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Form N-CSRS DELAWARE GROUP ADVISER For: Apr 30

July 6, 2022 9:33 AM EDT

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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.

© 2022 Macquarie Management Holdings, Inc.


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.

1


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.

2


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 %

3


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%

4


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

5


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

6


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

7


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

8


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

9


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

10


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

11


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

12


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

13


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

14


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

15


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

16


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

17


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

18


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

19


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

20


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

21


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

22


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

23


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

24


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

25


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

26


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

27


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

28


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

29


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

30


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

31


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

32


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

33


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

34


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

35


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

36


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

37


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

38


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

39


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

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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

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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

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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

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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