| Delaware Investments Ultrashort Fund | June 30, 2021 (Unaudited) |
| Principal amount° | Value (US $) | ||
| Agency Collateralized Mortgage Obligations — 4.80% | |||
| Freddie Mac Structured Agency Credit Risk REMIC Trust | |||
| Series 2020-DNA6 M1 144A 0.918% (SOFR + 0.90%) 12/25/50 #, • | 1,232,750 | $1,233,138 | |
| Series 2021-DNA1 M1 144A 0.668% (SOFR + 0.65%) 1/25/51 #, • | 914,149 | 914,148 | |
| Series 2021-HQA1 M1 144A 0.718% (SOFR + 0.70%) 8/25/33 #, • | 1,000,000 | 1,000,000 | |
| Series 2021-HQA2 M1 144A 0.717% (SOFR + 0.70%) 12/25/33 #, • | 1,000,000 | 1,001,096 | |
| Total Agency Collateralized Mortgage Obligations (cost $4,146,898) | 4,148,382 | ||
| Agency Commercial Mortgage-Backed Securities — 6.32% | |||
| FREMF Mortgage Trust | |||
| Series 2012-K18 B 144A 4.316% 1/25/45 #, • | 2,500,000 | 2,545,485 | |
| Series 2014-K716 B 144A 3.847% 8/25/47 #, • | 1,158,681 | 1,158,368 | |
| Series 2014-K717 B 144A 3.714% 11/25/47 #, • | 1,750,000 | 1,754,096 | |
| Total Agency Commercial Mortgage-Backed Securities (cost $5,492,123) | 5,457,949 | ||
| Collateralized Debt Obligations — 2.31% | |||
| Ares LVIII Series 2020-58A X 144A 1.036% (LIBOR03M + 0.80%, Floor 0.80%) 1/15/33 #, • | 1,000,000 | 999,748 | |
| Symphony Series 2020-24A X 144A 1.024% (LIBOR03M + 0.80%, Floor 0.80%) 1/23/32 #, • | 1,000,000 | 999,747 | |
| Total Collateralized Debt Obligations (cost $2,000,000) | 1,999,495 | ||
| Corporate Bonds — 32.75% | |||
| Banks — 6.64% | |||
| Bank of America 1.176% (LIBOR03M + 1.00%) 4/24/23 • | 1,500,000 | 1,510,983 | |
| Goldman Sachs Group 1.735% (LIBOR03M + 1.60%) 11/29/23 • | 1,250,000 | 1,290,143 | |
| JPMorgan Chase & Co. 1.076% (LIBOR03M + 0.90%) 4/25/23 • | 1,410,000 | 1,420,325 | |
| Truist Bank 0.776% (SOFR + 0.73%) 3/9/23 • | 1,500,000 | 1,512,449 | |
| 5,733,900 | |||
| Capital Goods — 2.99% | |||
| Caterpillar Financial Services 2.95% 2/26/22 | 1,062,000 | 1,081,322 | |
| Principal amount° | Value (US $) | ||
| Corporate Bonds (continued) | |||
| Capital Goods (continued) | |||
| Otis Worldwide 0.595% (LIBOR03M + 0.45%) 4/5/23 • | 1,500,000 | $1,500,128 | |
| 2,581,450 | |||
| Communications — 5.00% | |||
| Deutsche Telekom International Finance 144A 1.95% 9/19/21 # | 1,500,000 | 1,503,050 | |
| Fox 3.666% 1/25/22 | 1,500,000 | 1,529,654 | |
| Verizon Communications 1.256% (LIBOR03M + 1.10%) 5/15/25 • | 1,250,000 | 1,289,863 | |
| 4,322,567 | |||
| Consumer Cyclical — 3.19% | |||
| 7-Eleven 144A 0.625% 2/10/23 # | 1,500,000 | 1,501,007 | |
| General Motors Financial 0.804% (SOFR + 0.76%) 3/8/24 • | 1,250,000 | 1,259,354 | |
| 2,760,361 | |||
| Consumer Non-Cyclical — 3.50% | |||
| AbbVie | |||
| 0.799% (LIBOR03M + 0.65%) 11/21/22 • | 1,405,000 | 1,415,243 | |
| 2.15% 11/19/21 | 1,595,000 | 1,606,677 | |
| 3,021,920 | |||
| Electric — 8.52% | |||
| American Electric Power 3.65% 12/1/21 | 1,250,000 | 1,268,059 | |
| DTE Energy 2.60% 6/15/22 | 1,500,000 | 1,532,714 | |
| Exelon Generation 3.40% 3/15/22 | 3,000,000 | 3,053,994 | |
| NextEra Energy Capital Holdings 2.403% 9/1/21 | 1,500,000 | 1,505,465 | |
| 7,360,232 | |||
| Insurance — 1.46% | |||
| Brighthouse Financial Global Funding 144A 0.779% (SOFR + 0.76%) 4/12/24 #, • | 1,250,000 | 1,259,601 | |
| 1,259,601 | |||
| Real Estate Investment Trusts — 1.45% | |||
| Public Storage 0.495% (SOFR + 0.47%) 4/23/24 • | 1,250,000 | 1,252,731 | |
| 1,252,731 | |||
| Total Corporate Bonds (cost $28,151,477) | 28,292,762 | ||
| Principal amount° | Value (US $) | ||
| Non-Agency Asset-Backed Securities — 38.34% | |||
| American Express Credit Account Master Trust Series 2018-6 A 3.06% 2/15/24 | 1,000,000 | $1,001,205 | |
| ARI Fleet Lease Trust Series 2018-A A3 144A 2.84% 10/15/26 # | 1,703,970 | 1,718,485 | |
| Avis Budget Rental Car Funding AESOP | |||
| Series 2016-2A A 144A 2.72% 11/20/22 # | 1,666,667 | 1,675,668 | |
| Series 2019-1A A 144A 3.45% 3/20/23 # | 2,000,000 | 2,032,040 | |
| CarMax Auto Owner Trust Series 2017-4 A4 2.33% 5/15/23 | 1,769,013 | 1,778,844 | |
| Carvana Auto Receivables Trust Series 2021-P1 A2 0.28% 3/11/24 | 1,500,000 | 1,500,040 | |
| Daimler Trucks Retail Trust Series 2020-1 A2 1.14% 4/15/22 | 192,535 | 192,659 | |
| Dell Equipment Finance Trust | |||
| Series 2019-2 A2 144A 1.95% 12/22/21 # | 570,391 | 571,266 | |
| Series 2020-2 A2 144A 0.47% 10/24/22 # | 1,907,086 | 1,909,488 | |
| Series 2021-1 A2 144A 0.33% 5/22/26 # | 1,000,000 | 1,000,935 | |
| Dryden 83 Series 2020-83A X 144A 0.987% (LIBOR03M + 0.75%, Floor 0.75%) 1/18/32 #, • | 2,000,000 | 1,999,496 | |
| Ford Credit Auto Lease Trust Series 2020-A A2 1.80% 7/15/22 | 90,570 | 90,621 | |
| Ford Credit Auto Owner Trust Series 2017-1 A 144A 2.62% 8/15/28 # | 2,000,000 | 2,030,001 | |
| GM Financial Automobile Leasing Trust Series 2020-3 A2A 0.35% 11/21/22 | 1,019,342 | 1,019,959 | |
| Harley-Davidson Motorcycle Trust Series 2019-A A3 2.34% 2/15/24 | 708,733 | 714,964 | |
| Honda Auto Receivables Owner Trust Series 2019-4 A3 1.83% 1/18/24 | 970,000 | 981,405 | |
| Hyundai Auto Lease Securitization Trust | |||
| Series 2020-A A3 144A 1.95% 7/17/23 # | 1,510,000 | 1,522,089 | |
| Series 2021-A B 144A 0.61% 10/15/25 # | 1,500,000 | 1,502,439 | |
| JPMorgan Chase Bank Series 2020-2 B 144A 0.84% 2/25/28 # | 1,633,453 | 1,635,648 | |
| MMAF Equipment Finance Series 2020-BA A2 144A 0.38% 8/14/23 # | 2,000,000 | 2,002,021 | |
| PFS Financing Series 2020-B A 144A 1.21% 6/15/24 # | 2,000,000 | 2,016,674 | |
| Verizon Owner Trust | |||
| Series 2018-A A1A 3.23% 4/20/23 | 442,013 | 445,055 | |
| Series 2019-C A1A 1.94% 4/22/24 | 2,000,000 | 2,028,306 | |
| Principal amount° | Value (US $) | ||
| Non-Agency Asset-Backed Securities (continued) | |||
| Volvo Financial Equipment Series 2020-1A A2 144A 0.37% 4/17/23 # | 1,751,201 | $1,752,655 | |
| Total Non-Agency Asset-Backed Securities (cost $33,131,800) | 33,121,963 | ||
| Non-Agency Collateralized Mortgage Obligations — 1.07% | |||
| Freddie Mac Structured Agency Credit Risk Debt Notes Series 2020-HQA5 M1 144A 1.118% (SOFR + 1.10%) 11/25/50 #, • | 919,920 | 920,211 | |
| Total Non-Agency Collateralized Mortgage Obligations (cost $919,920) | 920,211 | ||
| Commercial Paper — 12.56% | |||
| Banks — 12.14% | |||
| HSBC 0.15% 11/24/21 ≠ | 250,000 | 249,791 | |
| Lloyds Bank Corporate Markets 0.19% 9/16/21 ≠ | 1,000,000 | 999,790 | |
| National Bank of Canada 0.20% 6/23/22 ≠ | 500,000 | 498,941 | |
| Societe Generale | |||
| 0.15% 12/16/21 ≠ | 250,000 | 249,836 | |
| 0.24% 10/20/21 ≠ | 2,000,000 | 1,999,365 | |
| 0.261% 2/1/22 ≠ | 1,000,000 | 999,046 | |
| 0.261% 2/15/22 ≠ | 500,000 | 499,489 | |
| Svenska Handelsbanken 0.18% 9/3/21 ≠ | 1,000,000 | 999,879 | |
| Swedbank 0.05% 7/1/21 ≠ | 500,000 | 500,000 | |
| Toronto-Dominion 0.20% 6/28/22 ≠ | 1,000,000 | 998,034 | |
| Westpac 0.21% 9/27/21 ≠ | 2,500,000 | 2,499,536 | |
| 10,493,707 | |||
| Consumer Non-Cyclical — 0.42% | |||
| Colgate Palmolive 0.04% 7/1/21 ≠ | 360,000 | 360,000 | |
| 360,000 | |||
| Total Commercial Paper (cost $10,850,801) | 10,853,707 | ||
| Total Value of Securities—98.15% (cost $84,693,019) | 84,794,469 | ||
| Receivables and Other Assets Net of Liabilities—1.85% | 1,602,105 | ||
| Net Assets Applicable to 8,631,861 Shares Outstanding—100.00% | $86,396,574 | ||
| ° | Principal amount shown is stated in USD unless noted that the security is denominated in another currency. |
| # | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2021, the aggregate value of Rule 144A securities was $40,158,600, which represents 46.48% of the Fund's net assets. |
| • | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at June 30, 2021. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
| ≠ | The rate shown is the effective yield at the time of purchase. |
| Summary of abbreviations: |
| FREMF – Freddie Mac Multifamily |
| ICE – Intercontinental Exchange, Inc. |
| LIBOR – London interbank offered rate |
| LIBOR03M – ICE LIBOR USD 3 Month |
| LIBOR06M – ICE LIBOR USD 6 Month |
| REMIC – Real Estate Mortgage Investment Conduit |
| SOFR – Secured Overnight Financing Rate |