N-Q 1 degrpaadvfunds_nq.htm QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number:       811-07972
 
Exact name of registrant as specified in charter: Delaware Group® Adviser Funds
 
Address of principal executive offices: 2005 Market Street
Philadelphia, PA 19103
 
Name and address of agent for service: David F. Connor, Esq.
2005 Market Street
Philadelphia, PA 19103
 
Registrant’s telephone number, including area code: (800) 523-1918
 
Date of fiscal year end: October 31
 
Date of reporting period: July 31, 2014



Item 1. Schedule of Investments.

Schedule of investments
Delaware Diversified Income Fund

July 31, 2014 (Unaudited)

     Principal amount°      Value (U.S. $)
Agency Asset-Backed Securities – 0.02%
Fannie Mae Grantor Trust
     Series 2003-T4 2A5 5.407% 9/26/33 905,347 $ 986,564
Fannie Mae Whole Loan REMIC Trust
     Series 2001-W2 AS5 6.473% 10/25/31 1,186 1,240
     Series 2002-W11 AV1 0.495% 11/25/32 8,428 7,709
Total Agency Asset-Backed Securities (cost $877,320) 995,513
 
Agency Collateralized Mortgage Obligations – 2.09%
Fannie Mae Grantor Trust
     Series 1999-T2 A1 7.50% 1/19/39 16,258 18,115
     Series 2002-T4 A3 7.50% 12/25/41 168,747 191,501
     Series 2002-T19 A1 6.50% 7/25/42 120,534 136,955
     Series 2004-T1 1A2 6.50% 1/25/44 55,881 63,426
Fannie Mae Interest Strip
     Series 265 2 9.00% 3/1/24 7,481 8,673
Fannie Mae REMICs
     Series 1990-92 C 7.00% 8/25/20 868 959
     Series 1996-46 ZA 7.50% 11/25/26 158,051 179,595
     Series 2001-50 BA 7.00% 10/25/41 82,914 94,458
     Series 2002-83 GH 5.00% 12/25/17 140,182 147,353
     Series 2002-90 A2 6.50% 11/25/42 228,376 257,807
     Series 2003-11 BY 5.50% 2/25/33 144,637 158,659
     Series 2003-26 AT 5.00% 11/25/32 3,157,779 3,280,471
     Series 2003-38 MP 5.50% 5/25/23 2,410,331 2,629,227
     Series 2003-78 B 5.00% 8/25/23 69,957 76,112
     Series 2003-106 WE 4.50% 11/25/22 1,526,732 1,546,630
     Series 2005-110 MB 5.50% 9/25/35 1,162,406 1,259,261
     Series 2007-40 PT 5.50% 5/25/37 34,352 37,464
     Series 2009-94 AC 5.00% 11/25/39 5,843,970 6,378,716
     Series 2010-41 PN 4.50% 4/25/40 7,623,413 8,185,441
     Series 2010-75 NA 4.00% 9/25/28 768,824 798,228
     Series 2010-96 DC 4.00% 9/25/25 14,795,000 15,790,274
     Series 2011-113 CP 5.00% 9/25/39 1,745,712 1,868,313
     Series 2012-19 HB 4.00% 1/25/42 144,020 148,732
     Series 2012-19 NI 3.50% 10/25/31 Σ 5,446,583 761,520
     Series 2012-122 SD 5.945% 11/25/42 Σ 11,119,646 2,252,601
     Series 2013-20 IH 3.00% 3/25/33 Σ 6,912,562 1,158,943
     Series 2013-31 MI 3.00% 4/25/33 Σ 34,473,153 5,662,010
     Series 2013-44 DI 3.00% 5/25/33 Σ 42,482,231 7,250,234
     Series 2014-36 ZE 3.00% 6/25/44 4,087,360 3,375,616
Fannie Mae Whole Loan REMIC Trust
     Series 2002-W1 2A 6.566% 2/25/42 17,117 19,905
     Series 2002-W6 2A 6.924% 6/25/42 33,422 37,694

NQ-189 [7/14] 9/14 (13132)     1



Schedule of investments
Delaware Diversified Income Fund (Unaudited)

     Principal amount°      Value (U.S. $)
Agency Collateralized Mortgage Obligations (continued)
Fannie Mae Whole Loan REMIC Trust
     Series 2003-W1 2A 6.606% 12/25/42 17,259 $ 20,157
     Series 2003-W10 1A4 4.505% 6/25/43 23,692 25,053
     Series 2003-W15 2A7 5.55% 8/25/43 12,337 13,092
     Series 2004-W11 1A2 6.50% 5/25/44 355,425 410,794
Freddie Mac REMICs
     Series 1730 Z 7.00% 5/15/24 187,636 212,058
     Series 2326 ZQ 6.50% 6/15/31 588,047 664,681
     Series 2557 WE 5.00% 1/15/18 1,695,845 1,784,016
     Series 2621 QH 5.00% 5/15/33 27,394 29,992
     Series 2624 QH 5.00% 6/15/33 28,867 31,605
     Series 2717 MH 4.50% 12/15/18 49,030 51,639
     Series 2762 LG 5.00% 9/15/32 267,548 267,927
     Series 2809 DC 4.50% 6/15/19 941,666 989,014
     Series 3123 HT 5.00% 3/15/26 36,340 38,925
     Series 3150 EQ 5.00% 5/15/26 45,000 49,200
     Series 3232 KF 0.602% 10/15/36 82,793 83,044
     Series 3290 PE 5.50% 3/15/37 405,954 446,113
     Series 3416 GK 4.00% 7/15/22 48,180 48,981
     Series 3574 D 5.00% 9/15/39 268,349 292,257
     Series 3656 PM 5.00% 4/15/40 11,118,918 12,252,203
     Series 3804 EH 3.50% 7/15/40 151,682 159,975
     Series 4065 DE 3.00% 6/15/32 1,626,000 1,554,648
     Series 4122 LI 3.00% 10/15/27 Σ 1,069,885 135,101
     Series 4185 LI 3.00% 3/15/33 Σ 11,050,220 1,910,668
     Series 4191 CI 3.00% 4/15/33 Σ 4,304,702 725,763
     Series 4217 HI 2.50% 6/15/28 Σ 1,621,041 196,939
     Series 4251 KI 2.50% 4/15/28 Σ 876,872 86,391
Freddie Mac Strips
     Series 19 F 1.035% 6/1/28 4,264 4,319
Freddie Mac Structured Agency Credit Risk Debt Notes
     Series 2014-DN2 M2 1.805% 4/25/24 1,505,000 1,488,082
Freddie Mac Structured Pass Through Securities
     Series T-42 A5 7.50% 2/25/42 t 99,604 115,917
     Series T-54 2A 6.50% 2/25/43 t 26,864 31,568
     Series T-58 2A 6.50% 9/25/43 t 596,933 675,157
     Series T-60 1A4C 4.739% 3/25/44 t 3,559 3,582
GNMA
     Series 2010-113 KE 4.50% 9/20/40 20,392,264 21,901,964
NCUA Guaranteed Notes Trust
     Series 2010-C1 A2 2.90% 10/29/20 7,640,000 7,897,651

2     NQ-189 [7/14] 9/14 (13132)



(Unaudited)

     Principal amount°      Value (U.S. $)
Agency Collateralized Mortgage Obligations (continued)
Vendee Mortgage Trust
     Series 2000-1 1A 6.472% 1/15/30 6,305 $ 7,136
Total Agency Collateralized Mortgage Obligations (cost $115,903,349) 118,380,505
 
Agency Mortgage-Backed Securities – 14.85%
Fannie Mae
     5.50% 1/1/36 695,752 778,100
     6.00% 9/1/17 5,398 5,722
     6.50% 8/1/17 55,435 57,834
     7.00% 11/15/16 1,063 1,066
Fannie Mae ARM
     1.869% 7/1/33 69,302 73,911
     1.951% 1/1/36 81,153 86,105
     1.994% 11/1/24 2,562 2,684
     2.119% 3/1/38 8,801 9,354
     2.149% 8/1/34 6,611 6,976
     2.162% 6/1/37 9,400 10,025
     2.228% 9/1/38 443,089 475,013
     2.238% 4/1/36 745 801
     2.244% 4/1/37 1,137,887 1,218,568
     2.265% 6/1/36 113,087 121,075
     2.271% 12/1/33 3,874 4,088
     2.277% 10/1/33 80,214 80,740
     2.277% 6/1/34 1,455 1,546
     2.305% 4/1/36 409,496 435,698
     2.316% 8/1/36 27,467 29,517
     2.34% 11/1/32 488 526
     2.344% 4/1/36 265,939 284,254
     2.379% 11/1/35 111,085 118,764
     2.392% 11/1/33 77,812 78,318
     2.397% 6/1/34 85,944 87,057
     2.412% 7/1/36 2,246 2,446
     2.415% 5/1/43 6,266,071 6,223,959
     2.44% 11/1/35 383,211 411,475
     2.444% 7/1/36 55,058 59,553
     2.546% 6/1/43 1,445,612 1,445,063
     3.201% 4/1/44 3,948,990 4,059,959
     3.279% 3/1/44 4,725,967 4,882,444
     3.296% 9/1/43 5,388,470 5,536,468
     5.069% 5/1/36 158,519 170,488
     5.142% 8/1/35 75,435 80,868
     5.807% 8/1/37 523,005 557,995

NQ-189 [7/14] 9/14 (13132)     3



Schedule of investments
Delaware Diversified Income Fund (Unaudited)

     Principal amount°      Value (U.S. $)
Agency Mortgage-Backed Securities (continued)
Fannie Mae Relocation 15 yr
     4.00% 9/1/20 153,374 $ 161,488
Fannie Mae Relocation 30 yr
     5.00% 9/1/33 188,653 205,949
     5.00% 11/1/33 56,630 61,816
     5.00% 1/1/34 2,025 2,212
     5.00% 11/1/34 34,702 37,877
     5.00% 4/1/35 85,812 93,688
     5.00% 10/1/35 91,259 99,538
     5.00% 1/1/36 144,289 157,495
Fannie Mae S.F. 15 yr
     2.50% 7/1/27 778,857 784,779
     2.50% 9/1/27 3,083,650 3,107,096
     2.50% 10/1/27 5,038,041 5,076,350
     2.50% 11/1/27 270,140 272,194
     2.50% 2/1/28 11,990,511 12,083,394
     2.50% 4/1/28 84,777 85,605
     2.50% 5/1/28 2,055,082 2,075,154
     3.00% 3/1/27 6,103,796 6,307,885
     3.00% 4/1/27 1,141,184 1,179,342
     3.00% 6/1/27 85,949 88,823
     3.00% 8/1/27 367,417 379,754
     3.00% 11/1/27 840,591 868,711
     3.00% 5/1/28 1,350,558 1,394,901
     3.50% 7/1/26 5,084,256 5,367,259
     3.50% 3/1/27 169,624 178,957
     3.50% 11/1/27 551,239 582,338
     3.50% 11/1/28 421,229 444,942
     4.00% 3/1/24 32,221 34,318
     4.00% 11/1/24 20,110 21,519
     4.00% 2/1/25 836,099 891,781
     4.00% 5/1/25 2,046,294 2,189,810
     4.00% 6/1/25 7,437,365 7,955,421
     4.00% 11/1/25 13,727,752 14,691,764
     4.00% 12/1/26 3,476,228 3,707,469
     4.00% 5/1/27 7,409,998 7,928,382
     4.50% 4/1/18 12,256 12,956
     4.50% 9/1/18 9,299 9,831
     4.50% 3/1/19 88,957 94,037
     4.50% 4/1/20 6,941 7,339
     4.50% 7/1/20 94,967 100,432
     5.00% 11/1/18 185,651 196,054
     5.00% 6/1/19 106,506 112,702

4     NQ-189 [7/14] 9/14 (13132)



(Unaudited)

     Principal amount°      Value (U.S. $)
Agency Mortgage-Backed Securities (continued)
Fannie Mae S.F. 15 yr
     5.00% 9/1/20 4,194 $ 4,506
     5.00% 5/1/21 487,964 520,965
     5.00% 12/1/21 50,365 53,753
     5.50% 2/1/18 42,333 44,905
     5.50% 3/1/18 5,198 5,512
     5.50% 11/1/18 7,624 8,086
     5.50% 12/1/18 89,789 95,221
     5.50% 4/1/19 16,113 17,160
     5.50% 5/1/19 58,198 61,723
     5.50% 10/1/21 15,822 17,379
     5.50% 4/1/23 88,997 97,433
     5.50% 6/1/23 59,363 65,652
     6.00% 12/1/16 10,276 10,671
     6.00% 8/1/17 23,829 24,786
     6.00% 12/1/17 6,127 6,383
     6.00% 9/1/19 239,602 252,068
     6.00% 12/1/20 25,039 26,446
     6.00% 3/1/21 1,089 1,177
     6.00% 9/1/21 2,622,361 2,899,004
     6.00% 2/1/22 51,323 54,969
     6.00% 8/1/22 36,631 40,053
     6.00% 2/1/23 4,497 4,969
Fannie Mae S.F. 15 yr TBA
     2.50% 8/1/29 5,629,000 5,663,126
     3.00% 8/1/29 28,530,000 29,412,647
     3.50% 8/1/29 27,161,000 28,624,723
     4.00% 8/1/29 3,899,133 4,124,283
Fannie Mae S.F. 20 yr
     3.00% 8/1/33 174,549 176,737
     3.00% 9/1/33 189,157 191,529
     3.00% 8/1/34 1,394,936 1,408,971
     3.50% 11/1/31 58,953 61,251
     3.50% 4/1/32 24,404 25,357
     3.50% 5/1/32 141,949 147,456
     3.50% 8/1/32 664,131 690,078
     4.00% 1/1/31 910,064 970,427
     4.00% 2/1/31 2,885,727 3,076,918
     4.50% 9/1/23 861,924 928,203
     4.50% 4/1/24 8,290 8,928
     5.00% 11/1/23 503,071 554,824
     5.00% 12/1/23 178,323 196,668
     5.00% 3/1/28 43,120 47,556

NQ-189 [7/14] 9/14 (13132)     5



Schedule of investments
Delaware Diversified Income Fund (Unaudited)

     Principal amount°      Value (U.S. $)
Agency Mortgage-Backed Securities (continued)
Fannie Mae S.F. 20 yr
     5.50% 7/1/23 122,789 $ 135,968
     5.50% 2/1/24 249,947 277,665
     5.50% 12/1/24 359,344 399,132
     5.50% 1/1/25 249,077 276,697
     5.50% 2/1/25 44,030 48,912
     5.50% 7/1/25 36,108 40,526
     5.50% 11/1/25 322,882 359,391
     5.50% 3/1/27 120,693 134,305
     5.50% 3/1/28 126,709 140,766
     5.50% 8/1/28 1,950,260 2,168,605
     5.50% 12/1/29 552,516 614,250
     6.00% 10/1/21 18,159 20,494
     6.00% 9/1/29 2,606,243 2,948,374
     6.50% 10/1/18 2,571 2,887
     6.50% 10/1/27 39,441 44,291
Fannie Mae S.F. 30 yr
     3.00% 7/1/42 3,546,392 3,487,630
     3.00% 10/1/42 55,955,522 55,028,670
     3.00% 12/1/42 9,960,318 9,794,083
     3.00% 1/1/43 17,023,557 16,730,384
     3.00% 2/1/43 1,972,555 1,939,007
     3.00% 4/1/43 14,448,780 14,194,153
     3.00% 5/1/43 3,081,132 3,024,281
     3.50% 4/1/42 10,948 11,166
     3.50% 9/1/42 278,602 284,143
     3.50% 1/1/43 791,698 807,443
     4.00% 5/1/43 583,454 615,534
     4.00% 8/1/43 1,487,650 1,568,990
     4.00% 7/1/44 15,000,000 15,825,606
     4.50% 7/1/36 1,646,477 1,773,087
     4.50% 4/1/40 4,897,726 5,280,727
     4.50% 11/1/40 4,788,289 5,167,507
     4.50% 12/1/40 1,726,345 1,862,295
     4.50% 3/1/41 9,903,189 10,689,791
     4.50% 4/1/41 8,622,684 9,310,118
     4.50% 5/1/41 1,016,273 1,102,302
     4.50% 8/1/41 3,230 3,485
     4.50% 10/1/41 7,109,395 7,680,843
     4.50% 11/1/41 5,148,571 5,559,108
     4.50% 12/1/43 891,001 961,180
     4.50% 2/1/44 1,122,342 1,210,223
     4.50% 5/1/44 3,663,321 3,952,667

6     NQ-189 [7/14] 9/14 (13132)



(Unaudited)

     Principal amount°      Value (U.S. $)
Agency Mortgage-Backed Securities (continued)
Fannie Mae S.F. 30 yr
     5.00% 4/1/33 126,288 $ 139,543
5.00% 7/1/33 133,934 148,016
5.00% 11/1/33 145,392 160,728
5.00% 3/1/34 67,970 75,125
5.00% 4/1/34 315,080 351,432
5.00% 4/1/35 693,805 766,630
5.00% 5/1/35 28,723 31,742
5.00% 6/1/35 4,233 4,678
5.00% 7/1/35 1,645,755 1,818,032
5.00% 8/1/35 711,244 785,561
5.00% 9/1/35 5,389 5,956
5.00% 10/1/35 3,568,309 3,942,055
5.00% 11/1/35 1,547,482 1,710,388
5.00% 8/1/36 7,351 8,123
5.00% 12/1/36 8,698 9,613
5.00% 4/1/37 913,781 1,008,954
5.00% 8/1/37 2,625,922 2,902,634
5.00% 2/1/38 996,877 1,100,995
5.00% 6/1/39 340,699 376,363
5.50% 12/1/32 194,612 217,772
5.50% 2/1/33 3,214,150 3,598,099
5.50% 3/1/34 262,516 294,188
5.50% 4/1/34 1,159,013 1,298,266
5.50% 5/1/34 486,329 544,847
5.50% 11/1/34 1,121,504 1,256,388
5.50% 12/1/34 735,943 824,671
5.50% 1/1/35 2,961,827 3,316,886
5.50% 2/1/35 814,035 912,286
5.50% 3/1/35 634,223 707,727
5.50% 4/1/35 2,842 3,174
5.50% 6/1/35 898,409 995,058
5.50% 8/1/35 223,507 250,289
5.50% 9/1/35 3,362 3,755
5.50% 10/1/35 1,161,214 1,295,323
5.50% 11/1/35 10,060 11,206
5.50% 12/1/35 633,081 709,056
5.50% 3/1/36 44,925 49,982
5.50% 4/1/36 65,662 72,918
5.50% 5/1/36 2,489,445 2,767,654
5.50% 7/1/36 672,336 752,273
5.50% 9/1/36 231,027 259,062
5.50% 11/1/36 1,949,643 2,161,500

NQ-189 [7/14] 9/14 (13132)     7



Schedule of investments
Delaware Diversified Income Fund (Unaudited)

          Principal amount°      Value (U.S. $)
Agency Mortgage-Backed Securities (continued)
Fannie Mae S.F. 30 yr
5.50% 12/1/36 148,631 $ 164,565
5.50% 1/1/37 222,938 249,643
5.50% 2/1/37 8,673 9,618
5.50% 4/1/37 70,651 78,280
5.50% 8/1/37 2,752,802 3,079,569
5.50% 12/1/37 5,975 6,622
5.50% 1/1/38 292,867 324,264
5.50% 2/1/38 1,817,233 2,024,247
5.50% 4/1/38 23,404 25,913
5.50% 5/1/38 298,199 330,166
5.50% 6/1/38 199,825 221,247
5.50% 7/1/38 56,811 62,902
5.50% 8/1/38 61,183 67,742
5.50% 11/1/38 137,079 151,774
5.50% 12/1/38 727,156 812,078
5.50% 1/1/39 541,919 604,025
5.50% 10/1/39 3,090,932 3,422,289
5.50% 11/1/39 18,463 20,443
5.50% 7/1/40 2,893,697 3,203,909
5.50% 4/1/41 1,725,097 1,929,195
6.00% 7/1/27 7,785 8,845
6.00% 4/1/32 16,611 18,886
6.00% 8/1/34 368,073 416,214
6.00% 11/1/34 19,012 21,493
6.00% 12/1/34 4,178 4,726
6.00% 6/1/35 3,349 3,759
6.00% 7/1/35 81,405 91,805
6.00% 9/1/35 128,313 144,027
6.00% 10/1/35 57,679 65,231
6.00% 11/1/35 32,338 36,647
6.00% 12/1/35 666,653 753,679
6.00% 6/1/36 339,867 383,171
6.00% 7/1/36 31,141 35,123
6.00% 8/1/36 257,196 288,540
6.00% 9/1/36 190,243 213,718
6.00% 2/1/37 1,174,013 1,322,174
6.00% 3/1/37 25,402 28,574
6.00% 5/1/37 3,182,094 3,573,047
6.00% 7/1/37 8,042 9,099
6.00% 8/1/37 3,106,567 3,499,679
6.00% 9/1/37 979,629 1,103,661
6.00% 10/1/37 589,081 661,448

8     NQ-189 [7/14] 9/14 (13132)



(Unaudited)

          Principal amount°      Value (U.S. $)
Agency Mortgage-Backed Securities (continued)
Fannie Mae S.F. 30 yr
6.00% 11/1/37 519,513 $ 585,045
6.00% 1/1/38 1,599,937 1,794,685
6.00% 3/1/38 1,270 1,431
6.00% 5/1/38 5,442,639 6,117,281
6.00% 6/1/38 448,364 505,656
6.00% 7/1/38 142,561 159,899
6.00% 8/1/38 364,885 410,706
6.00% 10/1/38 4,887,704 5,484,839
6.00% 12/1/38 11,111 12,536
6.00% 1/1/39 2,030,051 2,282,542
6.00% 9/1/39 363,689 407,922
6.00% 3/1/40 1,655,317 1,858,071
6.00% 9/1/40 1,505,297 1,696,332
6.00% 5/1/41 2,169,924 2,441,217
6.50% 3/1/32 203 231
6.50% 8/1/34 5,275 6,009
6.50% 1/1/36 45,152 50,705
6.50% 2/1/36 1,281,528 1,481,176
6.50% 3/1/36 64,208 72,104
6.50% 8/1/36 132,275 148,542
6.50% 9/1/36 6,217 6,981
6.50% 11/1/36 448,020 503,120
6.50% 3/1/37 18,477 20,764
6.50% 8/1/37 89,518 100,528
6.50% 9/1/37 1,028,960 1,155,505
6.50% 11/1/37 1,964 2,205
6.50% 12/1/37 381,195 428,076
6.50% 1/1/38 3,113 3,496
6.50% 10/1/38 47,155 52,954
6.50% 6/1/39 7,863 8,830
7.00% 8/1/32 70,497 80,139
7.00% 9/1/32 39,130 41,140
7.00% 2/1/36 15,466 18,158
7.00% 4/1/37 9,956 11,097
7.00% 12/1/37 6,808 7,712
7.50% 1/1/31 1,349 1,587
7.50% 3/1/32 22,810 26,688
7.50% 4/1/32 14,979 17,459
7.50% 6/1/34 26,033 30,239
7.50% 10/1/34 16,114 18,841
Fannie Mae S.F. 30 yr TBA
3.00% 10/1/44 72,287,000 70,440,870

NQ-189 [7/14] 9/14 (13132)     9



Schedule of investments
Delaware Diversified Income Fund (Unaudited)

     Principal amount°      Value (U.S. $)
Agency Mortgage-Backed Securities (continued)
Fannie Mae S.F. 30 yr TBA
     3.50% 8/1/44 16,926,000 $ 17,245,214
     3.50% 9/1/44 19,720,000 20,034,897
     4.00% 8/1/44 28,208,000 29,657,296
     4.00% 9/1/44 89,012,000 93,321,089
     4.50% 8/1/44 24,633,000 26,521,467
     4.50% 9/1/44 21,409,000 22,997,614
     5.00% 10/1/44 3,143,000 3,450,425
     5.50% 9/1/44 6,000,000 6,644,672
Freddie Mac ARM
     2.252% 7/1/36 283,518 302,805
     2.255% 8/1/37 7,458 7,910
     2.262% 5/1/35 253,922 269,201
     2.265% 10/1/36 56,058 59,686
     2.342% 12/1/33 243,228 259,788
     2.35% 4/1/33 1,891 1,913
     2.356% 2/1/37 637,037 680,209
     2.36% 12/1/33 46,827 49,829
     2.433% 4/1/34 21,502 22,979
     2.464% 3/1/36 80,772 86,260
     2.527% 1/1/44 4,520,075 4,607,793
     6.055% 10/1/37 3,646 3,907
     6.36% 10/1/37 84,550 90,808
Freddie Mac Relocation 15 yr
     3.50% 10/1/18 43,377 44,139
Freddie Mac Relocation 30 yr
     5.00% 9/1/33 169,498 184,850
     6.50% 10/1/30 675 721
Freddie Mac S.F. 15 yr
     3.00% 12/1/26 159,918 164,672
     3.50% 10/1/26 1,033,223 1,089,395
     4.00% 12/1/20 62,059 65,659
     4.00% 11/1/26 2,055,618 2,177,850
     4.50% 5/1/20 858,706 918,764
     4.50% 7/1/25 678,007 726,068
     4.50% 6/1/26 1,643,481 1,755,196
     5.00% 6/1/18 287,150 302,937
     5.00% 4/1/20 400,355 427,122
     5.00% 7/1/23 112,949 123,404
     5.50% 6/1/20 1,006,079 1,075,672
     5.50% 6/1/21 179,525 196,042
     5.50% 7/1/21 130,737 142,763
     6.00% 4/1/17 7,900 8,195

10     NQ-189 [7/14] 9/14 (13132)



(Unaudited)

     Principal amount°      Value (U.S. $)
Agency Mortgage-Backed Securities (continued)
Freddie Mac S.F. 15 yr
     6.00% 8/1/17 3,013 $ 3,170
     6.50% 8/1/16 998 1,030
Freddie Mac S.F. 20 yr
     3.50% 1/1/34 5,076,448 5,245,992
     5.00% 10/1/23 60,280 66,217
     5.00% 3/1/24 487,241 535,229
     5.00% 9/1/25 2,691,592 2,956,684
     5.00% 12/1/29 179,929 198,382
     5.50% 1/1/23 13,824 15,266
Freddie Mac S.F. 30 yr
     3.00% 10/1/42 4,459,781 4,385,356
     3.00% 11/1/42 5,218,625 5,141,111
     3.50% 11/1/41 187,016 190,891
     3.50% 4/1/42 61,617 62,736
     4.50% 7/1/39 1,117,847 1,202,681
     4.50% 10/1/39 2,554,967 2,748,911
     4.50% 3/1/42      10,221,899 11,000,036
     4.50% 5/1/44 3,713,073 3,996,824
     5.00% 3/1/34 106,521 117,471
     5.00% 4/1/35 34,477 38,043
     5.00% 6/1/36 21,354 23,540
     5.50% 12/1/34 387,688 434,396
     5.50% 1/1/35 3,373 3,724
     5.50% 2/1/35 15,225 16,968
     5.50% 3/1/36 259,708 287,766
     5.50% 6/1/36 291,307 323,547
     5.50% 11/1/36 493,906 547,804
     5.50% 12/1/36 137,644 152,089
     5.50% 1/1/37 21,337 23,649
     5.50% 6/1/38 292,469 323,047
     5.50% 3/1/40 1,603,380 1,770,644
     5.50% 8/1/40 1,279,961 1,413,485
     5.50% 1/1/41 1,290,812 1,425,468
     5.50% 6/1/41 94,903 104,803
     6.00% 12/1/33 15,771 17,904
     6.00% 11/1/34 63,560 71,226
     6.00% 2/1/36 5,153,855 5,838,745
     6.00% 3/1/36 1,526,695 1,727,044
     6.00% 10/1/36 2,520 2,846
     6.00% 10/1/37 17,343 19,433
     6.00% 1/1/38 588,646 659,579
     6.00% 6/1/38 1,609,030 1,804,667

NQ-189 [7/14] 9/14 (13132)     11



Schedule of investments
Delaware Diversified Income Fund (Unaudited)

            Principal amount° Value (U.S. $)
Agency Mortgage-Backed Securities (continued)      
Freddie Mac S.F. 30 yr
6.00% 7/1/38 21,979 $ 24,628
6.00% 8/1/38 4,169,487 4,709,078
6.00% 10/1/38 143,783 162,445
6.00% 5/1/40 705,554 791,134
6.50% 10/1/32 1,462 1,648
6.50% 8/1/36 359 405
6.50% 6/1/37 6,974 7,860
6.50% 8/1/38 298,119 336,606
6.50% 9/1/38 1,062 1,197
6.50% 4/1/39 776,938 875,606
7.00% 11/1/33 188,858 217,127
GNMA I S.F. 30 yr
5.00% 6/15/40 858,517 943,154
  7.00% 5/15/28 115,510 135,797
7.00% 12/15/34 2,297,295 2,682,650
7.50% 10/15/30 1,465   1,673
7.50% 2/15/32 391   469
9.50% 9/15/17 1,912 2,028
10.00% 7/15/17 1,954 1,962
Total Agency Mortgage-Backed Securities (cost $836,253,887) 839,676,396
 
Commercial Mortgage-Backed Securities – 3.45%
Banc of America Commercial Mortgage Trust
Series 2006-4 A4 5.634% 7/10/46 576,854 615,932
Series 2007-4 AM 5.822% 2/10/51 1,460,000 1,623,191
CD1 Commercial Mortgage Trust
Series 2005-CD1 C 5.226% 7/15/44 3,755,000 3,890,131
Citigroup Commercial Mortgage Trust
Series 2014-GC23 AS 3.863% 7/10/47 2,560,000 2,636,593
Credit Suisse Commercial Mortgage Trust
Series 2006-C1 AAB 5.463% 2/15/39 119,389 120,613
DB-UBS Mortgage Trust
Series 2011-LC1A A3 144A 5.002% 11/10/46 # 12,704,000 14,299,991
Series 2011-LC1A C 144A 5.557% 11/10/46 # 5,320,000 6,007,770
FREMF Mortgage Trust
Series 2010-K7 B 144A 5.435% 4/25/20 # 2,910,000 3,250,336
Series 2012-K19 B 144A 4.036% 5/25/45 # 1,130,963 1,162,935
Series 2012-K708 B 144A 3.759% 2/25/45 # 9,965,000 10,321,986
Series 2012-K711 B 144A 3.562% 8/25/45 # 4,100,000 4,192,381
Series 2013-K712 B 144A 3.368% 5/25/45 # 14,871,068 15,062,384
Series 2013-K713 B 144A 3.165% 4/25/46 # 8,270,000 8,246,852

12     NQ-189 [7/14] 9/14 (13132)



(Unaudited)

            Principal amount°       Value (U.S. $)
Commercial Mortgage-Backed Securities (continued)
General Electric Capital Commercial Mortgage
Series 2005-C4 A4 5.312% 11/10/45 108,000 $ 111,898
Goldman Sachs Mortgage Securities II
Series 2005-GG4 A4A 4.751% 7/10/39 7,312,657 7,418,976
Series 2006-GG6 A4 5.553% 4/10/38 8,615,000 9,026,427
Series 2010-C1 A2 144A 4.592% 8/10/43 # 9,975,000 10,990,994
Series 2010-C1 C 144A 5.635% 8/10/43 # 4,765,000 5,246,136
Grace Mortgage Trust
Series 2014-GRCE A 144A 3.369% 6/10/28 # 10,305,000 10,583,668
Hilton USA Trust
Series 2013-HLT AFX 144A 2.662% 11/5/30 # 6,275,000 6,316,515
Series 2013-HLT BFX 144A 3.367% 11/5/30 # 4,935,000 5,014,301
JPMBB Commercial Mortgage Securities Trust
Series 2014-C21 AS 3.997% 8/15/47 2,155,000 2,207,140
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2005-CB11 E 5.477% 8/12/37 1,755,000 1,883,613
Series 2005-LDP5 D 5.392% 12/15/44 2,875,000 2,985,814
Series 2006-LDP8 AM 5.44% 5/15/45 6,948,000 7,497,080
Series 2011-C5 A3 4.171% 8/15/46 5,700,000 6,151,292
Series 2011-C5 C 144A 5.323% 8/15/46 # 3,280,000 3,653,221
Lehman Brothers-UBS Commercial Mortgage Trust
  Series 2004-C1 A4 4.568% 1/15/31 617,636 636,416
Series 2005-C3 B 4.895% 7/15/40 3,065,000 3,123,413
Morgan Stanley Capital I Trust
Series 2005-HQ7 AJ 5.204% 11/14/42 5,210,000 5,426,512
Series 2005-HQ7 C 5.204% 11/14/42 14,163,000 14,007,830
  Series 2006-T21 B 144A 5.313% 10/12/52 # 2,000,000   2,103,518
TimberStar Trust
Series 2006-1A A 144A 5.668% 10/15/36 # 9,520,000 10,309,113
Series 2006-1A C 144A 5.884% 10/15/36 # 4,500,000 4,812,827
VNDO Mortgage Trust  
Series 2012-6AVE A 144A 2.996% 11/15/30 # 4,245,000 4,193,691
Total Commercial Mortgage-Backed Securities (cost $195,328,132) 195,131,490
 
Convertible Bonds – 1.63%
Alaska Communications Systems Group 6.25% exercise
price $10.28, expiration date 4/27/18 5,531,000 4,497,394
Alere 3.00% exercise price $43.98, expiration date
5/15/16 785,000 874,294
Ares Capital 5.75% exercise price $19.13, expiration date
2/1/16 * 924,000 988,103
BGC Partners 4.50% exercise price $9.84, expiration date
7/13/16 2,653,000 2,850,317

NQ-189 [7/14] 9/14 (13132)     13



Schedule of investments
Delaware Diversified Income Fund (Unaudited)

      Principal amount°       Value (U.S. $)
Convertible Bonds (continued)
BioMarin Pharmaceutical 1.50% exercise price $94.15,
     expiration date 10/13/20 * 1,856,000 $ 1,959,240
Blackstone Mortgage Trust 5.25% exercise price $28.66,
     expiration date 12/1/18 3,219,000 3,444,330
Blucora 144A 4.25% exercise price $21.66, expiration date
     3/29/19 # 1,667,000 1,744,099
Campus Crest Communities Operating Partnership 144A
     4.75% exercise price $12.56, expiration date
     10/11/18 #* 1,736,000 1,707,790
Cardtronics 144A 1.00% exercise price $52.35, expiration
     date 11/27/20 # 3,078,000 3,056,854
Chesapeake Energy 2.25% exercise price $80.36,
     expiration date 12/14/38 1,000,000 966,875
Ciena 144A 3.75% exercise price $20.17, expiration date
     10/15/18 # 1,754,000 2,273,623
Dendreon 2.875% exercise price $51.24, expiration date
     1/13/16 * 1,535,000 1,060,109
Energy XXI Bermuda 144A 3.00% exercise price $40.40,
     expiration date 12/13/18 # 3,179,000 3,016,076
Equinix 4.75% exercise price $84.32, expiration date
     6/13/16 883,000 2,292,489
  General Cable 4.50% exercise price $35.64, expiration  
     date 11/15/29 ϕ 3,567,000 3,263,805
Gilead Sciences 1.625% exercise price $22.71, expiration
     date 4/29/16 985,000 3,962,167
Hologic 2.00% exercise price $31.17, expiration date
     2/27/42 ϕ 2,380,000 2,619,487
Illumina 0.25% exercise price $83.55, expiration date  
     3/11/16 598,000 1,159,375
Intel 3.25% exercise price $21.71, expiration date 8/1/39 980,000 1,625,580
Jefferies Group 3.875% exercise price $45.29, expiration
     date 10/31/29 1,430,000 1,530,994
Lexington Realty Trust 144A 6.00% exercise price $6.68,
     expiration date 1/11/30 # 871,000 1,405,032
Liberty Interactive 0.75% exercise price $1,000.00,
     expiration date 3/30/43 3,077,000 4,300,107
Liberty Interactive 144A 1.00% exercise price $74.31,
     expiration date 9/28/43 # 2,829,000 2,903,261
Meritor 4.00% exercise price $26.73, expiration date
     2/12/27 ϕ 3,737,000 3,956,549
MGM Resorts International 4.25% exercise price $18.58,
     expiration date 4/10/15 1,493,000 2,219,904
Mylan 3.75% exercise price $13.32, expiration date
     9/15/15 800,000 2,972,000

14     NQ-189 [7/14] 9/14 (13132)



(Unaudited)

      Principal amount° Value (U.S. $)
Convertible Bonds (continued)            
Novellus Systems 2.625% exercise price $35.02,
     expiration date 5/14/41 1,741,000 $ 3,644,131
NuVasive 2.75% exercise price $42.13, expiration date
     6/30/17 3,385,000 3,947,756
Peabody Energy 4.75% exercise price $57.62, expiration
     date 12/15/41 * 7,059,000 5,082,480
SanDisk 1.50% exercise price $51.69, expiration date
     8/11/17 * 1,609,000 2,943,464
SBA Communications 4.00% exercise price $30.38,
     expiration date 9/29/14 751,000 2,636,479
  Spirit Realty Capital 3.75% exercise price $13.10,
     expiration date 5/13/21 * 1,955,000 1,979,447
Titan Machinery 3.75% exercise price $43.17, expiration
     date 4/30/19 1,990,000 1,730,056
TPG Specialty Lending 144A 4.50% exercise price $25.83,  
     expiration date 12/15/19 # 2,258,000 2,245,299
  Vantage Drilling 144A 5.50% exercise price $2.39,
     expiration date 7/15/43 #   1,117,000 1,211,945
Vector Group 1.75% exercise price $27.16, expiration date
     4/15/20 1,158,000 1,242,679
Vector Group 2.50% exercise price $17.62, expiration date      
     1/14/19 * 938,000 1,253,055
VeriSign 3.25% exercise price $34.37, expiration date
     8/15/37 * 1,078,000 1,784,090
Total Convertible Bonds (cost $82,807,542) 92,350,735
 
Corporate Bonds – 56.57%
Automotive – 0.45%
American Axle & Manufacturing
     6.25% 3/15/21 4,810,000 5,122,650
     7.75% 11/15/19 162,000 184,680
Chassix 144A 9.25% 8/1/18 # 825,000 880,687
Ford Motor 7.45% 7/16/31 9,269,000 12,318,955
International Automotive Components Group 144A
     9.125% 6/1/18 # 89,000 95,007
Meritor 6.75% 6/15/21 2,195,000 2,337,675
TRW Automotive 144A 4.50% 3/1/21 # 4,570,000 4,672,825
25,612,479
Banking – 8.12%
Australia & New Zealand Banking Group
     2.625% 12/10/18 CAD 3,366,000 3,141,528
     3.52% 11/6/18 AUD 2,939,000 2,753,494
Banco de Costa Rica 144A 5.25% 8/12/18 # 7,300,000 7,500,750

NQ-189 [7/14] 9/14 (13132)     15



Schedule of investments
Delaware Diversified Income Fund (Unaudited)

      Principal amount° Value (U.S. $)
Corporate Bonds (continued)            
Banking (continued)
Banco Santander Mexico
     144A 4.125% 11/9/22 # 2,140,000 $ 2,174,240
     144A 5.95% 1/30/24 # 5,630,000 5,981,875
Bancolombia 5.95% 6/3/21 4,087,000 4,526,353
Bank of America 4.00% 4/1/24 15,035,000 15,274,297
Bank of Georgia 144A 7.75% 7/5/17 # 5,055,000 5,446,763
Barclays Bank
     3.75% 5/15/24 4,095,000 4,107,813
     7.625% 11/21/22 9,770,000 11,046,206
BB&T
     3.95% 3/22/22 250,000 263,665
     5.25% 11/1/19 13,969,000 15,776,700
BBVA Bancomer 144A 6.50% 3/10/21 # 7,925,000 8,955,250
Branch Banking & Trust 0.55% 9/13/16 5,010,000 4,999,379
  Capital One 2.95% 7/23/21 4,795,000 4,749,054
Citigroup 4.00% 8/5/24 8,065,000 7,940,194
City National 5.25% 9/15/20 * 5,640,000 6,291,364
Cooperatieve Centrale Raiffeisen-Boerenleenbank
     3.705% 3/22/17 AUD 2,000,000 1,878,797
     4.00% 1/11/22 EUR 1,229,000 1,938,738
     4.625% 12/1/23 8,865,000 9,291,442
     4.875% 1/20/20 AUD 1,382,000 1,326,787
Credit Suisse 144A 6.50% 8/8/23 # 9,325,000 10,327,437
Credit Suisse Group 144A 7.50% 12/31/49 # 4,720,000 5,192,000
Export-Import Bank of China  
     144A 2.50% 7/31/19 # 5,370,000 5,330,692
     144A 3.625% 7/31/24 #   5,555,000 5,506,677
Export-Import Bank of Korea 144A 3.00% 5/22/18 # NOK 1,400,000 227,454
Fifth Third Bancorp 4.30% 1/16/24 5,345,000   5,570,612
Goldman Sachs Group    
     3.55% 2/12/21 @ CAD 3,000,000 2,814,026
     3.85% 7/8/24 2,970,000 2,959,976
     3.985% 8/21/19 AUD 2,390,000 2,248,800
     4.383% 8/8/18 AUD 2,570,000 2,450,119
HBOS 144A 6.75% 5/21/18 # 6,740,000 7,716,134
HSBC Holdings 4.25% 3/14/24 6,465,000 6,599,892
HSBC New Zealand 4.32% 12/10/18 NZD 3,300,000 2,840,349
ING Bank 144A 5.80% 9/25/23 # 11,170,000 12,486,262
JPMorgan Chase
     0.865% 1/28/19 2,985,000 3,008,032
     3.50% 12/18/26 GBP 986,000 1,624,545
     3.727% 5/17/18 AUD 2,730,000 2,562,673

16     NQ-189 [7/14] 9/14 (13132)



(Unaudited)

      Principal amount° Value (U.S. $)
Corporate Bonds (continued)            
Banking (continued)
JPMorgan Chase
     4.25% 11/2/18 NZD 5,735,000 $ 4,717,063
     4.85% 2/1/44 3,385,000 3,550,625
     6.75% 8/29/49 12,080,000 12,955,800
KeyBank 6.95% 2/1/28 17,740,000 22,490,666
Lloyds Banking Group 7.50% 4/30/49 9,475,000 9,972,437
Morgan Stanley
     1.083% 1/24/19 3,119,000 3,156,615
     2.375% 7/23/19 6,060,000 6,015,950
     3.125% 8/5/21 CAD 999,000 910,624
     5.00% 11/24/25 10,430,000 11,124,690
     7.375% 2/22/18 *@ AUD 1,519,000 1,555,156
     7.60% 8/8/17 NZD 3,394,000 3,064,795
National City Bank 0.601% 6/7/17 9,875,000 9,865,826
Northern Trust 3.95% 10/30/25 4,480,000 4,658,994
Oversea-Chinese Banking 144A 4.00% 10/15/24 # 8,540,000 8,655,632
PNC Financial Services Group 3.90% 4/29/24 2,885,000 2,921,784
PNC Preferred Funding Trust II 144A 1.453% 3/29/49 # 13,900,000 13,726,250
Royal Bank of Scotland Group 5.125% 5/28/24 6,385,000 6,396,225
Santander Holdings USA 3.45% 8/27/18 5,675,000 5,948,739
Santander UK 144A 5.00% 11/7/23 # 11,440,000 12,305,413
Siam Commercial Bank 144A 3.50% 4/7/19 # 4,560,000 4,652,705
SVB Financial Group 5.375% 9/15/20 * 5,120,000 5,760,620
Turkiye Garanti Bankasi 144A 4.75% 10/17/19 #* 6,288,000 6,388,608
Turkiye Is Bankasi 144A 7.85% 12/10/23 # 3,865,000 4,357,787
U.S. Bank North America 4.95% 10/30/14 4,535,000 4,585,465
USB Capital IX 3.50% 10/29/49 27,182,000 23,444,475
  USB Realty 144A 1.381% 12/22/49 # 4,485,000   4,148,625
Wells Fargo
     3.50% 9/12/29 GBP   1,700,000 2,726,036
     4.10% 6/3/26   10,530,000   10,636,869
     5.90% 12/29/49   11,235,000 11,763,045
Woori Bank
     144A 2.875% 10/2/18 # 7,180,000 7,326,091
     144A 4.75% 4/30/24 #* 6,370,000 6,451,816
Zions Bancorp
     4.50% 3/27/17 6,835,000 7,258,456
     4.50% 6/13/23 6,790,000 6,999,342
     7.75% 9/23/14 3,760,000 3,797,435
459,121,028
Basic Industry – 5.42%
     AK Steel 7.625% 5/15/20 * 3,259,000 3,348,623

NQ-189 [7/14] 9/14 (13132)     17



Schedule of investments
Delaware Diversified Income Fund (Unaudited)

      Principal amount°       Value (U.S. $)
Corporate Bonds (continued)
Basic Industry (continued)
ArcelorMittal
       6.125% 6/1/18 3,732,000 $ 3,993,240
     10.35% 6/1/19 12,195,000 15,243,750
Axalta Coating Systems US Holdings 144A
     7.375% 5/1/21 #* 4,585,000 4,894,487
Braskem Finance 6.45% 2/3/24 5,900,000 6,207,980
Cemex Finance 144A 6.00% 4/1/24 # 3,280,000 3,288,200
CF Industries  
     5.15% 3/15/34 4,020,000 4,278,148
     6.875% 5/1/18 18,254,000 21,291,794
     7.125% 5/1/20 2,841,000 3,455,017
Cia Minera Ares 144A 7.75% 1/23/21 #* 4,030,000 4,372,550
Dow Chemical 8.55% 5/15/19 33,026,000 42,103,824
Eastman Chemical 4.65% 10/15/44 9,070,000 8,986,810
Fibria Overseas Finance 5.25% 5/12/24 4,375,000 4,348,750
First Quantum Minerals
     144A 6.75% 2/15/20 # 47,000 48,175
     144A 7.00% 2/15/21 # 47,000 48,645
FMG Resources August 2006 144A 6.875% 4/1/22 #* 19,258,000 20,557,915
Georgia-Pacific 8.00% 1/15/24 16,271,000 21,895,787
GTL Trade Finance 144A 7.25% 4/16/44 # 1,700,000 1,759,500
HD Supply  
     7.50% 7/15/20 2,684,000 2,878,590
     11.50% 7/15/20 1,765,000 2,060,637
International Paper
     3.65% 6/15/24 740,000 732,050
     4.80% 6/15/44 4,275,000 4,249,833
     6.00% 11/15/41 800,000   934,774
     7.50% 8/15/21 6,995,000 8,853,872
JMC Steel Group 144A 8.25% 3/15/18 # 97,000 96,394
LSB Industries 7.75% 8/1/19 725,000 781,187
MMC Finance 144A 5.55% 10/28/20 # 6,559,000 6,575,397
Monsanto 4.40% 7/15/44 19,390,000 19,430,603
Mosaic 5.625% 11/15/43 16,110,000 18,181,456
New Gold 144A 6.25% 11/15/22 # 232,000 245,340
Nortek 8.50% 4/15/21 5,564,000 6,064,760
Novelis 8.75% 12/15/20 5,145,000 5,582,325
OCP
     144A 5.625% 4/25/24 # 6,515,000 6,840,750
     144A 6.875% 4/25/44 # 4,925,000 5,257,437
Perstorp Holding 144A 8.75% 5/15/17 #* 2,025,000 2,171,813
Phosagro 144A 4.204% 2/13/18 # 5,322,000 5,069,205

18     NQ-189 [7/14] 9/14 (13132)



(Unaudited)

      Principal amount°       Value (U.S. $)
Corporate Bonds (continued)
Basic Industry (continued)
PolyOne 5.25% 3/15/23 3,470,000 $ 3,504,700
Rio Tinto Finance USA 3.50% 11/2/20 250,000 260,656
Rock-Tenn
     3.50% 3/1/20 5,006,000 5,121,594
     4.00% 3/1/23 3,950,000 4,033,969
Ryerson
     9.00% 10/15/17 3,784,000 4,015,770
     11.25% 10/15/18 1,584,000 1,758,240
TPC Group 144A 8.75% 12/15/20 # 2,852,000 3,130,070
Vedanta Resources 144A 6.00% 1/31/19 #* 6,540,000 6,752,550
Weyerhaeuser 4.625% 9/15/23 6,680,000 7,182,870
Yamana Gold 144A 4.95% 7/15/24 # 4,775,000 4,785,429
306,675,466
Brokerage – 0.59%
Jefferies Group
     5.125% 1/20/23 6,470,000 6,915,518
     6.45% 6/8/27 3,795,000 4,293,283
     6.50% 1/20/43 2,445,000 2,764,982
Lazard Group  
     4.25% 11/14/20 1,255,000 1,312,488
     6.85% 6/15/17 15,689,000 17,827,489
33,113,760
Capital Goods – 1.82%
Accudyne Industries 144A 7.75% 12/15/20 # 1,370,000 1,441,925
Ball
     4.00% 11/15/23 5,075,000 4,707,063
     5.00% 3/15/22 2,715,000 2,721,787
Berry Plastics 5.50% 5/15/22 1,700,000 1,659,625
Caterpillar 3.40% 5/15/24 5,280,000 5,318,042
Cemex 144A 9.50% 6/15/18 #* 2,845,000   3,186,400
Consolidated Container 144A 10.125% 7/15/20 # 3,016,000 3,031,080
Crane  
     2.75% 12/15/18 1,655,000 1,685,603
     4.45% 12/15/23 7,570,000 7,951,263
Crown Americas 4.50% 1/15/23 2,075,000 1,971,250
Gates Global 144A 6.00% 7/15/22 # 5,570,000 5,458,600
General Electric 4.50% 3/11/44 430,000 450,075
Ingersoll-Rand Global Holding 4.25% 6/15/23 12,015,000 12,680,991
Metalloinvest Finance 144A 5.625% 4/17/20 # 6,355,000 5,830,713
Milacron 144A 7.75% 2/15/21 # 3,335,000 3,610,137
OAS Finance 144A 8.00% 7/2/21 # 1,765,000 1,765,000
OAS Investments 144A 8.25% 10/19/19 # 6,530,000 6,676,925

NQ-189 [7/14] 9/14 (13132)     19



Schedule of investments
Delaware Diversified Income Fund (Unaudited)

      Principal amount° Value (U.S. $)
Corporate Bonds (continued)            
Capital Goods (continued)
Plastipak Holdings 144A 6.50% 10/1/21 # 3,655,000 $ 3,828,613
Reynolds Group Issuer 8.25% 2/15/21 * 2,330,000 2,481,450
TransDigm
     144A 6.00% 7/15/22 # 1,405,000 1,413,781
     144A 6.50% 7/15/24 # 1,500,000 1,516,875
     7.50% 7/15/21 3,825,000 4,197,937
URS 5.00% 4/1/22 5,745,000 5,847,721
Votorantim Cimentos 144A 7.25% 4/5/41 # 12,650,000 13,235,063
102,667,919
Communications – 8.30%
Altice 144A 7.75% 5/15/22 # 1,825,000 1,870,625
America Movil 5.00% 3/30/20 10,870,000 11,971,131
American Tower Trust I
     144A 1.551% 3/15/43 # 4,230,000 4,197,101
     144A 3.07% 3/15/23 # 10,175,000 10,010,781
AT&T 4.80% 6/15/44 24,950,000 25,378,741
Bell Canada 3.35% 3/22/23 CAD 2,132,000 1,942,650
Bharti Airtel International Netherlands 144A
       5.35% 5/20/24 # 8,185,000 8,611,275
Brasil Telecom 144A 5.75% 2/10/22 #* 4,818,000 4,649,370
CC Holdings GS V 3.849% 4/15/23 4,945,000 4,936,806
CCO Holdings 5.25% 9/30/22 4,068,000 4,001,895
CenturyLink  
     5.80% 3/15/22 12,355,000 12,725,650
     6.75% 12/1/23 * 3,120,000 3,396,900
Cequel Communications Holdings I 144A
     6.375% 9/15/20 # 3,942,000 4,079,970
Clear Channel Communications PIK 14.00% 2/1/21 * 395,000 395,000
Columbus International 144A 7.375% 3/30/21 #   8,905,000     9,428,169
Comcel Trust 144A 6.875% 2/6/24 #   3,400,000 3,663,500
Crown Castle Towers 144A 4.883% 8/15/20 # 25,615,000 28,373,735
CSC Holdings
     144A 5.25% 6/1/24 # 4,175,000 4,008,000
     6.75% 11/15/21 1,190,000 1,280,737
Deutsche Telekom International Finance 6.50% 4/8/22 GBP 1,270,000 2,576,290
Digicel Group 144A 8.25% 9/30/20 # 10,574,000 11,446,355
DIRECTV Holdings
     4.45% 4/1/24 16,590,000 17,411,421
     5.15% 3/15/42 1,445,000 1,496,594
DISH DBS
     5.00% 3/15/23 4,195,000 4,121,587

20     NQ-189 [7/14] 9/14 (13132)



(Unaudited)

      Principal amount° Value (U.S. $)
Corporate Bonds (continued)      
Communications (continued)
DISH DBS
     5.875% 7/15/22 1,499,000 $ 1,570,203
     7.875% 9/1/19 1,598,000 1,841,695
Entel Chile 144A 4.875% 10/30/24 # 6,205,000 6,242,894
Equinix
     4.875% 4/1/20 2,245,000 2,273,063
     5.375% 4/1/23 3,545,000 3,580,450
Gray Television 7.50% 10/1/20 4,390,000 4,614,987
Grupo Televisa 5.00% 5/13/45 6,095,000 6,099,632
Historic TW 6.875% 6/15/18 24,569,000 29,015,940
Hughes Satellite Systems 7.625% 6/15/21 2,255,000 2,559,425
Intelsat Luxembourg
     7.75% 6/1/21 4,665,000 4,787,456
     8.125% 6/1/23 7,800,000 8,141,250
Lamar Media 5.00% 5/1/23 4,740,000 4,722,225
Level 3 Escrow II 144A 5.375% 8/15/22 # 3,005,000 2,956,169
MDC Partners 144A 6.75% 4/1/20 # 3,290,000 3,438,050
MetroPCS Wireless 6.625% 11/15/20 2,848,000 3,001,080
  Millicom International Cellular 144A 6.625% 10/15/21 # 4,645,000 4,958,537
MTS International Funding 144A 8.625% 6/22/20 # 7,485,000 8,681,103
Nielsen Luxembourg 144A 5.50% 10/1/21 # 2,040,000 2,085,900
Numericable Group 144A 6.00% 5/15/22 # 1,955,000 1,967,219
SBA Tower Trust 144A 2.24% 4/16/18 # 7,245,000 7,179,060
SES 144A 3.60% 4/4/23 # 12,999,000 13,096,765
SES Global Americas Holdings 144A 5.30% 3/25/44 # 9,920,000 10,541,081
Sinclair Television Group
     5.375% 4/1/21 4,900,000 4,930,625
     6.125% 10/1/22 2,143,000 2,223,363
Sprint    
     144A 7.125% 6/15/24 # 5,035,000 5,154,581
     144A 7.25% 9/15/21 # 4,075,000   4,355,156
     144A 7.875% 9/15/23 # 1,010,000 1,083,225
Sprint Capital 6.90% 5/1/19 3,465,000 3,724,875
Telefonica Emisiones 4.57% 4/27/23 15,304,000 16,193,698
Telemar Norte Leste 144A 5.50% 10/23/20 # 5,330,000 5,263,375
Time Warner 4.70% 1/15/21 250,000 275,486
Time Warner Cable 8.25% 4/1/19 13,941,000 17,528,870
T-Mobile USA
     6.125% 1/15/22 1,340,000 1,383,550
     6.836% 4/28/23 * 7,245,000 7,706,869
Turk Telekomunikasyon AS 144A 3.75% 6/19/19 # 5,895,000 5,875,104

NQ-189 [7/14] 9/14 (13132)     21



Schedule of investments
Delaware Diversified Income Fund (Unaudited)

      Principal amount° Value (U.S. $)
Corporate Bonds (continued)            
Communications (continued)
Univision Communications
     144A 5.125% 5/15/23 # 6,985,000 $ 7,212,013
     144A 6.75% 9/15/22 # 1,425,000 1,542,563
Verizon Communications
     3.25% 2/17/26 EUR 2,606,000 3,827,700
     5.15% 9/15/23 8,520,000 9,446,226
     6.40% 9/15/33 5,003,000 6,222,201
       6.55% 9/15/43 8,315,000 10,480,567
Viacom 5.25% 4/1/44 * 6,015,000 6,332,574
Vimpel Communications 144A 7.748% 2/2/21 # 9,019,000 9,345,939
Virgin Media Finance 144A 6.375% 4/15/23 #* 3,270,000 3,449,850
VTR Finance 144A 6.875% 1/15/24 # 7,295,000 7,577,681
Wind Acquisition Finance 144A 7.375% 4/23/21 # 3,155,000 3,296,975
Windstream
     7.50% 6/1/22 49,000 52,981
     7.50% 4/1/23 1,375,000 1,471,250
     7.75% 10/1/21 2,300,000 2,492,625
Zayo Group 10.125% 7/1/20 4,770,000 5,431,837
  469,210,226
Consumer Cyclical – 3.18%
Bed Bath & Beyond
     4.915% 8/1/34 5,555,000   5,615,994
     5.165% 8/1/44 4,735,000 4,733,276
Chinos Intermediate Holdings 144A PIK 7.75% 5/1/19 #*T 3,445,000 3,315,813
Daimler 2.75% 12/10/18 NOK 14,510,000   2,376,903
Delphi
     4.15% 3/15/24 7,010,000 7,178,927
     6.125% 5/15/21 6,275,000 6,980,937
eBay 3.45% 8/1/24 11,385,000 11,279,438
Ford Motor Credit 5.875% 8/2/21   205,000 239,096
General Motors 3.50% 10/2/18   6,545,000 6,610,450
Host Hotels & Resorts
     3.75% 10/15/23 8,280,000 8,193,267
     4.75% 3/1/23 9,710,000 10,312,438
     5.875% 6/15/19 3,020,000 3,227,054
Hyundai Capital America
     144A 2.125% 10/2/17 # 6,005,000 6,077,703
     144A 2.55% 2/6/19 # 255,000 257,913
International Game Technology 5.35% 10/15/23 8,624,000 8,945,753
Landry’s 144A 9.375% 5/1/20 # 1,579,000 1,721,110
Levi Strauss 6.875% 5/1/22 5,510,000 5,950,800
Magna International 3.625% 6/15/24 6,505,000 6,546,521

22     NQ-189 [7/14] 9/14 (13132)



(Unaudited)

      Principal amount°       Value (U.S. $)
Corporate Bonds (continued)      
Consumer Cyclical (continued)
Marriott International 3.375% 10/15/20 5,735,000 $ 5,910,738
Netflix 144A 5.75% 3/1/24 # 4,400,000 4,565,000
Pantry 8.375% 8/1/20 94,000 100,815
Party City Holdings 8.875% 8/1/20 99,000 107,167
PF Chang’s China Bistro 144A 10.25% 6/30/20 # 1,281,000 1,306,620
QVC 4.375% 3/15/23 13,210,000 13,298,097
Sally Holdings 5.75% 6/1/22 4,201,000 4,390,045
Signet UK Finance 4.70% 6/15/24 7,930,000 8,066,356
Target
     2.30% 6/26/19 3,485,000 3,502,401
     3.50% 7/1/24 4,060,000 4,083,231
Tenedora Nemak 144A 5.50% 2/28/23 # 7,440,000 7,719,000
Toyota Finance Australia
     2.25% 8/31/16 NOK 1,710,000 274,994
     3.04% 12/20/16 NZD 2,810,000   2,297,290
TRW Automotive 144A 4.45% 12/1/23 # 9,010,000 9,190,200
Tupy Overseas 144A 6.625% 7/17/24 # 2,035,000   2,096,050
Volkswagen Financial Services 2.25% 5/15/17 NOK 1,130,000 181,512
Volvo Treasury 2.165% 3/1/17 SEK   10,400,000 1,530,878
  Wyndham Worldwide  
     4.25% 3/1/22 4,480,000 4,570,218
     5.625% 3/1/21 6,270,000 7,037,818
179,791,823
Consumer Non-Cyclical – 3.71%
Actavis Funding SCS 144A 3.85% 6/15/24 # 14,780,000 14,778,315
Amgen
     3.625% 5/22/24 9,765,000 9,803,298
     4.00% 9/13/29 GBP 1,271,000 2,084,328
Boston Scientific
     2.65% 10/1/18 4,795,000 4,876,045
     6.00% 1/15/20 12,030,000 13,940,436
BRF
     144A 3.95% 5/22/23 # 5,495,000 5,163,651
     144A 5.875% 6/6/22 # 1,715,000 1,847,913
CareFusion 6.375% 8/1/19 18,300,000 21,297,137
Celgene
     3.625% 5/15/24 2,315,000 2,319,447
     3.95% 10/15/20 10,810,000 11,326,448
     4.625% 5/15/44 3,360,000 3,358,683
Cosan Luxembourg 144A 5.00% 3/14/23 # 6,735,000 6,381,413
ENA Norte Trust 144A 4.95% 4/25/23 # 4,306,486 4,446,447

NQ-189 [7/14] 9/14 (13132)     23



Schedule of investments
Delaware Diversified Income Fund (Unaudited)

      Principal amount°       Value (U.S. $)
Corporate Bonds (continued)
Consumer Non-Cyclical (continued)
Express Scripts Holding
     2.25% 6/15/19 4,700,000 $ 4,657,813
     3.50% 6/15/24 10,435,000 10,313,537
Forest Laboratories 144A 4.375% 2/1/19 # 3,360,000 3,606,960
Gilead Sciences 3.70% 4/1/24 9,435,000 9,690,915
JBS Investments 144A 7.75% 10/28/20 # 10,215,000 11,006,663
Kimberly-Clark de Mexico 144A 3.80% 4/8/24 # 2,035,000 2,067,641
  Marfrig Overseas 144A 9.50% 5/4/20 #* 2,025,000 2,166,143
McKesson 3.796% 3/15/24 11,915,000 12,121,952
Pernod-Ricard 144A 5.75% 4/7/21 #* 5,860,000 6,743,114
Perrigo 144A 5.30% 11/15/43 # 2,095,000 2,248,086
Prestige Brands 144A 5.375% 12/15/21 # 4,170,000   4,190,850
Quest Diagnostics 2.70% 4/1/19 3,530,000 3,548,148
Smithfield Foods 6.625% 8/15/22 1,730,000   1,877,050
Spectrum Brands
     6.375% 11/15/20 4,575,000 4,838,063
     6.625% 11/15/22 68,000 72,420
  Thermo Fisher Scientific
     2.40% 2/1/19 7,047,000 7,077,915
     4.15% 2/1/24 4,610,000 4,791,187
Zimmer Holdings 4.625% 11/30/19 15,546,000 17,086,578
209,728,596
Electric – 5.21%
AES Gener 144A 8.375% 12/18/73 # 4,962,000 5,587,212
Ameren Illinois 9.75% 11/15/18 16,130,000 21,081,458
American Transmission Systems 144A 5.25% 1/15/22 # 19,960,000 21,778,955
CMS Energy 6.25% 2/1/20 7,690,000 9,094,863
ComEd Financing III 6.35% 3/15/33 8,849,000 9,136,593
Comision Federal de Electricidad 144A 4.875% 1/15/24 # 4,575,000 4,838,063
Duquesne Light Holdings 5.50% 8/15/15 * 3,168,000 3,315,404
Electricite de France
     144A 4.60% 1/27/20 # 3,580,000 3,968,119
     144A 5.25% 12/29/49 # 15,720,000 16,012,864
Enel 144A 8.75% 9/24/73 # 11,295,000 13,384,575
Entergy Arkansas 3.70% 6/1/24 2,215,000 2,299,863
Entergy Louisiana 4.05% 9/1/23 13,930,000 14,769,979
Exelon Generation 4.25% 6/15/22 11,570,000 12,015,376
Great Plains Energy
     4.85% 6/1/21 4,595,000 5,067,724
     5.292% 6/15/22 7,315,000 8,353,942
Integrys Energy Group 6.11% 12/1/66 * 10,605,000 10,825,033
IPALCO Enterprises 5.00% 5/1/18 5,745,000 6,075,337

24     NQ-189 [7/14] 9/14 (13132)



(Unaudited)

      Principal amount°       Value (U.S. $)
Corporate Bonds (continued)      
Electric (continued)
ITC Holdings 3.65% 6/15/24 3,965,000 $ 3,951,467
LG&E & KU Energy
     3.75% 11/15/20 9,197,000 9,625,442
     4.375% 10/1/21 15,250,000 16,376,197
National Rural Utilities Cooperative Finance
     4.75% 4/30/43 9,710,000 9,691,551
NextEra Energy Capital Holdings  
     2.40% 9/15/19 6,555,000 6,579,660
     3.625% 6/15/23 4,570,000 4,602,287
NV Energy 6.25% 11/15/20 * 10,843,000 12,857,770
Pennsylvania Electric 5.20% 4/1/20 9,253,000 10,180,243
Public Service of Oklahoma 5.15% 12/1/19 13,585,000 15,220,580
Puget Energy 6.00% 9/1/21 4,685,000 5,491,125
SCANA 4.125% 2/1/22 7,375,000 7,656,113
Transelec 144A 4.25% 1/14/25 #* 4,525,000 4,498,560
Wisconsin Energy 6.25% 5/15/67 19,330,000 19,925,422
294,261,777
Energy – 5.35%
AmeriGas Finance 7.00% 5/20/22 2,864,000 3,078,800
Anadarko Petroleum 3.45% 7/15/24     6,445,000 6,396,012
BHP Billiton Finance 3.25% 9/25/24 GBP 812,000 1,324,429
  Bristow Group 6.25% 10/15/22 3,735,000   3,954,431
Chaparral Energy
     7.625% 11/15/22 769,000 809,373
     8.25% 9/1/21 78,000   83,850
Chesapeake Energy 5.75% 3/15/23 4,895,000 5,249,887
Cimarex Energy 4.375% 6/1/24 4,955,000 5,072,681
CNOOC Finance 2012 144A 3.875% 5/2/22 # 4,955,000 5,009,332
CNOOC Nexen Finance 2014 4.25% 4/30/24 7,345,000 7,532,635
Continental Resources 4.50% 4/15/23 16,060,000 17,139,232
Drill Rigs Holdings 144A 6.50% 10/1/17 # 5,584,000 5,667,760
Ecopetrol 5.875% 5/28/45 2,895,000 3,039,750
Energy XXI Gulf Coast
     144A 6.875% 3/15/24 # 3,050,000 3,042,375
     7.50% 12/15/21 * 1,975,000 2,073,750
Exterran Partners 6.00% 4/1/21 1,270,000 1,276,350
Halcon Resources 8.875% 5/15/21 3,976,000 4,144,980
Hercules Offshore
     144A 6.75% 4/1/22 #* 870,000 784,087
     144A 8.75% 7/15/21 # 1,270,000 1,298,575
KazMunayGas National 144A 9.125% 7/2/18 # 8,410,000 10,207,637
Key Energy Services 6.75% 3/1/21 2,850,000 2,921,250

NQ-189 [7/14] 9/14 (13132)     25



Schedule of investments
Delaware Diversified Income Fund (Unaudited)

      Principal amount°       Value (U.S. $)
Corporate Bonds (continued)
Energy (continued)
Laredo Petroleum 7.375% 5/1/22 * 3,602,000 $ 3,944,190
Lukoil International Finance
     6.125% 11/9/20 4,270,000 4,390,841
     144A 6.125% 11/9/20 # 940,000 966,602
Midstates Petroleum 9.25% 6/1/21 3,795,000 3,937,313
  MIE Holdings 144A 7.50% 4/25/19 # 3,610,000 3,822,087
Murphy Oil USA 6.00% 8/15/23 4,130,000 4,367,475
Newfield Exploration 5.625% 7/1/24 8,180,000 8,875,300
Oasis Petroleum 144A 6.875% 3/15/22 # 4,755,000 5,171,063
Odebrecht Offshore Drilling Finance 144A
     6.625% 10/1/22 # 6,200,403 6,549,176
ONGC Videsh 2.50% 5/7/18 * 8,240,000 8,115,823
Pacific Rubiales Energy
     144A 5.375% 1/26/19 # 3,515,000 3,594,087
     144A 7.25% 12/12/21 # 6,470,000 7,084,650
PDC Energy 7.75% 10/15/22 1,273,000 1,419,395
Pertamina Persero 144A 4.875% 5/3/22 # 5,715,000 5,757,863
Petrobras Global Finance
     4.875% 3/17/20 6,475,000 6,612,917
     6.25% 3/17/24 2,930,000 3,100,204
Petrobras International Finance 5.375% 1/27/21 6,036,000 6,247,622
Petrohawk Energy 7.25% 8/15/18 14,758,000 15,319,675
Petroleos de Venezuela 9.00% 11/17/21 8,000,000   6,840,000
Petroleos Mexicanos 6.50% 6/2/41 3,250,000 3,786,250
Pride International 6.875% 8/15/20 30,565,000 36,805,334
PTT Exploration & Production PCL 144A
     4.875% 12/29/49 # 8,200,000 8,310,700
Range Resources 5.75% 6/1/21 1,800,000   1,908,000
Samson Investment 144A 10.75% 2/15/20 # 5,538,000 5,634,915
SandRidge Energy 8.125% 10/15/22 5,482,000 5,865,740
Suburban Propane Partners 7.375% 8/1/21 1,449,000 1,561,297
Sunoco Logistics Partners Operations 3.45% 1/15/23 2,520,000 2,463,703
Talisman Energy 5.50% 5/15/42 * 18,840,000 20,462,557
Woodside Finance 144A 8.75% 3/1/19 # 10,371,000 13,087,372
YPF
     7.724% 8/15/18 1,500,000 1,537,500
     144A 8.75% 4/4/24 # 4,732,000 4,933,110
302,579,937
Finance Companies – 1.22%
Corp Financiera de Desarrollo 144A 5.25% 7/15/29 #* 2,200,000 2,238,500
General Electric Capital
     2.10% 12/11/19 3,225,000 3,213,958

26     NQ-189 [7/14] 9/14 (13132)



(Unaudited)

      Principal amount°       Value (U.S. $)
Corporate Bonds (continued)      
Finance Companies (continued)
General Electric Capital
     3.45% 5/15/24 14,215,000 $ 14,271,092
     144A 3.80% 6/18/19 # 6,510,000 6,953,696
     4.208% 12/6/21 SEK 4,000,000 646,025
     7.125% 12/15/49 17,945,000 21,028,023
General Electric Capital European Funding 2.25% 7/20/20 EUR 1,254,000 1,789,104
InRetail Shopping Malls 144A 6.50% 7/9/21 #* 2,800,000 2,926,000
Nuveen Investments 144A 9.50% 10/15/20 # 4,919,000 5,767,527
Rio Oil Finance Trust Series 2014-1 144A 6.25% 7/6/24 # 5,340,000 5,571,286
Temasek Financial I 144A 2.375% 1/23/23 # 4,915,000 4,723,910
69,129,121
Healthcare – 1.02%
Air Medical Group Holdings 9.25% 11/1/18 2,651,000   2,790,177
Community Health Systems
       144A 6.875% 2/1/22 # 2,615,000 2,686,913
     7.125% 7/15/20 50,000   53,437
Crimson Merger Sub 144A 6.625% 5/15/22 # 3,020,000 2,887,875
DaVita HealthCare Partners 5.125% 7/15/24   5,605,000 5,531,434
Fresenius Medical Care US Finance II 144A  
     5.875% 1/31/22 # 4,243,000 4,656,693
HCA
     5.00% 3/15/24 4,010,000 3,989,950
     7.50% 2/15/22 4,544,000 5,157,440
HCA Holdings 6.25% 2/15/21 2,813,000 2,976,154
Immucor 11.125% 8/15/19 3,332,000 3,681,860
Kinetic Concepts 10.50% 11/1/18 2,579,000 2,862,690
Par Pharmaceutical 7.375% 10/15/20 1,776,000 1,904,760
Salix Pharmaceuticals 144A 6.00% 1/15/21 # 4,300,000 4,504,250
Service Corporation International 144A 5.375% 5/15/24 # 3,475,000 3,557,531
Tenet Healthcare
     6.00% 10/1/20 5,849,000 6,126,827
     8.00% 8/1/20 1,725,000 1,845,750
Valeant Pharmaceuticals International
     144A 5.625% 12/1/21 # 865,000 862,837
     144A 6.375% 10/15/20 # 1,586,000 1,643,493
57,720,071
Insurance – 2.38%
Allstate 5.75% 8/15/53 8,435,000 9,088,713
American International Group
     8.175% 5/15/58 1,778,000 2,464,753
     8.25% 8/15/18 14,270,000 17,572,991
Berkshire Hathaway Finance 2.90% 10/15/20 3,820,000 3,904,548

NQ-189 [7/14] 9/14 (13132)     27



Schedule of investments
Delaware Diversified Income Fund (Unaudited)

      Principal amount°       Value (U.S. $)
Corporate Bonds (continued)
Insurance (continued)
Chubb 6.375% 3/29/67 10,643,000 $ 11,787,123
Five Corners Funding Trust 144A 4.419% 11/15/23 # 2,845,000 2,985,776
Highmark  
     144A 4.75% 5/15/21 # 5,300,000 5,389,946
     144A 6.125% 5/15/41 # 1,995,000 1,981,262
Hockey Merger Sub 2 144A 7.875% 10/1/21 # 3,555,000 3,661,650
ING U.S. 5.65% 5/15/53 8,420,000 8,609,450
Liberty Mutual Group 144A 4.25% 6/15/23 # 7,105,000 7,319,472
MetLife
     3.60% 4/10/24 8,665,000 8,802,314
     6.40% 12/15/36 35,000 39,403
MetLife Capital Trust X 144A 9.25% 4/8/38 # 11,520,000 16,588,800
Onex USI Acquisition 144A 7.75% 1/15/21 # 709,000 707,227
Prudential Financial
     3.50% 5/15/24 3,805,000 3,792,052
     3.875% 1/14/15 4,020,000 4,082,696
     4.50% 11/15/20 3,385,000   3,693,360
     5.625% 6/15/43 4,580,000 4,923,500
     5.875% 9/15/42 4,095,000 4,453,313
     6.00% 12/1/17 4,402,000 5,006,324
  XL Group 6.50% 12/29/49 7,814,000 7,677,255
134,531,928
Natural Gas – 3.16%  
El Paso Pipeline Partners Operating 4.30% 5/1/24 8,535,000 8,577,163
Enbridge Energy Partners 8.05% 10/1/37 16,755,000 18,975,037
Energy Transfer Partners
     5.15% 2/1/43 5,170,000 5,210,559
     5.95% 10/1/43 10,940,000 12,203,756
     9.70% 3/15/19 8,000,000 10,398,936
EnLink Midstream Partners 4.40% 4/1/24 11,785,000 12,343,409
Enterprise Products Operating
     7.034% 1/15/68 22,204,000 25,304,411
     8.375% 8/1/66 1,492,000 1,677,415
GNL Quintero 144A 4.634% 7/31/29 # 4,055,000 4,100,039
Kinder Morgan Energy Partners 9.00% 2/1/19 15,317,000 19,466,176
Oleoducto Central 144A 4.00% 5/7/21 #* 7,925,000 8,033,969
Plains All American Pipeline 8.75% 5/1/19 13,194,000 16,869,321
TransCanada PipeLines 6.35% 5/15/67 16,090,000 16,806,005
Williams 4.55% 6/24/24 4,630,000 4,622,120
Williams Partners 7.25% 2/1/17 12,358,000 14,038,997
178,627,313

28     NQ-189 [7/14] 9/14 (13132)



(Unaudited)

      Principal amount°       Value (U.S. $)
Corporate Bonds (continued)
Real Estate – 1.46%
Alexandria Real Estate Equities
     3.90% 6/15/23 1,950,000 $ 1,938,224
     4.50% 7/30/29 3,000,000 3,028,683
Carey (W.P.) 4.60% 4/1/24 4,605,000 4,753,659
CBL & Associates 5.25% 12/1/23 5,175,000 5,528,577
Corporate Office Properties
       3.60% 5/15/23 6,500,000 6,233,838
     5.25% 2/15/24 5,275,000 5,642,319
DDR  
     4.75% 4/15/18 7,195,000 7,787,911
     7.50% 4/1/17 4,935,000 5,660,070
     7.875% 9/1/20 7,204,000 9,057,366
Digital Realty Trust 5.875% 2/1/20 * 6,915,000 7,698,898
Excel Trust 4.625% 5/15/24 3,200,000 3,267,709
Healthcare Trust of America Holdings 3.375% 7/15/21 2,850,000 2,836,078
Regency Centers
     4.80% 4/15/21 8,610,000 9,417,007
     5.875% 6/15/17 2,018,000 2,257,726
Trust F/1401 144A 5.25% 12/15/24 # 7,040,000 7,383,200
82,491,265
Services – 0.86%  
Activision Blizzard 144A 6.125% 9/15/23 # 3,385,000   3,655,800
Algeco Scotsman Global Finance
     144A 8.50% 10/15/18 #* 5,880,000 6,056,400
     144A 10.75% 10/15/19 # 6,421,000 6,421,000
Ameristar Casinos 7.50% 4/15/21 5,395,000 5,718,700
Avis Budget Car Rental
     144A 5.125% 6/1/22 # 1,245,000 1,210,763
     5.50% 4/1/23 3,150,000 3,165,750
Caesars Growth Properties Holdings 144A
     9.375% 5/1/22 #* 2,350,000 2,372,031
Corrections Corporation of America 4.625% 5/1/23 3,851,000 3,725,843
Mattamy Group 144A 6.50% 11/15/20 # 233,000 237,660
MGM Resorts International
     6.75% 10/1/20 1,010,000 1,095,850
     7.75% 3/15/22 * 157,000 180,943
     11.375% 3/1/18 6,081,000 7,692,465
Pinnacle Entertainment 7.75% 4/1/22 98,000 105,473
United Rentals North America 5.75% 11/15/24 3,855,000 3,951,375
Wynn Las Vegas 144A 4.25% 5/30/23 # 2,975,000 2,811,375
48,401,428

NQ-189 [7/14] 9/14 (13132)     29



Schedule of investments
Delaware Diversified Income Fund (Unaudited)

            Principal amount°       Value (U.S. $)
Corporate Bonds (continued)
Technology – 2.70%
Apple 3.45% 5/6/24 23,255,000 $ 23,444,319
Avaya 144A 7.00% 4/1/19 # 3,011,000 2,958,307
Baidu 2.75% 6/9/19 10,063,000 10,071,393
BMC Software Finance 144A 8.125% 7/15/21 # 1,855,000 1,855,000
Broadcom
     3.50% 8/1/24 2,240,000 2,227,649
       4.50% 8/1/34 4,720,000 4,798,635
First Data
     11.25% 1/15/21 7,562,000   8,582,870
     11.75% 8/15/21 1,549,000 1,816,203
International Business Machines 3.625% 2/12/24 3,590,000 3,675,471
Jabil Circuit 7.75% 7/15/16 1,178,000 1,313,470
National Semiconductor 6.60% 6/15/17 23,182,000 26,651,140
NCR 6.375% 12/15/23 3,750,000 3,993,750
NetApp 3.25% 12/15/22 6,405,000 6,180,780
NXP Funding 144A 5.75% 3/15/23 # 2,055,000 2,126,925
Oracle
     3.40% 7/8/24 10,840,000 10,816,239
     4.50% 7/8/44 4,290,000   4,334,011
Samsung Electronics America 144A 1.75% 4/10/17 # 10,895,000 10,939,103
Seagate HDD Cayman 144A 4.75% 1/1/25 # 9,825,000 9,726,750
Tencent Holdings 144A 3.375% 5/2/19 # 4,640,000 4,717,312
Viasystems 144A 7.875% 5/1/19 # 96,000 100,320
Xerox 6.35% 5/15/18 10,448,000 12,035,083
152,364,730
Transportation – 1.03%
Brambles USA 144A 5.35% 4/1/20 # 6,810,000 7,653,391
Burlington Northern Santa Fe 4.90% 4/1/44 6,300,000 6,720,960
DP World 144A 6.85% 7/2/37 # 3,020,000 3,382,400
ERAC USA Finance 144A 5.25% 10/1/20 # 28,100,000 31,813,331
Red de Carreteras de Occidente 144A 9.00% 6/10/28 # MXN 60,960,000 4,383,393
United Airlines 2014-1 Class A Pass Through Trust 4.00%
     4/11/26 *t   2,285,000 2,316,419
United Airlines 2014-2 Class A Pass Through Trust
     3.75% 9/3/26 t 2,035,000 2,034,430
58,304,324
Utilities – 0.59%
AES
     5.50% 3/15/24 1,550,000 1,526,750
     7.375% 7/1/21 3,062,000 3,505,990
Calpine 5.375% 1/15/23 5,605,000 5,499,906
Elwood Energy 8.159% 7/5/26 2,461,338 2,769,005

30     NQ-189 [7/14] 9/14 (13132)



(Unaudited)

      Principal amount°       Value (U.S. $)
Corporate Bonds (continued)
Utilities (continued)
NRG Energy 144A 6.25% 5/1/24 # 1,485,000 $ 1,492,425
Saudi Electricity Global Sukuk 3
     144A 4.00% 4/8/24 # 4,719,000 4,819,279
     144A 5.50% 4/8/44 #* 2,183,000 2,292,150
State Grid Overseas Investment 2014  
     144A 2.75% 5/7/19 # 3,430,000 3,445,483
     144A 4.125% 5/7/24 # 7,770,000 8,050,132
33,401,120
Total Corporate Bonds (cost $3,089,319,123) 3,197,734,311
  
Municipal Bonds – 0.44%
Golden State, California Tobacco Securitization
     Corporation Settlement Revenue (Asset-Backed Senior
     Notes) Series A-1
     5.125% 6/1/47 3,170,000 2,343,169
     5.75% 6/1/47 3,500,000 2,816,135
New Jersey Transportation Trust Fund
     Series AA 5.00% 6/15/44 4,080,000   4,308,643
New York City, New York
     Series I 5.00% 8/1/22 2,680,000 3,200,965
  New York State Thruway Authority Revenue
     Series A 5.00% 5/1/19 3,145,000 3,647,068
Oregon State Taxable Pension
     5.892% 6/1/27 305,000 367,354
State of Maryland Local Facilities
     Series A 5.00% 8/1/21 3,960,000 4,808,588
Texas Private Activity Bond Surface Transportation Senior
     Lien Revenue Bond (NTE Mobility)  
     6.75% 6/30/43 (AMT) 2,795,000 3,329,656
Total Municipal Bonds (cost $23,472,392) 24,821,578
  
Non-Agency Asset-Backed Securities – 1.37%
AEP Texas Central Transition Funding II
     Series 2006-A A4 5.17% 1/1/18 145,000 157,605
Ally Master Owner Trust
     Series 2013-2 A 0.602% 4/15/18 5,280,000 5,289,108
     Series 2014-1 A1 0.622% 1/15/19 2,750,000 2,759,575
American Express Credit Account Master Trust
     Series 2013-2 A 0.572% 5/17/21 3,480,000 3,493,158
Ameriquest Mortgage Securities Asset-Backed Pass
     Through Certificates
     Series 2003-8 AF4 5.816% 10/25/33 65,350 66,119

NQ-189 [7/14] 9/14 (13132)     31



Schedule of investments
Delaware Diversified Income Fund (Unaudited)

      Principal amount°       Value (U.S. $)
Non-Agency Asset-Backed Securities (continued)
Avis Budget Rental Car Funding AESOP
     Series 2011-3A A 144A 3.41% 11/20/17 # 4,435,000 $ 4,624,778
     Series 2013-1A A 144A 1.92% 9/20/19 # 6,115,000 6,061,402
     Series 2014-1A A 144A 2.46% 7/20/20 # 4,587,000 4,586,243
California Republic Auto Receivables Trust
     Series 2013-1 A2 144A 1.41% 9/17/18 # 3,357,392 3,384,526
Capital One Multi-Asset Execution Trust  
     Series 2007-A1 A1 0.202% 11/15/19 1,500,000 1,492,537
     Series 2007-A7 A7 5.75% 7/15/20 300,000 338,599
Citibank Credit Card Issuance Trust
     Series 2014-A5 A5 2.68% 6/7/23 3,310,000 3,312,287
     Series 2014-A6 A6 2.15% 7/15/21 3,195,000 3,193,519
  Citicorp Residential Mortgage Trust  
     Series 2006-3 A4 5.703% 11/25/36 ϕ 3,477,937 3,520,740
Contimortgage Home Equity Loan Trust
     Series 1996-4 A8 7.22% 1/15/28 4,943 4,851
Countrywide Asset-Backed Certificates
     Series 2006-13 1AF3 5.00% 1/25/37 19,888 24,860
Discover Card Execution Note Trust
     Series 2012-A1 A1 0.81% 8/15/17 1,010,000 1,012,469
     Series 2014-A4 A4 2.12% 12/15/21 6,000,000 5,993,806
GE Dealer Floorplan Master Note Trust  
     Series 2013-1 A 0.556% 4/20/18 7,250,000 7,270,981
Golden Credit Card Trust
     Series 2012-5A A 144A 0.79% 9/15/17 # 4,440,000 4,449,457
GreatAmerica Leasing Receivables
     Series 2013-1 B 144A 1.44% 5/15/18 # 1,045,000 1,041,632
HOA Funding
     Series 2014-1A A2 144A 4.846% 8/20/44 # 8,510,000 8,510,000
MASTR Specialized Loan Trust
     Series 2005-2 A2 144A 5.006% 7/25/35 # 139,919 139,945
Mid-State Trust XI
     Series 11 A1 4.864% 7/15/38 347,656 370,515
MMAF Equipment Finance
     Series 2014-AA A4 144A 1.59% 2/8/22 # 5,755,000 5,718,041
RASC Trust
     Series 2006-EMX1 A2 0.385% 1/25/36 592,637 591,058
Trafigura Securitisation Finance
     Series 2012-1A A 144A 2.552% 10/15/15 # 170,000 171,282
Total Non-Agency Asset-Backed Securities
(cost $76,770,394) 77,579,093

32     NQ-189 [7/14] 9/14 (13132)



(Unaudited)

      Principal amount°       Value (U.S. $)
Non-Agency Collateralized Mortgage Obligations – 1.04%
American Home Mortgage Investment Trust

     Series 2005-2 5A1 5.064% 9/25/35 ϕ

642,547 $ 638,807
Banc of America Alternative Loan Trust
     Series 2005-1 2A1 5.50% 2/25/20 239,160 244,740
     Series 2005-3 2A1 5.50% 4/25/20 215,805 222,885
     Series 2005-6 7A1 5.50% 7/25/20 920,478 938,471
Banc of America Mortgage Trust
     Series 2003-E 2A2 2.659% 6/25/33 97,067 98,130
Chase Mortgage Finance Trust
     Series 2005-A1 3A1 2.534% 12/25/35 753,236 688,477
ChaseFlex Trust
     Series 2006-1 A4 5.126% 6/25/36 6,119,000 5,495,199
CHL Mortgage Pass Through Trust
     Series 2003-21 A1 2.599% 5/25/33 t 32,918 33,401
     Series 2004-HYB2 2A 2.588% 7/20/34 t 119,183   109,452
     Series 2004-HYB5 3A1 2.533% 4/20/35 t 146,262 130,063
CIFC Funding
       Series 2013-2A A1L 144A 1.384% 4/21/25 # 10,000,000   9,905,800
Citicorp Mortgage Securities Trust
     Series 2006-3 1A9 5.75% 6/25/36 780,756 803,598
Citicorp Residential Mortgage Trust
     Series 2006-3 A5 5.948% 11/25/36 ϕ 5,800,000 5,804,292
Credit Suisse First Boston Mortgage Securities
     Series 2005-5 6A3 5.00% 7/25/35 3,938,594 3,946,459
First Horizon Mortgage Pass Through Trust
     Series 2004-5 2A1 6.25% 8/25/17 t 7,906 8,066
     Series 2004-7 1A3 5.50% 1/25/35 t 2,813,653 2,911,326
GSMPS Mortgage Loan Trust
     Series 1998-3 A 144A 7.75% 9/19/27 # 52,707 55,297
GSR Mortgage Loan Trust
     Series 2004-9 4A1 2.655% 8/25/34 749,068 737,653
     Series 2006-AR1 3A1 2.867% 1/25/36 742,568 683,020
JPMorgan Mortgage Trust
     Series 2005-A8 1A1 5.131% 11/25/35 473,172 455,269
     Series 2006-S1 1A1 6.00% 4/25/36 4,090,438 4,130,749
     Series 2007-A1 7A4 2.558% 7/25/35 109,207 98,485
MASTR ARM Trust
     Series 2003-6 1A2 2.45% 12/25/33 44,365 44,408
     Series 2004-10 2A2 3.218% 10/25/34 60,470 40,604
Structured Asset Securities Mortgage Pass Through
     Certificates
     Series 2004-20 2A1 5.50% 11/25/34 t 3,609,540 3,685,355
Structured Asset Securities Trust
     Series 2005-1 4A1 5.00% 2/25/20 4,254,401 4,331,941

NQ-189 [7/14] 9/14 (13132)     33



Schedule of investments
Delaware Diversified Income Fund (Unaudited)

            Principal amount°       Value (U.S. $)
Non-Agency Collateralized Mortgage Obligations (continued)
Washington Mutual Alternative Mortgage Pass Through
     Certificates
     Series 2005-1 5A2 6.00% 3/25/35 t 358,865 $ 184,958
Washington Mutual Mortgage Pass Through Certificates
     Series 2003-S10 A2 5.00% 10/25/18 t 202,030 208,079
     Series 2006-AR14 2A1 2.025% 11/25/36 t 4,298,421 3,644,300
Wells Fargo Mortgage-Backed Securities Trust
     Series 2006-2 3A1 5.75% 3/25/36 2,579,560 2,621,935
       Series 2006-3 A11 5.50% 3/25/36 2,503,659 2,589,472
     Series 2006-20 A1 5.50% 12/25/21 1,046,349 1,064,882
     Series 2006-AR5 2A1 2.615% 4/25/36 2,063,543 1,992,035
     Series 2007-14 1A1 6.00% 10/25/37 147,403 149,808
Total Non-Agency Collateralized Mortgage Obligations (cost $54,967,845) 58,697,416
 
Senior Secured Loans – 10.91%«
Air Medical Group Holdings Tranche B1 5.00% 5/29/18 2,550,377 2,559,940
Akorn Tranche B 1st Lien 4.50% 4/17/21 3,050,000 3,061,437
Albertsons Tranche B 1st Lien 4.75% 3/21/19 2,459,812 2,475,397
Amaya Gaming 1st Lien 5.00% 7/29/21 8,410,000 8,335,101
Amaya Gaming 2nd Lien 8.00% 7/29/22 3,920,000 3,970,635
American Tire 1st Lien 5.75% 6/1/18 2,270,396 2,270,396
Applied Systems 1st Lien 4.25% 1/15/21 2,666,600 2,664,933
Applied Systems 2nd Lien 7.50% 1/15/22 6,723,000 6,830,151
ARAMARK Tranche E 3.25% 9/7/19 2,244,375 2,230,166
Arysta Lifescience 1st Lien 4.50% 5/20/20 1,930,498 1,931,303
Ashland Water 1st Lien 4.25% 7/2/21 2,350,000 2,332,864
Ashland Water 2nd Lien 7.75% 7/2/22 1,875,000 1,873,438
Atkore International 2nd Lien 7.75% 9/27/21 2,465,000 3,003,149
Avast Software 1st Lien 5.00% 3/18/20 4,878,250 4,888,411
Axalta Coating Systems U.S. Holdings 1st Lien
     4.00% 2/1/20 4,816,350 4,798,289
Azure Midstream Tranche B 6.50% 10/21/18 2,848,049 2,865,849
Bally Technologies Tranche B 4.25% 8/22/20 6,205,596 6,225,919
BJ’s Wholesale Club 2nd Lien 8.50% 3/31/20 5,195,000 5,277,798
BJ’s Wholesale Club Tranche B 1st Lien 4.50% 9/26/19 2,320,388 2,319,118
Bowie Recourse Tranche B 1st Lien 6.75% 8/9/20 4,066,563 4,097,062
Burlington Coat Factory Warehouse Tranche B2
     4.25% 2/23/17 6,677,623 6,698,491
Caesars Growth Partners Tranche B 1st Lien
     6.25% 5/8/21 10,310,000 10,287,452
Calpine Construction Finance Tranche B 3.00% 5/1/20 3,167,800 3,110,384
Calpine Construction Finance Tranche B2 3.25% 1/31/22 308,447 305,330
Catalent Pharma Solutions Tranche B 4.50% 9/15/21 3,283,045 3,300,744

34     NQ-189 [7/14] 9/14 (13132)



(Unaudited)

            Principal amount°       Value (U.S. $)
Senior Secured Loans« (continued)
Chrysler Group Tranche B 1st Lien
     3.25% 12/29/18 10,299,188 $ 10,268,805
     3.50% 5/24/17 1,984,883 1,987,976
Citycenter Holdings Tranche B 5.00% 10/9/20 2,709,609 2,719,770
Clear Channel Communications Tranche B 3.65% 1/29/16 20,948,473 20,793,936
Clear Channel Communications Tranche D 6.75% 1/30/19 2,250,000 2,214,610
Clear Channel Communications Tranche E 1st Lien
     7.50% 7/30/19 1,349,729 1,350,452
Community Health Systems Tranche D 4.25% 1/27/21 3,644,305 3,657,971
Community Health Systems Tranche E 3.25% 1/25/17 1,154,530 1,156,781
Crown Castles Operating Tranche B2 3.00% 1/31/21 3,477,809 3,459,488
Davita Healthcare Partners Tranche B 3.50% 6/19/21 3,940,000 3,938,944
Delta Air Lines Tranche B 1st Lien 3.50% 4/20/17 7,297,501 7,303,433
Diamond Reports 1st Lien 5.50% 4/25/21 5,020,000 5,054,513
Drillships Financing Holding Tranche B1 6.00% 2/17/21 14,787,217 14,935,090
Dynegy Tranche B2 4.00% 4/16/20 7,867,742 7,875,122
Emdeon 1st Lien 3.75% 11/2/18 7,373,003 7,375,768
Equipower Resources Holdings Tranche B
     4.25% 12/21/18 2,011,686 2,019,230
Exide Technologies DIP 9.00% 10/9/14 5,926,983 6,075,158
Fieldwood Energy 2nd Lien 8.375% 9/30/20 3,175,000 3,257,353
First Data Tranche B 1st Lien 4.00% 3/24/21 11,597,445 11,603,661
Flint Group 1st Lien 4.75% 5/2/21 4,800,000 4,809,000
Flint Group 2nd Lien 8.25% 5/2/22 2,125,000 2,141,824
Flying Fortress 1st Lien 3.50% 6/30/17 1,225,209 1,225,593
Gardner Denver 1st Lien 4.25% 7/23/20 4,630,013 4,614,460
Gates Global 1st Lien 4.25% 6/12/21 5,680,000 5,651,094
Gentiva Health Services Tranche B 6.50% 10/10/19 7,350,764 7,367,950
Gentiva Health Services Tranche C 5.75% 10/10/18 1,371,501 1,372,358
HD Supply Tranche B 4.00% 6/28/18 7,368,986 7,374,911
Hilton Worldwide Finance Tranche B2 3.50% 9/23/20 10,593,947 10,558,087
Hostess Brands 1st Lien 6.75% 3/12/20 2,748,113 2,840,861
Houghton International 1st Lien 4.00% 12/10/19 1,891,200 1,890,018
Houghton International 2nd Lien 9.50% 11/20/20 2,605,000 2,657,100
Hudson’s Bay Tranche B 1st Lien 4.75% 10/7/20 3,009,500 3,037,714
Huntsman International Tranche B 3.75% 10/11/20 5,865,000 5,867,170
Husky International 2nd Lien 7.25% 6/10/22 1,200,000 1,211,000
Husky International Tranche B 1st Lien 4.25% 6/10/21 1,200,000 1,204,313
IASIS Healthcare Tranche B 1st Lien 4.50% 5/3/18 8,074,623 8,103,643
Ikaria 5.00% 2/4/22 5,320,000 5,355,623
Immucor Tranche B2 5.00% 8/19/18 9,784,739 9,839,778
Ineos U.S. Finance Tranche B 3.75% 5/4/18 6,008,264 5,987,343
Infor U.S. Tranche B5 1st Lien 3.75% 6/3/20 1,943,806 1,930,443

NQ-189 [7/14] 9/14 (13132)      35



Schedule of investments
Delaware Diversified Income Fund (Unaudited)

            Principal amount°       Value (U.S. $)
Senior Secured Loans« (continued)
Intelsat Jackson Holdings Tranche B2 3.75% 6/30/19 11,082,366 $ 11,082,366
Ipreo (U.S. 2) Tranche B 1st Lien 4.25% 7/16/21 2,815,000 2,800,925
KIK Custom Products 1st Lien 5.50% 5/17/19 8,539,746 8,553,982
Kinetic Concepts Tranche E1 4.00% 5/8/18 1,796,429 1,798,348
Landry’s Tranche B 4.00% 4/24/18 7,310,367 7,335,953
Level 3 Financing Tranche B 4.00% 1/15/20 10,170,000 10,160,471
Lightower Fiber Networks 4.00% 4/1/20 978,409 976,262
LTS Buyer 2nd Lien 8.00% 3/15/21 3,141,138 3,183,018
Mallinckrodt Tranche B1 1st Lien 0.00% 3/19/21 1,680,000 1,671,600
Mauser Holdings 2nd Lien 8.25% 6/30/22 4,150,000 4,157,781
MGM Resorts International Tranche B 1st Lien
     3.50% 12/20/19 4,969,325 4,946,551
Michael Stores Tranche B 1st Lien 3.75% 1/16/20 2,312,223 2,307,267
Moxie Liberty Tranche B 7.50% 8/21/20 6,186,000 6,387,045
Moxie Patriot (Panda Power Fund) Tranche B1
     6.75% 12/18/20 4,500,000 4,646,250
National Vision 4.00% 3/6/21 1,441,388 1,431,178
NEP Broadcasting 2nd Lien 9.50% 7/3/20 6,737,857 6,923,148
NEP/NCP Tranche B 1st Lien 4.25% 1/22/20 812,963 813,725
New Albertsons 1st Lien 4.75% 6/24/21 3,050,000 3,062,947
Numericable 4.50% 4/23/20 5,239,295 5,276,720
Numericable U.S. Tranche B2 1st Lien 4.50% 4/23/20 4,532,705 4,551,475
Nuveen Investments 1st Lien 4.00% 5/13/17 4,375,000 4,380,167
Nuveen Investments 2nd Lien 6.50% 2/28/19 27,877,000 27,958,317
Ocean Rig (Drillship) Tranche B 1st Lien 5.50% 7/18/21 2,815,000 2,834,353
Ortho-Clinical Diagnostics Tranche B 1st Lien
     4.75% 6/30/21 2,270,000 2,272,365
Panda Temple Power II Tranche B 1st Lien 7.25% 3/28/19 5,146,000 5,313,245
Paragon Offshore Finance Tranche B 3.75% 7/11/21 2,345,000 2,335,475
Peabody Energy Tranche B 4.25% 9/20/20 4,545,650 4,549,305
Pinnacle Entertainment Tranche B2 3.75% 8/13/20 1,258,164 1,262,222
Ply Gem Industries 1st Lien 4.00% 1/22/21 2,533,650 2,517,024
Polymer Group Tranche B
     5.25% 12/13/19 5,376,551 5,388,315
     5.25% 12/19/19 0
Quickrete 2nd Lien 7.00% 3/19/21 3,475,000 3,553,187
Ranpak 2nd Lien 8.50% 4/10/20 1,970,000 2,011,863
Regent Seven Seas Cruises Tranche B 1st Lien
     3.75% 12/21/18 1,278,500 1,277,701
Republic of Angola 6.25% 12/16/23 11,720,000 11,720,000
Reynolds Group 1st Lien 4.00% 12/31/18 8,564,094 8,558,150
Rite Aid 2nd Lien 5.75% 8/3/20 4,665,000 4,762,965
Salix Pharmaceuticals Tranche B 4.25% 12/17/19 1,950,000 1,961,273

36      NQ-189 [7/14] 9/14 (13132)



(Unaudited)

      Principal amount°       Value (U.S. $)
Senior Secured Loans« (continued)
Samson Investment 2nd Lien 5.00% 9/25/18       6,699,000 $ 6,691,825
Santander Asset Management Tranche B 4.25% 11/26/20 2,333,275 2,340,566
Scientific Games International 4.25% 5/22/20 9,945,025 9,818,047
Sensus 2nd Lien 8.50% 4/13/18 2,660,000 2,674,963
Sinclair Broadcasting Tranche B1 1st Lien 3.50% 7/22/21 2,725,000 2,721,027
Smart & Final Tranche B 1st Lien 4.75% 11/15/19 6,383,422 6,397,389
Sprouts Farmers 4.00% 4/12/20 4,075,291 4,076,990
Stena 1st Lien 4.00% 2/21/21 1,142,138 1,143,923
Supervalu 1st Lien 4.50% 3/21/19 3,183,678 3,183,897
Surgical Care Affiliates 4.00% 12/30/17 4,632,230 4,609,069
Surgical Care Affiliates Tranche C 4.25% 6/30/18 985,050 984,434
TransDigm Tranche C 3.75% 2/7/20 5,833,983 5,806,896
United Continental Tranche B 3.50% 4/1/19 3,066,188 3,059,289
Univision Communications 1st Lien 4.00% 3/1/20 2,142,875 2,131,625
Univision Communications Tranche C4 4.00% 3/1/20 15,381,970 15,305,060
US Airways Tranche B1 3.50% 5/23/19 3,212,550 3,200,503
USI Insurance Services
     Tranche B 1st Lien 4.25% 12/3/18 8,890,133 8,903,094
Valeant Pharmaceuticals International Tranche BE
     3.75% 8/5/20 8,034,827 8,028,688
Vantage Drilling Tranche B 1st Lien 5.00% 10/25/17 2,414,194 2,406,649
Wide Open West Finance 4.75% 3/27/19 12,753,563 12,812,344
Windstream Tranche B3 1st Lien 3.50% 8/8/19 37,313 37,278
Zayo Group Tranche B 1st Lien 4.00% 7/2/19 9,978,917 9,945,398
Ziggo Tranche B 2nd Lien 3.50% 1/15/22 1,358,298 1,336,954
Ziggo Tranche B 3rd Lien 3.50% 1/20/22 2,233,915 2,198,811
Ziggo Tranche B1 1st Lien 3.50% 1/15/22 2,107,787 2,074,665
Total Senior Secured Loans (cost $613,193,885) 616,414,424
   
Sovereign Bonds – 1.96%Δ
Azerbaijan – 0.10%
Republic of Azerbaijan International Bond 144A
     4.75% 3/18/24 # 5,497,000 5,703,137
5,703,137
Brazil – 0.07%
Brazil Notas do Tesouro Nacional Series F 10.00% 1/1/25 BRL 9,936,000 3,884,519
3,884,519
Canada – 0.01%
Province of Ontario Canada 3.45% 6/2/45 CAD 726,000 643,860
643,860
Colombia – 0.05%
Colombia Government International Bond 9.85% 6/28/27 COP 4,293,000,000 2,962,504
2,962,504

NQ-189 [7/14] 9/14 (13132)     37



Schedule of investments
Delaware Diversified Income Fund (Unaudited)

      Principal amount°       Value (U.S. $)
Sovereign BondsΔ (continued)      
Finland – 0.04%
Finland Government Bond 2.25% 3/6/18 NOK 13,000,000 $ 2,085,805
2,085,805
Guatemala – 0.05%
Guatemala Government Bond 144A 5.75% 6/6/22 # 2,730,000 2,955,225
2,955,225
Iceland – 0.10%
Republic of Iceland 144A 5.875% 5/11/22 # 5,275,000 5,823,843
5,823,843
Indonesia – 0.33%
Indonesia Government International Bond
     144A 3.375% 4/15/23 # 10,812,000 10,298,430
     144A 5.875% 1/15/24 # 3,226,000 3,633,283
Perusahaan Penerbit Indonesia 144A 6.125% 3/15/19 # 4,390,000 4,905,825
18,837,538
Japan – 0.03%
Japanese Government CPI Linked Bond 0.10% 3/10/24 JPY 131,353,300 1,387,502
1,387,502
Kenya – 0.08%
Kenya Government International Bond 144A
     5.875% 6/24/19 # 4,370,000 4,512,899
4,512,899
Mexico – 0.15%
Mexican Bonos
     6.50% 6/10/21 MXN 4,573,100 369,371
     6.50% 6/9/22 MXN 59,642,000 4,768,603
     7.75% 5/29/31 MXN 39,211,000 3,341,520
8,479,494
Pakistan – 0.11%
Pakistan Government International Bond 144A
     7.25% 4/15/19 #* 5,723,000 5,980,535
5,980,535
Philippines – 0.14%
Philippine Government International Bond
     3.90% 11/26/22 PHP 180,000,000 4,170,354
     6.25% 1/14/36 PHP 152,000,000 3,807,406
7,977,760
Poland – 0.03%
Poland Government Bond 4.00% 10/25/23 PLN 4,118,000 1,381,380
1,381,380

38     NQ-189 [7/14] 9/14 (13132)



(Unaudited)

      Principal amount°       Value (U.S. $)
Sovereign BondsΔ (continued)      
Portugal – 0.02%
Portugal Government International Bond 144A
     5.125% 10/15/24 # 1,045,000 $ 1,049,629
1,049,629
Republic of Korea – 0.15%
Inflation-Linked Korea Treasury Bond 1.125% 6/10/23 KRW 8,854,290,469 8,455,710
8,455,710
Romania – 0.08%
Romanian Government International Bond 144A
     4.875% 1/22/24 # 4,020,000 4,296,375
4,296,375
Senegal – 0.05%
Senegal Government International Bond 144A
     6.25% 7/30/24 # 3,000,000 3,015,000
3,015,000
South Africa – 0.13%
South Africa Government Bond 8.00% 1/31/30 ZAR 62,490,000 5,472,719
South Africa Government International Bond
     5.375% 7/24/44 1,777,000 1,795,881
7,268,600
Sri Lanka – 0.08%
Sri Lanka Government International Bond 144A
     6.00% 1/14/19 # 4,433,000 4,710,063
4,710,063
Sweden – 0.01%
Sweden Government Bond 5.00% 12/1/20 SEK 4,150,000 744,121
744,121
United Kingdom – 0.08%
United Kingdom Gilt 1.25% 7/22/18 GBP 1,623,148 2,685,647
United Kingdom Gilt Inflation-Linked 0.125% 3/22/24 GBP 979,605 1,715,722
4,401,369
Uruguay – 0.07%
Uruguay Government International Bond 5.10% 6/18/50 4,085,000 4,044,150
4,044,150
Total Sovereign Bonds (cost $108,112,296) 110,601,018
 
Supranational Banks – 0.26%
Eurasian Development Bank 144A 5.00% 9/26/20 #@ 5,000,000 5,125,000
Inter-American Development Bank 7.25% 7/17/17 IDR 15,220,000,000 1,311,661
International Bank for Reconstruction & Development
     1.375% 6/23/19 SEK 17,540,000 2,578,669

NQ-189 [7/14] 9/14 (13132)     39



Schedule of investments
Delaware Diversified Income Fund (Unaudited)

      Principal amount°       Value (U.S. $)
Supranational Banks (continued)      
International Bank for Reconstruction & Development
     2.923% 9/24/18 AUD 4,747,000 $ 4,418,017
     4.625% 2/26/19 NZD 1,397,000 1,189,907
Total Supranational Banks (cost $14,552,872) 14,623,254
 
U.S. Treasury Obligations – 3.17%
U.S. Treasury Bond
     3.375% 5/15/44 166,245,000 168,271,194
U.S. Treasury Notes
     1.625% 6/30/19 4,185,000 4,159,660
     2.50% 5/15/24 6,710,000 6,678,020
Total U.S. Treasury Obligations (cost $180,606,709) 179,108,874
 
Number of
Shares
Common Stock – 0.00%
Century Communications =† 7,875,000 0
Total Common Stock (cost $238,403) 0
 
Convertible Preferred Stock – 0.46%
ArcelorMittal 6.00% exercise price $20.36, expiration date
     12/21/15 106,550 2,475,625
Bank of America 7.25% exercise price $50.00, expiration
     date 12/31/49 1,465 1,692,441
Chesapeake Energy 144A 5.75% exercise price $26.14,
     expiration date 12/31/49 # 1,633 1,918,775
Dominion Resources 6.125% exercise price $65.21,
     expiration date 4/1/16 23,556 1,305,002
Exelon 6.50% exercise price $43.75, expiration date
     6/1/17 38,450 1,887,895
Halcon Resources 5.75% exercise price $6.16, expiration
     date 12/31/49 1,803 1,983,300
HealthSouth 6.50% exercise price $30.01, expiration date
     12/31/49 2,663 3,622,346
Huntington Bancshares 8.50% exercise price $11.95,
     expiration date 12/31/49 * 1,550 2,061,500
Intelsat 5.75% exercise price $22.05, expiration date
     5/1/16 72,141 3,552,944
SandRidge Energy 8.50% exercise price $8.01, expiration
     date 12/31/49 26,122 2,719,953

40      NQ-189 [7/14] 9/14 (13132)



(Unaudited)

Number of
            Shares       Value (U.S. $)
Convertible Preferred Stock (continued)
Wells Fargo 7.50% exercise price $156.71, expiration date
     12/31/49 2,210 $ 2,674,100
Total Convertible Preferred Stock (cost $25,601,218) 25,893,881
 
Preferred Stock – 0.66%
Alabama Power 5.625% 288,353 7,076,183
Ally Financial 144A 7.00% # 9,820 9,820,000
Integrys Energy Group 6.00% 205,100 5,277,223
MetLife 5.00% 57,475 1,739,193
National Retail Properties 5.70% 202,445 4,743,286
Public Storage 5.20% * 212,995 4,785,998
Regions Financial 6.375% * 160,200 4,077,090
Total Preferred Stock (cost $36,715,939) 37,518,973
 
Principal amount°
Short-Term Investments – 6.92%
Discount Notes – 3.59%
Federal Home Loan Bank
     0.05% 8/14/14 100,041,373 100,040,673
     0.05% 8/15/14 19,097,374 19,097,240
     0.06% 8/18/14 54,644,888 54,644,397
     0.075% 11/19/14 29,303,613 29,297,342
203,079,652
Repurchase Agreements – 3.31%
Bank of America Merrill Lynch
     0.04%, dated 7/31/14, to be repurchased on 8/1/14,
     repurchase price $58,344,764 (collateralized by U.S.
     government obligations 0.00% - 0.375% 6/25/15 -
     2/15/24; market value $59,511,610) 58,344,699 58,344,699
Bank of Montreal
     0.07%, dated 7/31/14, to be repurchased on 8/1/14,
     repurchase price $19,448,271 (collateralized by U.S.
     government obligations 0.00% - 4.375% 8/21/14 -
     11/15/43; market value $19,837,200) 19,448,233 19,448,233
BNP Paribas
     0.07%, dated 7/31/14, to be repurchased on 8/1/14,
     repurchase price $109,151,280 (collateralized by U.S.
     government obligations 0.00% - 2.75% 8/7/14 -
     11/15/23; market value $111,334,091) 109,151,068 109,151,068
186,944,000

NQ-189 [7/14] 9/14 (13132)     41



Schedule of investments
Delaware Diversified Income Fund (Unaudited)

            Principal amount°       Value (U.S. $)
Short-Term Investments (continued)
U.S. Treasury Obligation – 0.02%
U.S. Treasury Bill 0.093% 11/13/14 1,327,361 $ 1,327,236
  1,327,236
Total Short-Term Investments (cost $391,348,697) 391,350,888
 
Total Value of Securities Before Securities
Lending Collateral – 105.80%
(cost $5,846,070,003) 5,980,878,349
 
Number of
Shares
Securities Lending Collateral – 2.24%**
Investment Company
Delaware Investments Collateral Fund No.1 126,658,768 126,658,768
Total Securities Lending Collateral (cost $126,658,768) 126,658,768
 
Total Value of Securities – 108.04%
(cost $5,972,728,771) $ 6,107,537,117n
Obligation to Return Securities Lending Collateral – (2.24%) (126,658,768 )
Liabilities Net of Receivables and Other Assets – (5.80%)« (327,956,735 )
Net Assets – 100.00% $ 5,652,921,614

# Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At July 31, 2014, the aggregate value of Rule 144A securities was $1,242,306,016, which represents 21.98% of the Fund’s net assets. See Note 6 in “Notes.”
* Fully or partially on loan.
** See Note 5 in “Notes” for additional information on securities lending collateral.
@ Illiquid security. At July 31, 2014, the aggregate value of illiquid securities was $9,494,182, which represents 0.17% of the Fund’s net assets. See Note 6 in “Notes.”
t 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.
100% of the income received was in the form of both cash and par.
T 100% of the income received was in the form of additional cash.
« Of this amount, $271,506,311 represents receivable for securities sold and $658,082,935 represents payable for securities purchased.
= Security is being fair valued in accordance with the Fund’s fair valuation policy. At July 31, 2014, the aggregate value of fair valued securities was $0, which represents 0.00% of the Fund’s net assets. See Note 1 in “Notes.”
The rate shown is the effective yield at the time of purchase.

42     NQ-189 [7/14] 9/14 (13132)



(Unaudited)

n Includes $114,638,560 of securities loaned.
° Principal amount shown is stated in U.S. dollars unless noted that the security is denominated in another currency.
Non income producing security.
Variable rate security. The rate shown is the rate as of July 31, 2014. Interest rates reset periodically.
Fully or partially pledged as collateral for futures contracts.
Δ Securities have been classified by country of origin.
Σ 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.
« Senior secured loans generally pay interest at rates which are periodically redetermined by reference to a base lending rate plus a premium. These base lending rates are generally: (i) the prime rate offered by one or more United States banks, (ii) the lending rate offered by one or more European banks such as the London Inter-Bank Offered Rate (LIBOR), and (iii) the certificate of deposit rate. Senior secured loans may be subject to restrictions on resale. Stated rate in effect at July 31, 2014.
ϕ Step coupon bond. Coupon increases or decreases periodically based on a predetermined schedule. Stated rate in effect at July 31, 2014.

The following foreign currency exchange contracts, futures contracts, and swap contracts were outstanding at July 31, 2014:1

Foreign Currency Exchange Contracts

Unrealized
Contracts to Appreciation
Counterparty       Receive (Deliver)       In Exchange For       Settlement Date       (Depreciation)
BAML EUR (3,756,255 ) USD      5,055,691      8/29/14      $     25,413
BAML NZD (4,361,431 ) USD 3,798,095 8/29/14 102,749
BNP AUD (9,189,661 ) USD 8,577,914 8/29/14 53,465