Form N-CSRS DELAWARE GROUP ADVISER For: Apr 30

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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:	811-07972

Exact name of registrant as specified in charter:	Delaware Group^® Adviser Funds

Address of principal executive offices:	610 Market Street
	Philadelphia, PA 19106

Name and address of agent for service:	David F. Connor, Esq.
	610 Market Street
	Philadelphia, PA 19106

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

Date of fiscal year end:	October 31

Date of reporting period:	April 30, 2022

Item 1. Reports to Stockholders

Table of Contents



		Semiannual report

Fixed income mutual fund

Delaware Diversified Income Fund

April 30, 2022

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

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

Table of Contents

Experience Delaware Funds by Macquarie^®

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

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

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

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

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

The Fund is governed by US laws and regulations.

Table of contents

Disclosure of Fund expenses		1
Security type / sector allocation		3
Schedule of investments		5
Statement of assets and liabilities		53
Statement of operations		55
Statements of changes in net assets		57
Financial highlights		60
Notes to financial statements		70
About the organization		93

Unless otherwise noted, views expressed herein are current as of April 30, 2022, and subject to change for events occurring after such date.

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

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

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

Table of Contents

Disclosure of Fund expenses
For the six-month period from November 1, 2021 to April 30, 2022 (Unaudited)

The Fund seeks maximum long-term total return, consistent with reasonable risk.

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 November 1, 2021 to April 30, 2022.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

Table of Contents

Disclosure of Fund expenses
For the six-month period from November 1, 2021 to April 30, 2022 (Unaudited)

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

	Beginning			Ending						Expenses
	Account Value			Account Value			Annualized			Paid During Period
	11/1/21			4/30/22			Expense Ratio			11/1/21 to 4/30/22*
Actual Fund return^†
Class A		$	1,000.00		$	897.90		0.70	%		$	3.29
Class C			1,000.00			894.50		1.45	%			6.81
Class R			1,000.00			895.60		0.95	%			4.47
Institutional Class			1,000.00			898.00		0.45	%			2.12
Class R6			1,000.00			898.40		0.36	%			1.69
Hypothetical 5% return (5% return before expenses)
Class A		$	1,000.00		$	1,021.32		0.70	%		$	3.51
Class C			1,000.00			1,017.60		1.45	%			7.25
Class R			1,000.00			1,020.08		0.95	%			4.76
Institutional Class			1,000.00			1,022.56		0.45	%			2.26
Class R6			1,000.00			1,023.01		0.36	%			1.81

*	“Expenses Paid During Period” are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
^†	Because actual returns reflect only the most recent six-month period, the returns shown may differ significantly from fiscal year returns.

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

Table of Contents

Security type / sector allocation
Delaware Diversified Income Fund	As of April 30, 2022 (Unaudited)

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

Security type / sector	Percentage of net assets
Agency Collateralized Mortgage Obligations		3.09	%
Agency Commercial Mortgage-Backed Securities		0.17	%
Agency Mortgage-Backed Securities		16.90	%
Collateralized Debt Obligations		1.42	%
Convertible Bonds		0.36	%
Corporate Bonds		45.62	%
Banking		9.18	%
Basic Industry		2.68	%
Brokerage		0.62	%
Capital Goods		1.58	%
Communications		5.66	%
Consumer Cyclical		3.20	%
Consumer Non-Cyclical		4.53	%
Electric		3.61	%
Energy		5.23	%
Finance Companies		1.86	%
Industrials		0.05	%
Insurance		1.35	%
Natural Gas		0.08	%
Real Estate		0.54	%
Technology		2.51	%
Transportation		2.70	%
Utilities		0.24	%
Municipal Bonds		0.87	%
Non-Agency Asset-Backed Securities		1.71	%
Non-Agency Collateralized Mortgage Obligations		2.37	%
Non-Agency Commercial Mortgage-Backed Securities		9.03	%
Loan Agreements		5.61	%
Sovereign Bonds		2.65	%
Supranational Banks		0.06	%
US Treasury Obligations		6.06	%
Common Stocks		0.07	%
Options Purchased		0.02	%
Short-Term Investments		3.25	%
Total Value of Securities Before Securities Lending Collateral and
Options Written		99.26	%
Securities Lending Collateral		1.88	%

Table of Contents

Security type / sector allocation
Delaware Diversified Income Fund

Security type / sector	Percentage of net assets
Options Written		(0.01%	)
Obligation to Return Securities Lending Collateral		(1.88%	)
Receivables and Other Assets Net of Liabilities		0.75%
Total Net Assets		100.00%

Table of Contents

Schedule of investments
Delaware Diversified Income Fund	April 30, 2022 (Unaudited)


			Principal
			amount^°		Value (US $)
Agency Collateralized Mortgage Obligations – 3.09%
	Fannie Mae Connecticut Avenue Securities
		Series 2017-C04 2M2 3.518%
		(LIBOR01M + 2.85%) 11/25/29 ●	1,327,299	$	1,356,102
		Series 2018-C03 1M2 2.818%
		(LIBOR01M + 2.15%, Floor 2.15%)
		10/25/30 ●	2,081,353		2,097,695
	Fannie Mae Grantor Trust
		Series 1999-T2 A1 7.50% 1/19/39 ●	3,945		4,108
		Series 2002-T19 A1 6.50% 7/25/42	46,048		49,460
		Series 2004-T1 1A2 6.50% 1/25/44	12,651		13,605
	Fannie Mae REMIC Trust
		Series 2002-W6 2A 7.50% 6/25/42 ●	10,981		11,461
		Series 2003-W1 2A 5.391% 12/25/42 ●	6,642		6,741
		Series 2004-W11 1A2 6.50% 5/25/44	131,139		141,053
	Fannie Mae REMICs
		Series 2011-118 DC 4.00% 11/25/41	64,001		62,704
		Series 2013-44 Z 3.00% 5/25/43	24,198		21,205
		Series 2015-34 OK 0.000% 3/25/44 Ω, ^	216,431		211,358
		Series 2017-40 GZ 3.50% 5/25/47	1,975,774		1,901,580
	Freddie Mac Multifamily Structured Pass
		Through Certificates
		Series X3FX A2FX 3.00% 6/25/27 ◆	4,515,000		4,393,169
	Freddie Mac REMICs
		Series 4676 KZ 2.50% 7/15/45	1,830,078		1,676,840
	Freddie Mac Structured Agency Credit Risk
		Debt Notes
		Series 2017-HQA2 M2AS 1.718%
		(LIBOR01M + 1.05%) 12/25/29 ●	2,654,515		2,637,847
		Series 2018-HQA1 M2 2.968%
		(LIBOR01M + 2.30%) 9/25/30 ●	2,749,908		2,766,939
		Series 2022-DNA2 M2 144A 4.039%
		(SOFR + 3.75%) 2/25/42 #, ●	2,000,000		1,970,051
	Freddie Mac Structured Agency Credit Risk
		REMIC Trust
		Series 2019-HQA4 M2 144A 2.718%
		(LIBOR01M + 2.05%) 11/25/49 #, ●	375,795		375,794
		Series 2020-DNA2 M2 144A 2.518%
		(LIBOR01M + 1.85%) 2/25/50 #, ●	826,131		825,132
		Series 2020-DNA6 M2 144A 2.289%
		(SOFR + 2.00%) 12/25/50 #, ●	9,400,000		9,337,074
		Series 2020-HQA2 M2 144A 3.768%
		(LIBOR01M + 3.10%) 3/25/50 #, ●	2,057,173		2,065,315
		Series 2021-DNA1 M2 144A 2.089%
		(SOFR + 1.80%) 1/25/51 #, ●	19,600,000		19,193,122

Table of Contents

Schedule of investments
Delaware Diversified Income Fund

			Principal
			amount^°		Value (US $)
Agency Collateralized Mortgage Obligations (continued)
	Freddie Mac Structured Agency Credit Risk
		REMIC Trust
		Series 2021-DNA3 M2 144A 2.389%
		(SOFR + 2.10%) 10/25/33 #, ●	6,770,000	$	6,592,014
		Series 2021-DNA5 M2 144A 1.939%
		(SOFR + 1.65%) 1/25/34 #, ●	9,300,000		9,226,174
		Series 2021-HQA1 M2 144A 2.539%
		(SOFR + 2.25%) 8/25/33 #, ●	19,600,000		19,233,186
		Series 2021-HQA2 M2 144A 2.339%
		(SOFR + 2.05%) 12/25/33 #, ●	13,430,000		13,010,589
		Series 2022-DNA1 M2 144A 2.789%
		(SOFR + 2.50%) 1/25/42 #, ●	3,500,000		3,325,268
	Freddie Mac Structured Pass Through
		Certificates
		Series T-54 2A 6.50% 2/25/43 ◆	13,067		14,373
		Series T-58 2A 6.50% 9/25/43 ◆	206,483		218,157
	GNMA
		Series 2013-113 LY 3.00% 5/20/43	862,000		834,852
		Series 2013-182 CZ 2.50% 12/20/43	1,415,455		1,341,258
Total Agency Collateralized Mortgage Obligations (cost
	$106,461,768)				104,914,226

Agency Commercial Mortgage-Backed Securities – 0.17%
	FREMF Mortgage Trust
		Series 2014-K37 B 144A 4.716%
		1/25/47 #, ●	4,550,000		4,594,562
		Series 2015-K44 B 144A 3.795%
		1/25/48 #, ●	1,000,000		985,691
		Series 2017-K71 B 144A 3.881%
		11/25/50 #, ●	80,000		77,587
Total Agency Commercial Mortgage-Backed Securities (cost
	$5,970,592)				5,657,840

Agency Mortgage-Backed Securities – 16.90%
	Fannie Mae
		3.00% 2/1/57	137,619		130,114
	Fannie Mae S.F. 15 yr
		2.00% 3/1/36	2,817,317		2,643,663
		2.50% 7/1/36	32,405,457		31,063,246
	Fannie Mae S.F. 20 yr
		2.00% 3/1/41	8,641,191		7,776,052
		2.00% 5/1/41	8,090,288		7,268,171

Table of Contents

			Principal
			amount^°	Value (US $)
Agency Mortgage-Backed Securities (continued)
	Fannie Mae S.F. 20 yr
		3.00% 9/1/37	2,786,065	$	2,694,799
	Fannie Mae S.F. 30 yr
		2.00% 11/1/50	11,033,148		9,771,616
		2.00% 12/1/50	8,821,736		7,811,755
		2.00% 1/1/51	2,906,709		2,576,097
		2.00% 2/1/51	8,067,023		7,149,129
		2.00% 3/1/51	22,384,765		19,815,649
		2.00% 5/1/51	3,334,146		2,949,126
		2.00% 8/1/51	3,965,343		3,509,536
		2.00% 1/1/52	10,156,099		8,986,000
		2.50% 9/1/50	8,151,705		7,470,115
		2.50% 10/1/50	6,927,588		6,338,990
		2.50% 11/1/50	22,583,348		20,654,182
		2.50% 6/1/51	10,948,698		10,043,968
		2.50% 8/1/51	20,302,514		18,577,661
		3.00% 10/1/46	697,214		669,045
		3.00% 4/1/47	74,725		71,656
		3.00% 11/1/48	2,155,480		2,066,363
		3.00% 12/1/49	13,397,797		12,705,091
		3.00% 7/1/50	2,497,642		2,365,743
		3.00% 8/1/50	2,089,764		1,979,469
		3.00% 5/1/51	1,673,976		1,587,584
		3.00% 7/1/51	13,491,811		12,776,698
		3.00% 8/1/51	11,963,277		11,321,735
		3.50% w	24,181,000		23,449,902
		3.50% 7/1/47	6,505,577		6,431,323
		3.50% 12/1/47	1,154,605		1,129,835
		3.50% 1/1/48	2,524,832		2,482,193
		3.50% 2/1/48	4,545,221		4,463,501
		3.50% 12/1/49	847,877		830,030
		3.50% 3/1/50	2,624,908		2,572,631
		3.50% 8/1/50	6,080,307		6,004,607
		3.50% 1/1/52	37,260,324		36,348,802
		4.00% 3/1/47	5,314,127		5,375,867
		4.00% 4/1/47	1,514,929		1,536,411
		4.00% 10/1/48	7,658,371		7,766,322
		4.50% 6/1/40	18,043		18,819
		4.50% 7/1/40	23,487		23,596
		4.50% 8/1/41	28,068		29,334
		4.50% 4/1/44	202,964		212,125
		4.50% 2/1/46	20,221		21,018

Table of Contents

Schedule of investments
Delaware Diversified Income Fund

			Principal
			amount^°	Value (US $)
Agency Mortgage-Backed Securities (continued)
	Fannie Mae S.F. 30 yr
		4.50% 5/1/46	436,700	$	455,379
		4.50% 4/1/48	1,993,533		2,078,656
		4.50% 9/1/48	25,513		26,237
		4.50% 1/1/49	9,935,799		10,240,662
		4.50% 1/1/50	5,232,527		5,410,536
		5.00% 7/1/47	322,736		341,258
		5.00% 7/1/49	8,435,662		8,841,921
		5.50% 5/1/44	21,677,254		23,058,907
		6.00% 6/1/41	4,418,145		4,866,584
		6.00% 7/1/41	12,038,412		13,304,134
		6.00% 1/1/42	3,492,552		3,859,917
	Freddie Mac S.F. 15 yr
		2.00% 12/1/35	13,577,161		12,741,288
		3.00% 3/1/35	27,940,067		27,506,144
	Freddie Mac S.F. 20 yr
		2.50% 6/1/41	17,188,753		15,940,853
		3.00% 4/1/42	1,266,627		1,213,090
	Freddie Mac S.F. 30 yr
		2.00% 2/1/52	8,602,530		7,600,820
		2.50% 10/1/50	7,393,543		6,772,777
		2.50% 11/1/50	6,411,553		5,863,275
		2.50% 2/1/51	12,429,619		11,385,283
		2.50% 10/1/51	18,369,764		16,809,080
		3.00% 11/1/46	105,774		101,460
		3.00% 12/1/49	2,092,033		1,983,340
		3.00% 1/1/50	2,061,325		1,954,870
		3.00% 5/1/51	16,387,957		15,608,237
		3.00% 8/1/51	4,365,324		4,131,239
		3.50% 11/1/48	6,112,491		6,017,860
		3.50% 2/1/52	6,755,043		6,564,067
		3.50% 4/1/52	5,930,568		5,778,611
		4.00% 7/1/47	459,128		461,415
		4.00% 4/1/52	14,190,183		14,135,884
		4.50% 3/1/42	20,633		21,542
		4.50% 4/1/49	2,342,063		2,419,129
		4.50% 8/1/49	5,236,079		5,411,198
		5.50% 9/1/41	6,385,588		6,798,556
	GNMA I S.F. 30 yr
		3.00% 3/15/50	1,192,913		1,138,808
	GNMA II S.F. 30 yr
		3.00% 8/20/50	2,333,949		2,271,590

Table of Contents

		Principal
		amount^°	Value (US $)
Agency Mortgage-Backed Securities (continued)
	GNMA II S.F. 30 yr
	5.50% 5/20/37	336,430	$	368,486
	6.50% 6/20/39	1,578		1,711
Total Agency Mortgage-Backed Securities (cost $629,166,932)				574,954,373

Collateralized Debt Obligations – 1.42%
	AMMC CLO 22
	Series 2018-22A A 144A 2.214%
	(LIBOR03M + 1.03%, Floor 1.03%)
	4/25/31 #, ●	4,400,000		4,386,655
	Apex Credit CLO
	Series 2018-1A A2 144A 2.214%
	(LIBOR03M + 1.03%) 4/25/31 #, ●	11,200,000		10,989,541
	Black Diamond CLO
	Series 2017-2A A2 144A 2.363%
	(LIBOR03M + 1.30%, Floor 1.30%)
	1/20/32 #	2,800,000		2,795,190
	Catamaran CLO
	Series 2014-1A A1BR 144A 2.526%
	(LIBOR03M + 1.39%) 4/22/30 #, ●	5,000,000		4,989,855
	Man GLG US CLO
	Series 2018-1A A1R 144A 2.203%
	(LIBOR03M + 1.14%) 4/22/30 #, ●	14,700,000		14,645,169
	Saranac CLO VII
	Series 2014-2A A1AR 144A 1.71%
	(LIBOR03M + 1.23%) 11/20/29 #, ●	229,112		228,538
	Signal Peak CLO 5
	Series 2018-5A A 144A 2.294%
	(LIBOR03M + 1.11%, Floor 1.11%)
	4/25/31 #, ●	8,400,000		8,352,716
	Venture 42 CLO
	Series 2021-42A A1A 144A 2.174%
	(LIBOR03M + 1.13%, Floor 1.13%)
	4/15/34 #, ●	300,000		294,899
	Zais CLO 17
	Series 2021-17A A1A 144A 2.393%
	(LIBOR03M + 1.33%, Floor 1.33%)
	10/20/33 #, ●	1,500,000		1,494,725
Total Collateralized Debt Obligations (cost $48,491,612)				48,177,288

Table of Contents

Schedule of investments
Delaware Diversified Income Fund

		Principal
		amount^°	Value (US $)
Convertible Bonds – 0.36%
	Kaman 3.25% exercise price $65.26,
	maturity date 5/1/24	8,044,000	$	7,871,858
	Spirit Airlines 1.00% exercise price $49.07,
	maturity date 5/15/26 *	4,927,000		4,500,815
Total Convertible Bonds (cost $12,481,731)				12,372,673

Corporate Bonds – 45.62%
Banking – 9.18%
	Access Bank
	144A 6.125% 9/21/26 #	1,170,000		1,106,270
	144A 9.125% 10/7/26 #, µ, ψ	1,300,000		1,189,500
	Akbank TAS 144A 6.80% 2/6/26 #	1,795,000		1,729,334
	Ally Financial 4.70% 5/15/26 µ, ψ	3,225,000		2,794,866
	Banco Continental 144A 2.75% 12/10/25 #	2,565,000		2,338,959
	Banco de Bogota 144A 6.25% 5/12/26 #	1,075,000		1,067,491
	Banco del Estado de Chile 144A 2.704%
	1/9/25 #	425,000		413,274
	Banco GNB Sudameris 144A 7.50%
	4/16/31 #, µ	1,150,000		1,052,233
	Banco Industrial 144A 4.875% 1/29/31 #, µ	1,510,000		1,437,814
	Banco Mercantil del Norte
	144A 6.625% 1/24/32 #, µ, ψ	1,170,000		1,048,905
	144A 8.375% 10/14/30 #, µ, ψ	970,000		1,002,762
	Banco Nacional de Panama 144A 2.50%
	8/11/30 #	505,000		428,174
	Bangkok Bank 144A 5.00% 9/23/25 #, µ, ψ	1,140,000		1,115,239
	Bank Hapoalim 144A 3.255% 1/21/32 #, µ	2,145,000		1,951,950
	Bank Leumi Le-Israel 144A 3.275%
	1/29/31 #, µ	1,520,000		1,389,280
	Bank of America
	2.482% 9/21/36 µ	28,035,000		22,474,325
	2.551% 2/4/28 µ	2,295,000		2,122,544
	2.972% 2/4/33 µ	1,680,000		1,463,910
	4.571% 4/27/33 µ	4,880,000		4,862,834
	6.125% 4/27/27 µ	2,110,000		2,115,275
	Bank of China 144A 5.00% 11/13/24 #	1,200,000		1,240,011
	Bank of Georgia 144A 6.00% 7/26/23 #	1,790,000		1,796,770
	Bank of New York Mellon 4.70%
	9/20/25 µ, ψ	6,728,000		6,728,000

Table of Contents

		Principal
		amount^°	Value (US $)
Corporate Bonds (continued)
Banking (continued)
	Barclays
	2.667% 3/10/32 µ	2,915,000	$	2,431,041
	3.811% 3/10/42 µ	10,140,000		8,010,411
	5.20% 5/12/26	10,921,000		11,079,955
	BBVA Bancomer 144A 5.125% 1/18/33 #, µ	1,051,000		985,728
	CIMB Bank 144A 2.125% 7/20/27 #	1,505,000		1,387,376
	Citigroup
	3.057% 1/25/33 µ	2,115,000		1,849,540
	3.07% 2/24/28 µ	2,160,000		2,031,945
	4.00% 12/10/25 µ, ψ	800,000		728,000
	Credit Agricole 144A 2.811% 1/11/41 #	14,973,000		10,931,555
	Credit Suisse Group
	144A 2.593% 9/11/25 #, µ	2,760,000		2,635,227
	144A 4.194% 4/1/31 #, µ	4,720,000		4,379,591
	144A 4.50% 9/3/30 #, *, µ, ψ	2,170,000		1,744,137
	144A 5.25% 2/11/27 #, µ, ψ	2,360,000		2,079,750
	144A 7.25% 9/12/25 #, µ, ψ	4,440,000		4,330,554
	Deutsche Bank
	3.547% 9/18/31 µ	7,170,000		6,331,567
	3.729% 1/14/32 µ	6,775,000		5,600,116
	3.742% 1/7/33 µ	6,156,000		5,034,467
	Development Bank of Kazakhstan 144A
	2.95% 5/6/31 #	500,000		405,820
	Emirates NBD Bank PJSC 2.625% 2/18/25	1,405,000		1,365,865
	Fifth Third Bancorp 4.337% 4/25/33 µ	2,085,000		2,079,324
	Goldman Sachs Group
	1.542% 9/10/27 µ	12,653,000		11,194,639
	3.102% 2/24/33 µ	880,000		769,910
	3.615% 3/15/28 µ	5,395,000		5,184,721
	Hana Bank 144A 1.25% 12/16/26 #	940,000		850,371
	ICICI Bank 144A 4.00% 3/18/26 #	1,410,000		1,402,274
	JPMorgan Chase & Co.
	1.47% 9/22/27 µ	1,280,000		1,137,997
	1.764% 11/19/31 µ	13,680,000		11,084,989
	1.953% 2/4/32 µ	3,085,000		2,522,891
	2.545% 11/8/32 µ	7,300,000		6,189,632
	3.328% 4/22/52 µ	1,215,000		971,841
	4.586% 4/26/33 µ	1,395,000		1,402,621
	4.60% 2/1/25 µ, ψ	3,570,000		3,308,676

Table of Contents

Schedule of investments
Delaware Diversified Income Fund

		Principal
		amount^°	Value (US $)
Corporate Bonds (continued)
Banking (continued)
	Morgan Stanley
	2.475% 1/21/28 µ	1,715,000	$	1,580,472
	2.484% 9/16/36 µ	14,988,000		12,005,632
	5.00% 11/24/25	6,415,000		6,589,473
	NBK SPC 144A 1.625% 9/15/27 #, µ	2,835,000		2,558,222
	NongHyup Bank 144A 0.875% 7/28/24 #	1,140,000		1,083,129
	Oversea-Chinese Banking 144A 4.25%
	6/19/24 #	1,745,000		1,769,459
	PNC Bank
	3.875% 4/10/25	6,005,000		6,016,933
	4.05% 7/26/28	6,875,000		6,805,585
	PNC Financial Services Group
	2.60% 7/23/26 *	8,800,000		8,460,686
	6.00% 5/15/27 µ	2,065,000		2,065,000
	QNB Finance 2.625% 5/12/25	3,270,000		3,174,761
	Santander UK 144A 5.00% 11/7/23 #	180,000		183,103
	Shinhan Financial Group 144A 3.34%
	2/5/30 #, µ	1,055,000		1,029,307
	State Street 2.203% 2/7/28 µ	3,055,000		2,837,079
	SVB Financial Group
	1.80% 10/28/26	1,321,000		1,201,303
	1.80% 2/2/31	2,130,000		1,706,316
	4.00% 5/15/26 µ, ψ	6,785,000		5,909,396
	4.57% 4/29/33 µ	3,245,000		3,219,120
	Truist Bank 2.636% 9/17/29 µ	15,293,000		14,811,735
	Truist Financial
	1.887% 6/7/29 µ	9,490,000		8,321,217
	4.95% 9/1/25 µ, ψ	4,255,000		4,260,319
	UBS Group
	144A 3.179% 2/11/43 #, µ	1,720,000		1,354,849
	144A 4.125% 9/24/25 #	8,705,000		8,705,989
	6.875% 8/7/25 µ, ψ	330,000		335,201
	US Bancorp
	1.45% 5/12/25	4,360,000		4,110,138
	2.215% 1/27/28 *, µ	1,860,000		1,728,509
	2.491% 11/3/36 µ	2,550,000		2,146,167
	2.677% 1/27/33 µ	1,940,000		1,718,345
	3.10% 4/27/26	140,000		137,075
	3.60% 9/11/24	40,000		40,234
	3.70% 1/15/27 µ, ψ	2,500,000		2,141,925
	3.95% 11/17/25	495,000		503,316

Table of Contents

		Principal
		amount^°	Value (US $)
Corporate Bonds (continued)
Banking (continued)
	US Bank 3.40% 7/24/23	250,000	$	252,128
	Wells Fargo & Co.
	3.526% 3/24/28 µ	1,400,000		1,345,665
	3.90% 3/15/26 µ, ψ	5,460,000		4,985,389
	4.611% 4/25/53 µ	2,740,000		2,702,800
				312,108,228
Basic Industry – 2.68%
	AngloGold Ashanti Holdings 3.375% 11/1/28	2,330,000		2,083,739
	Corp Nacional del Cobre de Chile
	144A 3.70% 1/30/50 #	450,000		358,915
	144A 4.25% 7/17/42 #	400,000		350,947
	CSN Inova Ventures 144A 6.75% 1/28/28 #	1,545,000		1,537,885
	CSN Resources 144A 5.875% 4/8/32 #	1,160,000		1,035,300
	First Quantum Minerals
	144A 6.875% 10/15/27 #	955,000		960,907
	144A 7.50% 4/1/25 #	6,630,000		6,719,906
	Freeport Indonesia 144A 5.315% 4/14/32 #	1,185,000		1,152,413
	GC Treasury Center 144A 5.20% 3/30/52 #	1,240,000		1,170,059
	Georgia-Pacific 8.00% 1/15/24	11,171,000		12,074,624
	ICL Group 144A 6.375% 5/31/38 #	1,027,000		1,114,295
	Indika Energy Capital IV 144A 8.25%
	10/22/25 #	1,645,000		1,655,281
	International Flavors & Fragrances 144A
	3.268% 11/15/40 #	4,600,000		3,716,210
	JSW Steel 144A 5.05% 4/5/32 #	835,000		716,374
	Klabin Austria 144A 3.20% 1/12/31 #	1,165,000		926,257
	LYB International Finance III 3.375%
	10/1/40	5,345,000		4,338,918
	MEGlobal Canada 144A 5.00% 5/18/25 #	1,085,000		1,107,385
	Methanex 5.25% 12/15/29 *	7,585,000		7,216,407
	Metinvest 144A 7.75% 10/17/29 #	825,000		462,000
	Newmont
	2.25% 10/1/30	5,370,000		4,591,607
	2.60% 7/15/32	3,230,000		2,753,309
	2.80% 10/1/29	11,440,000		10,395,150
	OCP
	144A 3.75% 6/23/31 #	1,150,000		976,232
	144A 4.50% 10/22/25 #	595,000		597,994
	144A 5.125% 6/23/51 #	995,000		772,727
	Olin 5.625% 8/1/29	2,025,000		1,996,782

Table of Contents

Schedule of investments
Delaware Diversified Income Fund

		Principal
		amount^°	Value (US $)
Corporate Bonds (continued)
Basic Industry (continued)
	Phosagro OAO Via Phosagro Bond Funding
	DAC 144A 3.949% 4/24/23 #	1,005,000	$	287,732
	Sasol Financing USA 4.375% 9/18/26	1,740,000		1,635,174
	Stillwater Mining 144A 4.00% 11/16/26 #	1,575,000		1,449,961
	Suzano Austria 3.125% 1/15/32	1,270,000		1,027,455
	Vale Overseas 3.75% 7/8/30	1,630,000		1,475,549
	Vedanta Resources Finance II 144A 8.95%
	3/11/25 #	2,230,000		2,122,581
	Volcan Cia Minera 144A 4.375% 2/11/26 #	1,615,000		1,447,484
	Westlake 3.125% 8/15/51	15,085,000		11,068,741
				91,296,300
Brokerage – 0.62%
	B3 SA - Brasil Bolsa Balcao 144A 4.125%
	9/20/31 #	1,810,000		1,575,605
	Charles Schwab 5.375% 6/1/25 µ, ψ	6,935,000		7,022,173
	Jefferies Group
	2.625% 10/15/31	4,525,000		3,723,915
	6.45% 6/8/27	3,845,000		4,235,208
	6.50% 1/20/43	2,615,000		2,860,737
	XP 144A 3.25% 7/1/26 #, *	1,910,000		1,756,083
				21,173,721
Capital Goods – 1.58%
	Aeropuerto Internacional de Tocumen 144A
	5.125% 8/11/61 #	500,000		430,468
	Artera Services 144A 9.033% 12/4/25 #	3,770,000		3,573,017
	Ashtead Capital
	144A 1.50% 8/12/26 #	1,775,000		1,581,117
	144A 2.45% 8/12/31 #	1,570,000		1,281,965
	Boeing
	3.25% 2/1/28	9,130,000		8,431,067
	3.75% 2/1/50	9,140,000		7,008,732
	GCC 144A 3.614% 4/20/32 #	1,730,000		1,516,431
	Lockheed Martin
	3.90% 6/15/32	2,660,000		2,642,492
	4.15% 6/15/53	1,985,000		1,928,419
	Otis Worldwide
	3.112% 2/15/40	3,332,000		2,699,614
	3.362% 2/15/50	2,293,000		1,796,274
	SAN Miguel Industrias Pet 144A 3.50%
	8/2/28 #	2,385,000		2,072,398

Table of Contents

		Principal
		amount^°	Value (US $)
Corporate Bonds (continued)
Capital Goods (continued)
	Standard Industries 144A 3.375% 1/15/31 #	4,196,000	$	3,357,157
	State Agency of Roads of Ukraine 144A
	6.25% 6/24/28 #	1,580,000		499,675
	Teledyne Technologies
	2.25% 4/1/28	5,455,000		4,876,540
	2.75% 4/1/31	5,315,000		4,604,478
	Turkiye Sise ve Cam Fabrikalari 144A 6.95%
	3/14/26 #	1,780,000		1,740,975
	UltraTech Cement 144A 2.80% 2/16/31 #	1,930,000		1,596,622
	United Rentals North America 3.875%
	2/15/31	2,426,000		2,143,128
				53,780,569
Communications – 5.66%
	Altice Financing 144A 5.00% 1/15/28 #	1,585,000		1,324,901
	Altice France 144A 5.50% 10/15/29 #	3,690,000		3,140,688
	AT&T
	3.10% 2/1/43	4,746,000		3,678,699
	3.50% 6/1/41	5,059,000		4,211,242
	3.50% 9/15/53	10,320,000		8,096,460
	Axian Telecom 144A 7.375% 2/16/27 #	1,040,000		1,019,464
	B2W Digital 144A 4.375% 12/20/30 #	1,525,000		1,256,196
	Cellnex Finance 144A 3.875% 7/7/41 #, *	10,498,000		7,873,552
	Charter Communications Operating
	3.85% 4/1/61	3,520,000		2,404,426
	4.40% 12/1/61	9,909,000		7,423,527
	4.464% 7/23/22	8,975,000		8,990,737
	Comcast
	3.20% 7/15/36	5,285,000		4,592,008
	3.70% 4/15/24	305,000		308,230
	Connect Finco 144A 6.75% 10/1/26 #	5,240,000		5,102,005
	Crown Castle International
	2.10% 4/1/31	1,095,000		888,748
	4.30% 2/15/29	505,000		494,555
	CSC Holdings
	144A 4.625% 12/1/30 #	2,580,000		1,978,267
	144A 5.50% 4/15/27 #	200,000		193,302
	CT Trust 144A 5.125% 2/3/32 #	2,060,000		1,922,258
	Digicel Group Holdings PIK 10.00% 4/1/24 >	1,197,260		1,197,260
	Discovery Communications 4.00% 9/15/55	18,950,000		14,241,918

Table of Contents

Schedule of investments
Delaware Diversified Income Fund

		Principal
		amount^°	Value (US $)
Corporate Bonds (continued)
Communications (continued)
	Frontier Communications Holdings 144A
	5.875% 10/15/27 #	3,255,000	$	3,122,229
	HTA Group 144A 7.00% 12/18/25 #	1,150,000		1,140,674
	IHS Holding 144A 5.625% 11/29/26 #	1,210,000		1,155,248
	Magallanes
	144A 3.755% 3/15/27 #	4,400,000		4,260,782
	144A 4.279% 3/15/32 #	845,000		785,423
	144A 5.141% 3/15/52 #	3,285,000		2,934,732
	Ooredoo International Finance 144A 5.00%
	10/19/25 #	790,000		824,969
	Rogers Communications
	144A 3.80% 3/15/32 #	1,615,000		1,488,551
	144A 4.55% 3/15/52 #	2,045,000		1,818,006
	Silknet JSC 144A 8.375% 1/31/27 #	1,045,000		1,021,488
	Sprint Spectrum 144A 4.738% 9/20/29 #	2,557,500		2,578,677
	Summit Digitel Infrastructure 144A 2.875%
	8/12/31 #	2,150,000		1,761,218
	Telefonica Moviles Chile 144A 3.537%
	11/18/31 #	1,160,000		1,016,769
	Time Warner Cable 7.30% 7/1/38	10,225,000		11,482,807
	Time Warner Entertainment 8.375% 3/15/23	5,655,000		5,910,995
	T-Mobile USA
	1.50% 2/15/26	2,235,000		2,040,460
	144A 2.40% 3/15/29 #, *	1,330,000		1,166,313
	2.55% 2/15/31	1,525,000		1,296,833
	3.00% 2/15/41	15,875,000		12,118,543
	3.75% 4/15/27	5,850,000		5,695,524
	Turkcell Iletisim Hizmetleri 144A 5.80%
	4/11/28 #	1,715,000		1,546,433
	VEON Holdings 144A 3.375% 11/25/27 #	2,210,000		1,414,400
	Verizon Communications
	144A 2.355% 3/15/32 #	4,320,000		3,630,076
	3.40% 3/22/41	5,315,000		4,476,250
	3.875% 3/1/52	2,755,000		2,404,873
	4.50% 8/10/33	14,895,000		14,916,708
	Vmed O2 UK Financing I 144A 4.25%
	1/31/31 #	5,310,000		4,498,366
	Vodafone Group
	4.25% 9/17/50	3,280,000		2,857,323
	4.875% 6/19/49	13,285,000		12,725,069
				192,428,182

Table of Contents

		Principal
		amount^°	Value (US $)
Corporate Bonds (continued)
Consumer Cyclical – 3.20%
	Alibaba Group Holding 2.70% 2/9/41	1,280,000	$	908,694
	Alsea 144A 7.75% 12/14/26 #	1,685,000		1,693,964
	Amazon.com
	2.50% 6/3/50	925,000		685,488
	3.60% 4/13/32	3,130,000		3,072,777
	3.95% 4/13/52	2,660,000		2,554,138
	Aptiv
	3.10% 12/1/51	10,966,000		7,548,187
	3.25% 3/1/32	2,407,000		2,125,585
	Arcos Dorados 144A 6.125% 5/27/29 #	1,115,000		1,095,002
	AutoNation 3.85% 3/1/32	5,595,000		5,052,361
	Carnival
	144A 4.00% 8/1/28 #	1,510,000		1,361,250
	144A 7.625% 3/1/26 #	4,809,000		4,712,291
	Daimler Trucks Finance North America 144A
	2.375% 12/14/28 #	8,380,000		7,393,860
	Falabella 144A 3.375% 1/15/32 #	1,170,000		1,022,627
	Ford Motor Credit
	2.30% 2/10/25	915,000		850,868
	2.90% 2/16/28	2,020,000		1,735,271
	2.90% 2/10/29	1,330,000		1,109,147
	4.542% 8/1/26	3,657,000		3,501,431
	Future Retail 144A 5.60% 1/22/25 #	1,295,000		261,590
	General Motors
	5.40% 10/2/23	1,905,000		1,956,959
	6.125% 10/1/25	1,905,000		2,013,757
	6.60% 4/1/36	4,338,000		4,683,322
	General Motors Financial
	2.40% 10/15/28	6,300,000		5,400,116
	3.10% 1/12/32	790,000		666,839
	4.35% 4/9/25	3,860,000		3,878,909
	5.25% 3/1/26	8,099,000		8,325,169
	5.70% 9/30/30 µ, ψ	2,260,000		2,214,800
	Hutama Karya Persero 144A 3.75%
	5/11/30 #	400,000		380,954
	JD.com 3.875% 4/29/26 *	1,390,000		1,362,229
	Kia 144A 2.375% 2/14/25 #	1,735,000		1,672,805
	Lowe's 4.25% 4/1/52	1,720,000		1,548,438
	MGM China Holdings 144A 4.75% 2/1/27 #	1,380,000		1,161,070
	MGM Resorts International 4.75% 10/15/28	12,633,000		11,621,097
	Nemak 144A 3.625% 6/28/31 #	1,775,000		1,451,133

Table of Contents

Schedule of investments
Delaware Diversified Income Fund

		Principal
		amount^°	Value (US $)
Corporate Bonds (continued)
Consumer Cyclical (continued)
	Prime Security Services Borrower 144A
	6.25% 1/15/28 #	6,130,000	$	5,501,981
	Royal Caribbean Cruises 144A 5.50%
	4/1/28 #	3,305,000		3,021,464
	Sands China
	144A 3.25% 8/8/31 #	1,205,000		925,964
	3.80% 1/8/26	1,335,000		1,233,467
	VICI Properties
	4.95% 2/15/30	740,000		735,523
	5.125% 5/15/32	1,295,000		1,287,359
	Wynn Macau 144A 5.625% 8/26/28 #	1,165,000		930,526
				108,658,412
Consumer Non-Cyclical – 4.53%
	AbbVie
	2.95% 11/21/26	7,805,000		7,479,929
	4.05% 11/21/39	9,497,000		8,707,321
	Amgen 2.80% 8/15/41	13,070,000		10,040,676
	Anheuser-Busch InBev Worldwide
	4.50% 6/1/50	11,545,000		10,825,793
	4.70% 2/1/36	6,456,000		6,397,157
	BAT Capital 2.259% 3/25/28	4,940,000		4,226,701
	BAT International Finance 1.668% 3/25/26	2,980,000		2,676,772
	Bausch Health 144A 6.25% 2/15/29 #	8,924,000		6,504,525
	Baxter International 144A 3.132% 12/1/51 #	5,234,000		3,901,521
	Bidvest Group UK 144A 3.625% 9/23/26 #	2,130,000		1,962,316
	Bristol-Myers Squibb 3.70% 3/15/52	1,580,000		1,403,072
	Central American Bottling 144A 5.25%
	4/27/29 #	1,720,000		1,636,210
	Cia Cervecerias Unidas 144A 3.35%
	1/19/32 #, *	1,610,000		1,431,330
	Coca-Cola Icecek 144A 4.50% 1/20/29 #	1,760,000		1,641,617
	CSL Finance
	144A 4.05% 4/27/29 #	1,045,000		1,040,207
	144A 4.75% 4/27/52 #	1,690,000		1,665,573
	CVS Health
	3.75% 4/1/30	2,100,000		2,010,662
	4.30% 3/25/28	9,899,000		9,950,711
	4.78% 3/25/38	6,644,000		6,579,212
	5.05% 3/25/48	2,860,000		2,881,767
	Gilead Sciences 4.15% 3/1/47	10,000,000		9,166,687

Table of Contents

			Principal
			amount^°	Value (US $)
Corporate Bonds (continued)
Consumer Non-Cyclical (continued)
	HCA
		144A 3.125% 3/15/27 #	4,840,000	$	4,557,675
		7.58% 9/15/25	160,000		173,557
	InRetail Consumer 144A 3.25% 3/22/28 #		1,450,000		1,281,662
	JBS USA 144A 3.00% 2/2/29 #		3,868,000		3,447,703
	Kernel Holding 144A 6.50% 10/17/24 #		1,250,000		676,563
	MHP 144A 6.25% 9/19/29 #		1,160,000		609,000
	Natura & Co. Luxembourg Holdings 144A
		6.00% 4/19/29 #	950,000		923,875
	New York & Presbyterian Hospital 4.063%
		8/1/56	130,000		124,817
	Pilgrim's Pride 144A 5.875% 9/30/27 #		2,808,000		2,831,868
	Regeneron Pharmaceuticals
		1.75% 9/15/30	2,200,000		1,791,660
		2.80% 9/15/50	3,635,000		2,580,524
	Royalty Pharma 1.75% 9/2/27		1,815,000		1,591,412
	Takeda Pharmaceutical
		3.025% 7/9/40	2,810,000		2,245,349
		3.175% 7/9/50	9,235,000		7,086,704
	Tenet Healthcare
		144A 4.25% 6/1/29 #	4,760,000		4,307,181
		144A 6.125% 10/1/28 #	3,395,000		3,265,005
	Teva Pharmaceutical Finance Netherlands III
		5.125% 5/9/29 *	1,000,000		909,290
		6.75% 3/1/28 *	1,050,000		1,067,916
	Viatris
		2.30% 6/22/27	730,000		646,898
		2.70% 6/22/30	5,270,000		4,361,715
		4.00% 6/22/50	10,090,000		7,477,844
					154,087,977
Electric – 3.61%
	Abu Dhabi National Energy PJSC 144A
		2.00% 4/29/28 #	1,960,000		1,763,969
	AES Andes 144A 7.125% 3/26/79 #, µ		1,555,000		1,511,359
	Alfa Desarrollo 144A 4.55% 9/27/51 #		2,109,298		1,657,118
	Azure Power Energy 144A 3.575% 8/19/26 #		1,084,163		981,438
	Calpine
		144A 4.50% 2/15/28 #	1,270,000		1,177,544
		144A 5.00% 2/1/31 #	4,275,000		3,650,914
		144A 5.125% 3/15/28 #	1,268,000		1,153,385

Table of Contents

Schedule of investments
Delaware Diversified Income Fund

			Principal
			amount^°		Value (US $)
Corporate Bonds (continued)
Electric (continued)
	Cikarang Listrindo 144A 4.95% 9/14/26 #			1,794,000	$	1,761,268
	CLP Power Hong Kong Financing 2.875%
		4/26/23		955,000		953,682
	Consorcio Transmantaro 144A 5.20%
		4/11/38 #		1,320,000		1,231,633
	Duke Energy 4.875% 9/16/24 µ, ψ			7,155,000		7,101,337
	Electricite de France 2.875% 12/15/26 µ, ψ		EUR	6,200,000		5,821,469
	Enel Finance International
		144A 1.875% 7/12/28 #		1,710,000		1,496,367
		144A 2.25% 7/12/31 #		1,860,000		1,543,045
		144A 2.875% 7/12/41 #		6,725,000		5,028,806
	Energo-Pro 144A 8.50% 2/4/27 #			1,840,000		1,766,400
	Entergy Arkansas 4.20% 4/1/49			2,570,000		2,446,646
	Entergy Louisiana 4.95% 1/15/45			685,000		687,943
	Entergy Mississippi 3.85% 6/1/49			4,545,000		4,116,552
	Entergy Texas 3.55% 9/30/49			2,160,000		1,807,150
	Evergy Kansas Central 3.45% 4/15/50			3,230,000		2,691,027
	Eversource Energy 2.90% 3/1/27			2,285,000		2,175,097
	Fells Point Funding Trust 144A 3.046%
		1/31/27 #		2,150,000		2,024,601
	FirstEnergy Transmission 144A 4.55%
		4/1/49 #		2,615,000		2,257,671
	Greenko Power II 144A 4.30% 12/13/28 #			1,900,000		1,679,125
	Investment Energy Resources 144A 6.25%
		4/26/29 #		1,080,000		1,067,305
	JSW Hydro Energy 144A 4.125% 5/18/31 #			796,125		694,117
	Louisville Gas and Electric 4.25% 4/1/49			8,025,000		7,613,734
	Minejesa Capital 144A 5.625% 8/10/37 #			1,060,000		895,435
	Mong Duong Finance Holdings 144A 5.125%
		5/7/29 #		1,324,000		1,184,980
	NextEra Energy Capital Holdings 3.00%
		1/15/52		2,970,000		2,222,142
	Oglethorpe Power
		3.75% 8/1/50		4,332,000		3,614,259
		5.05% 10/1/48		3,280,000		3,294,382
	Oryx Funding 144A 5.80% 2/3/31 #			1,950,000		1,927,263
	Pacific Gas and Electric
		2.10% 8/1/27		1,370,000		1,182,176
		3.25% 6/1/31		1,150,000		965,575
		3.30% 8/1/40		13,248,000		9,669,408
		4.95% 7/1/50		1,352,000		1,130,460

Table of Contents

			Principal
			amount^°	Value (US $)
Corporate Bonds (continued)
Electric (continued)
	Perusahaan Listrik Negara
		144A 4.125% 5/15/27 #	795,000	$	779,299
		144A 5.25% 5/15/47 #	870,000		786,593
	Perusahaan Perseroan Persero 144A
		3.875% 7/17/29 #	1,600,000		1,490,528
	PG&E 5.25% 7/1/30		3,570,000		3,251,003
	Saudi Electricity Global Sukuk 4 4.222%
		1/27/24	1,620,000		1,643,474
	Southern California Edison
		3.45% 2/1/52	2,173,000		1,718,032
		3.65% 2/1/50	9,065,000		7,286,628
		4.00% 4/1/47	1,720,000		1,475,502
		4.875% 3/1/49	7,525,000		7,308,236
	Sweihan PV Power PJSC 144A 3.625%
		1/31/49 #	1,200,000		1,051,292
	Trans-Allegheny Interstate Line 144A 3.85%
		6/1/25 #	680,000		676,285
	UEP Penonome II 144A 6.50% 10/1/38 #		1,380,246		1,346,313
					122,759,967
Energy – 5.23%
	Abu Dhabi Crude Oil Pipeline 144A 4.60%
		11/2/47 #	1,295,000		1,285,333
	BP Capital Markets 4.875% 3/22/30 µ, ψ		8,350,000		8,031,239
	BP Capital Markets America 2.721% 1/12/32		3,875,000		3,417,315
	Canacol Energy 144A 5.75% 11/24/28 #		1,860,000		1,689,047
	CNX Resources 144A 6.00% 1/15/29 #, *		6,370,000		6,295,375
	ConocoPhillips 3.80% 3/15/52		3,830,000		3,452,275
	Continental Resources 4.375% 1/15/28		10,430,000		10,182,079
	Crestwood Midstream Partners 144A 6.00%
		2/1/29 #	4,821,000		4,697,920
	Devon Energy 4.75% 5/15/42		1,445,000		1,376,555
	Diamondback Energy 4.25% 3/15/52		1,310,000		1,148,847
	Ecopetrol
		4.625% 11/2/31	3,075,000		2,574,913
		5.375% 6/26/26	1,050,000		1,034,523
	EIG Pearl Holdings 144A 3.545% 8/31/36 #		1,950,000		1,733,074
	Energy Transfer
		5.25% 4/15/29	1,975,000		2,009,926
		6.25% 4/15/49	11,420,000		11,557,608
		6.50% 11/15/26 µ, ψ	9,375,000		8,930,719

Table of Contents

Schedule of investments
Delaware Diversified Income Fund

			Principal
			amount^°	Value (US $)
Corporate Bonds (continued)
Energy (continued)
	ENN Energy Holdings 144A 2.625%
		9/17/30 #, *	1,790,000	$	1,527,827
	Enterprise Products Operating
		3.20% 2/15/52	14,770,000		10,853,367
		3.30% 2/15/53	1,540,000		1,159,843
	Equinor 1.75% 1/22/26		1,785,000		1,673,367
	Galaxy Pipeline Assets Bidco 144A 2.94%
		9/30/40 #	1,935,742		1,621,963
	Geopark 144A 5.50% 1/17/27 #		1,515,000		1,367,462
	Guara Norte 144A 5.198% 6/15/34 #		1,688,790		1,490,704
	Infraestructura Energetica Nova 144A
		4.875% 1/14/48 #	1,060,000		890,718
	KazTransGas JSC 144A 4.375% 9/26/27 #		3,016,000		2,792,816
	Kosmos Energy 144A 7.75% 5/1/27 #		1,170,000		1,163,629
	Lukoil Capital DAC
		144A 2.80% 4/26/27 #	1,165,000		428,138
		144A 3.60% 10/26/31 #	1,165,000		436,875
	Medco Laurel Tree 144A 6.95% 11/12/28 #		1,770,000		1,658,559
	MPLX
		1.75% 3/1/26	1,905,000		1,741,230
		4.125% 3/1/27	6,130,000		6,081,110
	Murphy Oil 5.875% 12/1/27		7,158,000		7,111,938
	NuStar Logistics
		5.625% 4/28/27	665,000		638,955
		6.375% 10/1/30	6,373,000		6,283,937
	Oil and Gas Holding 144A 7.625% 11/7/24 #		650,000		681,635
	ONEOK 7.50% 9/1/23		8,310,000		8,677,955
	PDC Energy 5.75% 5/15/26		3,395,000		3,307,545
	Pertamina Persero 144A 3.65% 7/30/29 #		660,000		630,110
	Petrobras Global Finance 6.75% 6/3/50		960,000		891,206
	Petroleos Mexicanos
		6.70% 2/16/32	291,000		251,318
		6.75% 9/21/47	1,319,000		955,840
		7.69% 1/23/50	465,000		364,297
	Petronas Capital
		144A 2.48% 1/28/32 #	800,000		698,648
		144A 3.50% 4/21/30 #	600,000		578,735
	PTTEP Treasury Center 144A 2.587%
		6/10/27 #	1,810,000		1,703,060

Table of Contents

			Principal
			amount^°	Value (US $)
Corporate Bonds (continued)
Energy (continued)
	Qatar Energy
		144A 1.375% 9/12/26 #	730,000	$	662,352
		144A 2.25% 7/12/31 #	1,845,000		1,613,286
	SA Global Sukuk 144A 2.694% 6/17/31 #		1,125,000		1,014,312
	Sabine Pass Liquefaction
		5.625% 3/1/25	6,050,000		6,269,400
		5.75% 5/15/24	9,021,000		9,340,856
	Saudi Arabian Oil
		144A 3.50% 11/24/70 #	610,000		469,095
		144A 4.25% 4/16/39 #	2,092,000		2,005,402
	Southwestern Energy 7.75% 10/1/27 *		6,035,000		6,309,713
	Tengizchevroil Finance Co. International
		144A 2.625% 8/15/25 #	1,275,000		1,136,663
	Tennessee Gas Pipeline 144A 2.90%
		3/1/30 #	7,605,000		6,747,901
	Transportadora de Gas del Sur 144A 6.75%
		5/2/25 #	1,350,000		1,271,295
	Tullow Oil 144A 10.25% 5/15/26 #		1,610,000		1,600,517
	Uzbekneftegaz JSC 144A 4.75% 11/16/28 #		420,000		345,652
	YPF 144A 6.95% 7/21/27 #		2,570,000		1,863,571
					177,729,550
Finance Companies – 1.86%
	AerCap Ireland Capital DAC
		2.45% 10/29/26	3,595,000		3,200,856
		3.00% 10/29/28	6,175,000		5,375,704
		3.40% 10/29/33	12,460,000		10,237,742
		3.65% 7/21/27	4,851,000		4,553,212
		4.50% 9/15/23	1,235,000		1,238,173
		4.625% 10/15/27	2,165,000		2,101,923
		6.50% 7/15/25	3,600,000		3,736,716
	Air Lease
		2.875% 1/15/26 *	5,665,000		5,305,514
		2.875% 1/15/32	6,310,000		5,208,370
		3.00% 2/1/30	14,315,000		12,484,330
		3.375% 7/1/25	1,850,000		1,787,760
		4.125% 12/15/26 µ, ψ	1,925,000		1,639,846
		4.625% 10/1/28	5,320,000		5,188,720
	Huarong Finance 2019 3.875% 11/13/29		1,510,000		1,286,142
					63,345,008

Table of Contents

Schedule of investments
Delaware Diversified Income Fund

		Principal
		amount^°	Value (US $)
Corporate Bonds (continued)
Industrials – 0.05%
	Inversiones La Construccion 144A 4.75%
	2/7/32 #	1,750,000	$	1,543,404
				1,543,404
Insurance – 1.35%
	AIA Group 144A 3.375% 4/7/30 #	1,120,000		1,066,907
	Aon 2.90% 8/23/51	6,525,000		4,770,972
	Arthur J Gallagher & Co. 3.50% 5/20/51	4,819,000		3,906,270
	Brighthouse Financial
	3.85% 12/22/51	2,030,000		1,500,960
	4.70% 6/22/47	3,689,000		3,177,597
	5.625% 5/15/30	5,965,000		6,236,893
	Brown & Brown 4.95% 3/17/52	4,504,000		4,330,663
	Centene 3.375% 2/15/30	2,725,000		2,438,480
	Jackson Financial
	144A 3.125% 11/23/31 #	4,965,000		4,214,256
	144A 4.00% 11/23/51 #	5,045,000		3,954,951
	MetLife
	3.85% 9/15/25 µ, ψ	4,280,000		4,086,544
	6.40% 12/15/66	45,000		46,743
	Prudential Financial 3.70% 3/13/51	4,795,000		4,163,353
	Sagicor Financial 144A 5.30% 5/13/28 #, *	2,170,000		2,118,994
				46,013,583
Natural Gas – 0.08%
	Sempra Energy 4.875% 10/15/25 µ, ψ	2,900,000		2,863,750
				2,863,750
Real Estate – 0.54%
	American Homes 4 Rent 3.625% 4/15/32	1,595,000		1,453,043
	American Tower Trust #1 144A 3.07%
	3/15/48 #	10,355,000		10,351,300
	China Evergrande Group 10.00% 4/11/23	1,510,000		177,425
	CIBANCO Institucion de Banca Multiple Trust
	144A 4.375% 7/22/31 #, *	1,705,000		1,377,930
	CIFI Holdings Group
	6.00% 7/16/25	670,000		529,970
	6.45% 11/7/24	1,170,000		968,760
	Goodman HK Finance 4.375% 6/19/24	1,618,000		1,638,421
	Kaisa Group Holdings 9.375% 6/30/24 ‡	1,045,000		217,099
	MAF Global Securities 6.375% 3/20/26 µ	1,085,000		1,102,631

Table of Contents

		Principal
		amount^°	Value (US $)
Corporate Bonds (continued)
Real Estate (continued)
	Times China Holdings 5.55% 6/4/24	1,190,000	$	630,700
				18,447,279
Technology – 2.51%
	Autodesk 2.40% 12/15/31	6,390,000		5,365,128
	Broadcom 144A 3.469% 4/15/34 #	17,087,000		14,521,361
	Broadridge Financial Solutions 2.60% 5/1/31	7,647,000		6,545,869
	CDW
	2.67% 12/1/26	1,425,000		1,311,343
	3.276% 12/1/28	10,765,000		9,729,622
	Entegris Escrow 144A 4.75% 4/15/29 #	3,030,000		2,924,465
	Global Payments
	2.15% 1/15/27	1,990,000		1,806,659
	2.65% 2/15/25	5,643,000		5,452,019
	2.90% 11/15/31	1,955,000		1,678,750
	Iron Mountain 144A 5.25% 7/15/30 #	2,410,000		2,213,031
	Iron Mountain Information Management
	Services 144A 5.00% 7/15/32 #	7,560,000		6,676,160
	Micron Technology 2.703% 4/15/32	2,350,000		1,956,851
	NXP
	144A 2.70% 5/1/25 #	505,000		483,400
	144A 3.125% 2/15/42 #	2,495,000		1,939,313
	144A 3.25% 5/11/41 #	4,750,000		3,719,524
	144A 4.875% 3/1/24 #	9,920,000		10,117,744
	144A 5.55% 12/1/28 #	1,230,000		1,291,157
	SK Hynix
	144A 1.50% 1/19/26 #	1,590,000		1,444,220
	144A 2.375% 1/19/31 #	1,805,000		1,501,682
	Tencent Holdings
	144A 2.88% 4/22/31 #, *	980,000		856,175
	144A 3.68% 4/22/41 #	1,055,000		862,040
	TSMC Arizona 4.25% 4/22/32	1,090,000		1,085,255
	Workday
	3.50% 4/1/27	490,000		478,005
	3.70% 4/1/29	760,000		727,145
	3.80% 4/1/32	795,000		752,763
				85,439,681

Table of Contents

Schedule of investments
Delaware Diversified Income Fund

			Principal
			amount^°	Value (US $)
Corporate Bonds (continued)
Transportation – 2.70%
	Abertis Infraestructuras Finance 3.248%
	11/24/25 µ, ψ	EUR	4,300,000	$	4,285,147
	Acu Petroleo Luxembourg 144A 7.50%
	7/13/35 #, *		1,255,000		1,139,596
	Aeropuertos Argentina 2000 144A 8.50%
	8/1/31 #		1,945,300		1,607,100
	Azul Investments
	144A 5.875% 10/26/24 #, *		1,135,000		1,010,417
	144A 7.25% 6/15/26 #, *		1,055,000		898,211
	Canadian Pacific Railway
	2.45% 12/2/31 *		4,100,000		3,568,950
	3.00% 12/2/41		665,000		541,416
	DAE Funding 144A 1.55% 8/1/24 #		500,000		466,788
	Delta Air Lines
	144A 7.00% 5/1/25 #		11,265,000		12,072,230
	7.375% 1/15/26		2,635,000		2,809,358
	Gol Finance 144A 8.00% 6/30/26 #		1,075,000		939,442
	Grupo Aeromexico 144A 8.50% 3/17/27 #		12,500,000		12,641,875
	International Container Terminal Services
	4.75% 6/17/30		1,970,000		1,945,375
	Lima Metro Line 2 Finance 144A 4.35%
	4/5/36 #		1,612,967		1,512,826
	Mileage Plus Holdings 144A 6.50% 6/20/27 #		11,280,000		11,517,894
	Misc Capital Two Labuan 144A 3.75%
	4/6/27 #		2,340,000		2,268,974
	Rutas 2 and 7 Finance 144A 3.018%
	9/30/36 #, ^		2,450,500		1,645,645
	Southwest Airlines
	5.125% 6/15/27		6,542,000		6,790,873
	5.25% 5/4/25		4,625,000		4,786,419
	Union Pacific
	2.80% 2/14/32		1,590,000		1,431,465
	3.375% 2/14/42		475,000		410,393
	3.50% 2/14/53		925,000		784,748
	United Airlines
	144A 4.375% 4/15/26 #		5,365,000		5,185,272
	144A 4.625% 4/15/29 #		12,586,000		11,565,842
					91,826,256
Utilities – 0.24%
	Clean Renewable Power Mauritius 144A
	4.25% 3/25/27 #		1,200,500		1,105,162

Table of Contents

		Principal
		amount^°	Value (US $)
Corporate Bonds (continued)
Utilities (continued)
	Essential Utilities
	2.704% 4/15/30	2,130,000	$	1,908,875
	3.351% 4/15/50	2,060,000		1,646,670
	Israel Electric 144A 3.75% 2/22/32 #	1,725,000		1,616,991
	Sociedad de Transmision Austral 144A
	4.00% 1/27/32 #, *	2,135,000		1,993,738
				8,271,436
Total Corporate Bonds (cost $1,751,149,740)				1,551,773,303

Municipal Bonds – 0.87%
	Commonwealth of Puerto Rico
	2.646% 11/1/43	6,508,239		3,392,420
	Series A 2.993% 7/1/24^	673,884		613,100
	Series A 4.363% 7/1/33^	1,685,898		964,435
	Series A1 4.00% 7/1/33	1,310,042		1,218,077
	Series A1 4.00% 7/1/35	1,177,552		1,091,791
	Series A1 4.00% 7/1/37	1,010,652		911,052
	Series A1 4.00% 7/1/41	1,374,098		1,238,887
	Series A1 4.00% 7/1/46	1,429,045		1,257,202
	Series A1 5.375% 7/1/25	1,459,022		1,508,483
	Series A1 5.625% 7/1/27	1,445,808		1,533,670
	Series A1 5.625% 7/1/29	1,422,352		1,532,812
	Series A1 5.75% 7/1/31	1,381,518		1,512,071
	Series A1 5.25% 7/1/23	1,463,125		1,481,238
	GDB Debt Recovery Authority of Puerto Rico
	(Taxable)
	7.50% 8/20/40	11,155,870		10,305,235
	Oregon State Taxable Pension
	5.892% 6/1/27	150,000		162,616
	South Carolina Public Service Authority
	Series D 4.77% 12/1/45	820,000		829,348
Total Municipal Bonds (cost $31,350,868)				29,552,437

Non-Agency Asset-Backed Securities – 1.71%
	Avis Budget Rental Car Funding AESOP
	Series 2017-1A A 144A 3.07% 9/20/23 #	1,666,667		1,669,905
	Series 2019-2A A 144A 3.35% 9/22/25 #	410,000		406,240
	Citicorp Residential Mortgage Trust
	Series 2006-3 A5 4.763% 11/25/36 ●	2,281,400		2,224,372

Table of Contents

Schedule of investments
Delaware Diversified Income Fund

		Principal
		amount^°	Value (US $)
Non-Agency Asset-Backed Securities (continued)
	Contimortgage Home Equity Loan Trust
	Series 1996-4 A8 7.22% 1/15/28	1,624	$	1,531
	DataBank Issuer
	Series 2021-1A A2 144A 2.06% 2/27/51 #	4,450,000		4,074,749
	Diamond Infrastructure Funding
	Series 2021-1A A 144A 1.76% 4/15/49 #	13,905,000		12,314,108
	Domino's Pizza Master Issuer
	Series 2021-1A A2I 144A 2.662%
	4/25/51 #	21,908,700		19,656,486
	Ford Credit Auto Owner Trust
	Series 2021-A B 0.70% 10/15/26	680,000		631,846
	GM Financial Automobile Leasing Trust
	Series 2021-1 B 0.54% 2/20/25	1,020,000		986,871
	JPMorgan Chase Bank
	Series 2021-3 B 144A 0.76% 2/26/29 #	2,709,007		2,619,682
	PFS Financing
	Series 2021-A A 144A 0.71% 4/15/26 #	4,950,000		4,668,266
	Towd Point Mortgage Trust
	Series 2016-2 A1 144A 3.00% 8/25/55 #	32,015		31,974
	Series 2017-1 A1 144A 2.75% 10/25/56 #	248,017		247,194
	Series 2017-2 A1 144A 2.75% 4/25/57 #	135,702		135,366
	Series 2017-4 M1 144A 3.25% 6/25/57 #	2,705,000		2,535,662
	Series 2018-1 A1 144A 3.00% 1/25/58 #	643,972		636,595
	UNIFY Auto Receivables Trust
	Series 2021-1A A3 144A 0.51% 6/16/25 #	4,400,000		4,353,707
	Volkswagen Auto Lease Trust
	Series 2020-A A4 0.45% 7/21/25	1,000,000		979,487
Total Non-Agency Asset-Backed Securities (cost $62,856,867)				58,174,041

Non-Agency Collateralized Mortgage Obligations – 2.37%
	Agate Bay Mortgage Trust
	Series 2015-1 B1 144A 3.695%
	1/25/45 #, ●	966,469		955,373
	Series 2015-1 B2 144A 3.695%
	1/25/45 #, ●	546,477		539,711
	Citicorp Mortgage Securities Trust
	Series 2006-3 1A9 5.75% 6/25/36	140,869		132,783
	Connecticut Avenue Securities Trust
	Series 2018-R07 1M2 144A 3.068%
	(LIBOR01M + 2.40%) 4/25/31 #, ●	376,076		376,076
	Series 2019-R01 2M2 144A 3.118%
	(LIBOR01M + 2.45%) 7/25/31 #, ●	377,811		378,997

Table of Contents

			Principal
			amount^°	Value (US $)
Non-Agency Collateralized Mortgage Obligations (continued)
	Connecticut Avenue Securities Trust
		Series 2022-R01 1M2 144A 2.189%
		(SOFR + 1.90%) 12/25/41 #, ●	3,900,000	$	3,758,670
		Series 2022-R02 2M2 144A 3.289%
		(SOFR + 3.00%) 1/25/42 #, ●	2,200,000		2,167,985
	Flagstar Mortgage Trust
		Series 2021-2 A6 144A 2.50% 4/25/51 #, ●	3,036,882		2,846,860
	GS Mortgage-Backed Securities Trust
		Series 2021-PJ4 A8 144A 2.50%
		9/25/51 #, ●	6,333,897		5,832,604
		Series 2021-PJ7 A2 144A 2.50%
		1/25/52 #, ●	5,959,304		5,263,377
	JPMorgan Mortgage Trust
		Series 2014-2 B1 144A 3.419%
		6/25/29 #, ●	546,605		510,797
		Series 2014-2 B2 144A 3.419%
		6/25/29 #, ●	216,947		201,916
		Series 2015-1 B2 144A 2.115%
		12/25/44 #, ●	2,094,708		2,122,033
		Series 2015-4 B1 144A 3.568%
		6/25/45 #, ●	1,683,370		1,601,087
		Series 2015-4 B2 144A 3.568%
		6/25/45 #, ●	1,225,474		1,162,743
		Series 2015-5 B2 144A 2.267%
		5/25/45 #, ●	2,172,186		2,164,118
		Series 2015-6 B1 144A 3.533%
		10/25/45 #, ●	1,136,531		1,106,451
		Series 2015-6 B2 144A 3.533%
		10/25/45 #, ●	1,049,315		1,018,943
		Series 2016-4 B1 144A 3.814%
		10/25/46 #, ●	1,036,517		997,016
		Series 2016-4 B2 144A 3.814%
		10/25/46 #, ●	1,787,606		1,715,095
		Series 2017-1 B3 144A 3.46% 1/25/47 #, ●	3,035,155		2,838,327
		Series 2017-2 A3 144A 3.50% 5/25/47 #, ●	265,021		255,785
		Series 2020-2 A3 144A 3.50% 7/25/50 #, ●	278,761		267,325
		Series 2020-5 A3 144A 3.00%
		12/25/50 #, ●	2,691,856		2,569,042
		Series 2020-7 A3 144A 3.00% 1/25/51 #, ●	1,180,502		1,098,025
		Series 2021-1 A3 144A 2.50% 6/25/51 #, ●	2,057,105		1,811,618
		Series 2021-10 A3 144A 2.50%
		12/25/51 #, ●	3,993,227		3,509,105

Table of Contents

Schedule of investments
Delaware Diversified Income Fund

			Principal
			amount^°	Value (US $)
Non-Agency Collateralized Mortgage Obligations (continued)
	JPMorgan Mortgage Trust
		Series 2021-11 A3 144A 2.50%
		1/25/52 #, ●	10,012,536	$	8,842,711
		Series 2021-13 A3 144A 2.50%
		4/25/52 #, ●	3,622,763		3,190,437
		Series 2021-13 B1 144A 3.148%
		4/25/52 #, ●	4,905,679		4,185,807
	Morgan Stanley Residential Mortgage Loan
		Trust
		Series 2020-1 A2A 144A 2.50%
		12/25/50 #, ●	4,261,705		3,759,088
		Series 2021-1 A2 144A 2.50% 3/25/51 #, ●	1,938,790		1,717,693
		Series 2021-4 A3 144A 2.50% 7/25/51 #, ●	1,946,755		1,724,750
	New Residential Mortgage Loan Trust
		Series 2018-RPL1 A1 144A 3.50%
		12/25/57 #	661,279		658,313
	RCKT Mortgage Trust
		Series 2021-1 A1 144A 2.50% 3/25/51 #, ●	2,115,351		1,870,656
		Series 2021-6 A1 144A 2.50%
		12/25/51 #, ●	4,344,227		3,841,704
	Sequoia Mortgage Trust
		Series 2013-4 B2 3.449% 4/25/43 ●	409,018		400,438
		Series 2015-1 B2 144A 3.916%
		1/25/45 #, ●	779,558		761,786
		Series 2015-2 B2 144A 3.772%
		5/25/45 #, ●	199,202		192,064
		Series 2017-5 B1 144A 3.792%
		8/25/47 #, ●	225,107		212,848
		Series 2019-CH1 A1 144A 4.50%
		3/25/49 #, ●	608		606
		Series 2020-4 A2 144A 2.50%
		11/25/50 #, ●	1,567,624		1,443,142
	Wells Fargo Mortgage-Backed Securities
		Trust
		Series 2006-20 A1 5.50% 12/25/21	1,551		1,545
		Series 2020-1 A1 144A 3.00%
		12/25/49 #, ●	654,108		614,713
Total Non-Agency Collateralized Mortgage Obligations (cost
	$88,851,516)				80,620,163

Table of Contents

			Principal
			amount^°	Value (US $)
Non-Agency Commercial Mortgage-Backed Securities – 9.03%
	BANK
		Series 2017-BNK5 A5 3.39% 6/15/60	6,740,000	$	6,563,287
		Series 2017-BNK5 B 3.896% 6/15/60 ●	2,870,000		2,753,067
		Series 2019-BN20 A3 3.011% 9/15/62	6,255,000		5,845,109
		Series 2019-BN21 A5 2.851% 10/17/52	8,200,000		7,576,750
		Series 2019-BN23 A3 2.92% 12/15/52	8,570,000		7,960,412
		Series 2022-BNK39 A4 2.928% 2/15/55	7,305,000		6,668,017
		Series 2022-BNK39 B 3.348% 2/15/55 ●	1,395,000		1,246,292
		Series 2022-BNK39 C 3.379% 2/15/55 ●	2,092,000		1,832,390
		Series 2022-BNK40 B 3.507% 3/15/64 ●	4,550,000		4,173,277
		Series 2022-BNK41 A4 3.916% 3/15/32 ●	4,500,000		4,436,735
	Bank of America Merrill Lynch Commercial
		Mortgage Trust
		Series 2017-BNK3 B 3.879% 2/15/50 ●	30,000		28,804
	Benchmark Mortgage Trust
		Series 2018-B1 A5 3.666% 1/15/51 ●	8,215,000		8,088,294
		Series 2020-B17 A5 2.289% 3/15/53	4,957,000		4,380,212
		Series 2020-B19 A5 1.85% 9/15/53	835,000		711,129
		Series 2020-B20 A5 2.034% 10/15/53	16,000,000		13,755,242
		Series 2020-B21 A5 1.978% 12/17/53	3,594,000		3,060,187
		Series 2020-B22 A5 1.973% 1/15/54	8,045,000		6,853,273
		Series 2021-B24 A5 2.584% 3/15/54	16,331,000		14,635,214
		Series 2021-B29 A5 2.388% 9/15/54	5,500,000		4,819,844
		Series 2022-B32 B 3.202% 1/15/55 ●	4,505,000		4,042,408
		Series 2022-B32 C 3.572% 1/15/55 ●	5,500,000		4,848,753
		Series 2022-B33 B 3.736% 3/15/55 ●	2,250,000		2,091,500
		Series 2022-B33 C 3.736% 3/15/55 ●	2,250,000		2,011,278
	BMO Mortgage Trust
		Series 2022-C1 A5 3.374% 2/15/55	3,550,000		3,352,753
	Cantor Commercial Real Estate Lending
		Series 2019-CF1 A5 3.786% 5/15/52	8,080,000		7,904,649
		Series 2019-CF2 A5 2.874% 11/15/52	5,870,000		5,425,905
		Series 2019-CF3 A4 3.006% 1/15/53	3,222,000		3,001,771
	CD Mortgage Trust
		Series 2016-CD2 A3 3.248% 11/10/49	5,148,065		4,963,681
		Series 2017-CD6 B 3.911% 11/13/50 ●	1,925,000		1,835,684
		Series 2019-CD8 A4 2.912% 8/15/57	3,500,000		3,241,861
	CFCRE Commercial Mortgage Trust
		Series 2016-C7 A3 3.839% 12/10/54	10,020,000		9,946,864
	Citigroup Commercial Mortgage Trust
		Series 2020-555 A 144A 2.647%
		12/10/41 #	3,600,000		3,237,597

Table of Contents

Schedule of investments
Delaware Diversified Income Fund

			Principal
			amount^°	Value (US $)
Non-Agency Commercial Mortgage-Backed Securities (continued)
	COMM Mortgage Trust
		Series 2013-CR6 AM 144A 3.147%
		3/10/46 #	6,825,000	$	6,777,710
		Series 2013-WWP A2 144A 3.424%
		3/10/31 #	1,650,000		1,659,653
		Series 2014-CR19 A5 3.796% 8/10/47	3,793,800		3,788,580
		Series 2014-CR20 AM 3.938% 11/10/47	10,705,000		10,593,420
		Series 2015-3BP A 144A 3.178%
		2/10/35 #	130,000		126,390
		Series 2015-CR23 A4 3.497% 5/10/48	115,000		113,798
		Series 2016-CR28 A4 3.762% 2/10/49	3,290,000		3,273,534
	DB-JPM Mortgage Trust
		Series 2016-C1 A4 3.276% 5/10/49	3,185,000		3,118,541
	Grace Trust
		Series 2020-GRCE A 144A 2.347%
		12/10/40 #	3,050,000		2,623,120
	GS Mortgage Securities Trust
		Series 2017-GS5 A4 3.674% 3/10/50	7,010,000		6,924,896
		Series 2017-GS6 A3 3.433% 5/10/50	3,495,000		3,412,789
		Series 2018-GS9 B 4.321% 3/10/51 ●	125,000		122,157
		Series 2019-GC39 A4 3.567% 5/10/52	7,311,000		7,132,609
		Series 2019-GC42 A4 3.001% 9/1/52	5,440,000		5,105,219
		Series 2020-GC47 A5 2.377% 5/12/53	14,745,000		13,160,787
	JPM-BB Commercial Mortgage Securities
		Trust
		Series 2015-C31 A3 3.801% 8/15/48	9,926,178		9,820,998
	JPM-DB Commercial Mortgage Securities
		Trust
		Series 2017-C7 A5 3.409% 10/15/50	290,000		282,732
	JPMorgan Chase Commercial Mortgage
		Securities Trust
		Series 2013-LC11 B 3.499% 4/15/46	8,570,000		8,443,926
		Series 2015-JP1 A5 3.914% 1/15/49	3,925,000		3,930,578
		Series 2016-JP2 AS 3.056% 8/15/49	180,000		170,805
	Morgan Stanley Bank of America Merrill
		Lynch Trust
		Series 2014-C17 A5 3.741% 8/15/47	3,356,000		3,342,529
		Series 2015-C26 A5 3.531% 10/15/48	4,045,000		4,004,387
		Series 2016-C29 A4 3.325% 5/15/49	2,595,000		2,547,490
	Morgan Stanley Capital I Trust
		Series 2016-BNK2 B 3.485% 11/15/49	1,500,000		1,406,268
		Series 2019-L3 A4 3.127% 11/15/52	4,000,000		3,725,165
		Series 2020-HR8 A4 2.041% 7/15/53	29,609,000		25,635,078

Table of Contents

			Principal
			amount^°	Value (US $)
Non-Agency Commercial Mortgage-Backed Securities (continued)
	UBS-Barclays Commercial Mortgage Trust
		Series 2013-C5 B 144A 3.649%
		3/10/46 #, ●	820,000	$	800,479
	Wells Fargo Commercial Mortgage Trust
		Series 2014-LC18 A5 3.405% 12/15/47	2,415,029		2,382,746
		Series 2015-NXS3 A4 3.617% 9/15/57	2,350,000		2,331,156
		Series 2016-BNK1 A3 2.652% 8/15/49	5,945,000		5,649,812
		Series 2020-C58 A4 2.092% 7/15/53	4,158,000		3,561,990
Total Non-Agency Commercial Mortgage-Backed Securities (cost
	$338,570,825)				307,261,581

Loan Agreements – 5.61%
	Acrisure 1st Lien 5.014% (LIBOR01M +
		4.25%) 2/15/27 ●	912,712		908,909
	Acrisure Tranche B 4.264% (LIBOR01M +
		3.50%) 2/15/27 ●	1,246,558		1,230,327
	Advantage Sales & Marketing Tranche
		B-1 5.264% (LIBOR03M + 4.50%)
		10/28/27 ●	1,931,083		1,905,014
	Amentum Government Services Tranche
		3 4.647% (SOFR01M + 3.00%) 2/15/29 ●	11,780,000		11,732,150
	Applied Systems 1st Lien 4.006%
		(LIBOR03M + 3.00%) 9/19/24 ●	2,245,693		2,242,630
	Applied Systems 2nd Lien 6.506%
		(LIBOR03M + 5.50%) 9/19/25 ●	5,891,961		5,901,164
	Aramark Services Tranche B-5 2.957%
		(LIBOR01M + 2.50%) 4/6/28 ●	473,503		469,478
	Aruba Investments Holdings 1st Lien 4.50%
		(LIBOR03M + 3.75%) 11/24/27 ●	980,125		971,549
	Avantor Funding Tranche B-5 3.014%
		(LIBOR01M + 2.25%) 11/8/27 ●	2,129,512		2,118,332
	Bausch Health 3.764% (LIBOR01M + 3.00%)
		6/2/25 ●	858,607		855,924
	Bausch Health Tranche B 1/27/27 X		970,000		941,506
	Berry Global Tranche Z 2.238% (LIBOR01M
		+1.75%) 7/1/26 ●	1,989,252		1,962,351
	Boxer Parent 4.514% (LIBOR03M + 3.75%)
		10/2/25 ●	1,580,705		1,563,119
	BW Gas & Convenience Holdings Tranche B
		4.264% (LIBOR01M + 3.50%) 3/31/28 ●	2,952,687		2,930,542

Table of Contents

Schedule of investments
Delaware Diversified Income Fund

		Principal
		amount^°		Value (US $)
Loan Agreements (continued)
	BWay Holding 3.705% (LIBOR01M + 3.25%)
	4/3/24 ●	646,330	$	635,221
	Caesars Resort Collection Tranche B-1
	4.264% (LIBOR01M + 3.50%) 7/21/25 ●	801,191		800,440
	Calpine
	2.77% (LIBOR01M + 2.00%) 4/5/26 ●	933,600		922,513
	3.27% (LIBOR01M + 2.50%) 12/16/27 ●	658,054		652,445
	Camelot US Acquisition l 4.00% (LIBOR01M
	+ 3.00%) 10/30/26 ●	1,742,937		1,731,391
	Carnival Tranche B 3.75% (LIBOR03M +
	3.00%) 6/30/25 ●	1,375,509		1,357,971
	Castlelake Aviation One Designated Activity
	3.576% (LIBOR03M + 2.75%) 10/22/26 ●	2,161,614		2,138,646
	Charter Communications Operating
	Tranche B2 2.52% (LIBOR01M + 1.75%)
	2/1/27 ●	1,969,189		1,947,774
	Chemours Tranche B-2 2.52% (LIBOR01M +
	1.75%) 4/3/25 ●	1,633,386		1,602,760
	Connect US Finco 4.50% (LIBOR01M +
	3.50%) 12/11/26 ●	1,909,040		1,899,892
	Core & Main Tranche B-1 3.566%
	(LIBOR01M + 2.50%) 7/27/28 ●	2,645,249		2,605,570
	CSC Holdings 2.804% (LIBOR01M + 2.25%)
	7/17/25 ●	1,771,750		1,744,731
	DaVita Tranche B-1 2.514% (LIBOR01M +
	1.75%) 8/12/26 ●	2,492,244		2,460,971
	Ecovyst Catalyst Technologies 3.739%
	(LIBOR03M + 2.50%) 6/9/28 ●	1,086,787		1,078,976
	Electron Bidco 3.764% (LIBOR01M + 3.25%)
	11/1/28 ●	1,400,000		1,390,703
	Ensemble RCM 4.989% (LIBOR03M +
	3.75%) 8/3/26 ●	1,116,375		1,114,282
	Entegris Tranche B (LIBOR01M + 2.25%)
	3/2/29 ●	4,545,000		4,550,681
	Epicor Software 2nd Lien 8.75% (LIBOR01M
	+ 7.75%) 7/31/28 ●	2,085,000		2,128,656
	Epicor Software Tranche C 4.00%
	(LIBOR01M + 3.25%) 7/31/27 ●	3,743,000		3,725,546
	Frontier Communications Tranche B 4.813%
	(LIBOR03M + 3.75%) 5/1/28 ●	4,801,500		4,748,482
	Global Medical Response 5.25% (LIBOR03M
	+ 4.75%) 10/2/25 ●	3,156,885		3,138,282
	Hamilton Projects Acquiror 5.506%
	(LIBOR03M + 4.50%) 6/17/27 ●	1,753,218		1,751,182

Table of Contents

		Principal
		amount^°	Value (US $)
Loan Agreements (continued)
	Heartland Dental
	4.264% (LIBOR01M + 3.50%) 4/30/25 ●	2,279,505	$	2,262,693
	4.632% (LIBOR01M + 4.00%) 4/30/25 ●	1,210,850		1,204,418
	Hexion Holdings 1st Lien 5.122% (SOFR01M
	+ 4.50%) 3/15/29 ●	5,760,000		5,578,560
	HUB International 4.213% (LIBOR01M +
	2.75%) 4/25/25 ●	1,671,385		1,655,612
	Informatica 3.563% (LIBOR01M + 2.75%)
	10/27/28 ●	1,740,000		1,718,976
	Kenan Advantage Group Tranche B 4.514%
	(LIBOR01M + 3.75%) 3/24/26 ●	1,288,687		1,278,861
	Loyalty Ventures Tranche B 5.264%
	(LIBOR01M + 4.50%) 11/3/27 ●	343,438		335,710
	LSF9 Atlantis Holdings Tranche B 8.00%
	(SOFR01M + 6.25%) 3/31/29 ●	4,395,000		4,323,581
	Michaels Tranche B 5.256% (LIBOR03M +
	4.25%) 4/15/28 ●	3,467		3,175
	Mileage Plus Holdings 6.25% (LIBOR03M +
	5.25%) 6/21/27 ●	2,150,000		2,233,850
	Numericable US Tranche B-11 3.989%
	(LIBOR03M + 2.75%) 7/31/25 ●	1,544,523		1,520,969
	Numericable US Tranche B-13 4.506%
	(LIBOR01M + 4.00%) 8/14/26 ●	641,725		638,316
	Olympus Water US Holding 4.813%
	(LIBOR03M + 3.75%) 11/9/28 ●	1,670,812		1,644,557
	Organon & Co. 3.563% (LIBOR01M +
	3.00%) 6/2/28 ●	5,997,117		5,978,376
	Pelican Products 5.256% (LIBOR03M +
	4.25%) 12/29/28 ●	753,113		739,933
	Penn National Gaming Tranche B-1 3.014%
	(LIBOR01M + 2.25%) 10/15/25 ●	2,271,755		2,269,690
	Peraton Tranche B 1st Lien 4.514%
	(LIBOR01M + 3.75%) 2/1/28 ●	2,911,477		2,895,621
	PG&E Tranche B 3.813% (LIBOR01M +
	3.00%) 6/23/25 ●	2,654,361		2,623,392
	Pilot Travel Centers Tranche B 2.70%
	(LIBOR01M + 2.00%) 8/4/28 ●	1,999,950		1,977,111
	PMHC II 5.287% (SOFR03M + 3.25%)
	4/20/29 ●	4,750,000		4,476,875
	Pre-Paid Legal Services 4.514% (LIBOR01M
	+ 3.75%) 12/15/28 ●	3,400,000		3,365,646
	Pretium PKG Holdings 4.733% (LIBOR03M
	+ 4.00%) 10/2/28 ●	1,995,000		1,940,886

Table of Contents

Schedule of investments
Delaware Diversified Income Fund

		Principal
		amount^°	Value (US $)
Loan Agreements (continued)
	Prime Security Services Borrower
	Tranche B-1 3.50% (LIBOR03M + 2.75%)
	9/23/26 ●	1,216,760	$	1,203,926
	Quest Software US Holdings 2nd Lien 8.00%
	(LIBOR03M + 7.50%) 1/1/30 ●	745,000		712,717
	Quest Software US Holdings Tranche B
	4.75% (LIBOR03M + 4.25%) 1/17/29 ●	2,410,000		2,369,519
	RealPage 1st Lien 4.014% (LIBOR01M +
	3.25%) 4/24/28 ●	2,805,900		2,768,020
	Reynolds Group Holdings Tranche
	B-2 4.014% (LIBOR01M + 3.25%) 2/5/26 ●	1,283,750		1,252,192
	Ryan Specialty Group Tranche B-1 3.80%
	(LIBOR01M + 3.00%) 9/1/27 ●	1,659,725		1,658,688
	Sinclair Television Group Tranche B-3 3.46%
	(LIBOR01M + 3.00%) 4/1/28 ●	1,220,750		1,178,533
	Sinclair Television Group Tranche
	B-4 4.421% (SOFR01M + 2.75%)
	4/21/29 ●	5,095,000		4,958,072
	Spirit Aerosystems Tranche B 4.514%
	(LIBOR01M + 3.75%) 1/15/25 ●	2,187,396		2,187,004
	SS&C Technologies Tranche B-4 2.514%
	(LIBOR01M + 1.75%) 4/16/25 ●	707,726		698,500
	SS&C Technologies Holdings Tranche B-3
	2.514% (LIBOR01M + 1.75%) 4/16/25 ●	871,820		860,455
	Standard Industries 3.788% (LIBOR03M +
	2.50%) 9/22/28 ●	7,821,013		7,813,904
	Telenet Financing Tranche AR 2.554%
	(LIBOR01M + 2.00%) 4/30/28 ●	2,530,000		2,479,084
	Terrier Media Buyer Tranche B 4.264%
	(LIBOR01M + 3.50%) 12/17/26 ●	1,314,906		1,297,530
	Transdigm Tranche F 3.014% (LIBOR01M +
	2.25%) 12/9/25 ●	1,866,088		1,832,784
	TricorBraun 4.014% (LIBOR01M + 3.25%)
	3/3/28 ●	1,375,029		1,347,185
	UKG 1st Lien 4.212% (LIBOR03M + 3.25%)
	5/3/26 ●	6,647,055		6,587,112
	Ultimate Software Group 1st Lien 4.756%
	(LIBOR01M + 3.75%) 5/4/26 ●	1,974,153		1,968,689
	USI 4.256% (LIBOR03M + 3.25%) 12/2/26 ●	498,397		494,596
	USI Tranche B 4.006% (LIBOR03M + 3.00%)
	5/16/24 ●	1,067,651		1,059,511
	Vertical Midco Tranche B 4.019%
	(LIBOR03M + 3.50%) 7/30/27 ●	1,792,176		1,775,823
	Viasat 5.00% (SOFR01M + 3.50%) 3/2/29 ●	9,430,000		9,394,637

Table of Contents

			Principal
			amount^°	Value (US $)
Loan Agreements (continued)
	Vistra Operations 2.472% (LIBOR01M +
	1.75%) 12/31/25 ●		2,924,058	$	2,889,335
	White Cap Buyer 4.45% (LIBOR01M +
	4.00%) 10/19/27 ●		902,737		882,708
	Zekelman Industries 2.632% (LIBOR01M +
	2.00%) 1/24/27 ●		770,741		758,538
Total Loan Agreements (cost $190,820,300)					190,955,980

Sovereign Bonds – 2.65%∆
Albania – 0.01%
	Albania Government International Bond
	144A 3.50% 6/16/27 #	EUR	400,000		404,986
					404,986
Angola – 0.04%
	Angolan Government International Bonds
	144A 8.25% 5/9/28 #		433,000		416,949
	8.25% 5/9/28		499,000		480,502
	144A 8.75% 4/14/32 #		400,000		379,554
					1,277,005
Argentina – 0.03%
	Argentine Republic Government International
	Bonds
	0.50% 7/9/30 ~		1,973,950		624,775
	1.00% 7/9/29		100,503		32,463
	1.125% 7/9/35 ~		703,250		201,551
					858,789
Armenia – 0.01%
	Republic of Armenia International Bond 144A
	3.60% 2/2/31 #		400,000		299,026
					299,026
Azerbaijan – 0.02%
	Republic of Azerbaijan International Bond
	144A 3.50% 9/1/32 #		753,000		667,367
					667,367
Bahrain – 0.02%
	Bahrain Government International Bond
	144A 7.375% 5/14/30 #		800,000		834,987
					834,987

Table of Contents

Schedule of investments
Delaware Diversified Income Fund

			Principal
			amount^°	Value (US $)
Sovereign Bonds∆ (continued)
Brazil – 0.22%
	Brazil Notas do Tesouro Nacional Series F
	10.00% 1/1/27	BRL	32,000,000	$	6,026,326
	Brazilian Government International Bonds
	3.875% 6/12/30		741,000		654,421
	4.75% 1/14/50		1,072,000		812,780
					7,493,527
Chile – 0.32%
	Bonos de la Tesoreria de la Republica en
	pesos
	144A 2.30% 10/1/28 #	CLP	7,050,000,000		6,376,002
	144A 2.80% 10/1/33 #	CLP	4,380,000,000		3,573,674
	Chile Government International Bonds
	3.50% 1/31/34		600,000		544,800
	3.50% 1/25/50		700,000		556,563
					11,051,039
Colombia – 0.10%
	Colombia Government International Bonds
	3.25% 4/22/32		2,333,000		1,787,941
	4.125% 2/22/42		1,087,000		761,987
	5.00% 6/15/45		728,000		543,270
	5.20% 5/15/49		400,000		302,000
					3,395,198
Costa Rica – 0.01%
	Costa Rica Government International Bonds
	144A 5.625% 4/30/43 #		300,000		255,697
	144A 7.158% 3/12/45 #		200,000		194,099
					449,796
Czech Republic – 0.04%
	Czech Republic Government Bonds 2.40%
	9/17/25	CZK	34,250,000		1,354,707
					1,354,707
Dominican Republic – 0.10%
	Dominican Republic International Bonds
	144A 4.50% 1/30/30 #		867,000		750,556
	144A 4.875% 9/23/32 #		2,335,000		1,966,836
	144A 5.30% 1/21/41 #		500,000		396,131
	144A 5.50% 2/22/29 #		400,000		375,300
					3,488,823

Table of Contents

			Principal
			amount^°	Value (US $)
Sovereign BondsΔ (continued)
Ecuador – 0.03%
	Ecuador Government International Bonds
		144A 0.50% 7/31/40 #, ~	430,619	$	235,343
		144A 1.00% 7/31/35 #, ~	939,584		588,189
		144A 5.00% 7/31/30 #, ~	358,533		292,456
		144A 6.61% 7/31/30 #, ^	101,490		54,932
					1,170,920
Egypt – 0.10%
	Egypt Government International Bonds
		144A 3.875% 2/16/26 #	400,000		325,916
		144A 5.75% 5/29/24 #	1,255,000		1,174,517
		7.903% 2/21/48	1,105,000		761,319
		144A 8.70% 3/1/49 #	1,480,000		1,086,663
					3,348,415
El Salvador – 0.01%
	El Salvador Government International Bond
		144A 7.125% 1/20/50 #	1,037,000		386,293
					386,293
Gabon – 0.01%
	Gabon Government International Bond 144A
		6.625% 2/6/31 #	435,000		394,367
					394,367
Georgia – 0.01%
	Georgia Government International Bond
		144A 2.75% 4/22/26 #	400,000		344,764
					344,764
Ghana – 0.02%
	Ghana Government International Bond 144A
		7.875% 3/26/27 #	753,000		530,760
					530,760
Guatemala – 0.02%
	Guatemala Government Bond 144A 4.875%
		2/13/28 #	594,000		593,483
					593,483
Hong Kong – 0.06%
	Airport Authority
		144A 2.50% 1/12/32 #	1,185,000		1,047,776
		144A 3.25% 1/12/52 #	1,175,000		975,376
					2,023,152

Table of Contents

Schedule of investments
Delaware Diversified Income Fund

				Principal
				amount^°	Value (US $)
Sovereign BondsΔ (continued)
Hungary – 0.04%
	Hungary Government Bond 5.50% 6/24/25		HUF	457,620,000	$	1,223,239
						1,223,239
Indonesia – 0.25%
	Indonesia Government International Bonds
		2.95% 1/11/23 *		500,000		501,562
		144A 4.625% 4/15/43 #		387,000		368,308
		5.25% 1/17/42		400,000		404,180
	Indonesia Treasury Bond 6.125% 5/15/28		IDR	107,038,000,000		7,187,770
						8,461,820
Ivory Coast – 0.05%
	Ivory Coast Government International Bonds
		144A 4.875% 1/30/32 #	EUR	200,000		177,960
		144A 6.125% 6/15/33 #		1,667,000		1,536,457
						1,714,417
Jordan – 0.01%
	Jordan Government International Bond 144A
		5.75% 1/31/27 #		380,000		360,833
						360,833
Kazakhstan – 0.01%
	Kazakhstan Government International Bond
		4.875% 10/14/44		366,000		347,806
						347,806
Kenya – 0.02%
	Republic of Kenya Government International
		Bond 144A 8.00% 5/22/32 #		615,000		531,486
						531,486
Lebanon – 0.01%
	Lebanon Government International Bond
		6.25% 5/27/22 ‡		2,062,000		250,017
						250,017
Mexico – 0.12%
	Mexican Bonos 8.50% 5/31/29		MXN	68,500,000		3,258,922
	Mexico Government International Bond
		3.50% 2/12/34		956,000		810,248
						4,069,170

Table of Contents

				Principal
				amount^°	Value (US $)
Sovereign BondsΔ (continued)
Mongolia – 0.01%
	Mongolia Government International Bonds
		144A 3.50% 7/7/27 #		450,000	$	391,558
						391,558
Morocco – 0.02%
	Morocco Government International Bonds
		144A 1.375% 3/30/26 #	EUR	300,000		294,608
		144A 2.375% 12/15/27 #		400,000		346,900
						641,508
Nigeria – 0.05%
	Nigeria Government International Bond
		7.143% 2/23/30		500,000		428,913
		144A 7.875% 2/16/32 #		1,103,000		929,277
		144A 8.375% 3/24/29 #		400,000		374,232
						1,732,422
North Macedonia – 0.01%
	North Macedonia Government International
		Bond 144A 3.675% 6/3/26 #	EUR	300,000		306,168
						306,168
Oman – 0.04%
	Oman Government International Bonds
		144A 6.75% 1/17/48 #		889,000		835,882
		144A 7.00% 1/25/51 #		200,000		193,050
		7.375% 10/28/32		363,000		400,286
						1,429,218
Pakistan – 0.01%
	Pakistan Government International Bond
		144A 7.375% 4/8/31 #		250,000		192,010
						192,010
Panama – 0.03%
	Panama Bonos del Tesoro 3.362% 6/30/31			500,000		460,250
	Panama Government International Bond
		144A 3.75% 4/17/26 #		710,000		703,255
						1,163,505
Paraguay – 0.04%
	Paraguay Government International Bonds
		144A 2.739% 1/29/33 #		400,000		326,393
		144A 4.95% 4/28/31 #, *		500,000		493,275

Table of Contents

Schedule of investments
Delaware Diversified Income Fund

				Principal
				amount^°	Value (US $)
Sovereign BondsΔ (continued)
Paraguay (continued)
	Paraguay Government International Bonds
		144A 5.40% 3/30/50 #		727,000	$	647,132
						1,466,800
Peru – 0.06%
	Peruvian Government International Bonds
		2.392% 1/23/26		1,040,000		977,558
		2.844% 6/20/30		1,042,000		931,371
						1,908,929
Philippines – 0.06%
	Philippine Government International Bonds
		3.229% 3/29/27		1,405,000		1,372,392
		3.70% 3/1/41		800,000		705,629
						2,078,021
Poland – 0.04%
	Republic of Poland Government Bond 2.50%
		4/25/24	PLN	6,275,000		1,312,341
						1,312,341
Qatar – 0.09%
	Qatar Government International Bonds
		144A 4.00% 3/14/29 #		1,555,000		1,597,194
		144A 4.40% 4/16/50 #		1,569,000		1,594,168
						3,191,362
Romania – 0.01%
	Romanian Government International Bonds
		144A 2.625% 12/2/40 #	EUR	155,000		109,204
		144A 3.375% 1/28/50 #	EUR	359,000		257,405
						366,609
Russia – 0.02%
	Russian Foreign Bonds - Eurobonds
		144A 4.25% 6/23/27 #		1,600,000		472,000
		144A 5.25% 6/23/47 #		600,000		177,000
						649,000
Saudi Arabia – 0.04%
	Saudi Government International Bonds
		144A 3.25% 11/17/51 #		420,000		338,971
		144A 3.625% 3/4/28 #		1,170,000		1,169,977
						1,508,948

Table of Contents

				Principal
				amount^°	Value (US $)
Sovereign BondsΔ (continued)
Senegal – 0.02%
	Senegal Government International Bonds
		144A 5.375% 6/8/37 #	EUR	200,000	$	163,939
		144A 6.75% 3/13/48 #		563,000		450,288
						614,227
Serbia – 0.03%
	Serbia International Bonds
		144A 1.00% 9/23/28 #	EUR	550,000		444,077
		144A 2.125% 12/1/30 #		290,000		217,655
		144A 3.125% 5/15/27 #	EUR	400,000		379,552
						1,041,284
South Africa – 0.05%
	Republic of South Africa Government
		International Bonds
		4.85% 9/30/29		430,000		396,761
		4.875% 4/14/26 *		331,000		327,283
		5.65% 9/27/47		200,000		159,080
		5.75% 9/30/49		595,000		473,566
		7.30% 4/20/52		200,000		187,776
						1,544,466
Sri Lanka – 0.02%
	Sri Lanka Government International Bonds
		144A 6.20% 5/11/27 #		1,155,000		498,821
		144A 7.55% 3/28/30 #		310,000		132,733
						631,554
Trinidad and Tobago – 0.02%
	Trinidad & Tobago Government International
		Bond 144A 4.50% 6/26/30 #		550,000		525,525
						525,525
Turkey – 0.08%
	Hazine Mustesarligi Varlik Kiralama 144A
		5.125% 6/22/26 #		450,000		426,420
	Turkey Government International Bonds
		6.35% 8/10/24		300,000		294,462
		7.625% 4/26/29		1,600,000		1,532,411
	Turkiye Ihracat Kredi Bankasi 144A 5.75%
		7/6/26 #		450,000		409,523
						2,662,816

Table of Contents

Schedule of investments
Delaware Diversified Income Fund

			Principal
			amount^°	Value (US $)
Sovereign Bonds∆ (continued)
Ukraine – 0.02%
	Ukraine Government International Bonds
	144A 7.75% 9/1/26 #		2,192,000	$	747,766
					747,766
Uruguay – 0.14%
	Uruguay Government International Bonds
	4.375% 1/23/31		608,000		624,732
	5.10% 6/18/50		329,000		344,132
	8.50% 3/15/28	UYU	166,800,000		3,833,990
					4,802,854
Uzbekistan – 0.05%
	Republic of Uzbekistan International Bonds
	144A 3.90% 10/19/31 #		600,000		489,630
	144A 5.375% 2/20/29 #		1,326,000		1,277,932
					1,767,562
Total Sovereign Bonds (cost $107,291,204)					90,002,645

Supranational Banks – 0.06%
	Banque Ouest Africaine de Developpement
	144A 4.70% 10/22/31 #		1,070,000		1,061,290
	144A 5.00% 7/27/27 #		723,000		719,880
	Central American Bank for Economic
	Integration
	144A 2.00% 5/6/25 #		200,000		190,784
Total Supranational Banks (cost $1,979,047)					1,971,954

US Treasury Obligations – 6.06%
	US Treasury Bonds
	1.875% 11/15/51		6,005,000		4,711,579
	2.00% 8/15/51		4,210,000		3,402,535
	2.25% 3/31/24		6,550,000		6,495,246