Schedule of investments
Delaware Strategic Income Fund April 30, 2020 (Unaudited)
| | | |
| | Principal amount° | | Value (US $) |
| Agency Collateralized Mortgage Obligations – 6.93% | | | |
| Fannie Mae Connecticut Avenue Securities | | | |
| Series 2017-C04 2M2 3.337% (LIBOR01M + 2.85%) | | | |
| 11/25/29• | 25,000 | $ | 22,905 |
| Series 2018-C02 2M2 2.687% (LIBOR01M + 2.20%, | | | |
| Floor 2.20%) 8/25/30• | 476,527 | | 416,667 |
| Series 2018-C03 1M2 2.637% (LIBOR01M + 2.15%, | | | |
| Floor 2.15%) 10/25/30• | 590,000 | | 529,297 |
| Series 2018-C05 1M2 2.837% (LIBOR01M + 2.35%, | | | |
| Floor 2.35%) 1/25/31• | 585,000 | | 522,198 |
| Fannie Mae REMICs | | | |
| Series 2017-77 HZ 3.50% 10/25/47 | 48,157 | | 50,516 |
| Freddie Mac Structured Agency Credit Risk Debt Notes | | | |
| Series 2017-DNA1 M2 3.737% (LIBOR01M + 3.25%, | | | |
| Floor 3.25%) 7/25/29• | 250,000 | | 238,231 |
| Series 2018-HQA1 M2 2.787% (LIBOR01M + 2.30%) | | | |
| 9/25/30• | 522,721 | | 459,711 |
| Freddie Mac Structured Agency Credit Risk REMIC Trust | | | |
| Series 2020-HQA2 M2 144A 3.587% (LIBOR01M + | | | |
| 3.10%) 3/25/50 #• | 500,000 | | 349,567 |
| GNMA | | | |
| Series 2013-113 LY 3.00% 5/20/43 | 22,000 | | 23,911 |
| Series 2017-34 DY 3.50% 3/20/47 | 20,000 | | 22,639 |
| Series 2017-56 JZ 3.00% 4/20/47 | 33,916 | | 36,844 |
| Series 2017-107 QZ 3.00% 8/20/45 | 22,804 | | 24,478 |
| Series 2017-130 YJ 2.50% 8/20/47 | 25,000 | | 27,167 |
| Total Agency Collateralized Mortgage Obligations(cost $3,130,233) | | | 2,724,131 |
| |
| Agency Commercial Mortgage-Backed Securities – 1.50% | | | |
| Freddie Mac Multifamily Structured Pass Through | | | |
| Certificates | | | |
| Series K058 A2 2.653% 8/25/26 ⯁ | 80,000 | | 87,131 |
| FREMF Mortgage Trust | | | |
| Series 2013-K25 C 144A 3.744% 11/25/45 #• | 45,000 | | 44,098 |
| Series 2014-K717 B 144A 3.754% 11/25/47 #• | 35,000 | | 35,207 |
| Series 2014-K717 C 144A 3.754% 11/25/47 #• | 20,000 | | 19,992 |
| Series 2015-K721 B 144A 3.681% 11/25/47 #• | 235,000 | | 237,592 |
| Series 2016-K53 B 144A 4.157% 3/25/49 #• | 50,000 | | 52,878 |
| Series 2016-K722 B 144A 3.975% 7/25/49 #• | 75,000 | | 75,953 |
| Series 2017-K71 B 144A 3.882% 11/25/50 #• | 35,000 | | 35,366 |
| Total Agency Commercial Mortgage-Backed Securities(cost $574,485) | | | 588,217 |
NQ-023 [4/20] 6/20 (1204345) 1
Schedule of investments
Delaware Strategic Income Fund (Unaudited)
| | | | |
| | | Principal amount° | | Value (US $) |
| Agency Mortgage-Backed Securities – 1.38% | | | | |
| Fannie Mae S. F. 30 yr | | | | |
| 3.00% 4/1/48 | | 46,341 | $ | 48,948 |
| 4.00% 4/1/48 | | 165,751 | | 177,824 |
| 4.50% 5/1/46 | | 13,561 | | 14,996 |
| 4.50% 9/1/48 | | 33,727 | | 36,828 |
| 6.00% 7/1/41 | | 18,618 | | 21,483 |
| Freddie Mac S. F. 30 yr | | | | |
| 4.00% 10/1/47 | | 225,608 | | 241,526 |
| Total Agency Mortgage-Backed Securities(cost $529,331) | | | | 541,605 |
| |
| Convertible Bonds – 1.41% | | | | |
| Boingo Wireless 1.00% exercise price $42.32, maturity | | | | |
| date 10/1/23 | | 385,000 | | 341,403 |
| Cheniere Energy 4.25% exercise price $138.38, maturity | | | | |
| date 3/15/45 | | 400,000 | | 214,686 |
| Total Convertible Bonds(cost $633,763) | | | | 556,089 |
| |
| Corporate Bonds – 48.94% | | | | |
| Banking - 7.02% | | | | |
| Bank of America | | | | |
| 2.496% 2/13/31 µ | | 75,000 | | 76,078 |
| 5.125% µy | 180,000 | | 176,975 |
| BBVA Bancomer 144A 6.75% 9/30/22 # | | 236,000 | | 245,900 |
| Credit Suisse Group 144A 6.25% #µy | | 500,000 | | 514,956 |
| JPMorgan Chase & Co. | | | | |
| 2.522% 4/22/31 µ | | 35,000 | | 35,805 |
| 3.109% 4/22/41 µ | | 20,000 | | 20,776 |
| 3.109% 4/22/51 µ | | 30,000 | | 31,088 |
| 5.00% µy | 165,000 | | 153,565 |
| Popular 6.125% 9/14/23 | | 449,000 | | 435,440 |
| Royal Bank of Scotland Group 8.625% µy | | 535,000 | | 548,082 |
| Turkiye Garanti Bankasi 144A 5.875% 3/16/23 # | | 220,000 | | 217,009 |
| UBS Group 6.875% µy | | 200,000 | | 201,495 |
| USB Capital IX 3.50% (LIBOR03M + 1.02%)y• | | 125,000 | | 101,468 |
| | | | | 2,758,637 |
| Basic Industry - 9.20% | | | | |
| Air Products and Chemicals | | | | |
| 2.05% 5/15/30 | | 15,000 | | 15,286 |
| 2.80% 5/15/50 | | 10,000 | | 10,186 |
| BHP Billiton Finance USA 144A 6.25% 10/19/75 #µ | | 400,000 | | 404,698 |
| Chemours 7.00% 5/15/25 | | 235,000 | | 222,051 |
| Corp Nacional del Cobre de Chile 144A 3.15% 1/14/30 # | | 218,000 | | 211,355 |
| CSN Islands XI 144A 6.75% 1/28/28 # | | 235,000 | | 154,806 |
2 NQ-023 [4/20] 6/20 (1204345)
| | | | |
| (Unaudited) | | | | |
| |
| |
| | | Principal amount° | | Value (US $) |
| Corporate Bonds(continued) | | | | |
| Basic Industry(continued) | | | | |
| Equate Petrochemical 144A 3.00% 3/3/22 # | | 200,000 | $ | 200,614 |
| Freeport-McMoRan 5.45% 3/15/43 | | 538,000 | | 498,645 |
| Georgia-Pacific 144A 2.30% 4/30/30 # | | 50,000 | | 50,011 |
| Gold Fields Orogen Holdings BVI 144A 6.125% 5/15/29 # | | 200,000 | | 211,980 |
| GUSAP III 144A 4.25% 1/21/30 # | | 430,000 | | 392,655 |
| Hudbay Minerals 144A 7.625% 1/15/25 # | | 145,000 | | 131,907 |
| LYB International Finance III 2.875% 5/1/25 | | 20,000 | | 20,226 |
| Methanex 5.25% 12/15/29 | | 235,000 | | 198,492 |
| Newmont 2.25% 10/1/30 | | 45,000 | | 44,629 |
| Novolipetsk Steel Via Steel Funding DAC 144A 4.00% | | | | |
| 9/21/24# | 200,000 | | 207,725 |
| Petkim Petrokimya Holding 144A 5.875% 1/26/23 # | | 200,000 | | 190,055 |
| PolyOne 144A 5.75% 5/15/25 # | | 24,000 | | 24,315 |
| Syngenta Finance 144A 3.933% 4/23/21 # | | 225,000 | | 222,205 |
| Teck Resources 6.25% 7/15/41 | | 215,000 | | 202,892 |
| | | | | 3,614,733 |
| Brokerage - 1.08% | | | | |
| Charles Schwab 5.375% µy | | 35,000 | | 36,400 |
| Jefferies Group 6.50% 1/20/43 | | 365,000 | | 386,270 |
| | | | | 422,670 |
| Capital Goods - 1.52% | | | | |
| Grupo Cementos de Chihuahua 144A 5.25% 6/23/24 # | | 200,000 | | 186,460 |
| Mauser Packaging Solutions Holding 144A 7.25% | | | | |
| 4/15/25# | 247,000 | | 194,821 |
| New Enterprise Stone & Lime 144A 10.125% 4/1/22 # | | 155,000 | | 154,930 |
| TransDigm 144A 6.25% 3/15/26 # | | 62,000 | | 60,974 |
| | | | | 597,185 |
| Communications - 4.62% | | | | |
| Altice Financing 144A 5.00% 1/15/28 # | | 230,000 | | 225,687 |
| AMC Networks 4.75% 8/1/25 | | 12,000 | | 11,023 |
| Charter Communications Operating | | | | |
| 2.80% 4/1/31 | | 20,000 | | 20,160 |
| 3.70% 4/1/51 | | 30,000 | | 29,285 |
| 4.80% 3/1/50 | | 30,000 | | 34,017 |
| 5.125% 7/1/49 | | 80,000 | | 95,295 |
| Clear Channel Worldwide Holdings 144A 9.25% 2/15/24 # | | 35,000 | | 29,319 |
| Comcast 3.20% 7/15/36 | | 30,000 | | 32,524 |
| CSC Holdings 5.875% 9/15/22 | | 18,000 | | 18,823 |
| LCPR Senior Secured Financing 144A 6.75% 10/15/27 # | | 235,000 | | 243,143 |
| Netflix 144A 3.625% 6/15/25 # | | 55,000 | | 55,894 |
| Radiate Holdco 144A 6.625% 2/15/25 # | | 217,000 | | 216,414 |
| Sirius XM Radio 144A 4.625% 7/15/24 # | | 54,000 | | 55,339 |
NQ-023 [4/20] 6/20 (1204345) 3
Schedule of investments
Delaware Strategic Income Fund (Unaudited)
| | | |
| | Principal amount° | | Value (US $) |
| Corporate Bonds(continued) | | | |
| Communications(continued) | | | |
| Sprint 7.875% 9/15/23 | 205,000 | $ | 231,650 |
| Time Warner Cable 7.30% 7/1/38 | 170,000 | | 224,892 |
| Time Warner Entertainment 8.375% 3/15/23 | 80,000 | | 92,653 |
| Turkcell Iletisim Hizmetleri 144A 5.80% 4/11/28 # | 210,000 | | 197,862 |
| | | | 1,813,980 |
| Consumer Cyclical - 1.90% | | | |
| Future Retail 144A 5.60% 1/22/25 # | 225,000 | | 61,371 |
| Prime Security Services Borrower 144A 5.75% 4/15/26 # | 350,000 | | 346,500 |
| Resorts World Las Vegas 144A 4.625% 4/16/29 # | 200,000 | | 179,167 |
| Scientific Games International 144A 8.25% 3/15/26 # | 172,000 | | 130,668 |
| VF 2.40% 4/23/25 | 30,000 | | 30,469 |
| | | | 748,175 |
| Consumer Non-Cyclical - 2.66% | | | |
| Aramark Services 144A 5.00% 2/1/28 # | 40,000 | | 38,364 |
| Bausch Health 144A 5.50% 11/1/25 # | 47,000 | | 49,092 |
| CVS Health 4.30% 3/25/28 | 190,000 | | 214,441 |
| MHP 144A 6.95% 4/3/26 # | 200,000 | | 186,568 |
| Rede D’or Finance 144A 4.50% 1/22/30 # | 270,000 | | 229,675 |
| Tenet Healthcare 6.875% 11/15/31 | 100,000 | | 87,210 |
| Teva Pharmaceutical Finance Netherlands III 6.75% | | | |
| 3/1/28 | 200,000 | | 206,630 |
| US Foods 144A 6.25% 4/15/25 # | 32,000 | | 32,880 |
| | | | 1,044,860 |
| Electric - 6.74% | | | |
| Calpine 144A 5.25% 6/1/26 # | 455,000 | | 465,456 |
| Comision Federal de Electricidad 144A 4.875% 1/15/24 # | 200,000 | | 200,460 |
| Duke Energy 4.875% µy | 230,000 | | 227,860 |
| IPALCO Enterprises 3.70% 9/1/24 | 345,000 | | 362,015 |
| Israel Electric 144A 5.00% 11/12/24 # | 200,000 | | 219,462 |
| NRG Energy 144A 4.45% 6/15/29 # | 335,000 | | 345,080 |
| Southern California Edison | | | |
| 3.65% 2/1/50 | 50,000 | | 54,305 |
| 4.875% 3/1/49 | 195,000 | | 248,375 |
| Vistra Operations | | | |
| 144A 3.55% 7/15/24 # | 460,000 | | 463,724 |
| 144A 5.50% 9/1/26 # | 61,000 | | 63,153 |
| | | | 2,649,890 |
| Energy - 7.48% | | | |
| Cheniere Corpus Christi Holdings 7.00% 6/30/24 | 300,000 | | 321,038 |
| Ecopetrol 6.875% 4/29/30 | 195,000 | | 201,585 |
| Energy Transfer Operating 7.125% µy | 195,000 | | 155,634 |
| Gazprom PJSC via Gaz Finance 144A 3.25% 2/25/30 # | 220,000 | | 207,940 |
4 NQ-023 [4/20] 6/20 (1204345)
| | | |
| (Unaudited) | | | |
| |
| |
| | Principal amount° | | Value (US $) |
| Corporate Bonds(continued) | | | |
| Energy(continued) | | | |
| KazMunayGas National 144A 6.375% 10/24/48 # | 400,000 | $ | 417,031 |
| KazTransGas JSC 144A 4.375% 9/26/27 # | 200,000 | | 190,454 |
| Marathon Oil 4.40% 7/15/27 | 145,000 | | 112,615 |
| MPLX 5.50% 2/15/49 | 105,000 | | 104,816 |
| Noble Energy 4.20% 10/15/49 | 265,000 | | 181,195 |
| Petrobras Global Finance 144A 5.093% 1/15/30 # | 195,000 | | 178,357 |
| Petroleos Mexicanos 6.50% 1/23/29 | 200,000 | | 156,700 |
| Precision Drilling 7.75% 12/15/23 | 220,000 | | 98,406 |
| Saudi Arabian Oil 144A 4.25% 4/16/39 # | 200,000 | | 206,394 |
| Southwestern Energy 7.75% 10/1/27 | 465,000 | | 407,573 |
| | | | 2,939,738 |
| Finance Companies - 0.16% | | | |
| Avolon Holdings Funding 144A 3.95% 7/1/24 # | 20,000 | | 17,243 |
| International Lease Finance 8.625% 1/15/22 | 45,000 | | 45,929 |
| | | | 63,172 |
| Insurance - 2.27% | | | |
| AssuredPartners 144A 7.00% 8/15/25 # | 238,000 | | 223,125 |
| Brighthouse Financial | | | |
| 3.70% 6/22/27 | 170,000 | | 163,486 |
| 4.70% 6/22/47 | 155,000 | | 133,989 |
| HUB International 144A 7.00% 5/1/26 # | 135,000 | | 134,021 |
| USI 144A 6.875% 5/1/25 # | 235,000 | | 237,056 |
| | | | 891,677 |
| Technology - 1.70% | | | |
| CDK Global 5.875% 6/15/26 | 23,000 | | 24,199 |
| CommScope Technologies 144A 5.00% 3/15/27 # | 448,000 | | 385,862 |
| NXP | | | |
| 144A 2.70% 5/1/25 # | 5,000 | | 5,067 |
| 144A 3.40% 5/1/30 # | 10,000 | | 10,094 |
| 144A 4.30% 6/18/29 # | 13,000 | | 13,842 |
| Verscend Escrow 144A 9.75% 8/15/26 # | 220,000 | | 230,736 |
| | | | 669,800 |
| Transportation - 2.09% | | | |
| Aerovias de Mexico 144A 7.00% 2/5/25 # | 225,000 | | 86,625 |
| ASG Finance Designated Activity 144A 7.875% 12/3/24 # | 230,000 | | 123,050 |
| Delta Air Lines 144A 7.00% 5/1/25 # | 390,000 | | 400,127 |
| Rutas 2 and 7 Finance 144A 3.413% 9/30/36 #^ | 255,000 | | 158,381 |
| Union Pacific 3.25% 2/5/50 | 50,000 | | 51,561 |
| | | | 819,744 |
NQ-023 [4/20] 6/20 (1204345) 5
Schedule of investments
Delaware Strategic Income Fund (Unaudited)
| | | |
| | Principal amount° | | Value (US $) |
| Corporate Bonds(continued) | | | |
| Utilities - 0.50% | | | |
| Aegea Finance 144A 5.75% 10/10/24 # | 200,000 | $ | 196,540 |
| | | | 196,540 |
| |
| Total Corporate Bonds(cost $20,368,027) | | | 19,230,801 |
| |
| Municipal Bonds – 1.83% | | | |
| Bay Area, California Toll Authority | | | |
| (Build America Bonds) Series S-3 6.907% 10/1/50 | 170,000 | | 286,146 |
| New Jersey Turnpike Authority | | | |
| (Build America Bonds) Series A 7.102% 1/1/41 | 90,000 | | 137,795 |
| South Carolina Public Service Authority | | | |
| Series D 4.77% 12/1/45 | 55,000 | | 68,469 |
| State of California Various Purposes | | | |
| 7.55% 4/1/39 | 135,000 | | 226,954 |
| |
| Total Municipal Bonds(cost $652,288) | | | 719,364 |
| |
| Non-Agency Asset-Backed Securities – 2.37% | | | |
| Citicorp Residential Mortgage Trust | | | |
| Series 2006-3 A5 5.202% 11/25/36• | 341,274 | | 339,366 |
| Hardee’s Funding | | | |
| Series 2018-1A A2I 144A 4.25% 6/20/48 # | 49,250 | | 48,100 |
| HOA Funding | | | |
| Series 2014-1A A2 144A 4.846% 8/20/44 # | 493,950 | | 472,359 |
| Towd Point Mortgage Trust | | | |
| Series 2015-5 A1B 144A 2.75% 5/25/55 #• | 25,157 | | 25,119 |
| Wendy’s Funding | | | |
| Series 2018-1A A2I 144A 3.573% 3/15/48 # | 48,875 | | 46,836 |
| Total Non-Agency Asset-Backed Securities | | | |
| (cost $928,083) | | | 931,780 |
| |
| Non-Agency Collateralized Mortgage Obligations – 11.57% | | | |
| Chase Home Lending Mortgage Trust | | | |
| Series 2019-ATR2 A3 144A 3.50% 7/25/49 #• | 67,189 | | 67,736 |
| Connecticut Avenue Securities Trust | | | |
| Series 2019-R01 2M2 144A 2.937% (LIBOR01M + | | | |
| 2.45%) 7/25/31 #• | 540,062 | | 481,055 |
| Series 2019-R07 1M2 144A 2.587% (LIBOR01M + | | | |
| 2.10%) 10/25/39 #• | 500,000 | | 432,258 |
| Credit Suisse First Boston Mortgage Securities | | | |
| Series 2005-5 6A3 5.00% 7/25/35 | 27,265 | | 26,695 |
| Flagstar Mortgage Trust | | | |
| Series 2018-5 A7 144A 4.00% 9/25/48 #• | 29,535 | | 29,563 |
6 NQ-023 [4/20] 6/20 (1204345)
| | | |
| (Unaudited) | | | |
| |
| |
| | Principal amount° | | Value (US $) |
| Non-Agency Collateralized Mortgage Obligations(continued) | | | |
| Galton Funding Mortgage Trust | | | |
| Series 2018-1 A43 144A 3.50% 11/25/57 #• | 34,473 | $ | 34,517 |
| GSMPS Mortgage Loan Trust | | | |
| Series 1998-2 A 144A 7.75% 5/19/27 #• | 14,200 | | 13,985 |
| JPMorgan Mortgage Trust | | | |
| Series 2006-S1 1A1 6.00% 4/25/36 | 26,748 | | 27,692 |
| Series 2007-A1 7A4 4.248% 7/25/35• | 41,321 | | 34,181 |
| Series 2014-2 B1 144A 3.399% 6/25/29 #• | 50,879 | | 49,548 |
| Series 2014-2 B2 144A 3.399% 6/25/29 #• | 50,879 | | 49,423 |
| Series 2014-IVR6 2A4 144A 2.50% 7/25/44 #• | 100,000 | | 99,736 |
| Series 2015-4 B1 144A 3.62% 6/25/45 #• | 88,449 | | 86,161 |
| Series 2015-4 B2 144A 3.62% 6/25/45 #• | 88,449 | | 85,840 |
| Series 2015-5 B2 144A 3.06% 5/25/45 #• | 92,904 | | 92,330 |
| Series 2015-6 B1 144A 3.595% 10/25/45 #• | 87,127 | | 85,882 |
| Series 2015-6 B2 144A 3.595% 10/25/45 #• | 87,127 | | 85,399 |
| Series 2016-4 B1 144A 3.889% 10/25/46 #• | 90,792 | | 90,718 |
| Series 2016-4 B2 144A 3.889% 10/25/46 #• | 90,792 | | 89,184 |
| Series 2017-2 A3 144A 3.50% 5/25/47 #• | 25,458 | | 25,899 |
| Series 2018-4 A15 144A 3.50% 10/25/48 #• | 26,797 | | 26,910 |
| Series 2020-1 A4 144A 3.50% 6/25/50 #• | 467,405 | | 468,324 |
| New Residential Mortgage Loan Trust | | | |
| Series 2018-RPL1 A1 144A 3.50% 12/25/57 #• | 75,299 | | 77,854 |
| Sequoia Mortgage Trust | | | |
| Series 2014-1 B3 144A 3.93% 4/25/44 #• | 449,369 | | 440,926 |
| Series 2014-2 A4 144A 3.50% 7/25/44 #• | 22,286 | | 22,794 |
| Series 2015-1 B2 144A 3.876% 1/25/45 #• | 42,204 | | 41,458 |
| Series 2017-4 A1 144A 3.50% 7/25/47 #• | 56,608 | | 58,018 |
| Series 2017-5 B2 144A 3.841% 8/25/47 #• | 467,393 | | 456,580 |
| Series 2017-6 B2 144A 3.751% 9/25/47 #• | 467,696 | | 455,069 |
| Series 2017-7 B2 144A 3.758% 10/25/47 #• | 469,529 | | 456,315 |
| Series 2018-5 A4 144A 3.50% 5/25/48 #• | 49,532 | | 50,117 |
| Washington Mutual Mortgage Pass Through Certificates | | | |
| Trust | | | |
| Series 2005-1 5A2 6.00% 3/25/35 ⯁ | 4,154 | | 296 |
| Wells Fargo Mortgage-Backed Securities Trust | | | |
| Series 2006-AR5 2A1 3.995% 4/25/36• | 4,657 | | 4,173 |
| Total Non-Agency Collateralized Mortgage Obligations(cost $4,811,754) | | | 4,546,636 |
| |
| Non-Agency Commercial Mortgage-Backed Securities – 3.89% | | | |
| BANK | | | |
| Series 2017-BNK5 B 3.896% 6/15/60• | 60,000 | | 57,227 |
| Series 2017-BNK8 C 4.208% 11/15/50• | 100,000 | | 85,924 |
NQ-023 [4/20] 6/20 (1204345) 7
Schedule of investments
Delaware Strategic Income Fund (Unaudited)
| | | |
| Principal amount° | | Value (US $) |
| Non-Agency Commercial Mortgage-Backed Securities(continued) | | | |
| Cantor Commercial Real Estate Lending | | | |
| Series 2019-CF2 A5 2.874% 11/15/52 | 100,000 | $ | 103,740 |
| CD Mortgage Trust | | | |
| Series 2016-CD2 A3 3.248% 11/10/49 | 85,000 | | 89,846 |
| Citigroup Commercial Mortgage Trust | | | |
| Series 2014-GC25 A4 3.635% 10/10/47 | 75,000 | | 78,395 |
| COMM Mortgage Trust | | | |
| Series 2013-CR6 AM 144A 3.147% 3/10/46 # | 110,000 | | 109,905 |
| Series 2014-CR19 A5 3.796% 8/10/47 | 80,000 | | 84,352 |
| GS Mortgage Securities Trust | | | |
| Series 2010-C1 C 144A 5.635% 8/10/43 #• | 150,000 | | 147,500 |
| Series 2015-GC32 A4 3.764% 7/10/48 | 75,000 | | 79,667 |
| Series 2017-GS6 A3 3.433% 5/10/50 | 75,000 | | 77,434 |
| Series 2018-GS9 A4 3.992% 3/10/51• | 40,000 | | 44,456 |
| JPM-BB Commercial Mortgage Securities Trust | | | |
| Series 2015-C31 A3 3.801% 8/15/48 | 105,000 | | 113,607 |
| JPMorgan Chase Commercial Mortgage Securities Trust | | | |
| Series 2013-LC11 B 3.499% 4/15/46 | 130,000 | | 127,235 |
| Series 2016-WIKI A 144A 2.798% 10/5/31 # | 90,000 | | 77,972 |
| Series 2016-WIKI B 144A 3.201% 10/5/31 # | 85,000 | | 72,642 |
| LB-UBS Commercial Mortgage Trust | | | |
| Series 2006-C6 AJ 5.452% 9/15/39• | 54,390 | | 31,790 |
| Morgan Stanley Capital I Trust | | | |
| Series 2006-HQ10 B 5.448% 11/12/41• | 69,463 | | 68,481 |
| UBS Commercial Mortgage Trust | | | |
| Series 2018-C9 A4 4.117% 3/15/51• | 70,000 | | 78,518 |
| Total Non-Agency Commercial Mortgage-Backed Securities(cost $1,614,969) | | | 1,528,691 |
| |
| Loan Agreements – 4.59% | | | |
| Acrisure Tranche B 5.207% (LIBOR03M + 3.50%) | | | |
| 2/15/27• | 124,369 | | 115,974 |
| Applied Systems 2nd Lien 8.45% (LIBOR03M + 7.00%) | | | |
| 9/19/25• | 225,822 | | 217,918 |
| AssuredPartners 4.489% (LIBOR01M + 3.50%) 2/12/27• | 123,986 | | 116,733 |
| AthenaHealth Tranche B 1st Lien 5.284% (LIBOR03M + | | | |
| 4.50%) 2/11/26• | 124,060 | | 115,841 |
| Blue Ribbon 1st Lien 5.623% (LIBOR03M + 4.00%) | | | |
| 11/15/21• | 53,647 | | 36,078 |
| Buckeye Partners 3.766% (LIBOR01M + 2.75%) 11/1/26• | 83,079 | | 78,406 |
| BWay Holding 4.561% (LIBOR03M + 3.25%) 4/3/24• | 65,539 | | 56,855 |
| Calpine 2.66% (LIBOR01M + 2.25%) 1/15/24• | 10,903 | | 10,581 |
| Connect US Finco 5.50% (LIBOR01M + 4.50%) | | | |
| 12/12/26• | 75,000 | | 69,938 |
8 NQ-023 [4/20] 6/20 (1204345)
| | | | |
| (Unaudited) | | | | |
| |
| |
| | | Principal amount° | | Value (US $) |
| Loan Agreements(continued) | | | | |
| Cushman & Wakefield US 3.154% (LIBOR01M + 2.75%) | | | | |
| 8/21/25• | | 51,218 | $ | 47,688 |
| Frontier Communications Tranche B-1 5.35% (LIBOR03M | | | | |
| + 3.75%) 6/17/24• | | 296,600 | | 290,296 |
| Gentiva Health Services Tranche B 3.688% (LIBOR01M + | | | | |
| 3.25%) 7/2/25• | | 99,652 | | 94,420 |
| Kronos 4.763% (LIBOR03M + 3.00%) 11/1/23• | | 139,663 | | 135,212 |
| Kronos 2nd Lien 10.013% (LIBOR03M + 8.25%) 11/1/24• | | 100,000 | | 96,625 |
| Panda Liberty Tranche B-2 7.95% (LIBOR03M + 6.50%) | | | | |
| 8/21/20• | | 6,000 | | 5,640 |
| Panda Patriot Tranche B-1 7.20% (LIBOR03M + 5.75%) | | | | |
| 12/19/20• | | 19,842 | | 18,652 |
| Stars Group Holdings 4.95% (LIBOR03M + 3.50%) | | | | |
| 7/10/25• | | 61,500 | | 60,885 |
| Summit Midstream Partners Holdings 7.00% (LIBOR01M + | | | | |
| 6.00%) 5/13/22• | | 154,122 | | 30,824 |
| Terrier Media Buyer TBD 12/17/26 X | | 14,000 | | 13,067 |
| Ultimate Software Group 1st Lien 4.154% (LIBOR01M + | | | | |
| 3.75%) 5/4/26• | | 118,767 | | 113,867 |
| Verscend Holding Tranche B 4.904% (LIBOR01M + | | | | |
| 4.50%) 8/27/25• | | 83,453 | | 79,111 |
| Total Loan Agreements(cost $2,019,808) | | | | 1,804,611 |
| |
| Sovereign Bonds – 5.88%D | | | | |
| Brazil - 0.46% | | | | |
| Brazilian Government International Bond 4.75% 1/14/50 | | 200,000 | | 180,750 |
| | | | | 180,750 |
| Egypt - 0.49% | | | | |
| Egypt Government International Bond 144A | | | | |
| 7.60% 3/1/29 # | | 200,000 | | 190,541 |
| | | | | 190,541 |
| El Salvador - 0.44% | | | | |
| El Salvador Government International Bond 144A | | | | |
| 7.65% 6/15/35 # | | 217,000 | | 173,296 |
| | | | | 173,296 |
| Ghana - 0.41% | | | | |
| Ghana Government International Bond 144A | | | | |
| 7.875% 3/26/27 # | | 200,000 | | 159,990 |
| | | | | 159,990 |
| Ivory Coast - 0.44% | | | | |
| Ivory Coast Government International Bond 144A | | | | |
| 6.125% 6/15/33 # | | 200,000 | | 173,154 |
| | | | | 173,154 |
NQ-023 [4/20] 6/20 (1204345) 9
Schedule of investments
Delaware Strategic Income Fund (Unaudited)
| | | |
| | Principal amount° | | Value (US $) |
| Sovereign BondsD(continued) | | | |
| Mongolia - 0.52% | | | |
| Mongolia Government International Bond 144A | | | |
| 5.625% 5/1/23 # | 230,000 | $ | 205,851 |
| | | | 205,851 |
| Paraguay - 0.53% | | | |
| Paraguay Government International Bond 144A | | | |
| 4.95% 4/28/31 # | 200,000 | | 207,375 |
| | | | 207,375 |
| Peru - 1.04% | | | |
| Peruvian Government International Bond | | | |
| 2.392% 1/23/26 | 200,000 | | 203,400 |
| 2.844% 6/20/30 | 199,000 | | 206,562 |
| | | | 409,962 |
| Qatar - 0.54% | | | |
| Qatar Government International Bond 144A | | | |
| 3.40% 4/16/25 # | 200,000 | | 213,133 |
| | | | 213,133 |
| Senegal - 0.43% | | | |
| Senegal Government International Bond 144A | | | |
| 6.75% 3/13/48 # | 200,000 | | 167,446 |
| | | | 167,446 |
| Uzbekistan - 0.58% | | | |
| Republic of Uzbekistan Bond 144A 4.75% 2/20/24 # | 226,000 | | 227,836 |
| | | | 227,836 |
| Total Sovereign Bonds(cost $2,431,314) | | | 2,309,334 |
| |
| Supranational Bank – 0.46% | | | |
| Banque Ouest Africaine de Developpement 144A | | | |
| 4.70% 10/22/31 # | 200,000 | | 181,192 |
| Total Supranational Bank(cost $200,000) | | | 181,192 |
| |
| US Treasury Obligations – 5.49% | | | |
| US Treasury Inflation Indexed Note | | | |
| 0.125% 10/15/24 | 186,524 | | 190,783 |
| US Treasury Notes | | | |
| 0.50% 3/31/25 | 1,814,600 | | 1,827,217 |
| 1.50% 2/15/30 | 130,000 | | 140,583 |
| Total US Treasury Obligations(cost $2,156,836) | | | 2,158,583 |
10 NQ-023 [4/20] 6/20 (1204345)
| | | |
| (Unaudited) | | | |
| |
| |
| | Number of shares | | Value (US $) |
| Preferred Stock – 0.97% | | | |
| Morgan Stanley 5.55%µ | 115,000 | $ | 105,826 |
| US Bancorp 4.86% (LIBOR03M + 1.02%)• | 350 | | 274,087 |
| Total Preferred Stock(cost $363,428) | | | 379,913 |
| |
| Short-Term Investments – 0.52% | | | |
| Money Market Mutual Funds - 0.52% | | | |
| BlackRock FedFund – Institutional Shares (seven-day | | | |
| effective yield 0.21%) | 40,720 | | 40,720 |
| Fidelity Investments Money Market Government | | | |
| Portfolio – Class I (seven-day effective yield 0.16%) | 40,721 | | 40,721 |
| GS Financial Square Government Fund – Institutional | | | |
| Shares (seven-day effective yield 0.25%) | 40,721 | | 40,721 |
| Morgan Stanley Government Portfolio – Institutional Share | | | |
| Class (seven-day effective yield 0.13%) | 40,721 | | 40,721 |
| State Street Institutional US Government Money Market | | | |
| Fund – Investor Class (seven-day effective yield 0.14%) | 40,721 | | 40,721 |
| Total Short-Term Investments(cost $203,604) | | | 203,604 |
| |
| Total Value of Securities – 97.73% | | | |
| (cost $40,617,923) | | | 38,404,551 |
| Receivables and Other Assets Net of Liabilities – 2.27% ★ | | | 893,238 |
| Net Assets Applicable to 5,145,696 Shares Outstanding – 100.00% | | $ | 39,297,789 |
| |
| # | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. |
| | At April 30, 2020, the aggregate value of Rule 144A securities was $19,639,098, which represents |
| | 49.98% 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, $6,545 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. |
| D Securities have been classified by country of origin. |
| µ | Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at April 30, 2020. |
| | Rate will reset at a future date. |
| y | No contractual maturity date. |
| • | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at |
| | April 30, 2020. 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 |
NQ-023 [4/20] 6/20 (1204345) 11
Schedule of investments
Delaware Strategic Income Fund (Unaudited)
| |
| | 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 April 30, 2020, at which time the interest rate, based on the LIBOR and the |
| | agreed upon spread on trade date, will be reflected. |
| ^ | Zero-coupon security. The rate shown is the effective yield at the time of purchase. |
The following futures contracts were outstanding at April 30, 2020:
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 | | | | | | | | | | | | |
| 15 | yr Notes | $ | 1,882,265 | | $ | 1,818,785 | 6/30/20 | $ | 63,480 | $ | — | $ | 1,055 |
| | US Treasury 10 | | | | | | | | | | | | |
| (5) | yr Notes | | (695,312 | ) | | (680,229) | 6/19/20 | | — | | (15,083) | | (469) |
| Total Futures Contracts | | | | $ | 1,138,556 | | $ | 63,480 | $ | (15,083) | $ | 586 |
The use of futures contracts involves elements of market risk and risks in excess of the amounts
disclosed in the financial statements. The notional amount presented above represents the Fund’s total
exposure in such contracts, whereas only the variation margin 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
TBD – To be determined
USD – US Dollar
yr – Year
12 NQ-023 [4/20] 6/20 (1204345)
