Schedule of investments
Delaware Limited-Term Diversified Income Fund | September 30, 2023 (Unaudited) |
Principal amount° | Value (US $) | ||
Agency Collateralized Mortgage Obligations — 1.42% | |||
Fannie Mae Grantor Trust Series 2001-T5 A2 7.00% 6/19/41 • | 12,611 | $ 12,844 | |
Freddie Mac REMIC Series 5092 WG 1.00% 4/25/31 | 4,423,487 | 3,796,107 | |
Freddie Mac Structured Agency Credit Risk REMIC Trust | |||
Series 2021-DNA3 M1 144A 6.065% (SOFR + 0.75%) 10/25/33 #, • | 458,395 | 456,269 | |
Series 2021-HQA2 M1 144A 6.015% (SOFR + 0.70%) 12/25/33 #, • | 187,844 | 187,210 | |
Freddie Mac Structured Pass Through Certificates | |||
Series T-30 A5 8.61% 12/25/30 ♦, ~ | 2,299 | 2,161 | |
Series T-54 2A 6.50% 2/25/43 ♦ | 473 | 471 | |
Series T-58 2A 6.50% 9/25/43 ♦ | 218,796 | 217,191 | |
GNMA | |||
Series 2012-39 PA 2.00% 3/16/42 | 1,439,755 | 1,293,818 | |
Series 2015-151 KC 3.50% 4/20/34 | 624,885 | 593,084 | |
Verus Securitization Trust Series 2023-6 A1 144A 6.665% 9/25/68 #, ~ | 5,100,000 | 5,090,646 | |
Total Agency Collateralized Mortgage Obligations (cost $12,524,486) | 11,649,801 | ||
Agency Commercial Mortgage-Backed Securities — 4.03% | |||
Freddie Mac Multifamily Structured Pass Through Certificates | |||
Series K729 A2 3.136% 10/25/24 ♦ | 2,000,000 | 1,949,392 | |
Series K734 A1 3.139% 6/25/25 ♦ | 1,724,475 | 1,681,375 | |
FREMF Mortgage Trust | |||
Series 2015-KF12 B 144A 12.526% (SOFR + 7.21%, Floor 7.10%) 9/25/22 #, • | 2,284,181 | 2,293,679 | |
Series 2017-K724 B 144A 3.596% 12/25/49 #, • | 1,500,000 | 1,489,710 | |
Series 2017-K724 C 144A 3.583% 12/25/49 #, • | 1,500,000 | 1,488,813 | |
Series 2017-K728 C 144A 3.77% 11/25/50 #, • | 910,000 | 880,524 | |
Series 2017-KF33 B 144A 7.976% (SOFR + 2.66%, Floor 2.55%) 6/25/27 #, • | 968,036 | 893,868 | |
Series 2017-KF39 B 144A 7.926% (SOFR + 2.61%, Floor 2.50%) 11/25/24 #, • | 1,852,558 | 1,815,958 | |
Series 2017-KF40 B 144A 8.126% (SOFR + 2.81%, Floor 2.70%) 11/25/27 #, • | 1,447,006 | 1,333,175 | |
Series 2018-K732 B 144A 4.19% 5/25/25 #, • | 985,000 | 945,608 | |
Series 2018-KF46 B 144A 7.376% (SOFR + 2.06%, Floor 1.95%) 3/25/28 #, • | 1,423,361 | 1,298,294 |
NQ- DE [0923] 1123 (3217034) 1
Schedule of investments
Delaware Limited-Term Diversified Income Fund (Unaudited)
Principal amount° | Value (US $) | ||
Agency Commercial Mortgage-Backed Securities (continued) | |||
FREMF Mortgage Trust | |||
Series 2018-KF47 B 144A 7.426% (SOFR + 2.11%, Floor 2.00%) 5/25/25 #, • | 989,299 | $ 959,171 | |
Series 2018-KF48 B 144A 7.476% (SOFR + 2.16%, Floor 2.05%) 6/25/28 #, • | 798,325 | 710,832 | |
Series 2018-KF49 B 144A 7.326% (SOFR + 2.01%, Floor 1.90%) 6/25/25 #, • | 837,687 | 803,692 | |
Series 2018-KF51 B 144A 7.276% (SOFR + 1.96%, Floor 1.85%) 8/25/25 #, • | 2,421,495 | 2,334,124 | |
Series 2019-KF60 B 144A 7.776% (SOFR + 2.46%, Floor 2.35%) 2/25/26 #, • | 2,839,513 | 2,719,083 | |
Series 2019-KF61 B 144A 7.626% (SOFR + 2.31%, Floor 2.20%) 4/25/29 #, • | 967,773 | 867,742 | |
Series 2019-KF68 B 144A 7.626% (SOFR + 2.31%, Floor 2.20%) 7/25/26 #, • | 2,136,146 | 2,019,101 | |
Series 2019-KF69 B 144A 7.726% (SOFR + 2.41%, Floor 2.30%) 8/25/29 #, • | 1,062,100 | 966,611 | |
Series 2019-KF70 B 144A 7.726% (SOFR + 2.41%, Floor 2.30%) 9/25/29 #, • | 978,072 | 902,436 | |
Series 2019-KF73 B 144A 7.876% (SOFR + 2.56%, Floor 2.45%) 11/25/29 #, • | 2,605,485 | 2,405,873 | |
Series 2020-KF74 B 144A 7.576% (SOFR + 2.26%, Floor 2.15%) 1/25/27 #, • | 1,112,992 | 1,057,272 | |
Series 2020-KF75 B 144A 7.676% (SOFR + 2.36%, Floor 2.25%) 12/25/29 #, • | 1,212,344 | 1,097,398 | |
Total Agency Commercial Mortgage-Backed Securities (cost $34,691,513) | 32,913,731 | ||
Agency Mortgage-Backed Securities — 2.55% | |||
Fannie Mae S.F. 15 yr | |||
2.00% 4/1/36 | 1,020,114 | 876,754 | |
2.50% 11/1/35 | 1,313,854 | 1,161,453 | |
2.50% 8/1/36 | 820,555 | 723,147 | |
4.50% 9/1/37 | 63,729 | 61,100 | |
Fannie Mae S.F. 20 yr | |||
2.50% 7/1/41 | 503,525 | 416,408 | |
4.00% 9/1/42 | 99,396 | 89,775 | |
Fannie Mae S.F. 30 yr | |||
2.50% 8/1/50 | 107,739 | 86,980 | |
3.00% 11/1/49 | 120,827 | 102,142 | |
3.50% 10/1/42 | 566,821 | 499,169 | |
3.50% 7/1/47 | 102,439 | 90,816 |
2 NQ- DE [0923] 1123 (3217034)
(Unaudited)
Principal amount° | Value (US $) | ||
Agency Mortgage-Backed Securities (continued) | |||
Fannie Mae S.F. 30 yr | |||
3.50% 2/1/48 | 155,297 | $ 136,229 | |
3.50% 11/1/48 | 207,325 | 181,509 | |
3.50% 3/1/50 | 25,141 | 22,062 | |
3.50% 8/1/50 | 44,561 | 39,013 | |
3.50% 9/1/50 | 573,073 | 503,474 | |
3.50% 6/1/51 | 450,599 | 389,334 | |
3.50% 1/1/52 | 190,485 | 164,389 | |
4.00% 6/1/48 | 102,764 | 93,238 | |
4.00% 10/1/48 | 686,244 | 626,418 | |
4.00% 9/1/52 | 129,511 | 115,362 | |
4.50% 1/1/50 | 3,220,680 | 3,042,565 | |
4.50% 4/1/50 | 809,246 | 757,011 | |
4.50% 2/1/53 | 278,467 | 255,803 | |
5.00% 7/1/47 | 2,768,727 | 2,709,320 | |
5.00% 5/1/48 | 226,771 | 218,389 | |
5.00% 8/1/49 | 1,021,019 | 979,972 | |
5.00% 6/1/52 | 194,152 | 183,371 | |
5.50% 5/1/44 | 1,835,193 | 1,830,924 | |
6.00% 1/1/42 | 1,232,796 | 1,253,482 | |
6.00% 12/1/52 | 177,279 | 175,058 | |
Freddie Mac S.F. 15 yr | |||
3.00% 3/1/35 | 348,355 | 317,329 | |
3.50% 1/1/29 | 530,274 | 510,260 | |
Freddie Mac S.F. 20 yr 3.00% 9/1/40 | 208,793 | 179,907 | |
Freddie Mac S.F. 30 yr | |||
2.50% 12/1/51 | 100,757 | 80,812 | |
3.00% 11/1/46 | 229,463 | 194,186 | |
3.00% 8/1/50 | 146,766 | 123,675 | |
4.00% 4/1/52 | 191,855 | 170,898 | |
4.50% 8/1/48 | 473,882 | 444,078 | |
6.00% 1/1/53 | 1,011,872 | 1,008,311 | |
Total Agency Mortgage-Backed Securities (cost $23,721,619) | 20,814,123 | ||
NQ- DE [0923] 1123 (3217034) 3
Schedule of investments
Delaware Limited-Term Diversified Income Fund (Unaudited)
Principal amount° | Value (US $) | ||
Collateralized Debt Obligations — 5.35% | |||
Ballyrock CLO Series 2018-1A A1 144A 6.588% (TSFR03M + 1.26%) 4/20/31 #, • | 2,632,044 | $ 2,619,395 | |
Benefit Street Partners CLO IX Series 2016-9A AR 144A 6.698% (TSFR03M + 1.37%) 7/20/31 #, • | 500,000 | 496,887 | |
BlueMountain CLO XXX Series 2020-30A AR 144A 6.678% (TSFR03M + 1.37%, Floor 1.37%) 4/15/35 #, • | 3,000,000 | 2,962,119 | |
Canyon Capital CLO Series 2019-2A AR 144A 6.75% (TSFR03M + 1.44%, Floor 1.18%) 10/15/34 #, • | 2,800,000 | 2,767,587 | |
Carlyle Global Market Strategies CLO Series 2014-2RA A1 144A 6.676% (TSFR03M + 1.31%) 5/15/31 #, • | 982,095 | 979,685 | |
CBAM Series 2020-13A A 144A 7.018% (TSFR03M + 1.69%, Floor 1.43%) 1/20/34 #, • | 3,000,000 | 2,986,527 | |
Cedar Funding IX CLO Series 2018-9A A1 144A 6.568% (TSFR03M + 1.24%, Floor 0.98%) 4/20/31 #, • | 1,500,000 | 1,494,976 | |
Dryden 77 CLO Series 2020-77A AR 144A 6.761% (TSFR03M + 1.38%, Floor 1.38%) 5/20/34 #, • | 2,600,000 | 2,582,068 | |
Golub Capital Partners CLO 50B-R Series 2020-50A A1R 144A 6.696% (TSFR03M + 1.37%, Floor 1.37%) 4/20/35 #, • | 5,000,000 | 4,907,885 | |
KKR CLO 41 Series 2022-41A A1 144A 6.638% (TSFR03M + 1.33%, Floor 1.33%) 4/15/35 #, • | 5,000,000 | 4,933,985 | |
PPM CLO 3 Series 2019-3A AR 144A 6.66% (TSFR03M + 1.35%, Floor 1.09%) 4/17/34 #, • | 3,750,000 | 3,694,339 | |
Sound Point CLO XXI Series 2018-3A A1A 144A 6.792% (TSFR03M + 1.44%, Floor 1.18%) 10/26/31 #, • | 3,200,000 | 3,176,816 | |
Sound Point CLO XXV Series 2019-4A A1R 144A 6.631% (TSFR03M + 1.28%, Floor 1.28%) 4/25/33 #, • | 5,000,000 | 4,942,755 | |
TRESTLES CLO V Series 2021-5A A1 144A 6.758% (TSFR03M + 1.43%, Floor 1.17%) 10/20/34 #, • | 2,500,000 | 2,476,917 | |
Venture 34 CLO Series 2018-34A A 144A 6.80% (TSFR03M + 1.49%, Floor 1.23%) 10/15/31 #, • | 700,000 | 695,542 |
4 NQ- DE [0923] 1123 (3217034)
(Unaudited)
Principal amount° | Value (US $) | ||
Collateralized Debt Obligations (continued) | |||
Zais CLO 16 Series 2020-16A A1R 144A 7.008% (TSFR03M + 1.68%, Floor 1.68%) 10/20/34 #, • | 2,000,000 | $ 1,992,230 | |
Total Collateralized Debt Obligations (cost $44,005,687) | 43,709,713 | ||
Corporate Bonds — 47.85% | |||
Banking — 13.21% | |||
Banco Continental 144A 2.75% 12/10/25 # | 200,000 | 181,908 | |
Banco de Credito e Inversiones 144A 3.50% 10/12/27 # | 300,000 | 274,357 | |
Banco Internacional del Peru 144A 3.25% 10/4/26 # | 200,000 | 184,782 | |
Banco Santander 5.588% 8/8/28 | 1,400,000 | 1,370,249 | |
Banco Santander Mexico 144A 5.95% 10/1/28 #, μ | 200,000 | 197,700 | |
Bank Leumi Le-Israel 144A 5.125% 7/27/27 # | 200,000 | 194,716 | |
Bank of America | |||
1.843% 2/4/25 μ | 3,125,000 | 3,074,087 | |
3.458% 3/15/25 μ | 4,345,000 | 4,287,613 | |
4.125% 1/22/24 | 3,000,000 | 2,985,136 | |
4.20% 8/26/24 | 3,675,000 | 3,611,967 | |
5.754% 6/14/24 • | 2,175,000 | 2,171,837 | |
5.819% 9/15/29 μ | 595,000 | 587,944 | |
6.204% 11/10/28 μ | 75,000 | 75,367 | |
Bank of New York Mellon 5.802% 10/25/28 μ | 2,064,000 | 2,060,854 | |
Barclays 7.385% 11/2/28 μ | 550,000 | 564,544 | |
BBVA Bancomer 144A 1.875% 9/18/25 # | 200,000 | 183,608 | |
Citigroup | |||
1.281% 11/3/25 μ | 1,960,000 | 1,851,841 | |
2.014% 1/25/26 μ | 1,600,000 | 1,511,394 | |
5.50% 9/13/25 | 1,900,000 | 1,877,791 | |
5.61% 9/29/26 μ | 625,000 | 618,777 | |
Citizens Bank | |||
4.119% 5/23/25 μ | 5,990,000 | 5,792,473 | |
6.064% 10/24/25 μ | 1,935,000 | 1,867,768 | |
Credit Suisse 7.95% 1/9/25 | 600,000 | 610,837 | |
Deutsche Bank | |||
6.72% 1/18/29 μ | 1,219,000 | 1,212,409 | |
7.146% 7/13/27 μ | 925,000 | 931,611 | |
Fifth Third Bank 5.852% 10/27/25 μ | 3,160,000 | 3,109,860 | |
Goldman Sachs Group | |||
0.925% 10/21/24 μ | 3,535,000 | 3,507,135 | |
1.542% 9/10/27 μ | 179,000 | 156,790 |
NQ- DE [0923] 1123 (3217034) 5
Schedule of investments
Delaware Limited-Term Diversified Income Fund (Unaudited)
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Banking (continued) | |||
Goldman Sachs Group | |||
3.85% 7/8/24 | 3,190,000 | $ 3,140,185 | |
4.25% 10/21/25 | 3,234,000 | 3,117,289 | |
6.134% (SOFR + 0.79%) 12/9/26 • | 3,700,000 | 3,677,280 | |
6.154% (SOFR + 0.81%) 3/9/27 • | 4,905,000 | 4,852,033 | |
HSBC Holdings 5.887% 8/14/27 μ | 565,000 | 558,329 | |
Huntington National Bank | |||
4.008% 5/16/25 μ | 3,390,000 | 3,305,220 | |
5.65% 1/10/30 | 750,000 | 707,309 | |
ICICI Bank 144A 4.00% 3/18/26 # | 200,000 | 192,350 | |
ING Groep 6.083% 9/11/27 μ | 655,000 | 652,427 | |
JPMorgan Chase & Co. | |||
3.875% 9/10/24 | 2,542,000 | 2,490,723 | |
4.023% 12/5/24 μ | 7,650,000 | 7,616,432 | |
4.08% 4/26/26 μ | 6,515,000 | 6,324,212 | |
6.205% (SOFR + 0.885%) 4/22/27 • | 955,000 | 948,984 | |
KeyBank | |||
4.15% 8/8/25 | 3,020,000 | 2,845,219 | |
5.85% 11/15/27 | 465,000 | 442,485 | |
KeyCorp 3.878% 5/23/25 μ | 2,895,000 | 2,791,362 | |
Morgan Stanley | |||
6.138% 10/16/26 μ | 10,465,000 | 10,477,794 | |
6.296% 10/18/28 μ | 1,534,000 | 1,546,320 | |
NBK SPC 144A 1.625% 9/15/27 #, μ | 200,000 | 177,788 | |
Oversea-Chinese Banking 144A 4.25% 6/19/24 # | 200,000 | 197,456 | |
Popular 7.25% 3/13/28 | 675,000 | 673,741 | |
Shinhan Bank 3.875% 3/24/26 | 300,000 | 283,040 | |
Truist Bank 2.636% 9/17/29 μ | 2,480,000 | 2,303,261 | |
US Bancorp | |||
4.653% 2/1/29 μ | 84,000 | 78,641 | |
5.727% 10/21/26 μ | 107,000 | 106,136 | |
Wells Fargo & Co. 3.908% 4/25/26 μ | 3,515,000 | 3,387,862 | |
107,949,233 | |||
Basic Industry — 0.91% | |||
Anglo American Capital 144A 4.00% 9/11/27 # | 200,000 | 186,896 | |
Avient 144A 5.75% 5/15/25 # | 1,325,000 | 1,302,196 | |
Celanese US Holdings | |||
6.05% 3/15/25 | 149,000 | 148,503 | |
6.165% 7/15/27 | 1,885,000 | 1,859,702 | |
Graphic Packaging International 144A 0.821% 4/15/24 # | 3,650,000 | 3,539,005 |
6 NQ- DE [0923] 1123 (3217034)
(Unaudited)
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Basic Industry (continued) | |||
Sasol Financing USA 4.375% 9/18/26 | 200,000 | $ 177,493 | |
Suzano Austria 144A 5.75% 7/14/26 # | 200,000 | 197,803 | |
7,411,598 | |||
Brokerage — 0.06% | |||
Jefferies Financial Group 5.875% 7/21/28 | 505,000 | 494,516 | |
494,516 | |||
Capital Goods — 3.79% | |||
General Electric 5.012% 1/1/24 | 1,059,067 | 1,057,503 | |
Lennox International 1.35% 8/1/25 | 3,925,000 | 3,617,053 | |
Mauser Packaging Solutions Holding 144A 7.875% 8/15/26 # | 4,110,000 | 3,969,771 | |
Parker-Hannifin | |||
3.65% 6/15/24 | 5,265,000 | 5,184,423 | |
4.25% 9/15/27 | 3,875,000 | 3,703,804 | |
Republic Services 0.875% 11/15/25 | 2,200,000 | 1,991,495 | |
SAN Miguel Industrias 144A 3.50% 8/2/28 # | 200,000 | 167,409 | |
Teledyne Technologies 0.95% 4/1/24 | 5,745,000 | 5,593,580 | |
TransDigm 144A 6.25% 3/15/26 # | 4,705,000 | 4,627,159 | |
Turkiye Sise ve Cam Fabrikalari 144A 6.95% 3/14/26 # | 200,000 | 195,240 | |
WESCO Distribution 144A 7.125% 6/15/25 # | 886,000 | 889,031 | |
30,996,468 | |||
Communications — 4.00% | |||
AMC Networks 5.00% 4/1/24 | 610,000 | 602,247 | |
AT&T 1.70% 3/25/26 | 2,640,000 | 2,396,023 | |
Charter Communications Operating 4.908% 7/23/25 | 5,530,000 | 5,405,460 | |
Clear Channel International 144A 6.625% 8/1/25 # | 675,000 | 668,022 | |
Crown Castle 1.05% 7/15/26 | 1,750,000 | 1,536,691 | |
Crown Castle Towers 144A 3.663% 5/15/45 # | 2,050,000 | 1,954,429 | |
Netflix 5.875% 2/15/25 | 3,750,000 | 3,743,456 | |
Prosus 144A 3.257% 1/19/27 # | 200,000 | 177,263 | |
Sprint Spectrum 144A 4.738% 9/20/29 # | 168,750 | 167,007 | |
T-Mobile USA 3.75% 4/15/27 | 4,010,000 | 3,748,370 | |
Verizon Communications | |||
0.75% 3/22/24 | 3,135,000 | 3,059,645 | |
1.45% 3/20/26 | 2,200,000 | 1,987,010 | |
Warnermedia Holdings | |||
3.638% 3/15/25 | 6,180,000 | 5,962,352 | |
6.412% 3/15/26 | 1,250,000 | 1,250,312 | |
32,658,287 |
NQ- DE [0923] 1123 (3217034) 7
Schedule of investments
Delaware Limited-Term Diversified Income Fund (Unaudited)
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Consumer Cyclical — 2.46% | |||
Alsea 144A 7.75% 12/14/26 # | 200,000 | $ 200,438 | |
Aptiv 2.396% 2/18/25 | 4,125,000 | 3,926,527 | |
Carnival 144A 7.625% 3/1/26 # | 662,000 | 644,437 | |
Ford Motor Credit | |||
2.30% 2/10/25 | 435,000 | 408,435 | |
2.70% 8/10/26 | 1,700,000 | 1,518,730 | |
3.375% 11/13/25 | 4,130,000 | 3,835,391 | |
6.95% 6/10/26 | 350,000 | 349,951 | |
Mercedes-Benz Finance North America 144A 5.10% 8/3/28 # | 1,370,000 | 1,342,708 | |
Prime Security Services Borrower 144A 5.25% 4/15/24 # | 806,000 | 801,305 | |
VICI Properties 4.95% 2/15/30 | 2,140,000 | 1,960,813 | |
Volkswagen Group of America Finance 144A 0.875% 11/22/23 # | 5,150,000 | 5,115,564 | |
20,104,299 | |||
Consumer Non-Cyclical — 3.03% | |||
AbbVie | |||
2.60% 11/21/24 | 3,625,000 | 3,495,979 | |
3.75% 11/14/23 | 340,000 | 339,176 | |
Amgen 5.15% 3/2/28 | 3,105,000 | 3,054,890 | |
HCA 5.20% 6/1/28 | 463,000 | 447,713 | |
InRetail Consumer 144A 3.25% 3/22/28 # | 200,000 | 170,730 | |
McCormick & Co. 0.90% 2/15/26 | 2,975,000 | 2,667,564 | |
Medtronic Global Holdings 4.25% 3/30/28 | 1,775,000 | 1,699,720 | |
Mondelez International 1.50% 5/4/25 | 1,210,000 | 1,132,524 | |
Pfizer Investment Enterprises 4.45% 5/19/28 | 1,610,000 | 1,552,858 | |
Royalty Pharma 1.20% 9/2/25 | 7,630,000 | 6,937,971 | |
Takeda Pharmaceutical 4.40% 11/26/23 | 638,000 | 636,528 | |
Tenet Healthcare 4.875% 1/1/26 | 2,500,000 | 2,397,537 | |
Teva Pharmaceutical Finance Netherlands III 4.75% 5/9/27 | 250,000 | 229,696 | |
24,762,886 | |||
Electric — 4.34% | |||
Avangrid 3.20% 4/15/25 | 885,000 | 846,429 | |
CenterPoint Energy 5.991% (SOFR + 0.65%) 5/13/24 • | 3,175,000 | 3,174,704 | |
Colbun 144A 3.95% 10/11/27 # | 200,000 | 184,848 | |
Duke Energy 4.875% 9/16/24 μ, ψ | 790,000 | 770,873 | |
Duke Energy Carolinas 3.95% 11/15/28 | 3,400,000 | 3,193,566 | |
Edison International 3.55% 11/15/24 | 3,700,000 | 3,596,844 | |
Metropolitan Edison 144A 5.20% 4/1/28 # | 2,300,000 | 2,245,531 |
8 NQ- DE [0923] 1123 (3217034)
(Unaudited)
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Electric (continued) | |||
National Rural Utilities Cooperative Finance | |||
1.875% 2/7/25 | 4,350,000 | $ 4,133,939 | |
4.45% 3/13/26 | 1,080,000 | 1,055,339 | |
NextEra Energy Capital Holdings | |||
5.749% 9/1/25 | 245,000 | 244,392 | |
6.051% 3/1/25 | 545,000 | 546,019 | |
NRG Energy 144A 3.75% 6/15/24 # | 1,260,000 | 1,234,212 | |
Southern 4.85% 6/15/28 | 3,210,000 | 3,104,562 | |
Southern California Edison 1.10% 4/1/24 | 4,155,000 | 4,058,928 | |
Vistra Operations | |||
144A 3.55% 7/15/24 # | 2,825,000 | 2,755,778 | |
144A 5.125% 5/13/25 # | 1,495,000 | 1,458,084 | |
WEC Energy Group 0.80% 3/15/24 | 2,895,000 | 2,827,581 | |
35,431,629 | |||
Energy — 3.49% | |||
ConocoPhillips 2.40% 3/7/25 | 149,000 | 142,525 | |
Eastern Energy Gas Holdings 3.55% 11/1/23 | 3,765,000 | 3,761,224 | |
Enbridge | |||
0.55% 10/4/23 | 735,000 | 734,881 | |
2.50% 2/14/25 | 1,040,000 | 991,316 | |
Energean Israel Finance 144A 4.875% 3/30/26 # | 200,000 | 186,300 | |
Energy Transfer | |||
4.25% 4/1/24 | 3,200,000 | 3,171,650 | |
5.55% 2/15/28 | 4,440,000 | 4,365,597 | |
Galaxy Pipeline Assets Bidco 144A 1.75% 9/30/27 # | 3,063,354 | 2,832,042 | |
MPLX 4.875% 12/1/24 | 1,955,000 | 1,927,947 | |
Murphy Oil 5.75% 8/15/25 | 689,000 | 688,568 | |
NuStar Logistics 5.75% 10/1/25 | 1,077,000 | 1,048,529 | |
Occidental Petroleum | |||
5.50% 12/1/25 | 1,247,000 | 1,231,965 | |
5.875% 9/1/25 | 4,560,000 | 4,541,350 | |
ONEOK 5.65% 11/1/28 | 425,000 | 419,652 | |
Southwestern Energy 5.70% 1/23/25 | 188,000 | 185,430 | |
Targa Resources Partners 5.00% 1/15/28 | 2,445,000 | 2,327,860 | |
28,556,836 | |||
Finance Companies — 2.03% | |||
AerCap Ireland Capital DAC | |||
1.65% 10/29/24 | 3,475,000 | 3,306,814 | |
3.00% 10/29/28 | 1,100,000 | 943,700 |
NQ- DE [0923] 1123 (3217034) 9
Schedule of investments
Delaware Limited-Term Diversified Income Fund (Unaudited)
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Finance Companies (continued) | |||
AerCap Ireland Capital DAC | |||
3.15% 2/15/24 | 3,905,000 | $ 3,861,004 | |
Air Lease | |||
0.80% 8/18/24 | 1,755,000 | 1,673,910 | |
2.875% 1/15/26 | 875,000 | 815,093 | |
Aviation Capital Group | |||
144A 1.95% 1/30/26 # | 3,235,000 | 2,910,163 | |
144A 4.375% 1/30/24 # | 3,000,000 | 2,974,062 | |
144A 6.25% 4/15/28 # | 83,000 | 81,244 | |
16,565,990 | |||
Government Agency — 0.73% | |||
BOC Aviation USA 144A 1.625% 4/29/24 # | 200,000 | 194,904 | |
CIMB Bank 144A 2.125% 7/20/27 # | 200,000 | 176,833 | |
DAE Sukuk DIFC 144A 3.75% 2/15/26 # | 200,000 | 187,589 | |
Emirates NBD Bank 2.625% 2/18/25 | 200,000 | 190,527 | |
Freeport Indonesia 144A 4.763% 4/14/27 # | 200,000 | 190,826 | |
Georgian Railway JSC 4.00% 6/17/28 | 200,000 | 175,098 | |
Harvest Operations 144A 1.00% 4/26/24 # | 3,600,000 | 3,497,441 | |
KazMunayGas National 144A 4.75% 4/19/27 # | 200,000 | 187,667 | |
MEGlobal Canada 144A 5.00% 5/18/25 # | 200,000 | 195,322 | |
MISC Capital Two Labuan 144A 3.75% 4/6/27 # | 200,000 | 184,785 | |
OCP 144A 4.50% 10/22/25 # | 200,000 | 192,956 | |
QatarEnergy Trading 144A 1.375% 9/12/26 # | 200,000 | 178,669 | |
QNB Finance 2.625% 5/12/25 | 250,000 | 237,022 | |
Saudi Arabian Oil 144A 1.625% 11/24/25 # | 200,000 | 182,996 | |
5,972,635 | |||
Industrials — 0.07% | |||
Bidvest Group UK 144A 3.625% 9/23/26 # | 200,000 | 177,966 | |
CK Hutchison International 23 144A 4.75% 4/21/28 # | 400,000 | 385,787 | |
563,753 | |||
Insurance — 4.18% | |||
Athene Global Funding | |||
144A 0.914% 8/19/24 # | 2,150,000 | 2,048,487 | |
144A 0.95% 1/8/24 # | 3,000,000 | 2,957,166 | |
144A 1.00% 4/16/24 # | 2,535,000 | 2,457,358 | |
144A 6.043% (SOFR + 0.70%) 5/24/24 #, • | 2,055,000 | 2,046,744 | |
Brighthouse Financial Global Funding | |||
144A 1.00% 4/12/24 # | 2,145,000 | 2,087,809 | |
144A 6.053% (SOFR + 0.76%) 4/12/24 #, • | 1,745,000 | 1,737,003 | |
10 NQ- DE [0923] 1123 (3217034)
(Unaudited)
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Insurance (continued) | |||
GA Global Funding Trust 144A 1.00% 4/8/24 # | 4,115,000 | $ 3,993,042 | |
MassMutual Global Funding II 144A 0.60% 4/12/24 # | 5,100,000 | 4,964,161 | |
Met Tower Global Funding 144A 3.70% 6/13/25 # | 4,380,000 | 4,221,552 | |
Principal Life Global Funding II 144A 0.75% 4/12/24 # | 2,200,000 | 2,139,617 | |
Protective Life Global Funding 144A 0.631% 10/13/23 # | 2,250,000 | 2,246,594 | |
UnitedHealth Group 4.25% 1/15/29 | 2,150,000 | 2,047,617 | |
USI 144A 6.875% 5/1/25 # | 1,194,000 | 1,186,087 | |
34,133,237 | |||
Natural Gas — 0.20% | |||
ENN Energy Holdings 144A 4.625% 5/17/27 # | 250,000 | 241,463 | |
Sempra Energy 3.30% 4/1/25 | 1,475,000 | 1,418,442 | |
1,659,905 | |||
Real Estate Investment Trusts — 1.81% | |||
SBA Tower Trust | |||
144A 1.884% 7/15/50 # | 3,222,000 | 2,913,201 | |
144A 2.836% 1/15/50 # | 5,840,000 | 5,589,702 | |
144A 3.869% 10/15/49 #, ~ | 6,500,000 | 6,326,313 | |
14,829,216 | |||
Technology — 2.38% | |||
Baidu 1.72% 4/9/26 | 1,250,000 | 1,128,408 | |
Oracle 5.80% 11/10/25 | 2,355,000 | 2,364,350 | |
Roper Technologies | |||
1.00% 9/15/25 | 3,600,000 | 3,292,253 | |
2.35% 9/15/24 | 4,345,000 | 4,195,162 | |
Sensata Technologies | |||
144A 5.00% 10/1/25 # | 3,720,000 | 3,610,364 | |
144A 5.625% 11/1/24 # | 950,000 | 940,731 | |
SK Hynix 144A 1.50% 1/19/26 # | 300,000 | 269,627 | |
Thomson Reuters 4.30% 11/23/23 | 3,630,000 | 3,620,114 | |
19,421,009 | |||
Transportation — 1.16% | |||
American Airlines 144A 5.50% 4/20/26 # | 510,536 | 499,076 | |
Canadian Pacific Railway 1.35% 12/2/24 | 2,295,000 | 2,176,366 | |
Delta Air Lines | |||
144A 7.00% 5/1/25 # | 2,041,000 | 2,063,866 | |
7.375% 1/15/26 | 476,000 | 482,264 | |
ERAC USA Finance 144A 4.60% 5/1/28 # | 3,225,000 | 3,096,776 | |
Mileage Plus Holdings 144A 6.50% 6/20/27 # | 847,500 | 840,548 | |
Rumo Luxembourg 144A 5.25% 1/10/28 # | 200,000 | 185,060 |
NQ- DE [0923] 1123 (3217034) 11
Schedule of investments
Delaware Limited-Term Diversified Income Fund (Unaudited)
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Transportation (continued) | |||
United Airlines 144A 4.375% 4/15/26 # | 175,000 | $ 162,013 | |
9,505,969 | |||
Total Corporate Bonds (cost $406,585,162) | 391,017,466 | ||
Non-Agency Asset-Backed Securities — 10.44% | |||
American Express Credit Account Master Trust | |||
Series 2022-3 A 3.75% 8/15/27 | 4,000,000 | 3,871,817 | |
Series 2023-1 A 4.87% 5/15/28 | 2,500,000 | 2,468,810 | |
Avis Budget Rental Car Funding AESOP Series 2019-2A A 144A 3.35% 9/22/25 # | 830,000 | 811,626 | |
BMW Vehicle Lease Trust Series 2022-1 A3 1.10% 3/25/25 | 4,297,489 | 4,247,059 | |
Discover Card Execution Note Trust Series 2022-A4 A 5.03% 10/15/27 | 10,050,000 | 9,967,362 | |
Enterprise Fleet Financing Series 2022-2 A2 144A 4.65% 5/21/29 # | 2,322,231 | 2,287,171 | |
Ford Credit Auto Owner Trust | |||
Series 2021-A B 0.70% 10/15/26 | 180,000 | 167,160 | |
Series 2022-A B 1.91% 7/15/27 | 5,215,000 | 4,795,248 | |
Ford Credit Floorplan Master Owner Trust Series 2020-2 A 1.06% 9/15/27 | 7,600,000 | 6,925,662 | |
GM Financial Automobile Leasing Trust | |||
Series 2021-2 A4 0.41% 5/20/25 | 468,241 | 467,033 | |
Series 2022-1 B 2.23% 2/20/26 | 6,300,000 | 6,104,705 | |
GTE Auto Receivables Trust Series 2023-1 A2 144A 5.65% 8/17/26 # | 3,971,668 | 3,953,214 | |
Hyundai Auto Lease Securitization Trust Series 2023-A A3 144A 5.05% 1/15/26 # | 4,500,000 | 4,460,665 | |
JPMorgan Chase Bank Series 2020-2 B 144A 0.84% 2/25/28 # | 154,107 | 152,621 | |
OCCU Auto Receivables Trust Series 2023-1A A2 144A 6.23% 4/15/27 # | 2,500,000 | 2,500,205 | |
Tesla Auto Lease Trust Series 2021-A B 144A 1.02% 3/20/25 # | 4,725,000 | 4,690,369 | |
Toyota Lease Owner Trust Series 2021-B A3 144A 0.42% 10/21/24 # | 2,076,842 | 2,065,020 | |
Trafigura Securitisation Finance Series 2021-1A A2 144A 1.08% 1/15/25 # | 3,850,000 | 3,631,139 | |
Verizon Master Trust | |||
Series 2021-2 A 0.99% 4/20/28 | 5,000,000 | 4,750,863 |
12 NQ- DE [0923] 1123 (3217034)
(Unaudited)
Principal amount° | Value (US $) | ||
Non-Agency Asset-Backed Securities (continued) | |||
Verizon Master Trust | |||
Series 2022-2 A 1.53% 7/20/28 | 6,707,000 | $ 6,342,539 | |
Series 2022-2 B 1.83% 7/20/28 | 5,215,000 | 4,930,190 | |
Verizon Owner Trust Series 2020-C A 0.41% 4/21/25 | 77,975 | 77,625 | |
Volkswagen Auto Lease Trust Series 2022-A A3 3.44% 7/21/25 | 5,700,000 | 5,614,265 | |
Total Non-Agency Asset-Backed Securities (cost $87,086,643) | 85,282,368 | ||
Sovereign Bonds — 0.04%Δ | |||
Hong Kong — 0.02% | |||
Airport Authority 144A 1.75% 1/12/27 # | 200,000 | 179,568 | |
179,568 | |||
Republic of Korea — 0.02% | |||
Korea Hydro & Nuclear Power 144A 5.00% 7/18/28 # | 200,000 | 196,077 | |
196,077 | |||
Total Sovereign Bonds (cost $397,678) | 375,645 | ||
US Treasury Obligations — 27.13% | |||
US Treasury Notes | |||
0.375% 9/15/24 | 395,000 | 376,425 | |
4.00% 6/30/28 | 41,980,000 | 40,864,088 | |
4.125% 6/15/26 | 57,865,000 | 56,798,114 | |
4.125% 7/31/28 | 90,000 | 88,066 | |
4.375% 8/31/28 | 19,535,000 | 19,342,703 | |
4.50% 9/30/28 | 8,435,000 | 8,440,931 | |
4.625% 6/30/25 | 2,940,000 | 2,915,079 | |
4.625% 9/15/26 | 12,000,000 | 11,941,876 | |
4.75% 7/15/26 | 76,615,000 | 75,914,693 | |
4.875% 7/31/25 | 5,030,000 | 4,996,892 | |
Total US Treasury Obligations (cost $223,424,323) | 221,678,867 |
NQ- DE [0923] 1123 (3217034) 13
Schedule of investments
Delaware Limited-Term Diversified Income Fund (Unaudited)
Number of shares | Value (US $) | ||
Short-Term Investments — 0.49% | |||
Money Market Mutual Funds — 0.49% | |||
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 5.24%) | 991,708 | $ 991,708 | |
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 5.23%) | 991,708 | 991,708 | |
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 5.37%) | 991,708 | 991,708 | |
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 5.27%) | 991,708 | 991,708 | |
Total Short-Term Investments (cost $3,966,832) | 3,966,832 | ||
Total Value of Securities—99.30% (cost $836,403,943) | 811,408,546 | ||
Receivables and Other Assets Net of Liabilities—0.70%* | 5,748,846 | ||
Net Assets Applicable to 106,599,044 Shares Outstanding—100.00% | $817,157,392 |
° | Principal amount shown is stated in USD unless noted that the security is denominated in another currency. |
• | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at September 30, 2023. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. SOFR01M, SOFR03M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
# | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At September 30, 2023, the aggregate value of Rule 144A securities was $213,375,920, which represents 26.11% of the Fund's net assets. |
♦ | Pass Through Agreement. Security represents the contractual right to receive a proportionate amount of underlying payments due to the counterparty pursuant to various agreements related to the rescheduling of obligations and the exchange of certain notes. |
~ | Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Stated rate in effect at September 30, 2023. |
μ | Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at September 30, 2023. Rate will reset at a future date. |
14 NQ- DE [0923] 1123 (3217034)
(Unaudited)
ψ | Perpetual security. Maturity date represents next call date. |
Δ | Securities have been classified by country of risk. |
* | Of this amount, $(745,085) represents cash collateral posted for futures contracts. |
The following futures contracts were outstanding at September 30, 2023:
Futures Contracts Exchange-Traded | |||||||||||
Contracts to Buy (Sell) | Notional Amount | Notional Cost (Proceeds) | Expiration Date | Value/ Unrealized Depreciation | Variation Margin Due from (Due to) Brokers | ||||||
589 | US Treasury 2 yr Note | $119,396,742 | $119,640,927 | 12/29/23 | $(244,185) | $37,883 |
The use of futures contracts involves elements of market risk and risks in excess of the amounts disclosed in the schedule of investments. The notional amounts presented above represent the Fund's total exposure in such contracts, whereas only the variation margin is reflected in the Fund's net assets.
Summary of abbreviations: |
CLO – Collateralized Loan Obligation |
DAC – Designated Activity Company |
DIFC – Dubai International Financial Centre |
FREMF – Freddie Mac Multifamily |
GNMA – Government National Mortgage Association |
JSC – Joint Stock Company |
REMIC – Real Estate Mortgage Investment Conduit |
S.F. – Single Family |
SOFR – Secured Overnight Financing Rate |
SOFR01M – Secured Overnight Financing Rate 1 Month |
SOFR03M – Secured Overnight Financing Rate 3 Month |
TSFR03M – 3 Month Term Secured Overnight Financing Rate |
USD – US Dollar |
yr – Year |
NQ- DE [0923] 1123 (3217034) 15