Schedule of investments
Delaware Strategic Income Fund October 31, 2019 (Unaudited)
| Principal amount° | Value (US $) | ||
| Agency Collateralized Mortgage Obligations – 6.68% | |||
| Fannie Mae Connecticut Avenue Securities | |||
| Series 2017-C04 2M2 4.673% (LIBOR01M + 2.85%) | |||
| 11/25/29• | 25,000 | $ | 25,711 |
| Series 2018-C02 2M2 4.023% (LIBOR01M + 2.20%, | |||
| Floor 2.20%) 8/25/30• | 545,000 | 549,207 | |
| Series 2018-C03 1M2 3.973% (LIBOR01M + 2.15%, | |||
| Floor 2.15%) 10/25/30• | 590,000 | 593,183 | |
| Series 2018-C05 1M2 4.173% (LIBOR01M + 2.35%, | |||
| Floor 2.35%) 1/25/31• | 585,000 | 590,798 | |
| Fannie Mae Interest Strip | |||
| Series 419 C3 3.00% 11/25/43S | 55,014 | 8,310 | |
| Fannie Mae REMICs | |||
| Series 2008-15 SB 4.777% (6.60% minus LIBOR01M, | |||
| Cap 6.60%) 8/25/36S• | 14,149 | 2,642 | |
| Series 2012-44 IK 3.50% 12/25/31S | 28,252 | 2,590 | |
| Series 2012-115 MI 3.50% 3/25/42S | 35,120 | 3,169 | |
| Series 2012-118 AI 3.50% 11/25/37S | 71,954 | 4,578 | |
| Series 2013-35 IG 3.00% 4/25/28S | 44,896 | 3,507 | |
| Series 2013-103 SK 4.097% (5.92% minus LIBOR01M, | |||
| Cap 5.92%) 10/25/43S• | 304,832 | 62,534 | |
| Series 2014-64 IT 3.50% 6/25/41S | 28,263 | 1,616 | |
| Series 2015-89 AZ 3.50% 12/25/45 | 21,787 | 23,376 | |
| Series 2016-36 SB 4.177% (6.00% minus LIBOR01M, | |||
| Cap 6.00%) 3/25/43S• | 61,294 | 6,808 | |
| Series 2016-50 IB 3.00% 2/25/46S | 76,354 | 9,354 | |
| Series 2016-62 SA 4.177% (6.00% minus LIBOR01M, | |||
| Cap 6.00%) 9/25/46S• | 223,806 | 52,708 | |
| Series 2016-83 PI 3.50% 7/25/45S | 67,495 | 7,676 | |
| Series 2017-12 JI 3.50% 5/25/40S | 57,974 | 4,906 | |
| Series 2017-25 BL 3.00% 4/25/47 | 16,000 | 16,111 | |
| Series 2017-77 HZ 3.50% 10/25/47 | 47,323 | 49,979 | |
| Freddie Mac REMICs | |||
| Series 4504 IO 3.50% 5/15/42S | 37,997 | 2,281 | |
| Series 4665 NI 3.50% 7/15/41S | 225,419 | 11,119 | |
| Series 4673 WI 3.50% 9/15/43S | 66,659 | 3,991 | |
| Freddie Mac Strips | |||
| Series 319 S2 4.079% (6.00% minus LIBOR01M, Cap | |||
| 6.00%) 11/15/43S• | 47,975 | 8,331 | |
| Freddie Mac Structured Agency Credit Risk Debt Notes | |||
| Series 2017-DNA1 M2 5.073% (LIBOR01M + 3.25%, | |||
| Floor 3.25%) 7/25/29• | 250,000 | 262,065 | |
| Series 2018-HQA1 M2 4.123% (LIBOR01M + 2.30%) | |||
| 9/25/30• | 555,000 | 559,066 |
NQ-023 [10/19] 12/19 (1029361) 1
Schedule of investments
Delaware Strategic Income Fund (Unaudited)
| Principal amount° | Value (US $) | ||
| Agency Collateralized Mortgage Obligations(continued) | |||
| GNMA | |||
| Series 2013-113 LY 3.00% 5/20/43 | 22,000 | $ | 23,035 |
| Series 2015-74 CI 3.00% 10/16/39S | 97,676 | 7,660 | |
| Series 2015-142 AI 4.00% 2/20/44S | 32,378 | 2,696 | |
| Series 2016-108 SK 4.204% (6.05% minus LIBOR01M, | |||
| Cap 6.05%) 8/20/46S• | 168,057 | 39,387 | |
| Series 2016-118 ES 4.254% (6.10% minus LIBOR01M, | |||
| Cap 6.10%) 9/20/46S• | 84,349 | 18,188 | |
| Series 2016-126 NS 4.254% (6.10% minus LIBOR01M, | |||
| Cap 6.10%) 9/20/46S• | 99,103 | 21,468 | |
| Series 2016-156 PB 2.00% 11/20/46 | 46,000 | 42,836 | |
| Series 2017-18 QS 4.209% (6.10% minus LIBOR01M, | |||
| Cap 6.10%) 2/16/47S• | 114,290 | 20,889 | |
| Series 2017-34 DY 3.50% 3/20/47 | 20,000 | 21,946 | |
| Series 2017-56 JZ 3.00% 4/20/47 | 33,411 | 34,672 | |
| Series 2017-107 QZ 3.00% 8/20/45 | 22,465 | 22,983 | |
| Series 2017-130 YJ 2.50% 8/20/47 | 25,000 | 25,494 | |
| Series 2017-141 JS 4.354% (6.20% minus LIBOR01M, | |||
| Cap 6.20%) 9/20/47S• | 100,270 | 18,257 | |
| Total Agency Collateralized Mortgage Obligations(cost $3,173,472) | 3,165,127 | ||
| Agency Commercial Mortgage-Backed Securities – 1.79% | |||
| Freddie Mac Multifamily Structured Pass Through | |||
| Certificates | |||
| Series K058 A2 2.653% 8/25/26◆ | 80,000 | 82,996 | |
| FREMF Mortgage Trust | |||
| Series 2011-K14 B 144A 5.18% 2/25/47 #• | 50,000 | 52,071 | |
| Series 2013-K25 C 144A 3.619% 11/25/45 #• | 45,000 | 46,089 | |
| Series 2013-K712 B 144A 3.263% 5/25/45 #• | 60,000 | 59,940 | |
| Series 2013-K713 B 144A 3.152% 4/25/46 #• | 35,000 | 35,057 | |
| Series 2013-K713 C 144A 3.152% 4/25/46 #• | 105,000 | 105,136 | |
| Series 2014-K717 B 144A 3.629% 11/25/47 #• | 35,000 | 35,890 | |
| Series 2014-K717 C 144A 3.629% 11/25/47 #• | 20,000 | 20,408 | |
| Series 2015-K721 B 144A 3.565% 11/25/47 #• | 235,000 | 241,999 | |
| Series 2016-K53 B 144A 4.019% 3/25/49 #• | 50,000 | 52,971 | |
| Series 2016-K722 B 144A 3.842% 7/25/49 #• | 75,000 | 78,309 | |
| Series 2017-K71 B 144A 3.753% 11/25/50 #• | 35,000 | 36,821 | |
| Total Agency Commercial Mortgage-Backed Securities(cost $828,251) | 847,687 | ||
| Agency Mortgage-Backed Securities – 1.47% | |||
| Fannie Mae S. F. 30 yr | |||
| 3.00% 7/1/49 | 59,541 | 60,552 | |
| 4.00% 4/1/49 | 488,206 | 506,060 | |
2 NQ-023 [10/19] 12/19 (1029361)
(Unaudited)
| Principal amount° | Value (US $) | ||
| Agency Mortgage-Backed Securities(continued) | |||
| Fannie Mae S. F. 30 yr | |||
| 4.50% 9/1/48 | 38,521 | $ | 41,174 |
| 5.00% 7/1/47 | 7,045 | 7,757 | |
| 5.50% 8/1/48 | 50,793 | 55,825 | |
| 6.00% 7/1/41 | 20,473 | 23,531 | |
| Total Agency Mortgage-Backed Securities(cost $691,311) | 694,899 | ||
| Convertible Bonds – 1.36% | |||
| Boingo Wireless 1.00% exercise price $42.32, maturity | |||
| date 10/1/23 | 385,000 | 329,027 | |
| Cheniere Energy 4.25% exercise price $138.38, maturity | |||
| date 3/15/45 | 400,000 | 315,500 | |
| Total Convertible Bonds(cost $633,763) | 644,527 | ||
| Corporate Bonds – 53.55% | |||
| Banking - 6.53% | |||
| Akbank T. A. S. 144A 7.20% 3/16/27 #µ | 200,000 | 189,688 | |
| Bank of America 5.125% µy | 180,000 | 189,900 | |
| BBVA Bancomer 144A 6.75% 9/30/22 # | 236,000 | 259,883 | |
| BBVA USA 3.875% 4/10/25 | 335,000 | 353,542 | |
| Credit Suisse Group 144A 6.25% #µy | 300,000 | 320,629 | |
| JPMorgan Chase & Co. 5.00% µy | 140,000 | 145,548 | |
| Popular 6.125% 9/14/23 | 449,000 | 483,798 | |
| Royal Bank of Scotland Group 8.625% µy | 335,000 | 361,800 | |
| Santander UK 144A 5.00% 11/7/23 # | 215,000 | 231,495 | |
| Turkiye Garanti Bankasi 144A 6.25% 4/20/21 # | 200,000 | 205,616 | |
| UBS Group 6.875% µy | 200,000 | 208,217 | |
| USB Capital IX 3.50% (LIBOR03M + 1.02%)y• | 165,000 | 142,976 | |
| 3,093,092 | |||
| Basic Industry - 9.60% | |||
| BHP Billiton Finance USA 144A 6.25% 10/19/75 #µ | 400,000 | 413,648 | |
| Braskem Finance 6.45% 2/3/24 | 200,000 | 223,500 | |
| CSN Resources 144A 7.625% 2/13/23 # | 275,000 | 285,003 | |
| Equate Petrochemical 144A 3.00% 3/3/22 # | 200,000 | 200,687 | |
| Freeport-McMoRan 5.45% 3/15/43 | 538,000 | 503,030 | |
| Gold Fields Orogen Holdings BVI 144A 6.125% 5/15/29 # | 200,000 | 226,500 | |
| Hudbay Minerals 144A 7.625% 1/15/25 # | 235,000 | 240,434 | |
| Methanex 5.25% 12/15/29 | 235,000 | 240,095 | |
| NOVA Chemicals 144A 5.00% 5/1/25 # | 60,000 | 60,600 | |
| Novolipetsk Steel Via Steel Funding DAC 144A 4.00% | |||
| 9/21/24 # | 200,000 | 208,286 | |
| OCP 144A 4.50% 10/22/25 # | 400,000 | 424,238 | |
| Orbia Advance 144A 5.50% 1/15/48 # | 200,000 | 203,300 | |
NQ-023 [10/19] 12/19 (1029361) 3
Schedule of investments
Delaware Strategic Income Fund (Unaudited)
| Principal amount° | Value (US $) | |||
| Corporate Bonds(continued) | ||||
| Basic Industry(continued) | ||||
| Petkim Petrokimya Holding 144A 5.875% 1/26/23 # | 200,000 | $ | 197,418 | |
| Sasol Financing USA 5.875% 3/27/24 | 400,000 | 431,653 | ||
| Suzano Austria 6.00% 1/15/29 | 200,000 | 221,500 | ||
| Syngenta Finance 144A 3.933% 4/23/21 # | 225,000 | 228,869 | ||
| Teck Resources 6.25% 7/15/41 | 215,000 | 239,862 | ||
| 4,548,623 | ||||
| Brokerage - 0.91% | ||||
| Jefferies Group 6.50% 1/20/43 | 365,000 | 430,811 | ||
| 430,811 | ||||
| Capital Goods - 3.03% | ||||
| Ardagh Packaging Finance 144A 6.00% 2/15/25 # | 495,000 | 520,988 | ||
| Grupo Cementos de Chihuahua 144A 5.25% 6/23/24 # | 200,000 | 208,502 | ||
| Mauser Packaging Solutions Holding 144A 7.25% | ||||
| 4/15/25# | 247,000 | 237,120 | ||
| New Enterprise Stone & Lime 144A 10.125% 4/1/22 # | 190,000 | 197,600 | ||
| Standard Industries 144A 6.00% 10/15/25 # | 255,000 | 269,025 | ||
| 1,433,235 | ||||
| Communications - 5.98% | ||||
| AT&T 4.35% 3/1/29 | 325,000 | 360,255 | ||
| Charter Communications Operating | ||||
| 4.80% 3/1/50 | 30,000 | 30,560 | ||
| 5.125% 7/1/49 | 80,000 | 85,144 | ||
| Discovery Communications 5.20% 9/20/47 | 130,000 | 141,667 | ||
| LCPR Senior Secured Financing 144A 6.75% 10/15/27 # | 235,000 | 241,169 | ||
| Radiate Holdco 144A 6.625% 2/15/25 # | 357,000 | 362,355 | ||
| Sprint 7.875% 9/15/23 | 430,000 | 475,687 | ||
| Time Warner Cable 7.30% 7/1/38 | 170,000 | 216,780 | ||
| Time Warner Entertainment 8.375% 3/15/23 | 80,000 | 95,333 | ||
| Viacom 4.375% 3/15/43 | 345,000 | 356,275 | ||
| Zayo Group 6.375% 5/15/25 | 453,000 | 467,383 | ||
| 2,832,608 | ||||
| Consumer Cyclical - 5.75% | ||||
| AMC Entertainment Holdings 6.125% 5/15/27 | 395,000 | 359,203 | ||
| General Motors Financial | ||||
| 4.35% 4/9/25 | 155,000 | 162,902 | ||
| 5.25% 3/1/26 | 180,000 | 195,426 | ||
| GLP Capital | ||||
| 3.35% 9/1/24 | 165,000 | 167,724 | ||
| 4.00% 1/15/30 | 190,000 | 193,130 | ||
| Golden Nugget 144A 8.75% 10/1/25 # | 342,000 | 360,810 | ||
| M/I Homes 5.625% 8/1/25 | 228,000 | 238,260 | ||
| Prime Security Services Borrower 144A 5.75% 4/15/26 # | 350,000 | 359,844 |
4 NQ-023 [10/19] 12/19 (1029361)
(Unaudited)
| Principal amount° | Value (US $) | |||
| Corporate Bonds(continued) | ||||
| Consumer Cyclical(continued) | ||||
| Resorts World Las Vegas 144A 4.625% 4/16/29 # | 200,000 | $ | 210,703 | |
| Scientific Games International 144A 8.25% 3/15/26 # | 450,000 | 477,000 | ||
| 2,725,002 | ||||
| Consumer Non-Cyclical - 1.72% | ||||
| CVS Health 4.30% 3/25/28 | 165,000 | 179,260 | ||
| JBS Investments II | ||||
| 144A 5.75% 1/15/28 # | 200,000 | 208,850 | ||
| 144A 7.00% 1/15/26 # | 200,000 | 217,300 | ||
| MHP 144A 6.95% 4/3/26 # | 200,000 | 206,802 | ||
| 812,212 | ||||
| Electric - 5.21% | ||||
| Calpine 144A 5.25% 6/1/26 # | 455,000 | 474,906 | ||
| CenterPoint Energy 4.25% 11/1/28 | 318,000 | 351,494 | ||
| Duke Energy 4.875% µy | 230,000 | 243,024 | ||
| IPALCO Enterprises 3.70% 9/1/24 | 345,000 | 358,606 | ||
| Israel Electric 144A 5.00% 11/12/24 # | 200,000 | 220,400 | ||
| NextEra Energy Capital Holdings 5.65% 5/1/79 µ | 210,000 | 231,738 | ||
| NRG Energy 144A 4.45% 6/15/29 # | 335,000 | 355,849 | ||
| Southern California Edison 4.875% 3/1/49 | 195,000 | 231,645 | ||
| 2,467,662 | ||||
| Energy - 8.01% | ||||
| ADES International Holding 144A 8.625% 4/24/24 # | 200,000 | 206,250 | ||
| Chesapeake Energy 8.00% 1/15/25 | 115,000 | 76,475 | ||
| Energy Transfer Operating | ||||
| 5.25% 4/15/29 | 125,000 | 140,294 | ||
| 6.25% 4/15/49 | 95,000 | 114,304 | ||
| 6.625% µy | 100,000 | 95,527 | ||
| Gazprom OAO Via Gaz Capital 144A 4.95% 3/23/27 # | 200,000 | 216,729 | ||
| KazMunayGas National 144A 6.375% 10/24/48 # | 400,000 | 504,440 | ||
| KazTransGas JSC 144A 4.375% 9/26/27 # | 200,000 | 210,308 | ||
| Marathon Oil 4.40% 7/15/27 | 245,000 | 263,469 | ||
| MPLX | ||||
| 4.00% 3/15/28 | 70,000 | 72,805 | ||
| 4.125% 3/1/27 | 160,000 | 168,167 | ||
| 5.50% 2/15/49 | 105,000 | 117,875 | ||
| Noble Energy | ||||
| 3.25% 10/15/29 | 170,000 | 169,483 | ||
| 4.20% 10/15/49 | 195,000 | 189,040 | ||
| Petrobras Global Finance 144A 5.093% 1/15/30 # | 195,000 | 207,041 | ||
| Petroleos Mexicanos 144A 6.84% 1/23/30 # | 200,000 | 213,930 | ||
| Precision Drilling 7.75% 12/15/23 | 220,000 | 209,000 | ||
| Saudi Arabian Oil 144A 4.25% 4/16/39 # | 200,000 | 214,644 |
NQ-023 [10/19] 12/19 (1029361) 5
Schedule of investments
Delaware Strategic Income Fund (Unaudited)
| Principal amount° | Value (US $) | ||
| Corporate Bonds(continued) | |||
| Energy(continued) | |||
| Southwestern Energy 7.75% 10/1/27 | 465,000 | $ | 402,225 |
| 3,792,006 | |||
| Finance Companies - 1.51% | |||
| AerCap Ireland Capital 3.65% 7/21/27 | 350,000 | 360,961 | |
| Avolon Holdings Funding 144A 4.375% 5/1/26 # | 335,000 | 354,829 | |
| 715,790 | |||
| Insurance - 2.05% | |||
| AssuredPartners 144A 7.00% 8/15/25 # | 238,000 | 238,298 | |
| Brighthouse Financial | |||
| 3.70% 6/22/27 | 170,000 | 167,051 | |
| 4.70% 6/22/47 | 210,000 | 188,561 | |
| HUB International 144A 7.00% 5/1/26 # | 135,000 | 139,388 | |
| USI 144A 6.875% 5/1/25 # | 235,000 | 239,700 | |
| 972,998 | |||
| Real Estate - 0.06% | |||
| CubeSmart 3.00% 2/15/30 | 30,000 | 30,025 | |
| 30,025 | |||
| Technology - 2.03% | |||
| CommScope Technologies 144A 5.00% 3/15/27 # | 448,000 | 368,480 | |
| Micron Technology 4.663% 2/15/30 | 340,000 | 357,544 | |
| Verscend Escrow 144A 9.75% 8/15/26 # | 220,000 | 234,850 | |
| 960,874 | |||
| Transportation - 0.71% | |||
| DAE Funding 144A 5.75% 11/15/23 # | 160,000 | 168,000 | |
| Rutas 2 and 7 Finance 144A 3.413% 9/30/36 # | 255,000 | 166,388 | |
| 334,388 | |||
| Utilities - 0.45% | |||
| Aegea Finance 144A 5.75% 10/10/24 # | 200,000 | 211,502 | |
| 211,502 | |||
| Total Corporate Bonds(cost $24,959,592) | 25,360,828 | ||
| Municipal Bonds – 1.51% | |||
| Bay Area, California Toll Authority | |||
| (Build America Bonds) Series S-3 6.907% 10/1/50 | 170,000 | 282,812 | |
| New Jersey Turnpike Authority | |||
| (Build America Bonds) Series A 7.102% 1/1/41 | 90,000 | 140,290 | |
| South Carolina Public Service Authority | |||
| Series D 4.77% 12/1/45 | 55,000 | 69,123 | |
6 NQ-023 [10/19] 12/19 (1029361)
(Unaudited)
| Principal amount° | Value (US $) | ||
| Municipal Bonds(continued) | |||
| State of California Various Purposes | |||
| 7.55% 4/1/39 | 135,000 | $ | 221,693 |
| Total Municipal Bonds(cost $654,911) | 713,918 | ||
| Non-Agency Asset-Backed Securities – 2.67% | |||
| Citicorp Residential Mortgage Trust | |||
| Series 2006-3 A5 5.163% 11/25/36• | 393,311 | 403,707 | |
| Hardee’s Funding | |||
| Series 2018-1A A2I 144A 4.25% 6/20/48 # | 49,500 | 50,367 | |
| HOA Funding | |||
| Series 2014-1A A2 144A 4.846% 8/20/44 # | 499,500 | 502,392 | |
| Towd Point Mortgage Trust | |||
| Series 2015-5 A1B 144A 2.75% 5/25/55 #• | 33,881 | 34,018 | |
| Series 2015-6 A1B 144A 2.75% 4/25/55 #• | 40,854 | 41,079 | |
| Series 2017-1 A1 144A 2.75% 10/25/56 #• | 54,229 | 54,878 | |
| Series 2017-2 A1 144A 2.75% 4/25/57 #• | 54,725 | 55,232 | |
| Series 2018-1 A1 144A 3.00% 1/25/58 #• | 72,626 | 73,697 | |
| Wendy’s Funding | |||
| Series 2018-1A A2I 144A 3.573% 3/15/48 # | 49,125 | 50,641 | |
| Total Non-Agency Asset-Backed Securities | |||
| (cost $1,212,141) | 1,266,011 | ||
| Non-Agency Collateralized Mortgage Obligations – 12.63% | |||
| Chase Home Lending Mortgage Trust | |||
| Series 2019-ATR1 A4 144A 4.00% 4/25/49 #• | 375,410 | 376,758 | |
| Series 2019-ATR2 A3 144A 3.50% 7/25/49 #• | 87,777 | 89,115 | |
| Connecticut Avenue Securities Trust | |||
| Series 2019-R01 2M2 144A 4.273% (LIBOR01M + | |||
| 2.45%) 7/25/31 #• | 575,000 | 579,525 | |
| Series 2019-R07 1M2 144A 3.923% (LIBOR01M + | |||
| 2.10%) 10/25/39 #• | 500,000 | 500,000 | |
| Credit Suisse First Boston Mortgage Securities | |||
| Series 2005-5 6A3 5.00% 7/25/35 | 31,025 | 31,325 | |
| Flagstar Mortgage Trust | |||
| Series 2018-1 A5 144A 3.50% 3/25/48 #• | 67,918 | 69,036 | |
| Series 2018-5 A7 144A 4.00% 9/25/48 #• | 58,269 | 58,847 | |
| Galton Funding Mortgage Trust | |||
| Series 2018-1 A43 144A 3.50% 11/25/57 #• | 49,341 | 49,939 | |
| GSMPS Mortgage Loan Trust | |||
| Series 1998-2 A 144A 7.75% 5/19/27 #• | 15,547 | 15,619 | |
| JPMorgan Mortgage Trust | |||
| Series 2006-S1 1A1 6.00% 4/25/36 | 30,215 | 32,639 | |
| Series 2007-A1 7A4 4.582% 7/25/35• | 45,297 | 41,538 | |
NQ-023 [10/19] 12/19 (1029361) 7
Schedule of investments
Delaware Strategic Income Fund (Unaudited)
| Principal amount° | Value (US $) | ||
| Non-Agency Collateralized Mortgage Obligations(continued) | |||
| JPMorgan Mortgage Trust | |||
| Series 2014-2 B1 144A 3.406% 6/25/29 #• | 56,804 | $ | 57,798 |
| Series 2014-2 B2 144A 3.406% 6/25/29 #• | 56,804 | 57,575 | |
| Series 2014-IVR6 2A4 144A 2.50% 7/25/44 #• | 100,000 | 99,958 | |
| Series 2015-4 B1 144A 3.622% 6/25/45 #• | 89,808 | 92,863 | |
| Series 2015-4 B2 144A 3.622% 6/25/45 #• | 89,808 | 92,282 | |
| Series 2015-5 B2 144A 3.289% 5/25/45 #• | 93,708 | 92,861 | |
| Series 2015-6 B1 144A 3.601% 10/25/45 #• | 88,718 | 91,221 | |
| Series 2015-6 B2 144A 3.601% 10/25/45 #• | 88,718 | 90,749 | |
| Series 2016-4 B1 144A 3.899% 10/25/46 #• | 92,229 | 96,786 | |
| Series 2016-4 B2 144A 3.899% 10/25/46 #• | 92,229 | 96,179 | |
| Series 2017-1 B2 144A 3.543% 1/25/47 #• | 79,965 | 82,316 | |
| Series 2017-2 A3 144A 3.50% 5/25/47 #• | 30,244 | 30,760 | |
| Series 2018-4 A15 144A 3.50% 10/25/48 #• | 39,520 | 39,912 | |
| Series 2018-6 1A4 144A 3.50% 12/25/48 #• | 266,631 | 269,016 | |
| Series 2018-7FRB A2 144A 2.768% (LIBOR01M + | |||
| 0.75%) 4/25/46 #• | 28,318 | 28,318 | |
| New Residential Mortgage Loan Trust | |||
| Series 2018-RPL1 A1 144A 3.50% 12/25/57 #• | 83,392 | 86,758 | |
| Sequoia Mortgage Trust | |||
| Series 2013-2 B4 3.639% 2/25/43• | 497,025 | 508,755 | |
| Series 2014-1 B3 144A 3.908% 4/25/44 #• | 489,558 | 513,961 | |
| Series 2014-2 A4 144A 3.50% 7/25/44 #• | 27,857 | 28,308 | |
| Series 2015-1 B2 144A 3.88% 1/25/45 #• | 44,146 | 45,881 | |
| Series 2017-4 A1 144A 3.50% 7/25/47 #• | 72,176 | 73,456 | |
| Series 2017-5 B2 144A 3.864% 8/25/47 #• | 473,810 | 495,146 | |
| Series 2017-6 B2 144A 3.76% 9/25/47 #• | 474,022 | 492,321 | |
| Series 2017-7 B2 144A 3.762% 10/25/47 #• | 475,753 | 494,601 | |
| Series 2018-5 A4 144A 3.50% 5/25/48 #• | 70,958 | 71,954 | |
| Washington Mutual Mortgage Pass Through Certificates | |||
| Trust | |||
| Series 2005-1 5A2 6.00% 3/25/35 ◆ | 7,540 | 684 | |
| Wells Fargo Mortgage-Backed Securities Trust | |||
| Series 2006-AR5 2A1 5.187% 4/25/36• | 5,281 | 5,315 | |
| Total Non-Agency Collateralized Mortgage Obligations(cost $5,933,268) | 5,980,075 | ||
| Non-Agency Commercial Mortgage-Backed Securities – 5.40% | |||
| BANK | |||
| Series 2017-BNK5 B 3.896% 6/15/60• | 60,000 | 63,887 | |
| Series 2017-BNK8 C 4.073% 11/15/50• | 100,000 | 106,663 | |
| Series 2019-BN20 A3 3.011% 9/15/61 | 500,000 | 522,866 | |
| Caesars Palace Las Vegas Trust | |||
| Series 2017-VICI B 144A 3.835% 10/15/34 # | 60,000 | 62,538 | |
8 NQ-023 [10/19] 12/19 (1029361)
(Unaudited)
| Principal amount° | Value (US $) | ||
| Non-Agency Commercial Mortgage-Backed Securities(continued) | |||
| Cantor Commercial Real Estate Lending | |||
| Series 2019-CF1 A5 3.786% 5/15/52 | 300,000 | $ | 331,835 |
| Series 2019-CF2 A5 2.874% 11/15/52 | 100,000 | 103,131 | |
| CD Mortgage Trust | |||
| Series 2016-CD2 A3 3.248% 11/10/49 | 85,000 | 89,773 | |
| Citigroup Commercial Mortgage Trust | |||
| Series 2014-GC25 A4 3.635% 10/10/47 | 75,000 | 80,170 | |
| COMM Mortgage Trust | |||
| Series 2013-CR6 AM 144A 3.147% 3/10/46 # | 110,000 | 112,944 | |
| Series 2014-CR19 A5 3.796% 8/10/47 | 80,000 | 85,666 | |
| GS Mortgage Securities Trust | |||
| Series 2010-C1 C 144A 5.635% 8/10/43 #• | 150,000 | 151,921 | |
| Series 2015-GC32 A4 3.764% 7/10/48 | 75,000 | 80,874 | |
| Series 2017-GS6 A3 3.433% 5/10/50 | 75,000 | 80,269 | |
| Series 2018-GS9 A4 3.992% 3/10/51• | 40,000 | 44,590 | |
| JPM-BB Commercial Mortgage Securities Trust | |||
| Series 2015-C27 XA 1.281% 2/15/48• | 888,388 | 44,083 | |
| Series 2015-C31 A3 3.801% 8/15/48 | 105,000 | 113,654 | |
| JPMorgan Chase Commercial Mortgage Securities Trust | |||
| Series 2013-LC11 B 3.499% 4/15/46 | 130,000 | 133,222 | |
| Series 2016-WIKI A 144A 2.798% 10/5/31 # | 90,000 | 90,937 | |
| Series 2016-WIKI B 144A 3.201% 10/5/31 # | 85,000 | 86,064 | |
| LB-UBS Commercial Mortgage Trust | |||
| Series 2006-C6 AJ 5.452% 9/15/39• | 55,474 | 32,368 | |
| Morgan Stanley Capital I Trust | |||
| Series 2006-HQ10 B 5.448% 11/12/41• | 69,463 | 63,271 | |
| UBS Commercial Mortgage Trust | |||
| Series 2018-C9 A4 4.117% 3/15/51• | 70,000 | 78,409 | |
| Total Non-Agency Commercial Mortgage-Backed Securities(cost $2,545,964) | 2,559,135 | ||
| Loan Agreements – 4.64% | |||
| Acrisure Tranche B 1st Lien 5.854% (LIBOR03M + 3.75%) | |||
| 11/22/23• | 124,684 | 121,567 | |
| Applied Systems 2nd Lien 9.104% (LIBOR03M + 7.00%) | |||
| 9/19/25• | 225,822 | 229,350 | |
| AssuredPartners Tranche B 1st Lien 5.286% (LIBOR01M + | |||
| 3.50%) 10/22/24• | 124,639 | 122,770 | |
| Blackstone CQP Holdco Tranche B 1st Lien 5.656% | |||
| (LIBOR03M + 3.50%) 9/30/24• | 124,688 | 124,428 | |
| Blue Ribbon 1st Lien 6.266% (LIBOR03M + 4.00%) | |||
| 11/13/21• | 53,647 | 46,494 | |
| DTZ US Borrower Tranche B 1st Lien 5.036% (LIBOR01M | |||
| + 3.25%) 8/21/25• | 99,000 | 99,417 | |
NQ-023 [10/19] 12/19 (1029361) 9
Schedule of investments
Delaware Strategic Income Fund (Unaudited)
| Principal amount° | Value (US $) | |||
| Loan Agreements(continued) | ||||
| Frontier Communications Tranche B1 1st Lien 5.54% | ||||
| (LIBOR01M + 3.75%) 6/15/24• | 124,681 | $ | 124,421 | |
| Gentiva Health Services Tranche B 1st Lien 5.563% | ||||
| (LIBOR01M + 3.75%) 7/2/25• | 99,904 | 100,185 | ||
| GIP III Stetson I Tranche B 1st Lien 6.128% (LIBOR01M + | ||||
| 4.25%) 7/18/25• | 61,320 | 56,721 | ||
| Hercules Merger 1st Lien 0.00% 10/16/26 X | 125,000 | 125,723 | ||
| Hoya Midco Tranche B 1st Lien 5.286% (LIBOR01M + | ||||
| 3.50%) 6/30/24• | 125,000 | 121,719 | ||
| Inmarsat Tranche B 1st Lien 0.00% 9/23/26•X | 75,000 | 74,081 | ||
| Kronos Tranche B 1st Lien 5.253% (LIBOR03M + 3.00%) | ||||
| 11/1/23 | • | 125,000 | 124,857 | |
| Mauser Packaging Solutions Holding Tranche B 1st Lien | ||||
| 5.234% (LIBOR03M + 3.25%) 4/3/24• | 65,876 | 64,222 | ||
| Stars Group Tranche B 1st Lien 5.604% (LIBOR03M + | ||||
| 3.50%) 7/10/25• | 63,947 | 64,273 | ||
| Summit Midstream Partners Holdings Tranche B 1st Lien | ||||
| 7.786% (LIBOR01M + 6.00%) 5/21/22• | 162,935 | 158,794 | ||
| Ultimate Software Group 1st Lien 5.536% (LIBOR01M + | ||||
| 3.75%) 5/3/26• | 102,396 | 102,737 | ||
| Verscend Holding Tranche B 1st Lien 6.286% (LIBOR01M | ||||
| + 4.50%) 8/27/25• | 83,876 | 84,107 | ||
| VVC Holding Tranche B 1st Lien 6.681% (LIBOR03M + | ||||
| 4.50%) 2/11/26• | 124,687 | 123,907 | ||
| Wand NewCo 3 Tranche B 1st Lien 5.286% (LIBOR01M + | ||||
| 3.50%) 2/5/26• | 124,688 | 125,389 | ||
| Total Loan Agreements(cost $2,222,578) | 2,195,162 | |||
| Sovereign Bonds – 4.17%D | ||||
| Argentina - 0.49% | ||||
| Argentine Republic Government International Bond | ||||
| 5.625% 1/26/22 | 538,000 | 230,807 | ||
| 230,807 | ||||
| Egypt - 0.88% | ||||
| Egypt Government International Bond | ||||
| 144A 5.577% 2/21/23 # | 200,000 | 205,563 | ||
| 144A 7.60% 3/1/29 # | 200,000 | 212,058 | ||
| 417,621 | ||||
10 NQ-023 [10/19] 12/19 (1029361)
(Unaudited)
| Principal amount° | Value (US $) | ||
| Sovereign BondsD(continued) | |||
| Ghana - 0.44% | |||
| Ghana Government International Bond 144A | |||
| 7.875% 3/26/27 # | 200,000 | $ | 208,162 |
| 208,162 | |||
| Ivory Coast - 0.42% | |||
| Ivory Coast Government International Bond 144A | |||
| 6.125% 6/15/33 # | 200,000 | 196,840 | |
| 196,840 | |||
| Mongolia - 0.50% | |||
| Mongolia Government International Bond 144A | |||
| 5.625% 5/1/23 # | 230,000 | 235,628 | |
| 235,628 | |||
| Senegal - 0.41% | |||
| Senegal Government International Bond 144A | |||
| 6.75% 3/13/48 # | 200,000 | 196,828 | |
| 196,828 | |||
| Sri Lanka - 0.53% | |||
| Sri Lanka Government International Bond 144A | |||
| 5.75% 4/18/23 # | 250,000 | 250,866 | |
| 250,866 | |||
| Uzbekistan - 0.50% | |||
| Republic of Uzbekistan Bond 144A 4.75% 2/20/24 # | 226,000 | 237,906 | |
| 237,906 | |||
| Total Sovereign Bonds(cost $1,954,255) | 1,974,658 | ||
| Supranational Bank – 0.43% | |||
| Banque Ouest Africaine de Developpement 144A | |||
| 4.70% 10/22/31 # | 200,000 | 201,757 | |
| Total Supranational Bank(cost $200,000) | 201,757 | ||
| US Treasury Obligation – 1.07% | |||
| US Treasury Note | |||
| 1.625% 8/15/29 | 510,000 | 507,022 | |
| Total US Treasury Obligation(cost $499,917) | 507,022 | ||
NQ-023 [10/19] 12/19 (1029361) 11
Schedule of investments
Delaware Strategic Income Fund (Unaudited)
| Number of shares | Value (US $) | ||
| Preferred Stock – 0.87% | |||
| Morgan Stanley 5.55%µ | 115,000 | $ | 116,694 |
| US Bancorp 3.50% (LIBOR03M + 1.02%)• | 350 | 296,578 | |
| Total Preferred Stock(cost $363,428) | 413,272 | ||
| Short-Term Investments – 1.73% | |||
| Money Market Mutual Funds - 1.73% | |||
| BlackRock FedFund - Institutional Shares (seven-day | |||
| effective yield 1.72%) | 164,031 | 164,032 | |
| Fidelity Investments Money Market Government Portfolio - | |||
| Class I (seven-day effective yield 1.72%) | 164,031 | 164,032 | |
| GS Financial Square Government Fund - Institutional | |||
| Shares (seven-day effective yield 1.71%) | 164,031 | 164,031 | |
| Morgan Stanley Government Portfolio - Institutional Share | |||
| Class (seven-day effective yield 1.72%) | 164,031 | 164,031 | |
| State Street Institutional US Government Money Market | |||
| Fund - Investor Class (seven-day effective yield 1.67%) | 164,031 | 164,031 | |
| Total Short-Term Investments(cost $820,157) | 820,157 | ||
| Total Value of Securities – 99.97% | |||
| (cost $46,693,008) | 47,344,235 | ||
| Receivables and Other Assets Net of Liabilities – 0.03% ★ | 14,253 | ||
| Net Assets Applicable to 5,825,538 Shares Outstanding – 100.00% | $ | 47,358,488 | |
| # Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. | |||
| At Oct. 31, 2019, the aggregate value of Rule 144A securities was $22,357,120, which represents | |||
| 47.21% of the Fund’s net assets. | |||
| ◆Pass Through Agreement. Security represents the contractual right to receive a proportionate amount | |||
| of underlying payments due to the counterparty pursuant to various agreements related to the | |||
| rescheduling of obligations and the exchange of certain notes. | |||
| ★Of this amount, $13,666 represents cash pledged as collateral for open futures contracts. | |||
| ° Principal amount shown is stated in USD unless noted that the security is denominated in another | |||
| currency. | |||
| DSecurities have been classified by country of origin. | |||
| µ Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at Oct. 31, 2019. | |||
| Rate will reset at a future date. | |||
| SInterest 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. | |||
| yNo contractual maturity date. | |||
| •Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at | |||
| Oct. 31, 2019. For securities based on a published reference rate and spread, the reference rate and | |||
| spread are indicated in their description above. The reference rate descriptions (i. e. LIBOR03M, | |||
12 NQ-023 [10/19] 12/19 (1029361)
(Unaudited)
LIBOR06M, etc.) used in this report are identical for different securities, but the underlying reference
rates may differ due to the timing of the reset period. Certain variable rate securities are not based on
a published reference rate and spread but are determined by the issuer or agent and are based on
current market conditions, or for mortgage-backed securities, are impacted by the individual
mortgages which are paying off over time. These securities do not indicate a reference rate and
spread in their description above.
X This loan will settle after Oct. 31, 2019, at which time the interest rate, based on the LIBOR and the
agreed upon spread on trade date, will be reflected.
The following futures contracts were outstanding at Oct. 31, 2019:
| Futures Contracts | |||||||||||||||||
| Variation | |||||||||||||||||
| Margin | |||||||||||||||||
| Notional | Value/ | Value/ | Due from | ||||||||||||||
| Notional | Cost | Expiration | Unrealized | Unrealized | (Due to) | ||||||||||||
| Contracts to Buy (Sell) | Amount | (Proceeds) | Date | Appreciation | Depreciation | Brokers | |||||||||||
| US Treasury 5 | |||||||||||||||||
| 31 | yr Notes | $ | 3,695,297 | $ | 3,718,621 | 12/31/19 | $ | — | $ | (23,324) | $ | 17,195 | |||||
| US Treasury 10 | |||||||||||||||||
| (14) | yr Notes | (1,824,156) | (1,831,442) | 12/19/19 | 7,286 | — | (11,375) | ||||||||||
| Total Futures Contracts | $ | 1,887,179 | $ | 7,286 | $ | (23,324) | $ | 5,820 | |||||||||
The use of futures contracts involves elements of market risk and risks in excess of the amounts
disclosed in the financial statements. The notional amounts presented above represent the Fund’s total
exposure in such contracts, whereas only the net unrealized appreciation (depreciation) is reflected in the
Fund’s net assets.
Summary of abbreviations:
BB – Barclays Bank
FREMF – Freddie Mac Multifamily
GNMA – Government National Mortgage Association
GS – Goldman Sachs
GSMPS – Goldman Sachs Reperforming Mortgage Securities
ICE – Intercontinental Exchange
JPM – JPMorgan
LB – Lehman Brothers
LIBOR – London Interbank Offered Rate
LIBOR01M – ICE LIBOR USD 1 Month
LIBOR03M – ICE LIBOR USD 3 Month
LIBOR06M – ICE LIBOR USD 6 Month
REMIC – Real Estate Mortgage Investment Conduit
S.F. – Single Family
NQ-023 [10/19] 12/19 (1029361) 13
Schedule of investments
Delaware Strategic Income Fund (Unaudited)
Summary of abbreviations: (continued)
USD – US Dollar
yr – Year
14 NQ-023 [10/19] 12/19 (1029361)
