| Delaware Investments Ultrashort Fund | December 31, 2020 (Unaudited) |
| Principal amount° | Value (US $) | ||
| Agency Collateralized Mortgage Obligations — 2.14% | |||
| Freddie Mac Structured Agency Credit Risk REMIC Trust Series 2020-DNA6 M1 144A 0.977% (SOFR + 0.90%) 12/25/50 #, • | 2,000,000 | $2,000,314 | |
| Total Agency Collateralized Mortgage Obligations (cost $2,000,000) | 2,000,314 | ||
| Collateralized Debt Obligations — 2.14% | |||
| Ares LVIII Series 2020-58A X 144A 1.036% (LIBOR03M + 0.80%, Floor 0.80%) 1/15/33 #, • | 1,000,000 | 1,000,000 | |
| Symphony Series 2020-24A X 144A 1.024% (LIBOR03M + 0.80%, Floor 0.80%) 1/23/32 #, • | 1,000,000 | 1,000,000 | |
| Total Collateralized Debt Obligations (cost $2,000,000) | 2,000,000 | ||
| Corporate Bonds — 36.75% | |||
| Banks — 10.50% | |||
| Bank of America 1.264% (LIBOR03M + 1.00%) 4/24/23 • | 1,500,000 | 1,515,759 | |
| Citigroup 1.38% (LIBOR03M + 1.10%) 5/17/24 • | 1,500,000 | 1,520,907 | |
| Goldman Sachs Group 1.856% (LIBOR03M + 1.60%) 11/29/23 • | 1,250,000 | 1,293,192 | |
| JPMorgan Chase & Co. 1.145% (LIBOR03M + 0.90%) 4/25/23 • | 1,410,000 | 1,423,749 | |
| Morgan Stanley | |||
| 1.463% (LIBOR03M + 1.22%) 5/8/24 • | 1,500,000 | 1,529,447 | |
| 5.75% 1/25/21 | 1,000,000 | 1,002,992 | |
| Truist Bank 0.804% (SOFRRATE + 0.73%) 3/9/23 • | 1,500,000 | 1,512,697 | |
| 9,798,743 | |||
| Capital Goods — 2.78% | |||
| Caterpillar Financial Services 2.95% 2/26/22 | 1,062,000 | 1,095,200 | |
| Otis Worldwide 0.688% (LIBOR03M + 0.45%) 4/5/23 • | 1,500,000 | 1,500,412 | |
| 2,595,612 | |||
| Communications — 4.66% | |||
| Deutsche Telekom International Finance 144A 1.95% 9/19/21 # | 1,500,000 | 1,513,999 | |
| Fox 3.666% 1/25/22 | 1,500,000 | 1,552,857 | |
| Verizon Communications 1.38% (LIBOR03M + 1.10%) 5/15/25 • | 1,250,000 | 1,284,349 | |
| 4,351,205 | |||
| Principal amount° | Value (US $) | ||
| Corporate Bonds (continued) | |||
| Consumer Cyclical — 1.34% | |||
| General Motors Financial 1.228% (LIBOR03M + 0.99%) 1/5/23 • | 1,250,000 | $1,249,232 | |
| 1,249,232 | |||
| Consumer Non-Cyclical — 6.48% | |||
| AbbVie | |||
| 0.863% 11/21/22 • | 1,405,000 | 1,414,680 | |
| 2.15% 11/19/21 | 1,595,000 | 1,620,912 | |
| CVS Health 3.35% 3/9/21 | 3,000,000 | 3,016,504 | |
| 6,052,096 | |||
| Electric — 9.66% | |||
| American Electric Power 3.65% 12/1/21 | 1,250,000 | 1,288,871 | |
| DTE Energy 2.60% 6/15/22 | 1,500,000 | 1,547,242 | |
| Exelon Generation 3.40% 3/15/22 | 3,000,000 | 3,098,241 | |
| NextEra Energy Capital Holdings 2.403% 9/1/21 | 1,500,000 | 1,520,813 | |
| PPL Capital Funding 4.20% 6/15/22 | 1,500,000 | 1,566,645 | |
| 9,021,812 | |||
| Financials — 1.33% | |||
| Aviation Capital Group 144A 1.175% (LIBOR03M + 0.95%) 6/1/21 #, • | 1,250,000 | 1,242,412 | |
| 1,242,412 | |||
| Total Corporate Bonds (cost $34,101,022) | 34,311,112 | ||
| Non-Agency Asset-Backed Securities — 49.30% | |||
| American Express Credit Account Master Trust | |||
| Series 2017-2 A 0.609% (LIBOR01M + 0.45%) 9/16/24 • | 675,000 | 677,934 | |
| Series 2018-6 A 3.06% 2/15/24 | 1,000,000 | 1,015,292 | |
| BA Credit Card Trust Series 2020-A1 A1 0.34% 5/15/26 | 2,000,000 | 2,002,425 | |
| BMW Floorplan Master Owner Trust Series 2018-1 A2 144A 0.479% (LIBOR01M + 0.32%) 5/15/23 #, • | 1,000,000 | 1,000,783 | |
| CarMax Auto Owner Trust Series 2017-4 A4 2.33% 5/15/23 | 2,000,000 | 2,029,184 | |
| Chase Auto Credit Linked Notes Series 2020-2 B 144A 0.84% 2/25/28 # | 2,000,000 | 2,001,924 | |
| Citibank Credit Card Issuance Trust Series 2017-A7 A7 0.522% (LIBOR01M + 0.37%) 8/8/24 • | 1,000,000 | 1,004,385 | |
| Principal amount° | Value (US $) | ||
| Non-Agency Asset-Backed Securities (continued) | |||
| Daimler Trucks Retail Trust Series 2020-1 A2 1.14% 4/15/22 | 947,223 | $949,125 | |
| Dell Equipment Finance Trust Series 2020-2 A2 144A 0.47% 10/24/22 # | 2,000,000 | 2,003,550 | |
| Discover Card Execution Note Trust | |||
| Series 2017-A1 A1 0.649% (LIBOR01M + 0.49%) 7/15/24 • | 1,500,000 | 1,506,838 | |
| Series 2019-A2 A 0.429% (LIBOR01M + 0.27%) 12/15/23 • | 2,000,000 | 2,001,995 | |
| Dryden 83 Series 2020-83A X 144A 0.987% (LIBOR03M + 0.75%, Floor 0.75%) 1/18/32 #, • | 2,000,000 | 2,000,000 | |
| Ford Credit Auto Lease Trust Series 2020-A A2 1.80% 7/15/22 | 945,981 | 950,329 | |
| Ford Credit Auto Owner Trust | |||
| Series 2017-1 A 144A 2.62% 8/15/28 # | 2,000,000 | 2,050,577 | |
| Series 2017-C A3 2.01% 3/15/22 | 15,163 | 15,181 | |
| GM Financial Automobile Leasing Trust Series 2020-3 A2A 0.35% 11/21/22 | 1,500,000 | 1,501,140 | |
| Honda Auto Receivables Owner Trust | |||
| Series 2019-2 A2 2.57% 12/21/21 | 112,410 | 112,674 | |
| Series 2019-4 A3 1.83% 1/18/24 | 970,000 | 989,715 | |
| Hyundai Auto Lease Securitization Trust | |||
| Series 2018-B A4 144A 3.20% 6/15/22 # | 446,218 | 446,674 | |
| Series 2020-A A3 144A 1.95% 7/17/23 # | 1,510,000 | 1,534,467 | |
| Hyundai Auto Receivables Trust Series 2019-B A2 1.93% 7/15/22 | 406,703 | 408,127 | |
| Invitation Homes Trust Series 2018-SFR1 A 144A 0.853% (LIBOR01M + 0.70%) 3/17/37 #, • | 1,187,040 | 1,177,162 | |
| John Deere Owner Trust Series 2019-B A2 2.28% 5/16/22 | 219,356 | 219,801 | |
| Mercedes-Benz Auto Lease Trust Series 2019-B A2 2.01% 12/15/21 | 489,095 | 490,080 | |
| Mercedes-Benz Master Owner Trust Series 2019-BA A 144A 2.61% 5/15/24 # | 2,000,000 | 2,066,212 | |
| MMAF Equipment Finance Series 2020-BA A2 144A 0.38% 8/14/23 # | 2,000,000 | 2,001,180 | |
| Nissan Auto Lease Trust Series 2018-A A3 3.25% 9/15/21 | 123,432 | 123,571 | |
| PFS Financing | |||
| Series 2020-B A 144A 1.21% 6/15/24 # | 2,000,000 | 2,020,263 | |
| Series 2020-G A 144A 0.97% 2/15/26 # | 1,500,000 | 1,507,867 | |
| Principal amount° | Value (US $) | ||
| Non-Agency Asset-Backed Securities (continued) | |||
| Tesla Auto Lease Trust | |||
| Series 2018-B A 144A 3.71% 8/20/21 # | 1,596,365 | $1,606,476 | |
| Series 2019-A A2 144A 2.13% 4/20/22 # | 1,905,830 | 1,923,368 | |
| Trillium Credit Card Trust II Series 2019-1A A 144A 0.628% (LIBOR01M + 0.48%) 1/26/24 #, • | 1,500,000 | 1,500,288 | |
| Verizon Owner Trust | |||
| Series 2018-A A1A 3.23% 4/20/23 | 1,171,219 | 1,186,764 | |
| Series 2020-C A 0.41% 4/21/25 | 2,000,000 | 2,003,702 | |
| Volvo Financial Equipment Series 2020-1A A2 144A 0.37% 4/17/23 # | 2,000,000 | 2,001,321 | |
| Total Non-Agency Asset-Backed Securities (cost $45,966,983) | 46,030,374 | ||
| Non-Agency Collateralized Mortgage Obligations — 3.05% | |||
| Freddie Mac Structured Agency Credit Risk Debt Notes Series 2020-HQA5 M1 144A 1.182% (SOFRRATE + 1.10%) 11/25/50 #, • | 2,000,000 | 2,004,587 | |
| Silverstone Master Issuer Series 2018-1A 1A 144A 0.599% (LIBOR03M + 0.39%) 1/21/70 #, • | 840,000 | 839,227 | |
| Total Non-Agency Collateralized Mortgage Obligations (cost $2,840,000) | 2,843,814 | ||
| Commercial Paper — 8.82% | |||
| Banks — 7.21% | |||
| Banco Del Estado De Chile 0.235% 2/22/21 ~ | 2,000,000 | 1,999,514 | |
| Bayerische Landesbank 0.23% 2/4/21 ~ | 1,000,000 | 999,833 | |
| BPCE 0.20% 3/1/21 ~ | 500,000 | 499,854 | |
| Caisse Des Depots 0.20% 3/23/21 ~ | 500,000 | 499,778 | |
| Lloyds Bank Corporate Markets 0.29% 6/4/21 ~ | 638,000 | 637,456 | |
| Skandinaviska Enskilda Banken 0.20% 2/26/21 ~ | 1,500,000 | 1,499,710 | |
| Swedbank 0.23% 4/21/21 ~ | 600,000 | 599,688 | |
| 6,735,833 | |||
| Consumer Non-Cyclical — 1.61% | |||
| Yale University 0.18% 1/7/21 ~ | 1,500,000 | 1,499,978 | |
| 1,499,978 | |||
| Total Commercial Paper (cost $8,235,008) | 8,235,811 | ||
| Total Value of Securities—102.20% (cost $95,143,013) | 95,421,425 | ||
| Principal amount° | Value (US $) | ||
| Liabilities Net of Receivables and Other Assets—(2.20%) | (2,052,446) | ||
| Net Assets Applicable to 9,316,277 Shares Outstanding—100.00% | $93,368,979 | ||
| ° | Principal amount shown is stated in USD. |
| # | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At December 31, 2020, the aggregate value of Rule 144A securities was $36,442,651, which represents 39.03% of the Fund's net assets. |
| • | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at December 31, 2020. 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. |
| ~ | The rate shown is the effective yield at the time of purchase. |
| Summary of abbreviations: |
| ICE – Intercontinental Exchange, Inc. |
| LIBOR – London interbank offered rate |
| LIBOR01M – ICE LIBOR USD 1 Month |
| LIBOR03M – ICE LIBOR USD 3 Month |
| LIBOR06M – ICE LIBOR USD 6 Month |
| REMIC – Real Estate Mortgage Investment Conduit |
| SOFR – Secured Overnight Financing Rate |
| USD – US Dollar |