Schedule of investments
Delaware Investments Ultrashort Fund December 31, 2019 (Unaudited)
| | | | |
| | | Principal amount° | | Value (US $) |
| Agency Collateralized Mortgage Obligations – 2.64% | | | | |
| Fannie Mae Connecticut Avenue Securities | | | | |
| Series 2018-C01 1M1 2.392% (LIBOR01M + 0.60%, | | | | |
| Floor 0.60%) 7/25/30• | | 694,536 | $ | 694,352 |
| Freddie Mac Structured Agency Credit Risk Debt Notes | | | | |
| Series 2015-DNA2 M2 4.392% (LIBOR01M + 2.60%) | | | | |
| 12/25/27• | | 191,479 | | 192,027 |
| Silverstone Master Issuer | | | | |
| Series 2018-1A 1A 144A 2.356% (LIBOR03M + 0.39%) | | | | |
| 1/21/70#• | | 1,020,000 | | 1,016,787 |
| Total Agency Collateralized Mortgage Obligations(cost $1,908,816) | | | | 1,903,166 |
| |
| Commercial Paper – 5.12% | | | | |
| Banks - 0.96% | | | | |
| Societe Generale 1.803% 1/3/20` | | 695,000 | | 694,907 |
| | | | | 694,907 |
| Capital Goods - 1.39% | | | | |
| Koch Industries 1.704% 1/6/20` | | 1,000,000 | | 999,751 |
| | | | | 999,751 |
| Consumer Cyclical - 0.69% | | | | |
| BMW US Capital 1.701% 1/3/20` | | 500,000 | | 499,929 |
| | | | | 499,929 |
| Consumer Non-Cyclical - 2.08% | | | | |
| University of Chicago 1.622% 1/6/20` | | 1,500,000 | | 1,499,582 |
| | | | | 1,499,582 |
| Total Commercial Paper(cost $3,694,313) | | | | 3,694,169 |
| |
| Corporate Bonds – 44.18% | | | | |
| Banks - 23.52% | | | | |
| Bank of America 2.936% (LIBOR03M + 1.00%) 4/24/23• | | 1,250,000 | | 1,264,356 |
| Citigroup 3.004% (LIBOR03M + 1.10%) 5/17/24• | | 1,500,000 | | 1,520,652 |
| Citizens Bank 2.20% 5/26/20 | | 1,250,000 | | 1,250,696 |
| Credit Suisse 2.10% 11/12/21 | | 1,250,000 | | 1,255,886 |
| Fifth Third Bank 2.20% 10/30/20 | | 1,500,000 | | 1,502,693 |
| Goldman Sachs Group 3.514% (LIBOR03M + 1.60%) | | | | |
| 11/29/23• | | 1,250,000 | | 1,295,554 |
| JPMorgan Chase & Co. 2.84% (LIBOR03M + 0.90%) | | | | |
| 4/25/23• | | 1,250,000 | | 1,261,368 |
| KeyBank 2.569% (LIBOR03M + 0.66%) 2/1/22• | | 1,250,000 | | 1,259,046 |
| Morgan Stanley 3.124% (LIBOR03M + 1.22%) 5/8/24• | | 1,250,000 | | 1,272,956 |
| Santander UK 2.125% 11/3/20 | | 1,000,000 | | 1,001,278 |
| UBS 144A 2.45% 12/1/20 # | | 1,500,000 | | 1,505,585 |
| US Bank 3.45% 11/16/21 | | 1,250,000 | | 1,287,198 |
NQ-097 [12/19] 2/20 (1081387) 1
Schedule of investments
Delaware Investments Ultrashort Fund (Unaudited)
| | | | |
| | | Principal amount° | | Value (US $) |
| Corporate Bonds(continued) | | | | |
| Banks(continued) | | | | |
| Zions Bancorp 3.35% 3/4/22 | | 1,250,000 | $ | 1,282,495 |
| | | | | 16,959,763 |
| Basic Industry - 1.76% | | | | |
| DuPont de Nemours 3.766% 11/15/20 | | 1,250,000 | | 1,267,517 |
| | | | | 1,267,517 |
| Capital Goods - 1.78% | | | | |
| United Technologies 3.35% 8/16/21 | | 1,250,000 | | 1,279,991 |
| | | | | 1,279,991 |
| Communications - 3.57% | | | | |
| Comcast 3.45% 10/1/21 | | 1,250,000 | | 1,286,704 |
| Fox 144A 3.666% 1/25/22 # | | 1,250,000 | | 1,290,791 |
| | | | | 2,577,495 |
| Consumer Cyclical - 1.72% | | | | |
| General Motors Financial 2.89% (LIBOR03M + 0.99%) | | | | |
| 1/5/23• | | 1,250,000 | | 1,243,293 |
| | | | | 1,243,293 |
| Consumer Non-Cyclical - 4.45% | | | | |
| Cigna 3.40% 9/17/21 | | 1,500,000 | | 1,535,712 |
| CVS Health 3.35% 3/9/21 | | 664,000 | | 675,043 |
| DH Europe Finance II 2.05% 11/15/22 | | 1,000,000 | | 1,001,228 |
| | | | | 3,211,983 |
| Electric - 1.79% | | | | |
| American Electric Power 3.65% 12/1/21 | | 1,250,000 | | 1,289,662 |
| | | | | 1,289,662 |
| Energy - 2.07% | | | | |
| Occidental Petroleum 4.85% 3/15/21 | | 1,450,000 | | 1,493,729 |
| | | | | 1,493,729 |
| Financials - 3.52% | | | | |
| Aviation Capital Group 144A 2.857% (LIBOR03M + 0.95%) | | | | |
| 6/1/21#• | | 1,250,000 | | 1,255,701 |
| Avolon Holdings Funding 144A 3.625% 5/1/22 # | | 1,250,000 | | 1,282,313 |
| | | | | 2,538,014 |
| Total Corporate Bonds(cost $31,438,969) | | | | 31,861,447 |
| |
| Non-Agency Asset-Backed Securities – 44.14% | | | | |
| American Express Credit Account Master Trust | | | | |
| Series 2017-2 A 2.19% (LIBOR01M + 0.45%) 9/16/24• | | 675,000 | | 678,250 |
| Series 2018-6 A 3.06% 2/15/24 | | 1,000,000 | | 1,017,961 |
| BA Credit Card Trust | | | | |
| Series 2017-A1 A1 1.95% 8/15/22 | | 1,500,000 | | 1,500,150 |
2 NQ-097 [12/19] 2/20 (1081387)
(Unaudited)
| | | | |
| | | Principal amount° | | Value (US $) |
| Non-Agency Asset-Backed Securities(continued) | | | | |
| BMW Floorplan Master Owner Trust | | | | |
| Series 2018-1 A2 144A 2.06% (LIBOR01M + 0.32%) | | | | |
| 5/15/23#• | | 1,000,000 | $ | 1,001,479 |
| Chase Issuance Trust | | | | |
| Series 2016-A3 A3 2.29% (LIBOR01M + 0.55%) | | | | |
| 6/15/23• | | 500,000 | | 503,095 |
| Series 2017-A1 A 2.04% (LIBOR01M + 0.30%) | | | | |
| 1/15/22• | | 250,000 | | 250,032 |
| Series 2018-A1 A1 1.94% (LIBOR01M + 0.20%) | | | | |
| 4/17/23• | | 2,000,000 | | 2,001,995 |
| Chesapeake Funding II | | | | |
| Series 2017-2A A2 144A 2.19% (LIBOR01M + 0.45%, | | | | |
| Floor 0.45%) 5/15/29 #• | | 510,369 | | 510,758 |
| Series 2017-4A A2 144A 2.08% (LIBOR01M + 0.34%) | | | | |
| 11/15/29#• | | 961,073 | | 960,418 |
| Citibank Credit Card Issuance Trust | | | | |
| Series 2017-A5 A5 2.405% (LIBOR01M + 0.62%, Floor | | | | |
| 0.62%) 4/22/26• | | 1,500,000 | | 1,510,930 |
| Series 2017-A7 A7 2.08% (LIBOR01M + 0.37%) | | | | |
| 8/8/24• | | 1,000,000 | | 1,002,572 |
| Ford Credit Auto Owner Trust | | | | |
| Series 2017-A A3 1.67% 6/15/21 | | 717,101 | | 716,623 |
| Series 2017-C A3 2.01% 3/15/22 | | 167,393 | | 167,471 |
| Ford Credit Floorplan Master Owner Trust A | | | | |
| Series 2015-2 A2 2.31% (LIBOR01M + 0.57%, Floor | | | | |
| 0.57%) 1/15/22• | | 1,000,000 | | 1,000,130 |
| Great American Auto Leasing | | | | |
| Series 2019-1 A2 144A 2.97% 6/15/21 # | | 913,992 | | 917,678 |
| Honda Auto Receivables Owner Trust | | | | |
| Series 2019-2 A2 2.57% 12/21/21 | | 1,000,000 | | 1,003,246 |
| Hyundai Auto Receivables Trust | | | | |
| Series 2019-B A2 1.93% 7/15/22 | | 1,000,000 | | 999,996 |
| Invitation Homes Trust | | | | |
| Series 2018-SFR1 A 144A 2.437% (LIBOR01M + 0.70%) | | | | |
| 3/17/37#• | | 1,854,484 | | 1,838,870 |
| John Deere Owner Trust | | | | |
| Series 2019-B A2 2.28% 5/16/22 | | 950,000 | | 952,032 |
| Master Credit Card Trust II | | | | |
| Series 2018-3A A 144A 2.125% (LIBOR01M + 0.34%) | | | | |
| 1/21/22#• | | 875,000 | | 875,697 |
| Mercedes-Benz Auto Lease Trust | | | | |
| Series 2019-B A2 2.01% 12/15/21 | | 1,500,000 | | 1,500,917 |
| Nissan Master Owner Trust Receivables | | | | |
| Series 2017-C A 2.06% (LIBOR01M + 0.32%) | | | | |
| 10/17/22• | | 1,500,000 | | 1,501,022 |
NQ-097 [12/19] 2/20 (1081387) 3
Schedule of investments
Delaware Investments Ultrashort Fund (Unaudited)
| | | | |
| | | Principal amount° | | Value (US $) |
| Non-Agency Asset-Backed Securities(continued) | | | | |
| PFS Financing | | | | |
| Series 2018-A A 144A 2.14% (LIBOR01M + 0.40%) | | | | |
| 2/17/22#• | | 2,000,000 | $ | 1,998,457 |
| Tesla Auto Lease Trust | | | | |
| Series 2019-A A2 144A 2.13% 4/20/22 # | | 2,000,000 | | 1,999,106 |
| Trafigura Securitisation Finance | | | | |
| Series 2017-1A A1 144A 2.59% (LIBOR01M + 0.85%) | | | | |
| 12/15/20#• | | 1,000,000 | | 1,000,975 |
| Verizon Owner Trust | | | | |
| Series 2017-3A A1A 144A 2.06% 4/20/22 # | | 1,178,022 | | 1,178,410 |
| Series 2019-B A1B 2.215% (LIBOR01M + 0.45%) | | | | |
| 12/20/23• | | 2,000,000 | | 2,005,366 |
| Volvo Financial Equipment Master Owner Trust | | | | |
| Series 2017-A A 144A 2.24% (LIBOR01M + 0.50%) | | | | |
| 11/15/22#• | | 1,000,000 | | 1,002,277 |
| Wheels SPV 2 | | | | |
| Series 2017-1A A2 144A 1.88% 4/20/26 # | | 234,711 | | 234,647 |
| Total Non-Agency Asset-Backed Securities | | | | |
| (cost $31,802,332) | | | | 31,830,560 |
| |
| Total Value of Securities – 96.08% | | | | |
| (cost $68,844,430) | | | | 69,289,342 |
| Receivables and Other Assets Net of Liabilities – 3.92% | | | | 2,827,516 |
| Net Assets Applicable to 7,181,051 Shares Outstanding – 100.00% | | | $ | 72,116,858 |
| |
| # | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. |
| | At Dec. 31, 2019, the aggregate value of Rule 144A securities was $19,869,949, which represents |
| | 27.55% of the Fund’s net assets. |
| ` | The rate shown is the effective yield at the time of purchase. |
| ° | Principal amount shown is stated in USD. |
| • | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at |
| | Dec. 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, |
| | 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. |
| |
| Summary of abbreviations: |
| ICE – Intercontinental Exchange |
| LIBOR – London Interbank Offered Rate |
4 NQ-097 [12/19] 2/20 (1081387)
(Unaudited)
|
| Summary of abbreviations (continued): |
| LIBOR01M – ICE LIBOR USD 1 Month |
| LIBOR03M – ICE LIBOR USD 3 Month |
| LIBOR06M – ICE LIBOR USD 6 Month |
| USD – US Dollar |
NQ-097 [12/19] 2/20 (1081387) 5
