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N-CSRS 1 mimdif4068171-ncsrs.htm CERTIFIED SEMI-ANNUAL SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number:	811-07972

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

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

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

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

Date of fiscal year end:	October 31

Date of reporting period:	April 30, 2022

Item 1. Reports to Stockholders

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		Semiannual report

Fixed income mutual fund

Delaware Diversified Income Fund

April 30, 2022

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

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

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Experience Delaware Funds by Macquarie^®

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

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

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

Manage your account online

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

Visit delawarefunds.com/account-access.

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

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

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

The Fund is governed by US laws and regulations.

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

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

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

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

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

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

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

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from November 1, 2021 to April 30, 2022.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

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

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

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

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

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

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

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

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Security type / sector allocation
Delaware Diversified Income Fund

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

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


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

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Schedule of investments
Delaware Diversified Income Fund

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

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

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

Table of Contents

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

Table of Contents

Schedule of investments
Delaware Diversified Income Fund

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

Table of Contents

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

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

Table of Contents

Schedule of investments
Delaware Diversified Income Fund

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

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

Table of Contents

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

Table of Contents

Schedule of investments
Delaware Diversified Income Fund

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

Table of Contents

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

Table of Contents

Schedule of investments
Delaware Diversified Income Fund

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

Table of Contents

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

Table of Contents

Schedule of investments
Delaware Diversified Income Fund

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

Table of Contents

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

Table of Contents

Schedule of investments
Delaware Diversified Income Fund

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

Table of Contents

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

Table of Contents

Schedule of investments
Delaware Diversified Income Fund

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

Table of Contents

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

Table of Contents

Schedule of investments
Delaware Diversified Income Fund

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

Table of Contents

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

Table of Contents

Schedule of investments
Delaware Diversified Income Fund

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

Table of Contents

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

Table of Contents

Schedule of investments
Delaware Diversified Income Fund

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

Table of Contents

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

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

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

Table of Contents

Schedule of investments
Delaware Diversified Income Fund

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

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

Table of Contents

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

Table of Contents

Schedule of investments
Delaware Diversified Income Fund

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

Table of Contents

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

Table of Contents

Schedule of investments
Delaware Diversified Income Fund

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

Table of Contents

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

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

Table of Contents

Schedule of investments
Delaware Diversified Income Fund

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

Table of Contents

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

Table of Contents

Schedule of investments
Delaware Diversified Income Fund

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

Table of Contents

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

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

Table of Contents

Schedule of investments
Delaware Diversified Income Fund

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

Table of Contents

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

Table of Contents

Schedule of investments
Delaware Diversified Income Fund

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

Table of Contents

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

Table of Contents

Schedule of investments
Delaware Diversified Income Fund

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

Table of Contents

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

Table of Contents

Schedule of investments
Delaware Diversified Income Fund

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

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

US Treasury Obligations – 6.06%
	US Treasury Bonds
	1.875% 11/15/51		6,005,000		4,711,579
	2.00% 8/15/51		4,210,000		3,402,535
	2.25% 3/31/24		6,550,000		6,495,246
	2.25% 8/15/46		60,525,000		51,138,898
	2.25% 2/15/52		10,320,000		8,863,913
	2.375% 3/31/29		3,960,000		3,818,306
	2.50% 3/31/27		43,325,000		42,460,194
	4.375% 2/15/38		13,230,000		15,631,039
	US Treasury Note
	1.875% 2/15/32		52,825,000		48,244,085

Table of Contents

		Principal
		amount^°	Value (US $)
US Treasury Obligations (continued)
	US Treasury Strip Principal
	0.000% 5/15/44 ^	43,355,000	$	21,402,447
Total US Treasury Obligations (cost $227,739,098)				206,168,242

		Number of
		shares
Common Stocks – 0.07%
Communications – 0.00%
	Century Communications =, †	7,875,000		0
				0
Consumer Discretionary – 0.07%
	Aeromexico Rights =, †	140,061		2,289,297
				2,289,297
Total Common Stocks (cost $2,527,759)				2,289,297

		Number of
		contracts
Options Purchased – 0.02%
Foreign Currency Put Options – 0.02%
	AUD vs JPY, strike price $78, expiration date
	8/23/22, notional amount
	$8,431,020,000 (JPMCB)	108,090,000		341,149
	GBP vs JPY, strike price $148, expiration date
	8/23/22, notional amount
	$9,597,800,000 (JPMCB)	64,850,000		518,223
Total Options Purchased (cost $2,121,206)				859,372

		Number of
		shares
Short-Term Investments – 3.25%
Money Market Mutual Funds – 3.25%
	BlackRock FedFund – Institutional Shares
	(seven-day effective yield 0.31%)	27,627,149		27,627,149
	Fidelity Investments Money Market
	Government Portfolio – Class I (seven-day
	effective yield 0.16%)	27,627,149		27,627,149
	GS Financial Square Government Fund –
	Institutional Shares (seven-day effective
	yield 0.32%)	27,627,149		27,627,149

Table of Contents

Schedule of investments
Delaware Diversified Income Fund

		Number of
		shares		Value (US $)
Short-Term Investments (continued)
Money Market Mutual Funds (continued)
	Morgan Stanley Government Portfolio –
	Institutional Share Class (seven-day
	effective yield 0.30%)	27,627,149		$	27,627,149
Total Short-Term Investments (cost $110,508,596)					110,508,596
Total Value of Securities Before
	Securities Lending Collateral
	and Options Written–99.26%
	(cost $3,718,339,661)				3,376,214,011
Securities Lending Collateral – 1.88%**
Money Market Mutual Funds – 1.88%
	Dreyfus Institutional Preference
	Government Money
	Market Fund - Institutional
	Shares (seven-day effective
	yield 0.37%)	61,986,048			61,986,048
	Dreyfus Institutional Preference
	Government Plus Money
	Market Fund - SL Shares
	(seven-day effective
	yield 0.37%)	2,000,000			2,000,000
Total Securities Lending Collateral (cost $63,986,048)					63,986,048

		Number of
		contracts
Options Written – (0.01%)
Foreign Currency Put Options – (0.01%)
	AUD vs JPY, strike price $72, expiration date
	8/23/22, notional amount
	$(7,782,480,000) (JPMCB)	(108,090,000	)		(159,004	)
	GBP vs JPY, strike price $140, expiration
	date
	8/23/22, notional amount
	$(9,079,000,000) (JPMCB)	(64,850,000	)		(243,903	)
Total Options Written (premium received $781,900)				$	(402,907	)

°	Principal amount shown is stated in USD.
†	Non-income producing security.
=	The value of this security was determined using significant unobservable inputs and is reported as a Level 3 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, 2022.

Table of Contents

∆	Securities have been classified by country of risk.
X	This loan will settle after April 30, 2022, at which time the interest rate, based on the LIBOR and the agreed upon spread on trade date, will be reflected.
‡	Non-income producing security. Security is currently in default.
>	PIK. 80% of the income received was in cash and 20% was in principal.
**	See Note 9 in “Notes to financial statements” for additional information on securities lending collateral.
ψ	Perpetual security. Maturity date represents next call date.
*	Fully or partially on loan.
ω	Perpetual security with no stated maturity date.
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At April 30, 2022, the aggregate value of Rule 144A securities was $826,473,452, which represents 24.30% of the Fund's net assets. See Note 10 in “Notes to financial statements."
◆	Pass Through Agreement. Security represents the contractual right to receive a proportionate amount of underlying payments due to the counterparty pursuant to various agreements related to the rescheduling of obligations and the exchange of certain notes.
^	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, 2022. 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.
µ	Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at April 30, 2022. Rate will reset at a future date.
■	Includes $62,026,124 of securities loaned.

Table of Contents

Schedule of investments
Delaware Diversified Income Fund

The following foreign currency exchange contracts, futures contracts, and swap contracts were outstanding at April 30, 2022:¹

Foreign Currency Exchange Contracts

	Currency to					Settlement	Unrealized
Counterparty	Receive (Deliver)			In Exchange For		Date	Appreciation
JPMCB	EUR	(14,350,000	)	USD	16,267,017	5/20/22	$	1,114,857
JPMCB	EUR	(2,551,000	)	USD	2,808,054	6/24/22		109,226
TD	EUR	(12,400,000	)	USD	14,056,119	5/20/22		962,966
Total Foreign Currency Exchange Contracts							$	2,187,049

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
(1)	Euro-Bobl	$	(134,169	)	$	(140,919	)	6/8/22	$	6,750	$	—		$	288
	US
	Treasury
	3 yr
425	Notes		91,912,891			94,503,261		6/30/22		—		(2,590,370	)		(106,250	)
	US
	Treasury
	5 yr
2,913	Notes		328,213,186			344,291,568		6/30/22		—		(16,078,382	)		(500,657	)
	US
	Treasury
	10 yr
(239)	Notes		(28,478,344	)		(30,210,504	)	6/21/22		1,732,160		—			48,548
	US
	Treasury
	10 yr
	Ultra
(370)	Notes		(47,730,000	)		(51,741,883	)	6/21/22		4,011,883		—			92,500
	US
	Treasury
	Long
6	Bonds		844,125			927,718		6/21/22		—		(83,593	)		(3,188	)
	US
	Treasury
	Long
(6)	Bonds		(844,125	)		(926,470	)	6/21/22		82,345		—			3,188

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
	Ultra
(400)	Bonds	$	(64,175,000	)	$	(73,289,597	)	6/21/22	$	9,114,597	$	—		$	325,000
Total Futures Contracts					$	283,413,174			$	14,947,735	$	(18,752,345	)	$	(140,571	)

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)

Appreciation⁴

Brokers

Over-The-Counter:

Protection Purchased/

Moody’s

Ratings:

JPMCB-Federated

Republic of

Brazil

4.25%

6/6/25 B2

6/20/26-

Quarterly

6,783,000

1.000

222,671

177,601

45,070

—

Table of Contents

Schedule of investments
Delaware Diversified Income Fund

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)

Appreciation⁴

Brokers

Protection Sold

Moody's

Ratings:

JPMCB-United

Mexican

States

10.375%

9/20/22 Baa2

6/22/26-

Quarterly

5,579,000

1.000

35,725

34,572

1,153

—

Total CDS Contracts

258,396

212,173

46,223

—

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 7 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 $(13,259).

Table of Contents

Summary of abbreviations:

BB – Barclays Bank

CLO – Collateralized Loan Obligation

DAC – Designated Activity Company

DB – Deutsche Bank

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

LIBOR03M – ICE LIBOR USD 3 Month

PIK – Payment-in-kind

PJSC – Private Joint Stock Company

REMIC – Real Estate Mortgage Investment Conduit

S.F. – Single Family

SOFR – Secured Overnight Financing Rate

SOFR01M – Secured Overnight Financing Rate 1 Month

SOFR03M – Secured Overnight Financing Rate 3 Month

TD – TD Bank

yr – Year

Summary of currencies:

AUD – Australian Dollar

BRL – Brazilian Real

CLP – Chilean Peso

CZK – Czech Koruna

EUR – European Monetary Unit

GBP – British Pound Sterling

HUF – Hungarian Forint

IDR – Indonesian Rupiah

MXN – Mexican Peso

PLN – Polish Zloty

Table of Contents

Schedule of investments
Delaware Diversified Income Fund

Summary of currencies: (continued)

USD – US Dollar

UYU – Uruguayan 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, 2022 (Unaudited)

Assets:
	Investments, at value*^,†	$	3,376,214,011
	Short-term investments held as collateral for loaned securities, at value⁼		63,986,048
	Cash		11,030,442
	Cash collateral due from brokers		2,557,003
	Foreign currencies, at value^Δ		17,716,497
	Receivable for securities sold		61,913,440
	Dividends and interest receivable		22,193,926
	Receivable for fund shares sold		14,360,277
	Unrealized appreciation on foreign currency exchange contracts		2,187,049
	Upfront payments paid on over the counter credit default swap contracts		212,173
	Unrealized appreciation on over the counter credit default swap contracts		46,223
	Securities lending income receivable		9,605
	Other assets		28,006
	Total Assets		3,572,454,700
Liabilities:
	Options written, at value^Σ		402,907
	Payable for securities purchased		86,009,554
	Obligation to return securities lending collateral		63,986,048
	Payable for fund shares redeemed		13,347,065
	Cash collateral due to brokers		4,856,000
	Other accrued expenses		967,220
	Investment management fees payable to affiliates		736,575
	Distribution payable		377,510
	Distribution fees payable to affiliates		187,265
	Variation margin due to broker on future contracts		140,571
	Dividend disbursing and transfer agent fees and expenses payable to
	affiliates		27,015
	Audit and tax fees payable		24,413
	Trustees' fees and expenses payable to affiliates		8,858
	Accounting and administration expenses payable to affiliates		8,362
	Swap payments payable		5,170
	Legal fees payable to affiliates		3,713
	Reports and statements to shareholders expenses payable to affiliates		2,123
	Total Liabilities		171,090,369
Total Net Assets		$	3,401,364,331

Net Assets Consist of:
	Paid-in capital	$	3,807,395,291
	Total distributable earnings (loss)		(406,030,960	)
Total Net Assets		$	3,401,364,331

Table of Contents

Statement of assets and liabilities
Delaware Diversified Income Fund

Net Asset Value

Class A:
Net assets		$	599,878,081
Shares of beneficial interest outstanding, unlimited authorization, no par			74,353,573
Net asset value per share		$	8.07
Sales charge			4.50	%
Offering price per share, equal to net asset value per share / (1 - sales
	charge)	$	8.45

Class C:
Net assets		$	61,669,789
Shares of beneficial interest outstanding, unlimited authorization, no par			7,646,224
Net asset value per share		$	8.07

Class R:
Net assets		$	16,996,110
Shares of beneficial interest outstanding, unlimited authorization, no par			2,107,879
Net asset value per share		$	8.06

Institutional Class:
Net assets		$	2,535,110,393
Shares of beneficial interest outstanding, unlimited authorization, no par			314,020,910
Net asset value per share		$	8.07

Class R6:
Net assets		$	187,709,958
Shares of beneficial interest outstanding, unlimited authorization, no par			23,251,282
Net asset value per share		$	8.07
____________________
* Investments, at cost		$	3,718,339,661
^† Including securities on loan			62,026,124
⁼ Short-term investments held as collateral for loaned securities, at cost			63,986,048
^Δ Foreign currencies, at cost			18,231,728
^Σ Options written, premium received			(781,900	)

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, 2022 (Unaudited)

Investment Income:
	Interest	$	55,782,011
	Securities lending income		92,139
	Dividends		35,868
	Foreign tax withheld		(48,110	)
			55,861,908

Expenses:
	Management fees		8,866,707
	Distribution expenses – Class A		832,004
	Distribution expenses – Class C		363,596
	Distribution expenses – Class R		48,329
	Dividend disbursing and transfer agent fees and expenses		1,874,631
	Reports and statements to shareholders expenses		333,109
	Accounting and administration expenses		330,695
	Legal fees		138,047
	Custodian fees		90,211
	Registration fees		86,081
	Trustees’ fees and expenses		69,962
	Audit and tax fees		24,413
	Other		94,067
			13,151,852
	Less expenses waived		(3,401,702	)
	Less expenses paid indirectly		(528	)
	Total operating expenses		9,749,622
Net Investment Income			46,112,286

Table of Contents

Statement of operations
Delaware Diversified Income Fund

Net Realized and Unrealized Gain (Loss):
	Net realized gain (loss) on:
		Investments	$	(43,352,141	)
		Foreign currencies		(5,681,783	)
		Foreign currency exchange contracts		4,879,106
		Futures contracts		3,043,012
		Swap contracts		1,162,244
	Net realized loss			(39,949,562	)

	Net change in unrealized appreciation (depreciation) of:
		Investments		(403,277,735	)
		Foreign currencies		(556,845	)
		Foreign currency exchange contracts		1,264,438
		Futures contracts		(2,580,127	)
		Options purchased		(1,261,834	)
		Options written		378,993
		Swap contracts		(85,090	)
	Net change in unrealized appreciation (depreciation)			(406,118,200	)
Net Realized and Unrealized Loss				(446,067,762	)
Net Decrease in Net Assets Resulting from Operations			$	(399,955,476	)

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

Table of Contents

Statements of changes in net assets
Delaware Diversified Income Fund

			Six months
			ended
			4/30/22			Year ended
			(Unaudited)			10/31/21
Increase (Decrease) in Net Assets from Operations:
	Net investment income		$	46,112,286		$	85,999,477
	Net realized gain (loss)			(39,949,562	)		53,383,815
	Net change in unrealized appreciation (depreciation)			(406,118,200	)		(63,045,840	)
	Net increase (decrease) in net assets resulting from
		operations		(399,955,476	)		76,337,452

Dividends and Distributions to Shareholders from:
	Distributable earnings:
		Class A		(13,531,515	)		(18,967,282	)
		Class C		(1,218,699	)		(1,862,937	)
		Class R		(370,248	)		(548,609	)
		Institutional Class		(63,053,136	)		(80,849,624	)
		Class R6		(4,637,222	)		(2,738,331	)
				(82,810,820	)		(104,966,783	)

Capital Share Transactions:
	Proceeds from shares sold:
		Class A		51,071,468			153,227,523
		Class C		3,411,565			11,748,362
		Class R		1,675,743			4,314,172
		Institutional Class		357,280,353			1,066,676,879
		Class R6		10,141,632			52,334,081

	Net assets from merger:¹
		Class R6		—			159,933,281
	Net asset value of shares issued upon reinvestment of
		dividends and distributions:
		Class A		12,733,403			16,471,265
		Class C		1,188,974			1,770,649
		Class R		368,312			534,388
		Institutional Class		60,762,767			75,367,845
		Class R6		4,387,130			2,533,655
				503,021,347			1,544,912,100

Table of Contents

Statements of changes in net assets
Delaware Diversified Income Fund

			Six months
			ended
			4/30/22			Year ended
			(Unaudited)			10/31/21
Capital Share Transactions (continued):
	Cost of shares redeemed:
		Class A	$	(96,482,920	)	$	(182,345,423	)
		Class C		(13,592,436	)		(83,953,367	)
		Class R		(4,200,168	)		(9,587,287	)
		Institutional Class		(651,555,307	)		(662,572,994	)
		Class R6		(32,388,560	)		(18,106,567	)
				(798,219,391	)		(956,565,638	)
	Increase (decrease) in net assets derived from capital
		share transactions		(295,198,044	)		588,346,462
Net Increase (Decrease) in Net Assets				(777,964,340	)		559,717,131

Net Assets:
	Beginning of period			4,179,328,671			3,619,611,540
	End of period		$	3,401,364,331		$	4,179,328,671

¹	See Note 5 in “Notes to financial statements.”

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

Table of Contents

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

Net realized gain

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	Calculated using average shares outstanding.
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 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.
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.

Table of Contents

Six months ended
4/30/22¹				Year ended
(Unaudited)				10/31/21			10/31/20			10/31/19			10/31/18			10/31/17
	$	9.17		$	9.23		$	8.85		$	8.19		$	8.74		$	8.81

		0.10			0.19			0.22			0.27			0.29			0.28
		(1.03	)		(0.02	)		0.42			0.68			(0.53	)		(0.03	)
		(0.93	)		0.17			0.64			0.95			(0.24	)		0.25

		(0.11	)		(0.23	)		(0.26	)		(0.27	)		(0.25	)		(0.32	)
		(0.06	)		—	³		—			—			—			—
		—			—			—			(0.02	)		(0.06	)		—	³
		(0.17	)		(0.23	)		(0.26	)		(0.29	)		(0.31	)		(0.32	)
	$	8.07		$	9.17		$	9.23		$	8.85		$	8.19		$	8.74
		(10.21%	)⁵		1.90%	⁵		7.37%	⁵		11.82%	^5,6		(2.77%	)⁵		2.89%

	$	599,878		$	716,494		$	733,935		$	751,229		$	734,630		$	893,311
		0.70%			0.69%			0.69%			0.70%			0.77%			0.89%
		0.88%			0.86%			0.86%			0.88%			0.87%			0.89%
		2.20%			2.04%			2.47%			3.16%			3.37%			3.24%
		2.02%			1.87%			2.30%			2.98%			3.27%			3.24%
		61%			198%			112%			167%			122%			125%

Table of Contents

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

Net realized gain

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	Calculated using average shares outstanding.
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 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.
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.

Table of Contents

Six months ended
4/30/22¹				Year ended
(Unaudited)				10/31/21			10/31/20			10/31/19			10/31/18			10/31/17
	$	9.17		$	9.22		$	8.85		$	8.19		$	8.74		$	8.81

		0.06			0.12			0.15			0.20			0.22			0.22
		(1.02	)		(0.01	)		0.41			0.69			(0.52	)		(0.04	)
		(0.96	)		0.11			0.56			0.89			(0.30	)		0.18

		(0.08	)		(0.16	)		(0.19	)		(0.21	)		(0.19	)		(0.25	)
		(0.06	)		—	³		—			—			—			—
		—			—			—			(0.02	)		(0.06	)		—	³
		(0.14	)		(0.16	)		(0.19	)		(0.23	)		(0.25	)		(0.25	)
	$	8.07		$	9.17		$	9.22		$	8.85		$	8.19		$	8.74
		(10.55%	)⁵		1.25%	⁵		6.45%	⁵		10.99%	^5,6		(3.49%	)⁵		2.13%

	$	61,670		$	79,733		$	149,707		$	250,652		$	382,168		$	620,954
		1.45%			1.44%			1.44%			1.45%			1.52%			1.64%
		1.63%			1.61%			1.61%			1.63%			1.62%			1.64%
		1.45%			1.29%			1.72%			2.41%			2.62%			2.49%
		1.27%			1.12%			1.55%			2.23%			2.52%			2.49%
		61%			198%			112%			167%			122%			125%

Table of Contents

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 income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Return of capital

Total dividends and distributions

Net asset value, end of period

Total 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	Calculated using average shares outstanding.
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.
5	Total return during the period reflects 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.
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.

Table of Contents

Six months ended
4/30/22¹					Year ended
(Unaudited)					10/31/21			10/31/20			10/31/19			10/31/18				10/31/17
	$	9.17			$	9.22		$	8.85		$	8.19		$	8.73			$	8.81


		0.09				0.17			0.20			0.25			0.27				0.26
		(1.04	)			(0.01	)		0.41			0.68			(0.52	)			(0.04	)
		(0.95	)			0.16			0.61			0.93			(0.25	)			0.22


		(0.10	)			(0.21	)		(0.24	)		(0.25	)		(0.23	)			(0.30	)
		(0.06	)			—	³		—			—			—				—
		—				—			—			(0.02	)		(0.06	)			—	³
		(0.16	)			(0.21	)		(0.24	)		(0.27	)		(0.29	)			(0.30	)

	$	8.06			$	9.17		$	9.22		$	8.85		$	8.19			$	8.73

		(10.44%	)	⁵		1.76%	⁵		6.99%	⁵		11.54%	^5,6		(2.90%	)	⁵		2.52%


	$	16,996			$	21,563		$	26,403		$	36,082		$	46,060			$	61,630
		0.95%				0.94%			0.94%			0.95%			1.02%				1.14%
		1.13%				1.11%			1.11%			1.13%			1.12%				1.14%
		1.95%				1.79%			2.22%			2.91%			3.12%				2.99%
		1.77%				1.62%			2.05%			2.73%			3.02%				2.99%
		61%				198%			112%			167%			122%				125%

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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 income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Return of capital

Total dividends and distributions

Net asset value, end of period

Total 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	Calculated using average shares outstanding.
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.
5	Total return during the period reflects 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.
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
4/30/22¹				Year ended
(Unaudited)				10/31/21			10/31/20			10/31/19			10/31/18					10/31/17
$	9.18			$	9.23		$	8.86		$	8.20		$	8.74			$	8.82

	0.11				0.21			0.25			0.29			0.31				0.30
	(1.03	)			(0.01	)		0.40			0.68			(0.52	)			(0.04	)
	(0.92	)			0.20			0.65			0.97			(0.21	)			0.26

	(0.13	)			(0.25	)		(0.28	)		(0.29	)		(0.27	)			(0.34	)
	(0.06	)			—	³		—			—			—				—
	—				—			—			(0.02	)		(0.06	)			—	³
	(0.19	)			(0.25	)		(0.28	)		(0.31	)		(0.33	)			(0.34	)
$	8.07			$	9.18		$	9.23		$	8.86		$	8.20			$	8.74
	(10.20%	)	⁵		2.27%	⁵		7.52%	⁵		12.09%	^5,6		(2.41%	)	⁵		3.03%

$	2,535,110			$	3,129,804		$	2,671,510		$	2,619,167		$	2,886,234			$	2,819,555
	0.45%				0.44%			0.44%			0.45%			0.52%				0.64%
	0.63%				0.61%			0.61%			0.63%			0.62%				0.64%
	2.45%				2.29%			2.72%			3.41%			3.62%				3.49%
	2.27%				2.12%			2.55%			3.23%			3.52%				3.49%
	61%				198%			112%			167%			122%				125%

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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 income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Return of capital

Total dividends and distributions

Net asset value, end of period

Total 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	Calculated using average shares outstanding.
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.
5	Total return during the period reflects 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.
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
4/30/22¹				Year ended
(Unaudited)				10/31/21			10/31/20			10/31/19			10/31/18			10/31/17
	$	9.18		$	9.23		$	8.86		$	8.20		$	8.74		$	8.81


		0.11			0.22			0.25			0.30			0.31			0.31
		(1.03	)		(0.01	)		0.41			0.68			(0.51	)		(0.04	)
		(0.92	)		0.21			0.66			0.98			(0.20	)		0.27


		(0.13	)		(0.26	)		(0.29	)		(0.30	)		(0.28	)		(0.34	)
		(0.06	)		—	³		—			—			—			—
		—			—			—			(0.02	)		(0.06	)		—	³
		(0.19	)		(0.26	)		(0.29	)		(0.32	)		(0.34	)		(0.34	)
	$	8.07		$	9.18		$	9.23		$	8.86		$	8.20		$	8.74
		(10.16%	)⁵		2.35%	⁵		7.61%	⁵		12.18%	^5,6		(2.33%	)⁵		3.14%

	$	187,710		$	231,735		$	38,057		$	23,584		$	17,835		$	12,935
		0.36%			0.36%			0.36%			0.36%			0.44%			0.55%
		0.54%			0.53%			0.53%			0.54%			0.54%			0.55%
		2.54%			2.37%			2.80%			3.50%			3.70%			3.57%
		2.36%			2.20%			2.63%			3.32%			3.60%			3.57%
		61%			198%			112%			167%			122%			125%

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Notes to financial statements
Delaware Diversified Income Fund	April 30, 2022 (Unaudited)

Delaware Group^®Adviser Funds (Trust) is organized as a Delaware statutory trust and offers one series: 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 contingent deferred sales charge (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

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speed, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity, and type as well as broker/dealer-supplied prices. Swap prices are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades, and values of the underlying reference instruments. Foreign currency exchange contracts and foreign cross currency exchange contracts are valued at the mean between the bid and ask prices, which approximates fair value. Interpolated values are derived when the settlement date of the contract is an interim date for which quotations are not available. Futures contracts and options on futures contracts are valued at the daily quoted settlement prices. 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, 2022 and for all open tax years (years ended October 31, 2018–October 31, 2021), and has concluded that no provision for federal income tax is required in the Fund’s financial statements. If applicable, the Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in “Other” on the “Statement of operations.” 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, 2022, 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.

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

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Notes to financial statements
Delaware Diversified Income Fund

1. Significant Accounting Policies (continued)

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, 2022, the Fund posted $436,000 and received $206,000 cash collateral for TBA trades from The Bank of New York Mellon (BNY Mellon), which is included in “Cash collateral due from brokers” and “Cash collateral due to brokers”, respectively 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 fund on the basis of average net assets. Management fees and certain other expenses are paid monthly. Security transactions are recorded on the date the securities are purchased or sold (trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. 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

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to the earliest call date using the effective interest method. Realized gains (losses) on paydowns of asset- and mortgage-backed securities are classified as interest income. 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, 2022.

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, 2022, the Fund earned $528 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 rates of 0.55% on the first $500 million of average daily net assets of the Fund, 0.50% on the next $500 million, 0.45% on the next $1.5 billion, and 0.425% on average daily net assets in excess of $2.5 billion.

DMC 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 its 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, of its management fee and/or pay/reimburse 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

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Notes to financial statements
Delaware Diversified Income Fund

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

reorganizations, litigation, conducting shareholder meetings, and liquidations) in order to prevent total annual fund operating expenses from exceeding 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, 2021 through April 30, 2022.* For purposes of those waivers and 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, 2022, the Fund was charged $78,271 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, 2022, the Fund was charged $174,522 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.

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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 and regulatory reporting services to the Fund. For the six months ended April 30, 2022, the Fund was charged $67,166 for internal legal 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, 2022, DDLP earned $4,552 for commissions on sales of the Fund’s Class A shares. For the six months ended April 30, 2022, DDLP received gross CDSC commissions of $10,758 and $5,526 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 26, 2021 through February 28, 2023.

3. Investments

For the six months ended April 30, 2022, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases other than US government securities	$	705,207,553
Purchases of US government securities		1,578,438,397
Sales other than US government securities		610,314,807
Sales of US government securities		1,939,015,226

At April 30, 2022, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes have been estimated since final tax characteristics cannot be determined until fiscal year end. At April 30, 2022, the cost and unrealized appreciation (depreciation) of investments for the Fund were as follows:

Cost of investments and derivatives	$	3,791,974,729
Aggregate unrealized appreciation of investments and derivatives	$	26,146,304
Aggregate unrealized depreciation of investments and derivatives		(381,247,784	)
Net unrealized depreciation of investments and derivatives	$	(355,101,480	)

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Notes to financial statements
Delaware Diversified Income Fund

3. Investments (continued)

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

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

Level 3 investments are valued using significant unobservable inputs. The Fund may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may also be based upon current market prices of securities that are comparable in coupon, rating, maturity, and industry. The derived value of a 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	$	—	$	104,914,226	$	—	$	104,914,226

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	Level 1			Level 2				Level 3	Total
Agency Commercial
Mortgage-Backed Securities	$	—		$	5,657,840		$	—	$	5,657,840
Agency Mortgage-Backed
Securities		—			574,954,373			—		574,954,373
Collateralized Debt Obligations		—			48,177,288			—		48,177,288
Common Stocks		—			—			2,289,297		2,289,297
Convertible Bonds		—			12,372,673			—		12,372,673
Corporate Bonds		—			1,551,773,303			—		1,551,773,303
Loan Agreements		—			190,955,980			—		190,955,980
Municipal Bonds		—			29,552,437			—		29,552,437
Non-Agency Asset-Backed
Securities		—			58,174,041			—		58,174,041
Non-Agency Collateralized
Mortgage Obligations		—			80,620,163			—		80,620,163
Non-Agency Commercial
Mortgage-Backed Securities		—			307,261,581			—		307,261,581
Sovereign Bonds		—			90,002,645			—		90,002,645
Supranational Banks		—			1,971,954			—		1,971,954
US Treasury Obligations		—			206,168,242			—		206,168,242
Options Purchased		—			859,372			—		859,372
Short-Term Investments		110,508,596			—			—		110,508,596
Securities Lending Collateral		—			—			—		63,986,048
Total Value of Securities Before
Options Written	$	110,508,596		$	3,263,416,118		$	2,289,297	$	3,440,200,059
Liabilities:
Options Written	$	—		$	(402,907	)	$	—	$	(402,907	)
Derivatives¹
Assets:
Foreign Currency Exchange
Contracts	$	—		$	2,187,049		$	—	$	2,187,049
Futures Contracts		14,947,735			—			—		14,947,735
OTC Credit Default Swaps		—			46,223			—		46,223
Liabilities:
Futures Contracts	$	(18,752,345	)	$	—		$	—	$	(18,752,345	)

¹	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.

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Notes to financial statements
Delaware Diversified Income Fund

3. Investments (continued)

During the six months ended April 30, 2022, 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 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 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.

4. Capital Shares

Transactions in capital shares were as follows:

		Six months
		ended	Year ended
		4/30/22	10/31/21
Shares sold:
	Class A	5,806,581	16,454,475
	Class C	379,950	1,264,410
	Class R	193,129	465,089
	Institutional Class	40,646,648	114,933,678
	Class R6	1,146,996	5,625,914

Shares from merger:¹
	Class R6	—	17,178,655

Shares issued upon reinvestment of dividends and distributions:
	Class A	1,446,825	1,776,189
	Class C	134,699	190,437
	Class R	41,823	57,606
	Institutional Class	6,900,918	8,121,337
	Class R6	498,381	273,792
		57,195,950	166,341,582

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	Six months
	ended		Year ended
	4/30/22		10/31/21
Shares redeemed:
Class A	(11,024,269	)	(19,648,722	)
Class C	(1,564,973	)	(8,988,650	)
Class R	(479,601	)	(1,033,398	)
Institutional Class	(74,577,930	)	(71,351,905	)
Class R6	(3,645,240	)	(1,949,255	)
	(91,292,013	)	(102,971,930	)
Net increase (decrease)	(34,096,063	)	63,369,652

¹	See Note 5.

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, 2022 and the year ended October 31, 2021, 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
4/30/22	99,720	21,253	—	21,251	99,717	—	$	1,099,134
Year ended
10/31/21	161,173	274,887	756,347	274,816	141,687	777,123		11,206,874

5. Reorganization

On July 23, 2021, the Board approved a proposal to reorganize Macquarie Core Plus Bond Portfolio, a series of Macquarie Institutional Portfolios (the “Acquired Fund”) with and into Delaware Diversified Income Fund (the “Acquiring Fund”), (the “Reorganization”). Pursuant to an Agreement and Plan of Reorganization (the “Plan”): (i) all of the property, assets, and goodwill of the Acquired Fund were acquired by the Acquiring Fund, and (ii) the Trust, on behalf of the Acquiring Fund, assumed the liabilities of the Acquired Fund, in exchange for shares of the Acquiring Fund. In accordance with the Plan, the Acquired Fund liquidated and dissolved following the Reorganization. The purpose of the transaction was to allow shareholders of the Acquired Fund to own shares of a Fund with a similar investment objective and style as, and potentially lower net expenses than the Acquired Fund. The Reorganization was accomplished by a tax-free exchange of shares on July 23, 2021. For financial reporting purposes, assets received and shares issued by the Acquiring Fund were recorded at fair value; however, the cost basis of the investments received from the Acquired Fund was carried forward to align ongoing

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Notes to financial statements
Delaware Diversified Income Fund

5. Reorganization (continued)

reporting of the Acquiring Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

The share transactions associated with the Reorganization are as follows:

		Shares
Acquired	Acquired	Converted	Acquiring
Fund	Fund Shares	to Acquiring	Fund	Conversion
Net Assets	Outstanding	Fund	Net Assets	Ratio
Macquarie Core Plus Bond		Delaware Diversified Income
Portfolio - Portfolio Class		Fund - Class R6
$159,933,281	15,712,373	17,178,655	$63,938,093	1.0933

The net assets of the Acquiring Fund before the Reorganization were $3,949,385,507. The net assets of the Acquiring Fund immediately following the Reorganization were $4,109,318,788.

Assuming the Reorganization had been completed on November 1, 2020, the Acquiring Fund's pro forma results of operations for the year ended October 31, 2021, would have been as follows:

Net investment income	$	88,918,474
Net realized gain on investments		54,945,611
Net change in unrealized appreciation (depreciation)		(62,849,732	)
Net increase in net assets resulting from operations	$	81,014,353

6. Line of Credit

The Fund, along with certain other funds in the Delaware Funds (Participants), is a participant in a $355,000,000 revolving line of credit (Agreement) intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the Agreement, the Participants are charged an annual commitment fee of 0.15% with the addition of an upfront fee of 0.05%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants are permitted to borrow up to a maximum of one-third of their net assets under the Agreement. Each Participant is individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the Agreement expires on October 31, 2022.

The Fund had no amounts outstanding as of April 30, 2022, or at any time during the period then ended.

7. 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.

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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.

During the six months ended April 30, 2022, 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

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Notes to financial statements
Delaware Diversified Income Fund

7. Derivatives (continued)

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, 2022, the Fund posted $2,121,003 in cash collateral for open futures contracts, which is presented as "Cash collateral due from brokers" on the "Statement of assets and liabilities."

During the six months ended April 30, 2022, 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.

Options Contracts — The Fund may enter into options contracts in the normal course of pursuing its investment objective. The Fund may buy or write options contracts for any number of reasons, including without limitation: to manage the Fund’s exposure to changes in securities prices caused by interest rates or market conditions and foreign currencies; as an efficient means of adjusting the Fund’s overall exposure to certain markets; to protect the value of portfolio securities; and as a cash management tool. The Fund may buy or write call or put options on securities, futures, swaps, swaptions, financial indices, and foreign currencies. When the Fund buys an option, a premium is paid and an asset is recorded and adjusted on a daily basis to reflect the current market value of the option purchased. When the Fund writes an option, a premium is received and a liability is recorded and adjusted on a daily basis to reflect the current market value of the option written. Premiums received from writing options that expire unexercised are treated by the Fund on the expiration date as realized gains. The difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is treated as realized gain or loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether the Fund has a realized gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the Fund. The Fund, as writer of an option, bears the market risk of an unfavorable change in the price of the security underlying the written option. When writing options, the Fund is subject to minimal counterparty risk because the counterparty is only obligated to pay premiums and does not bear the market risk of an unfavorable market change. There were no transactions in options written during the six months ended April 30, 2022.

During the six months ended April 30, 2022, the Fund used options contracts to manage the Fund’s exposure to changes in securities prices caused by 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

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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.

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, 2022, 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.

During the six months ended April 30, 2022, the Fund entered into CDS contracts to hedge against credit events and to gain exposure to certain securities or markets.

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

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Notes to financial statements
Delaware Diversified Income Fund

7. Derivatives (continued)

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.”

At April 30, 2022, the Fund received $4,650,000 in cash collateral for open over-the-counter credit default swap contracts, which is included in “Cash collateral due to brokers” on the “Statement of assets and liabilities.”

Fair values of derivative instruments as of April 30, 2022 were as follows:

	Asset Derivatives Fair Value
					Interest
Statement of Assets and	Currency		Equity		Rate		Credit
Liabilities Location	Contracts		Contracts		Contracts		Contracts		Total
Unrealized appreciation on
foreign currency exchange
contracts	$	2,187,049	$	—	$	—	$	—	$	2,187,049
Variation margin due from broker
on futures contracts*		—		—		14,947,735		—		14,947,735
Unrealized appreciation on over
the counter credit default
swap contracts		—		—		—		46,223		46,223
Options purchased**		—		859,372		—		—		859,372
Total	$	2,187,049	$	859,372	$	14,947,735	$	46,223	$	18,040,379

	Liability Derivatives Fair Value
				Interest
Statement of Assets and	Equity			Rate
Liabilities Location	Contracts			Contracts			Total
Variation margin due to broker on futures contracts*	$	—		$	(18,752,345	)	$	(18,752,345	)
Options written, at value		(402,907	)		—			(402,907	)
Total	$	(402,907	)	$	(18,752,345	)	$	(19,155,252	)

*	Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts were opened through April 30, 2022. Only current day variation margin is reported on the Fund’s “Statement of assets and liabilities.”
**	Included with "Investments, at value."

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The effect of derivative instruments on the “Statement of operations” for the six months ended April 30, 2022 was as follows:

	Net Realized Gain (Loss) on:
	Foreign
	Currency
	Exchange		Futures		Swap
	Contracts		Contracts		Contracts		Total
Currency contracts	$	4,879,106	$	—	$	—	$	4,879,106
Interest rate contracts		—		3,043,012		—		3,043,012
Credit contracts		—		—		1,162,244		1,162,244
Total	$	4,879,106	$	3,043,012	$	1,162,244	$	9,084,362

	Net Change in Unrealized Appreciation (Depreciation) of:
	Foreign
	Currency
	Exchange		Futures			Options			Options		Swap
	Contracts		Contracts			Purchased			Written		Contracts			Total
Currency contracts	$	1,264,438	$	—		$	(1,261,834	)	$	378,993	$	—		$	381,597
Interest rate
contracts		—		(2,580,127	)		—			—		—			(2,580,127	)
Credit contracts		—		—			—			—		(85,090	)		(85,090	)
Total	$	1,264,438	$	(2,580,127	)	$	(1,261,834	)	$	378,993	$	(85,090	)	$	(2,283,620	)

The table below summarizes the average daily balance of derivative holdings by the Fund during the six months ended April 30, 2022:

	Long Derivative		Short Derivative
	Volume		Volume
Foreign currency exchange contracts (average notional
value)	$	116,496		$	80,850,283
Futures contracts (average notional value)		338,356,050			217,069,154
Options contracts (average value)*		488,799			210,571
CDS contracts (average notional value)**		12,263,889	EUR		9,134,524

*	Long represents purchased options and short represents written options.
**	Long represents buying protection and short represents selling protection.

8. 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

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Notes to financial statements
Delaware Diversified Income Fund

8. Offsetting (continued)

Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out), 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, 2022, 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		$	1,726,771		—	$	1,726,771
TD Bank			962,966		—		962,966
Total		$	2,689,737		—	$	2,689,737

			Fair Value of						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	$	1,726,771		$	—	$	(1,726,771	)		$	—		$	—		$	—
TD Bank		962,966			—		—				—			—			962,966
Total	$	2,689,737		$	—	$	(1,726,771	)		$	—		$	—		$	962,966

Securities Lending

Securities lending transactions are entered into by the Funds 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 9).

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As of April 30, 2022, 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)
Bank of New York
Mellon	$62,026,124	$62,026,124	$—	$62,026,124	$—

^(a)	The value of the related collateral exceeded the value of the derivatives and securities lending transactions as of April 30, 2022, as applicable.
^(b)	Net exposure represents the receivable (payable) that would be due from (to) the counterparty in the event of default.

9. 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 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

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Notes to financial statements
Delaware Diversified Income Fund

9. Securities Lending (continued)

bank obligations; certain money market funds; and asset-backed securities as disclosed on the “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, 2022:

	Overnight
Securities Lending	and	Under	Between	Over
Transactions	continuous	30 days	30 & 90 days	90 Days	Total
Money Market
Mutual Funds	$63,986,048	$—	$—	$—	$63,986,048

At April 30, 2022, the value of securities on loan was $62,026,124, for which the Fund received cash collateral of $63,986,048. Investments purchased with cash collateral are presented on the “Schedule of investments” under the caption “Securities Lending Collateral.”

10. 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 consumer demand, and general market uncertainty. The effects

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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.

Beginning in late February 2022, global financial markets have experienced and may continue to experience significant volatility related to military action by Russia in Ukraine. As a result of this military action, the US and many other countries have imposed sanctions on Russia and certain Russian individuals, banks and corporations. The ongoing hostilities and resulting sanctions are expected to have a severe adverse effect on the region’s economies and more globally, including significant negative impact on markets for certain securities and commodities, such as oil and natural gas. Any cessation of trading on the Russian securities markets will impact the value and liquidity of certain portfolio holdings. The extent and duration of military action, sanctions, and resulting market disruptions are impossible to predict, but could be substantial and prolonged and impact your 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.

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Notes to financial statements
Delaware Diversified Income Fund

10. Credit and Market Risk (continued)

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.

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

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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 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.”

11. 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.

12. Recent Accounting Pronouncements

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

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Notes to financial statements
Delaware Diversified Income Fund

13. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to April 30, 2022, 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^®

Jerome D. Abernathy
Managing Member
Stonebrook Capital
Management, LLC

Thomas L. Bennett
Chairman of the Board
Delaware Funds
by Macquarie
Private Investor

Ann D. Borowiec
Former Chief Executive
Officer
Private Wealth Management
J.P. Morgan Chase & Co.

Joseph W. Chow
Private Investor

H. Jeffrey Dobbs
Former Global Sector
Chairman
Industrial Manufacturing,
KPMG, LLP

John A. Fry
President
Drexel University

Joseph Harroz, Jr.
President
University of Oklahoma

Sandra A.J. Lawrence
Former Chief Administrative
Officer
Children's Mercy Hospitals
and Clinics

Frances A.
Sevilla-Sacasa
Former Chief Executive
Officer
Banco Itaú International

Thomas K. Whitford
Former Vice Chairman
PNC Financial Services
Group

Christianna Wood
Chief Executive Officer
and President
Gore Creek Capital, Ltd.

Janet L. Yeomans
Former Vice President and
Treasurer
3M Company

Affiliated officers

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

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 officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the Investment Company Act of 1940 (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d15( b)) and provide 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 (as defined in Rule 30a-3(d) under the Investment Company Act of 1940 (17 CFR 270.30a-3(d)) 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 5, 2022

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 5, 2022

/s/RICHARD SALUS
By:	Richard Salus
Title:	Chief Financial Officer
Date:	July 5, 2022