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 |
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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 |
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(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 |
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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 |
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