	Protection Sold:
MSC	CDX.EM.20	$	1,000,00	0		5.00%	12/20/18	$	(9,220)

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

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

² 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). Periodic payments (receipts) on such contracts are accrued daily and recorded as 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 as unrealized appreciation or depreciation daily. 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.

Summary of abbreviations:

CDX.EM – Credit Default Swap Index Emerging Markets

MSC – Morgan Stanley Capital

MXN – Mexican Peso

TD – Toronto Dominion Bank

USD – United States Dollar

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Statement of assets and liabilities


Delaware Emerging Markets Debt Fund		January 31, 2014 (Unaudited)


Assets:
Investments, at value ¹	$	18,240,966
Cash		358,679
Cash collateral for futures contracts		8,000
Receivables for securities sold		1,708,010
Interest receivable		204,553
Annual protection payments on credit default swap contracts		78,368
Due from investment manager		45,087
Unrealized gain on foreign currency exchange contracts		6,617
Interest receivable on credit default swap contracts		5,972

Total assets		20,656,252

Liabilities:
Securities sold short, at value		1,631,671
Loan payable		200,000
Payable for securities purchased		996,682
Variation margin payable on futures contracts		1,484
Interest payable for loan		45
Other affiliates payable		471
Trustees’ fees and expenses payable		57
Distribution fees payable		3
Unrealized loss on credit default swap contracts		9,220

Total liabilities		2,839,633

Total Net Assets	$	17,816,619


Net Assets Consist of:
Paid-in capital	$	17,879,171
Undistributed net investment income		2,893
Accumulated net realized loss on investments		(168,351	)
Net unrealized appreciation of investments and derivatives		102,906

Total Net Assets	$	17,816,619


¹ Investments, at cost	$	18,150,742
Securities sold short, proceeds		(1,648,414	)


Class A:
Net assets	$	2,046
Shares of beneficial interest outstanding, unlimited authorization, no par		241.5
Net asset value per share	$	8.47
Sales charge		4.50	%
Offering price per share, equal to net asset value per share/(1 – sales charge)	$	8.87

Class C:
Net assets	$	2,042
Shares of beneficial interest outstanding, unlimited authorization, no par		241.0
Net asset value per share	$	8.47

Class R:
Net assets	$	2,045
Shares of beneficial interest outstanding, unlimited authorization, no par		241.3
Net asset value per share	$	8.47

Institutional Class:
Net assets	$	17,810,486
Shares of beneficial interest outstanding, unlimited authorization, no par		2,102,436
Net asset value per share	$	8.47

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

Statement of operations


Delaware Emerging Markets Debt Fund		September 30, 2013* to January 31, 2014 (Unaudited)


Investment Income:
Interest	$	347,753
Expenses:
Management fees		45,101
Distribution expenses - Class A		2
Distribution expenses - Class C		7
Distribution expenses - Class R		3
Legal fees		33,893
Audit and tax		15,154
Reports and statements to shareholders		8,563
Dividend expense		3,730
Custodian fees		3,717
Dividend disbursing and transfer agent fees and expenses		2,269
Accounting and administration expenses		2,254
Interest expense		1,919
Trustees’ fees and expenses		294
Registration fees		150
Other		2,759

		119,815
Less expenses waived		(54,023	)

Total operating expenses		65,792

Net Investment Income		281,961

Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(147,441	)
Foreign currencies		99
Foreign currency exchange contracts		(15,903	)
Futures contracts		(4,974	)
Swap contracts		(132	)

Net realized loss		(168,351	)

Net change in unrealized appreciation (depreciation) of:
Investments		106,967
Foreign currencies		(102	)
Foreign currency exchange contracts		6,617
Futures contracts		(1,773	)
Swap contracts		(8,803	)

Net change in unrealized appreciation (depreciation)		102,906

Net Realized and Unrealized Loss		(65,445	)

Net Increase in Net Assets Resulting from Operations	$	216,516

* Date of commencement of operations.

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

Statement of changes in net assets

Delaware Emerging Markets Debt Fund


	9/30/13* to 1/31/14 (Unaudited)
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	281,961
Net realized loss		(168,351	)
Net change in unrealized appreciation		102,906

Net increase in net assets resulting from operations		216,516


Dividends and Distributions to Shareholders from:
Net investment income:
Class A		(30	)
Class C		(25	)
Class R		(29	)
Institutional Class		(278,984	)

		(279,068	)


Capital Share Transactions:
Proceeds from shares sold:
Class A		2,025
Class C		2,025
Class R		2,025
Institutional Class		34,753,247

Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		30
Class C		25
Class R		29
Institutional Class		278,984

		35,038,390

Cost of shares redeemed:
Institutional Class		(17,159,219	)

		(17,159,219	)

Increase in net assets derived from capital share transactions		17,879,171

Net Increase in Net Assets		17,816,619
Net Assets:
End of year	$	17,816,619

Undistributed (distributions in excess of) net investment income	$	2,893

* Date of commencement of operations.

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

Financial highlights

Delaware Emerging Markets Debt Fund

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 income ²

Net realized and unrealized loss

Total from investment operations

Less dividends and distributions from:

Net investment income

Total dividends and distributions

Net asset value, end of period

Total return ³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets excluding interest expenses

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets excluding interest expenses

Ratio of net investment income to average net assets

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

Portfolio turnover

¹	Date of commencement of operations; ratios have been annualized and total return has not been annualized.

²	The average shares outstanding method has been applied for per share information.

Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total investment return reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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


Class A 9/30/13 ¹ to 1/31/14 (Unaudited)				Class C 9/30/13 ¹ to 1/31/14 (Unaudited)				Class R 9/30/13 ¹ to 1/31/14 (Unaudited)				Institutional Class 9/30/13 ¹ to 1/31/14 (Unaudited)
	$	8.500			$	8.500			$	8.500			$	8.500


		0.129				0.107				0.122				0.136
		(0.032	)			(0.032	)			(0.033	)			(0.032	)

		0.097				0.075				0.089				0.104



		(0.127	)			(0.105	)			(0.119	)			(0.134	)

		(0.127	)			(0.105	)			(0.119	)			(0.134	)


	$	8.470			$	8.470			$	8.470			$	8.470


		0.78%				0.40%				0.68%				0.86%


	$	2			$	2			$	2			$	17,811
		1.31%				2.06%				1.56%				1.06%
		1.34%				2.09%				1.59%				1.09%
		2.24%				2.99%				2.49%				1.99%
		4.47%				3.72%				4.22%				4.72%
		4.44%				3.69%				4.19%				4.69%
		3.54%				2.79%				3.29%				3.79%
		63%				63%				63%				63%

Notes to financial statements


Delaware Emerging Markets Debt Fund		January 31, 2014 (Unaudited)

Delaware Group ^® Government Fund (Trust) is organized as a Delaware statutory trust and offers three series: Delaware Core Plus Bond Fund, Delaware Emerging Markets Debt Fund and Delaware Inflation Protected Bond Fund. These financial statements and the related notes pertains to Delaware Emerging Markets Debt Fund (Fund). The Trust is an open-end investment company. The Fund is considered diversified under the Investment Company Act of 1940, as amended, and offers Class A, Class C, Class R and Institutional Class shares. Class A shares are sold with a maximum front-end sales charge of 4.50%. Class A share purchases of $1,000,000 or more will incur a contingent deferred sales charge (CDSC) of 1.00% if redeemed during the first year and 0.50% during the second year, provided that Delaware Distributors, L.P. (DDLP) paid a financial advisor a commission on the purchase of those shares. Class C shares are sold with a CDSC charge of 1.00%, if redeemed during the first twelve months. Class R and Institutional Class shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors.

The investment objective of the Fund is to primarily seek current income and secondarily capital appreciation.

1. Significant Accounting Policies

The following accounting policies are in accordance with U.S. generally accepted accounting principles (U.S. GAAP) and are consistently followed by the Fund.

Security Valuation – Equity securities, except those traded on the Nasdaq Stock Market, Inc. (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. 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, then the mean between the bid and ask prices will be used, which approximates fair value. 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. U.S. government and agency securities are valued at the mean between the bid and ask prices, which approximates fair value. Foreign currency exchange contracts and foreign cross 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. 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 Fund’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.

Federal Income Taxes – No provision for federal income taxes has been made as the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of

preparing the Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of 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. The Fund did not record any tax benefits or expenses in the current period.

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.

Repurchase Agreements – The Fund may purchase certain U.S. government securities subject to the counterparty’s agreement to repurchase them at an agreed upon date and price. The counterparty will be required on a daily basis to maintain the value of the collateral subject to the agreement at not less than the repurchase price (including accrued interest). The agreements are conditioned upon the collateral being deposited under the Federal Reserve book-entry system with the Fund’s custodian or a third party sub-custodian. In the event of default or bankruptcy by the other party to the agreement, retention of the collateral may be subject to legal proceedings. At Jan. 31, 2014, the Fund held no investments in repurchase agreements.

To Be Announced Trades (TBA) – The Fund may contract to purchase securities for a fixed price at a transaction date beyond the customary settlement period (e.g., “when issued,” “delayed delivery,” “forward commitment,” or “TBA transactions”) consistent with the Fund’s ability to manage its investment portfolio and meet redemption requests. These transactions involve a commitment by the Fund to purchase securities for a predetermined price or yield with payment and delivery taking place more than three days in the future, or after a period longer than the customary settlement period for that type of security. No interest will be earned by the Fund on such purchases until the securities are delivered; however, the market value may change prior to delivery.

Reverse Repurchase Agreements – The Fund may enter into reverse repurchase agreements. In a reverse repurchase agreement, the Fund sells securities to a bank or broker/dealer and agrees to repurchase the securities at an agreed upon date and price. The Fund will maintain, in a segregated account with its custodian, cash, cash equivalents or U.S. government securities in an amount sufficient to cover its obligations under reverse repurchase agreements. The Fund will subject its investments in reverse repurchase agreements to the borrowing provisions set forth in the 1940 Act. The use of reverse repurchase agreements by the Fund creates leverage, which increases the Fund’s investment risk. If the income and gains on securities purchased with the proceeds of reverse repurchase agreements exceed the costs of the agreements, the Fund’s earnings or NAV will increase faster than otherwise would be the case; conversely, if the income and gains fail to exceed the costs, earnings or NAV would decline faster than otherwise would be the case. For the period Sept. 30, 2013* through Jan. 31, 2014, the Fund had average reverse repurchase agreements of $256,841, for which it paid interest at an average rate of 0.38%.

Leverage – The Fund may employ leverage to attempt to take advantage of or increase the total return of attractive investment opportunities. The Fund may initiate leverage to the extent that the sum of aggregate borrowed funds and the notional value plus any gain or minus any loss of derivatives positions may not exceed an amount equal to 33 1/3 per cent of the Fund’s total assets, measured at the time the

Notes to financial statements

Delaware Emerging Markets Debt Fund

1. Significant Accounting Policies (continued)

leverage is employed. To the extent that the Fund initiates leverage, such leverage may include reverse repurchase transactions. At Jan. 31, 2014, the Fund has borrowed $200,000. Securities pledged as collateral for these transactions have been identified in the schedule of investments. For the period Sept. 30, 2013* through Jan. 31, 2014, the Fund had average borrowing of $693,548 for which it paid at an average of 0.67%

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 U.S. dollars at the exchange rate of such currencies against the U.S. 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) is included in the statements of operations under the caption 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.

expenses and appears on the statement of operations with the corresponding expense offset shown as “expense paid indirectly.” There were no earnings credits for the period Sept. 30, 2013* through Jan. 31, 2014.

* Date of commencement of operations.

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 Delaware Management Business Trust and the investment manager, an annual fee which is calculated daily at the rate 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 that portion, if any, of its management fee and/or pay/reimburse the Fund to the extent necessary to limit annual operating expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, inverse floater program expenses, short sale and dividend 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), to 1.00% of average daily net assets of the Fund from Nov. 27, 2013 through Nov. 28, 2014. For purposes of this waiver and reimbursement, nonroutine expenses may also include such additional costs and expenses, as may be agreed upon from time to time by the Fund’s Board and DMC. This expense waiver and reimbursement applies only to expenses paid directly by the Fund and may only be terminated by agreement of DMC and the Fund.

Delaware Service Company, Inc. (DSC), an affiliate of DMC, provides fund accounting and financial administration oversight services to the Fund. For these services, the Fund pays DSC fees based on the aggregate daily net assets of the Delaware Investments® Family of Funds at the following annual rate: 0.0050% of the first $30 billion; 0.0045% of the next $10 billion; 0.0040% of the next $10 billion; and 0.0025% of aggregate average daily net assets in excess of $50 billion. The fees payable to DSC under the service agreement described above are allocated among all Funds in the Delaware Investments Family of Funds on a relative net asset value basis. For the period Sept. 30, 2013* through Jan. 31, 2014, the Fund was charged $290 for these services.

DSC is also the transfer agent and dividend disbursing agent of the Fund. The Fund pays DSC a monthly asset-based fee for these services. This amount is included in the statement of operations as dividend disbursing and transfer agent fees and expenses. For the period Sept. 30, 2013* through Jan. 31, 2014, the amount charged by DSC was $1,324. Pursuant to a sub-transfer agency agreement between DSC and BNY Mellon Investment Servicing (US) Inc. (BNYMIS), BNYMIS provides certain sub-transfer agency services to the Fund. Sub-transfer agency fees are passed on to and paid directly by the Fund.

Pursuant to a distribution agreement and distribution plan, the Fund pays DDLP, the distributor and an affiliate of DMC, an annual distribution and service fee of 1.00% of the average daily net assets of the Class C shares. The Fund pays DDLP an annual distribution and service fee of 0.25% and 0.50% of the average daily net assets of the Class A and Class R shares’, respectively, through Nov. 28, 2014. Institutional Class shares pay no distribution and service expenses.

Notes to financial statements

Delaware Emerging Markets Debt Fund

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

As provided in the investment management agreement, the Fund bears the cost of certain legal services, including internal legal services provided to the Fund by DMC and/or its affiliates’ employees. For the period Sept. 30, 2013* through Jan. 31, 2014, the Fund was charged $10,519 for internal legal services provided by DMC and/or its affiliates’ employees.

For the period Sept. 30, 2013* through Jan. 31, 2014, DDLP earned less than $1 for commissions on sales of the Fund’s Class A shares. For the period Sept. 30, 2013* through Jan. 31, 2014, DDLP received no gross CDSC commissions on redemption of the Fund’s Class A and Class C shares.

* Date of commencement of operations.

3. Investments

For the period Sept. 30, 2013* through Jan. 31, 2014, the Fund made purchases and sales of investment securities other than short-term investments as follows:


Purchases	$	12,577,715
Sales		11,098,261

At Jan. 31, 2014, the cost of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At Jan. 31, 2014, the cost of investments and unrealized appreciation (depreciation) were as follows:


Cost of investments	$	16,502,328

Aggregate unrealized appreciation	$	217,659
Aggregate unrealized depreciation		(110,692	)

Net unrealized appreciation	$	106,967


Level 1 –		inputs are quoted prices in active markets for identical investments (e.g., equity securities, open-end investment companies, futures contracts, exchange-traded options contracts)

Level 2 –		other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) (e.g., debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, fair valued securities)

Level 3 –		inputs are significant unobservable inputs (including the Fund’s own assumptions used to determine the fair value of investments) (e.g., broker-quoted securities, fair valued securities)

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of Jan. 31, 2014:


	Level 1			Level 2			Total
Assets:
Corporate Debt	$	—		$	13,929,285		$	13,929,285
Foreign Debt		—			4,311,681			4,311,681
Liabilities:
Securities Sold Short	$	(1,631,671	)	$	—		$	(1,631,671	)


Total	$	(1,631,671	)	$	18,240,966		$	16,609,295


Derivatives:
Foreign Currency Exchange Contracts	$	—		$	6,617		$	6,617
Futures Contracts		(1,773	)		—			(1,773	)
Swap Contracts		—			(9,220	)		(9,220	)

During the period Sept. 30, 2013* through Jan. 31, 2014, there were no transfers between Level 1 investments, Level 2 investments or Level 3 investments that had a significant impact to the Fund. The Fund’s policy is to recognize transfers between levels at the beginning of the reporting period.

A reconciliation of Level 3 investments is presented when the Fund has a significant amount of Level 3 investments at the beginning, interim or end of the period in relation to net assets. At Jan. 31, 2014, there were no Level 3 investments.

* Date of commencement of operations.

Notes to financial statements

Delaware Emerging Markets Debt Fund

4. Capital Shares

Transactions in capital shares were as follows:


	9/30/13*
	to
	1/31/14
Shares sold:
Class A		238
Class C		238
Class R		238
Institutional Class		4,088,617

Shares issued upon reinvestment of dividends and distributions:
Class A		4
Class C		3
Class R		3
Institutional Class		32,550

		4,121,891


Shares redeemed:
Class A		—
Class C		—
Class R		—
Institutional Class		(2,018,731	)

		(2,018,731	)

Net increase		2,103,160

* Date of commencement of operations.

5. Line of Credit

The Fund, along with certain other funds in the Delaware Investments® Family of Funds (Participants), was a participant in a $125,000,000 revolving line of credit 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 0.08%, which was allocated across the Participants on the basis of each Participant’s allocation of the entire facility. 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 under the agreement expired on Nov. 12, 2013.

The Fund had no amounts outstanding as of Jan. 31, 2014 or at any time during the period then ended.

6. Derivatives

Foreign Currency Exchange Contracts – The Fund enters into foreign currency exchange contracts and foreign cross currency exchange contracts as a way of managing foreign exchange rate risk. The Fund entered into these contracts to hedge the U.S. dollar value of securities it already owned that were denominated in foreign currencies. The Fund may also enter into these contracts to fix the U.S. 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 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.

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 in the normal course of pursuing its investment objective. The Fund invested in futures contracts to hedge its existing portfolio securities against fluctuations in fair value caused by changes in prevailing market interest rates or market conditions. The Fund also entered into futures contracts to hedge currency risks associated with the Fund’s investments. Upon entering into a futures contract, the Fund deposits cash or pledges U.S. 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 financial 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. The Fund posted $8,000 in cash collateral for open futures contracts which is presented on the statement of assets and liabilities.

Notes to financial statements

Delaware Emerging Markets Debt Fund

6. Derivatives (continued)

Swap Contracts – The Fund enters into CDS contracts in the normal course of pursuing its investment objective. The Fund entered into CDS contracts in order to hedge against a credit event and to gain exposure to certain securities or markets. The Fund may also enter into CDS contracts to enhance total return. 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 (S&P) or Baa3 by Moody’s Investors Service (Moody’s) or is determined to be of equivalent credit quality by the manager.

During the period Sept. 30, 2013* through Jan. 31, 2014, the Fund entered into CDS contracts as a seller of protection. Periodic payments on such contracts are accrued daily and recorded as unrealized losses on swap contracts. Upon payment, such amounts are recorded as realized losses 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. For the period Sept. 30, 2013* through Jan. 31, 2014, the Fund did not enter into any CDS contracts as a purchaser of protection. Initial margin and variation margin is posted to central counterparties for CDS basket trades submitted on or after June 10, 2013, as determined by the applicable central counterparty.

As disclosed in the footnotes to the schedule of investments, the notional value of the protection sold was $1,000,000, which reflects the maximum potential amount the Fund would have been required to make as a seller of credit protection if a credit event occurred. In addition to serving as the source of the current value of the securities, the quoted market prices and resulting market values for credit default swap agreements on securities and credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative if the swap agreement had been closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the reference entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement. At Jan. 31, 2014, the net unrealized depreciation of the protection sold was $9,220.

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) 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 for trades entered prior to June 10, 2013, and (2) trading CDS baskets instruments through a central counterparty for trades entered on or after June 10, 2013.

Swaps Generally . The value of open swaps may differ from that which would be realized in the event the Fund terminated its position in the agreement. 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 statement of net assets.

Fair value of derivative instruments as of Jan. 31, 2014 was as follows:


	Asset Derivatives			Liability Derivatives
	Statement of Assets and Liabilities Location	Fair Value		Statement of Assets and Liabilities Location	Fair Value
Forward currency exchange contracts (Foreign currency exchange contracts)	Unrealized gain on foreign currency exchange contracts		$6,617	Unrealized loss on foreign currency exchange contracts	$	—
Interest rate contracts (Futures contracts)	Variation margin receivable on futures contracts*		—	Variation margin payable on futures contracts*		(1,773	)
Credit contracts (Swap contracts)	Unrealized gain on credit default swap contracts		—	Unrealized loss on credit default swap contracts		(9,220	)

Total			$6,617		$	(10,993	)

*Includes cumulative appreciation of futures contracts from the date the contracts are opened through Jan. 31, 2014. Only current day variation margin is reported on the Fund’s statement of assets and liabilities.

Notes to financial statements

Delaware Emerging Markets Debt Fund

6. Derivatives (continued)

The effect of derivative instruments on the statement of operations for the year ended Jan. 31, 2014 was as follows:


				Net Realized Loss on:
	Foreign Currency Transactions			Financial Futures Contracts			Swaps			Total
Forward currency exchange contracts	$	(15,903	)	$	(1,705	)	$	–		$	(17,608	)
Interest rate contracts		—			(3,269	)		—			(3,269	)
Credit contracts		—			—			(132	)		(132	)

Total	$	(15,903	)	$	(4,974	)	$	(132	)	$	(21,009	)

	Net Change in Unrealized Appreciation (Depreciation) of:
	Foreign Currency Transactions			Financial Futures Contracts			Swaps			Total
Forward currency exchange contracts	$	6,617		$	–		$	–		$	6,617
Interest rate contracts		—			(1,773	)		—			(1,773	)
Credit contracts		—			—			(8,803	)		(8,803	)

Total	$	6,617		$	(1,773	)	$	(8,803	)	$	(3,959	)

Derivatives Generally. The table below summarizes the average balance of derivative holdings by the Fund during the period Sept. 30, 2013* through Jan. 31, 2014.


	Long Derivative Volume		Short Derivative Volume
Foreign currency exchange contracts (average cost)		USD 104,554		USD 183,049
Futures contracts (average notional value)		17,983		2,479,081
CDS contracts (average notional value)**		—		33,884

* Date of commencement of operations.

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

7. Offsetting

In December 2011, the Financial Accounting Standards Board (FASB) issued guidance that expands current disclosure requirements on the offsetting of certain assets and liabilities. The new disclosures are required for investments and derivative financial instruments subject to master netting or similar agreements which are eligible for offset in the statement of assets and liabilities and will require an entity to disclose both gross and net information about such investments and transactions in the financial statements. In January 2013, the FASB issued guidance that clarifies which investments and transactions are subject to the offsetting disclosure requirements. The scope of the disclosure requirements for offsetting is limited to derivative instruments, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions. The guidance is effective for financial statements with fiscal years beginning on or after Jan. 1, 2013, and interim periods within those fiscal years. The Fund adopted the disclosure provisions on offsetting during the current reporting period.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the statement of assets and liabilities.

At Jan. 31, 2014, the Fund had the following assets and liabilities subject to offsetting provisions:

Offsetting of Financial Assets and Liabilities and Derivative Assets and Liabilities


Counterparty	Gross Value of Derivative Asset		Gross Value of Derivative Liability		Net Position
JPMorgan Chase Bank		$ —		$ (1,484)		$(1,484)
Morgan Stanley Capital		—		(9,220)		(9,220)
Toronto Dominion Bank		6,617		—		6,617

Total		$6,617		$(10,704)		$(4,087)


Counterparty	Net Position		Fair Value of Non Cash Collateral Received		Cash Collateral Received		Fair Value of Non Cash Collateral Pledged		Cash Collateral Pledged		Net Amount ^(a)
JPMorgan Chase Bank		$(1,484)		$—		$—		$—		$—		$(1,484)
Morgan Stanley Capital		(9,220)		—		—		—		—		(9,220)
Toronto Dominion Bank		6,617		—		—		—		—		6,617

Total		$(4,087)		$—		$—		$—		$—		$(4,087)

^(a) Net amount represents the receivable/(payable) that would be due from/(to) the counterparty in the event of default.

* Date of commencement of operations.

Notes to financial statements

Delaware Emerging Markets Debt Fund

8. Securities Lending

Cash collateral received is generally invested in the Delaware Investments Collateral Fund No. 1 (Collective Trust) established by BNY Mellon for the purpose of investment on behalf of funds managed by DMC that participate in BNY Mellon’s securities lending program. The Collective Trust may invest in U.S. government securities and high quality corporate debt, asset-backed and other money market securities and in repurchase agreements collateralized by such securities, provided that the Collective Trust will generally have a dollar-weighted average portfolio maturity of 60 days or less. The Fund can also accept U.S. 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.

time when the Collective Trust’s net asset value per unit was less than $1.00. Under those circumstances, the Fund may not receive an amount from the Collective Trust that is equal in amount to the collateral the Fund would be required to return to the borrower of the securities and the Fund would be required to make up for this shortfall.

At Jan. 31, 2014, the Fund had no securities out on loan.

9. Credit and Market Risk

The securities exchanges of certain foreign markets are substantially smaller, less liquid and more volatile than the major securities markets in the United States. Consequently, acquisition and disposition of securities by the Fund may be inhibited. In addition, a significant portion of the aggregate market value of equity 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 in high yield, fixed income securities, which are securities rated lower than BBB- by S&P and Baa3 by Moody’s, 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 to ensure that the receipt of payments due on the underlying security is timely. Such protection may be provided through guarantees, insurance policies or letter 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.

Notes to financial statements

Delaware Emerging Markets Debt Fund

10. Contractual Obligations

11. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to Jan. 31, 2014 that would require recognition or disclosure in the Fund’s financial statements.

Other Fund information (Unaudited)

Delaware Emerging Markets Debt Fund

Board Consideration of Delaware Emerging Markets Debt Fund investment advisory agreement

At a meeting held on May 21–23, 2013 (the “Meeting”), the Board of Trustees (the “Board”), including a majority of disinterested or independent Trustees, approved the Investment Advisory Agreement for Delaware Emerging Markets Debt Fund (the “Fund”).

Nature, extent and quality of service. The Board considered the services to be provided by Delaware Investments to the Fund and its shareholders. In reviewing the nature, extent and quality of services, the Board noted that reports will be furnished to it throughout the year at regular Board Meetings covering matters such as relative performance of the Fund, compliance of portfolio managers with the investment policies, strategies and restrictions for the Fund, compliance by Delaware Management Company (“DMC”) and Delaware Distributors, L.P. (together, “Management”) personnel with the Code of Ethics adopted throughout the Delaware Investments ^® Family of Funds complex and adherence to fair value pricing procedures as established by the Board. The Board was pleased with the current staffing of the Fund’s investment advisor and the emphasis placed on research in the investment process. The Board recognized DMC’s receipt of several industry distinctions. The Board gave favorable consideration to DMC’s efforts to control expenditures while maintaining service levels committed to fund matters. The Board noted that in July 2011 Management implemented measures to reduce overall costs and improve transfer agent and shareholder servicing functions through outsourcing. The Board noted the benefits that will be provided to Fund shareholders through each shareholder’s ability to exchange an investment in one Delaware Investments fund for the same class of shares in another Delaware Investments fund without a sales charge, to reinvest Fund dividends into additional shares of the Fund or into additional shares of other Delaware Investments funds and the privilege to combine holdings in other Delaware Investments funds to obtain a reduced sales charge. The Board was satisfied with the nature, extent and quality of the overall services proposed to be provided by Delaware Investments.

Investment performance. As the Fund was only just proposed to be organized, there was no historical investment performance to evaluate; however, the Board considered the investment performance of the FH Emerging Markets Short Term Debt Master Fund, L.P., which had been managed by the proposed portfolio manager to the Fund, and noted the emerging market debt expertise of DMC, including with respect to the Delaware Investments funds.

Comparative expenses. The Board considered management fee and total expense comparison data for the Fund and other comparable funds as presented in the Board materials. Management provided the Board with information on the proposed pricing levels and fee structures for the Fund. The Board focused on the comparative analysis of the effective management fees and total expense ratios of the Fund versus the effective management fees and expense ratios of a group of similar funds. The Board was satisfied with the proposed management fee and total expenses of the Fund in comparison to other similar emerging markets debt funds.

Other Fund information (Unaudited)

Delaware Emerging Markets Debt Fund

Management profitability. The Board considered the level of potential profits to be realized by Delaware Investments in connection with the operation of the Fund. In this respect, the Board reviewed the pro forma expense statement for the Fund included in the Board materials which reflected varying projected levels of expense reimbursement at varying asset levels. The Board also considered the extent to which Delaware Investments might derive ancillary benefits from Delaware Investments fund operations, including the potential for procuring additional business as a result of the prestige and visibility associated with its role as service provider to the Delaware Investments ^® Family of Funds and the benefits from allocation of Delaware Investments fund brokerage to improve trading efficiencies. The Board found that the proposed management fees were reasonable in light of the services proposed to be rendered and the expected level of profitability of Delaware Investments.

Economies of scale. The Trustees considered whether economies of scale will be realized by Delaware Investments as the Fund’s assets increase and the extent to which any economies of scale are reflected in the level of management fees charged. The Trustees considered Delaware Investments’ standardized advisory fee pricing and structure. The Board noted that, although the fee under the Fund’s proposed management contract was lower than the standard initial management fee for a special fixed income fund according to DMC’s 1998 Pricing Memorandum, the proposed fee was more consistent with those of the Fund’s Lipper peer group. Management believed, and the Board agreed, that the Fund was priced with a relatively low management fee to reflect potential economies of scale at all asset levels.

About the organization

Board of trustees


Patrick P. Coyne	Joseph W. Chow	Lucinda S. Landreth	Thomas K. Whitford
Chairman, President, and Chief Executive Officer	Former Executive Vice President	Former Chief Investment Officer	Former Vice Chairman PNC Financial Services Group
Delaware Investments ^®	State Street Corporation	Assurant, Inc.	Pittsburgh, PA
Family of Funds	Brookline, MA	Philadelphia, PA
Philadelphia, PA			Janet L. Yeomans
	John A. Fry	Frances A.	Former Vice President
Thomas L. Bennett	President	Sevilla-Sacasa	and Treasurer
Private Investor	Drexel University	Chief Executive Officer	3M Corporation
Rosemont, PA	Philadelphia, PA	Banco Itaú	St. Paul, MN
		International	J. Richard Zecher Founder Investor Analytics Scottsdale, AZ
		Miami, FL



Affiliated officers
David F. Connor	Daniel V. Geatens	David P. O’Connor	Richard Salus
Senior Vice President,	Vice President and	Executive Vice President,	Senior Vice President and
Deputy General Counsel,	Treasurer	General Counsel,	Chief Financial Officer
and Secretary	Delaware Investments	and Chief Legal Officer	Delaware Investments
Delaware Investments	Family of Funds	Delaware Investments	Family of Funds
Family of Funds	Philadelphia, PA	Family of Funds	Philadelphia, PA
Philadelphia, PA		Philadelphia, PA

This semiannual report is for the information of Delaware Emerging Markets Debt Fund shareholders, but it may be used with prospective investors when preceded or accompanied by the Delaware Investments Fund fact sheet for the most recently completed calendar quarter. These documents are available at delawareinvestments.com.

Delaware Investments is the marketing name of Delaware Management Holdings, Inc. and its subsidiaries.

LOGO

Semiannual report

Fixed income mutual fund

Delaware Inflation Protected Bond Fund

January 31, 2014

You can obtain shareholder reports and prospectuses online instead of in the mail.

Visit delawareinvestments.com/edelivery.

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

You can learn more about Delaware Investments or obtain a prospectus for Delaware Inflation Protected Bond Fund at delawareinvestments.com.

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Investments in Delaware Inflation Protected Bond Fund are not and will not be deposits with or liabilities of Macquarie Bank Limited ABN 46 008 583 542 and its holding companies, including their subsidiaries or related companies (Macquarie Group), and are subject to investment risk, including possible delays in repayment and loss of income and capital invested. No Macquarie Group company guarantees or will guarantee the performance of the Fund, the repayment of capital from the Fund, or any particular rate of return.

Table of contents


Disclosure of Fund expenses			1
Security type / sector allocation			3
Schedule of investments			4
Statement of assets and liabilities			8
Statement of operations			10
Statements of changes in net assets			12
Financial highlights			14
Notes to financial statements			22
Other Fund information			38
About the organization			41

Unless otherwise noted, views expressed herein are current as of Jan. 31, 2014, and subject to change.

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

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

Disclosure of Fund expenses

For the six-month period from August 1, 2013 to January 31, 2014 (Unaudited)

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 Aug. 1, 2013 to Jan. 31, 2014.

Actual expenses

Hypothetical example for comparison purposes

Disclosure of Fund expenses

For the six-month period from August 1, 2013 to January 31, 2014 (Unaudited)

Delaware Inflation Protected Bond Fund

Expense analysis of an investment of $1,000


	Beginning	Ending			Expenses
	Account Value	Account Value		Annualized	Paid During Period
	8/1/13	1/31/14		Expense Ratio	8/1/13 to 1/31/14*

Actual Fund return ^†
Class A	$1,000.00		$981.50	0.84%	$4.20
Class B	1,000.00		981.40	0.84%	4.20
Class C	1,000.00		977.00	1.59%	7.92
Institutional Class	1,000.00		982.60	0.59%	2.95

Hypothetical 5% return (5% return before expenses)
Class A	$1,000.00		$1,020.97	0.84%	$4.28
Class B	1,000.00		1,020.97	0.84%	4.28
Class C	1,000.00		1,017.19	1.59%	8.08
Institutional Class	1,000.00		1,022.23	0.59%	3.01

*	“Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

^†	Because actual returns reflect only the most recent six-month period, the returns shown may differ significantly from fiscal year returns.


Security type / sector allocation
Delaware Inflation Protected Bond Fund		As of January 31, 2014 (Unaudited)


Security type / sector		Percentage of net assets

Non-Agency Asset-Backed Securities		22.18%

Sovereign Bond		3.08%

U.S. Treasury Obligations		69.37%

Short-Term Investments		5.37%

Total Value of Securities		100.00%

Liabilities Net of Receivables and Other Assets		0.00%

Total Net Assets		100.00%


Schedule of investments
Delaware Inflation Protected Bond Fund		January 31, 2014 (Unaudited)


	Principal amount°		Value (U.S. $)

Non-Agency Asset-Backed Securities – 22.18%

American Express Credit Account Master Trust
Series 2013-1 A 0.58% 2/16/21 —		1,345,000	$	1,349,554
Cabela’s Master Credit Card Trust
Series 2012-1A A2 144A 0.69% 2/18/20 # —		3,000,000		3,018,834
Chase Issuance Trust
Series 2012-A2 A2 0.43% 5/15/19 —		1,000,000		999,424
Series 2012-A10 A10 0.42% 12/16/19 —		3,000,000		2,984,895
Series 2013-A3 A3 0.44% 4/15/20 —		5,000,000		4,977,145
Chesapeake Funding
Series 2012-2A A 144A 0.608% 5/7/24 # —		2,257,554		2,253,106
Citibank Credit Card Issuance Trust
Series 2008-A6 A6 1.357% 5/22/17 —		5,000,000		5,066,990
Series 2013-A1 A1 0.258% 4/24/17 —		3,200,000		3,199,603
Citibank Omni Master Trust
Series 2009-A14A A14 144A 2.91% 8/15/18 # —		800,000		810,568
Ford Credit Floorplan Master Owner Trust A
Series 2011-1 A2 0.76% 2/15/16 —		3,670,000		3,671,563
Navistar Financial Dealer Note Master Trust
Series 2013-2 A 144A 0.838% 9/25/18 # —		1,000,000		1,003,826
Nissan Master Owner Trust Receivables
Series 2012-A A 0.63% 5/15/17 —		1,800,000		1,804,910
Volkswagen Credit Auto Master Owner Trust
Series 2011-1A Note 144A 0.837% 9/20/16 # —		3,275,000		3,293,586

Total Non-Agency Asset-Backed Securities (cost $33,966,560)				34,434,004



Sovereign Bond – 3.08% D

United Kingdom – 3.08%
United Kingdom Gilt Inflation Linked 2.50% 4/16/20	GBP	800,000		4,775,851

Total Sovereign Bond (cost $4,538,268)				4,775,851



U.S. Treasury Obligations – 69.37%

U.S. Treasury Bill
2.375% 8/31/14		1,000,000		1,012,930
U.S. Treasury Inflation Indexed Bonds
0.75% 2/15/42		14,301,193		12,343,717
1.125% 1/15/21		18,485,558		19,838,756
2.50% 1/15/29		3,256,680		3,968,571
U.S. Treasury Inflation Indexed Note
0.125% 4/15/18		3,881,801		4,008,262
0.125% 1/15/23		25,838,991		25,149,621
0.375% 7/15/23		20,430,804		20,339,029
2.125% 1/15/19		9,118,704		10,316,245


	Principal amount°		Value (U.S. $)

U.S. Treasury Obligations (continued)

U.S. Treasury Note
2.75% 11/15/23		10,625,000	$	10,703,030

Total U.S. Treasury Obligations (cost $108,901,560)				107,680,161



Short-Term Investments – 5.37%

Repurchase Agreements – 5.37%
Bank of America Merrill Lynch 0.01%, dated 1/31/14, to be repurchased on 2/3/14, repurchase price $2,101,151 (collateralized by U.S. government obligations 0.00%-1.25% 5/8/14-11/30/18; market value $2,143,173)		2,101,149		2,101,149
Bank of Montreal 0.02%, dated 1/31/14, to be repurchased on 2/3/14, repurchase price $350,192 (collateralized by U.S. government obligations 0.25%-2.75% 4/30/14-11/15/23; market value $357,196)		350,192		350,192
BNP Paribas 0.02%, dated 1/31/14, to be repurchased on 2/3/14, repurchase price $5,887,669 (collateralized by U.S. government obligations 0.25%-2.375% 3/31/14-12/31/20; market value $6,005,412)		5,887,659		5,887,659

Total Short-Term Investments (cost $8,339,000)				8,339,000


Total Value of Securities – 100.00% (cost $155,745,388)				$155,229,016

#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At Jan. 31, 2014, the aggregate value of Rule 144A securities was $10,379,920, which represents 6.69% of the Fund’s net assets. See Note 8 in “Notes to financial statements.”

°	Principal amount shown is stated in U.S. dollars unless noted that the security is denominated in another currency.

—	Variable rate security. The rate shown is the rate as of Jan. 31, 2014. Interest rates reset periodically.

D	Securities have been classified by country of origin.

The following foreign currency exchange contracts and swap contracts were outstanding at Jan. 31, 2014: ¹

Foreign Currency Exchange Contracts

Counterparty

Contracts to

Receive (Deliver)

In Exchange For

Settlement Date

Unrealized
Appreciation
(Depreciation)

BAML

GBP

(3,019,675

)

USD

4,954,743

2/14/14

(9,275

)

Schedule of investments

Delaware Inflation Protected Bond Fund

Swap Contracts

Inflation Swap Contracts ²


Notional Value		Expiration Date	Description	Unrealized Appreciation (Depreciation)
$	7,200,000	4/24/43	Agreement with Barclays to receive the notional amount multiplied by the non-revised CPI and to pay the notional amount multiplied by the fixed rate of 2.866%	$	(297,280	)
	7,200,000	4/25/43	Agreement with Barclays to receive the notional amount multiplied by the non-revised CPI and to pay the notional amount multiplied by the fixed rate of 2.875%		(312,140	)
	14,400,000	6/5/43	Agreement with Barclays to receive the notional amount multiplied by the non-revised CPI and to pay the notional amount multiplied by the fixed rate of 2.835%		(454,051	)

$	28,800,000			$	(1,063,471	)

Interest Rate Swap Contracts ³


Counterparty & Referenced Obligation	Notional Value		Fixed Interest Rate Paid		Floating Interest Rate Received		Termination Date	Unrealized Appreciation (Depreciation)
GSC
5 yr	$	18,100,000		0.868%		0.237%	4/25/18	$	345,856
MSC
5 yr		18,100,000		0.873%		0.235%	4/26/18		342,952

								$	688,808

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

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

² An inflation swap contract is a commitment to pay a regular stream of inflation-indexed cash payments in exchange for receiving a stream of nominal interest payments, where both payment streams are based on notional amounts, between counterparties. The change in value of inflation swap contracts is recorded as unrealized appreciation or depreciation daily. A realized gain or loss is recorded on maturity or termination of the swap contract.

³ An interest rate swap agreement is an exchange of interest rates between counterparties. Periodic payments on such contracts are accrued daily and recorded as unrealized appreciation/depreciation on swap contracts. Upon periodic payment/receipt or termination of the contract, such amounts are recorded as realized gains or losses on swap contracts.

Summary of abbreviations:

BAML – Bank of America Merrill Lynch

CPI – Consumer Price Index

GBP – British Pound Sterling

GSC – Goldman Sachs Capital

MSC – Morgan Stanley Capital

USD – United States Dollar

yr – Year

Statement of assets and liabilities


Delaware Inflation Protected Bond Fund		January 31, 2014 (Unaudited)


Assets:
Investments, at value ¹	$	146,890,016
Short-term investments, at value ²		8,339,000
Cash		560,631
Foreign currencies, at value ³		17,887
Receivables for securities sold		710,044
Receivables for fund shares sold		247,569
Dividends and interest receivable		185,725
Upfront payments on interest rate swap contracts		1,547
Unrealized gain on interest rate swaps		688,808

Total assets		157,641,227

Liabilities:
Payable for fund shares redeemed		993,030
Annual protection payments on credit default swap contracts		83,545
Other accrued expenses		168,408
Distribution fees payable		38,318
Investment management fees payable		34,884
Other affiliates payable		24,578
Trustees’ fees and expenses payable		511
Unrealized loss on inflation swap contracts		1,063,471
Unrealized loss on foreign currency exchange contracts		9,275

Total liabilities		2,416,020

Total Net Assets	$	155,225,207


Net Assets Consist of:
Paid-in capital	$	199,121,876
Accumulated net investment loss		(1,031,537	)
Accumulated net realized loss on investments		(41,881,789	)
Net unrealized depreciation of investments and derivatives		(983,343	)

Total Net Assets	$	155,225,207


¹ Investments, at cost	$	147,406,388
² Short-term investments, at cost		8,339,000
³ Foreign currencies, at cost		17,885


Class A:
Net assets	$	57,993,899
Shares of beneficial interest outstanding, unlimited authorization, no par		6,431,397
Net asset value per share	$	9.02
Sales charge		4.50	%
Offering price per share, equal to net asset value per share/(1 – sales charge)	$	9.45

Class B:
Net assets	$	153,562
Shares of beneficial interest outstanding, unlimited authorization, no par		17,085
Net asset value per share	$	8.99

Class C:
Net assets	$	28,529,168
Shares of beneficial interest outstanding, unlimited authorization, no par		3,194,026
Net asset value per share	$	8.93

Institutional Class:
Net assets	$	68,548,578
Shares of beneficial interest outstanding, unlimited authorization, no par		7,577,665
Net asset value per share	$	9.05

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

Statement of operations


Delaware Inflation Protected Bond Fund		Six months ended January 31, 2014 (Unaudited)


Investment Income:
Interest	$	106,022
Foreign tax withheld		(554	)

		105,468

Expenses:
Management fees		457,284
Distribution expenses – Class A		104,121
Distribution expenses – Class B		1,195
Distribution expenses – Class C		186,875
Dividend disbursing and transfer agent fees and expenses		198,042
Reports and statements to shareholders		58,056
Registration fees		46,725
Accounting and administration expenses		38,714
Legal fees		23,874
Audit and tax		18,193
Custodian fees		6,654
Trustees’ fees and expenses		5,573
Other		11,542

		1,156,848
Less expenses waived		(261,228	)
Less waived distribution expenses – Class B		(896	)
Less expense paid indirectly		(161	)

Total operating expenses		894,563

Net Investment Loss		(789,095	)


Net Realized and Unrealized Loss:
Net realized loss on:
Investments	$	(8,288,677	)
Foreign currencies		(731,680	)
Foreign currency exchange contracts		(449,312	)
Futures contracts		(605,317	)
Swap contracts		(437,012	)

Net realized loss		(10,511,998	)

Net change in unrealized appreciation (depreciation) of:
Investments		7,451,145
Foreign currencies		5,194
Foreign currency exchange contracts		369,117
Futures contracts		(431,012	)
Swap contracts		(752,172	)

Net change in unrealized appreciation (depreciation)		6,642,272

Net Realized and Unrealized Loss		(3,869,726	)

Net Decrease in Net Assets Resulting from Operations	$	(4,658,821	)

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

Statements of changes in net assets

Delaware Inflation Protected Bond Fund


	Six months ended 1/31/14 (Unaudited)			Year ended 7/31/13
Increase (Decrease) in Net Assets from Operations:
Net investment loss	$	(789,095	)	$	(2,147,417	)
Net realized loss		(10,511,998	)		(13,514,550	)
Net change in unrealized appreciation (depreciation)		6,642,272			(29,052,318	)

Net decrease in net assets resulting from operations		(4,658,821	)		(44,714,285	)


Dividends and Distributions to Shareholders from:
Net investment income:
Class A		—			(1,957,864	)
Class B		—			(4,340	)
Class C		—			(523,224	)
Institutional Class		—			(1,631,163	)

Net realized gain:
Class A		—			(15,833,227	)
Class B		—			(54,606	)
Class C		—			(6,609,350	)
Institutional Class		—			(11,814,965	)

Return of capital:
Class A		—			(14,911	)
Class B		—			(50	)
Class C		—			(5,977	)
Institutional Class		—			(11,270	)

		—			(38,460,947	)


Capital Share Transactions:
Proceeds from shares sold:
Class A		8,404,853			67,045,204
Class C		383,393			10,007,061
Institutional Class		9,380,999			69,941,512

Net asset value of shares based upon reinvestment of dividends and distributions:
Class A		—			16,323,964
Class B		—			58,996
Class C		—			6,732,473
Institutional Class		—			12,118,017

		18,169,245			182,227,227


	Six months ended 1/31/14 (Unaudited)			Year ended 7/31/13
Capital Share Transactions (continued):
Cost of shares redeemed:
Class A	$	(55,107,047	)	$	(198,677,459	)
Class B		(165,584	)		(474,467	)
Class C		(18,480,117	)		(46,296,114	)
Institutional Class		(48,455,835	)		(105,805,890	)

		(122,208,583	)		(351,253,930	)

Decrease in net assets derived from capital share transactions		(104,039,338	)		(169,026,703	)

Net Decrease in Net Assets		(108,698,159	)		(252,201,935	)

Net Assets:
Beginning of period		263,923,366			516,125,301

End of period	$	155,225,207		$	263,923,366

Accumulated net investment loss	$	(1,031,537	)	$	(242,442	)

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

Financial highlights

Delaware Inflation Protected Bond Fund Class A

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income (loss) ²

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 return ³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income (loss) to average net assets

Ratio of net investment income (loss) to average net assets prior to fees waived

Portfolio turnover

¹	Ratios have been annualized and portfolio turnover and total return have not been annualized.

²	The average shares outstanding method has been applied for per share information.

Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total investment return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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


Six months ended				Year ended
1/31/14 ¹				7/31/13			7/31/12			7/31/11			7/31/10			7/31/09
(Unaudited)

	$	9.190		$	11.330		$	11.040		$	10.630		$	10.080		$	10.160


		(0.034	)		(0.048	)		0.025			0.291			0.314			0.124
		(0.136	)		(1.189	)		0.860			0.787			0.603			(0.014	)

		(0.170	)		(1.237	)		0.885			1.078			0.917			0.110



		—			(0.099	)		(0.192	)		(0.325	)		(0.367	)		(0.133	)
		—			(0.803	)		(0.403	)		(0.343	)		—			(0.057	)
		—			(0.001	)		—			—			—			—

		—			(0.903	)		(0.595	)		(0.668	)		(0.367	)		(0.190	)


	$	9.020		$	9.190		$	11.330		$	11.040		$	10.630		$	10.080


		(1.85%	)		(11.80%	)		8.35%			10.55%			9.25%			1.12%


	$	57,994		$	106,686		$	259,303		$	189,624		$	156,345		$	83,771
		0.84%			0.82%			0.81%			0.80%			0.78%			0.75%
		1.10%			0.97%			0.94%			0.97%			0.94%			0.94%
		(0.74%	)		(0.46%	)		0.23%			2.72%			3.00%			1.27%
		(1.00%	)		(0.61%	)		0.10%			2.55%			2.84%			1.08%
		65%			322%			225%			157%			118%			188%

Financial highlights

Delaware Inflation Protected Bond Fund Class B

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 income (loss) ²

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 return ³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income (loss) to average net assets

Ratio of net investment income (loss) to average net assets prior to fees waived

Portfolio turnover

¹	Ratios have been annualized and portfolio turnover and total return have not been annualized.

²	The average shares outstanding method has been applied for per share information.

Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total investment return during all of the periods shown reflects a waiver by the manager and/or the distributor. Performance would have been lower had the waivers not been in effect.

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


Six months ended				Year ended
1/13/14 ¹				7/31/13			7/31/12			7/31/11			7/31/10			7/31/09
(Unaudited)

	$	9.160		$	11.310		$	11.030		$	10.620		$	10.020		$	10.160


		(0.034	)		(0.104	)		(0.058	)		0.210			0.235			0.051
		(0.136	)		(1.178	)		0.857			0.789			0.600			(0.014	)

		(0.170	)		(1.282	)		0.799			0.999			0.835			0.037



		—			(0.064	)		(0.116	)		(0.246	)		(0.235	)		(0.120	)
		—			(0.803	)		(0.403	)		(0.343	)		—			(0.057	)
		—			(0.001	)		—			—			—			—

		—			(0.868	)		(0.519	)		(0.589	)		(0.235	)		(0.177	)


	$	8.990		$	9.160		$	11.310		$	11.030		$	10.620		$	10.020


		(1.86%	)		(12.20%	)		7.52%			9.74%			8.40%			0.39%


	$	153		$	324		$	861		$	1,121		$	1,806		$	1,886
		0.84%			1.36%			1.56%			1.55%			1.53%			1.50%
		1.85%			1.73%			1.69%			1.72%			1.69%			1.69%
		(0.74%	)		(1.00%	)		(0.52%	)		1.97%			2.25%			0.52%
		(1.75%	)		(1.37%	)		(0.65%	)		1.80%			2.09%			0.33%
		65%			322%			225%			157%			118%			188%

Financial highlights

Delaware Inflation Protected Bond Fund Class C

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income (loss) ²

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 return ³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income (loss) to average net assets

Ratio of net investment income (loss) to average net assets prior to fees waived

Portfolio turnover

¹	Ratios have been annualized and portfolio turnover and total return have not been annualized.

²	The average shares outstanding method has been applied for per share information.

Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total investment return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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


Six months ended				Year ended
1/31/14 ¹				7/31/13			7/31/12			7/31/11			7/31/10			7/31/09
(Unaudited)

	$	9.140		$	11.310		$	11.030		$	10.620		$	10.020		$	10.160


		(0.068	)		(0.127	)		(0.058	)		0.210			0.235			0.051
		(0.142	)		(1.175	)		0.857			0.789			0.600			(0.014	)

		(0.210	)		(1.302	)		0.799			0.999			0.835			0.037



		—			(0.064	)		(0.116	)		(0.246	)		(0.235	)		(0.120	)
		—			(0.803	)		(0.403	)		(0.343	)		—			(0.057	)
		—			(0.001	)		—			—			—			—

		—			(0.868	)		(0.519	)		(0.589	)		(0.235	)		(0.177	)


	$	8.930		$	9.140		$	11.310		$	11.030		$	10.620		$	10.020


		(2.30%	)		(12.39%	)		7.52%			9.74%			8.40%			0.39%


	$	28,529		$	47,629		$	93,561		$	89,740		$	71,866		$	40,352
		1.59%			1.58%			1.56%			1.55%			1.53%			1.50%
		1.85%			1.73%			1.69%			1.72%			1.69%			1.69%
		(1.49%	)		(1.22%	)		(0.52%	)		1.97%			2.25%			0.52%
		(1.75%	)		(1.37%	)		(0.65%	)		1.80%			2.09%			0.33%
		65%			322%			225%			157%			118%			188%

Financial highlights

Delaware Inflation Protected Bond Fund Institutional Class

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income (loss) ²

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 return ³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income (loss) to average net assets

Ratio of net investment income (loss) to average net assets prior to fees waived

Portfolio turnover

¹	Ratios have been annualized and portfolio turnover and total return have not been annualized.

²	The average shares outstanding method has been applied for per share information.

Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total investment return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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


Six months ended				Year ended
1/13/14 ¹				7/31/13			7/31/12			7/31/11			7/31/10			7/31/09
(Unaudited)

	$	9.210		$	11.340		$	11.040		$	10.630		$	10.100		$	10.160


		(0.022	)		(0.023	)		0.053			0.317			0.339			0.148
		(0.138	)		(1.192	)		0.867			0.788			0.603			(0.014	)

		(0.160	)		(1.215	)		0.920			1.105			0.942			0.134



		—			(0.111	)		(0.217	)		(0.352	)		(0.412	)		(0.137	)
		—			(0.803	)		(0.403	)		(0.343	)		—			(0.057	)
		—			(0.001	)		—			—			—			—

		—			(0.915	)		(0.620	)		(0.695	)		(0.412	)		(0.194	)


	$	9.050		$	9.210		$	11.340		$	11.040		$	10.630		$	10.100


		(1.74%	)		(11.51%	)		8.59%			10.83%			9.51%			1.36%


	$	68,549		$	109,284		$	162,400		$	140,221		$	42,418		$	95,132
		0.59%			0.58%			0.56%			0.55%			0.53%			0.50%
		0.85%			0.73%			0.69%			0.72%			0.69%			0.69%
		(0.49%	)		(0.22%	)		0.48%			2.97%			3.25%			1.52%
		(0.75%	)		(0.37%	)		0.35%			2.80%			3.09%			1.33%
		65%			322%			225%			157%			118%			188%


Notes to financial statements
Delaware Inflation Protected Bond Fund		January 31, 2014 (Unaudited)

Delaware Group ^® Government Fund (Trust) is organized as a Delaware statutory trust and offers three series: Delaware Core Plus Bond Fund, Delaware Emerging Markets Debt Fund and Delaware Inflation Protected Bond Fund. These financial statements and the related notes pertain to Delaware Inflation Protected Bond 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 B, Class C, and Institutional Class shares. Class A shares are sold with a maximum front-end sales charge of 4.50%. Class A share purchases of $1,000,000 or more will incur a contingent deferred sales charge (CDSC) of 1.00% if redeemed during the first year and 0.50% during the second year, provided that Delaware Distributors, L.P. (DDLP) paid a financial advisor a commission on the purchase of those shares. Class B shares may be purchased only through dividend reinvestment and certain permitted exchanges. Prior to June 1, 2007, Class B shares were sold with a CDSC that declined from 4.00% to zero depending upon the period of time the shares were held. Class B shares will automatically convert to Class A shares on a quarterly basis approximately eight years after purchase. Class C shares are sold with a CDSC of 1.00%, if redeemed during the first 12 months. Institutional Class shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors.

The investment objective of the Fund is to seek to provide inflation protection and current income.

1. Significant Accounting Policies

The following accounting policies are in accordance with U.S. generally accepted accounting principles (U.S. GAAP) and are consistently followed by the Fund.

Security Valuation – Debt securities, credit default swap (CDS) contracts, inflation swap contracts, and interest rate swap 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. U.S. government securities are valued at the mean between the bid and ask prices, which approximates fair value. For asset-backed securities and U.S. government securities, pricing vendors utilize matrix pricing, which considers prepayment speed, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type as well as broker/dealer-supplied prices. Swap prices are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments. Foreign currency exchange contracts and foreign cross 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. 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 Fund’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.

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 for all open federal income tax years (July 31, 2010–July 31, 2013) 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 it invests in that may date back to the inception of the Fund.

Repurchase Agreements – The Fund may purchase certain U.S. government securities subject to the counterparty’s agreement to repurchase them at an agreed upon date and price. The counterparty will be required on a daily basis to maintain the value of the collateral subject to the agreement at not less than the repurchase price (including accrued interest). The agreements are conditioned upon the collateral being deposited under the Federal Reserve book-entry system with the Fund’s custodian or a third-party sub-custodian. In the event of default or bankruptcy by the other party to the agreement, retention of the collateral may be subject to legal proceedings. All open repurchase agreements as of the date of this report were entered into on Jan. 31, 2014.

Inflation-Indexed Bonds – The Fund invests in inflation-indexed bonds. Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value, which is adjusted for inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will be included as interest income on the statement of operations, even though investors do not receive their principal until maturity.

Notes to financial statements

Delaware Inflation Protected Bond Fund

1. Significant Accounting Policies (continued)

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) is included in the statement of operations under the caption net realized 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.

Other – Expenses directly attributable to the Fund are charged directly to the Fund. Other expenses common to various funds within the Delaware Investments ^® Family of Funds are generally allocated among such funds on the basis of average net assets. Management fees and some 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. Interest income is recorded on the accrual basis. Discounts and premiums on debt securities are amortized to interest income over the lives of the respective securities using the effective interest method. Realized gains (losses) on paydowns of mortgage- and asset-backed securities are classified as interest income. The Fund expects to declare and pay dividends from net investment income monthly and distributions from net realized gain on investments, if any, at least annually, usually in December. 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 transfer agent when positive cash balances are maintained, which may be used to offset transfer agent fees. If the amount earned is greater than one dollar, the expense paid under this arrangement is included in dividend disbursing and transfer agent fees and expenses on the statement of operations with the corresponding expense offset shown as “expense paid indirectly.” For the six months ended Jan. 31, 2014, the Fund earned $161 under this agreement.

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 Delaware Management Business Trust and the investment manager, an annual fee which is calculated daily at the rate of 0.45% on the first $500 million of average daily net assets of the Fund, 0.40% on the next $500 million, 0.35% on the next $1.5 billion, and 0.30% on average daily net assets in excess of $2.5 billion.

DMC has contractually agreed to waive that portion, if any, of its management fee and/or pay/reimburse the Fund to the extent necessary to limit annual operating expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, inverse floater program expenses, short sale and dividend 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), to 0.59% of average daily net assets of the Fund from Aug. 1, 2013 through Jan. 31, 2014.* For purposes of this waiver and reimbursement, nonroutine expenses may also include such additional costs and expenses, as may be agreed upon from time to time by the Fund’s Board and DMC. This expense waiver and reimbursement apply only to expenses paid directly by the Fund and may only be terminated by agreement of DMC and the Fund.

DSC is also the transfer agent and dividend disbursing agent of the Fund. The Fund pays DSC fees based on the aggregate daily net assets of the retail funds within the Delaware Investments Family of Funds at the following annual rate: 0.025% of the first $20 billion; 0.020% of the next $5 billion; 0.015% of the next $5 billion; and 0.013% on average daily net assets in excess of $30 billion. This amount is included in the statement of operations as dividend disbursing and transfer agent fees and expenses. For the six months ended Jan. 31, 2014, the amount charged by DSC was $22,472. Pursuant to a sub-transfer agency agreement between DSC and BNY Mellon Investment Servicing (US) Inc. (BNYMIS), BNYMIS provides certain sub-transfer agency services to the Fund. Sub-transfer agency fees are passed on to and paid directly by the Fund.

Pursuant to a distribution agreement and distribution plan, the Fund pays DDLP, the distributor and an affiliate of DMC, an annual distribution and service fee not to exceed 0.25% of the average daily net assets of the Class A shares and 1.00% of the average daily net assets of the Class B and C shares. Institutional Class shares pay no distribution and service expenses. DDLP has contracted to waive distribution and service fees from Aug. 1, 2013 through Jan. 31, 2014* in order to limit distribution and service fees of Class B shares to 0.25% of average daily net assets.

As provided in the investment management agreement, the Fund bears a portion of the cost of certain resources shared with DMC, including the cost of internal personnel of DMC and/or its affiliates that provide legal, tax and regulatory reporting services to the Fund. For the six months ended Jan. 31, 2014, the Fund was charged $3,101 for internal legal, tax and regulatory reporting services provided by DMC and/or its affiliates’ employees.

For the six months ended Jan. 31, 2014, DDLP earned $467 for commissions on sales of the Fund’s Class A shares. For the six months ended Jan. 31, 2014, DDLP received gross CDSC commissions of $217 and $14 on redemptions of the Fund’s Class A and Class C shares, respectively, and these

Notes to financial statements

Delaware Inflation Protected Bond Fund

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

commissions were entirely used to offset upfront commissions previously paid by DDLP to broker-dealers on sales of those shares.

* The contractual waiver period was Nov. 28, 2012 through Nov. 28, 2014.

3. Investments

For the six months ended Jan. 31, 2014, the Fund made purchases and sales of investment securities other than short-term investments as follows:


Purchases other than U.S. government securities	$	20,085,241
Purchases of U.S. government securities		104,792,409
Sales other than U.S. government securities		49,092,244
Sales of U.S. government securities		191,183,083


Cost of investments	$	159,880,366

Aggregate unrealized appreciation	$	1,247,628
Aggregate unrealized depreciation		(5,898,978	)

Net unrealized depreciation	$	(4,651,350	)


Level 1		–		inputs are quoted prices in active markets for identical investments (e.g., equity securities, open-end investment companies, futures contracts, exchange-traded options contracts)

Level 2

–

other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) (e.g., debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, fair valued securities)

Level 3

–

inputs are significant unobservable inputs (including the Fund’s own assumptions used to determine the fair value of investments) (e.g., broker-quoted securities, fair valued securities)

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of Jan. 31, 2014:


	Level 2
Agency, Asset Backed & Mortgage Backed Securities	$	34,434,004
Foreign Debt		4,775,851
Short-Term Investments		8,339,000
U.S. Treasury Obligations		107,680,161


Total	$	155,229,016

Foreign Currency Exchange Contracts	$	(9,275	)
Swap Contracts		(374,663	)

Notes to financial statements

Delaware Inflation Protected Bond Fund

4. Capital Shares

Transactions in capital shares were as follows:


	Six Months Ended 1/31/14			Year Ended 7/31/13
Shares sold:
Class A		929,864			6,308,439
Class B		—			—
Class C		42,462			938,451
Institutional Class		1,035,441			6,627,766

Shares issued upon reinvestment of dividends and distributions:
Class A		—			1,576,996
Class B		—			5,717
Class C		—			652,371
Institutional Class		—			1,170,367

		2,007,767			17,280,107


Shares redeemed:
Class A		(6,104,967	)		(19,166,367	)
Class B		(18,311	)		(46,480	)
Class C		(2,060,535	)		(4,647,848	)
Institutional Class		(5,323,832	)		(10,258,132	)

		(13,507,645	)		(34,118,827	)

Net decrease		(11,499,878	)		(16,838,720	)

For the six months ended Jan. 31, 2014 and the year ended July 31, 2013, 1,902 Class B shares were converted to 1,897 Class A shares valued at $17,066 and 18,091 Class B shares were converted to 18,045 Class A shares valued at $186,379, respectively. The respective amounts are included in Class B redemptions and Class A subscriptions in the table above and the statements of changes in net assets.

5. Line of Credit

The Fund, along with certain other funds in the Delaware Investments ^® Family of Funds (Participants), was a participant in a $125,000,000 revolving line of credit 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 0.08%, which was allocated across the Participants on the basis of each Participant’s allocation of the entire facility. 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 under the agreement expired on Nov. 12, 2013.

On Nov. 12, 2013, the Fund along with the other Participants, entered into an amendment to the agreement for a $225,000,000 revolving line of credit. The line of credit is to be used as described above

and operates in substantially the same manner as the original agreement. The line of credit available under the agreement expires on Nov. 10, 2014.

The Fund had no amounts outstanding as of Jan. 31, 2014, or at any time during the period then ended.

6. Derivatives

U.S. 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 entered into these contracts to hedge the U.S. dollar value of securities it already owns that are denominated in foreign currencies. The Fund enter into these contracts to fix the U.S. 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 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.

Future 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 in the normal course of pursuing its investment objectives. The Fund invested in futures contracts to hedge its existing portfolio securities against fluctuations in fair value caused by changes in prevailing market interest rates. Upon entering into a futures contract, the Fund deposits cash or pledges U.S. 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

Notes to financial statements

Delaware Inflation Protected Bond Fund

6. Derivatives (continued)

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 Jan. 31, 2014, there were no futures contracts outstanding.

Swap Contracts – The Fund may enter into interest rate swap contracts, inflation swap contracts and CDS contracts in the normal course of pursuing its investment objectives. The Fund may use interest rate swaps to adjust the Fund’s sensitivity to interest rates or to hedge against changes in interest rates. The Fund invested in inflation swaps to hedge the inflation risk in nominal bonds, thereby creating synthetic inflation-indexed bonds. The Fund entered into CDS contracts in order to hedge against a credit event and 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 (S&P) or Baa3 by Moody’s Investors Service (Moody’s) or is determined to be of equivalent credit quality by the manager.

Interest Rate Swaps. An interest rate swap contract is an exchange of interest rates between counterparties. In one instance, an interest rate swap involves payments received by the Fund from another party based on a variable or floating interest rate, in return for making payments based on a fixed interest rate. An interest rate swap can also work in reverse with the Fund receiving payments based on a fixed interest rate and making payments based on a variable or floating interest rate. Interest rate swaps were used to adjust the Fund’s sensitivity to interest rates or to hedge against changes in interest rates. Periodic payments on such contracts are accrued daily and recorded as unrealized appreciation/depreciation on swap contracts. Upon periodic payment/receipt or termination of the contract, such amounts are recorded as realized gains or losses on swap contracts. The Fund’s maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from/paid to the counterparty over the interest rate swap contract’s remaining life, to the extent that the amount is positive. This risk is mitigated by (1) 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, and (2) trading these instruments through a central counterparty for trades entered on or after June 10, 2013.

Inflation Swaps. Inflation swap agreements involve commitments to pay a regular stream of inflation-indexed cash payments in exchange for receiving a stream of nominal interest payments (or vice versa), where both payment streams are based on notional amounts. The nominal interest payments may be based on either a fixed interest rate or variable interest rate such as the London Interbank Offered Rate (LIBOR). The change in value of swap contracts outstanding, if any, is recorded as unrealized appreciation or depreciation daily. A realized gain or loss is recorded on maturity or termination of the swap contract. The Fund’s maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from/paid to the counterparty over the index swap contract’s remaining life, to the extent that the amount is positive. This risk is 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.

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 referenced security (or basket of securities) to the counterparty. Credit events generally include, among others, bankruptcy, failure to pay and obligation default.

During the six months ended Jan. 31, 2014, the Fund entered into CDS contracts as a purchaser of protection. Periodic payments (receipts) on such contracts are accrued daily and recorded as unrealized losses (gains) on swap contracts. Upon payment, 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 as unrealized appreciation or depreciation daily. 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. For the period ended Jan. 31, 2014, 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 referenced 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) 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 for trades entered prior to Jan. 31, 2014, and (2) trading CDS baskets these instruments through a central counterparty for trades entered on or after June 10, 2013. No CDS contracts were outstanding at Jan. 31, 2014.

Swaps Generally. The value of open swaps may differ from that which would be realized in the event the Fund terminated its position in the agreement. 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.

Notes to financial statements

Delaware Inflation Protected Bond Fund

6. Derivatives (continued)

Fair value of derivative instruments as of Jan. 31, 2014 was as follows:

Asset Derivatives

Liability Derivatives

Statement of

Assets and

Liabilities Location

Fair Value

Liabilities Location

Fair Value

Forward currency exchange
contracts (Foreign currency
exchange contracts)

Unrealized gain

Unrealized loss

on foreign

currency

exchange

contracts

—

contracts

(9,275

)

Interest rate contracts
(Inflation and interest rate
swap contracts)

Unrealized gain

Unrealized loss

on inflation and

interest rate swap

contracts

688,808

contracts

(1,063,471

)

Total

688,808

(1,072,746

)

The effect of derivative instruments on the statement of operations for the six months ended Jan. 31, 2014 was as follows:


				Net Realized Loss on:
	Foreign			Financial
	Currency			Futures
	Transactions			Contracts			Swaps			Total
Forward currency exchange contracts		$(449,312	)		$ —			$ —			$ (449,312	)
Interest rate contracts		—			(605,317	)		(200,689	)		(806,006	)
Credit contracts		—			—			(236,323	)		(236,323	)

Total		$(449,312	)		$(605,317	)		$(437,012	)		$(1,491,641	)

	Net Change in Unrealized Appreciation (Depreciation) of:
	Foreign			Financial
	Currency			Futures
	Transactions			Contracts			Swaps			Total
Forward currency exchange contracts		$369,117			$ —			$ —			$ 369,117
Interest rate contracts		—			(431,012	)		(374,663	)		(805,675	)
Credit contracts		—			—			(377,509	)		(377,509	)

Total		$369,117			$(431,012	)		$(752,172	)		$(814,067	)

Derivatives Generally. The table below summarizes the average balance of derivative holdings by the Fund during the six months ended Jan. 31, 2014.


	Long Derivative		Short Derivative
	Volume		Volume
Foreign currency exchange contracts (average cost)		USD 407,912		USD 9,435,504
Futures contracts (average notional value)		—		24,557,168
CDS contracts (average notional value)*		2,816,929		—
Interest rate contracts (average notional value)		50,879,528		—

*Long represents buying protection and short represents selling protection.

7. Offsetting

In December 2011, the Financial Accounting Standards Board (the “FASB”) issued guidance that will expand current disclosure requirements on the offsetting of certain assets and liabilities. The new disclosures will be required for investments and derivative financial instruments subject to master netting or similar agreements which are eligible for offset in the statement of assets and liabilities and will require an entity to disclose both gross and net information about such investments and transactions in the financial statements. In January 2013, the FASB issued guidance that clarifies which investments and transactions are subject to the offsetting disclosure requirements. The scope of the disclosure requirements for offsetting will be limited to derivative instruments, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions. The guidance is effective for financial statements with fiscal years beginning on or after Jan. 1, 2013, and interim periods within those fiscal years. The Fund adopted the disclosure provisions on offsetting during the current reporting period.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the statement of assets and liabilities.

Notes to financial statements

Delaware Inflation Protected Bond Fund

7. Offsetting (continued)

At Jan. 31, 2014, the Fund had the following assets and liabilities subject to offsetting provisions:

Offsetting of Financial Assets and Liabilities and Derivative Assets and Liabilities


Counterparty	Gross Value of Derivative Asset	Gross Value of Derivative Liability			Net Position
Bank of America Merrill Lynch	$2,101,149		$ (9,275)			$ 2,091,874
Banque of Montreal	350,192		—			350,192
Barclays Bank	—		(1,063,471)			(1,063,471	)
BNP Paribas	5,887,659		—			5,887,659
Goldman Sachs Capital	345,856		—			345,856
Morgan Stanley Capital	342,952		—			342,952

Total	$9,027,808		$(1,072,746	)		$ 7,955,062


Counterparty		Net Position		Fair Value of Non Cash Collateral Received		Cash Collateral Received		Fair Value of Non Cash Collateral Pledged		Cash Collateral Pledged				Net Amount ^(a)
Bank of America Merrill Lynch	$2,091,874				$—		$—		$—		$—		$2,091,874
Bank of Montreal			350,192		—		—		—		—				350,192
Barclays Bank	(1,063,471)				—		—		—		560,000				(503,471	)
BNP Paribas	5,887,659				—		—		—		—		5,887,659
Goldman Sachs Capital			345,856		—		—		—		(345,856	)			—
Morgan Stanley Capital			342,952		—		—		—						342,952

Total	$7,955,062				$—		$—		$—		$214,144		$8,169,206

^(a) Net represents the receivable/(payable) that would be due from/(to) the counterparty in the event of default.

8. Securities Lending

The Fund, along with other funds in the Delaware Investments ^® Family of 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: (i) 102% with respect to U.S. securities and foreign securities that are denominated and payable in U.S. dollars; and (ii) 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.

Cash collateral received is generally invested in the Delaware Investments ^® Collateral Fund No. 1 (Collective Trust) established by BNY Mellon for the purpose of investment on behalf of funds managed by DMC that participate in BNY Mellon’s securities lending program. The Collective Trust may invest in U.S. government securities and high quality corporate debt, asset-backed and other money market securities and in repurchase agreements collateralized by such securities, provided that the Collective Trust will generally have a dollar-weighted average portfolio maturity of 60 days or less. The Fund can also accept U.S. government securities and letters of credit (non-cash collateral) in connection with securities loans. In the event of default or bankruptcy by the lending agent, realization and/or retention of the collateral may be subject to legal proceedings. In the event the borrower fails to return loaned securities and the collateral received is insufficient to cover the value of the loaned securities and provided such collateral shortfall is not the result of investment losses, the lending agent has agreed to pay the amount of the shortfall to the Fund or, at the discretion of the lending agent, replace the loaned securities. The Fund continues to record dividends or interest, as applicable, on the securities loaned and is subject to changes in value of the securities loaned that may occur during the term of the loan. The Fund has the right under the Lending Agreement to recover the securities from the borrower on demand. With respect to security loans collateralized by non-cash collateral, the Fund receives loan premiums paid by the borrower. With respect to security loans collateralized by cash collateral, the earnings from the collateral investments are shared among the Fund, the security lending agent and the borrower. The Fund records security lending income net of allocations to the security lending agent and the borrower.

The Fund had no securities out on loan as of Jan. 31, 2014.

9. Credit and Market Risk

The Fund primarily invests in inflation-protected debt securities whose principal and/or interest payments are adjusted for inflation, unlike traditional debt securities that make fixed principal and interest payments. Under normal circumstances, the Fund will invest at least 80% of its net assets in inflation-protected bonds issued by the U.S. government, its agencies or instrumentalities, foreign governments and corporations, which may include synthetic investments such as options, forwards, futures contracts, or swap agreements that, when combined with non-inflation-indexed bonds, have economic characteristics similar to inflation-indexed bonds.

Notes to financial statements

Delaware Inflation Protected Bond Fund

9. Credit and Market Risk (continued)

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. The securities exchanges of certain foreign markets are substantially smaller, less liquid and more volatile than the major securities markets in the United States. Consequently, acquisition and disposition of securities by the Fund may be inhibited.

The Fund may invest up to 10% of its net assets in high yield, fixed income securities, which are securities rated lower than BBB- by S&P and Baa3 by Moody’s, 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 fixed income securities whose value is derived from an underlying pool of mortgages or consumer loans. The value of these securities is sensitive to changes in economic conditions, including delinquencies and/or defaults, and may be adversely affected by shifts in the market’s perception of the issuers and changes in interest rates. Investors receive principal and interest payments as the underlying mortgages and consumer loans are paid back. Some of these securities are collateralized mortgage obligations (CMOs). CMOs are debt securities issued by U.S. government agencies or by financial institutions and other mortgage lenders, which are collateralized by a pool of mortgages held under an indenture. Prepayment of mortgages may shorten the stated maturity of the obligations and can result in a loss of premium, if any has been paid. Certain of these securities may be stripped (securities which provide only the principal or interest feature of the underlying security). The yield to maturity on an interest-only CMO is extremely sensitive not only to changes in prevailing interest rates, but also to the rate of principal payments (including prepayments) on the related underlying mortgage assets. A rapid rate of principal payments may have a material adverse effect on the Fund’s yield to maturity. If the underlying mortgage assets experience greater than anticipated prepayments of principal, the Fund may fail to fully recoup its initial investment in these securities even if the securities are rated in the highest rating categories.

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. As of Jan. 31, 2014, no securities have been determined to be illiquid under the Fund’s Liquidity Procedures. Rule 144A securities have been identified on the schedule of investments.

10. Contractual Obligations

11. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to Jan. 31, 2014 that would require recognition or disclosure in the Fund’s financial statements.

Other Fund information (Unaudited)

Delaware Inflation Protected Bond Fund

Board consideration of Delaware Inflation Protected Bond Fund investment advisory agreement

At a meeting held on Aug. 20-22, 2013 (the “Annual Meeting”), the Board of Trustees (the “Board”), including a majority of disinterested or independent Trustees, approved the renewal of the Investment Advisory Agreement for Delaware Inflation Protected Bond Fund (the “Fund”). In making its decision, the Board considered information furnished at regular quarterly Board meetings, including reports detailing Fund performance, investment strategies and expenses, as well as information prepared specifically in connection with the renewal of the investment advisory and sub-advisory contracts. Information furnished specifically in connection with the renewal of the Investment Advisory Agreement with Delaware Management Company (“DMC”) included materials provided by DMC and its affiliates (“Delaware Investments”) concerning, among other things, the nature, extent and quality of services provided to the Fund, the costs of such services to the Fund, economies of scale and the financial condition and profitability of Delaware Investments. In addition, in connection with the Annual Meeting, reports were provided to the Trustees in May 2013 and included reports provided by Lipper, Inc., an independent statistical compilation organization (“Lipper”). The Lipper reports compared the Fund’s investment performance and expenses with those of other comparable mutual funds. The Independent Trustees reviewed and discussed the Lipper reports with independent legal counsel to the Independent Trustees. The Board requested and received information regarding DMC’s policy with respect to advisory fee levels and its breakpoint philosophy; the structure of portfolio manager compensation; the investment manager’s profitability; comparative client fee information; and any constraints or limitations on the availability of securities for certain investment styles, which had in the past year inhibited, or which were likely in the future to inhibit, DMC’s ability to invest fully in accordance with Fund policies.

Investment performance. The Board placed significant emphasis on the investment performance of the Fund in view of the importance of investment performance to shareholders. Although the Board gave appropriate consideration to performance reports and discussions with portfolio managers at Investment Committee meetings throughout the year, the Board gave particular weight to the Lipper reports furnished for the Annual Meeting. The Lipper reports prepared for the Fund showed the investment performance of its Class A shares in comparison to a group of similar funds as selected by Lipper (the “Performance Universe”). A fund with the best performance ranked first, and a fund with the poorest performance ranked last. The highest/best performing 25% of funds in the Performance Universe make up the first quartile; the next 25%, the second quartile; the next 25%, the third quartile; and the poorest/ worst performing 25% of funds in the Performance Universe make up the fourth quartile. Comparative annualized performance for the Fund was shown for the past one-, three- and five-year periods ended March 31, 2013. The Board’s objective is that the Fund’s performance for the periods considered be at or above the median of its Performance Universe. The following paragraph summarizes the performance results for the Fund and the Board’s view of such performance.

The Performance Universe for the Fund consisted of the Fund and all retail and institutional TIPS funds as selected by Lipper. The Lipper report comparison showed that the Fund’s total return for the one- and three-year periods was in the fourth quartile of its Performance Universe. The report further showed that the Fund’s total return for the five-year period was in the third quartile of its Performance Universe. The Board observed that the Fund’s performance results were not in line with the Board’s objective. In evaluating the Fund’s performance, the Board considered the numerous investment and performance reports delivered by Management personnel to the Board’s Investments Committee. The Board was satisfied that Management was taking action to improve Fund performance and to meet the Board’s performance objective.

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

Other Fund information (Unaudited)

Delaware Inflation Protected Bond Fund

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

About the organization


Board of trustees
Patrick P. Coyne	Joseph W. Chow	Lucinda S. Landreth	Thomas K. Whitford
Chairman, President, and Chief Executive Officer Delaware Investments ^® Family of Funds Philadelphia, PA Thomas L. Bennett Private Investor Rosemont, PA	Former Executive Vice President State Street Corporation Brookline, MA John A. Fry President Drexel University Philadelphia, PA	Former Chief Investment Officer Assurant, Inc. Philadelphia, PA Frances A. Sevilla-Sacasa Chief Executive Officer Banco Itaú International Miami, FL	Former Vice Chairman PNC Financial Services Group Pittsburgh, PA Janet L. Yeomans Former Vice President and Treasurer 3M Corporation St. Paul, MN J. Richard Zecher Founder Investor Analytics Scottsdale, AZ

Affiliated officers

David F. Connor	Daniel V. Geatens	David P. O’Connor	Richard Salus
Senior Vice President,	Vice President and	Executive Vice President,	Senior Vice President and
Deputy General Counsel,	Treasurer	General Counsel,	Chief Financial Officer
and Secretary	Delaware Investments	and Chief Legal Officer	Delaware Investments
Delaware Investments	Family of Funds	Delaware Investments	Family of Funds
Family of Funds	Philadelphia, PA	Family of Funds	Philadelphia, PA
Philadelphia, PA		Philadelphia, PA

This semiannual report is for the information of Delaware Inflation Protected Bond Fund shareholders, but it may be used with prospective investors when preceded or accompanied by the Delaware Investments Fund fact sheet for the most recently completed calendar quarter. These documents are available at delawareinvestments.com.

Delaware Investments is the marketing name of Delaware Management Holdings, Inc. and its subsidiaries.

Item 2. Code of Ethics

Not applicable.

Item 3. Audit Committee Financial Expert

Not applicable.

Item 4. Principal Accountant Fees and Services

Not applicable.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Investments

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

Item 11. Controls and Procedures

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

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

Item 12. Exhibits

(a) (1) Code of Ethics

Not applicable.

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

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

Not applicable.

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

SIGNATURES

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

DELAWARE GROUP ^® GOVERNMENT FUND

/s/ PATRICK P. COYNE
By:		Patrick P. Coyne
Title:		Chief Executive Officer
Date:		April 3, 2014

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

/s/ PATRICK P. COYNE
By:		Patrick P. Coyne
Title:		Chief Executive Officer
Date:		April 3, 2014

/s/ RICHARD SALUS
By:		Richard Salus
Title:		Chief Financial Officer
Date:		April 3, 2014

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Board of trustees

Patrick P. Coyne

Chairman, President, and

Chief Executive Officer

Delaware Investments ^®

Family of Funds

Philadelphia, PA

Thomas L. Bennett

Private Investor

Rosemont, PA

Joseph W. Chow

Former Executive Vice

President

State Street Corporation

Brookline, MA

John A. Fry

President

Drexel University

Philadelphia, PA

Lucinda S. Landreth

Former Chief Investment

Officer

Assurant, Inc.

Philadelphia, PA

Frances A. Sevilla-Sacasa

Chief Executive Officer

Banco Itaú

International

Miami, FL

Thomas K. Whitford

Former Vice Chairman

PNC Financial Services Group

Pittsburgh, PA

Janet L. Yeomans

Former Vice President

and Treasurer

3M Corporation

St. Paul, MN J.

Richard Zecher

Founder

Investor Analytics

Scottsdale, AZ

Affiliated officers

David F. Connor

Senior Vice President,

Deputy General Counsel,

and Secretary

Delaware Investments

Family of Funds

Philadelphia, PA

Daniel V. Geatens

Vice President and

Treasurer

Delaware Investments

Family of Funds

Philadelphia, PA

David P. O’Connor

Executive Vice President,

General Counsel,

and Chief Legal Officer

Delaware Investments

Family of Funds

Philadelphia, PA

Richard Salus

Senior Vice President and

Chief Financial Officer

Delaware Investments

Family of Funds

Philadelphia, PA