ThZeal - The Zeal

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, 2021

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Item 1. Reports to Stockholders









	Semiannual report

Fixed income mutual fund

Delaware Diversified Income Fund

April 30, 2021

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

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

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

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

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

The Fund is governed by US laws and regulations.

Table of contents

Disclosure of Fund expenses		1
Security type / sector allocation		3
Schedule of investments		4
Statement of assets and liabilities		44
Statement of operations		46
Statements of changes in net assets		48
Financial highlights		50
Notes to financial statements		60
About the organization		81

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

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

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

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

Table of Contents

Disclosure of Fund expenses
For the six-month period from November 1, 2020 to April 30, 2021 (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 are 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, 2020 to April 30, 2021.

Actual expenses

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

Hypothetical example for comparison purposes

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher. The Fund’s expenses shown in the table 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, 2020 to April 30, 2021 (Unaudited)

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

	Beginning			Ending						Expenses
	Account Value			Account Value			Annualized			Paid During Period
	11/1/20			4/30/21			Expense Ratio			11/1/20 to 4/30/21*
Actual Fund return^†
Class A		$	1,000.00		$	1,009.30		0.69	%	$	3.44
Class C			1,000.00			1,006.70		1.44	%		7.16
Class R			1,000.00			1,009.20		0.94	%		4.68
Institutional Class			1,000.00			1,011.70		0.44	%		2.19
Class R6			1,000.00			1,012.10		0.36	%		1.80
Hypothetical 5% return (5% return before expenses)
Class A		$	1,000.00		$	1,021.37		0.69	%	$	3.46
Class C			1,000.00			1,017.65		1.44	%		7.20
Class R			1,000.00			1,020.13		0.94	%		4.71
Institutional Class			1,000.00			1,022.61		0.44	%		2.21
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 the Underlying Funds.

Table of Contents

Security type / sector allocation
Delaware Diversified Income Fund	As of April 30, 2021 (Unaudited)

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

Security type / sector	Percentage of net assets
Agency Collateralized Mortgage Obligations		2.52	%
Agency Commercial Mortgage-Backed Securities		0.53	%
Agency Mortgage-Backed Securities		18.86	%
Collateralized Debt Obligations		1.96	%
Corporate Bonds		36.73	%
Banking		7.15	%
Basic Industry		3.06	%
Brokerage		0.60	%
Capital Goods		0.91	%
Communications		6.24	%
Consumer Cyclical		2.31	%
Consumer Non-Cyclical		3.68	%
Electric		2.86	%
Energy		5.23	%
Finance Companies		0.90	%
Insurance		0.52	%
Natural Gas		0.08	%
Real Estate		0.13	%
Technology		1.04	%
Transportation		1.86	%
Utilities		0.16	%
Municipal Bonds		0.03	%
Non-Agency Asset-Backed Securities		2.03	%
Non-Agency Collateralized Mortgage Obligations		1.76	%
Non-Agency Commercial Mortgage-Backed Securities		9.12	%
Loan Agreements		4.92	%
Sovereign Bonds		2.38	%
Supranational Banks		0.06	%
US Treasury Obligations		15.63	%
Common Stock		0.00	%
Short-Term Investments		6.61	%
Securities Lending Collateral		1.05	%
Total Value of Securities		104.19	%
Obligation to Return Securities Lending Collateral		(1.05	%)
Liabilities Net of Receivables and Other Assets		(3.14	%)
Total Net Assets		100.00	%

Table of Contents

Schedule of investments
Delaware Diversified Income Fund	April 30, 2021 (Unaudited)

			Principal amount^°	Value (US $)
Agency Collateralized Mortgage Obligations – 2.52%
	Fannie Mae Connecticut Avenue Securities
		Series 2017-C04 2M2 2.956% (LIBOR01M +
		2.85%) 11/25/29 ●	1,378,149	$	1,410,449
		Series 2018-C02 2M2 2.306% (LIBOR01M +
		2.20%, Floor 2.20%) 8/25/30 ●	1,692,784		1,712,672
		Series 2018-C03 1M2 2.256% (LIBOR01M +
		2.15%, Floor 2.15%) 10/25/30 ●	2,211,501		2,236,364
		Series 2018-C05 1M2 2.456% (LIBOR01M +
		2.35%, Floor 2.35%) 1/25/31 ●	1,776,303		1,800,960
	Fannie Mae Grantor Trust
		Series 1999-T2 A1 7.50% 1/19/39 ●	5,002		5,431
		Series 2002-T19 A1 6.50% 7/25/42	53,169		63,671
		Series 2004-T1 1A2 6.50% 1/25/44	15,429		18,088
	Fannie Mae REMIC Trust
		Series 2002-W6 2A 7.50% 6/25/42 ●	13,066		14,983
		Series 2003-W1 2A 5.619% 12/25/42 ●	7,706		8,555
		Series 2004-W11 1A2 6.50% 5/25/44	137,370		161,709
	Fannie Mae REMICs
		Series 2013-44 Z 3.00% 5/25/43	99,028		98,876
		Series 2015-34 OK 0.903% 3/25/44 Ω, ^	977,955		953,562
		Series 2017-40 GZ 3.50% 5/25/47	1,907,915		2,064,003
		Series 2017-77 HZ 3.50% 10/25/47	2,392,637		2,523,776
	Freddie Mac Multifamily Structured Pass Through
		Certificates
		Series X3FX A2FX 3.00% 6/25/27 ◆	4,515,000		4,848,556
	Freddie Mac REMICs
		Series 4676 KZ 2.50% 7/15/45	1,729,687		1,783,104
	Freddie Mac Structured Agency Credit Risk Debt
		Notes
		Series 2017-DNA1 M2 3.356% (LIBOR01M +
		3.25%, Floor 3.25%) 7/25/29 ●	4,267,611		4,430,543
		Series 2017-DNA3 M2 2.606% (LIBOR01M +
		2.50%) 3/25/30 ●	1,420,000		1,452,200
		Series 2017-HQA2 M2AS 1.156% (LIBOR01M +
		1.05%) 12/25/29 ●	3,333,390		3,373,527
		Series 2018-HQA1 M2 2.406% (LIBOR01M +
		2.30%) 9/25/30 ●	2,701,387		2,728,489
	Freddie Mac Structured Agency Credit Risk REMIC
		Trust
		Series 2019-HQA4 M2 144A 2.156% (LIBOR01M
		+ 2.05%) 11/25/49 #, ●	1,740,961		1,743,607
		Series 2020-DNA2 M1 144A 0.856% (LIBOR01M
		+ 0.75%, Floor 0.75%) 2/25/50 #, ●	199,010		199,010

Table of Contents

			Principal amount^°	Value (US $)
Agency Collateralized Mortgage Obligations (continued)
	Freddie Mac Structured Agency Credit Risk REMIC
		Trust
		Series 2020-DNA2 M2 144A 1.956% (LIBOR01M
		+ 1.85%, Floor 1.85%) 2/25/50 #, ●	1,500,000	$	1,514,109
		Series 2020-DNA6 M2 144A 2.01% (SOFR +
		2.00%) 12/25/50 #, ●	9,000,000		9,010,833
		Series 2020-HQA2 M2 144A 3.206% (LIBOR01M
		+ 3.10%) 3/25/50 #, ●	4,000,000		4,086,636
		Series 2021-DNA1 M2 144A 1.81% (SOFR +
		1.80%) 1/25/51 #, ●	18,800,000		18,794,204
		Series 2021-DNA3 M2 144A 2.11% (SOFR +
		2.10%) 10/25/33 #, ●	6,500,000		6,593,746
		Series 2021-HQA1 M2 144A 2.26% (SOFR +
		2.25%) 8/25/33 #, ●	18,800,000		18,941,429
	Freddie Mac Structured Pass Through Certificates
		Series T-54 2A 6.50% 2/25/43 ◆	14,326		16,921
		Series T-58 2A 6.50% 9/25/43 ◆	249,323		288,681
	GNMA
		Series 2013-113 LY 3.00% 5/20/43	862,000		928,742
		Series 2013-182 CZ 2.50% 12/20/43	1,721,013		1,782,182
		Series 2017-34 DY 3.50% 3/20/47	1,103,995		1,206,740
Total Agency Collateralized Mortgage Obligations (cost $94,418,147)					96,796,358

Agency Commercial Mortgage-Backed Securities – 0.53%
	FREMF Mortgage Trust
		Series 2011-K15 B 144A 5.137% 8/25/44 #, ●	485,000		488,239
		Series 2012-K22 B 144A 3.811% 8/25/45 #, ●	4,410,000		4,571,686
		Series 2013-K25 C 144A 3.744% 11/25/45 #, ●	2,800,000		2,905,651
		Series 2014-K37 B 144A 4.715% 1/25/47 #, ●	4,550,000		4,941,474
		Series 2014-K717 B 144A 3.738% 11/25/47 #, ●	1,925,000		1,943,768
		Series 2014-K717 C 144A 3.738% 11/25/47 #, ●	650,000		656,809
		Series 2015-K44 B 144A 3.806% 1/25/48 #, ●	1,000,000		1,084,253
		Series 2016-K53 B 144A 4.158% 3/25/49 #, ●	1,465,000		1,617,503
		Series 2016-K722 B 144A 3.978% 7/25/49 #, ●	2,175,000		2,298,989
Total Agency Commercial Mortgage-Backed Securities (cost $19,989,023)					20,508,372

Agency Mortgage-Backed Securities – 18.86%
	Fannie Mae S.F. 15 yr
		2.00% 3/1/36	20,613,583		21,361,234
	Fannie Mae S.F. 20 yr
		2.00% 3/1/41	9,450,267		9,654,764
		2.00% 4/1/41	4,255,659		4,327,525

Table of Contents

Schedule of investments
Delaware Diversified Income Fund

			Principal amount^°	Value (US $)
Agency Mortgage-Backed Securities (continued)
	Fannie Mae S.F. 20 yr
		2.00% 5/1/41	8,631,000	$	8,764,361
	Fannie Mae S.F. 30 yr
		2.00% 11/1/50	11,944,829		12,123,159
		2.00% 12/1/50	17,663,579		17,867,204
		2.00% 1/1/51	17,757,178		17,949,296
		2.00% 2/1/51	11,816,315		11,953,838
		2.00% 3/1/51	19,472,889		19,677,863
		2.50% 9/1/50	9,543,246		9,976,365
		2.50% 11/1/50	27,390,942		28,447,216
		2.50% 1/1/51	10,506,288		10,910,404
		2.50% 2/1/51	225,460		234,132
		2.50% 5/1/51	3,016,000		3,132,008
		3.00% 11/1/48	3,614,315		3,812,771
		3.00% 10/1/49	14,765,156		15,503,502
		3.00% 12/1/49	17,812,956		18,937,340
		3.00% 3/1/50	4,061,195		4,280,418
		3.00% 6/1/50	8,702,982		9,117,799
		3.00% 7/1/50	12,572,389		13,240,448
		3.00% 8/1/50	17,777,215		18,774,870
		3.00% 9/1/50	5,934,042		6,220,646
		3.50% 7/1/47	7,657,709		8,357,580
		3.50% 12/1/47	1,943,167		2,077,403
		3.50% 1/1/48	5,595,495		5,982,517
		3.50% 2/1/48	6,495,892		7,003,296
		3.50% 11/1/48	5,290,491		5,640,572
		3.50% 1/1/50	11,261,470		11,987,814
		3.50% 3/1/50	5,771,731		6,139,865
		4.00% 4/1/47	2,241,823		2,469,790
		4.00% 10/1/48	10,190,574		11,239,414
		4.50% 2/1/41	2,446,379		2,728,065
		4.50% 4/1/44	264,859		297,962
		4.50% 2/1/46	28,575		31,949
		4.50% 5/1/46	1,119,496		1,254,527
		4.50% 4/1/48	1,932,030		2,178,229
		4.50% 1/1/49	14,977,468		16,581,062
		4.50% 1/1/50	4,226,723		4,645,483
		5.00% 7/1/49	15,106,217		16,819,057
		5.50% 5/1/44	26,831,443		31,174,099
		6.00% 6/1/41	5,460,440		6,487,790
		6.00% 7/1/41	15,009,944		17,845,170
		6.00% 1/1/42	4,372,679		5,196,074

Table of Contents

			Principal amount^°	Value (US $)
Agency Mortgage-Backed Securities (continued)
	Fannie Mae S.F. 30 yr TBA
		2.00% 5/1/51	57,602,000	$	58,173,520
		2.50% 5/1/51	90,615,000		94,005,986
	Freddie Mac S.F. 15 yr
		1.50% 3/1/36	14,956,100		15,177,779
		2.00% 12/1/35	15,571,074		16,169,393
	Freddie Mac S.F. 20 yr
		2.00% 3/1/41	10,830,991		11,065,366
		2.00% 4/1/41	9,706,081		9,916,116
	Freddie Mac S.F. 30 yr
		2.50% 10/1/50	8,456,325		8,843,894
		2.50% 11/1/50	16,961,121		17,639,813
		2.50% 2/1/51	4,665,730		4,892,925
		3.00% 11/1/49	9,069,752		9,512,932
		3.00% 12/1/49	2,909,270		3,056,506
		3.00% 1/1/50	2,710,720		2,864,726
		3.50% 11/1/48	8,403,181		9,121,601
		4.00% 7/1/47	805,593		871,306
		4.50% 4/1/49	3,901,704		4,323,568
		4.50% 8/1/49	7,819,597		8,684,895
		5.50% 9/1/41	8,697,670		10,138,499
	GNMA I S.F. 30 yr
		3.00% 3/15/50	2,809,838		2,936,203
	GNMA II S.F. 30 yr
		3.00% 8/20/50	3,084,271		3,287,117
		5.50% 5/20/37	353,235		404,248
		6.50% 6/20/39	2,256		2,654
Total Agency Mortgage-Backed Securities (cost $716,351,422)					723,493,928

Collateralized Debt Obligations – 1.96%
	AMMC CLO 22
		Series 2018-22A A 144A 1.206% (LIBOR03M +
		1.03%, Floor 1.03%) 4/25/31 #, ●	4,400,000		4,409,025
	Apex Credit CLO
		Series 2018-1A A2 144A 1.206% (LIBOR03M +
		1.03%) 4/25/31 #, ●	11,200,000		10,946,835
	Atlas Senior Loan Fund X
		Series 2018-10A A 144A 1.274% (LIBOR03M +
		1.09%) 1/15/31 #, ●	5,794,992		5,800,816
	Black Diamond CLO
		Series 2017-2A A2 144A 1.488% (LIBOR03M +
		1.30%, Floor 1.30%) 1/20/32 #, ●	2,800,000		2,793,246

Table of Contents

Schedule of investments
Delaware Diversified Income Fund

			Principal amount^°	Value (US $)
Collateralized Debt Obligations (continued)
	Catamaran CLO
		Series 2014-1A A1BR 144A 1.574% (LIBOR03M +
		1.39%) 4/22/30 #, ●	5,000,000	$	5,029,900
	CFIP CLO
		Series 2017-1A A 144A 1.41% (LIBOR03M +
		1.22%) 1/18/30 #, ●	6,000,000		5,998,488
	Man GLG US CLO
		Series 2018-1A A1R 144A 1.328% (LIBOR03M +
		1.14%) 4/22/30 #, ●	14,000,000		14,015,750
	Midocean Credit CLO IX
		Series 2018-9A A1 144A 1.338% (LIBOR03M +
		1.15%, Floor 1.15%) 7/20/31 #, ●	2,000,000		2,006,594
	Octagon Investment Partners 51
		Series 2021-1A A 144A 1.15% (LIBOR03M +
		1.15%, Floor 1.15%) 7/20/34 #, ●	7,000,000		7,000,000
	Signal Peak CLO 5
		Series 2018-5A A 144A 1.286% (LIBOR03M +
		1.11%, Floor 1.11%) 4/25/31 #, ●	8,000,000		8,013,616
	Sounds Point CLO IV-R
		Series 2013-3RA A 144A 1.34% (LIBOR03M +
		1.15%, Floor 1.15%) 4/18/31 #, ●	6,000,000		5,996,412
	Steele Creek CLO
		Series 2017-1A A 144A 1.434% (LIBOR03M +
		1.25%) 10/15/30 #, ●	3,000,000		2,996,511
Total Collateralized Debt Obligations (cost $75,164,667)					75,007,193

Corporate Bonds – 36.73%
Banking – 7.15%
	Akbank TAS 144A 6.80% 2/6/26 #		1,595,000		1,655,872
	Ally Financial 4.70% 5/15/26 µ, ψ		3,255,000		3,307,731
	Banco Continental 144A 2.75% 12/10/25 #		2,415,000		2,366,893
	Banco de Bogota 144A 6.25% 5/12/26 #		1,075,000		1,201,581
	Banco de Credito e Inversiones 144A 3.50%
		10/12/27 #	1,320,000		1,407,845
	Banco del Estado de Chile 144A 2.704% 1/9/25 #		425,000		444,147
	Banco GNB Sudameris 144A 7.50% 4/16/31 #, µ		2,075,000		2,140,466
	Banco Industrial 144A 4.875% 1/29/31 #, µ		1,835,000		1,892,885
	Banco Mercantil del Norte 144A 8.375%
		10/14/30 #, µ, ψ	1,235,000		1,469,280
	Banco Nacional de Panama 144A 2.50% 8/11/30 #		505,000		484,656
	Banco Santander Mexico Institucion de Banca
	Multiple Grupo Financiero 144A 5.95%
		10/1/28 #, µ	1,125,000		1,222,189

Table of Contents

			Principal amount^°	Value (US $)
Corporate Bonds (continued)
Banking (continued)
	Bangkok Bank 144A 5.00% 9/23/25 #, µ, ψ		1,140,000	$	1,200,910
	Bank Leumi Le-Israel 144A 3.275% 1/29/31 #, µ		1,320,000		1,365,045
	Bank of America
		1.734% 7/22/27 µ	2,900,000		2,928,384
		2.676% 6/19/41 µ	13,220,000		12,438,440
		2.687% 4/22/32 µ	2,805,000		2,841,057
		3.311% 4/22/42 µ	3,335,000		3,407,633
	Bank of China 144A 5.00% 11/13/24 #, *		1,640,000		1,833,006
	Bank of Georgia 144A 6.00% 7/26/23 #		1,790,000		1,912,472
	Bank of New York Mellon 4.70% 9/20/25 µ, ψ		6,728,000		7,434,440
	Barclays
		2.667% 3/10/32 µ	2,715,000		2,682,044
		5.20% 5/12/26	7,821,000		8,894,002
	BBVA Bancomer 144A 5.125% 1/18/33 #, µ		786,000		817,523
	BBVA USA 3.875% 4/10/25		5,755,000		6,299,220
	BDO Unibank 2.125% 1/13/26		2,085,000		2,124,094
	Citigroup 4.00% 12/10/25 µ, ψ		1,330,000		1,350,349
	Credit Suisse Group
		144A 2.593% 9/11/25 #, µ	2,760,000		2,872,582
		144A 4.194% 4/1/31 #, µ	4,470,000		4,946,424
		144A 4.50% 9/3/30 #, *, µ, ψ	2,170,000		2,077,775
		144A 5.25% 2/11/27 #, µ, ψ	2,360,000		2,457,350
		144A 7.25% 9/12/25 #, µ, ψ	4,240,000		4,695,779
	Deutsche Bank
		3.547% 9/18/31 µ	6,835,000		7,162,986
		3.729% 1/14/32 µ	6,375,000		6,324,571
	Development Bank of Kazakhstan 144A 2.95%
		5/6/31 #	500,000		497,620
	Emirates NBD Bank PJSC 2.625% 2/18/25		1,405,000		1,474,899
	Goldman Sachs Group
		1.992% 1/27/32 µ	8,555,000		8,133,204
		2.615% 4/22/32 µ	5,695,000		5,727,787
		3.50% 4/1/25	5,190,000		5,647,580
	ICICI Bank 144A 4.00% 3/18/26 #		1,410,000		1,517,247
	Itau Unibanco Holding 144A 3.875% 4/15/31 #, µ		1,250,000		1,215,438

Table of Contents

Schedule of investments
Delaware Diversified Income Fund

			Principal amount^°	Value (US $)
Corporate Bonds (continued)
Banking (continued)
	JPMorgan Chase & Co.
		1.04% 2/4/27 µ	1,860,000	$	1,825,690
		1.953% 2/4/32 µ	2,070,000		1,969,558
		2.58% 4/22/32 µ	2,945,000		2,959,515
		3.109% 4/22/41 µ	1,930,000		1,928,095
		3.328% 4/22/52 µ	2,985,000		2,991,203
		3.702% 5/6/30 µ	165,000		181,659
		4.023% 12/5/24 µ	13,375,000		14,487,898
		4.60% 2/1/25 µ, ψ	3,435,000		3,546,637
		5.00% 8/1/24 µ, ψ	4,030,000		4,250,300
	Mizrahi Tefahot Bank 144A 3.077% 4/7/31 #, µ		1,475,000		1,500,813
	Morgan Stanley
		1.593% 5/4/27 µ	3,045,000		3,061,038
		1.794% 2/13/32 µ	245,000		230,582
		2.188% 4/28/26 µ	8,630,000		8,978,330
		5.00% 11/24/25	5,985,000		6,900,665
	Natwest Group 8.625% 8/15/21 µ, ψ		10,650,000		10,883,448
	Oversea-Chinese Banking 144A 4.25% 6/19/24 #, *		1,745,000		1,907,745
	PNC Bank 4.05% 7/26/28		6,875,000		7,813,305
	PNC Financial Services Group 2.60% 7/23/26		8,325,000		8,866,371
	QNB Finance 2.625% 5/12/25		3,070,000		3,200,536
	Shinhan Financial Group 144A 3.34% 2/5/30 #, µ		1,445,000		1,513,845
	SVB Financial Group
		1.80% 2/2/31	2,045,000		1,904,813
		4.10% 2/15/31 µ, ψ	6,510,000		6,562,894
	Truist Bank
		2.25% 3/11/30	5,775,000		5,705,543
		2.636% 9/17/29 µ	14,959,000		15,756,614
	Truist Financial 4.95% 9/1/25 µ, ψ		3,840,000		4,233,600
	UBS Group
		144A 4.125% 9/24/25 #	8,480,000		9,468,288
		7.125% 8/10/21 µ, ψ	1,405,000		1,427,866
	US Bancorp 1.45% 5/12/25		4,195,000		4,287,369
	Wells Fargo & Co. 3.90% 3/15/26 µ, ψ		6,045,000		6,184,186
					274,401,812
Basic Industry – 3.06%
	AngloGold Ashanti Holdings 3.75% 10/1/30		1,580,000		1,642,012
	Bioceanico Sovereign Certificate 144A 2.971%
		6/5/34 #, ^	1,397,388		1,029,763
	Corp Nacional del Cobre de Chile 144A 4.25%
		7/17/42 #	400,000		438,914

Table of Contents

			Principal amount^°	Value (US $)
Corporate Bonds (continued)
Basic Industry (continued)
	CSN Inova Ventures 144A 6.75% 1/28/28 #		1,345,000	$	1,463,515
	CSN Islands XII 144A 7.00% 9/23/15 #, ψ		765,000		774,563
	Equate Petrochemical 144A 4.25% 11/3/26 #		1,165,000		1,288,984
	First Quantum Minerals
		144A 6.875% 10/15/27 #	955,000		1,049,306
		144A 7.50% 4/1/25 #	6,430,000		6,683,181
	Fresnillo 144A 4.25% 10/2/50 #		1,000,000		981,360
	GC Treasury Center 144A 4.30% 3/18/51 #, *		1,675,000		1,741,849
	Georgia-Pacific
		144A 1.75% 9/30/25 #	2,465,000		2,521,219
		144A 2.10% 4/30/27 #	1,965,000		2,016,848
		144A 2.30% 4/30/30 #	4,085,000		4,104,681
		8.00% 1/15/24	11,171,000		13,372,744
	Gold Fields Orogen Holdings BVI 144A 6.125%
		5/15/29 #	1,735,000		2,051,638
	GUSAP III 144A 4.25% 1/21/30 #, *		505,000		532,517
	Indika Energy Capital IV 144A 8.25% 10/22/25 #		1,045,000		1,117,366
	Israel Chemicals 144A 6.375% 5/31/38 #		1,027,000		1,301,743
	Klabin Austria 144A 7.00% 4/3/49 #		1,210,000		1,487,284
	LYB International Finance III 2.875% 5/1/25		2,000		2,131
	LyondellBasell Industries 4.625% 2/26/55		6,875,000		7,911,995
	Methanex 5.25% 12/15/29 *		7,265,000		7,682,738
	Metinvest 144A 7.65% 10/1/27 #		1,633,000		1,750,511
	Minera Mexico 144A 4.50% 1/26/50 #		1,950,000		2,062,125
	Newmont
		2.25% 10/1/30	7,180,000		7,045,450
		2.80% 10/1/29	11,110,000		11,495,979
	Nutrition & Biosciences 144A 3.268% 11/15/40 #		8,745,000		8,663,574
	OCP
		144A 4.50% 10/22/25 #	1,791,000		1,916,399
		144A 6.875% 4/25/44 #	770,000		931,126
	Olin 5.625% 8/1/29 *		1,935,000		2,098,111
	Phosagro OAO Via Phosagro Bond Funding DAC
		144A 3.949% 4/24/23 #	1,005,000		1,045,665
	Sasol Financing USA
		4.375% 9/18/26	1,540,000		1,577,961
		5.875% 3/27/24	5,990,000		6,399,417
	Sociedad Quimica y Minera de Chile 144A 3.625%
		4/3/23 #	1,320,000		1,387,511
	Vale Overseas 3.75% 7/8/30		1,485,000		1,564,076
	Vedanta Resources Finance II 144A 8.95%
		3/11/25 #, *	6,580,000		6,535,815

Table of Contents

Schedule of investments
Delaware Diversified Income Fund

			Principal amount^°	Value (US $)
Corporate Bonds (continued)
Basic Industry (continued)
	Volcan Cia Minera 144A 4.375% 2/11/26 #		1,615,000	$	1,595,160
					117,265,231
Brokerage – 0.60%
	Banco BTG Pactual 144A 4.50% 1/10/25 #		1,365,000		1,408,113
	Charles Schwab
		4.00% 6/1/26 µ, ψ	3,300,000		3,399,198
		5.375% 6/1/25 µ, ψ	6,670,000		7,433,048
	Jefferies Group
		4.15% 1/23/30	2,410,000		2,671,865
		6.45% 6/8/27	3,815,000		4,749,273
		6.50% 1/20/43	2,455,000		3,331,894
					22,993,391
Capital Goods – 0.91%
	Ashtead Capital 144A 5.25% 8/1/26 #, *		1,540,000		1,617,000
	Bombardier 144A 6.00% 10/15/22 #		1,175,000		1,176,763
	Cemex 144A 3.875% 7/11/31 #		1,105,000		1,095,149
	Otis Worldwide
		3.112% 2/15/40	3,332,000		3,365,734
		3.362% 2/15/50	573,000		584,178
	PowerTeam Services 144A 9.033% 12/4/25 #		4,435,000		4,928,726
	Standard Industries
		144A 3.375% 1/15/31 #	2,892,000		2,714,865
		144A 5.00% 2/15/27 #	902,000		931,315
	Teledyne Technologies
		2.25% 4/1/28	5,235,000		5,264,273
		2.75% 4/1/31	5,120,000		5,171,389
	TransDigm 144A 6.25% 3/15/26 #		2,109,000		2,235,540
	Turkiye Sise ve Cam Fabrikalari 144A 6.95%
		3/14/26 #	1,510,000		1,671,045
	UltraTech Cement 144A 2.80% 2/16/31 #		1,730,000		1,620,386
	United Rentals North America 3.875% 2/15/31		2,323,000		2,340,725
					34,717,088
Communications – 6.24%
	Altice Financing 144A 5.00% 1/15/28 #		5,330,000		5,267,826
	Altice France Holding 144A 6.00% 2/15/28 #		3,080,000		3,060,750
	American Tower Trust #1 144A 3.07% 3/15/48 #		10,235,000		10,361,920
	AT&T
		3.10% 2/1/43	3,439,000		3,186,257
		3.50% 6/1/41	4,779,000		4,715,767
		144A 3.50% 9/15/53 #	4,220,000		3,889,116

Table of Contents

			Principal amount^°	Value (US $)
Corporate Bonds (continued)
Communications (continued)
	ATP Tower Holdings 144A 4.05% 4/27/26 #		2,250,000	$	2,220,750
	B2W Digital 144A 4.375% 12/20/30 #		1,960,000		1,936,480
	C&W Senior Financing 144A 7.50% 10/15/26 #		1,590,000		1,682,069
	Charter Communications Operating
		3.70% 4/1/51	4,350,000		4,101,429
		4.464% 7/23/22	8,590,000		8,938,637
		4.80% 3/1/50	2,410,000		2,659,125
		5.05% 3/30/29	9,240,000		10,715,925
	Clear Channel Outdoor Holdings 144A 7.75%
		4/15/28 #, *	1,085,000		1,118,668
	Clear Channel Worldwide Holdings 9.25% 2/15/24		1,244,000		1,300,894
	Comcast
		3.20% 7/15/36	5,080,000		5,340,778
		3.75% 4/1/40	5,160,000		5,700,827
	Connect Finco 144A 6.75% 10/1/26 #		5,040,000		5,271,588
	Crown Castle International 3.80% 2/15/28		1,465,000		1,610,030
	CSC Holdings 144A 4.625% 12/1/30 #		2,380,000		2,329,425
	Digicel Group Holdings PIK 10.00% 4/1/24 >>		1,173,669		1,149,462
	Discovery Communications
		144A 4.00% 9/15/55 #	2,565,000		2,513,883
		4.125% 5/15/29	11,890,000		13,131,144
		5.20% 9/20/47	4,485,000		5,271,762
	HTA Group 144A 7.00% 12/18/25 #		1,960,000		2,098,454
	IHS Netherlands Holdco 144A 7.125% 3/18/25 #		1,875,000		1,966,406
	Level 3 Financing 144A 3.625% 1/15/29 #		3,115,000		3,021,550
	Ooredoo International Finance 144A 5.00%
		10/19/25 #	790,000		910,876
	Prosus 144A 3.832% 2/8/51 #		1,640,000		1,501,862
	Sable International Finance 144A 5.75% 9/7/27 #		860,000		904,613
	Sprint Spectrum 144A 4.738% 9/20/29 #		3,190,000		3,425,262
	Telefonica Celular del Paraguay 144A 5.875%
		4/15/27 #	1,370,000		1,459,536
	Time Warner Cable 7.30% 7/1/38		9,865,000		14,028,251
	Time Warner Entertainment 8.375% 3/15/23		5,470,000		6,246,689
	T-Mobile USA
		144A 1.50% 2/15/26 #	2,150,000		2,155,182
		144A 2.55% 2/15/31 #	1,470,000		1,447,979
		144A 3.00% 2/15/41 #	3,710,000		3,474,675
		144A 3.50% 4/15/25 #	2,400,000		2,605,512
		144A 3.75% 4/15/27 #	3,195,000		3,523,350
		144A 3.875% 4/15/30 #	8,105,000		8,838,908
	Turk Telekomunikasyon 144A 6.875% 2/28/25 #		1,750,000		1,916,688

Table of Contents

Schedule of investments
Delaware Diversified Income Fund

		Principal amount^°		Value (US $)
Corporate Bonds (continued)
Communications (continued)
	Turkcell Iletisim Hizmetleri 144A 5.80% 4/11/28 #	1,925,000	$	2,021,733
	VEON Holdings 144A 3.375% 11/25/27 #	2,010,000		2,027,025
	Verizon Communications
	2.10% 3/22/28	1,395,000		1,408,569
	2.55% 3/21/31	2,750,000		2,758,870
	3.40% 3/22/41	2,455,000		2,518,532
	3.55% 3/22/51	2,655,000		2,702,065
	4.50% 8/10/33	13,715,000		16,183,851
	ViacomCBS
	4.375% 3/15/43	8,160,000		8,846,975
	4.95% 1/15/31	5,015,000		5,901,693
	Vmed O2 UK Financing I 144A 4.25% 1/31/31 #	5,110,000		4,950,312
	Vodafone Group
	4.25% 9/17/50	3,080,000		3,431,906
	4.875% 6/19/49	12,805,000		15,564,064
	VTR Comunicaciones 144A 4.375% 4/15/29 #	1,800,000		1,814,400
	Zayo Group Holdings 144A 6.125% 3/1/28 #	2,065,000		2,127,136
				239,257,436
Consumer Cyclical – 2.31%
	Alibaba Group Holding 2.70% 2/9/41	1,980,000		1,846,672
	Carnival 144A 7.625% 3/1/26 #	4,597,000		5,039,530
	Ford Motor Credit
	2.90% 2/16/28	2,020,000		1,982,337
	4.542% 8/1/26	12,155,000		13,066,625
	Future Retail 144A 5.60% 1/22/25 #	1,295,000		1,037,412
	General Motors
	5.00% 10/1/28	3,376,000		3,899,743
	5.40% 10/2/23	1,830,000		2,025,276
	6.125% 10/1/25	1,830,000		2,173,075
	6.60% 4/1/36	2,627,000		3,509,908
	General Motors Financial
	2.35% 1/8/31 *	1,425,000		1,364,916
	4.35% 4/9/25	3,660,000		4,059,438
	5.20% 3/20/23	618,000		669,557
	5.25% 3/1/26	8,093,000		9,330,445
	5.70% 9/30/30 µ, ψ	2,095,000		2,346,400
	Hutama Karya Persero 144A 3.75% 5/11/30 #	400,000		426,398
	Hyundai Capital America 144A 3.50% 11/2/26 #	1,350,000		1,455,833
	JD.com 3.875% 4/29/26 *	1,390,000		1,517,083
	JSM Global 144A 4.75% 10/20/30 #	1,375,000		1,393,851
	Kia 144A 1.00% 4/16/24 #	1,595,000		1,604,702

Table of Contents

		Principal amount^°		Value (US $)
Corporate Bonds (continued)
Consumer Cyclical (continued)
	Meituan 144A 2.125% 10/28/25 #, *	1,120,000	$	1,104,803
	MGM China Holdings 144A 4.75% 2/1/27 #	1,380,000		1,431,750
	MGM Resorts International 4.75% 10/15/28	3,265,000		3,448,460
	Prime Security Services Borrower 144A 6.25%
	1/15/28 #	6,130,000		6,414,555
	Royal Caribbean Cruises 144A 5.50% 4/1/28 #	3,155,000		3,312,592
	Sands China
	3.80% 1/8/26	1,135,000		1,207,436
	4.375% 6/18/30	1,405,000		1,502,296
	Scientific Games International 144A 8.25%
	3/15/26 #	4,070,000		4,390,513
	Shimao Group Holdings 5.60% 7/15/26	1,435,000		1,555,181
	Six Flags Entertainment 144A 4.875% 7/31/24 #	3,225,000		3,253,848
	Wynn Macau 144A 5.625% 8/26/28 #	1,165,000		1,227,636
	Yuzhou Group Holdings 7.70% 2/20/25	1,305,000		1,150,007
				88,748,278
Consumer Non-Cyclical – 3.68%
	AbbVie
	2.95% 11/21/26	8,950,000		9,592,371
	4.05% 11/21/39	9,151,000		10,231,500
	Anheuser-Busch InBev Worldwide
	4.15% 1/23/25	2,665,000		2,973,817
	4.50% 6/1/50	7,445,000		8,549,795
	Auna 144A 6.50% 11/20/25 #	1,820,000		1,836,535
	BAT Capital 2.259% 3/25/28	4,775,000		4,686,650
	BAT International Finance 1.668% 3/25/26	2,870,000		2,857,866
	Bausch Health 144A 6.25% 2/15/29 #	8,535,000		9,036,559
	Biogen 3.15% 5/1/50	8,355,000		7,635,515
	CVS Health
	1.875% 2/28/31	855,000		809,631
	3.75% 4/1/30	2,100,000		2,312,545
	4.30% 3/25/28	11,408,000		12,989,733
	4.78% 3/25/38	6,524,000		7,810,714
	Gilead Sciences 4.15% 3/1/47	9,725,000		10,843,264
	HCA 7.58% 9/15/25	160,000		191,200
	JBS Investments II 144A 5.75% 1/15/28 #	1,360,000		1,446,986
	Kernel Holding 144A 6.50% 10/17/24 #	1,450,000		1,525,226
	MHP 144A 7.75% 5/10/24 #	1,540,000		1,631,568
	NBM US Holdings 144A 6.625% 8/6/29 #	1,315,000		1,461,366
	New York & Presbyterian Hospital 4.063% 8/1/56	3,760,000		4,522,449
	Pilgrim’s Pride 144A 5.875% 9/30/27 #	2,688,000		2,856,000

Table of Contents

Schedule of investments
Delaware Diversified Income Fund

			Principal amount^°		Value (US $)
Corporate Bonds (continued)
Consumer Non-Cyclical (continued)
	Rede D’or Finance 144A 4.50% 1/22/30 #		1,660,000	$	1,632,610
	Regeneron Pharmaceuticals 1.75% 9/15/30		2,200,000		2,051,447
	Royalty Pharma 144A 1.75% 9/2/27 #		1,815,000		1,789,232
	Takeda Pharmaceutical
	2.05% 3/31/30		3,505,000		3,394,679
	3.025% 7/9/40		2,810,000		2,751,151
	3.175% 7/9/50		2,810,000		2,678,216
	Tenet Healthcare
	5.125% 5/1/25		5,336,000		5,406,702
	144A 6.125% 10/1/28 #		3,250,000		3,433,625
	Teva Pharmaceutical Finance Netherlands III 6.75%
	3/1/28 *		2,050,000		2,237,062
	Ulker Biskuvi Sanayi 144A 6.95% 10/30/25 #		1,585,000		1,713,867
	Universal Health Services 144A 5.00% 6/1/26 #		1,135,000		1,162,881
	Viatris
	144A 2.30% 6/22/27 #		700,000		710,159
	144A 2.70% 6/22/30 #		5,150,000		5,093,241
	144A 4.00% 6/22/50 #		1,195,000		1,190,166
					141,046,328
Electric – 2.86%
	Abu Dhabi National Energy PJSC 144A 2.00%
	4/29/28 #		1,760,000		1,757,641
	Adani Electricity Mumbai 144A 3.949% 2/12/30 #		1,095,000		1,100,971
	AES Gener 144A 7.125% 3/26/79 #, µ		1,755,000		1,859,624
	American Transmission Systems 144A 5.25%
	1/15/22 #		5,910,000		6,094,431
	Calpine
	144A 4.50% 2/15/28 #		1,215,000		1,229,562
	144A 5.00% 2/1/31 #		4,090,000		4,033,987
	144A 5.125% 3/15/28 #		1,213,000		1,234,355
	Centrais Eletricas Brasileiras 144A 3.625% 2/4/25 #		1,784,000		1,812,490
	Cikarang Listrindo 144A 4.95% 9/14/26 #		1,794,000		1,844,232
	CLP Power Hong Kong Financing 2.875% 4/26/23		955,000		991,581
	Comision Federal de Electricidad 144A 4.875%
	1/15/24 #		380,000		416,064
	Duke Energy 4.875% 9/16/24 µ, ψ		6,810,000		7,237,668
	Electricite de France 2.875% 12/15/26 µ, ψ	EUR	3,800,000		4,771,005
	EnfraGen Energia Sur 144A 5.375% 12/30/30 #		2,225,000		2,214,398
	Entergy Arkansas 4.20% 4/1/49		2,415,000		2,825,412
	Entergy Louisiana 4.95% 1/15/45		685,000		754,181
	Entergy Mississippi 3.85% 6/1/49		4,250,000		4,667,445

Table of Contents

		Principal amount^°		Value (US $)
Corporate Bonds (continued)
Electric (continued)
	Entergy Texas 3.55% 9/30/49	2,030,000	$	2,095,140
	Evergy Kansas Central 3.45% 4/15/50	3,100,000		3,259,908
	FirstEnergy Transmission 144A 4.55% 4/1/49 #	2,475,000		2,764,078
	Investment Energy Resources 144A 6.25%
	4/26/29 #	1,815,000		1,939,327
	Israel Electric 144A 5.00% 11/12/24 #	1,625,000		1,828,296
	Kallpa Generacion 144A 4.125% 8/16/27 #	2,566,000		2,641,030
	Louisville Gas and Electric 4.25% 4/1/49	7,745,000		9,065,162
	Majapahit Holding 144A 7.875% 6/29/37 #	760,000		1,065,448
	Mong Duong Finance Holdings 144A 5.125%
	5/7/29 #	2,430,000		2,454,701
	Oryx Funding 144A 5.80% 2/3/31 #	1,750,000		1,857,599
	Pacific Gas and Electric
	2.10% 8/1/27	1,315,000		1,283,798
	2.50% 2/1/31	1,940,000		1,828,744
	3.25% 6/1/31	1,105,000		1,094,047
	3.30% 8/1/40	3,236,000		2,886,165
	Perusahaan Listrik Negara
	144A 3.875% 7/17/29 #	1,600,000		1,683,056
	144A 4.125% 5/15/27 #	795,000		854,140
	144A 5.25% 5/15/47 #	870,000		970,050
	PG&E 5.25% 7/1/30	6,245,000		6,674,344
	Saudi Electricity Global Sukuk 4 4.222% 1/27/24	1,820,000		1,975,300
	Southern California Edison
	3.65% 2/1/50	4,450,000		4,467,569
	4.00% 4/1/47	1,615,000		1,685,399
	4.875% 3/1/49	7,070,000		8,395,590
	Trans-Allegheny Interstate Line 144A 3.85%
	6/1/25 #	595,000		642,334
	UEP Penonome II 144A 6.50% 10/1/38 #	1,434,586		1,440,884
				109,697,156
Energy – 5.23%
	Abu Dhabi Crude Oil Pipeline 144A 4.60% 11/2/47 #	1,295,000		1,489,082
	BP Capital Markets 4.875% 3/22/30 µ, ψ	7,115,000		7,655,740
	Chevron USA 3.90% 11/15/24	3,765,000		4,162,150
	CNX Resources 144A 6.00% 1/15/29 #	7,325,000		7,836,322
	Crestwood Midstream Partners 144A 6.00%
	2/1/29 #	4,611,000		4,772,938
	Ecopetrol
	5.375% 6/26/26	935,000		1,050,426
	6.875% 4/29/30	1,670,000		2,026,962

Table of Contents

Schedule of investments
Delaware Diversified Income Fund

		Principal amount^°		Value (US $)
Corporate Bonds (continued)
Energy (continued)
	Energean Israel Finance 144A 4.875% 3/30/26 #	1,065,000	$	1,101,545
	Energy Transfer
	5.25% 4/15/29	3,220,000		3,695,543
	6.25% 4/15/49	10,930,000		13,142,248
	ENN Energy Holdings 144A 2.625% 9/17/30 #	1,590,000		1,552,807
	Enterprise Products Operating 3.20% 2/15/52	14,125,000		13,039,336
	Equate Petrochemical 144A 2.625% 4/28/28 #	1,015,000		1,019,441
	Equinor 1.75% 1/22/26	1,715,000		1,767,039
	Galaxy Pipeline Assets Bidco 144A 2.94% 9/30/40 #	1,970,000		1,931,542
	Gazprom PJSC via Gaz Finance 144A 3.25%
	2/25/30 #	1,410,000		1,396,932
	Geopark 144A 5.50% 1/17/27 #, *	2,070,000		2,131,821
	Greenko Solar Mauritius 144A 5.95% 7/29/26 #	1,880,000		2,022,410
	Infraestructura Energetica Nova
	144A 3.75% 1/14/28 #	840,000		900,900
	144A 4.875% 1/14/48 #	1,260,000		1,281,344
	KazMunayGas National JSC 144A 6.375%
	10/24/48 #	679,000		874,951
	KazTransGas JSC 144A 4.375% 9/26/27 #	3,016,000		3,368,495
	Kinder Morgan 3.60% 2/15/51	3,185,000		3,058,872
	Lukoil Securities 144A 3.875% 5/6/30 #	1,710,000		1,799,005
	Marathon Oil 4.40% 7/15/27	20,370,000		22,742,201
	MPLX
	1.75% 3/1/26	1,830,000		1,842,322
	4.125% 3/1/27	5,760,000		6,417,276
	Murphy Oil 5.875% 12/1/27	6,840,000		6,882,887
	NuStar Logistics
	5.625% 4/28/27	665,000		701,159
	6.375% 10/1/30	6,083,000		6,706,507
	Oil and Gas Holding 144A 7.625% 11/7/24 #	650,000		730,733
	ONEOK 7.50% 9/1/23	7,805,000		8,881,519
	PDC Energy 5.75% 5/15/26	3,250,000		3,383,022
	Pertamina Persero 144A 3.65% 7/30/29 #	660,000		700,527
	Petrobras Global Finance 6.75% 6/3/50	960,000		1,051,882
	Petroleos Mexicanos
	5.95% 1/28/31	5,370,000		5,191,984
	6.49% 1/23/27	430,000		455,263
	6.75% 9/21/47	924,000		818,165
	Petronas Capital
	144A 2.48% 1/28/32 #	800,000		790,325
	144A 3.50% 4/21/30 #	600,000		648,279

Table of Contents

			Principal amount^°	Value (US $)
Corporate Bonds (continued)
Energy (continued)
	PTTEP Treasury Center 144A 2.587% 6/10/27 #		1,810,000	$	1,867,767
	Sabine Pass Liquefaction
		5.625% 3/1/25	5,735,000		6,583,955
		5.75% 5/15/24	8,662,000		9,783,670
	Saudi Arabian Oil
		144A 3.50% 11/24/70 #	1,340,000		1,226,535
		144A 4.25% 4/16/39 #	2,142,000		2,340,092
	SEPLAT Petroleum Development 144A 7.75%
		4/1/26 #	1,485,000		1,525,838
	Southwestern Energy 7.75% 10/1/27 *		5,780,000		6,220,523
	Targa Resources Partners 5.375% 2/1/27		2,712,000		2,821,795
	Tengizchevroil Finance Co. International 144A
		2.625% 8/15/25 #	1,275,000		1,303,866
	Tennessee Gas Pipeline 144A 2.90% 3/1/30 #		12,280,000		12,478,344
	Transportadora de Gas del Sur 144A 6.75%
		5/2/25 #	1,350,000		1,172,840
	Tullow Oil 144A 7.00% 3/1/25 #		970,000		847,538
	YPF 144A 6.95% 7/21/27 #		2,570,000		1,587,412
					200,782,077
Finance Companies – 0.90%
	AerCap Ireland Capital DAC
		1.75% 1/30/26 *	1,555,000		1,525,675
		3.65% 7/21/27	7,528,000		8,005,354
		4.50% 9/15/23	1,235,000		1,330,496
		4.625% 10/15/27	2,015,000		2,246,603
		6.50% 7/15/25	3,450,000		4,061,948
	Air Lease
		2.875% 1/15/26 *	5,445,000		5,674,382
		3.00% 2/1/30 *	7,405,000		7,406,929
		3.375% 7/1/25	1,780,000		1,908,471
	BOC Aviation USA 144A 1.625% 4/29/24 #		1,100,000		1,105,264
	DAE Sukuk DIFC 144A 3.75% 2/15/26 #		1,390,000		1,447,240
					34,712,362
Insurance – 0.52%
	AIA Group 144A 3.375% 4/7/30 #		1,120,000		1,212,433
	Brighthouse Financial 5.625% 5/15/30		2,220,000		2,655,711
	Centene
		3.375% 2/15/30	2,725,000		2,738,639
		144A 5.375% 8/15/26 #	2,535,000		2,662,384
	GTCR AP Finance 144A 8.00% 5/15/27 #		1,100,000		1,174,250

Table of Contents

Schedule of investments
Delaware Diversified Income Fund

				Principal amount^°	Value (US $)
Corporate Bonds (continued)
Insurance (continued)
	MetLife
		3.85% 9/15/25 µ, ψ		4,095,000	$	4,320,225
		6.40% 12/15/66		40,000		50,790
	Prudential Financial 3.70% 3/13/51			4,795,000		5,187,976
						20,002,408
Natural Gas – 0.08%
	Sempra Energy 4.875% 10/15/25 µ, ψ			2,785,000		3,053,585
						3,053,585
Real Estate – 0.13%
	Goodman HK Finance 4.375% 6/19/24			1,418,000		1,542,805
	Kaisa Group Holdings 9.375% 6/30/24			1,645,000		1,636,775
	Trust Fibra Uno 144A 5.25% 1/30/26 #, *			1,480,000		1,669,818
						4,849,398
Technology – 1.04%
	Equinix 5.375% 5/15/27			1,680,000		1,805,401
	Global Payments
		2.65% 2/15/25		5,301,000		5,596,616
		2.90% 5/15/30		1,584,000		1,626,040
		3.20% 8/15/29		3,445,000		3,634,838
	Iron Mountain 144A 5.25% 7/15/30 #			1,382,000		1,437,349
	NXP
		144A 2.70% 5/1/25 #		485,000		512,953
		144A 4.30% 6/18/29 #		800,000		907,099
		144A 4.875% 3/1/24 #		9,620,000		10,680,246
		144A 5.55% 12/1/28 #		1,185,000		1,440,639
	Oracle
		2.875% 3/25/31		3,585,000		3,647,679
		3.65% 3/25/41		3,345,000		3,422,783
	SK Hynix 144A 2.375% 1/19/31 #			3,360,000		3,231,508
	Tencent Holdings
		144A 2.88% 4/22/31 #		980,000		994,268
		144A 3.68% 4/22/41 #		1,055,000		1,073,173
						40,010,592
Transportation – 1.86%
	Abertis Infraestructuras Finance 3.248%
		11/24/25 µ, ψ	EUR	4,000,000		4,943,268
	Aeropuertos Argentina 2000 PIK 144A 9.375%
		2/1/27 #, >>		2,122,161		1,725,646
	Aerovias de Mexico 144A 7.00% 2/5/25 #, ‡			1,985,000		1,104,176

Table of Contents

			Principal amount^°	Value (US $)
Corporate Bonds (continued)
Transportation (continued)
	ASG Finance Designated Activity 144A 7.875%
		12/3/24 #	1,926,000	$	1,868,220
	Azul Investments 144A 5.875% 10/26/24 #, *		2,050,000		1,953,004
	DAE Funding 144A 3.375% 3/20/28 #		6,160,000		6,164,540
	Delta Air Lines
		144A 7.00% 5/1/25 #	15,420,000		17,940,223
		7.375% 1/15/26	4,557,000		5,356,191
	International Container Terminal Services 4.75%
		6/17/30	1,970,000		2,188,222
	Lima Metro Line 2 Finance 144A 4.35% 4/5/36 #		1,695,000		1,748,833
	Mileage Plus Holdings 144A 6.50% 6/20/27 #		8,415,000		9,245,981
	Rutas 2 and 7 Finance 144A 3.413% 9/30/36 #, ^		1,775,000		1,266,906
	Southwest Airlines
		5.125% 6/15/27	6,282,000		7,353,243
		5.25% 5/4/25	4,435,000		5,082,235
	Union Pacific 3.25% 2/5/50		2,160,000		2,153,384
	United Airlines
		144A 4.375% 4/15/26 #	545,000		566,239
		144A 4.625% 4/15/29 #	715,000		743,922
					71,404,233
Utilities – 0.16%
	Clean Renewable Power Mauritius 144A 4.25%
		3/25/27 #	2,155,000		2,172,240
	Essential Utilities
		2.704% 4/15/30	2,055,000		2,096,320
		3.351% 4/15/50	1,985,000		1,967,509
					6,236,069
Total Corporate Bonds (cost $1,349,590,036)					1,409,177,444

Municipal Bonds – 0.03%
	Oregon State Taxable Pension
		(Taxable Build America Bonds) 5.892% 6/1/27	150,000		183,457
	South Carolina Public Service Authority
		Series D 4.77% 12/1/45	790,000		967,055
Total Municipal Bonds (cost $1,037,031)					1,150,512

Non-Agency Asset-Backed Securities – 2.03%
	Citicorp Residential Mortgage Trust
		Series 2006-3 A5 5.134% 11/25/36 ●	3,535,603		3,637,357

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	1,812	$	1,746
	DataBank Issuer
		Series 2021-1A A2 144A 2.06% 2/27/51 #	4,275,000		4,272,867
	Domino’s Pizza Master Issuer
		Series 2021-1A A2I 144A 2.662% 4/25/51 #	20,500,000		20,704,590
	Ford Credit Auto Lease Trust
		Series 2021-A B 0.47% 5/15/24	3,500,000		3,492,357
	Ford Credit Auto Owner Trust
		Series 2020-A A2 1.03% 10/15/22	1,349,596		1,351,833
		Series 2021-A B 0.70% 10/15/26	680,000		676,810
	GM Financial Leasing Trust
		Series 2021-1 B 0.54% 2/20/25	1,020,000		1,018,120
	HOA Funding
		Series 2014-1A A2 144A 4.846% 8/20/44 #	8,130,150		8,051,125
	Mercedes-Benz Auto Lease Trust
		Series 2020-A A2 1.82% 3/15/22	435,109		435,781
	Mercedes-Benz Master Owner Trust
		Series 2019-BA A 144A 2.61% 5/15/24 #	2,325,000		2,380,296
	PFS Financing
		Series 2021-A A 144A 0.71% 4/15/26 #	4,750,000		4,737,994
	Taco Bell Funding
		Series 2016-1A A2II 144A 4.377% 5/25/46 #	2,743,125		2,745,237
	Tesla Auto Lease Trust
		Series 2021-A A2 144A 0.36% 3/20/25 #	2,000,000		2,001,882
	Towd Point Mortgage Trust
		Series 2015-5 A1B 144A 2.75% 5/25/55 #, ●	197,572		197,847
		Series 2015-6 A1B 144A 2.75% 4/25/55 #, ●	551,438		554,836
		Series 2016-1 A1B 144A 2.75% 2/25/55 #, ●	221,054		221,771
		Series 2016-2 A1 144A 3.00% 8/25/55 #, ●	449,477		454,893
		Series 2016-3 A1 144A 2.25% 4/25/56 #, ●	440,056		443,088
		Series 2017-1 A1 144A 2.75% 10/25/56 #, ●	580,776		590,631
		Series 2017-2 A1 144A 2.75% 4/25/57 #, ●	306,945		311,399
		Series 2017-4 M1 144A 3.25% 6/25/57 #, ●	2,705,000		2,862,720
		Series 2018-1 A1 144A 3.00% 1/25/58 #, ●	1,066,401		1,099,581
	Trafigura Securitisation Finance
		Series 2018-1A A1 144A 0.845% (LIBOR01M +
		0.73%) 3/15/22 #, ●	5,810,000		5,808,751
	UNIFY Auto Receivables Trust
		Series 2021-1A A3 144A 0.51% 6/16/25 #	4,400,000		4,400,617
	Volkswagen Auto Lease Trust
		Series 2020-A A4 Series 2020-A A4 0.45%
		7/21/25	1,000,000		1,000,660

Table of Contents

			Principal amount^°	Value (US $)
Non-Agency Asset-Backed Securities (continued)
	Wendy’s Funding
		Series 2018-1A A2I 144A 3.573% 3/15/48 #	4,455,338	$	4,565,028
Total Non-Agency Asset-Backed Securities (cost $76,924,096)					78,019,817

Non-Agency Collateralized Mortgage Obligations – 1.76%
	Agate Bay Mortgage Trust
		Series 2015-1 B1 144A 3.77% 1/25/45 #, ●	1,491,539		1,526,449
		Series 2015-1 B2 144A 3.77% 1/25/45 #, ●	843,371		861,541
	Citicorp Mortgage Securities Trust
		Series 2006-3 1A9 5.75% 6/25/36	185,207		184,549
	Connecticut Avenue Securities Trust
		Series 2018-R07 1M2 144A 2.506% (LIBOR01M +
		2.40%) 4/25/31 #, ●	1,280,056		1,287,953
		Series 2019-R01 2M2 144A 2.556% (LIBOR01M +
		2.45%) 7/25/31 #, ●	1,208,993		1,215,823
	Credit Suisse First Boston Mortgage Securities
		Series 2005-5 6A3 5.00% 7/25/35	599,418		610,883
	Flagstar Mortgage Trust
		Series 2021-2 A6 144A 2.50% 4/25/51 #, =, ●	3,500,000		3,599,531
	GS Mortgage-Backed Securities Trust
		Series 2021-PJ4 A8 144A 2.50% 9/25/51 #, =, ●	7,100,000		7,297,380
	JPMorgan Mortgage Trust
		Series 2006-S1 1A1 6.00% 4/25/36	1,178,968		1,212,130
		Series 2014-2 B1 144A 3.414% 6/25/29 #, ●	929,256		959,729
		Series 2014-2 B2 144A 3.414% 6/25/29 #, ●	346,223		356,120
		Series 2015-1 B2 144A 2.112% 12/25/44 #, ●	2,369,726		2,421,543
		Series 2015-4 B1 144A 3.601% 6/25/45 #, ●	1,957,941		2,037,044
		Series 2015-4 B2 144A 3.601% 6/25/45 #, ●	1,405,590		1,454,288
		Series 2015-5 B2 144A 2.472% 5/25/45 #, ●	2,453,472		2,517,192
		Series 2015-6 B1 144A 3.54% 10/25/45 #, ●	1,362,044		1,413,193
		Series 2015-6 B2 144A 3.54% 10/25/45 #, ●	1,318,689		1,361,768
		Series 2016-4 B1 144A 3.841% 10/25/46 #, ●	971,645		1,020,310
		Series 2016-4 B2 144A 3.841% 10/25/46 #, ●	1,784,516		1,860,391
		Series 2017-1 B3 144A 3.507% 1/25/47 #, ●	3,162,996		3,241,880
		Series 2017-2 A3 144A 3.50% 5/25/47 #, ●	489,251		497,797
		Series 2020-2 A3 144A 3.50% 7/25/50 #, ●	629,401		644,398
		Series 2020-5 A3 144A 3.00% 12/25/50 #, ●	6,304,934		6,417,736
		Series 2020-7 A3 144A 3.00% 1/25/51 #, ●	2,353,234		2,393,704
		Series 2021-1 A3 144A 2.50% 6/25/51 #, ●	2,766,626		2,824,662
	Morgan Stanley Residential Mortgage Loan Trust
		Series 2020-1 A2A 144A 2.50% 12/25/50 #, ●	4,796,940		4,921,550
		Series 2021-1 A2 144A 2.50% 3/25/51 #, ●	2,220,066		2,274,962

Table of Contents

Schedule of investments
Delaware Diversified Income Fund

			Principal amount^°	Value (US $)
Non-Agency Collateralized Mortgage Obligations (continued)
	New Residential Mortgage Loan Trust
		Series 2018-RPL1 A1 144A 3.50% 12/25/57 #, ●	986,407	$	1,032,947
	RCKT Mortgage Trust
		Series 2021-1 A1 144A 2.50% 3/25/51 #, ●	2,332,404		2,378,299
	Sequoia Mortgage Trust
		Series 2013-4 B2 3.479% 4/25/43 ●	748,918		769,321
		Series 2013-12 B3 144A 4.117% 12/25/43 #, ●	2,040,936		2,085,031
		Series 2015-1 B2 144A 3.891% 1/25/45 #, ●	1,166,078		1,197,855
		Series 2020-4 A2 144A 2.50% 11/25/50 #, ●	2,157,930		2,208,592
	Wells Fargo Mortgage-Backed Securities Trust
		Series 2006-20 A1 5.50% 12/25/21	15,839		15,771
		Series 2006-AR5 2A1 2.633% 4/25/36 ●	329,034		325,564
		Series 2020-1 A1 144A 3.00% 12/25/49 #, ●	1,264,756		1,283,496
Total Non-Agency Collateralized Mortgage Obligations (cost $66,630,191)					67,711,382

Non-Agency Commercial Mortgage-Backed Securities – 9.12%
	Banc of America Commercial Mortgage Trust
		Series 2017-BNK3 B 3.879% 2/15/50 ●	30,000		32,517
	BANK
		Series 2017-BNK5 A5 3.39% 6/15/60	6,515,000		7,137,719
		Series 2017-BNK5 B 3.896% 6/15/60 ●	2,775,000		3,031,734
		Series 2017-BNK7 A5 3.435% 9/15/60	4,585,000		5,044,103
		Series 2019-BN20 A3 3.011% 9/15/62	6,550,000		6,981,185
		Series 2019-BN21 A5 2.851% 10/17/52	8,000,000		8,428,968
		Series 2019-BN23 A3 2.92% 12/15/52	2,710,000		2,870,805
	Benchmark Mortgage Trust
		Series 2018-B1 A5 3.666% 1/15/51 ●	7,815,000		8,681,445
		Series 2020-B17 A5 2.289% 3/15/53	4,882,000		4,932,735
		Series 2020-B20 A5 2.034% 10/15/53	16,000,000		15,821,781
		Series 2020-B21 A5 1.978% 12/17/53	1,800,000		1,762,728
		Series 2020-B22 A5 1.973% 1/15/54	3,400,000		3,325,490
		Series 2021-B24 A5 2.584% 3/15/54	14,570,000		14,995,416
		Series 2021-B25 A5 2.577% 4/15/54	11,000,000		11,295,351
	Cantor Commercial Real Estate Lending
		Series 2019-CF1 A5 3.786% 5/15/52	8,080,000		9,018,056
		Series 2019-CF2 A5 2.874% 11/15/52	5,500,000		5,791,954
		Series 2019-CF3 A4 3.006% 1/15/53	3,000,000		3,178,523
	CD Mortgage Trust
		Series 2016-CD2 A3 3.248% 11/10/49	5,440,000		5,769,221
		Series 2017-CD6 B 3.911% 11/13/50 ●	1,925,000		2,058,006
		Series 2019-CD8 A4 2.912% 8/15/57	3,400,000		3,577,684

Table of Contents

			Principal amount^°	Value (US $)
Non-Agency Commercial Mortgage-Backed Securities (continued)
	CFCRE Commercial Mortgage Trust
		Series 2011-C2 C 144A 5.935% 12/15/47 #, ●	1,745,000	$	1,779,783
		Series 2016-C7 A3 3.839% 12/10/54	9,835,000		10,903,798
	Citigroup Commercial Mortgage Trust
		Series 2014-GC25 A4 3.635% 10/10/47	3,550,000		3,845,420
		Series 2016-P3 A4 3.329% 4/15/49	5,500,000		5,955,866
		Series 2017-C4 A4 3.471% 10/12/50	3,150,000		3,455,933
		Series 2019-C7 A4 3.102% 12/15/72	11,100,000		11,923,926
		Series 2020-555 A 144A 2.647% 12/10/41 #	3,500,000		3,597,804
	COMM Mortgage Trust
		Series 2013-CR6 AM 144A 3.147% 3/10/46 #	6,720,000		6,952,745
		Series 2013-WWP A2 144A 3.424% 3/10/31 #	1,550,000		1,625,935
		Series 2014-CR19 A5 3.796% 8/10/47	3,713,800		4,039,007
		Series 2014-CR20 AM 3.938% 11/10/47	10,355,000		11,167,991
		Series 2016-CR28 A4 3.762% 2/10/49	3,290,000		3,628,579
	DB-JPM Mortgage Trust
		Series 2016-C1 A4 3.276% 5/10/49	3,020,000		3,273,194
	Grace Trust
		Series 2020-GRCE A 144A 2.347% 12/10/40 #	2,800,000		2,797,076
	GS Mortgage Securities Trust
		Series 2010-C1 C 144A 5.635% 8/10/43 #, ●	1,980,000		1,855,778
		Series 2015-GC32 A4 3.764% 7/10/48	3,096,000		3,407,197
		Series 2017-GS5 A4 3.674% 3/10/50	6,835,000		7,567,074
		Series 2017-GS6 A3 3.433% 5/10/50	3,380,000		3,700,863
		Series 2018-GS9 A4 3.992% 3/10/51 ●	3,375,000		3,807,133
		Series 2019-GC39 A4 3.567% 5/10/52	7,241,000		8,004,369
		Series 2019-GC42 A4 3.001% 9/1/52	4,425,000		4,721,550
		Series 2020-GC47 A5 2.377% 5/12/53	3,000,000		3,048,867
		Series 2020-GC47 B 3.57% 5/12/53 ●	2,260,000		2,415,698
	JPM-BB Commercial Mortgage Securities Trust
		Series 2015-C31 A3 3.801% 8/15/48	10,785,000		11,845,269
		Series 2015-C33 A4 3.77% 12/15/48	7,550,000		8,349,564
	JPMorgan Chase Commercial Mortgage Securities
		Trust
		Series 2013-LC11 B 3.499% 4/15/46	8,420,000		8,423,034
		Series 2015-JP1 A5 3.914% 1/15/49	3,755,000		4,175,346
		Series 2016-WIKI A 144A 2.798% 10/5/31 #	3,260,000		3,268,027
		Series 2016-WIKI B 144A 3.201% 10/5/31 #	3,260,000		3,268,388
	LB-UBS Commercial Mortgage Trust
		Series 2006-C6 AJ 5.452% 9/15/39 ●	2,540,930		1,471,119
	Morgan Stanley Bank of America Merrill Lynch Trust
		Series 2014-C17 A5 3.741% 8/15/47	3,256,000		3,524,073
		Series 2015-C26 A5 3.531% 10/15/48	3,925,000		4,308,086

Table of Contents

Schedule of investments
Delaware Diversified Income Fund

			Principal amount^°	Value (US $)
Non-Agency Commercial Mortgage-Backed Securities (continued)
	Morgan Stanley Bank of America Merrill Lynch Trust
		Series 2016-C29 A4 3.325% 5/15/49	2,500,000	$	2,708,386
	Morgan Stanley Capital I Trust
		Series 2006-HQ10 B 5.448% 11/12/41 ●	3,002,416		2,955,981
		Series 2016-BNK2 B 3.485% 11/15/49	1,500,000		1,551,940
		Series 2019-L3 A4 3.127% 11/15/52	4,000,000		4,282,341
		Series 2020-HR8 A4 2.041% 7/15/53	28,389,000		28,072,406
	UBS Commercial Mortgage Trust
		Series 2012-C1 A3 3.40% 5/10/45	3,851,707		3,904,001
	UBS-Barclays Commercial Mortgage Trust
		Series 2013-C5 B 144A 3.649% 3/10/46 #, ●	670,000		680,631
	Wells Fargo Commercial Mortgage Trust
		Series 2014-LC18 A5 3.405% 12/15/47	2,415,029		2,610,076
		Series 2015-NXS3 A4 3.617% 9/15/57	2,270,000		2,493,385
		Series 2016-BNK1 A3 2.652% 8/15/49	5,790,000		6,121,322
		Series 2017-C38 A5 3.453% 7/15/50	4,140,000		4,544,628
		Series 2020-C58 A4 2.092% 7/15/53	4,100,000		4,047,140
Total Non-Agency Commercial Mortgage-Backed Securities (cost $343,253,212)					349,816,150

Loan Agreements – 4.92%
	Acrisure Tranche B 3.702% (LIBOR03M + 3.50%)
		2/15/27 ●	1,259,278		1,242,356
	Advantage Sales & Marketing 1st Lien 6.00%
		(LIBOR02M + 5.25%) 10/28/27 ●	1,873,740		1,882,817
	American Airlines Tranche B 2.115% (LIBOR01M +
		2.00%) 12/14/23 ●	889,244		859,788
	Applied Systems 1st Lien 3.504% (LIBOR03M +
		3.00%) 9/19/24 ●	2,187,321		2,216,714
	Applied Systems 2nd Lien 6.25% (LIBOR03M +
		5.50%) 9/19/25 ●	5,687,900		5,764,334
	Aramark Services Tranche B-3 1.863% (LIBOR01M
		+ 1.75%) 3/11/25 ●	1,744,079		1,725,703
	Aramark Services Tranche B-5 2.613% (LIBOR01M
		+ 2.50%) 4/1/28 ●	520,000		519,106
	Array Technologies 3.75% (LIBOR01M + 3.25%)
		10/14/27 ●	2,236,000		2,236,000
	Aruba Investments Holdings 1st Lien 4.75%
		(LIBOR03M + 4.00%) 11/24/27 ●	950,000		951,188
	Aruba Investments Holdings 2nd Lien 8.50%
		(LIBOR03M + 7.75%) 11/24/28 ●	950,000		960,291
	AssuredPartners 3.613% (LIBOR01M + 3.50%)
		2/12/27 ●	972,083		964,272

Table of Contents

			Principal amount^°	Value (US $)
Loan Agreements (continued)
	Avantor Tranche B-4 3.25% (LIBOR01M + 2.25%)
		11/8/27 ●	2,219,437	$	2,223,876
	Ball Metalpack Finco 2nd Lien 9.75% (LIBOR03M +
		8.75%) 7/31/26 ●	360,000		349,200
	Bausch Health 3.113% (LIBOR01M + 3.00%)
		6/2/25 ●	1,004,991		1,004,711
	Berry Global Tranche Z 1.861% (LIBOR01M +
		1.75%) 7/1/26 ●	2,122,281		2,107,139
	Blue Ribbon 1st Lien 5.00% (LIBOR03M + 4.00%)
		11/15/21 ●	2,809,062		2,799,699
	Boxer Parent 3.863% (LIBOR01M + 3.75%)
		10/2/25 ●	1,599,054		1,592,875
	BW Gas & Convenience Holdings Tranche B 4.00%
		(LIBOR01M + 3.50%) 3/17/28 ●	2,855,000		2,855,000
	BWay Holding 3.443% (LIBOR03M + 3.25%)
		4/3/24 ●	1,047,441		1,013,563
	Caesars Resort CollectionTranche B-1 4.613%
		(LIBOR01M + 4.50%) 7/21/25 ●	777,150		780,259
	Calpine
		2.12% (LIBOR01M + 2.00%) 4/5/26 ●	894,075		883,272
		2.62% (LIBOR01M + 2.50%) 12/16/27 ●	638,863		636,334
	Camelot US Acquisition l 4.00% (LIBOR01M +
		3.00%) 10/30/26 ●	1,760,588		1,764,549
	Carnival 8.50% (LIBOR01M + 7.50%) 6/30/25 ●		1,339,875		1,382,584
	Change Healthcare Holdings 3.50% (LIBOR03M +
		2.50%) 3/1/24 ●	1,052,785		1,052,894
	Charter Communications Operating Tranche
		B2 1.87% (LIBOR01M + 1.75%) 2/1/27 ●	1,887,880		1,881,194
	Chemours Tranche B-2 1.87% (LIBOR01M +
		1.75%) 4/3/25 ●	1,627,168		1,594,625
	CityCenter Holdings 3.00% (LIBOR01M + 2.25%)
		4/18/24 ●	2,400,531		2,377,693
	Connect US Finco 4.50% (LIBOR01M + 3.50%)
		12/11/26 ●	1,928,520		1,925,909
	Core & Main 3.75% (LIBOR01M + 5.55%) 8/1/24 ●		2,524,962		2,518,650
	CoreLogic TBD 4/14/28 X		1,320,000		1,315,050
	CSC Holdings
		2.365% (LIBOR01M + 2.25%) 7/17/25 ●	1,790,400		1,776,524
		2.606% (LIBOR01M + 2.50%) 4/15/27 ●	1,355,467		1,350,627
	DaVita Tranche B-1 1.863% (LIBOR01M + 1.75%)
		8/12/26 ●	2,394,611		2,383,086
	EFS Cogen Holdings I Tranche B 4.50% (LIBOR03M
		+ 3.50%) 10/1/27 ●	1,764,813		1,763,867

Table of Contents

Schedule of investments
Delaware Diversified Income Fund

			Principal amount^°	Value (US $)
Loan Agreements (continued)
	Ensemble RCM 3.935% (LIBOR03M + 3.75%)
		8/3/26 ●	1,053,950	$	1,053,385
	Epicor Software 2nd Lien 8.75% (LIBOR01M +
		7.75%) 7/31/28 ●	2,000,000		2,060,624
	Epicor Software Tranche C 4.00% (LIBOR01M +
		3.25%) 7/30/27 ●	3,646,675		3,646,467
	ESH Hospitality 2.113% (LIBOR01M + 2.00%)
		9/18/26 ●	1,222,709		1,216,977
	ExamWorks Group Tranche B-1 4.25% (LIBOR03M
		+ 3.25%) 7/27/23 ●	1,423,243		1,424,895
	Frontier Communications Tranche B 4.50%
		(LIBOR01M + 3.75%) 10/8/27 ●	4,192,504		4,176,782
	Gainwell Acquisition Tranche B 4.75% (LIBOR03M +
		4.00%) 10/1/27 ●	3,216,937		3,222,467
	Garda World Security Tranche B-2 4.36%
		(LIBOR01M + 4.25%) 10/30/26 ●	575,436		576,994
	Gardner Denver Tranche B-1 1.863% (LIBOR01M +
		1.75%) 3/1/27 ●	2,265,561		2,238,657
	Gentiva Health Services Tranche B-1 2.875%
		(LIBOR01M + 2.75%) 7/2/25 ●	1,564,875		1,563,245
	Global Medical Response 5.75% (LIBOR03M +
		4.75%) 10/2/25 ●	3,188,853		3,198,819
	Granite US Holdings Tranche B 4.202% (LIBOR03M
		+ 4.00%) 9/30/26 ●	410,061		409,548
	Gray Television Tranche B-2 2.365% (LIBOR01M +
		2.25%) 2/7/24 ●	2,027,963		2,020,076
	Grupo Aeromexico 9.00% (LIBOR03M + 8.00%)
		12/31/21 =, ●	3,500,000		3,500,000
	Grupo Aeromexico 13.50% (LIBOR03M + 12.5%)
		8/19/22 =, ●	2,847,423		2,847,423
	Hamilton Projects Acquiror 5.75% (LIBOR03M +
		4.75%) 6/17/27 ●	1,700,122		1,700,830
	HCA Tranche B-12 1.863% (LIBOR01M + 1.75%)
		3/13/25 ●	4,664,332		4,669,071
	Heartland Dental 3.613% (LIBOR01M + 3.50%)
		4/30/25 ●	2,208,654		2,183,215
	Hilton Worldwide Finance Tranche B-2 1.856%
		(LIBOR01M + 1.75%) 6/22/26 ●	316,470		314,133
	HUB International 3.176% (LIBOR03M + 3.00%)
		4/25/25 ●	1,688,750		1,668,615
	Informatica 3.363% (LIBOR01M + 3.25%) 2/25/27 ●		1,677,617		1,664,512
	Informatica 2nd Lien 7.125% 2/25/25 ●		2,739,000		2,804,051
	IQVIA Tranche B-3 1.953% (LIBOR03M + 1.75%)
		6/11/25 ●	2,562,537		2,557,933

Table of Contents

			Principal amount^°	Value (US $)
Loan Agreements (continued)
	JBS USA LUX 2.113% (LIBOR01M + 2.00%)
		5/1/26 •	558,600	$	557,669
	Kenan Advantage Group Tranche B 4.50%
		(LIBOR01M + 3.75%) 3/12/26 •	1,251,863		1,248,993
	Medrisk Tranche B 1st Lien TBD 4/3/28 X		1,345,000		1,339,116
	Michaels Tranche B 5.00% (LIBOR03M + 4.25%)
		4/15/28 •	2,060,000		2,052,018
	Mileage Plus Holdings 6.25% (LIBOR03M + 5.25%)
		6/21/27 •	2,100,000		2,243,720
	Numericable US Tranche B-11 2.936% (LIBOR03M
		+ 2.75%) 7/31/25 •	1,494,925		1,468,390
	Numericable US Tranche B-13 4.198% (LIBOR03M
		+ 4.00%) 8/14/26 •	614,250		613,722
	ON Semiconductor Tranche B-4 2.113%
		(LIBOR01M + 2.00%) 9/19/26 •	2,834,643		2,832,389
	Organon & Co. Tranche B TBD 4/8/28 X		5,975,000		5,965,930
	Penn National Gaming Tranche B-1 3.00%
		(LIBOR01M + 2.25%) 10/15/25 •	2,189,043		2,181,581
	Peraton TBD 2/1/28 X		1,836,486		1,837,825
	Peraton Tranche B 1st Lien 4.50% (LIBOR01M +
		3.75%) 2/1/28 •	1,043,514		1,044,274
	PG&E Tranche B 3.50% (LIBOR03M + 3.00%)
		6/23/25 •	2,571,183		2,565,557
	PQ 4.00% (LIBOR03M + 3.00%) 2/7/27 •		547,816		548,586
	PQ Tranche B 2.436% (LIBOR03M + 2.25%)
		2/8/27 •	1,341,996		1,335,765
	Prestige Brands Tranche B-4 2.109% (LIBOR01M +
		2.00%) 1/26/24 •	1,225,256		1,228,606
	Pretium PKG Holdings 1st Lien 4.75% (LIBOR06M +
		4.00%) 11/5/27 •	1,576,050		1,580,482
	Prime Security Services Borrower Tranche B-1
		3.50% (LIBOR01M + 2.75%) 9/23/26 •	1,229,050		1,228,436
	RealPage 1st Lien 3.75% (LIBOR01M + 3.25%)
		4/24/28 •	2,720,000		2,711,312
	Reynolds Group Holdings Tranche B-2 3.363%
		(LIBOR01M + 3.25%) 2/5/26 •	1,296,750		1,287,159
	Russell Investments US Institutional Holdco 4.50%
		(LIBOR03M + 3.50%) 5/30/25 •	300,468		297,838
	Ryan Specialty Group Tranche B-1 3.75%
		(LIBOR01M + 3.00%) 9/1/27 •	1,616,875		1,617,886
	Scientific Games International Tranche B-5 2.863%
		(LIBOR01M + 2.75%) 8/14/24 •	1,257,703		1,241,052
	Sinclair Television Group Tranche B-3 3.12%
		(LIBOR01M + 3.00%) 4/1/28 •	1,170,234		1,161,457

Table of Contents

Schedule of investments
Delaware Diversified Income Fund

			Principal amount^°	Value (US $)
Loan Agreements (continued)
	Solenis International 1st Lien 4.19% (LIBOR03M +
		4.00%) 6/26/25 •	1,681,548	$	1,679,866
	Spirit Aerosystems 6.00% (LIBOR01M + 5.25%)
		1/15/25 •	2,129,662		2,149,628
	SS&C Technologies Tranche B-3 1.863%
		(LIBOR01M + 1.75%) 4/16/25 •	1,029,025		1,017,805
	SS&C Technologies Tranche B-4 1.863%
		(LIBOR01M + 1.75%) 4/16/25 •	763,155		754,951
	Stars Group Holdings 3.702% (LIBOR03M + 3.50%)
		7/10/25 •	601,124		603,604
	Syncsort Tranche B 1st Lien TBD 3/20/28 X		3,635,000		3,628,940
	Tecta America 1st Lien 5.00% (LIBOR03M + 4.25%)
		4/10/28 •	784,157		781,707
	Tecta America 2nd Lien 9.25% (LIBOR03M +
		8.50%) 4/6/29 •	1,045,000		1,039,775
	Telenet Financing Tranche AR 2.115% (LIBOR01M
		+ 2.00%) 4/30/28 •	2,530,000		2,499,562
	Terrier Media Buyer Tranche B 3.613% (LIBOR01M
		+ 3.50%) 12/17/26 •	1,276,870		1,269,687
	Titan Acquisition 3.267% (LIBOR03M + 3.00%)
		3/28/25 •	230,496		225,934
	Transdigm Tranche F 2.363% (LIBOR01M + 2.25%)
		12/9/25 •	1,758,466		1,738,982
	TricorBraun
		3.75% (LIBOR06M + 3.25%) 3/3/28 •	1,085,777		1,077,181
		3.75% (LIBOR06M + 3.25%) 3/3/28 •	8,141		8,077
	UKG 4.00% (LIBOR03M + 3.25%) 5/4/26 •		6,439,132		6,454,657
	Ultimate Software Group 1st Lien 3.863%
		(LIBOR01M + 3.75%) 5/4/26 •	5,667,469		5,677,653
	United Rentals (North America) 1.863% (LIBOR01M
		+ 1.75%) 10/31/25 •	219,375		220,398
	USI 3.453% (LIBOR03M + 3.25%) 12/2/26 •		503,487		499,501
	USI Tranche B 3.203% (LIBOR03M + 3.00%)
		5/16/24 •	1,078,831		1,068,717
	USIC Holdings Tranche B 4.00% (LIBOR01M +
		3.00%) 12/8/23 •	412,541		412,283
	Vertical Midco Tranche B 4.478% (LIBOR03M +
		4.25%) 7/30/27 •	1,810,211		1,815,755
	Vistra Operations 1.864% (LIBOR01M + 1.75%)
		12/31/25 •	2,744,393		2,725,182
	Whole Earth Brands 5.50% (LIBOR03M + 4.50%)
		2/2/28 •	1,053,307		1,048,040
	Zekelman Industries 2.11% (LIBOR01M + 2.00%)
		1/24/27 •	773,707		766,937

Table of Contents

				Principal amount^°	Value (US $)
Loan Agreements (continued)
Total Loan Agreements (cost $187,096,457)						188,729,053

Sovereign BondsΔ – 2.38%
Albania – 0.01%
	Albania Government International Bond 144A 3.50%
		6/16/27 #	EUR	400,000	$	513,562
						513,562
Angola – 0.02%
	Angolan Government International Bonds
		144A 8.25% 5/9/28 #		433,000		445,990
		8.25% 5/9/28		499,000		513,970
						959,960
Argentina – 0.02%
	Argentine Republic Government International Bonds
		0.125% 7/9/30 ~		1,723,690		627,423
		0.125% 7/9/35 ~		703,250		222,937
		1.00% 7/9/29		164,404		62,640
						913,000
Armenia – 0.01%
	Republic of Armenia International Bond 144A 3.60%
		2/2/31 #		400,000		368,140
						368,140
Azerbaijan – 0.02%
	Republic of Azerbaijan International Bond 144A
		3.50% 9/1/32 #		753,000		761,613
						761,613
Bahrain – 0.02%
	Bahrain Government International Bond 144A
		7.375% 5/14/30 #		800,000		906,675
						906,675
Bermuda – 0.02%
	Bermuda Government International Bond 144A
		2.375% 8/20/30 #		800,000		794,000
						794,000
Brazil – 0.02%
	Brazilian Government International Bond 4.75%
		1/14/50		872,000		820,552
						820,552

Table of Contents

Schedule of investments
Delaware Diversified Income Fund

				Principal amount^°	Value (US $)
Sovereign Bonds (continued)
Chile – 0.12%
	Bonos de la Tesoreria de la Republica en pesos
		144A 2.30% 10/1/28 #	CLP	2,970,000,000	$	3,890,369
	Chile Government International Bond 3.50%
		1/25/50		700,000		726,740
						4,617,109
Colombia – 0.08%
	Colombia Government International Bonds
		3.25% 4/22/32		900,000		883,953
		4.00% 2/26/24 *		1,296,000		1,383,577
		5.00% 6/15/45		728,000		777,453
						3,044,983
Costa Rica – 0.01%
	Costa Rica Government International Bond 144A
		7.158% 3/12/45 #		200,000		207,500
						207,500
Dominican Republic – 0.10%
	Dominican Republic International Bonds
		144A 4.50% 1/30/30 #		867,000		901,680
		144A 4.875% 9/23/32 #		500,000		524,500
		144A 5.30% 1/21/41 #		500,000		509,500
		144A 6.00% 7/19/28 #		1,607,000		1,835,998
						3,771,678
Ecuador – 0.03%
	Ecuador Government International Bonds
		144A 0.50% 7/31/30 #, ~		358,533		301,168
		144A 0.50% 7/31/35 #, ~		939,584		643,624
		144A 0.50% 7/31/40 #, ~		430,619		258,376
		144A 6.61% 7/31/30 #, ^		101,489		55,819
						1,258,987
Egypt – 0.10%
	Egypt Government International Bonds
		144A 3.875% 2/16/26 #		400,000		390,948
		144A 5.75% 5/29/24 #		1,030,000		1,091,019
		7.903% 2/21/48		846,000		834,199
		144A 8.70% 3/1/49 #		1,280,000		1,337,660
						3,653,826

Table of Contents

				Principal amount^°	Value (US $)
Sovereign Bonds (continued)
El Salvador – 0.02%
	El Salvador Government International Bond 144A
		7.125% 1/20/50 #		862,000	$	827,520
						827,520
Gabon – 0.01%
	Gabon Government International Bond 144A
		6.625% 2/6/31 #		435,000		438,834
						438,834
Georgia – 0.01%
	Georgia Government International Bond 144A
		2.75% 4/22/26 #		400,000		402,100
						402,100
Ghana – 0.02%
	Ghana Government International Bond 144A
		7.875% 3/26/27 #		753,000		787,015
						787,015
Guatemala – 0.02%
	Guatemala Government Bond 144A 4.875%
		2/13/28 #		594,000		666,622
						666,622
Honduras – 0.02%
	Honduras Government International Bond 144A
		5.625% 6/24/30 #		700,000		738,500
						738,500
Indonesia – 0.22%
	Indonesia Government International Bonds
		2.95% 1/11/23		500,000		519,147
		144A 4.625% 4/15/43 #		387,000		436,751
	Indonesia Treasury Bond 6.125% 5/15/28		IDR	107,038,000,000		7,376,767
						8,332,665
Israel – 0.01%
	Israel Government International Bond 2.75% 7/3/30			340,000		358,705
						358,705
Ivory Coast – 0.05%
	Ivory Coast Government International Bonds
		144A 4.875% 1/30/32 #	EUR	200,000		241,937
		144A 6.125% 6/15/33 #		1,461,000		1,552,773
						1,794,710

Table of Contents

Schedule of investments
Delaware Diversified Income Fund

			Principal amount^°		Value (US $)
Sovereign Bonds (continued)
Jordan – 0.01%
	Jordan Government International Bond 144A 5.75%
	1/31/27 #		380,000	$	404,491
					404,491
Kenya – 0.02%
	Kenya Government International Bond 144A 8.00%
	5/22/32 #		615,000		675,548
					675,548
Lebanon – 0.01%
	Lebanon Government International Bond 6.25%
	5/27/22 ‡		2,062,000		264,967
					264,967
Malaysia – 0.29%
	Malaysia Government Bond 3.955% 9/15/25	MYR	43,571,000		11,227,512
					11,227,512
Mexico – 0.14%
	Mexican Bonos 8.50% 5/31/29	MXN	65,800,000		3,622,706
	Mexico Government International Bonds
	4.50% 4/22/29		859,000		966,113
	4.60% 2/10/48		595,000		615,423
					5,204,242
Mongolia – 0.06%
	Development Bank of Mongolia 144A 7.25%
	10/23/23 #		1,080,000		1,164,756
	Mongolia Government International Bond 144A
	5.625% 5/1/23 #		1,226,000		1,293,426
					2,458,182
Morocco – 0.02%
	Morocco Government International Bonds
	144A 1.375% 3/30/26 #	EUR	300,000		362,803
	144A 2.375% 12/15/27 #		400,000		389,920
					752,723
Nigeria – 0.03%
	Nigeria Government International Bond 144A
	7.875% 2/16/32 #		1,103,000		1,191,670
					1,191,670

Table of Contents

			Principal amount^°		Value (US $)
Sovereign Bonds (continued)
North Macedonia – 0.01%
	North Macedonia Government International Bond
	144A 3.675% 6/3/26 #	EUR	300,000	$	393,815
					393,815
Oman – 0.03%
	Oman Government International Bonds
	144A 6.75% 1/17/48 #		889,000		889,222
	144A 7.00% 1/25/51 #		200,000		204,811
					1,094,033
Pakistan – 0.01%
	Pakistan Government International Bond 144A
	7.375% 4/8/31 #		250,000		263,125
					263,125
Panama – 0.03%
	Panama Government International Bonds
	144A 3.75% 4/17/26 #		710,000		765,710
	4.50% 5/15/47		365,000		406,181
					1,171,891
Paraguay – 0.05%
	Paraguay Government International Bonds
	144A 2.739% 1/29/33 #		400,000		383,000
	144A 4.95% 4/28/31 #, *		500,000		564,255
	144A 5.40% 3/30/50 #		727,000		822,608
					1,769,863
Peru – 0.03%
	Peruvian Government International Bond 2.844%
	6/20/30		1,042,000		1,057,995
					1,057,995
Philippines – 0.02%
	Philippine Government International Bond 2.457%
	5/5/30		700,000		721,437
					721,437
Qatar – 0.11%
	Qatar Government International Bonds
	144A 3.40% 4/16/25 #		200,000		217,988
	144A 4.00% 3/14/29 #		1,905,000		2,167,890
	144A 4.40% 4/16/50 #		1,569,000		1,828,972
					4,214,850

Table of Contents

Schedule of investments
Delaware Diversified Income Fund

			Principal amount^°		Value (US $)
Sovereign Bonds (continued)
Romania – 0.02%
	Romanian Government International Bonds
	144A 2.625% 12/2/40 #	EUR	318,000	$	375,615
	144A 3.375% 1/28/50 #	EUR	359,000		452,226
					827,841
Russia – 0.07%
	Russian Foreign Bonds - Eurobonds
	144A 4.25% 6/23/27 #		1,600,000		1,774,808
	144A 5.25% 6/23/47 #		600,000		739,500
					2,514,308
Saudi Arabia – 0.05%
	Saudi Government International Bonds
	144A 2.90% 10/22/25 #		694,000		738,179
	144A 3.625% 3/4/28 #		1,170,000		1,283,565
					2,021,744
Senegal – 0.01%
	Senegal Government International Bond 144A
	6.75% 3/13/48 #		563,000		567,527
					567,527
Serbia – 0.02%
	Serbia International Bonds
	144A 2.125% 12/1/30 #		290,000		267,658
	144A 3.125% 5/15/27 #	EUR	400,000		529,995
					797,653
South Africa – 0.02%
	Republic of South Africa Government International
	Bonds
	4.875% 4/14/26		331,000		353,553
	5.75% 9/30/49		595,000		574,933
					928,486
Sri Lanka – 0.03%
	Sri Lanka Government International Bonds
	144A 6.20% 5/11/27 #		1,155,000		763,455
	144A 7.55% 3/28/30 #		310,000		205,003
					968,458
Trinidad and Tobago – 0.01%
	Trinidad & Tobago Government International Bond
	144A 4.50% 6/26/30 #		350,000		367,343
					367,343

Table of Contents

			Principal amount^°		Value (US $)
Sovereign Bonds (continued)
Turkey – 0.05%
	Turkey Government International Bonds
	6.35% 8/10/24		300,000	$	309,793
	7.625% 4/26/29		1,600,000		1,705,520
					2,015,313
Ukraine – 0.06%
	Ukraine Government International Bond 144A
	7.75% 9/1/26 #		2,192,000		2,367,733
					2,367,733
Uruguay – 0.18%
	Uruguay Government International Bonds
	4.375% 1/23/31		2,271,000		2,646,771
	5.10% 6/18/50		329,000		413,874
	8.50% 3/15/28	UYU	160,200,000		3,812,460
					6,873,105
Uzbekistan – 0.03%
	Republic of Uzbekistan Bond 144A 5.375%
	2/20/29 #		1,126,000		1,261,784
					1,261,784
Total Sovereign Bonds (cost $90,657,119)					91,315,895

Supranational Banks – 0.06%
	Banco Latinoamericano de Comercio Exterior
	144A 2.375% 9/14/25 #		500,000		513,645
	Banque Ouest Africaine de Developpement
	144A 4.70% 10/22/31 #		870,000		929,665
	144A 5.00% 7/27/27 #		723,000		800,766
Total Supranational Banks (cost $2,076,665)					2,244,076

US Treasury Obligations – 15.63%
	US Treasury Bonds
	1.875% 2/15/51		26,700,000		24,292,829
	2.25% 8/15/46		20,390,000		20,256,191
	4.375% 2/15/38		62,040,000		83,245,080
	US Treasury Inflation Indexed Note
	0.125% 7/15/30		65,006,847		71,512,355
	US Treasury Notes
	0.375% 4/15/24		127,175,000		127,338,941
	0.75% 4/30/26		131,865,000		131,252,039
	0.75% 1/31/28		4,515,000		4,364,030

Table of Contents

Schedule of investments
Delaware Diversified Income Fund

		Principal amount^°		Value (US $)
US Treasury Obligations (continued)
	US Treasury Notes
	1.25% 3/31/28	82,675,000	$	82,442,476
	1.375% 11/15/40	31,605,000		27,545,733
	US Treasury Strip Principal
	2.26% 5/15/44 ^	47,005,000		27,621,957
Total US Treasury Obligations (cost $604,747,179)				599,871,631

		Number of shares
Common Stock – 0.00%
Communications – 0.00%
	Century Communications =, †	7,875,000		0
Total Common Stock (cost $238,403)				0

Short-Term Investments – 6.61%
Money Market Mutual Funds – 6.61%
	BlackRock FedFund – Institutional Shares
	(seven-day effective yield 0.03%)	63,393,476		63,393,476
	Fidelity Investments Money Market Government
	Portfolio – Class I (seven-day effective yield
	0.01%)	63,393,476		63,393,476
	GS Financial Square Government Fund –
	Institutional Shares (seven-day effective yield
	0.03%)	63,393,476		63,393,476
	Morgan Stanley Government Portfolio – Institutional
	Share Class (seven-day effective yield 0.00%)	63,393,476		63,393,476
Total Short-Term Investments (cost $253,573,904)				253,573,904
Total Value of Securities Before Securities Lending Collateral–103.14%
	(cost $3,881,747,552)			3,957,415,715

		Principal amount^°
Securities Lending Collateral – 1.05%**
Certificates of Deposit – 0.10%
	Canadian Imperial Bank of Commerce (Toronto)
	0.02% 05/03/21	1,809,000		1,809,000
	National Australia Bank (London) 0.05% 05/04/21	1,809,000		1,809,000
				3,618,000
Repurchase Agreements – 0.95%
	Bank of Montreal 0.00%, dated 4/30/21, to be
	repurchased on 5/3/21, repurchase price
	$9,358,772 (collateralized by US government
	obligations 0.125%-2.50%
	1/31/22-1/15/26; market value $9,545,948)	9,358,772		9,358,772

Table of Contents

			Principal amount^°		Value (US $)
Securities Lending Collateral (continued)
	BofA Securities 0.00%, dated 4/30/21, to be
		repurchased on 5/3/21, repurchase price
		$9,358,772 (collateralized by US government
		obligations 1.50% 11/30/24; market value
		$9,545,957)	9,358,772	$	9,358,772
	Credit Agricole 0.005%, dated 4/30/21, to be
		repurchased on 5/3/21, repurchase price
		$8,514,483 (collateralized by US government
		obligations 0.125% 2/28/23; market value
		$8,684,780)	8,514,479		8,514,479
	JP Morgan Securities 0.005%, dated 4/30/21, to be
		repurchased on 5/3/21, repurchase price
		$9,358,776 (collateralized by US government
		obligations 0.00%-2.125%
		8/26/21-8/15/25; market value $9,545,951)	9,358,772		9,358,772
					36,590,795
Total Securities Lending Collateral** (cost $40,208,795)					40,208,795
Total Value of Securities–104.19%
	(cost $3,921,956,347)			$	3,997,624,510■

°	Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
†	Non-income producing security.
~	Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Stated rate in effect at April 30, 2021.
Δ	Securities have been classified by country of origin.
X	This loan will settle after April 30, 2021, at which time the interest rate, based on the LIBOR and the agreed upon spread on trade date, will be reflected.
=	The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security.
‡	Non-income producing security. Security is currently in default.
>>	PIK. 100% of the income received was in the form of principal.
*	Fully or partially on loan.
Ψ	Perpetual security. Maturity date represents next call date.
µ	Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at April 30, 2021. Rate will reset at a future date.
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At April 30, 2021, the aggregate value of Rule 144A securities was $835,877,749, which represents 21.79% of the Fund’s net assets. See Note 9 in “Notes to financial statements.”

Table of Contents

Schedule of investments
Delaware Diversified Income Fund

◆	Pass Through Agreement. Security represents the contractual right to receive a proportionate amount of underlying payments due to the counterparty pursuant to various agreements related to the rescheduling of obligations and the exchange of certain notes.
^	Zero-coupon security. The rate shown is the effective yield at the time of purchase.
Ω	Principal only security. A principal only security is the principal only portion of a fixed income security which is separated and sold individually from the interest portion of the security.
●	Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at April 30, 2021. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.
**	See Note 8 in “Notes to financial statements” for additional information on securities lending collateral.
■	Includes $38,987,068 of securities loaned.

Unfunded Loan Commitments

The Fund may invest in floating rate loans. In connection with these investments, the Fund may also enter into unfunded corporate loan commitments (commitments). Commitments may obligate the Fund to furnish temporary financing to a borrower until permanent financing can be arranged. In connection with these commitments, the Fund earns a commitment fee, typically set as a percentage of the commitment amount. The following unfunded loan commitment was outstanding at April 30, 2021:

										Unrealized
	Principal									Appreciation
Borrower	Amount			Commitment			Value			(Depreciation)
Frontier Communications TBD 10/8/27		$	467,496		$	462,821		$	465,743		$	2,922
TricorBraun TBD 3/3/28			236,082			236,082			234,213			(1,869	)

The following foreign currency exchange contracts, futures contracts and swap contracts were outstanding at April 30, 2021:¹

Foreign Currency Exchange Contracts

Currency to

Settlement

Unrealized

Counterparty

Receive (Deliver)

In Exchange For

Date

Appreciation

Depreciation

JPMCB

EUR

(2,523,000)

USD

3,054,361

7/30/21

15,267

—

Table of Contents

Futures Contracts
Exchange-Traded

														Variation
														Margin
					Notional				Value/		Value/			Due from
		Notional			Cost			Expiration	Unrealized		Unrealized			(Due to)
Contracts to Buy (Sell)		Amount			(Proceeds)			Date	Appreciation		Depreciation			Brokers
	US Treasury
497	5 yr Notes	$	61,596,938		$	61,668,008		6/30/21	$	—	$	(71,070	)	$	19,413
	US Treasury
(634)	10 yr Notes		(83,707,813	)		(83,618,434	)	6/21/21		—		(89,379	)		(29,716	)
	US Treasury
	10 yr Ultra
(106)	Notes		(15,427,969	)		(15,573,074	)	6/21/21		145,105		—			(13,250	)
	US Treasury
(158)	Ultra Bonds		(29,373,188	)		(29,842,322	)	6/21/21		469,134		—			(49,375	)
Total Futures Contracts					$	(67,365,822	)		$	614,239	$	(160,449	)	$	(72,928	)

Swap Contracts

CDS Contracts²

Counterparty/
Reference													Variation
Obligation/								Upfront					Margin
Termination Date/			Annual					Payments					Due from
Payment	Notional		Protection					Paid		Unrealized			(Due to)
Frequency	Amount³		Payments		Value			(Received)		Depreciation⁴			Brokers
Over-The-Counter:
Protection Purchased/
Moody’s Ratings:
JPMCB Mexico
10.375%
9/20/22 Baa2
6/22/26-
Quarterly	(16,242	)	1.000	%	$	(16,242	)	$	42,913	$	(59,155	)	$	—
JPMCB Republic
of Colombia
10.375%
12/31/24 Baa2
6/22/26-
Quarterly	72,176		1.000	%		72,176			96,114		(23,938	)		—
						55,934			139,027		(83,093	)		—

Table of Contents

Schedule of investments
Delaware Diversified Income Fund

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

¹	See Note 8 in “Notes to financial statements.”
²	A CDS contract is a risk-transfer instrument through which one party (purchaser of protection) transfers to another party (seller of protection) the financial risk of a credit event (as defined in the CDS agreement), as it relates to a particular reference security or basket of securities (such as an index). Periodic payments (receipts) on such contracts are accrued daily and recorded as unrealized losses (gains) on swap contracts. Upon payment (receipt), such amounts are recorded as realized losses (gains) on swap contracts. Upfront payments made or received in connection with CDS contracts are amortized over the expected life of the CDS contracts as unrealized losses (gains) on swap contracts. The change in value of CDS contracts is recorded daily as unrealized appreciation or depreciation. A realized gain or loss is recorded upon a credit event (as defined in the CDS agreement) or the maturity or termination of the CDS agreement.
³	Notional amount shown is stated in USD unless noted that the swap is denominated in another currency.
⁴	Unrealized appreciation (depreciation) does not include periodic interest payments (receipt) on swap contracts accrued daily in the amount of $(8,480).

Summary of abbreviations:

BB – Barclays Bank
CLO – Collateralized Loan Obligation
DAC – Designated Activity Company
DIFC – Dubai International Financial Centre
FREMF – Freddie Mac Multifamily
GNMA – Government National Mortgage Association
GS – Goldman Sachs
ICE – Intercontinental Exchange, Inc.
JPM – JPMorgan
JPMCB – JPMorgan Chase Bank
JSC – Joint Stock Company
LIBOR – London interbank offered rate
LIBOR01M – ICE LIBOR USD 1 Month
LIBOR02M – ICE LIBOR USD 2 Month
LIBOR03M – ICE LIBOR USD 3 Month
LIBOR06M – ICE LIBOR USD 6 Month
PIK – Payment-in-kind

Table of Contents

Summary of abbreviations: (continued)

PJSC – Private Joint Stock Company
REIT – Real Estate Investment Trust
REMIC – Real Estate Mortgage Investment Conduit
S.F. – Single Family
SOFR – Secured Overnight Financing Rate
TBA – To be announced
TBD – To be determined
yr – Year

Summary of currencies:

CLP – Chilean Peso
EUR – European Monetary Unit
IDR – Indonesia Rupiah
MXN – Mexican Peso
MYR – Malaysia Ringgit
USD – US Dollar
UYU – Uruguay Peso

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

Table of Contents

Statement of assets and liabilities
Delaware Diversified Income Fund	April 30, 2021 (Unaudited)

Assets:
	Investments, at value*^,†	$	3,957,415,715
	Short-term investments held as collateral for loaned securities, at value⁼		40,208,795
	Cash		1,826,220
	Cash collateral due from broker		2,303,160
	Foreign currencies, at value^Δ		203,581
	Receivable for securities sold		64,483,197
	Dividends and interest receivable		18,921,404
	Receivable for fund shares sold		8,801,312
	Upfront payments paid on over the counter credit default swap contracts		139,027
	Securities lending income receivable		25,294
	Unrealized appreciation on foreign currency exchange contracts		15,267
	Swap payments receivable		718
	Total Assets		4,094,343,690
Liabilities:
	Payable for securities purchased		207,360,971
	Obligation to return securities lending collateral		40,206,671
	Payable for fund shares redeemed		6,549,448
	Other accrued expenses		963,568
	Investment management fees payable to affiliates		904,889
	Distribution payable		446,413
	Cash collateral due to broker		298,000
	Distribution fees payable to affiliates		237,836
	Other liabilities		236,083
	Unrealized depreciation on over the counter credit default swap contracts		83,093
	Variation margin due to broker on futures contracts		72,928
	Dividend disbursing and transfer agent fees and expenses payable to affiliates		26,073
	Accounting and administration expenses payable to affiliates		10,797
	Trustees’ fees and expenses payable to affiliates		10,439
	Legal fees payable to affiliates		6,615
	Reports and statements to shareholders expenses payable to affiliates		3,979
	Total Liabilities		257,417,803
Total Net Assets		$	3,836,925,887

Net Assets Consist of:
	Paid-in capital	$	3,751,227,419
	Total distributable earnings (loss)		85,698,468
Total Net Assets		$	3,836,925,887

Table of Contents

Net Asset Value

Class A:
Net assets	$	753,062,869
Shares of beneficial interest outstanding, unlimited authorization, no par		81,902,319
Net asset value per share	$	9.19
Sales charge		4.50	%
Offering price per share, equal to net asset value per share / (1 - sales charge)	$	9.62

Class C:
Net assets	$	88,808,932
Shares of beneficial interest outstanding, unlimited authorization, no par		9,661,816
Net asset value per share	$	9.19

Class R:
Net assets	$	23,373,993
Shares of beneficial interest outstanding, unlimited authorization, no par		2,543,648
Net asset value per share	$	9.19

Institutional Class:
Net assets	$	2,915,149,970
Shares of beneficial interest outstanding, unlimited authorization, no par		316,848,238
Net asset value per share	$	9.20

Class R6:
Net assets	$	56,530,123
Shares of beneficial interest outstanding, unlimited authorization, no par		6,144,592
Net asset value per share	$	9.20
____________________
*Investments, at cost	$	3,881,747,552
^†Including securities on loan		38,987,068
⁼Short-term investments held as collateral for loaned securities, at cost		40,208,795
^ΔForeign currencies, at cost		202,109

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

Table of Contents

Statement of operations
Delaware Diversified Income Fund	Six months ended April 30, 2021 (Unaudited)

Investment Income:
	Interest	$	53,774,755
	Securities lending income		208,043
	Dividends		26,537
			54,009,335

Expenses:
	Management fees		8,556,101
	Distribution expenses — Class A		931,716
	Distribution expenses — Class C		596,036
	Distribution expenses — Class R		62,570
	Dividend disbursing and transfer agent fees and expenses		1,872,538
	Accounting and administration expenses		317,584
	Reports and statements to shareholders expenses		208,106
	Legal fees		108,662
	Trustees’ fees and expenses		98,028
	Registration fees		85,045
	Custodian fees		68,991
	Audit and tax fees		28,402
	Other		104,270
			13,038,049
	Less expenses waived		(3,254,421	)
	Less expenses paid indirectly		(535	)
	Total operating expenses		9,783,093
Net Investment Income			44,226,242

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Net Realized and Unrealized Gain (Loss):
	Net realized gain (loss) on:
		Investments	$	39,792,537
		Foreign currencies		(942,063	)
		Foreign currency exchange contracts		1,107,776
		Futures contracts		153,409
		Swap contracts		(750,386	)
	Net realized gain			39,361,273

	Net change in unrealized appreciation (depreciation) of:
		Investments		(45,245,023	)
		Foreign currencies		12,090
		Foreign currency exchange contracts		119,118
		Futures contracts		166,219
		Swap contracts		509,884
	Net change in unrealized appreciation (depreciation)			(44,437,712	)
Net Realized and Unrealized Loss				(5,076,439	)
Net Increase in Net Assets Resulting from Operations			$	39,149,803

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

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Statements of changes in net assets
Delaware Diversified Income Fund

			Six months
			ended
			4/30/21			Year ended
			(Unaudited)			10/31/20
Increase (Decrease) in Net Assets from Operations:
	Net investment income		$	44,226,242		$	93,857,045
	Net realized gain			39,361,273			114,586,293
	Net change in unrealized appreciation (depreciation)			(44,437,712	)		39,534,208
	Net increase in net assets resulting from operations			39,149,803			247,977,546

Dividends and Distributions to Shareholders from:
	Distributable earnings:
		Class A		(10,243,067	)		(21,122,241	)
		Class C		(1,189,729	)		(4,397,534	)
		Class R		(312,455	)		(806,439	)
		Institutional Class		(41,428,958	)		(82,233,267	)
		Class R6		(741,882	)		(993,617	)
				(53,916,091	)		(109,553,098	)

Capital Share Transactions:
	Proceeds from shares sold:
		Class A		118,017,399			179,125,617
		Class C		7,038,387			18,526,577
		Class R		2,815,170			7,056,142
		Institutional Class		609,606,684			945,627,888
		Class R6		24,659,516			26,009,599

	Net asset value of shares issued upon reinvestment of
		dividends and distributions:
		Class A		8,374,293			20,011,247
		Class C		1,117,216			4,188,456
		Class R		299,179			810,214
		Institutional Class		37,660,539			80,019,030
		Class R6		638,032			888,885
				810,226,415			1,282,263,655

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	Six months
	ended
	4/30/21			Year ended
	(Unaudited)			10/31/20
Capital Share Transactions (continued):
Cost of shares redeemed:
Class A	$	(104,072,696	)	$	(245,218,023	)
Class C		(69,680,401	)		(131,855,891	)
Class R		(6,084,816	)		(18,648,409	)
Institutional Class		(391,919,711	)		(1,072,460,660	)
Class R6		(6,388,156	)		(13,608,054	)
		(578,145,780	)		(1,481,791,037	)
Increase (decrease) in net assets derived from capital share transactions		232,080,635			(199,527,382	)
Net Increase (Decrease) in Net Assets		217,314,347			(61,102,934	)
Net Assets:
Beginning of period		3,619,611,540			3,680,714,474
End of period	$	3,836,925,887		$	3,619,611,540

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

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Financial highlights
Delaware Diversified Income Fund Class A

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Return of capital

Total dividends and distributions

Net asset value, end of period

Total return⁴

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁷

Ratio of expenses to average net assets prior to fees waived⁷

Ratio of net investment income to average net assets

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

Portfolio turnover

¹	Ratios have been annualized and total return and portfolio turnover have not been annualized.
²	The average shares outstanding have been applied for per share information.
³	Amount is less than $(0.005) per share.
⁴	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
⁵	Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
⁶	General Motors term loan litigation were included in total return. If excluded, the impact on the total return would be 0.31% lower. See Note 11 in “Notes to financial statements.”
⁷	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

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Six months ended
4/30/21¹				Year ended
(Unaudited)				10/31/20			10/31/19			10/31/18			10/31/17			10/31/16
	$	9.23		$	8.85		$	8.19		$	8.74		$	8.81		$	8.74


		0.10			0.22			0.27			0.29			0.28			0.22
		(0.02	)		0.42			0.68			(0.53	)		(0.03	)		0.12
		0.08			0.64			0.95			(0.24	)		0.25			0.34


		(0.12	)		(0.26	)		(0.27	)		(0.25	)		(0.32	)		(0.26	)
		—			—			(0.02	)		(0.06	)		—	³		(0.01	)
		(0.12	)		(0.26	)		(0.29	)		(0.31	)		(0.32	)		(0.27	)

	$	9.19		$	9.23		$	8.85		$	8.19		$	8.74		$	8.81

		0.93%	⁵		7.37%	⁵		11.82%	^5,6		(2.77%	)⁵		2.89%			3.96%


	$	753,063		$	733,935		$	751,229		$	734,630		$	893,311		$	1,259,472
		0.69%			0.69%			0.70%			0.77%			0.89%			0.89%
		0.87%			0.86%			0.88%			0.87%			0.89%			0.89%
		2.22%			2.47%			3.16%			3.37%			3.24%			2.54%
		2.05%			2.30%			2.98%			3.27%			3.24%			2.54%
		104%			112%			167%			122%			125%			240%

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Financial highlights
Delaware Diversified Income Fund Class C

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Return of capital

Total dividends and distributions

Net asset value, end of period

Total return⁴

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁷

Ratio of expenses to average net assets prior to fees waived⁷

Ratio of net investment income to average net assets

prior to fees waived

Portfolio turnover

¹	Ratios have been annualized and total return and portfolio turnover have not been annualized.
²	The average shares outstanding have been applied for per share information.
³	Amount is less than $(0.005) per share.
⁴	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.
⁵	Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
⁶	General Motors term loan litigation were included in total return. If excluded, the impact on the total return would be 0.31% lower. See Note 11 in “Notes to financial statements.”
⁷	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

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Six months ended
4/30/21¹				Year ended
(Unaudited)				10/31/20			10/31/19			10/31/18			10/31/17			10/31/16
	$	9.22		$	8.85		$	8.19		$	8.74		$	8.81		$	8.74


		0.07			0.15			0.20			0.22			0.22			0.16
		(0.01	)		0.41			0.69			(0.52	)		(0.04	)		0.11
		0.06			0.56			0.89			(0.30	)		0.18			0.27


		(0.09	)		(0.19	)		(0.21	)		(0.19	)		(0.25	)		(0.19	)
		—			—			(0.02	)		(0.06	)		—	³		(0.01	)
		(0.09	)		(0.19	)		(0.23	)		(0.25	)		(0.25	)		(0.20	)

	$	9.19		$	9.22		$	8.85		$	8.19		$	8.74		$	8.81

		0.67%	⁵		6.45%	⁵		10.99%	^5,6		(3.49%	)⁵		2.13%			3.19%


	$	88,809		$	149,707		$	250,652		$	382,168		$	620,954		$	879,706
		1.44%			1.44%			1.45%			1.52%			1.64%			1.64%
		1.62%			1.61%			1.63%			1.62%			1.64%			1.64%
		1.48%			1.72%			2.41%			2.62%			2.49%			1.79%

		1.29%			1.55%			2.23%			2.52%			2.49%			1.79%
		104%			112%			167%			122%			125%			240%

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Financial highlights
Delaware Diversified Income Fund Class R

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income¹

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Return of capital

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁶

Ratio of expenses to average net assets prior to fees waived⁶

Ratio of net investment income to average net assets

prior to fees waived

Portfolio turnover

¹	The average shares outstanding have been applied for per share information.
²	Amount is less than $(0.005) per share.
³	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
⁴	Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
⁵	General Motors term loan litigation were included in total return. If excluded, the impact on the total return would be 0.31% lower. See Note 11 in “Notes to financial statements.”
⁶	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

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Six months ended
4/30/21				Year ended
(Unaudited)				10/31/20			10/31/19			10/31/18			10/31/17			10/31/16
	$	9.22		$	8.85		$	8.19		$	8.73		$	8.81		$	8.73


		0.09			0.20			0.25			0.27			0.26			0.20
		(0.01	)		0.41			0.68			(0.52	)		(0.04	)		0.13
		0.08			0.61			0.93			(0.25	)		0.22			0.33


		(0.11	)		(0.24	)		(0.25	)		(0.23	)		(0.30	)		(0.24	)
		—			—			(0.02	)		(0.06	)		—	²		(0.01	)
		(0.11	)		(0.24	)		(0.27	)		(0.29	)		(0.30	)		(0.25	)

	$	9.19		$	9.22		$	8.85		$	8.19		$	8.73		$	8.81

		0.92%	⁴		6.99%	⁴		11.54%	^4,5		(2.90%	)⁴		2.52%			3.82%


	$	23,374		$	26,403		$	36,082		$	46,060		$	61,630		$	77,484
		0.94%			0.94%			0.95%			1.02%			1.14%			1.14%
		1.12%			1.11%			1.13%			1.12%			1.14%			1.14%
		1.97%			2.22%			2.91%			3.12%			2.99%			2.29%

		1.80%			2.05%			2.73%			3.02%			2.99%			2.29%
		104%			112%			167%			122%			125%			240%

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Financial highlights
Delaware Diversified Income Fund Institutional Class

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income¹

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Return of capital

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁶

Ratio of expenses to average net assets prior to fees waived⁶

Ratio of net investment income to average net assets

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

Portfolio turnover

¹	The average shares outstanding have been applied for per share information.
²	Amount is less than $(0.005) per share.
³	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
⁴	Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
⁵	General Motors term loan litigation were included in total return. If excluded, the impact on the total return would be 0.31% lower. See Note 11 in “Notes to financial statements.”
⁶	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

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Six months ended
4/30/21				Year ended
(Unaudited)				10/31/20			10/31/19			10/31/18			10/31/17			10/31/16
	$	9.23		$	8.86		$	8.20		$	8.74		$	8.82		$	8.74


		0.11			0.25			0.29			0.31			0.30			0.24
		(0.01	)		0.40			0.68			(0.52	)		(0.04	)		0.13
		0.10			0.65			0.97			(0.21	)		0.26			0.37


		(0.13	)		(0.28	)		(0.29	)		(0.27	)		(0.34	)		(0.28	)
		—			—			(0.02	)		(0.06	)		—	²		(0.01	)
		(0.13	)		(0.28	)		(0.31	)		(0.33	)		(0.34	)		(0.29	)

	$	9.20		$	9.23		$	8.86		$	8.20		$	8.74		$	8.82

		1.17%	⁴		7.52%	⁴		12.09%	^4,5		(2.41%	)⁴		3.03%			4.34%


	$	2,915,150		$	2,671,510		$	2,619,167		$	2,886,234		$	2,819,555		$	2,672,906
		0.44%			0.44%			0.45%			0.52%			0.64%			0.64%
		0.62%			0.61%			0.63%			0.62%			0.64%			0.64%
		2.47%			2.72%			3.41%			3.62%			3.49%			2.79%
		2.30%			2.55%			3.23%			3.52%			3.49%			2.79%
		104%			112%			167%			122%			125%			240%

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Financial highlights
Delaware Diversified Income Fund Class R6

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income³

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Return of capital

Total dividends and distributions

Net asset value, end of period

Total return⁵

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁸

Ratio of expenses to average net assets prior to fees waived⁸

Ratio of net investment income to average net assets

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

Portfolio turnover

¹	Date of commencement of operations; ratios have been annualized and total return has not been annualized.
²	Ratios have been annualized and total return and portfolio turnover have not been annualized.
³	The average shares outstanding have been applied for per share information.
⁴	Amount is less than $(0.005) per share.
⁵	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
⁶	Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
⁷	General Motors term loan litigation were included in total return. If excluded, the impact on the total return would be 0.31% lower. See Note 11 in “Notes to financial statements.”
⁸	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
⁹	Portfolio turnover is representative of the Fund for the entire year.

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

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Six months ended 4/30/21² (Unaudited)				Year ended												5/2/16¹ to 10/31/16
Six months ended 4/30/21² (Unaudited)				10/31/20			10/31/19			10/31/18			10/31/17			5/2/16¹ to 10/31/16
	$	9.23		$	8.86		$	8.20		$	8.74		$	8.81		$	8.75


		0.11			0.25			0.30			0.31			0.31			0.12
		—			0.41			0.68			(0.51	)		(0.04	)		0.08
		0.11			0.66			0.98			(0.20	)		0.27			0.20


		(0.14	)		(0.29	)		(0.30	)		(0.28	)		(0.34	)		(0.13	)
		—			—			(0.02	)		(0.06	)		—	⁴		(0.01	)
		(0.14	)		(0.29	)		(0.32	)		(0.34	)		(0.34	)		(0.14	)
	$	9.20		$	9.23		$	8.86		$	8.20		$	8.74		$	8.81
		1.21%	⁶		7.61%	⁶		12.18%	^6,7		(2.33%	)⁶		3.14%			2.50%

	$	56,530		$	38,057		$	23,584		$	17,835		$	12,935		$	2
		0.36%			0.36%			0.36%			0.44%			0.55%			0.55%
		0.54%			0.53%			0.54%			0.54%			0.55%			0.55%
		2.55%			2.80%			3.50%			3.70%			3.57%			2.75%
		2.38%			2.63%			3.32%			3.60%			3.57%			2.75%
		104%			112%			167%			122%			125%			240%	⁹

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Notes to financial statements
Delaware Diversified Income Fund	April 30, 2021 (Unaudited)

Delaware Group^®Adviser Funds (Trust) is organized as a Delaware statutory trust and offers two series: Delaware Diversified Income Fund and Delaware U.S. Growth Fund. These financial statements and related notes pertain to Delaware Diversified Income Fund (Fund). The Trust is an open-end investment company. The Fund is considered diversified under the Investment Company Act of 1940, as amended, and offers Class A, Class C, Class R, Institutional Class, and Class R6 shares. Class A shares are sold with a maximum front-end sales charge of 4.50%. There is no front-end sales charge when you purchase $1,000,000 or more of Class A shares. However, if Delaware Distributors, L.P. (DDLP) paid your financial intermediary a commission on your purchase of $1,000,000 or more of Class A shares, for shares purchased prior to July 1, 2020, you will have to pay a limited contingent deferred sales charge (“Limited CDSC”) of 1.00% if you redeem these shares within the first year after your purchase and 0.50% if you redeem these shares within the second year; and for shares purchased on or after July 1, 2020, you will have to pay a Limited CDSC of 1.00% if you redeem these shares within the first 18 months after your purchase, unless a specific waiver of the Limited CDSC applies. Class C shares are sold with a CDSC of 1.00%, which will be incurred if redeemed during the first 12 months. Class R, Institutional Class, and Class R6 shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class R6 shares do not pay any service fees, sub-accounting fees, and/or sub-transfer agency fees to any brokers, dealers, or other financial intermediaries.

1. Significant Accounting Policies

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

Security Valuation — Equity securities, except those traded on the Nasdaq Stock Market LLC (Nasdaq), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange on the valuation date. Equity securities traded on the Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If, on a particular day, an equity security does not trade, the mean between the bid and ask prices will be used, which approximates fair value. Open-end investment companies are valued at their published net asset value (NAV). US government and agency securities are valued at the mean between the bid and ask prices, which approximates fair value. Other debt securities, credit default swap (CDS) contracts, interest rate swap options contracts (swaptions) and interest rate swap contracts are valued based upon valuations provided by an independent pricing service or broker/counterparty and reviewed by management. To the extent current market prices are not available, the pricing service may take into account developments related to the specific security, as well as transactions in comparable securities. Valuations for fixed income securities utilize matrix systems, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. For asset-backed securities, collateralized mortgage obligations, commercial mortgage securities, and US government agency mortgage securities, pricing vendors utilize matrix pricing which considers prepayment speed, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity, and type as well as

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broker/dealer-supplied prices. Swap prices are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades, and values of the underlying reference instruments. Foreign currency exchange contracts and foreign cross currency exchange contracts are valued at the mean between the bid and ask prices, which approximates fair value. Interpolated values are derived when the settlement date of the contract is an interim date for which quotations are not available. Futures contracts and options on futures contracts are valued at the daily quoted settlement prices. Exchange-traded options are valued at the last reported sale price or, if no sales are reported, at the mean between the last reported bid and ask prices, which approximates fair value. Generally, other securities and assets for which market quotations are not readily available are valued at fair value as determined in good faith under the direction of the Trust’s Board of Trustees (Board). In determining whether market quotations are readily available or fair valuation will be used, various factors will be taken into consideration, such as market closures or suspension of trading in a security. Restricted securities are valued at fair value using methods approved by the Board.

Federal and Foreign Income Taxes — No provision for federal income taxes has been made as the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are recorded as a tax benefit or expense in the current year. Management has analyzed the Fund’s tax positions taken or expected to be taken on the Fund’s federal income tax returns through the six months ended April 30, 2021 and for all open tax years (years ended October 31, 2017–October 31, 2020), and has concluded that no provision for federal income tax is required in the Fund’s financial statements. If applicable, the Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in “Other” on the “Statement of operations.” In regard to foreign taxes only, the Fund has open tax years in certain foreign countries in which it invests that may date back to the inception of the Fund. During the six months ended April 30, 2021, the Fund did not incur any interest or tax penalties.

Class Accounting — Investment income and common expenses are allocated to the various classes of the Fund on the basis of “settled shares” of each class in relation to the net assets of the Fund. Realized and unrealized gain (loss) on investments are allocated to the various classes of the Fund on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class. Class R6 shares will not be allocated any expenses related to service fees, sub-accounting fees, and/or sub-transfer agency fees paid to brokers, dealers, or other financial intermediaries.

Repurchase Agreements — The Fund may purchase certain US government securities subject to the counterparty’s agreement to repurchase them at an agreed upon date and price. The counterparty will be required on a daily basis to maintain the value of the collateral subject to the agreement at not less than the repurchase price (including accrued interest). The agreements are conditioned upon the collateral being deposited under the Federal Reserve book-entry system with the Fund’s custodian or a third-party sub-custodian. In the event of default or bankruptcy by the other party to the agreement,

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Notes to financial statements
Delaware Diversified Income Fund

1. Significant Accounting Policies (continued)

retention of the collateral may be subject to legal proceedings. All open repurchase agreements as of the date of this report were entered into on April 30, 2021, and matured on the next business day.

To Be Announced Trades (TBA) — The Fund may contract to purchase or sell securities for a fixed price at a transaction date beyond the customary settlement period (examples: when issued, delayed delivery, forward commitment, or TBA transactions) consistent with the Fund’s ability to manage its investment portfolio and meet redemption requests. These transactions involve a commitment by the Fund to purchase or sell securities for a predetermined price or yield with payment and delivery taking place more than three days in the future, or after a period longer than the customary settlement period for that type of security. No interest will be earned by the Fund on such purchases until the securities are delivered or the transaction is completed; however, the market value may change prior to delivery. At April 30, 2021, the Fund received $298,000 cash collateral for TBA trades from Morgan Stanley, which is included in “Cash collateral due to brokers” on the “Statement of assets and liabilities.”

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

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

Other — Expenses directly attributable to the Fund are charged directly to the Fund. Other expenses common to various funds within the Delaware Funds^®by Macquarie (Delaware Funds) are generally allocated among such funds on the basis of average net assets. Management fees and certain other expenses are paid monthly. Security transactions are recorded on the date the securities are purchased or sold (trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Discounts and premiums on debt securities are accreted or amortized to interest income, respectively, over the lives of the respective securities using the effective interest method. Premiums on callable debt securities are amortized to interest income to the earliest call date using the effective interest method. Realized gains

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(losses) on paydowns of asset- and mortgage-backed securities are classified as interest income. Withholding taxes and reclaims on foreign interest have been recorded in accordance with the Fund’s understanding of the applicable country’s tax rules and rates. The Fund may pay foreign capital gains taxes on certain foreign securities held, which are reported as components of realized losses for financial reporting purposes, whereas such components are treated as ordinary loss for federal income tax purposes. The Fund will accrue such taxes as applicable based upon current interpretations of the tax rules and regulations that exist in the markets in which it invests. The Fund declares dividends daily from net investment income and pays the dividends monthly and declares and pays dividends from net realized gain on investments, if any, annually. The Fund may distribute more frequently, if necessary for tax purposes. Dividends and distributions, if any, are recorded on the ex-dividend date.

The Fund receives earnings credits from its custodian when positive cash balances are maintained, which may be used to offset custody fees. There were no such earnings credits for the six months ended April 30, 2021.

The Fund receives earnings credits from its transfer agent when positive cash balances are maintained, which may be used to offset transfer agent fees. If the amount earned is greater than $1, the expenses paid under this arrangement are included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses” with the corresponding expenses offset included under “Less expenses paid indirectly.” For the six months ended April 30, 2021, the Fund earned $535 under this arrangement.

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

In accordance with the terms of its investment management agreement, the Fund pays Delaware Management Company (DMC), a series of Macquarie Investment Management Business Trust and the investment manager, an annual fee which is calculated daily and paid monthly at the rate of 0.55% on the first $500 million of the average daily net assets of the Fund, 0.50% on the next $500 million, 0.45% on the next $1.5 billion, and 0.425% on average daily net assets in excess of $2.5 billion.

DMC may permit its affiliates, Macquarie Investment Management Global Limited (MIMGL) and Macquarie Funds Management Hong Kong Limited (together, the “Affiliated Sub-Advisors”), to execute Fund equity security trades on it’s behalf. DMC may also seek quantitative support from MIMGL. Although the Affiliated Sub-Advisors serve as sub-advisors, DMC has ultimate responsibility for all investment advisory services. For these services, DMC, not the Fund, may pay each Affiliated Sub-Advisor a portion of its investment management fee.

DMC has contractually agreed to waive all or a portion, if any, of its management fee and/or pay/reimburse the Fund to the extent necessary to ensure total annual operating expenses (excluding any distribution and service (12b-1) fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) do not exceed 0.45% of the Fund’s Class A, Class C, Class R, and Institutional Class average daily net assets and 0.36% of the Fund’s Class R6 shares average daily net assets from November 1, 2020 through April 30, 2021.* For purposes of those waivers and

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Notes to financial statements
Delaware Diversified Income Fund

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

reimbursements, nonroutine expenses may also include such additional costs and expenses, as may be agreed upon from time to time by the Board and DMC. These waivers and reimbursements apply only to expenses paid directly by the Fund and may only be terminated by agreement of DMC and the Fund. The waivers and reimbursements are accrued daily and received monthly.

Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administrative oversight services to the Fund. For these services, DIFSC’s fees are calculated daily and paid monthly, based on the aggregate daily net assets of all funds within the Delaware Funds at the following annual rates: 0.00475% of the first $35 billion; 0.0040% of the next $10 billion; and 0.0025% of aggregate average daily net assets in excess of $45 billion (Total Fee). Each fund in the Delaware Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each fund then pays its portion of the remainder of the Total Fee on a relative NAV basis. This amount is included on the “Statement of operations” under “Accounting and administration expenses.” For the six months ended April 30, 2021, the Fund was charged $63,974 for these services.

DIFSC is also the transfer agent and dividend disbursing agent of the Fund. For these services, DIFSC’s fees are calculated daily and paid monthly, based on the aggregate daily net assets of the retail funds within the Delaware Funds at the following annual rates: 0.014% of the first $20 billion; 0.011% of the next $5 billion; 0.007% of the next $5 billion; 0.005% of the next $20 billion; and 0.0025% of average daily net assets in excess of $50 billion. The fees payable to DIFSC under the shareholder services agreement described above are allocated among all retail funds in the Delaware Funds on a relative NAV basis. This amount is included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses.” For the six months ended April 30, 2021, the Fund was charged $157,342 for these services. Pursuant to a sub-transfer agency agreement between DIFSC and BNY Mellon Investment Servicing (US) Inc. (BNYMIS), BNYMIS provides certain sub-transfer agency services to the Fund. Sub-transfer agency fees are paid by the Fund and are also included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses.” The fees are calculated daily and paid as invoices are received on a monthly or quarterly basis.

Pursuant to a distribution agreement and distribution plan, the Fund pays DDLP, the distributor and an affiliate of DMC, annual 12b-1 fees of 0.25%, 1.00%, and 0.50% of the average daily net assets of the Class A, Class C, and Class R shares, respectively. The fees are calculated daily and paid monthly. Institutional Class and Class R6 shares do not pay 12b-1 fees.

As provided in the investment management agreement, the Fund bears a portion of the cost of certain resources shared with DMC, including the cost of internal personnel of DMC and/or its affiliates that provide legal, tax, and regulatory reporting services to the Fund. For the six months ended April 30, 2021, the Fund was charged $61,903 for internal legal, tax, and regulatory reporting services provided by DMC and/or its affiliates’ employees. This amount is included on the “Statement of operations” under “Legal fees.”

For the six months ended April 30, 2021, DDLP earned $17,981 for commissions on sales of the Fund’s Class A shares. For the six months ended April 30, 2021, DDLP received gross CDSC commissions of

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$7,157 and $2,955 on redemptions of the Fund’s Class A and Class C shares, respectively, and these commissions were entirely used to offset upfront commissions previously paid by DDLP to broker/dealers on sales of those shares.

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

In addition to the management fees and other expenses of the Fund, the Fund indirectly bears the investment management fees and other expenses of the investment companies (Underlying Funds) in which it invests. The amount of these fees and expenses incurred indirectly by the Fund will vary based upon the expense and fee levels of the Underlying Funds and the number of shares that are owned of the Underlying Funds at different times.

____________________

*	The aggregate contractual waiver period covering this report is from February 28, 2020 through March 1, 2022.

3. Investments

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

Purchases other than US government securities	$	672,446,658
Purchases of US government securities		3,278,218,770
Sales other than US government securities		1,053,702,171
Sales of US government securities		2,711,520,904

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

Cost of investments and derivatives	$	3,931,666,432
Aggregate unrealized appreciation of investments and derivatives	$	96,973,627
Aggregate unrealized depreciation of investments and derivatives		(31,015,550	)
Net unrealized appreciation of investments and derivatives	$	65,958,077

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

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Notes to financial statements
Delaware Diversified Income Fund

3. Investments (continued)

circumstances. The Fund’s investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-level hierarchy of inputs is summarized as follows:

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

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

Level 3 –	Significant unobservable inputs, including the Fund’s own assumptions used to determine the fair value of investments. (Examples: broker-quoted securities and fair valued securities)

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

	Level 1		Level 2		Level 3		Total
Securities
Assets:
Agency Collateralized Mortgage
Obligations	$	—	$	96,796,358	$	—	$	96,796,358
Agency Commercial Mortgage-Backed
Securities		—		20,508,372		—		20,508,372
Agency Mortgage-Backed Securities		—		723,493,928		—		723,493,928
Collateralized Debt Obligations		—		75,007,193		—		75,007,193
Common Stock
Communications		—		—		—		—
Corporate Bonds		—		1,409,177,444		—		1,409,177,444
Loan Agreements¹		—		182,381,630		6,347,423		188,729,053
Municipal Bonds		—		1,150,512		—		1,150,512
Non-Agency Asset-Backed Securities		—		78,019,817		—		78,019,817

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	Level 1			Level 2			Level 3		Total
Non-Agency Collateralized Mortgage
Obligations¹	$	—		$	56,814,471		$	10,896,911	$	67,711,382
Non-Agency Commercial
Mortgage-Backed Securities		—			349,816,150			—		349,816,150
Sovereign Bonds		—			91,315,895			—		91,315,895
Supranational Banks		—			2,244,076			—		2,244,076
US Treasury Obligations		—			599,871,631			—		599,871,631
Short-Term Investments		253,573,904			—			—		253,573,904
Securities Lending Collateral		40,208,795			—			—		40,208,795
Total Value of Securities	$	293,782,699		$	3,686,597,477		$	17,244,334	$	3,997,624,510

Derivatives
Assets:
Futures Contracts	$	614,239		$	—		$	—	$	614,239
Foreign Currency Exchange Contracts		—			15,267			—		15,267
Liabilities:
Futures Contracts	$	(160,449	)	$	—		$	—	$	(160,449	)
Swap Contracts		—			(83,093	)		—		(83,093	)

Security type is valued across multiple levels. Level 1 investments represent exchange-traded investments, Level 2 investments represent investments with observable inputs or matrix-priced investments, and Level 3 investments represent investments without observable inputs. The amounts attributed to Level 1 investments, Level 2 investments, and Level 3 investments represent the following percentages of the total market value of these security types:

	Level 1	Level 2	Level 3	Total
Loan Agreements	—	96.64%	3.36%	100.00%
Non-Agency Collateralized Mortgage Obligations	—	83.91%	16.09%	100.00%

²	Foreign currency exchange contracts, futures contracts, and swap contracts are valued at the unrealized appreciation (depreciation) on the instrument at the period end.

The security that has been valued at zero on the “Schedule of investments” is considered to be a Level 3 investment in this table.

During the six months ended April 30, 2021, there were no transfers between Level 1 investments, Level 2 investments, or Level 3 investments that had a significant impact to the Fund. The Fund’s policy is to recognize transfers between levels at the beginning of the reporting period.

A reconciliation of Level 3 investments is presented when the Fund has a significant amount of Level 3 investments at the beginning, interim, or end of the period in relation to the Fund’s net assets. Management has determined not to provide a reconciliation of Level 3 investments as the Level 3 investments were not considered significant to the Fund’s net assets at the beginning, interim, or end of the period. Management has determined not to provide additional disclosure on Level 3 inputs since the Level 3 investments were not considered significant to the Fund’s net assets at the end of the period.

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Notes to financial statements
Delaware Diversified Income Fund

4. Capital Shares

Transactions in capital shares were as follows:

	Six months
	ended		Year ended
	4/30/21		10/31/20
Shares sold:
Class A	12,643,937		19,813,427
Class C	754,718		2,054,828
Class R	302,741		786,040
Institutional Class	65,527,984		104,522,545
Class R6	2,639,426		2,854,734

Shares issued upon reinvestment of dividends and distributions:
Class A	899,749		2,228,200
Class C	119,693		467,876
Class R	32,141		90,413
Institutional Class	4,043,136		8,899,219
Class R6	68,626		98,482
	87,032,151		141,815,764

Shares redeemed:
Class A	(11,183,861	)	(27,361,061	)
Class C	(7,442,946	)	(14,614,348	)
Class R	(654,465	)	(2,091,393	)
Institutional Class	(42,071,046	)	(119,739,688	)
Class R6	(685,499	)	(1,493,671	)
	(62,037,817	)	(165,300,161	)
Net increase (decrease)	24,994,334		(23,484,397	)

Certain shareholders may exchange shares of one class for shares of another class in the same Fund. These exchange transactions are included as subscriptions and redemptions in the table above and on the “Statements of changes in net assets.” For the six months ended April 30, 2021 and the year ended October 31, 2020, the Fund had the following exchange transactions.

	Exchange Redemptions				Exchange Subscriptions
			Institutional			Institutional
	Class A	Class C	Class		Class A	Class		Class R6
	Shares	Shares	Shares		Shares	Shares		Shares	Value
Six months ended
4/30/21	132,979	263,410		756,347	263,339		113,497	777,123	$	10,840,080
Year ended
10/31/20	293,413	664,659		9,465	608,714		347,083	12,123		8,735,392

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5. Line of Credit

The Fund, along with certain other funds in the Delaware Funds (Participants), was a participant in a $275,000,000 revolving line of credit (Agreement) intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the Agreement, the Participants were charged an annual commitment fee of 0.15%, which was allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants were permitted to borrow up to a maximum of one-third of their net assets under the Agreement. Each Participant was individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the Agreement expired on November 2, 2020.

On November 2, 2020, the Fund, along with the other Participants entered into an amendment to the Agreement for an amount of $225,000,000 to be used as described above. It operates in substantially the same manner as the original Agreement with the addition of an upfront fee of 0.05%, which was allocated across the Participants. The line of credit available under the Agreement expires on November 1, 2021.

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

6. Derivatives

US GAAP requires disclosures that enable investors to understand: (1) how and why an entity uses derivatives; (2) how they are accounted for; and (3) how they affect an entity’s results of operations and financial position.

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

The use of foreign currency exchange contracts and foreign cross currency exchange contracts does not eliminate fluctuations in the underlying prices of the securities, but does establish a rate of exchange that can be achieved in the future. Although foreign currency exchange contracts and foreign cross currency exchange contracts limit the risk of loss due to an unfavorable change in the value of the hedged currency, they also limit any potential gain that might result should the value of the currency change favorably. In addition, the Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts. The Fund’s maximum risk of loss from counterparty credit risk is the value of its currency exchanged with the counterparty. The risk is generally mitigated by having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty.

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Notes to financial statements
Delaware Diversified Income Fund

6. Derivatives (continued)

During the six months ended April 30, 2021, the Fund entered into foreign currency exchange contracts to hedge the US dollar value of securities it already owns that are denominated in foreign currencies to increase/decrease exposure to foreign currencies.

Futures Contracts – A futures contract is an agreement in which the writer (or seller) of the contract agrees to deliver to the buyer an amount of cash or securities equal to a specific dollar amount times the difference between the value of a specific security or index at the close of the last trading day of the contract and the price at which the agreement is made. The Fund may use futures contracts in the normal course of pursuing its investment objective. The Fund may invest in futures contracts to hedge its existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions. Upon entering into a futures contract, the Fund deposits cash or pledges US government securities to a broker, equal to the minimum “initial margin” requirements of the exchange on which the contract is traded. Subsequent payments are received from the broker or paid to the broker each day, based on the daily fluctuation in the market value of the contract. These receipts or payments are known as “variation margin” and are recorded daily by the Fund as unrealized gains or losses until the contracts are closed. When the contracts are closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts include potential imperfect correlation between the futures contracts and the underlying securities and the possibility of an illiquid secondary market for these instruments. When investing in futures, there is reduced counterparty credit risk to the Fund because futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees against default. At April 30, 2021, the Fund posted $2,303,160 in cash collateral for open futures contracts, which is presented as “Cash collateral due from broker” on the “Statement of assets and liabilities.”

During the six months ended April 30, 2021, the Fund entered into futures contracts to hedge the Fund’s existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions.

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

Interest Rate Swaps. An interest rate swap contract is an exchange of interest rates between counterparties. In one instance, an interest rate swap involves payments received by the Fund from another party based on a variable or floating interest rate, in return for making payments based on a fixed interest rate. An interest rate swap can also work in reverse with the Fund receiving payments

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based on a fixed interest rate and making payments based on a variable or floating interest rate. Interest rate swaps may be used to adjust the Fund’s sensitivity to interest rates or to hedge against changes in interest rates. Periodic payments on such contracts are accrued daily and recorded as unrealized appreciation (depreciation) on swap contracts. Upon periodic payment (receipt) or termination of the contract, such amounts are recorded as realized gains or losses on swap contracts. The Fund’s maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from/paid to the counterparty over the interest rate swap contract’s remaining life, to the extent that the amount is positive. This risk is mitigated by (1) for bilateral swap contracts, having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty, and (2) for cleared swaps, trading these instruments through a central counterparty. There were no interest rate swap contracts outstanding at April 30, 2021.

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

During the six months ended April 30, 2021, the Fund entered into CDS contracts as a purchaser and seller of protection, as a hedge against credit events. Periodic payments (receipts) on such contracts are accrued daily and recorded as unrealized losses (gains) on swap contracts. Upon payment (receipt), such amounts are recorded as realized losses (gains) on swap contracts. Upfront payments made or received in connection with CDS contracts are amortized over the expected life of the CDS contracts as unrealized losses (gains) on swap contracts. The change in value of CDS contracts is recorded daily as unrealized appreciation or depreciation. A realized gain or loss is recorded upon a credit event (as defined in the CDS agreement) or the maturity or termination of the agreement. Initial margin and variation margin are posted to central counterparties for centrally cleared CDS basket trades, as determined by the applicable central counterparty.

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

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Notes to financial statements
Delaware Diversified Income Fund

6. Derivatives (continued)

During the six months ended April 30, 2021, the Fund entered into CDS contracts to hedge against credit events.

Swaps Generally. For centrally cleared swaps, payments are received from the broker or paid to the broker each day, based on the daily fluctuation in the market value of the contract. These receipts or payments are known as “variation margin” and are recorded by the Fund as unrealized gains or losses until the contracts are closed. When the contracts are closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. The value of open swaps may differ from that which would be realized in the event the Fund terminated its position in the contract on a given day. Risks of entering into these contracts include the potential inability of the counterparty to meet the terms of the contracts. This type of risk is generally limited to the amount of favorable movement in the value of the underlying security, instrument, or basket of instruments, if any, at the day of default. Risks also arise from potential losses from adverse market movements and such losses could exceed the unrealized amounts shown on the “Schedule of investments.”

Fair values of derivative instruments as of April 30, 2021 were as follows:

	Asset Derivatives Fair Value
				Interest
Statement of Assets and	Currency			Rate
Liabilities Location	Contracts			Contracts			Total
Unrealized appreciation of
foreign currency
exchange contracts	$	15,267		$	—		$	—
Variation margin due from
broker on futures
contracts*		—			614,239			614,239
Total	$	15,267		$	614,239		$	629,506

	Liability Derivatives Fair Value
	Interest
Statement of Assets and	Rate			Credit
Liabilities Location	Contracts			Contracts			Total
Variation margin due from
broker on futures
contracts*	$	(160,449	)	$	—		$	(160,449	)
Unrealized depreciation on
over the counter credit
default swap contracts		—			(83,093	)		(83,093	)
Total	$	(160,449	)	$	(83,093	)	$	(243,542	)

*	Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts were opened through April 30, 2021. Only current day variation margin is reported on the Fund’s “Statement of assets and liabilities.”

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The effect of derivative instruments on the “Statement of operations” for the six months ended April 30, 2021 was as follows:

	Net Realized Gain (Loss) on:
	Foreign
	Currency
	Exchange		Futures			Swap
	Contracts		Contracts			Contracts				Total
Currency contracts	$	1,107,776		$	—		$	—			$	1,107,776
Interest rate contracts		—			153,409			—				153,409
Credit contracts		—			—			(750,386	)			(750,386	)
Total	$	1,107,776		$	153,409		$	(750,386	)		$	510,799

	Net Change in Unrealized Appreciation (Depreciation) of:
	Foreign
	Currency
	Exchange			Futures			Swap
	Contracts			Contracts			Contracts			Total
Currency contracts		$	119,118		$	—		$	—		$	119,118
Interest rate contracts			—			166,219			—			166,219
Credit contracts			—			—			509,884			509,884
Total		$	119,118		$	166,219		$	509,884		$	795,221

The table below summarizes the average balance of derivative holdings by the Fund during the six months ended April 30, 2021:

	Long Derivative			Short Derivative
	Volume			Volume
Foreign currency exchange
contracts (average
notional value)		$	7,667,130		$	2,628,598
Futures contracts (average
notional value)			63,537,190			65,670,888
CDS contracts (average
notional value)*			10,802,097			—

*	Long represents buying protection and short represents selling protection.

7. Offsetting

The Fund entered into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or a similar agreement with certain of its derivative contract counterparties in order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs over-the-counter (OTC) derivatives and foreign exchange contracts and typically contains, among other things, collateral posting items and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral

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Notes to financial statements
Delaware Diversified Income Fund

7. Offsetting (continued)

held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out), including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency, or other events.

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

At April 30, 2021, the Fund had the following assets and liabilities subject to offsetting provisions:

Offsetting of Financial Assets and Liabilities and Derivative Assets and Liabilities

	Gross Value of	Gross Value of
Counterparty	Derivative Asset	Derivative Liability	Net Position
JPMorgan Chase Bank	$15,267	$(83,093)	$(67,826)

Fair Value of

Non-Cash

Cash Collateral

Non-Cash

Cash Collateral

Counterparty

Net Position

Collateral Received

Received^(a)

Collateral Pledged

Pledged

Net Exposure^(b)

JPMorgan Chase

Bank

$(67,826)

$—

$(67,826)

Securities Lending

Securities lending transactions are entered into by the Fund under master securities lending agreements (each, an MSLA) which provide the right, in the event of default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Fund, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, the borrower can resell or re-pledge the loaned securities, and the Fund can reinvest cash collateral, or, upon an event of default, resell or re-pledge the collateral (see also Note 8).

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As of April 30, 2021, the following table is a summary of the Fund’s securities lending agreements by counterparty which are subject to offset under an MSLA:

			Fair Value of
	Securities	Cash	Non-Cash	Net
	Loaned	Collateral	Collateral	Collateral
Counterparty	at Value	Received^(a)	Received	Received	Net Exposure^(b)
The Bank of New
York Mellon	$38,987,068	$(38,987,068)	$—	$(38,987,068)	$—

^(a)	The value of the related collateral exceeded the value of the net position, purchase agreements, and securities lending transactions as of April 30, 2021.
^(b)	Net exposure represents the receivable (payable) that would be due from (to) the counterparty in the event of default.

8. Securities Lending

The Fund, along with other funds in the Delaware Funds, may lend its securities pursuant to a security lending agreement (Lending Agreement) with The Bank of New York Mellon (BNY Mellon). At the time a security is loaned, the borrower must post collateral equal to the required percentage of the market value of the loaned security, including any accrued interest. The required percentage is: (1) 102% with respect to US securities and foreign securities that are denominated and payable in US dollars; and (2) 105% with respect to foreign securities. With respect to each loan, if on any business day the aggregate market value of securities collateral plus cash collateral held is less than the aggregate market value of the securities which are the subject of such loan, the borrower will be notified to provide additional collateral by the end of the following business day, which, together with the collateral already held, will be not less than the applicable initial collateral requirements for such security loan. If the aggregate market value of securities collateral and cash collateral held with respect to a security loan exceeds the applicable initial collateral requirement, upon the request of the borrower, BNY Mellon must return enough collateral to the borrower by the end of the following business day to reduce the value of the remaining collateral to the applicable initial collateral requirement for such security loan. As a result of the foregoing, the value of the collateral held with respect to a loaned security on any particular day may be more or less than the value of the security on loan. The collateral percentage with respect to the market value of the loaned security is determined by the security lending agent.

Cash collateral received by each fund of the Trust is generally invested in a series of individual separate accounts, each corresponding to a fund. The investment guidelines permit each separate account to hold certain securities that would be considered eligible securities for a money market fund. Cash collateral received is generally invested in government securities; certain obligations issued by government sponsored enterprises; repurchase agreements collateralized by US Treasury securities; obligations issued by the central government of any Organization for Economic Cooperation and Development (OECD) country or its agencies, instrumentalities, or establishments; obligations of supranational organizations; commercial paper, notes, bonds, and other debt obligations; certificates of deposit, time deposits, and other bank obligations; and asset-backed securities as disclosed on the

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Notes to financial statements
Delaware Diversified Income Fund

8. Securities Lending (continued)

“Schedule of investments.” Securities purchased with cash collateral are valued at the market value. The Fund can also accept US government securities and letters of credit (non-cash collateral) in connection with securities loans.

In the event of default or bankruptcy by the lending agent, realization and/or retention of the collateral may be subject to legal proceedings. In the event the borrower fails to return loaned securities and the collateral received is insufficient to cover the value of the loaned securities and provided such collateral shortfall is not the result of investment losses, the lending agent has agreed to pay the amount of the shortfall to the Fund or, at the discretion of the lending agent, replace the loaned securities. The Fund continues to record dividends or interest, as applicable, on the securities loaned and is subject to changes in value of the securities loaned that may occur during the term of the loan. The Fund has the right under the Lending Agreement to recover the securities from the borrower on demand. With respect to security loans collateralized by non-cash collateral, the Fund receives loan premiums paid by the borrower. With respect to security loans collateralized by cash collateral, the earnings from the collateral investments are shared among the Fund, the security lending agent, and the borrower. The Fund records security lending income net of allocations to the security lending agent and the borrower.

The Fund may incur investment losses as a result of investing securities lending collateral. This could occur if an investment in the collateral investment account defaulted or became impaired. Under those circumstances, the value of the Fund’s cash collateral account may be less than the amount the Fund would be required to return to the borrowers of the securities and the Fund would be required to make up for this shortfall.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged, and the remaining contractual maturity of those transactions as of April 30, 2021:

	Overnight
Securities Lending	and	Under	Between	Over
Transactions	continuous	30 days	30 & 90 days	90 Days	Total
Certificates of
Deposit and
Repurchase
Agreements	$40,208,795	$—	$—	$—	$40,208,795

At April 30, 2021, the value of securities on loan was $38,987,068, for which the Fund received cash collateral of $40,207,295. At April 30, 2021, the value of invested collateral was $40,208,795. Investments purchased with cash collateral are presented on the “Schedule of investments” under the caption “Securities Lending Collateral.”

9. Credit and Market Risk

Beginning in January 2020, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of a novel coronavirus known as COVID-19. The outbreak of COVID-19 has resulted in travel and border restrictions, quarantines, supply chain disruptions, lower

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consumer demand, and general market uncertainty. The effects of COVID-19 have and may continue to adversely affect the global economy, the economies of certain nations, and individual issuers, all of which may negatively impact the Fund’s performance.

When interest rates rise, fixed income securities (i.e., debt obligations) generally will decline in value. These declines in value are greater for fixed income securities with longer maturities or durations.

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

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

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

The Fund invests a portion of its assets in high yield fixed income securities, which are securities rated lower than BBB- by S&P and Baa3 by Moody’s, or similarly rated by another nationally recognized statistical rating organization. Investments in these higher yielding securities are generally accompanied by a greater degree of credit risk than higher rated securities. Additionally, lower rated securities may be more susceptible to adverse economic and competitive industry conditions than investment grade securities.

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Notes to financial statements
Delaware Diversified Income Fund

9. Credit and Market Risk (continued)

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

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

The Fund invests in bank loans and other securities that may subject it to direct indebtedness risk, the risk that the Fund will not receive payment of principal, interest, and other amounts due in connection with these investments and will depend primarily on the financial condition of the borrower. Loans that are fully secured offer the Fund more protection than unsecured loans in the event of nonpayment of scheduled interest or principal, although there is no assurance that the liquidation of collateral from a secured loan would satisfy the corporate borrower’s obligation, or that the collateral can be liquidated. Some loans or claims may be in default at the time of purchase. Certain of the loans and the other direct indebtedness acquired by the Fund may involve revolving credit facilities or other standby financing commitments that obligate the Fund to pay additional cash on a certain date or on demand. These commitments may require the Fund to increase its investment in a company at a time when the Fund might not otherwise decide to do so (including at a time when the company’s financial condition makes it unlikely that such amounts will be repaid). To the extent that the Fund is committed to advance additional funds, it will at all times hold and maintain cash or other high-grade debt obligations in an amount sufficient to meet such commitments. When a loan agreement is purchased, the Fund may pay an assignment fee. On an ongoing basis, the Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of the loan agreement. Prepayment penalty fees are received upon the prepayment of a loan agreement by a borrower. Prepayment penalty, facility, commitment, consent, and amendment fees are recorded to income as earned or paid.

As the Fund may be required to rely upon another lending institution to collect and pass on to the Fund amounts payable with respect to the loan and to enforce the Fund’s rights under the loan and other direct indebtedness, an insolvency, bankruptcy, or reorganization of the lending institution may delay or prevent the Fund from receiving such amounts. The highly leveraged nature of many loans may make them especially vulnerable to adverse changes in economic or market conditions. Investments in such loans and other direct indebtedness may involve additional risk to the Fund.

The Fund may invest up to 15% of its net assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A promulgated under the Securities Act of 1933, as amended (1933 Act), and other securities which may not be readily marketable. The Fund may also invest in securities exempt from registration under Section (4)(a)(2) of the 1933 Act, which exempts from registration transactions by an issuer not involving any public offering. The relative illiquidity of these securities may impair the Fund from disposing of them in a timely manner

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and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Board has delegated to DMC, the day-to-day functions of determining whether individual securities are liquid for purposes of the Fund’s limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Fund’s 15% limit on investments in illiquid securities. Rule 144A securities have been identified on the “Schedule of investments.”

10. Contractual Obligations

The Fund enters into contracts in the normal course of business that contain a variety of indemnifications. The Fund’s maximum exposure under these arrangements is unknown. However, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund’s existing contracts and expects the risk of loss to be remote.

11. General Motors Term Loan Litigation

The Fund received notice of a litigation proceeding related to a General Motors Corporation (G.M.) term loan participation previously held by the Fund in 2009. Because it was believed that the Fund was a secured creditor, the Fund received the full principal on the loans in 2009 after the G.M. bankruptcy. However, based upon a US Court of Appeals ruling, the Motors Liquidation Company Avoidance Action Trust is seeking to recover such amounts arguing that the Fund is an unsecured creditor and, as an unsecured creditor, the Fund should not have received payment in full. Based on available information related to the litigation and the Fund’s potential exposure, the Fund recorded a contingent liability of $15,959,167 and an asset of $4,787,750 based on the potential recoveries by the estate that resulted in a net decrease in the Fund’s NAV to reflect this potential recovery.

The plaintiff and the term loan lenders, which included the Fund, reached an agreement in principle that resolved the disputes. The parties agreed to terms of a settlement agreement and presented the settlement agreement to the court for approval at a hearing on June 12, 2019. The court approved the settlement documentation and dismissed the case on July 2, 2019. The court’s approval of the settlement and dismissal of the case with prejudice became final on July 16, 2019.

The contingent liability and other asset were removed in connection with the case being settled, which resulted in the Fund recognizing a gain in the amount of the liabilities reversed.

12. Recent Accounting Pronouncements

In August 2018, FASB issued an Accounting Standards Update (ASU), ASU 2018-13, which changes certain fair value measurement disclosure requirements. ASU 2018-13, in addition to other modifications and additions, removes the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the policy for the timing of transfers between levels and the valuation process for Level 3 fair value measurements. ASU 2018-13 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Management has implemented ASU 2018-13 on the financial statements.

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Notes to financial statements
Delaware Diversified Income Fund

12. Recent Accounting Pronouncements (continued)

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

13. Subsequent Events

On December 2, 2020, Waddell & Reed Financial, Inc., the parent company of Ivy Investment Management Company, the investment adviser of the Ivy Funds Complex (the Ivy Funds), and Macquarie Management Holdings, Inc., the US holding company for Macquarie Group Limited’s US asset management business (Macquarie), announced that they had entered into an agreement whereby Macquarie would acquire the investment management business of Waddell & Reed Financial, Inc. (the “Transaction”). The Transaction closed on April 30, 2021. The Ivy Funds, as part of Delaware Funds^®by Macquarie, are now managed by DMC and distributed by DDLP.

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

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About the organization

Board of trustees

Shawn K. Lytle President and Chief Executive Officer Delaware Funds^®by Macquarie Philadelphia, PA Jerome D. Abernathy Managing Member, Stonebrook Capital Management, LLC Jersey City, NJ Thomas L. Bennett Chairman of the Board Delaware Funds by Macquarie Private Investor Rosemont, PA	Ann D. Borowiec Former Chief Executive Officer Private Wealth Management J.P. Morgan Chase & Co. New York, NY Joseph W. Chow Former Executive Vice President State Street Corporation Boston, MA John A. Fry President Drexel University Philadelphia, PA	Frances A. Sevilla-Sacasa Former Chief Executive Officer Banco Itaú International Miami, FL Thomas K. Whitford Former Vice Chairman PNC Financial Services Group Pittsburgh, PA	Christianna Wood Chief Executive Officer and President Gore Creek Capital, Ltd. Golden, CO Janet L. Yeomans Former Vice President and Treasurer 3M Company St. Paul, MN

Affiliated officers

David F. Connor Senior Vice President, General Counsel, and Secretary Delaware Funds by Macquarie Philadelphia, PA	Daniel V. Geatens Senior Vice President and Treasurer Delaware Funds by Macquarie Philadelphia, PA	Richard Salus Senior Vice President and Chief Financial Officer Delaware Funds by Macquarie Philadelphia, PA

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

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

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

Item 2. Code of Ethics

Not applicable.

Item 3. Audit Committee Financial Expert

Not applicable.

Item 4. Principal Accountant Fees and Services

Not applicable.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Investments

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

Item 11. Controls and Procedures

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

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

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits

(a) (1) Code of Ethics

Not applicable.

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

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

Not applicable.

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

SIGNATURES

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

DELAWARE GROUP^® ADVISER FUNDS

/s/SHAWN K. LYTLE
By:	Shawn K. Lytle
Title:	President and Chief Executive Officer
Date:	July 6, 2021

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

/s/SHAWN K. LYTLE
By:	Shawn K. Lytle
Title:	President and Chief Executive Officer
Date:	July 6, 2021

/s/RICHARD SALUS
By:	Richard Salus
Title:	Chief Financial Officer
Date:	July 6, 2021