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Experience Delaware Funds by Macquarie^®

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

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

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

Manage your account online

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

Visit delawarefunds.com/account-access.

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

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

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

The Fund is governed by US laws and regulations.

Table of contents
Disclosure of Fund expenses		1
Security type / sector allocation		3
Schedule of investments		4
Statement of assets and liabilities		9
Statement of operations		11
Statements of changes in net assets		12
Financial highlights		14
Notes to financial statements		22
Other Fund information		31
About the organization		36

Unless otherwise noted, views expressed herein are current as of September 30, 2021, and subject to change for events occurring after such date.

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

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

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

© 2021 Macquarie Management Holdings, Inc.

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Disclosure of Fund expenses
For the six-month period from April 1, 2021 to September 30, 2021 (Unaudited)

The Fund seeks total return to the extent consistent with a relatively low volatility of principal.

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from April 1, 2021 to September 30, 2021.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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Disclosure of Fund expenses
For the six-month period from April 1, 2021 to September 30, 2021 (Unaudited)

Delaware Investments Ultrashort Fund
Expense analysis of an investment of $1,000

		Beginning					Ending							Expenses
		Account Value					Account Value					Annualized		Paid During Period
		4/1/21					9/30/21					Expense Ratio		4/1/21 to 9/30/21*
Actual Fund return†
Class A			$	1,000.00				$	1,001.80			0.40%			$	2.01
Class C				1,000.00					1,000.80			0.40%				2.01
Class L				1,000.00					1,001.80			0.40%				2.01
Institutional Class				1,000.00					1,000.80			0.40%				2.01
Hypothetical 5% return (5% return before expenses)
Class A			$	1,000.00				$	1,023.06			0.40%			$	2.03
Class C				1,000.00					1,023.06			0.40%				2.03
Class L				1,000.00					1,023.06			0.40%				2.03
Institutional Class				1,000.00					1,023.06			0.40%				2.03

*	“Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (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.

2

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Security type / sector allocation
Delaware Investments Ultrashort Fund	As of September 30, 2021 (Unaudited)

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

Security type / sector		Percentage of net assets
Agency Collateralized Mortgage Obligations			4.65	%
Agency Commercial Mortgage-Backed Securities			4.86	%
Collateralized Debt Obligations			2.40	%
Corporate Bonds			34.29	%
Banks			9.20	%
Capital Goods			3.09	%
Communications			3.36	%
Consumer Cyclical			3.31	%
Consumer Non-Cyclical			5.38	%
Electric			5.14	%
Insurance			3.31	%
Real Estate Investment Trusts			1.50	%
Non-Agency Asset-Backed Securities			33.56	%
Non-Agency Collateralized Mortgage Obligations			0.40	%
Commercial Paper			19.16	%
Total Value of Securities			99.32	%
Receivables and Other Assets Net of Liabilities			0.68	%
Total Net Assets			100.00	%

3

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Schedule of investments
Delaware Investments Ultrashort Fund	September 30, 2021 (Unaudited)

		Principal
		amount°		Value (US $)
Agency Collateralized Mortgage Obligations – 4.65%
	Freddie Mac Structured Agency Credit Risk REMIC Trust
	Series 2020-DNA6 M1 144A 0.95% (SOFR + 0.90%) 12/25/50 #, ●	802,324		$	802,618
	Series 2021-DNA1 M1 144A 0.70% (SOFR + 0.65%) 1/25/51 #, ●	585,120			585,120
	Series 2021-DNA5 M1 144A 0.70% (SOFR + 0.65%) 1/25/34 #, ●	680,869			681,286
	Series 2021-HQA1 M1 144A 0.75% (SOFR + 0.70%) 8/25/33 #, ●	807,621			807,899
	Series 2021-HQA2 M1 144A 0.75% (SOFR + 0.70%) 12/25/33 #, ●	1,000,000			1,000,686
Total Agency Collateralized Mortgage Obligations (cost $3,875,934)					3,877,609
Agency Commercial Mortgage-Backed Securities – 4.86%
	FREMF Mortgage Trust
	Series 2012-K18 B 144A 4.316% 1/25/45 #, ●	2,500,000			2,522,786
	Series 2015-K720 B 144A 3.509% 7/25/22 #, ●	1,500,000			1,528,538
Total Agency Commercial Mortgage-Backed Securities (cost $4,082,018)					4,051,324
Collateralized Debt Obligations – 2.40%
	Ares LVIII
	Series 2020-58A X 144A 0.926% (LIBOR03M + 0.80%, Floor
	0.80%) 1/15/33 #, ●	1,000,000			999,749
	Symphony
	Series 2020-24A X 144A 0.938% (LIBOR03M + 0.80%, Floor
	0.80%) 1/23/32 #, ●	1,000,000			999,749
Total Collateralized Debt Obligations (cost $2,000,000)					1,999,498
Corporate Bonds – 34.29%
Banks – 9.20%
	Bank of America 1.125% (LIBOR03M + 1.00%) 4/24/23 ●	1,500,000			1,508,283
	Citigroup 4.05% 7/30/22	1,890,000			1,947,635
	Goldman Sachs Group 1.721% (LIBOR03M + 1.60%) 11/29/23 ●	1,250,000			1,286,729
	JPMorgan Chase & Co. 1.025% (LIBOR03M + 0.90%) 4/25/23 ●	1,410,000			1,420,790
	Truist Bank 0.78% (SOFR + 0.73%) 3/9/23 ●	1,500,000			1,511,910
					7,675,347
Capital Goods – 3.09%
	Caterpillar Financial Services 2.95% 2/26/22	1,062,000			1,073,557
	Otis Worldwide 0.595% (LIBOR03M + 0.45%) 4/5/23 ●	1,500,000			1,500,160
					2,573,717
Communications – 3.36%
	Fox 3.666% 1/25/22	1,500,000			1,515,891
	Verizon Communications 1.225% (LIBOR03M + 1.10%) 5/15/25 ●	1,250,000			1,285,232
					2,801,123

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				Principal
				amount°		Value (US $)
Corporate Bonds (continued)
Consumer Cyclical – 3.31%
	7-Eleven 144A 0.625% 2/10/23 #			1,500,000		$	1,500,625
	General Motors Financial 0.81% (SOFR + 0.76%) 3/8/24 ●			1,250,000			1,262,376
							2,763,001
Consumer Non-Cyclical – 5.38%
	AbbVie
		0.781% ( 11/21/22 ●		1,405,000			1,414,229
		2.15% 11/19/21		1,595,000			1,598,872
	Gilead Sciences 3.25% 9/1/22			1,440,000			1,472,460
							4,485,561
Electric – 5.14%
	American Electric Power 3.65% 12/1/21			1,250,000			1,256,811
	Exelon Generation 3.40% 3/15/22			3,000,000			3,033,164
							4,289,975
Insurance – 3.31%
	Athene Global Funding 144A 0.75% (SOFR + 0.70%) 5/24/24 #, ●			1,490,000			1,498,064
	Brighthouse Financial Global Funding 144A 0.81% (SOFR + 0.76%)
		4/12/24 #, ●		1,250,000			1,259,640
							2,757,704
Real Estate Investment Trusts – 1.50%
	Public Storage 0.52% (SOFR + 0.47%) 4/23/24 ●			1,250,000			1,252,014
							1,252,014
Total Corporate Bonds (cost $28,487,151)							28,598,442
Non-Agency Asset-Backed Securities – 33.56%
	ARI Fleet Lease Trust
		Series 2018-A A3 144A 2.84% 10/15/26 #		1,397,911			1,402,089
	Avis Budget Rental Car Funding AESOP
		Series 2016-2A A 144A 2.72% 11/20/22 #		666,667			668,002
		Series 2019-1A A 144A 3.45% 3/20/23 #		2,000,000			2,015,819
	CarMax Auto Owner Trust
		Series 2017-4 A4 2.33% 5/15/23		1,041,447			1,044,875
	Carvana Auto Receivables Trust
		Series 2021-P1 A2 0.28% 3/11/24		1,097,058			1,097,207
	Dell Equipment Finance Trust
		Series 2021-1 A2 144A 0.33% 5/22/26 #		1,000,000			1,000,486
		Series 2021-2 A2 144A 0.33% 12/22/26 #		1,500,000			1,499,363

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Schedule of investments
Delaware Investments Ultrashort Fund

				Principal
				amount°		Value (US $)
Non-Agency Asset-Backed Securities (continued)
	Dryden 83
		Series 2020-83A X 144A 0.884% (LIBOR03M + 0.75%, Floor
		0.75%) 1/18/32 #, ●		2,000,000		$	1,999,498
	Enterprise Fleet Financing
		Series 2020-2 A2 144A 0.61% 7/20/26 #		2,193,706			2,200,227
	GM Financial Automobile Leasing Trust
		Series 2020-3 A2A 0.35% 11/21/22		572,870			573,066
	Harley-Davidson Motorcycle Trust
		Series 2019-A A3 2.34% 2/15/24		487,972			491,159
	Honda Auto Receivables Owner Trust
		Series 2019-4 A3 1.83% 1/18/24		837,367			844,842
	Hyundai Auto Lease Securitization Trust
		Series 2020-A A3 144A 1.95% 7/17/23 #		1,071,509			1,076,989
		Series 2021-A B 144A 0.61% 10/15/25 #		1,500,000			1,501,304
	JPMorgan Chase Bank
		Series 2020-2 B 144A 0.84% 2/25/28 #		1,375,136			1,377,015
	MMAF Equipment Finance
		Series 2020-BA A2 144A 0.38% 8/14/23 #		1,760,412			1,761,344
	PFS Financing
		Series 2020-B A 144A 1.21% 6/15/24 #		2,000,000			2,013,057
	Tesla Auto Lease Trust
		Series 2021-B A2 144A 0.36% 9/22/25 #		2,000,000			1,999,252
	Verizon Owner Trust
		Series 2018-A A1A 3.23% 4/20/23		196,402			197,138
		Series 2019-C A1A 1.94% 4/22/24		2,000,000			2,019,704
	Volvo Financial Equipment
		Series 2020-1A A2
		144A 0.37% 4/17/23 #		1,198,982			1,199,577
Total Non-Agency Asset-Backed Securities (cost $27,991,179)							27,982,013
Non-Agency Collateralized Mortgage Obligations – 0.40%
	Freddie Mac Structured Agency Credit Risk Debt Notes
		Series 2020-HQA5 M1 144A 1.15% (SOFR + 1.10%) 11/25/50 #, ●		334,507			334,622
Total Non-Agency Collateralized Mortgage Obligations (cost $334,507)							334,622
Commercial Paper – 19.16%
Banking – 2.39%
	HSBC 0.15% 11/24/21			250,000			249,937
	National Bank of Canada 0.20% 6/23/22			500,000			499,357
	Societe Generale 0.15% 12/16/21			250,000			249,954

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				Principal
				amount°		Value (US $)
Commercial Paper (continued)
Banking (continued)
	Toronto-Dominion 0.20% 6/28/22			1,000,000		$	998,833
							1,998,081
Banks – 4.20%
	Societe Generale
		0.24% 10/20/21		2,000,000			1,999,935
		0.261% 2/1/22		1,000,000			999,635
		0.261% 2/15/22		500,000			499,787
							3,499,357
Financials – 12.57%
	Bank Nova Scotia
		0.20% 7/13/22		500,000			499,356
		0.205% 9/16/22		1,500,000			1,497,236
		0.397% 7/20/22		500,000			499,328
	HSBC 0.281% 8/2/22			250,000			249,286
	JP Morgan Securities 0.20% 7/15/22			500,000			499,320
	NatWest Markets 0.251% 7/18/22			1,000,000			998,311
	Royal Bank of Canada 0.21% 9/23/22			2,000,000			1,995,565
	Skandinaviska Enskilda Banken 0.372% 8/5/22			750,000			748,861
	Svenska Handelsbanken 0.20% 9/15/22			3,000,000			2,994,458
	Westpac Banking Corporation 0.375% 9/9/22			500,000			499,150
							10,480,871
Total Commercial Paper (cost $15,975,810)							15,978,309
Total Value of Securities–99.32%
	(cost $82,746,599)					$	82,821,817

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Schedule of investments
Delaware Investments Ultrashort Fund

Summary of abbreviations:
FREMF – Freddie Mac Multifamily
ICE – Intercontinental Exchange, Inc.
LIBOR03M – ICE LIBOR USD 3 Month
LIBOR06M – ICE LIBOR USD 6 Month
REMIC – Real Estate Mortgage Investment Conduit
SOFR – Secured Overnight Financing Rate

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

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Statement of assets and liabilities
Delaware Investments Ultrashort Fund	September 30, 2021 (Unaudited)

Assets:
	Investments, at value*		$	82,821,817
	Cash			231,958
	Receivable for fund shares sold			330,213
	Interest receivable			116,283
	Total Assets			83,500,271
Liabilities:
	Accounting and administration fees payable to non-affiliates			19,549
	Audit and tax fees payable			17,496
	Reports and statements to shareholders expenses payable to non-affiliates			17,157
	Legal fees payable to non-affiliates			13,921
	Dividend disbursing and transfer agent fees and expenses payable to non-affiliates			11,225
	Registration fees payable to affiliates			10,447
	Payable for fund shares redeemed			7,067
	Pricing fees payable			5,830
	Other accrued expenses			2,372
	Investment management fees payable to affiliates			937
	Dividend disbursing and transfer agent fees and expenses payable to affiliates			591
	Accounting and administration expenses payable to affiliates			575
	Distribution payable			281
	Legal fees payable to affiliates			173
	Trustees’ fees and expenses payable			149
	Reports and statements to shareholders expenses payable to affiliates			138
	Total Liabilities			107,908
Total Net Assets			$	83,392,363
Net Assets Consist of:
	Paid-in capital		$	83,649,250
	Total distributable earnings (loss)			(256,887	)
Total Net Assets			$	83,392,363

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Statement of assets and liabilities
Delaware Investments Ultrashort Fund

Net Asset Value
Class A:
Net assets		$	32,135,774
Shares of beneficial interest outstanding, unlimited authorization, no par			3,214,890
Net asset value per share		$	10.00
Offering price per share, equal to net asset value per share / (1 - sales charge)		$	10.00
Class C:
Net assets		$	5,364,614
Shares of beneficial interest outstanding, unlimited authorization, no par			536,758
Net asset value per share		$	9.99
Class L:
Net assets		$	42,429,529
Shares of beneficial interest outstanding, unlimited authorization, no par			4,244,009
Net asset value per share		$	10.00
Institutional Class:
Net assets		$	3,462,446
Shares of beneficial interest outstanding, unlimited authorization, no par			346,254
Net asset value per share		$	10.00
____________________
*  Investments, at cost		$	82,746,599

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

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Statement of operations
Delaware Investments Ultrashort Fund	Six months ended September 30, 2021 (Unaudited)

Investment Income:
	Interest		$	336,634
Expenses:
	Management fees			130,418
	Distribution expenses — Class A			41,706
	Distribution expenses — Class C			29,007
	Registration fees			37,635
	Dividend disbursing and transfer agent fees and expenses			37,527
	Accounting and administration expenses			26,591
	Reports and statements to shareholders expenses			19,016
	Audit and tax fees			17,496
	Legal fees			14,990
	Dues and services fees			4,584
	Custodian fees			1,977
	Trustees’ fees and expenses			1,227
	Other			10,709
				372,883
	Less expenses waived			(127,967	)
	Less waived distribution expenses — Class A			(41,706	)
	Less waived distribution expenses — Class C			(29,007	)
	Less expenses paid indirectly			(101	)
	Total operating expenses			174,102
Net Investment Income				162,532
Net Realized and Unrealized Gain (Loss):
	Net realized gain on investments			43,950
	Net change in unrealized appreciation (depreciation) of investments			(102,573	)
Net Realized and Unrealized Loss				(58,623	)
Net Increase in Net Assets Resulting from Operations			$	103,909

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

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Statements of changes in net assets
Delaware Investments Ultrashort Fund

					Six months
					ended
					9/30/21				Year ended
					(Unaudited)				3/31/21
Increase (Decrease) in Net Assets from Operations:
	Net investment income			$	162,532			$	539,274
	Net realized gain (loss)				43,950				(118,765	)
	Net change in unrealized appreciation (depreciation)				(102,573	)			2,098,241
	Net increase in net assets resulting from operations				103,909				2,518,750
Dividends and Distributions to Shareholders from:
	Distributable earnings:
		Class A			(92,635	)			(166,815	)
		Class C			(16,036	)			(53,025	)
		Class L			(120,992	)			(339,492	)
		Institutional Class			(11,466	)			(22,001	)
					(241,129	)			(581,333	)
Capital Share Transactions:
	Proceeds from shares sold:
		Class A			5,129,584				39,045,324
		Class C			731,371				2,560,209
		Class L			—				49,622
		Institutional Class			112,810				4,307,804
	Net asset value of shares issued upon reinvestment of
		dividends and distributions:
		Class A			91,441				166,733
		Class C			15,931				54,649
		Class L			117,932				346,023
		Institutional Class			11,237				23,467
					6,210,306				46,553,831

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				Six months
				ended
				9/30/21				Year ended
				(Unaudited)				3/31/21
Capital Share Transactions (continued):
	Cost of shares redeemed:
		Class A		$	(9,142,276	)		$	(19,247,657	)
		Class C			(1,389,009	)			(4,160,176	)
		Class L			(2,027,707	)			(3,771,416	)
		Institutional Class			(968,926	)			(4,117,049	)
					(13,527,918	)			(31,296,298	)
	Increase (decrease) in net assets derived from capital share
		transactions			(7,317,612	)			15,257,533
Net Increase (Decrease) in Net Assets					(7,454,832	)			17,194,950
Net Assets:
		Beginning of period			90,847,195				73,652,245
		End of period		$	83,392,363			$	90,847,195

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

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Financial highlights
Delaware Investments Ultrashort Fund Class A

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income2

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return3

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 (loss) to average net assets prior to fees waived

Portfolio turnover

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects waivers by the manager and/or 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.

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	Six months ended
	9/30/211				Year ended
	(Unaudited)				3/31/21				3/31/20				3/31/19				3/31/18				3/31/17
	$	10.01			$	9.75			$	9.99			$	9.96			$	10.00			$	10.02
		0.02				0.07				0.22				0.22				0.14				0.07
		—				0.26				(0.24	)			0.03				(0.03	)			—
		0.02				0.33				(0.02	)			0.25				0.11				0.07
		(0.03	)			(0.07	)			(0.22	)			(0.22	)			(0.14	)			(0.07	)
		—				—				—				—				(0.01	)			(0.02	)
		(0.03	)			(0.07	)			(0.22	)			(0.22	)			(0.15	)			(0.09	)
	$	10.00			$	10.01			$	9.75			$	9.99			$	9.96			$	10.00
		0.18%				3.42%				(0.21%	)			2.59%				1.05%				0.76%
	$	32,136			$	36,109			$	15,718			$	12,169			$	8,722			$	9,430
		0.40%				0.40%				0.40%				0.40%				0.40%				0.40%
		0.94%				0.97%				0.97%				0.97%				0.92%				1.08%
		0.37%				0.66%				2.21%				2.24%				1.38%				0.73%
		(0.17%	)			0.09%				1.64%				1.67%				0.86%				0.05%
		33%				83%				82%				53%				134%				104%

15

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Financial highlights
Delaware Investments Ultrashort Fund Class C

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income2

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return3

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 (loss) to average net assets prior to fees waived

Portfolio turnover

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during all of the periods shown reflects waivers by the manager and/or 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.

16

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	Six months ended
	9/30/211						Year ended
	(Unaudited)						3/31/21				3/31/20				3/31/19				3/31/18				3/31/17
		$	10.01				$	9.75			$	9.99			$	9.96			$	10.00			$	10.02
			0.02					0.07				0.22				0.22				0.14				0.07
			(0.01	)				0.26				(0.24	)			0.03				(0.03	)			—
			0.01					0.33				(0.02	)			0.25				0.11				0.07
			(0.03	)				(0.07	)			(0.22	)			(0.22	)			(0.14	)			(0.07	)
			—					—				—				—				(0.01	)			(0.02	)
			(0.03	)				(0.07	)			(0.22	)			(0.22	)			(0.15	)			(0.09	)
		$	9.99				$	10.01			$	9.75			$	9.99			$	9.96			$	10.00
			0.08%					3.42%				(0.21%	)			2.59%				1.05%				0.75%
		$	5,365				$	6,015			$	7,364			$	7,386			$	5,752			$	7,527
			0.40%					0.40%				0.40%				0.40%				0.40%				0.40%
			1.69%					1.72%				1.72%				1.72%				1.67%				1.83%
			0.37%					0.66%				2.21%				2.24%				1.38%				0.73%
			(0.92%	)				(0.66%	)			0.89%				0.92%				0.11%				(0.70%	)
			33%					83%				82%				53%				134%				104%

17

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Financial highlights
Delaware Investments Ultrashort Fund Class L

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income2

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return3

Ratios to average net assets:

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 total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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

18

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	Six months ended
	9/30/211						Year ended
	(Unaudited)						3/31/21				3/31/20				3/31/19				3/31/18				3/31/17
		$	10.01				$	9.75			$	9.99			$	9.96			$	10.00			$	10.02
			0.02					0.07				0.22				0.22				0.14				0.07
			—					0.26				(0.24	)			0.03				(0.03	)			—
			0.02					0.33				(0.02	)			0.25				0.11				0.07
			(0.03	)				(0.07	)			(0.22	)			(0.22	)			(0.14	)			(0.07	)
			—					—				—				—				(0.01	)			(0.02	)
			(0.03	)				(0.07	)			(0.22	)			(0.22	)			(0.15	)			(0.09	)
		$	10.00				$	10.01			$	9.75			$	9.99			$	9.96			$	10.00
			0.18%					3.42%				(0.21%	)			2.59%				1.05%				0.75%
		$	42,430				$	44,409			$	46,517			$	51,512			$	59,084			$	68,119
			0.40%					0.40%				0.40%				0.40%				0.40%				0.40%
			0.69%					0.72%				0.72%				0.72%				0.67%				0.83%
			0.37%					0.66%				2.21%				2.24%				1.38%				0.73%
			0.08%					0.34%				1.89%				1.92%				1.11%				0.30%
			33%					83%				82%				53%				134%				104%

19

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Financial highlights
Delaware Investments Ultrashort Fund Institutional Class

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income2

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return3

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 total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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

20

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	Six months ended
	9/30/211						Year ended
	(Unaudited)						3/31/21				3/31/20				3/31/19				3/31/18				3/31/17
		$	10.02				$	9.75			$	9.99			$	9.96			$	10.00			$	10.02
			0.02					0.07				0.22				0.22				0.14				0.07
			(0.01	)				0.27				(0.24	)			0.03				(0.03	)			—
			0.01					0.34				(0.02	)			0.25				0.11				0.07
			(0.03	)				(0.07	)			(0.22	)			(0.22	)			(0.14	)			(0.07	)
			—					—				—				—				(0.01	)			(0.02	)
			(0.03	)				(0.07	)			(0.22	)			(0.22	)			(0.15	)			(0.09	)
		$	10.00				$	10.02			$	9.75			$	9.99			$	9.96			$	10.00
			0.08%					3.52%				(0.21%	)			2.59%				1.05%				0.75%
		$	3,462				$	4,314			$	4,053			$	1,869			$	418			$	331
			0.40%					0.40%				0.40%				0.40%				0.40%				0.40%
			0.69%					0.72%				0.72%				0.72%				0.67%				0.83%
			0.37%					0.66%				2.21%				2.24%				1.38%				0.73%
			0.08%					0.34%				1.89%				1.92%				1.11%				0.30%
			33%					83%				82%				53%				134%				104%

21

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Notes to financial statements
Delaware Investments Ultrashort Fund	September 30, 2021 (Unaudited)

Delaware Group^® Cash Reserve (Trust) is organized as a Delaware statutory trust and offers one series, Delaware Investments Ultrashort 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 L, and Institutional Class shares. Class A shares are sold with a maximum front-end sales charge of 2.00%. There is no front-end sales charge when you purchase $1,000,000 or more of Class A shares. However, if Delaware Distributors, L.P. (DDLP) paid your financial intermediary a commission on your purchase of $1,000,000 or more of Class A shares, for shares purchased prior to July 1, 2020, you will have to pay a limited contingent deferred sales charge (Limited CDSC) of 1.00% if you redeem these shares within the first year after your purchase and 0.50% if you redeem these shares within the second year; and for shares purchased on or after July 1, 2020, you will have to pay a Limited CDSC of 1.00% if you redeem these shares within the first 18 months after your purchase, unless a specific waiver of the Limited CDSC applies. Class C shares are sold with a contingent deferred sales charge (CDSC) of 1.00%, which will be incurred if redeemed during the first 12 months.

1. Significant Accounting Policies

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

Security Valuation — Debt securities are valued based upon valuations provided by an independent pricing service or broker and reviewed by management. To the extent current market prices are not available, the pricing service may take into account developments related to the specific security, as well as transactions in comparable securities. Valuations for fixed income securities utilize matrix systems, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. For asset-backed securities, collateralized mortgage obligations (CMOs), commercial mortgage securities, and US 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. Generally, other securities and assets for which market quotations are not readily available are valued at fair value as determined in good faith under the direction of the Trust’s Board of Trustees (Board). In determining whether market quotations are readily available or fair valuation will be used, various factors will be taken into consideration, such as market closures or suspension of trading in a security. Restricted securities are valued at fair value using methods approved by the Board.

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

22

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Table of Contents

through the six months ended September 30, 2021, and for all open tax years (years ended March 31, 2018–March 31, 2021), and has concluded that no provision for federal income tax is required in the Fund’s financial statements. If applicable, the Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in “Other” on the “Statement of operations.” During the six months ended September 30, 2021, the Fund did not incur any interest or tax penalties.

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

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

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

The Fund receives earnings credits from its custodian when positive cash balances are maintained, which may be used to offset custody fees.

The Fund receives earnings credits from its transfer agent when positive cash balances are maintained, which may be used to offset transfer agent fees. If the amount earned is greater than $1, the expenses paid under this arrangement are included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses” with the corresponding expenses offset included under “Less expenses paid indirectly.” For the six months ended September 30, 2021, the Fund earned $101 under this arrangement.

23

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Notes to financial statements
Delaware Investments Ultrashort Fund

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

In accordance with the terms of its investment management agreement, the Fund pays DMC, a series of Macquarie Investment Management Business Trust and the investment manager, an annual fee which is calculated daily and paid monthly at the rate of 0.30% on average daily net assets of the Fund.

DMC has contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any distribution and service (12b-1) fees, taxes, interest, acquired fund fees and expenses, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual fund operating expenses from exceeding 0.40% of the Fund’s average daily net assets from April 1, 2021 through September 30, 2021.* These waivers and reimbursements may only be terminated by agreement of DMC and the Fund.

Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administrative oversight services to the Fund. For these services, DIFSC’s fees are calculated daily and paid monthly, based on the aggregate daily net assets of all funds within the Delaware Funds at the following annual rates: 0.00475% of the first $35 billion; 0.0040% of the next $10 billion; and 0.0025% of aggregate average daily net assets in excess of $45 billion (Total Fee). Each fund in the Delaware Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each fund then pays its portion of the remainder of the Total Fee on a relative net asset value (NAV) basis. This amount is included on the “Statement of operations” under “Accounting and administration expenses.” For the six months ended September 30, 2021, the Fund was charged $3,524 for these services.

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

DIFSC is also the transfer agent and dividend disbursing agent of the Fund. For these services, DIFSC’s fees are calculated daily and paid monthly, based on the aggregate daily net assets of the retail funds within the Delaware Funds at the following annual rates: 0.014% of the first $20 billion; 0.011% of the next $5 billion; 0.007% of the next $5 billion; 0.005% of the next $20 billion; and 0.0025% of average daily net assets in excess of $50 billion. The fees payable to DIFSC under the shareholder services agreement described above are allocated among all retail funds in the Delaware Funds on a relative NAV basis. This amount is included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses.” For the six months ended September 30, 2021, the Fund was charged $3,674 for these services. Pursuant to a sub-transfer agency agreement between DIFSC and BNY Mellon

24

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

Pursuant to a distribution agreement and distribution plan, the Fund pays DDLP, the distributor and an affiliate of DMC, an annual 12b-1 fee of 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 C shares. The fees are calculated daily and paid monthly. Class L and Institutional Class shares do not pay 12b-1 fees. DDLP has contracted to limit the 12b-1 fees to 0.00% of average daily net assets for Class A and Class C shares from April 1, 2021 through September 30, 2021.*

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 September 30, 2021, the Fund was charged $1,556 for internal legal, tax, and regulatory reporting services provided by DMC and/or its affiliates’ employees. This amount is included on the “Statement of operations” under “Legal fees.”

For the six months ended September 30, 2021, DDLP earned $1,258 for commissions on sales of the Fund’s Class A shares. For the six months ended September 30, 2021, DDLP received gross CDSC commissions of $244 on redemptions of the Fund’s Class C shares, respectively, and these commissions were entirely used to offset upfront commissions previously paid by DDLP to broker/dealers on sales of those shares.

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

3. Investments

For the six months ended September 30, 2021, the Fund made purchases and sales of investment securities other than short-term investments as follows:

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Notes to financial statements
Delaware Investments Ultrashort Fund

3. Investments (continued)

At September 30, 2021, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes have been estimated since final tax characteristics cannot be determined until fiscal year end. At September 30, 2021, the cost and unrealized appreciation (depreciation) of investments for the Fund were as follows:

Cost of investments		$	82,746,599
Aggregate unrealized appreciation of investments		$	137,562
Aggregate unrealized depreciation of investments			(62,344	)
Net unrealized appreciation of investments		$	75,218

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

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

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

26

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Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.

		Level 2
Securities
Assets:
Agency Collateralized Mortgage Obligations		$	3,877,609
Agency Commercial Mortgage-Backed Securities			4,051,324
Collateralized Debt Obligations			1,999,498
Commercial Paper			15,978,309
Corporate Bonds			28,598,442
Non-Agency Asset-Backed Securities			27,982,013
Non-Agency Collateralized Mortgage Obligations			334,622
Total Value of Securities		$	82,821,817

During the six months ended September 30, 2021, there were no transfers into or out of Level 3 investments. The Fund’s policy is to recognize transfers into or out of Level 3 investments based on fair value at the beginning of the reporting period.

A reconciliation of Level 3 investments is presented when the Fund has a significant amount of Level 3 investments at the beginning, interim, or end of the period in relation to the Fund’s net assets. During the six months ended September 30, 2021, there were no Level 3 investments.

4. Capital Shares

Transactions in capital shares were as follows:

			Six months
			ended		Year ended
			9/30/21		3/31/21
Shares sold:
	Class A		512,617		3,900,641
	Class C		73,136		255,901
	Class L		—		4,980
	Institutional Class		11,272		430,685
Shares issued upon reinvestment of dividends and distributions:
	Class A		9,138		16,691
	Class C		1,592		5,476
	Class L		11,786		34,677
	Institutional Class		1,123		2,348
			620,664		4,651,399

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Notes to financial statements
Delaware Investments Ultrashort Fund

4. Capital Shares (continued)

			Six months
			ended			Year ended
			9/30/21			3/31/21
Shares redeemed:
	Class A		(913,500	)		(1,923,584	)
	Class C		(138,871	)		(416,131	)
	Class L		(202,650	)		(377,019	)
	Institutional Class		(96,836	)		(417,954	)
			(1,351,857	)		(3,134,688	)
Net increase (decrease)			(731,193	)		1,516,711

Certain shareholders may exchange shares of one class for shares of another class in the same Fund. These exchange transactions are included as subscriptions and redemptions in the table above and the “Statements of changes in net assets”. For the six months ended September 30, 2021 and year ended March 31, 2021, the Fund had the following exchange transactions.

		Exchange Redemptions								Exchange Subscriptions
														Institutional
		Class A				Class C				Class A				Class
		Shares				Shares				Shares				Shares				Value
Six months ended
9/30/21			—				2,795				2,795				—			$	27,977
Year ended
3/31/21			2,169				27,462				27,468				2,170				296,935

5. Line of Credit

The Fund, along with certain other funds in the Delaware Funds (Participants), is a participant in a $225,000,000 revolving line of credit (Agreement) intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the Agreement, the Participants are charged an annual commitment fee of 0.15% with the addition of an upfront fee of 0.05%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants are permitted to borrow up to a maximum of one-third of their net assets under the Agreement. Each Participant is individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the Agreement expires on November 1, 2021.

The Fund had no amounts outstanding as of September 30, 2021, or at any time during the period then ended.

6. Credit and Market Risks

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

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

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

The Fund is subject to prepayment risk, which is the risk that the principal on mortgage-backed or asset-backed securities may be prepaid at any time, which will reduce the yield and market value.

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

The Fund may invest up to 5% of its net assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A promulgated under the Securities Act of 1933 (Act), as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the Fund from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Board has delegated to DMC, the day-to-day functions of determining whether individual securities are liquid for purposes of the Fund’s limitation on investments in illiquid securities. The Fund may also invest in securities exempt from registration under Section 4(2) of the Act, which exempts from registration transactions by an issuer not involving any public offering. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Fund’s 5% limit on investments in illiquid securities. Rule 144A securities have been identified on the “Schedule of investments.”

7. 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.

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Notes to financial statements
Delaware Investments Ultrashort Fund

8. Recent Accounting Pronouncements

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

9. Subsequent Events

On November 1, 2021, the Fund, along with the other Participants, entered into an amendment to the agreement for a $355,000,000 revolving line of credit to be used as described in Note 5 and to be operated in substantially the same manner as the agreement described in Note 5. Under the amendment to the agreement, the Participants are charged an annual commitment fee of 0.15%, with the addition of an upfront fee of 0.05%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The line of credit available under the agreement expires on October 31, 2022.

Management has determined that no other material events or transactions occurred subsequent to September 30, 2021, that would require recognition or disclosure in the Fund’s financial statements.

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Other Fund information (Unaudited)
Delaware Investments Ultrashort Fund

Liquidity Risk Management Program

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

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

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

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

At a meeting of the Board held on May 25-27, 2021, the Program Administrator provided a written report to the Board addressing the Program’s operation and assessing the adequacy and effectiveness of its implementation for the period from April 1, 2020 through March 31, 2021. The report concluded that the Program is appropriately designed and effectively implemented and that it meets the requirements of Rule 22e-4 and the Fund’s liquidity needs. The Fund’s HLIM is set at an appropriate level and the Fund complied with its HLIM at all times during the reporting period.

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Other Fund information (Unaudited)
Delaware Investments Ultrashort Fund

Board consideration of Investment Advisory and Sub-Advisory Agreements for Delaware Investments Ultrashort Fund at a meeting held August 10-12, 2021

At a meeting held on August 10-12, 2021 (the “Annual Meeting”), the Board of Trustees (the “Board”), including a majority of disinterested or independent Trustees, approved the renewal of the Investment Advisory and Sub-Advisory Agreements for Delaware Investments Ultrashort Fund (the “Fund”). In making its decision, the Board considered information furnished at regular quarterly Board meetings, including reports detailing Fund performance, investment strategies and expenses, as well as information prepared specifically in connection with the renewal of the investment advisory and sub-advisory contracts. Information furnished specifically in connection with the renewal of the Investment Management Agreement with Delaware Management Company (“DMC”), a series of Macquarie Investment Management Business Trust (“MIMBT”) and the Sub-Advisory Agreements with Macquarie Investment Management Europe Limited (“MIMEL”), Macquarie Investment Management Global Limited (“MIMGL”), and Macquarie Investment Management Austria Kapitalanlage AG (“MIMAK”) (the “Sub-Advisers”), included materials provided by DMC and its affiliates (collectively, “Macquarie Asset Management”) concerning, among other things, the nature, extent, and quality of services provided to the Fund; the costs of such services to the Fund; economies of scale; and the investment manager’s financial condition and profitability. In addition, in connection with the Annual Meeting, materials were provided to the Trustees in May 2021, including reports provided by Broadridge Financial Solutions (“Broadridge”). The Broadridge reports compared the Fund’s investment performance and expenses with those of other comparable mutual funds. The Independent Trustees reviewed and discussed the Broadridge reports with independent legal counsel to the Independent Trustees. In addition to the information noted above, the Board also requested and received information regarding DMC’s policy with respect to advisory fee levels and its breakpoint philosophy; the structure of portfolio manager compensation; comparative client fee information; and any constraints or limitations on the availability of securities for certain investment styles, which had in the past year inhibited, or which were likely in the future to inhibit, the investment manager’s ability to invest fully in accordance with Fund policies.

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

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

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

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

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

The Performance Universe for the Fund consisted of the Fund and all retail and institutional ultra-short obligation funds as selected by Broadridge. The Broadridge report comparison showed that the Fund’s total return for the 1-year period was in the fourth quartile of its Performance Universe. The report further showed that the Fund’s total return for the 3-year and since inception periods 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 performance attribution included in the Meeting materials, as well as 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 meet the Board’s performance objective.

Comparative expenses. The Board considered expense data for the Delaware Funds. Management provided the Board with information on pricing levels and fee structures for the Fund as of its most recently completed fiscal year. The Board also focused on the comparative analysis of effective

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Other Fund information (Unaudited)
Delaware Investments Ultrashort Fund

Board consideration of Investment Advisory and Sub-Advisory Agreements for Delaware Investments Ultrashort Fund at a meeting held August 10-12, 2021 (continued)

management fees and total expense ratios of the Fund versus effective management fees and total expense ratios of a group of similar funds (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 and, for comparative consistency, included 12b-1 and non-12b-1 service fees. The Board’s objective is for each Fund’s total expense ratio to be competitive with those of the peer funds within its Expense Group.

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 July 2021 and various initiatives implemented by Management, such as the negotiation of lower fees for fund accounting, fund accounting oversight and custody 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 DMC in connection with the operation of the Fund. In this respect, the Board reviewed the Investment Management Profitability Analysis that addressed the overall profitability of DMC’s business in providing management and other services to each of the individual funds and the Delaware Funds as a whole. Specific attention was given to the methodology used by DMC in allocating costs for the purpose of determining profitability. Management stated that the level of profits of DMC, to a certain extent, reflects recent operational cost savings and efficiencies initiated by DMC. The Board considered DMC’s efforts to improve services provided to Fund shareholders and to meet additional regulatory and compliance requirements resulting from recent industry-wide Securities and Exchange Commission initiatives. The Board also considered the extent to which DMC might derive ancillary benefits from fund operations, including the potential for procuring additional business as a result of the prestige and visibility associated with its role as service provider to the Delaware Funds and the benefits from allocation of fund brokerage to improve trading efficiencies. As part of its work, the Board also reviewed a report prepared by JDL regarding MIMBT profitability as compared to certain peer fund complexes and the Independent Trustees discussed with JDL personnel regarding DMC’s profitability in such context. The Board found that the management fees were reasonable in light of the services rendered and the level of profitability of DMC.

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

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their relationship to the Fund, such as reputational enhancement, soft dollar arrangements, or commissions paid to affiliated broker/dealer, as applicable.

Economies of scale. The Trustees considered whether economies of scale are realized by DMC as the Fund’s assets increase and the extent to which any economies of scale are reflected in the level of management fees charged. The Trustees reviewed the Fund’s advisory fee pricing and structure, approved by the Board and shareholders, which includes breakpoints, and which applies to most funds in the Delaware Funds complex. Breakpoints in the advisory fee occur when the advisory fee rate is reduced on assets in excess of specified levels. Breakpoints result in a lower advisory fee than would otherwise be the case in the absence of breakpoints, when the asset levels specified in the breakpoints are exceeded. The Board noted that, due to the unique nature of investing in ultrashort obligations, the fee under the Fund’s management contract did not fall within the standardized fee pricing structure. Although, as of March 31, 2021, the Fund had not reached a size at which it could take advantage of any breakpoints in the applicable fee schedule, the Board recognized that the fee was structured so that, if the Fund increases sufficiently in size, then economies of scale may be shared.

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About the organization

Board of trustees

Shawn K. Lytle President and Chief Executive Officer Delaware Funds by Macquarie® Philadelphia, PA Jerome D. Abernathy Managing Member, Stonebrook Capital Management, LLC Jersey City, NJ Thomas L. Bennett Chairman of the Board Delaware Funds by Macquarie Private Investor Rosemont, PA

Ann D. Borowiec Former Chief Executive Officer Private Wealth Management J.P. Morgan Chase & Co. New York, NY Joseph W. Chow Former Executive Vice President State Street Corporation Boston, MA John A. Fry President Drexel University Philadelphia, PA

Frances A. Sevilla-Sacasa Former Chief Executive Officer Banco Itaú International Miami, FL Thomas K. Whitford Former Vice Chairman PNC Financial Services Group Pittsburgh, PA

Christianna Wood Chief Executive Officer and President Gore Creek Capital, Ltd. Golden, CO Janet L. Yeomans Former Vice President and Treasurer 3M Company St. Paul, MN

Affiliated officers

David F. Connor Senior Vice President, General Counsel, and Secretary Delaware Funds by Macquarie Philadelphia, PA

Daniel V. Geatens Senior Vice President and Treasurer Delaware Funds by Macquarie Philadelphia, PA

Richard Salus Senior Vice President and Chief Financial Officer Delaware Funds by Macquarie Philadelphia, PA

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

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

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

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