Schedule of investments

Delaware Strategic Income Fund October 31, 2019 (Unaudited)

	Principal amount°		Value (US $)
Agency Collateralized Mortgage Obligations – 6.68%
Fannie Mae Connecticut Avenue Securities
Series 2017-C04 2M2 4.673% (LIBOR01M + 2.85%)
11/25/29 •	25,000	$	25,711
Series 2018-C02 2M2 4.023% (LIBOR01M + 2.20%,
Floor 2.20%) 8/25/30 •	545,000		549,207
Series 2018-C03 1M2 3.973% (LIBOR01M + 2.15%,
Floor 2.15%) 10/25/30 •	590,000		593,183
Series 2018-C05 1M2 4.173% (LIBOR01M + 2.35%,
Floor 2.35%) 1/25/31 •	585,000		590,798
Fannie Mae Interest Strip
Series 419 C3 3.00% 11/25/43 S	55,014		8,310
Fannie Mae REMICs
Series 2008-15 SB 4.777% (6.60% minus LIBOR01M,
Cap 6.60%) 8/25/36 S•	14,149		2,642
Series 2012-44 IK 3.50% 12/25/31 S	28,252		2,590
Series 2012-115 MI 3.50% 3/25/42 S	35,120		3,169
Series 2012-118 AI 3.50% 11/25/37 S	71,954		4,578
Series 2013-35 IG 3.00% 4/25/28 S	44,896		3,507
Series 2013-103 SK 4.097% (5.92% minus LIBOR01M,
Cap 5.92%) 10/25/43 S•	304,832		62,534
Series 2014-64 IT 3.50% 6/25/41 S	28,263		1,616
Series 2015-89 AZ 3.50% 12/25/45	21,787		23,376
Series 2016-36 SB 4.177% (6.00% minus LIBOR01M,
Cap 6.00%) 3/25/43 S•	61,294		6,808
Series 2016-50 IB 3.00% 2/25/46 S	76,354		9,354
Series 2016-62 SA 4.177% (6.00% minus LIBOR01M,
Cap 6.00%) 9/25/46 S•	223,806		52,708
Series 2016-83 PI 3.50% 7/25/45 S	67,495		7,676
Series 2017-12 JI 3.50% 5/25/40 S	57,974		4,906
Series 2017-25 BL 3.00% 4/25/47	16,000		16,111
Series 2017-77 HZ 3.50% 10/25/47	47,323		49,979
Freddie Mac REMICs
Series 4504 IO 3.50% 5/15/42 S	37,997		2,281
Series 4665 NI 3.50% 7/15/41 S	225,419		11,119
Series 4673 WI 3.50% 9/15/43 S	66,659		3,991
Freddie Mac Strips
Series 319 S2 4.079% (6.00% minus LIBOR01M, Cap
6.00%) 11/15/43 S•	47,975		8,331
Freddie Mac Structured Agency Credit Risk Debt Notes
Series 2017-DNA1 M2 5.073% (LIBOR01M + 3.25%,
Floor 3.25%) 7/25/29 •	250,000		262,065
Series 2018-HQA1 M2 4.123% (LIBOR01M + 2.30%)
9/25/30 •	555,000		559,066

NQ-023 [10/19] 12/19 (1029361) 1

Schedule of investments

Delaware Strategic Income Fund (Unaudited)

	Principal amount°		Value (US $)
Agency Collateralized Mortgage Obligations (continued)
GNMA
Series 2013-113 LY 3.00% 5/20/43	22,000	$	23,035
Series 2015-74 CI 3.00% 10/16/39 S	97,676		7,660
Series 2015-142 AI 4.00% 2/20/44 S	32,378		2,696
Series 2016-108 SK 4.204% (6.05% minus LIBOR01M,
Cap 6.05%) 8/20/46 S•	168,057		39,387
Series 2016-118 ES 4.254% (6.10% minus LIBOR01M,
Cap 6.10%) 9/20/46 S•	84,349		18,188
Series 2016-126 NS 4.254% (6.10% minus LIBOR01M,
Cap 6.10%) 9/20/46 S•	99,103		21,468
Series 2016-156 PB 2.00% 11/20/46	46,000		42,836
Series 2017-18 QS 4.209% (6.10% minus LIBOR01M,
Cap 6.10%) 2/16/47 S•	114,290		20,889
Series 2017-34 DY 3.50% 3/20/47	20,000		21,946
Series 2017-56 JZ 3.00% 4/20/47	33,411		34,672
Series 2017-107 QZ 3.00% 8/20/45	22,465		22,983
Series 2017-130 YJ 2.50% 8/20/47	25,000		25,494
Series 2017-141 JS 4.354% (6.20% minus LIBOR01M,
Cap 6.20%) 9/20/47 S•	100,270		18,257
Total Agency Collateralized Mortgage Obligations (cost $3,173,472)			3,165,127
Agency Commercial Mortgage-Backed Securities – 1.79%
Freddie Mac Multifamily Structured Pass Through
Certificates
Series K058 A2 2.653% 8/25/26 ◆	80,000		82,996
FREMF Mortgage Trust
Series 2011-K14 B 144A 5.18% 2/25/47 #•	50,000		52,071
Series 2013-K25 C 144A 3.619% 11/25/45 #•	45,000		46,089
Series 2013-K712 B 144A 3.263% 5/25/45 #•	60,000		59,940
Series 2013-K713 B 144A 3.152% 4/25/46 #•	35,000		35,057
Series 2013-K713 C 144A 3.152% 4/25/46 #•	105,000		105,136
Series 2014-K717 B 144A 3.629% 11/25/47 #•	35,000		35,890
Series 2014-K717 C 144A 3.629% 11/25/47 #•	20,000		20,408
Series 2015-K721 B 144A 3.565% 11/25/47 #•	235,000		241,999
Series 2016-K53 B 144A 4.019% 3/25/49 #•	50,000		52,971
Series 2016-K722 B 144A 3.842% 7/25/49 #•	75,000		78,309
Series 2017-K71 B 144A 3.753% 11/25/50 #•	35,000		36,821
Total Agency Commercial Mortgage-Backed Securities (cost $828,251)			847,687
Agency Mortgage-Backed Securities – 1.47%
Fannie Mae S. F. 30 yr
3.00% 7/1/49	59,541		60,552
4.00% 4/1/49	488,206		506,060

2 NQ-023 [10/19] 12/19 (1029361)

(Unaudited)

	Principal amount°		Value (US $)
Agency Mortgage-Backed Securities (continued)
Fannie Mae S. F. 30 yr
4.50% 9/1/48	38,521	$	41,174
5.00% 7/1/47	7,045		7,757
5.50% 8/1/48	50,793		55,825
6.00% 7/1/41	20,473		23,531
Total Agency Mortgage-Backed Securities (cost $691,311)			694,899
Convertible Bonds – 1.36%
Boingo Wireless 1.00% exercise price $42.32, maturity
date 10/1/23	385,000		329,027
Cheniere Energy 4.25% exercise price $138.38, maturity
date 3/15/45	400,000		315,500
Total Convertible Bonds (cost $633,763)			644,527
Corporate Bonds – 53.55%
Banking - 6.53%
Akbank T. A. S. 144A 7.20% 3/16/27 #µ	200,000		189,688
Bank of America 5.125% µy	180,000		189,900
BBVA Bancomer 144A 6.75% 9/30/22 #	236,000		259,883
BBVA USA 3.875% 4/10/25	335,000		353,542
Credit Suisse Group 144A 6.25% #µy	300,000		320,629
JPMorgan Chase & Co. 5.00% µy	140,000		145,548
Popular 6.125% 9/14/23	449,000		483,798
Royal Bank of Scotland Group 8.625% µy	335,000		361,800
Santander UK 144A 5.00% 11/7/23 #	215,000		231,495
Turkiye Garanti Bankasi 144A 6.25% 4/20/21 #	200,000		205,616
UBS Group 6.875% µy	200,000		208,217
USB Capital IX 3.50% (LIBOR03M + 1.02%) y•	165,000		142,976
			3,093,092
Basic Industry - 9.60%
BHP Billiton Finance USA 144A 6.25% 10/19/75 #µ	400,000		413,648
Braskem Finance 6.45% 2/3/24	200,000		223,500
CSN Resources 144A 7.625% 2/13/23 #	275,000		285,003
Equate Petrochemical 144A 3.00% 3/3/22 #	200,000		200,687
Freeport-McMoRan 5.45% 3/15/43	538,000		503,030
Gold Fields Orogen Holdings BVI 144A 6.125% 5/15/29 #	200,000		226,500
Hudbay Minerals 144A 7.625% 1/15/25 #	235,000		240,434
Methanex 5.25% 12/15/29	235,000		240,095
NOVA Chemicals 144A 5.00% 5/1/25 #	60,000		60,600
Novolipetsk Steel Via Steel Funding DAC 144A 4.00%
9/21/24 #	200,000		208,286
OCP 144A 4.50% 10/22/25 #	400,000		424,238
Orbia Advance 144A 5.50% 1/15/48 #	200,000		203,300

NQ-023 [10/19] 12/19 (1029361) 3

Schedule of investments

Delaware Strategic Income Fund (Unaudited)

	Principal amount°		Value (US $)
Corporate Bonds (continued)
Basic Industry (continued)
Petkim Petrokimya Holding 144A 5.875% 1/26/23 #	200,000	$	197,418
Sasol Financing USA 5.875% 3/27/24	400,000		431,653
Suzano Austria 6.00% 1/15/29	200,000		221,500
Syngenta Finance 144A 3.933% 4/23/21 #	225,000		228,869
Teck Resources 6.25% 7/15/41	215,000		239,862
			4,548,623
Brokerage - 0.91%
Jefferies Group 6.50% 1/20/43	365,000		430,811
			430,811
Capital Goods - 3.03%
Ardagh Packaging Finance 144A 6.00% 2/15/25 #	495,000		520,988
Grupo Cementos de Chihuahua 144A 5.25% 6/23/24 #	200,000		208,502
Mauser Packaging Solutions Holding 144A 7.25%
4/15/25 #	247,000		237,120
New Enterprise Stone & Lime 144A 10.125% 4/1/22 #	190,000		197,600
Standard Industries 144A 6.00% 10/15/25 #	255,000		269,025
			1,433,235
Communications - 5.98%
AT&T 4.35% 3/1/29	325,000		360,255
Charter Communications Operating
4.80% 3/1/50	30,000		30,560
5.125% 7/1/49	80,000		85,144
Discovery Communications 5.20% 9/20/47	130,000		141,667
LCPR Senior Secured Financing 144A 6.75% 10/15/27 #	235,000		241,169
Radiate Holdco 144A 6.625% 2/15/25 #	357,000		362,355
Sprint 7.875% 9/15/23	430,000		475,687
Time Warner Cable 7.30% 7/1/38	170,000		216,780
Time Warner Entertainment 8.375% 3/15/23	80,000		95,333
Viacom 4.375% 3/15/43	345,000		356,275
Zayo Group 6.375% 5/15/25	453,000		467,383
			2,832,608
Consumer Cyclical - 5.75%
AMC Entertainment Holdings 6.125% 5/15/27	395,000		359,203
General Motors Financial
4.35% 4/9/25	155,000		162,902
5.25% 3/1/26	180,000		195,426
GLP Capital
3.35% 9/1/24	165,000		167,724
4.00% 1/15/30	190,000		193,130
Golden Nugget 144A 8.75% 10/1/25 #	342,000		360,810
M/I Homes 5.625% 8/1/25	228,000		238,260
Prime Security Services Borrower 144A 5.75% 4/15/26 #	350,000		359,844

4 NQ-023 [10/19] 12/19 (1029361)

(Unaudited)

	Principal amount°		Value (US $)
Corporate Bonds (continued)
Consumer Cyclical (continued)
Resorts World Las Vegas 144A 4.625% 4/16/29 #	200,000	$	210,703
Scientific Games International 144A 8.25% 3/15/26 #	450,000		477,000
			2,725,002
Consumer Non-Cyclical - 1.72%
CVS Health 4.30% 3/25/28	165,000		179,260
JBS Investments II
144A 5.75% 1/15/28 #	200,000		208,850
144A 7.00% 1/15/26 #	200,000		217,300
MHP 144A 6.95% 4/3/26 #	200,000		206,802
			812,212
Electric - 5.21%
Calpine 144A 5.25% 6/1/26 #	455,000		474,906
CenterPoint Energy 4.25% 11/1/28	318,000		351,494
Duke Energy 4.875% µy	230,000		243,024
IPALCO Enterprises 3.70% 9/1/24	345,000		358,606
Israel Electric 144A 5.00% 11/12/24 #	200,000		220,400
NextEra Energy Capital Holdings 5.65% 5/1/79 µ	210,000		231,738
NRG Energy 144A 4.45% 6/15/29 #	335,000		355,849
Southern California Edison 4.875% 3/1/49	195,000		231,645
			2,467,662
Energy - 8.01%
ADES International Holding 144A 8.625% 4/24/24 #	200,000		206,250
Chesapeake Energy 8.00% 1/15/25	115,000		76,475
Energy Transfer Operating
5.25% 4/15/29	125,000		140,294
6.25% 4/15/49	95,000		114,304
6.625% µy	100,000		95,527
Gazprom OAO Via Gaz Capital 144A 4.95% 3/23/27 #	200,000		216,729
KazMunayGas National 144A 6.375% 10/24/48 #	400,000		504,440
KazTransGas JSC 144A 4.375% 9/26/27 #	200,000		210,308
Marathon Oil 4.40% 7/15/27	245,000		263,469
MPLX
4.00% 3/15/28	70,000		72,805
4.125% 3/1/27	160,000		168,167
5.50% 2/15/49	105,000		117,875
Noble Energy
3.25% 10/15/29	170,000		169,483
4.20% 10/15/49	195,000		189,040
Petrobras Global Finance 144A 5.093% 1/15/30 #	195,000		207,041
Petroleos Mexicanos 144A 6.84% 1/23/30 #	200,000		213,930
Precision Drilling 7.75% 12/15/23	220,000		209,000
Saudi Arabian Oil 144A 4.25% 4/16/39 #	200,000		214,644

NQ-023 [10/19] 12/19 (1029361) 5

Schedule of investments

Delaware Strategic Income Fund (Unaudited)

	Principal amount°		Value (US $)
Corporate Bonds (continued)
Energy (continued)
Southwestern Energy 7.75% 10/1/27	465,000	$	402,225
			3,792,006
Finance Companies - 1.51%
AerCap Ireland Capital 3.65% 7/21/27	350,000		360,961
Avolon Holdings Funding 144A 4.375% 5/1/26 #	335,000		354,829
			715,790
Insurance - 2.05%
AssuredPartners 144A 7.00% 8/15/25 #	238,000		238,298
Brighthouse Financial
3.70% 6/22/27	170,000		167,051
4.70% 6/22/47	210,000		188,561
HUB International 144A 7.00% 5/1/26 #	135,000		139,388
USI 144A 6.875% 5/1/25 #	235,000		239,700
			972,998
Real Estate - 0.06%
CubeSmart 3.00% 2/15/30	30,000		30,025
			30,025
Technology - 2.03%
CommScope Technologies 144A 5.00% 3/15/27 #	448,000		368,480
Micron Technology 4.663% 2/15/30	340,000		357,544
Verscend Escrow 144A 9.75% 8/15/26 #	220,000		234,850
			960,874
Transportation - 0.71%
DAE Funding 144A 5.75% 11/15/23 #	160,000		168,000
Rutas 2 and 7 Finance 144A 3.413% 9/30/36 #	255,000		166,388
			334,388
Utilities - 0.45%
Aegea Finance 144A 5.75% 10/10/24 #	200,000		211,502
			211,502
Total Corporate Bonds (cost $24,959,592)			25,360,828
Municipal Bonds – 1.51%
Bay Area, California Toll Authority
(Build America Bonds) Series S-3 6.907% 10/1/50	170,000		282,812
New Jersey Turnpike Authority
(Build America Bonds) Series A 7.102% 1/1/41	90,000		140,290
South Carolina Public Service Authority
Series D 4.77% 12/1/45	55,000		69,123

6 NQ-023 [10/19] 12/19 (1029361)

(Unaudited)

	Principal amount°		Value (US $)
Municipal Bonds (continued)
State of California Various Purposes
7.55% 4/1/39	135,000	$	221,693
Total Municipal Bonds (cost $654,911)			713,918
Non-Agency Asset-Backed Securities – 2.67%
Citicorp Residential Mortgage Trust
Series 2006-3 A5 5.163% 11/25/36 •	393,311		403,707
Hardee’s Funding
Series 2018-1A A2I 144A 4.25% 6/20/48 #	49,500		50,367
HOA Funding
Series 2014-1A A2 144A 4.846% 8/20/44 #	499,500		502,392
Towd Point Mortgage Trust
Series 2015-5 A1B 144A 2.75% 5/25/55 #•	33,881		34,018
Series 2015-6 A1B 144A 2.75% 4/25/55 #•	40,854		41,079
Series 2017-1 A1 144A 2.75% 10/25/56 #•	54,229		54,878
Series 2017-2 A1 144A 2.75% 4/25/57 #•	54,725		55,232
Series 2018-1 A1 144A 3.00% 1/25/58 #•	72,626		73,697
Wendy’s Funding
Series 2018-1A A2I 144A 3.573% 3/15/48 #	49,125		50,641
Total Non-Agency Asset-Backed Securities
(cost $1,212,141)			1,266,011
Non-Agency Collateralized Mortgage Obligations – 12.63%
Chase Home Lending Mortgage Trust
Series 2019-ATR1 A4 144A 4.00% 4/25/49 #•	375,410		376,758
Series 2019-ATR2 A3 144A 3.50% 7/25/49 #•	87,777		89,115
Connecticut Avenue Securities Trust
Series 2019-R01 2M2 144A 4.273% (LIBOR01M +
2.45%) 7/25/31 #•	575,000		579,525
Series 2019-R07 1M2 144A 3.923% (LIBOR01M +
2.10%) 10/25/39 #•	500,000		500,000
Credit Suisse First Boston Mortgage Securities
Series 2005-5 6A3 5.00% 7/25/35	31,025		31,325
Flagstar Mortgage Trust
Series 2018-1 A5 144A 3.50% 3/25/48 #•	67,918		69,036
Series 2018-5 A7 144A 4.00% 9/25/48 #•	58,269		58,847
Galton Funding Mortgage Trust
Series 2018-1 A43 144A 3.50% 11/25/57 #•	49,341		49,939
GSMPS Mortgage Loan Trust
Series 1998-2 A 144A 7.75% 5/19/27 #•	15,547		15,619
JPMorgan Mortgage Trust
Series 2006-S1 1A1 6.00% 4/25/36	30,215		32,639
Series 2007-A1 7A4 4.582% 7/25/35 •	45,297		41,538

NQ-023 [10/19] 12/19 (1029361) 7

Schedule of investments

Delaware Strategic Income Fund (Unaudited)

	Principal amount°		Value (US $)
Non-Agency Collateralized Mortgage Obligations (continued)
JPMorgan Mortgage Trust
Series 2014-2 B1 144A 3.406% 6/25/29 #•	56,804	$	57,798
Series 2014-2 B2 144A 3.406% 6/25/29 #•	56,804		57,575
Series 2014-IVR6 2A4 144A 2.50% 7/25/44 #•	100,000		99,958
Series 2015-4 B1 144A 3.622% 6/25/45 #•	89,808		92,863
Series 2015-4 B2 144A 3.622% 6/25/45 #•	89,808		92,282
Series 2015-5 B2 144A 3.289% 5/25/45 #•	93,708		92,861
Series 2015-6 B1 144A 3.601% 10/25/45 #•	88,718		91,221
Series 2015-6 B2 144A 3.601% 10/25/45 #•	88,718		90,749
Series 2016-4 B1 144A 3.899% 10/25/46 #•	92,229		96,786
Series 2016-4 B2 144A 3.899% 10/25/46 #•	92,229		96,179
Series 2017-1 B2 144A 3.543% 1/25/47 #•	79,965		82,316
Series 2017-2 A3 144A 3.50% 5/25/47 #•	30,244		30,760
Series 2018-4 A15 144A 3.50% 10/25/48 #•	39,520		39,912
Series 2018-6 1A4 144A 3.50% 12/25/48 #•	266,631		269,016
Series 2018-7FRB A2 144A 2.768% (LIBOR01M +
0.75%) 4/25/46 #•	28,318		28,318
New Residential Mortgage Loan Trust
Series 2018-RPL1 A1 144A 3.50% 12/25/57 #•	83,392		86,758
Sequoia Mortgage Trust
Series 2013-2 B4 3.639% 2/25/43 •	497,025		508,755
Series 2014-1 B3 144A 3.908% 4/25/44 #•	489,558		513,961
Series 2014-2 A4 144A 3.50% 7/25/44 #•	27,857		28,308
Series 2015-1 B2 144A 3.88% 1/25/45 #•	44,146		45,881
Series 2017-4 A1 144A 3.50% 7/25/47 #•	72,176		73,456
Series 2017-5 B2 144A 3.864% 8/25/47 #•	473,810		495,146
Series 2017-6 B2 144A 3.76% 9/25/47 #•	474,022		492,321
Series 2017-7 B2 144A 3.762% 10/25/47 #•	475,753		494,601
Series 2018-5 A4 144A 3.50% 5/25/48 #•	70,958		71,954
Washington Mutual Mortgage Pass Through Certificates
Trust
Series 2005-1 5A2 6.00% 3/25/35 ◆	7,540		684
Wells Fargo Mortgage-Backed Securities Trust
Series 2006-AR5 2A1 5.187% 4/25/36 •	5,281		5,315
Total Non-Agency Collateralized Mortgage Obligations (cost $5,933,268)			5,980,075
Non-Agency Commercial Mortgage-Backed Securities – 5.40%
BANK
Series 2017-BNK5 B 3.896% 6/15/60 •	60,000		63,887
Series 2017-BNK8 C 4.073% 11/15/50 •	100,000		106,663
Series 2019-BN20 A3 3.011% 9/15/61	500,000		522,866
Caesars Palace Las Vegas Trust
Series 2017-VICI B 144A 3.835% 10/15/34 #	60,000		62,538

8 NQ-023 [10/19] 12/19 (1029361)

(Unaudited)

	Principal amount°		Value (US $)
Non-Agency Commercial Mortgage-Backed Securities (continued)
Cantor Commercial Real Estate Lending
Series 2019-CF1 A5 3.786% 5/15/52	300,000	$	331,835
Series 2019-CF2 A5 2.874% 11/15/52	100,000		103,131
CD Mortgage Trust
Series 2016-CD2 A3 3.248% 11/10/49	85,000		89,773
Citigroup Commercial Mortgage Trust
Series 2014-GC25 A4 3.635% 10/10/47	75,000		80,170
COMM Mortgage Trust
Series 2013-CR6 AM 144A 3.147% 3/10/46 #	110,000		112,944
Series 2014-CR19 A5 3.796% 8/10/47	80,000		85,666
GS Mortgage Securities Trust
Series 2010-C1 C 144A 5.635% 8/10/43 #•	150,000		151,921
Series 2015-GC32 A4 3.764% 7/10/48	75,000		80,874
Series 2017-GS6 A3 3.433% 5/10/50	75,000		80,269
Series 2018-GS9 A4 3.992% 3/10/51 •	40,000		44,590
JPM-BB Commercial Mortgage Securities Trust
Series 2015-C27 XA 1.281% 2/15/48 •	888,388		44,083
Series 2015-C31 A3 3.801% 8/15/48	105,000		113,654
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2013-LC11 B 3.499% 4/15/46	130,000		133,222
Series 2016-WIKI A 144A 2.798% 10/5/31 #	90,000		90,937
Series 2016-WIKI B 144A 3.201% 10/5/31 #	85,000		86,064
LB-UBS Commercial Mortgage Trust
Series 2006-C6 AJ 5.452% 9/15/39 •	55,474		32,368
Morgan Stanley Capital I Trust
Series 2006-HQ10 B 5.448% 11/12/41 •	69,463		63,271
UBS Commercial Mortgage Trust
Series 2018-C9 A4 4.117% 3/15/51 •	70,000		78,409
Total Non-Agency Commercial Mortgage-Backed Securities (cost $2,545,964)			2,559,135
Loan Agreements – 4.64%
Acrisure Tranche B 1st Lien 5.854% (LIBOR03M + 3.75%)
11/22/23 •	124,684		121,567
Applied Systems 2nd Lien 9.104% (LIBOR03M + 7.00%)
9/19/25 •	225,822		229,350
AssuredPartners Tranche B 1st Lien 5.286% (LIBOR01M +
3.50%) 10/22/24 •	124,639		122,770
Blackstone CQP Holdco Tranche B 1st Lien 5.656%
(LIBOR03M + 3.50%) 9/30/24 •	124,688		124,428
Blue Ribbon 1st Lien 6.266% (LIBOR03M + 4.00%)
11/13/21 •	53,647		46,494
DTZ US Borrower Tranche B 1st Lien 5.036% (LIBOR01M
+ 3.25%) 8/21/25 •	99,000		99,417

NQ-023 [10/19] 12/19 (1029361) 9

Schedule of investments

Delaware Strategic Income Fund (Unaudited)

		Principal amount°		Value (US $)
Loan Agreements (continued)
Frontier Communications Tranche B1 1st Lien 5.54%
(LIBOR01M + 3.75%) 6/15/24 •		124,681	$	124,421
Gentiva Health Services Tranche B 1st Lien 5.563%
(LIBOR01M + 3.75%) 7/2/25 •		99,904		100,185
GIP III Stetson I Tranche B 1st Lien 6.128% (LIBOR01M +
4.25%) 7/18/25 •		61,320		56,721
Hercules Merger 1st Lien 0.00% 10/16/26 X		125,000		125,723
Hoya Midco Tranche B 1st Lien 5.286% (LIBOR01M +
3.50%) 6/30/24 •		125,000		121,719
Inmarsat Tranche B 1st Lien 0.00% 9/23/26 • X		75,000		74,081
Kronos Tranche B 1st Lien 5.253% (LIBOR03M + 3.00%)
11/1/23	•	125,000		124,857
Mauser Packaging Solutions Holding Tranche B 1st Lien
5.234% (LIBOR03M + 3.25%) 4/3/24 •		65,876		64,222
Stars Group Tranche B 1st Lien 5.604% (LIBOR03M +
3.50%) 7/10/25 •		63,947		64,273
Summit Midstream Partners Holdings Tranche B 1st Lien
7.786% (LIBOR01M + 6.00%) 5/21/22 •		162,935		158,794
Ultimate Software Group 1st Lien 5.536% (LIBOR01M +
3.75%) 5/3/26 •		102,396		102,737
Verscend Holding Tranche B 1st Lien 6.286% (LIBOR01M
+ 4.50%) 8/27/25 •		83,876		84,107
VVC Holding Tranche B 1st Lien 6.681% (LIBOR03M +
4.50%) 2/11/26 •		124,687		123,907
Wand NewCo 3 Tranche B 1st Lien 5.286% (LIBOR01M +
3.50%) 2/5/26 •		124,688		125,389
Total Loan Agreements (cost $2,222,578)				2,195,162
Sovereign Bonds – 4.17%D
Argentina - 0.49%
Argentine Republic Government International Bond
5.625% 1/26/22		538,000		230,807
				230,807
Egypt - 0.88%
Egypt Government International Bond
144A 5.577% 2/21/23 #		200,000		205,563
144A 7.60% 3/1/29 #		200,000		212,058
				417,621

10 NQ-023 [10/19] 12/19 (1029361)

(Unaudited)

	Principal amount°		Value (US $)
Sovereign BondsD (continued)
Ghana - 0.44%
Ghana Government International Bond 144A
7.875% 3/26/27 #	200,000	$	208,162
			208,162
Ivory Coast - 0.42%
Ivory Coast Government International Bond 144A
6.125% 6/15/33 #	200,000		196,840
			196,840
Mongolia - 0.50%
Mongolia Government International Bond 144A
5.625% 5/1/23 #	230,000		235,628
			235,628
Senegal - 0.41%
Senegal Government International Bond 144A
6.75% 3/13/48 #	200,000		196,828
			196,828
Sri Lanka - 0.53%
Sri Lanka Government International Bond 144A
5.75% 4/18/23 #	250,000		250,866
			250,866
Uzbekistan - 0.50%
Republic of Uzbekistan Bond 144A 4.75% 2/20/24 #	226,000		237,906
			237,906
Total Sovereign Bonds (cost $1,954,255)			1,974,658
Supranational Bank – 0.43%
Banque Ouest Africaine de Developpement 144A
4.70% 10/22/31 #	200,000		201,757
Total Supranational Bank (cost $200,000)			201,757
US Treasury Obligation – 1.07%
US Treasury Note
1.625% 8/15/29	510,000		507,022
Total US Treasury Obligation (cost $499,917)			507,022

NQ-023 [10/19] 12/19 (1029361) 11

Schedule of investments

Delaware Strategic Income Fund (Unaudited)

	Number of shares		Value (US $)
Preferred Stock – 0.87%
Morgan Stanley 5.55%µ	115,000	$	116,694
US Bancorp 3.50% (LIBOR03M + 1.02%) •	350		296,578
Total Preferred Stock (cost $363,428)			413,272
Short-Term Investments – 1.73%
Money Market Mutual Funds - 1.73%
BlackRock FedFund - Institutional Shares (seven-day
effective yield 1.72%)	164,031		164,032
Fidelity Investments Money Market Government Portfolio -
Class I (seven-day effective yield 1.72%)	164,031		164,032
GS Financial Square Government Fund - Institutional
Shares (seven-day effective yield 1.71%)	164,031		164,031
Morgan Stanley Government Portfolio - Institutional Share
Class (seven-day effective yield 1.72%)	164,031		164,031
State Street Institutional US Government Money Market
Fund - Investor Class (seven-day effective yield 1.67%)	164,031		164,031
Total Short-Term Investments (cost $820,157)			820,157
Total Value of Securities – 99.97%
(cost $46,693,008)			47,344,235
Receivables and Other Assets Net of Liabilities – 0.03% ★			14,253
Net Assets Applicable to 5,825,538 Shares Outstanding – 100.00%	$		47,358,488
# Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended.
At Oct. 31, 2019, the aggregate value of Rule 144A securities was $22,357,120, which represents
47.21% of the Fund’s net assets.
◆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.
★Of this amount, $13,666 represents cash pledged as collateral for open futures contracts.
° Principal amount shown is stated in USD unless noted that the security is denominated in another
currency.
D Securities have been classified by country of origin.
µ Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at Oct. 31, 2019.
Rate will reset at a future date.
S Interest only security. An interest only security is the interest only portion of a fixed income security,
which is separated and sold individually from the principal portion of the security.
y No contractual maturity date.
• Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at
Oct. 31, 2019. For securities based on a published reference rate and spread, the reference rate and
spread are indicated in their description above. The reference rate descriptions (i. e. LIBOR03M,

12 NQ-023 [10/19] 12/19 (1029361)

(Unaudited)

   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 description above.

X This loan will settle after Oct. 31, 2019, at which time the interest rate, based on the LIBOR and the
   agreed upon spread on trade date, will be reflected.

The following futures contracts were outstanding at Oct. 31, 2019:

Futures Contracts
												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 5
31	yr Notes	$	3,695,297	$	3,718,621	12/31/19	$	—	$	(23,324)	$	17,195
	US Treasury 10
(14)	yr Notes		(1,824,156)		(1,831,442)	12/19/19		7,286		—		(11,375)
	Total Futures Contracts			$	1,887,179		$	7,286	$	(23,324)	$	5,820

The use of futures contracts involves elements of market risk and risks in excess of the amounts
disclosed in the financial statements. The notional amounts 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.

Summary of abbreviations:
BB – Barclays Bank
FREMF – Freddie Mac Multifamily
GNMA – Government National Mortgage Association
GS – Goldman Sachs
GSMPS – Goldman Sachs Reperforming Mortgage Securities
ICE – Intercontinental Exchange
JPM – JPMorgan
LB – Lehman Brothers
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
S.F. – Single Family

NQ-023 [10/19] 12/19 (1029361) 13

Schedule of investments

Delaware Strategic Income Fund (Unaudited)

Summary of abbreviations: (continued)
USD – US Dollar
yr – Year

14 NQ-023 [10/19] 12/19 (1029361)