Schedule of investments
Delaware Strategic Income Fund | April 30, 2024 (Unaudited) |
Principal amount° | Value (US $) | ||
Agency Collateralized Mortgage Obligations — 9.37% | |||
Fannie Mae REMICS Series 2014-34 MA 3.00% 2/25/44 | 39,920 | $ 38,197 | |
Freddie Mac Structured Agency Credit Risk REMIC Trust | |||
Series 2021-DNA3 M2 144A 7.43% (SOFR + 2.10%) 10/25/33 #, • | 1,350,000 | 1,379,114 | |
Series 2021-HQA1 M2 144A 7.58% (SOFR + 2.25%) 8/25/33 #, • | 4,234,588 | 4,338,558 | |
Series 2021-HQA2 M2 144A 7.38% (SOFR + 2.05%) 12/25/33 #, • | 4,422,651 | 4,500,047 | |
Series 2022-DNA1 M2 144A 7.83% (SOFR + 2.50%) 1/25/42 #, • | 3,000,000 | 3,048,259 | |
Series 2022-DNA2 M2 144A 9.08% (SOFR + 3.75%) 2/25/42 #, • | 3,000,000 | 3,149,183 | |
Series 2023-HQA2 M1B 144A 8.68% (SOFR + 3.35%) 6/25/43 #, • | 2,500,000 | 2,643,146 | |
Series 2023-HQA3 M2 144A 8.68% (SOFR + 3.35%) 11/25/43 #, • | 1,400,000 | 1,474,519 | |
GNMA Series 2015-151 KC 3.50% 4/20/34 | 12,153 | 11,483 | |
Total Agency Collateralized Mortgage Obligations (cost $19,987,268) | 20,582,506 | ||
Agency Commercial Mortgage-Backed Securities — 0.83% | |||
FREMF Mortgage Trust | |||
Series 2017-K66 B 144A 4.176% 7/25/27 #, • | 325,000 | 308,063 | |
Series 2017-K71 B 144A 3.88% 11/25/50 #, • | 325,000 | 302,949 | |
Series 2018-K72 B 144A 4.119% 12/25/50 #, • | 325,000 | 304,395 | |
Series 2018-K86 C 144A 4.437% 11/25/51 #, • | 970,000 | 897,421 | |
Total Agency Commercial Mortgage-Backed Securities (cost $2,140,546) | 1,812,828 | ||
Agency Mortgage-Backed Securities — 5.40% | |||
Fannie Mae S.F. 30 yr | |||
4.50% 2/1/53 | 759,535 | 700,197 | |
5.50% 10/1/52 | 2,287,584 | 2,229,526 | |
5.50% 7/1/53 | 713,066 | 692,304 | |
6.00% 12/1/52 | 1,146,638 | 1,139,838 | |
6.00% 9/1/53 | 1,413,073 | 1,400,584 | |
6.50% 9/1/53 | 938,278 | 948,665 | |
Freddie Mac S.F. 15 yr 5.00% 6/1/38 | 897,601 | 881,585 | |
Freddie Mac S.F. 20 yr 5.50% 6/1/43 | 949,505 | 931,712 |
NQ- DD [0424] 0624 (3637103) 1
Schedule of investments
Delaware Strategic Income Fund (Unaudited)
Principal amount° | Value (US $) | ||
Agency Mortgage-Backed Securities (continued) | |||
Freddie Mac S.F. 30 yr | |||
5.00% 6/1/53 | 1,618,053 | $ 1,538,750 | |
5.50% 9/1/53 | 1,431,720 | 1,390,034 | |
Total Agency Mortgage-Backed Securities (cost $12,054,046) | 11,853,195 |
Corporate Bonds — 38.62% | |||
Banking — 6.59% | |||
Access Bank 144A 6.125% 9/21/26 # | 600,000 | 558,001 | |
Banco de Credito del Peru 144A 3.125% 7/1/30 #, μ | 1,150,000 | 1,094,025 | |
Banco de Credito e Inversiones 144A 8.75% 2/8/29 #, μ, ψ | 1,015,000 | 1,040,908 | |
Banco Mercantil del Norte 144A 8.375% 10/14/30 #, μ, ψ | 500,000 | 498,127 | |
Banco Santander Mexico 144A 7.525% 10/1/28 #, μ | 350,000 | 363,980 | |
Bank of New York Mellon 4.70% 9/20/25 μ, ψ | 417,000 | 408,440 | |
BBVA Bancomer | |||
144A 5.875% 9/13/34 #, μ | 600,000 | 553,991 | |
144A 8.125% 1/8/39 #, μ | 515,000 | 522,075 | |
Citizens Bank 6.064% 10/24/25 μ | 285,000 | 283,697 | |
Deutsche Bank | |||
3.729% 1/14/32 μ | 200,000 | 164,744 | |
6.72% 1/18/29 μ | 150,000 | 153,023 | |
6.819% 11/20/29 μ | 150,000 | 154,209 | |
7.146% 7/13/27 μ | 300,000 | 306,336 | |
Huntington National Bank 4.552% 5/17/28 μ | 1,275,000 | 1,228,202 | |
ICICI Bank 144A 4.00% 3/18/26 # | 1,200,000 | 1,162,643 | |
KeyBank 4.15% 8/8/25 | 1,855,000 | 1,801,094 | |
KeyCorp 4.789% 6/1/33 μ | 68,000 | 60,340 | |
NBK SPC 144A 1.625% 9/15/27 #, μ | 715,000 | 649,671 | |
NBK Tier 1 144A 3.625% 8/24/26 #, μ, ψ | 206,000 | 189,258 | |
NBK Tier 1 Financing 2 144A 4.50% 8/27/25 #, μ, ψ | 300,000 | 288,849 | |
Popular 7.25% 3/13/28 | 255,000 | 255,983 | |
Shinhan Bank 144A 5.75% 4/15/34 # | 1,120,000 | 1,086,898 | |
SVB Financial Group | |||
4.00% 5/15/26 ‡, ψ | 385,000 | 4,813 | |
4.57% 4/29/33 ‡ | 227,000 | 146,968 | |
Truist Financial 4.95% 9/1/25 μ, ψ | 420,000 | 409,181 | |
Turkiye Garanti Bankasi 144A 8.375% 2/28/34 #, μ | 545,000 | 542,427 |
2 NQ- DD [0424] 0624 (3637103)
(Unaudited)
Principalamount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Banking (continued) | |||
Yapi ve Kredi Bankasi 144A 9.25% 1/17/34 #, μ | 530,000 | $ 543,351 | |
14,471,234 | |||
Basic Industry — 2.39% | |||
Antofagasta 144A 6.25% 5/2/34 # | 1,000,000 | 1,001,000 | |
CSN Resources 144A 8.875% 12/5/30 # | 1,520,000 | 1,525,080 | |
First Quantum Minerals 144A 6.875% 10/15/27 # | 1,125,000 | 1,083,280 | |
NOVA Chemicals 144A 8.50% 11/15/28 # | 250,000 | 263,082 | |
Sasol Financing USA 144A 8.75% 5/3/29 # | 1,375,000 | 1,383,731 | |
5,256,173 | |||
Capital Goods — 3.72% | |||
Ardagh Metal Packaging Finance USA 2.00% 9/1/28 | EUR | 800,000 | 747,672 |
Boeing | |||
144A 6.528% 5/1/34 # | 123,000 | 124,018 | |
144A 6.858% 5/1/54 # | 226,000 | 227,041 | |
Cemex 144A 9.125% 3/14/28 #, μ, ψ | 940,000 | 1,009,336 | |
CP Atlas Buyer 144A 7.00% 12/1/28 # | 1,255,000 | 1,132,092 | |
GFL Environmental 144A 5.125% 12/15/26 # | 76,000 | 74,091 | |
Mauser Packaging Solutions Holding 144A 7.875% 4/15/27 # | 460,000 | 469,200 | |
SAN Miguel Industrias 144A 3.50% 8/2/28 # | 1,755,000 | 1,498,937 | |
Sisecam UK 144A 8.25% 5/2/29 # | 1,105,000 | 1,126,112 | |
Standard Industries | |||
144A 3.375% 1/15/31 # | 159,000 | 130,388 | |
144A 4.375% 7/15/30 # | 1,705,000 | 1,511,427 | |
144A 4.75% 1/15/28 # | 38,000 | 35,875 | |
Wesco Aircraft Holdings 144A 8.50% 11/15/24 #, ‡ | 710,000 | 88,750 | |
8,174,939 | |||
Communications — 6.27% | |||
Advantage Sales & Marketing 144A 6.50% 11/15/28 # | 881,000 | 820,662 | |
Altice France 144A 5.50% 10/15/29 # | 865,000 | 567,241 | |
CCO Holdings | |||
144A 4.25% 2/1/31 # | 41,000 | 32,119 | |
144A 4.50% 8/15/30 # | 530,000 | 431,097 | |
Cellnex Finance 144A 3.875% 7/7/41 # | 400,000 | 303,524 | |
CMG Media 144A 8.875% 12/15/27 # | 415,000 | 226,813 | |
Consolidated Communications | |||
144A 5.00% 10/1/28 # | 206,000 | 171,224 | |
144A 6.50% 10/1/28 # | 1,667,000 | 1,448,675 |
NQ- DD [0424] 0624 (3637103) 3
Schedule of investments
Delaware Strategic Income Fund (Unaudited)
Principalamount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Communications (continued) | |||
CSC Holdings | |||
144A 5.375% 2/1/28 # | 1,838,000 | $ 1,411,834 | |
144A 5.75% 1/15/30 # | 248,000 | 108,967 | |
Cumulus Media New Holdings 144A 6.75% 7/1/26 # | 500,000 | 297,893 | |
Directv Financing 144A 5.875% 8/15/27 # | 920,000 | 858,270 | |
Discovery Communications 4.00% 9/15/55 | 405,000 | 254,222 | |
DISH DBS 144A 5.75% 12/1/28 # | 780,000 | 528,182 | |
Frontier Communications Holdings | |||
144A 5.00% 5/1/28 # | 203,000 | 186,967 | |
144A 5.875% 10/15/27 # | 836,000 | 802,718 | |
5.875% 11/1/29 | 338,226 | 282,957 | |
144A 6.00% 1/15/30 # | 216,000 | 180,391 | |
144A 6.75% 5/1/29 # | 219,000 | 192,907 | |
Gray Television 144A 5.375% 11/15/31 # | 1,870,000 | 1,126,047 | |
Matterhorn Telecom 3.125% 9/15/26 | EUR | 69,000 | 71,888 |
Millicom International Cellular 144A 7.375% 4/2/32 # | 1,120,000 | 1,099,294 | |
Prosus 144A 4.193% 1/19/32 # | 1,335,000 | 1,131,273 | |
Summit Digitel Infrastructure 144A 2.875% 8/12/31 # | 700,000 | 567,127 | |
Time Warner Cable 7.30% 7/1/38 | 350,000 | 340,322 | |
Vmed O2 UK Financing I 144A 4.25% 1/31/31 # | 400,000 | 327,120 | |
13,769,734 | |||
Consumer Cyclical — 4.85% | |||
Alsea 144A 7.75% 12/14/26 # | 1,560,000 | 1,577,408 | |
Arches Buyer 144A 6.125% 12/1/28 # | 383,000 | 311,865 | |
Bath & Body Works 6.875% 11/1/35 | 1,220,000 | 1,213,106 | |
Caesars Entertainment 144A 6.50% 2/15/32 # | 170,000 | 167,608 | |
Carnival | |||
144A 6.00% 5/1/29 # | 805,000 | 780,583 | |
144A 7.625% 3/1/26 # | 2,036,000 | 2,050,003 | |
Ford Motor Credit | |||
5.80% 3/5/27 | 225,000 | 223,556 | |
6.95% 6/10/26 | 540,000 | 548,342 | |
LSF9 Atlantis Holdings 144A 7.75% 2/15/26 # | 478,000 | 469,023 | |
Melco Resorts Finance 144A 7.625% 4/17/32 # | 375,000 | 367,388 | |
PetSmart 144A 7.75% 2/15/29 # | 840,000 | 799,280 | |
Royal Caribbean Cruises 144A 5.50% 4/1/28 # | 445,000 | 433,460 | |
Sands China 4.625% 6/18/30 | 575,000 | 518,042 |
4 NQ- DD [0424] 0624 (3637103)
(Unaudited)
Principalamount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Consumer Cyclical (continued) | |||
Staples 144A 7.50% 4/15/26 # | 1,230,000 | $ 1,186,983 | |
10,646,647 | |||
Consumer Non-Cyclical — 2.65% | |||
Bausch Health | |||
144A 5.50% 11/1/25 # | 120,000 | 111,894 | |
144A 11.00% 9/30/28 # | 173,000 | 135,457 | |
Central American Bottling 144A 5.25% 4/27/29 # | 585,000 | 546,650 | |
DaVita | |||
144A 3.75% 2/15/31 # | 250,000 | 205,953 | |
144A 4.625% 6/1/30 # | 335,000 | 293,801 | |
Heartland Dental 144A 8.50% 5/1/26 # | 239,000 | 238,376 | |
JBS USA Holding Lux 3.625% 1/15/32 | 400,000 | 333,378 | |
MajorDrive Holdings IV 144A 6.375% 6/1/29 # | 743,000 | 697,832 | |
Medline Borrower | |||
144A 3.875% 4/1/29 # | 579,000 | 519,274 | |
144A 5.25% 10/1/29 # | 266,000 | 247,868 | |
MHP Lux 144A 6.95% 4/3/26 # | 500,000 | 402,131 | |
Minerva Luxembourg 144A 8.875% 9/13/33 # | 560,000 | 574,749 | |
Pilgrim's Pride 4.25% 4/15/31 | 433,000 | 383,381 | |
Tenet Healthcare | |||
6.125% 10/1/28 | 145,000 | 143,316 | |
6.875% 11/15/31 | 370,000 | 381,685 | |
Teva Pharmaceutical Finance Netherlands III | |||
5.125% 5/9/29 | 200,000 | 189,602 | |
6.75% 3/1/28 | 400,000 | 406,382 | |
5,811,729 | |||
Electric — 2.06% | |||
Calpine | |||
144A 5.00% 2/1/31 # | 145,000 | 131,549 | |
144A 5.125% 3/15/28 # | 279,000 | 264,899 | |
Duke Energy 4.875% 9/16/24 μ, ψ | 80,000 | 79,472 | |
Engie Energia Chile 144A 6.375% 4/17/34 # | 1,115,000 | 1,102,986 | |
JSW Hydro Energy 144A 4.125% 5/18/31 # | 595,700 | 520,323 | |
NRG Energy 144A 4.45% 6/15/29 # | 285,000 | 264,624 | |
Pacific Gas & Electric 3.30% 8/1/40 | 367,000 | 255,944 | |
TerraForm Power Operating 144A 5.00% 1/31/28 # | 115,000 | 107,423 | |
Vistra 144A 7.00% 12/15/26 #, μ, ψ | 1,295,000 | 1,280,617 | |
Vistra Operations 144A 6.95% 10/15/33 # | 485,000 | 505,792 | |
4,513,629 |
NQ- DD [0424] 0624 (3637103) 5
Schedule of investments
Delaware Strategic Income Fund (Unaudited)
Principalamount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Energy — 5.76% | |||
3R Lux 144A 9.75% 2/5/31 # | 530,000 | $ 557,617 | |
Ascent Resources Utica Holdings | |||
144A 5.875% 6/30/29 # | 96,000 | 91,575 | |
144A 7.00% 11/1/26 # | 236,000 | 235,841 | |
Energean Israel Finance 144A 8.50% 9/30/33 # | 570,000 | 549,995 | |
Energy Transfer | |||
144A 5.625% 5/1/27 # | 210,000 | 208,108 | |
144A 6.00% 2/1/29 # | 261,000 | 260,853 | |
6.50% 11/15/26 μ, ψ | 752,000 | 731,582 | |
EQM Midstream Partners 144A 4.75% 1/15/31 # | 1,430,000 | 1,307,782 | |
Ferrellgas 144A 5.375% 4/1/26 # | 187,000 | 183,382 | |
Genesis Energy 7.75% 2/1/28 | 850,000 | 850,535 | |
Geopark 144A 5.50% 1/17/27 # | 1,220,000 | 1,097,242 | |
Medco Maple Tree 144A 8.96% 4/27/29 # | 540,000 | 553,496 | |
Murphy Oil 6.375% 7/15/28 | 1,262,000 | 1,261,918 | |
Nabors Industries 144A 9.125% 1/31/30 # | 780,000 | 804,905 | |
NuStar Logistics 6.375% 10/1/30 | 1,225,000 | 1,212,054 | |
PDC Energy 5.75% 5/15/26 | 445,000 | 445,024 | |
Puma International Financing 144A 7.75% 4/25/29 # | 550,000 | 557,023 | |
Raizen Fuels Finance | |||
144A 6.45% 3/5/34 # | 520,000 | 518,440 | |
144A 6.95% 3/5/54 # | 220,000 | 214,320 | |
SierraCol Energy Andina 144A 6.00% 6/15/28 # | 1,170,000 | 1,013,774 | |
12,655,466 | |||
Finance Companies — 0.62% | |||
AerCap Ireland Capital DAC | |||
2.45% 10/29/26 | 150,000 | 138,625 | |
3.30% 1/30/32 | 150,000 | 125,283 | |
3.40% 10/29/33 | 150,000 | 122,194 | |
Castlelake Aviation Finance DAC 144A 5.00% 4/15/27 # | 927,000 | 893,122 | |
Logan Group 5.75% 1/14/25 ‡ | 200,000 | 20,500 | |
RKPF Overseas 2020 A 5.125% 7/26/26 | 300,000 | 55,586 | |
1,355,310 | |||
Real Estate Investment Trusts — 0.23% | |||
CIBANCO Institucion de Banca Multiple Trust 144A 4.375% 7/22/31 # | 605,000 | 493,686 | |
493,686 |
6 NQ- DD [0424] 0624 (3637103)
(Unaudited)
Principalamount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Technology — 2.24% | |||
Broadcom 144A 3.469% 4/15/34 # | 320,000 | $ 265,237 | |
CDW 3.276% 12/1/28 | 455,000 | 406,986 | |
CommScope Technologies 144A 6.00% 6/15/25 # | 125,000 | 98,906 | |
Entegris 144A 4.75% 4/15/29 # | 305,000 | 287,953 | |
Iron Mountain | |||
144A 5.25% 7/15/30 # | 419,000 | 389,305 | |
144A 5.625% 7/15/32 # | 600,000 | 555,862 | |
Iron Mountain Information Management Services 144A 5.00% 7/15/32 # | 1,295,000 | 1,148,761 | |
NCR Voyix | |||
144A 5.00% 10/1/28 # | 419,000 | 386,276 | |
144A 5.125% 4/15/29 # | 1,245,000 | 1,145,309 | |
144A 5.25% 10/1/30 # | 271,000 | 241,662 | |
4,926,257 | |||
Transportation — 0.99% | |||
Grupo Aeromexico 144A 8.50% 3/17/27 # | 560,000 | 549,455 | |
Movida Europe 144A 7.85% 4/11/29 # | 565,000 | 527,943 | |
TAV Havalimanlari Holding 144A 8.50% 12/7/28 # | 1,070,000 | 1,096,108 | |
2,173,506 | |||
Utilities — 0.25% | |||
Clean Renewable Power Mauritius 144A 4.25% 3/25/27 # | 582,900 | 536,997 | |
536,997 | |||
Total Corporate Bonds (cost $88,978,250) | 84,785,307 | ||
Government Agency Obligations — 3.32% | |||
Comision Federal de Electricidad 144A 3.875% 7/26/33 # | 750,000 | 590,659 | |
Ecopetrol 8.375% 1/19/36 | 1,040,000 | 1,011,683 | |
Georgian Railway JSC 4.00% 6/17/28 | 865,000 | 784,212 | |
OCP 144A 7.50% 5/2/54 # | 570,000 | 554,735 | |
Oryx Funding 144A 5.80% 2/3/31 # | 485,000 | 479,057 | |
Perusahaan Perseroan Persero Perusahaan Listrik Negara 144A 5.45% 5/21/28 # | 700,000 | 689,579 | |
Petrobras Global Finance 6.50% 7/3/33 | 535,000 | 528,224 | |
Petroleos Mexicanos | |||
5.95% 1/28/31 | 1,135,000 | 896,244 | |
6.70% 2/16/32 | 237,000 | 193,945 | |
QazaqGaz JSC 144A 4.375% 9/26/27 # | 1,096,000 | 1,024,798 |
NQ- DD [0424] 0624 (3637103) 7
Schedule of investments
Delaware Strategic Income Fund (Unaudited)
Principalamount° | Value (US $) | ||
Government Agency Obligations (continued) | |||
YPF 144A 9.50% 1/17/31 # | 530,000 | $ 535,885 | |
Total Government Agency Obligations (cost $7,712,888) | 7,289,021 | ||
Municipal Bonds — 0.94% | |||
Commonwealth of Puerto Rico(Restructured) | |||
Series A 7.201% 7/1/24 ^ | 21,392 | 21,232 | |
Series A-1 4.00% 7/1/35 | 95,758 | 92,897 | |
Series A-1 4.00% 7/1/37 | 22,930 | 21,976 | |
GDB Debt Recovery Authority of Puerto Rico Revenue 7.50% 8/20/40 | 1,987,478 | 1,917,916 | |
Total Municipal Bonds (cost $1,954,672) | 2,054,021 | ||
Non-Agency Asset-Backed Securities — 9.89% | |||
Citicorp Residential Mortgage Trust Series 2006-3 A5 4.605% 11/25/36 φ | 38,408 | 37,902 | |
DataBank Issuer | |||
Series 2021-1A A2 144A 2.06% 2/27/51 # | 4,000,000 | 3,648,340 | |
Series 2023-1A A2 144A 5.116% 2/25/53 # | 3,000,000 | 2,809,537 | |
Diamond Infrastructure Funding Series 2021-1A A 144A 1.76% 4/15/49 # | 750,000 | 666,489 | |
Domino's Pizza Master Issuer Series 2021-1A A2I 144A 2.662% 4/25/51 # | 486,250 | 424,748 | |
Frontier Issuer Series 2023-1 A2 144A 6.60% 8/20/53 # | 5,000,000 | 4,994,744 | |
Hardee's Funding | |||
Series 2020-1A A2 144A 3.981% 12/20/50 # | 2,128,500 | 1,890,698 | |
Series 2021-1A A2 144A 2.865% 6/20/51 # | 1,945,000 | 1,629,134 | |
Retained Vantage Data Centers Issuer Series 2023-1A A2A 144A 5.00% 9/15/48 # | 4,000,000 | 3,820,316 | |
Taco Bell Funding Series 2018-1A A2II 144A 4.94% 11/25/48 # | 952,500 | 911,862 | |
Wendy's Funding Series 2018-1A A2II 144A 3.884% 3/15/48 # | 937,439 | 871,809 | |
Total Non-Agency Asset-Backed Securities (cost $21,582,762) | 21,705,579 | ||
8 NQ- DD [0424] 0624 (3637103)
(Unaudited)
Principalamount° | Value (US $) | ||
Non-Agency Collateralized Mortgage Obligations — 8.73% | |||
Connecticut Avenue Securities Trust | |||
Series 2022-R01 1M2 144A 7.23% (SOFR + 1.90%) 12/25/41 #, • | 3,000,000 | $ 3,029,277 | |
Series 2022-R02 2M2 144A 8.33% (SOFR + 3.00%) 1/25/42 #, • | 3,000,000 | 3,076,672 | |
Series 2023-R07 2M2 144A 8.58% (SOFR + 3.25%) 9/25/43 #, • | 5,000,000 | 5,238,315 | |
Series 2023-R08 1M2 144A 7.83% (SOFR + 2.50%) 10/25/43 #, • | 2,500,000 | 2,566,470 | |
JPMorgan Mortgage Trust Series 2021-13 B1 144A 3.14% 4/25/52 #, • | 567,663 | 446,132 | |
Sequoia Mortgage Trust | |||
Series 2014-1 B3 144A 4.407% 4/25/44 #, • | 675,449 | 594,959 | |
Series 2017-5 B2 144A 3.782% 8/25/47 #, • | 1,568,147 | 1,388,974 | |
Series 2017-6 B2 144A 3.724% 9/25/47 #, • | 1,595,972 | 1,414,774 | |
Series 2017-7 B2 144A 3.725% 10/25/47 #, • | 1,604,639 | 1,418,130 | |
Total Non-Agency Collateralized Mortgage Obligations (cost $19,734,344) | 19,173,703 | ||
Non-Agency Commercial Mortgage-Backed Securities — 3.41% | |||
BANK | |||
Series 2020-BN28 B 2.344% 3/15/63 | 160,000 | 125,046 | |
Series 2022-BNK39 B 3.348% 2/15/55 • | 1,200,000 | 939,376 | |
Series 2022-BNK40 B 3.507% 3/15/64 • | 410,000 | 328,776 | |
Benchmark Mortgage Trust | |||
Series 2020-B20 B 2.527% 10/15/53 | 1,140,000 | 857,166 | |
Series 2020-B21 C 3.456% 12/17/53 • | 1,000,000 | 732,492 | |
Series 2020-B22 A5 1.973% 1/15/54 | 1,500,000 | 1,184,723 | |
Cantor Commercial Real Estate Lending Series 2019-CF1 B 4.178% 5/15/52 • | 500,000 | 426,063 | |
DBJPM Mortgage Trust Series 2020-C9 B 2.567% 8/15/53 | 737,000 | 575,334 | |
GS Mortgage Securities Trust | |||
Series 2017-GS6 B 3.869% 5/10/50 | 500,000 | 417,864 | |
Series 2018-GS9 B 4.321% 3/10/51 • | 280,000 | 258,161 | |
Series 2020-GC47 B 3.568% 5/12/53 • | 1,840,000 | 1,527,919 | |
JPMorgan Chase Commercial Mortgage Securities Trust Series 2013-LC11 B 3.499% 4/15/46 | 130,000 | 112,987 | |
Total Non-Agency Commercial Mortgage-Backed Securities (cost $7,896,565) | 7,485,907 | ||
NQ- DD [0424] 0624 (3637103) 9
Schedule of investments
Delaware Strategic Income Fund (Unaudited)
Principalamount° | Value (US $) | ||
Loan Agreements — 1.37% | |||
Connect US Finco 9.816% (SOFR01M + 4.50%) 9/27/29 • | 274,313 | $ 267,112 | |
Foresight Energy Operating Tranche A 13.409% (SOFR03M + 8.10%) 6/30/27 • | 283,525 | 277,855 | |
Frontier Communications Tranche B 9.18% (SOFR01M + 3.86%) 10/8/27 • | 679,000 | 678,454 | |
Hamilton Projects Acquiror 9.93% (SOFR01M + 4.61%) 6/17/27 • | 565,755 | 569,732 | |
MLN US HoldCo | |||
1st Lien 12.127% (SOFR03M + 6.80%) 10/18/27 • | 1,413,880 | 282,776 | |
Tranche B 14.677% (SOFR03M + 9.35%) 10/18/27 • | 427,200 | 58,740 | |
UKG Tranche B 8.814% (SOFR03M + 3.50%) 2/10/31 • | 866,732 | 871,733 | |
Total Loan Agreements (cost $4,262,964) | 3,006,402 | ||
Sovereign Bonds — 3.27%Δ | |||
Brazil — 0.29% | |||
Brazilian Government International Bonds | |||
3.75% 9/12/31 | 300,000 | 255,145 | |
4.75% 1/14/50 | 550,000 | 389,009 | |
644,154 | |||
Dominican Republic — 0.25% | |||
Dominican Republic International Bonds | |||
144A 4.50% 1/30/30 # | 414,000 | 371,212 | |
144A 4.875% 9/23/32 # | 200,000 | 175,600 | |
546,812 | |||
Indonesia — 0.37% | |||
Indonesia Government International Bond 3.85% 10/15/30 | 900,000 | 821,118 | |
821,118 | |||
Ivory Coast — 0.68% | |||
Ivory Coast Government International Bonds | |||
144A 6.125% 6/15/33 # | 784,000 | 681,432 | |
144A 7.625% 1/30/33 # | 855,000 | 820,360 | |
1,501,792 |
10 NQ- DD [0424] 0624 (3637103)
(Unaudited)
Principalamount° | Value (US $) | ||
Sovereign BondsΔ (continued) | |||
Japan — 0.41% | |||
Japan Government Thirty Year Bond 0.40% 3/20/50 | JPY | 202,200,000 | $ 903,862 |
903,862 | |||
Mexico — 0.51% | |||
Mexico Government International Bonds | |||
3.25% 4/16/30 | 654,000 | 568,763 | |
3.50% 2/12/34 | 670,000 | 538,095 | |
1,106,858 | |||
Peru — 0.62% | |||
Corp Financiera de Desarrollo | |||
144A 2.40% 9/28/27 # | 500,000 | 444,853 | |
5.25% 7/15/29 μ | 200,000 | 199,477 | |
Peruvian Government International Bond 2.783% 1/23/31 | 850,000 | 707,540 | |
1,351,870 | |||
Serbia — 0.14% | |||
Serbia International Bond 144A 2.125% 12/1/30 # | 400,000 | 312,617 | |
312,617 | |||
Total Sovereign Bonds (cost $8,225,315) | 7,189,083 | ||
Supranational Banks — 0.46% | |||
African Development Bank 5.75% 5/7/34 μ, ψ | 1,070,000 | 1,008,470 | |
Total Supranational Banks (cost $1,040,575) | 1,008,470 | ||
US Treasury Obligations — 11.36% | |||
US Treasury Bonds | |||
3.875% 2/15/43 | 1,770,000 | 1,546,745 | |
4.125% 8/15/53 | 1,470,000 | 1,316,799 | |
4.50% 2/15/44 | 1,790,000 | 1,699,941 | |
US Treasury Notes | |||
4.25% 3/15/27 | 4,510,000 | 4,434,422 | |
4.25% 3/31/29 | 3,930,000 | 3,828,066 | |
4.25% 2/28/31 | 2,775,000 | 2,702,156 | |
4.50% 11/15/33 | 7,677,100 | 7,566,142 | |
4.625% 4/30/31 | 1,865,000 | 1,856,403 | |
Total US Treasury Obligations (cost $25,718,532) | 24,950,674 |
NQ- DD [0424] 0624 (3637103) 11
Schedule of investments
Delaware Strategic Income Fund (Unaudited)
Number of shares | Value (US $) | ||
Common Stocks — 1.25% | |||
Basic Industry — 0.43% | |||
Foresight Energy =, † | 42,271 | $ 936,293 | |
936,293 | |||
Consumer Discretionary — 0.22% | |||
Studio City International Holdings † | 19,076 | 141,925 | |
Studio City International Holdings ADR † | 37,174 | 276,575 | |
True Religion Apparel =, † | 2 | 64,791 | |
483,291 | |||
Financial Services — 0.20% | |||
New Cotai =, † | 414,307 | 448,729 | |
448,729 | |||
Materials — 0.00% | |||
Westmoreland Coal =, † | 145 | 254 | |
254 | |||
Transportation — 0.40% | |||
Grupo Aeromexico =, † | 49,917 | 874,165 | |
874,165 | |||
Total Common Stocks (cost $6,057,629) | 2,742,732 | ||
Preferred Stock — 0.01% | |||
True Religion Apparel 6.25% =, ω | 2 | 11,435 | |
Total Preferred Stock (cost $37,635) | 11,435 | ||
Warrants — 0.01% | |||
California Resources 36.00% † | 1,368 | 23,557 | |
Total Warrants (cost $119,109) | 23,557 | ||
Short-Term Investments — 2.89% | |||
Money Market Mutual Funds — 2.89% | |||
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 5.18%) | 1,587,669 | 1,587,669 | |
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 5.20%) | 1,587,669 | 1,587,669 | |
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 5.34%) | 1,587,668 | 1,587,668 |
12 NQ- DD [0424] 0624 (3637103)
(Unaudited)
Number of shares | Value (US $) | ||
Short-Term Investments (continued) | |||
Money Market Mutual Funds (continued) | |||
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 5.22%) | 1,587,668 | $ 1,587,668 | |
Total Short-Term Investments (cost $6,350,674) | 6,350,674 | ||
Total Value of Securities—101.13% (cost $233,853,774) | 222,025,094 | ||
Liabilities Net of Receivables and Other Assets—(1.13%) | (2,472,648) | ||
Net Assets Applicable to 30,013,607 Shares Outstanding—100.00% | $219,552,446 |
° | Principal amount shown is stated in USD unless noted that the security is denominated in another currency. |
# | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At April 30, 2024, the aggregate value of Rule 144A securities was $137,532,544, which represents 62.64% of the Fund’s net assets. |
• | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at April 30, 2024. 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. |
μ | Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at April 30, 2024. Rate will reset at a future date. |
ψ | Perpetual security. Maturity date represents next call date. |
‡ | Non-income producing security. Security is currently in default. |
^ | Zero-coupon security. The rate shown is the effective yield at the time of purchase. |
φ | Step coupon bond. Stated rate in effect at April 30, 2024 through maturity date. |
Δ | Securities have been classified by country of risk. |
= | The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security. |
† | Non-income producing security. |
ω | Perpetual security with no stated maturity date. |
NQ- DD [0424] 0624 (3637103) 13
Schedule of investments
Delaware Strategic Income Fund (Unaudited)
The following forward foreign currency exchange contracts and futures contracts were outstanding at April 30, 2024:
Forward Foreign Currency Exchange Contracts | ||||||||||||
Counterparty | Currency to Receive (Deliver) | In Exchange For | Settlement Date | Unrealized Appreciation | Unrealized Depreciation | |||||||
JPMCB | JPY | 164,120,000 | USD | (1,102,041) | 5/23/24 | $— | $(57,608) | |||||
TD | AUD | 1,715,000 | USD | (1,113,575) | 5/23/24 | — | (1,778) | |||||
TD | EUR | (1,065,248) | USD | 1,144,581 | 5/23/24 | 6,679 | — | |||||
TD | JPY | (66,900,000) | USD | 450,273 | 5/23/24 | 24,532 | — | |||||
Total Forward Foreign Currency Exchange Contracts | $31,211 | $(59,386) |
Futures Contracts Exchange-Traded | |||||||||||||
Contracts to Buy (Sell) | Notional Amount | Notional Cost (Proceeds) | Expiration Date | Value/ Unrealized Appreciation | Value/ Unrealized Depreciation | Variation Margin Due from (Due to) Brokers | |||||||
(2) | Euro-Bobl | $(248,508) | $(251,535) | 6/6/24 | $3,027 | $— | $951 | ||||||
419 | US Treasury 5 yr Notes | 43,886,977 | 44,784,890 | 6/28/24 | — | (897,913) | (147,304) | ||||||
89 | US Treasury 10 yr Notes | 9,561,938 | 9,745,522 | 6/18/24 | — | (183,584) | (45,891) | ||||||
78 | US Treasury 10 yr Ultra Notes | 8,597,063 | 8,853,151 | 6/18/24 | — | (256,088) | (48,750) | ||||||
Total Futures Contracts | $63,132,028 | $3,027 | $(1,337,585) | $(240,994) |
The use of forward foreign currency exchange contracts and futures contracts involves elements of market risk and risks in excess of the amounts disclosed in the schedule of investments. The forward foreign currency exchange contracts and notional amounts presented above represent the Fund’s total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) and variation margin are reflected in the Fund’s net assets.
Summary of abbreviations: |
ADR – American Depositary Receipt |
DAC – Designated Activity Company |
14 NQ- DD [0424] 0624 (3637103)
(Unaudited)
Summary of abbreviations: (continued) |
FREMF – Freddie Mac Multifamily |
GNMA – Government National Mortgage Association |
GS – Goldman Sachs |
JPMCB – JPMorgan Chase Bank |
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 |
TD – TD Bank |
yr – Year |
Summary of currencies: |
AUD – Australian Dollar |
EUR – European Monetary Unit |
JPY – Japanese Yen |
USD – US Dollar |
NQ- DD [0424] 0624 (3637103) 15