Schedule of investments
Delaware Total Return Fund
December 31, 2022 (Unaudited)
Principal amount° | Value (US $) | ||
Agency Mortgage-Backed Securities — 3.54% | |||
Fannie Mae 4.50% 2/1/44 | 56,458 | $ 55,472 | |
Fannie Mae S.F. 15 yr | |||
2.00% 2/1/36 | 145,422 | 129,706 | |
2.50% 7/1/36 | 286,838 | 263,273 | |
Fannie Mae S.F. 20 yr | |||
2.00% 3/1/41 | 62,043 | 52,837 | |
2.50% 1/1/41 | 49,286 | 43,349 | |
3.00% 3/1/33 | 310,462 | 291,879 | |
4.00% 8/1/42 | 278,034 | 263,406 | |
4.00% 9/1/42 | 252,026 | 238,765 | |
Fannie Mae S.F. 30 yr | |||
2.00% 12/1/50 | 61,163 | 50,025 | |
2.00% 4/1/51 | 462,834 | 377,907 | |
2.00% 6/1/51 | 750,381 | 619,356 | |
2.50% 10/1/50 | 162,171 | 139,833 | |
2.50% 5/1/51 | 18,047 | 15,324 | |
2.50% 8/1/51 | 224,790 | 191,974 | |
2.50% 8/1/51 | 92,591 | 79,083 | |
2.50% 11/1/51 | 109,097 | 92,596 | |
2.50% 2/1/52 | 407,659 | 347,106 | |
2.50% 4/1/52 | 417,376 | 353,953 | |
3.00% 3/1/50 | 108,681 | 96,308 | |
3.00% 5/1/51 | 11,614 | 10,302 | |
3.50% 1/1/50 | 155,110 | 142,267 | |
3.50% 8/1/50 | 70,069 | 64,837 | |
3.50% 8/1/50 | 592,000 | 548,899 | |
3.50% 1/1/52 | 782,222 | 711,905 | |
3.50% 5/1/52 | 147,062 | 134,750 | |
4.00% 3/1/47 | 202,999 | 194,063 | |
4.50% 5/1/49 | 145,849 | 142,373 | |
4.50% 1/1/50 | 569,551 | 564,615 | |
4.50% 9/1/52 | 397,368 | 382,783 | |
5.00% 7/1/47 | 86,396 | 87,706 | |
5.00% 6/1/52 | 167,506 | 165,190 | |
5.00% 9/1/52 | 552,701 | 545,057 | |
5.00% 10/1/52 | 108,622 | 108,184 | |
5.00% 10/1/52 | 110,349 | 108,823 | |
5.50% 8/1/52 | 501,482 | 503,063 | |
5.50% 10/1/52 | 335,865 | 336,963 | |
6.00% 5/1/36 | 26,120 | 26,524 | |
6.00% 6/1/37 | 8,730 | 9,107 | |
6.00% 7/1/37 | 11,864 | 12,386 | |
6.00% 8/1/37 | 14,798 | 15,396 | |
6.00% 10/1/40 | 100,383 | 104,474 | |
6.50% 11/1/33 | 68,518 | 70,199 | |
6.50% 6/1/36 | 12,269 | 12,570 | |
7.00% 3/1/32 | 91,759 | 91,932 | |
7.00% 8/1/32 | 77,566 | 77,111 | |
Freddie Mac S.F. 15 yr | |||
3.00% 3/1/35 | 139,593 | 130,758 |
Principal amount° | Value (US $) | ||
Agency Mortgage-Backed Securities (continued) | |||
Freddie Mac S.F. 15 yr | |||
4.50% 9/1/37 | 264,666 | $ 263,199 | |
Freddie Mac S.F. 15 yr 2.00% 12/1/35 | 93,355 | 83,503 | |
Freddie Mac S.F. 20 yr | |||
2.00% 3/1/41 | 71,414 | 60,818 | |
2.50% 6/1/41 | 370,417 | 325,768 | |
3.00% 9/1/40 | 111,382 | 101,114 | |
3.00% 4/1/42 | 304,879 | 272,344 | |
3.50% 9/1/35 | 294,972 | 282,293 | |
Freddie Mac S.F. 30 yr | |||
2.00% 3/1/52 | 185,048 | 150,674 | |
2.50% 10/1/50 | 50,732 | 43,623 | |
2.50% 5/1/52 | 432,569 | 366,341 | |
3.00% 11/1/46 | 58,575 | 52,485 | |
3.00% 8/1/51 | 710,223 | 627,915 | |
3.50% 8/1/49 | 298,321 | 274,524 | |
4.00% 4/1/52 | 319,661 | 299,856 | |
4.00% 8/1/52 | 110,974 | 104,675 | |
4.50% 10/1/40 | 247,793 | 245,922 | |
5.00% 10/1/52 | 61,670 | 60,818 | |
5.50% 9/1/52 | 225,902 | 228,093 | |
5.50% 9/1/52 | 107,563 | 109,469 | |
5.50% 10/1/52 | 298,990 | 299,967 | |
5.50% 11/1/52 | 103,501 | 103,809 | |
GNMA I S.F. 30 yr 3.00% 8/15/45 | 269,084 | 241,402 | |
GNMA II S.F. 30 yr | |||
3.00% 12/20/51 | 115,382 | 103,097 | |
3.00% 1/20/52 | 168,493 | 150,038 | |
Total Agency Mortgage-Backed Securities (cost $15,077,347) | 13,856,136 | ||
Collateralized Debt Obligations — 0.33% | |||
Octagon Investment Partners 34 Series 2017-1A A1 144A 5.383% (LIBOR03M + 1.14%) 1/20/30 #, • | 1,000,000 | 989,863 | |
Venture 34 CLO Series 2018-34A A 144A 5.309% (LIBOR03M + 1.23%, Floor 1.23%) 10/15/31 #, • | 300,000 | 294,008 | |
Total Collateralized Debt Obligations (cost $1,298,232) | 1,283,871 | ||
NQ-QPV [12/22] 2/23 (2740536) 1
Schedule of investments
Delaware Total Return Fund (Unaudited)
Principal amount° | Value (US $) | ||
Convertible Bonds — 8.08% | |||
Basic Industry — 0.14% | |||
Ivanhoe Mines 144A 2.50% exercise price $9.31, maturity date 4/15/26 # | 450,000 | $ 553,275 | |
553,275 | |||
Brokerage — 0.08% | |||
New Mountain Finance 144A 7.50% exercise price $14.20, maturity date 10/15/25 # | 295,000 | 295,914 | |
295,914 | |||
Capital Goods — 0.24% | |||
Kaman 3.25% exercise price $65.26, maturity date 5/1/24 | 1,013,000 | 946,648 | |
946,648 | |||
Communications — 0.96% | |||
Cable One 1.125% exercise price $2,275.83, maturity date 3/15/28 | 1,400,000 | 1,047,200 | |
DISH Network 3.375% exercise price $65.18, maturity date 8/15/26 | 1,397,000 | 878,713 | |
Liberty Broadband 144A 1.25% exercise price $900.01, maturity date 9/30/50 # | 1,442,000 | 1,398,740 | |
Liberty Latin America 2.00% exercise price $20.65, maturity date 7/15/24 | 480,000 | 428,400 | |
3,753,053 | |||
Consumer Cyclical — 0.53% | |||
Cheesecake Factory 0.375% exercise price $77.09, maturity date 6/15/26 | 1,566,000 | 1,290,971 | |
Ford Motor 3.177% exercise price $16.85, maturity date 3/15/26 ^ | 825,000 | 782,513 | |
2,073,484 | |||
Consumer Non-Cyclical — 2.41% | |||
BioMarin Pharmaceutical 0.599% exercise price $124.67, maturity date 8/1/24 | 422,000 | 448,924 | |
Chefs' Warehouse 1.875% exercise price $44.20, maturity date 12/1/24 | 1,389,000 | 1,442,476 | |
Chegg 4.526% exercise price $107.55, maturity date 9/1/26 ^ | 1,287,000 | 1,022,393 |
Principal amount° | Value (US $) | ||
Convertible Bonds (continued) | |||
Consumer Non-Cyclical (continued) | |||
Coherus Biosciences 1.50% exercise price $19.26, maturity date 4/15/26 | 790,000 | $ 519,425 | |
Collegium Pharmaceutical 2.625% exercise price $29.19, maturity date 2/15/26 | 678,000 | 689,865 | |
CONMED 144A 2.25% exercise price $145.33, maturity date 6/15/27 # | 1,145,000 | 1,048,820 | |
Integra LifeSciences Holdings 0.50% exercise price $73.67, maturity date 8/15/25 | 1,222,000 | 1,190,839 | |
Ionis Pharmaceuticals 0.125% exercise price $83.28, maturity date 12/15/24 | 981,000 | 895,751 | |
Jazz Investments I 2.00% exercise price $155.81, maturity date 6/15/26 | 523,000 | 624,331 | |
Lantheus Holdings 144A 2.625% exercise price $79.81, maturity date 12/15/27 # | 195,000 | 197,321 | |
Paratek Pharmaceuticals 4.75% exercise price $15.90, maturity date 5/1/24 | 1,540,000 | 1,353,968 | |
9,434,113 | |||
Electric — 0.56% | |||
NextEra Energy Partners 144A 3.748% exercise price $75.33, maturity date 11/15/25 #, ^ | 455,000 | 454,545 | |
NRG Energy 2.75% exercise price $43.46, maturity date 6/1/48 | 850,000 | 844,475 | |
Ormat Technologies 144A 2.50% exercise price $90.27, maturity date 7/15/27 # | 746,000 | 871,328 | |
2,170,348 | |||
Energy — 0.45% | |||
Helix Energy Solutions Group 6.75% exercise price $6.97, maturity date 2/15/26 | 1,270,000 | 1,761,005 | |
1,761,005 |
2 NQ-QPV [12/22] 2/23 (2740536)
(Unaudited)
Principal amount° | Value (US $) | ||
Convertible Bonds (continued) | |||
Financials — 0.58% | |||
FTI Consulting 2.00% exercise price $101.38, maturity date 8/15/23 | 722,000 | $ 1,139,316 | |
Repay Holdings 144A 3.719% exercise price $33.60, maturity date 2/1/26 #, ^ | 1,522,000 | 1,119,139 | |
2,258,455 | |||
Industrials — 0.22% | |||
Chart Industries 1.00% exercise price $58.72, maturity date 11/15/24 # | 394,000 | 784,454 | |
Danimer Scientific 144A 3.25% exercise price $10.79, maturity date 12/15/26 # | 234,000 | 90,909 | |
875,363 | |||
Real Estate Investment Trusts — 0.31% | |||
Blackstone Mortgage Trust 4.75% exercise price $36.22, maturity date 3/15/23 | 922,000 | 913,356 | |
Summit Hotel Properties 1.50% exercise price $11.88, maturity date 2/15/26 | 367,000 | 315,253 | |
1,228,609 | |||
Technology — 1.39% | |||
Block 0.125% exercise price $121.01, maturity date 3/1/25 | 619,000 | 591,919 | |
InterDigital 144A 3.50% exercise price $77.50, maturity date 6/1/27 # | 1,383,000 | 1,313,850 | |
ON Semiconductor 1.625% exercise price $20.72, maturity date 10/15/23 | 402,000 | 1,208,613 | |
Palo Alto Networks 0.75% exercise price $88.78, maturity date 7/1/23 | 591,000 | 935,258 | |
Semtech 144A 1.625% exercise price $37.27, maturity date 11/1/27 # | 490,000 | 503,475 | |
Vishay Intertechnology 2.25% exercise price $31.20, maturity date 6/15/25 | 486,000 | 470,254 | |
Wolfspeed 144A 0.25% exercise price $127.22, maturity date 2/15/28 # | 459,000 | 397,953 | |
5,421,322 |
Principal amount° | Value (US $) | ||
Convertible Bonds (continued) | |||
Transportation — 0.21% | |||
Spirit Airlines 1.00% exercise price $49.07, maturity date 5/15/26 | 1,018,000 | $ 824,580 | |
824,580 | |||
Total Convertible Bonds (cost $31,917,818) | 31,596,169 | ||
Corporate Bonds — 11.75% | |||
Automotive — 0.21% | |||
Allison Transmission 144A 5.875% 6/1/29 # | 400,000 | 376,350 | |
Ford Motor 4.75% 1/15/43 | 80,000 | 57,604 | |
Ford Motor Credit 4.542% 8/1/26 | 285,000 | 263,091 | |
Goodyear Tire & Rubber 5.25% 7/15/31 | 135,000 | 110,597 | |
807,642 | |||
Banking — 1.22% | |||
Banco Continental 144A 2.75% 12/10/25 # | 200,000 | 179,173 | |
Banco Nacional de Panama 144A 2.50% 8/11/30 # | 205,000 | 164,671 | |
Bank of America | |||
2.482% 9/21/36 μ | 290,000 | 213,747 | |
2.676% 6/19/41 μ | 200,000 | 135,260 | |
5.015% 7/22/33 μ | 305,000 | 290,465 | |
6.204% 11/10/28 μ | 75,000 | 77,570 | |
Bank of New York Mellon | |||
4.70% 9/20/25 μ, ψ | 20,000 | 19,253 | |
5.802% 10/25/28 μ | 63,000 | 65,258 | |
BBVA Bancomer 144A 1.875% 9/18/25 # | 200,000 | 181,594 | |
Citigroup 5.61% 9/29/26 μ | 395,000 | 397,105 | |
Citizens Bank 6.064% 10/24/25 μ | 280,000 | 283,357 | |
Corp. Financiera de Desarrollo 144A 2.40% 9/28/27 # | 200,000 | 167,531 | |
Credit Suisse Group 144A 2.593% 9/11/25 #, μ | 250,000 | 221,161 | |
Fifth Third Bancorp | |||
4.337% 4/25/33 μ | 6,000 | 5,499 | |
6.361% 10/27/28 μ | 4,000 | 4,123 | |
Goldman Sachs Group 1.542% 9/10/27 μ | 533,000 | 460,451 | |
JPMorgan Chase & Co. | |||
3.109% 4/22/51 μ | 5,000 | 3,298 | |
3.882% 7/24/38 μ | 50,000 | 41,684 | |
4.851% 7/25/28 μ | 110,000 | 107,407 | |
KeyCorp 4.789% 6/1/33 μ | 8,000 | 7,577 |
NQ-QPV [12/22] 2/23 (2740536) 3
Schedule of investments
Delaware Total Return Fund (Unaudited)
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Banking (continued) | |||
Morgan Stanley | |||
2.484% 9/16/36 μ | 219,000 | $ 159,298 | |
6.138% 10/16/26 μ | 10,000 | 10,224 | |
6.296% 10/18/28 μ | 175,000 | 180,964 | |
6.342% 10/18/33 μ | 10,000 | 10,510 | |
NBK SPC 144A 1.625% 9/15/27 #, μ | 205,000 | 180,640 | |
PNC Financial Services Group | |||
2.60% 7/23/26 | 75,000 | 69,522 | |
5.671% 10/28/25 μ | 15,000 | 15,170 | |
6.20% 9/15/27 μ, ψ | 10,000 | 9,797 | |
QNB Finance 2.625% 5/12/25 | 200,000 | 189,315 | |
State Street | |||
2.203% 2/7/28 μ | 10,000 | 8,997 | |
5.751% 11/4/26 μ | 5,000 | 5,124 | |
SVB Financial Group | |||
1.80% 10/28/26 | 6,000 | 5,258 | |
1.80% 2/2/31 | 15,000 | 10,976 | |
4.00% 5/15/26 μ, ψ | 375,000 | 247,976 | |
4.57% 4/29/33 μ | 17,000 | 15,088 | |
Toronto-Dominion Bank 4.108% 6/8/27 | 15,000 | 14,524 | |
Truist Bank 2.636% 9/17/29 μ | 275,000 | 257,351 | |
Truist Financial | |||
1.887% 6/7/29 μ | 20,000 | 16,776 | |
4.95% 9/1/25 μ, ψ | 30,000 | 28,758 | |
6.123% 10/28/33 μ | 10,000 | 10,554 | |
US Bancorp | |||
2.491% 11/3/36 μ | 10,000 | 7,634 | |
3.00% 7/30/29 | 290,000 | 255,232 | |
5.727% 10/21/26 μ | 10,000 | 10,196 | |
Wells Fargo & Co. 4.808% 7/25/28 μ | 15,000 | 14,675 | |
4,760,743 | |||
Basic Industry — 0.68% | |||
AngloGold Ashanti Holdings 3.75% 10/1/30 | 200,000 | 173,636 | |
Avient 144A 5.75% 5/15/25 # | 144,000 | 140,648 | |
Celanese US Holdings | |||
6.05% 3/15/25 | 225,000 | 224,315 | |
6.165% 7/15/27 | 50,000 | 49,396 | |
Chemours 144A 5.75% 11/15/28 # | 260,000 | 233,896 | |
First Quantum Minerals 144A 7.50% 4/1/25 # | 365,000 | 356,021 |
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Basic Industry (continued) | |||
FMG Resources August 2006 144A 5.875% 4/15/30 # | 145,000 | $ 135,281 | |
INEOS Quattro Finance 2 144A 3.375% 1/15/26 # | 200,000 | 183,999 | |
Metinvest 8.50% 4/23/26 | 200,000 | 108,000 | |
Newmont | |||
2.25% 10/1/30 | 100,000 | 80,605 | |
2.60% 7/15/32 | 45,000 | 35,947 | |
2.80% 10/1/29 | 100,000 | 85,226 | |
Novelis 144A 4.75% 1/30/30 # | 425,000 | 377,748 | |
OCP 144A 3.75% 6/23/31 # | 200,000 | 168,242 | |
Sherwin-Williams 3.30% 5/15/50 | 370,000 | 254,555 | |
Westlake 3.125% 8/15/51 | 105,000 | 65,073 | |
2,672,588 | |||
Brokerage — 0.05% | |||
Charles Schwab 5.375% 6/1/25 μ, ψ | 25,000 | 24,575 | |
Jefferies Financial Group 2.625% 10/15/31 | 240,000 | 183,656 | |
208,231 | |||
Capital Goods — 0.46% | |||
Boeing 3.25% 2/1/28 | 285,000 | 259,313 | |
Eaton 4.15% 3/15/33 | 190,000 | 177,228 | |
Lockheed Martin | |||
3.90% 6/15/32 | 10,000 | 9,454 | |
4.15% 6/15/53 | 10,000 | 8,538 | |
Madison IAQ 144A 5.875% 6/30/29 # | 180,000 | 123,710 | |
Sealed Air 144A 5.00% 4/15/29 # | 130,000 | 122,388 | |
Teledyne Technologies | |||
0.95% 4/1/24 | 115,000 | 108,694 | |
2.25% 4/1/28 | 30,000 | 25,883 | |
2.75% 4/1/31 | 310,000 | 254,243 | |
Terex 144A 5.00% 5/15/29 # | 260,000 | 234,007 | |
TK Elevator US Newco 144A 5.25% 7/15/27 # | 235,000 | 209,056 | |
TransDigm 144A 6.25% 3/15/26 # | 260,000 | 256,981 | |
1,789,495 | |||
Communications — 1.14% | |||
Altice France 144A 5.50% 10/15/29 # | 215,000 | 164,328 | |
Altice France Holding 144A 6.00% 2/15/28 # | 280,000 | 165,884 |
4 NQ-QPV [12/22] 2/23 (2740536)
(Unaudited)
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Communications (continued) | |||
AT&T | |||
1.70% 3/25/26 | 110,000 | $ 99,259 | |
3.50% 6/1/41 | 84,000 | 62,969 | |
3.50% 9/15/53 | 690,000 | 468,810 | |
Cellnex Finance 144A 3.875% 7/7/41 # | 250,000 | 171,361 | |
Charter Communications Operating | |||
3.85% 4/1/61 | 270,000 | 157,108 | |
4.40% 12/1/61 | 250,000 | 160,859 | |
Comcast 3.20% 7/15/36 | 440,000 | 358,250 | |
Consolidated Communications | |||
144A 5.00% 10/1/28 # | 110,000 | 81,264 | |
144A 6.50% 10/1/28 # | 110,000 | 85,752 | |
Crown Castle 1.05% 7/15/26 | 485,000 | 419,634 | |
CT Trust 144A 5.125% 2/3/32 # | 200,000 | 175,907 | |
Digicel International Finance 144A 8.75% 5/25/24 # | 200,000 | 172,316 | |
Discovery Communications 4.00% 9/15/55 | 240,000 | 145,052 | |
Frontier Communications Holdings | |||
144A 5.875% 10/15/27 # | 370,000 | 344,385 | |
144A 6.75% 5/1/29 # | 110,000 | 91,149 | |
Millicom International Cellular 144A 4.50% 4/27/31 # | 200,000 | 168,579 | |
Time Warner Cable 7.30% 7/1/38 | 110,000 | 109,535 | |
Time Warner Cable Enterprises 8.375% 3/15/23 | 55,000 | 55,348 | |
T-Mobile USA | |||
2.625% 4/15/26 | 120,000 | 110,194 | |
3.00% 2/15/41 | 195,000 | 138,336 | |
3.375% 4/15/29 | 120,000 | 105,923 | |
3.50% 4/15/31 | 18,000 | 15,583 | |
3.75% 4/15/27 | 40,000 | 37,737 | |
Verizon Communications | |||
2.355% 3/15/32 | 135,000 | 107,372 | |
2.875% 11/20/50 | 10,000 | 6,313 | |
3.40% 3/22/41 | 30,000 | 22,676 | |
4.50% 8/10/33 | 245,000 | 230,034 | |
Warnermedia Holdings 144A 5.141% 3/15/52 # | 15,000 | 10,962 | |
4,442,879 |
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Consumer Cyclical — 0.28% | |||
Amazon.com | |||
2.50% 6/3/50 | 15,000 | $ 9,522 | |
3.60% 4/13/32 | 15,000 | 13,771 | |
Aptiv 3.10% 12/1/51 | 323,000 | 192,136 | |
B2W Digital 144A 4.375% 12/20/30 # | 200,000 | 126,787 | |
Ford Motor Credit 2.90% 2/16/28 | 350,000 | 289,500 | |
General Motors Financial 4.35% 4/9/25 | 75,000 | 73,027 | |
Hutama Karya Persero 144A 3.75% 5/11/30 # | 400,000 | 362,949 | |
VICI Properties 4.95% 2/15/30 | 10,000 | 9,533 | |
1,077,225 | |||
Consumer Non-Cyclical — 0.80% | |||
AbbVie 4.05% 11/21/39 | 10,000 | 8,601 | |
Baxter International 3.132% 12/1/51 | 16,000 | 10,396 | |
Bunge Limited Finance 2.75% 5/14/31 | 400,000 | 329,280 | |
Central American Bottling 144A 5.25% 4/27/29 # | 200,000 | 186,847 | |
Clydesdale Acquisition Holdings 144A 8.75% 4/15/30 # | 70,000 | 60,049 | |
CVS Health | |||
2.70% 8/21/40 | 590,000 | 409,818 | |
3.25% 8/15/29 | 180,000 | 161,421 | |
4.78% 3/25/38 | 290,000 | 265,328 | |
InRetail Consumer 144A 3.25% 3/22/28 # | 200,000 | 172,256 | |
JBS USA LUX 144A 3.00% 2/2/29 # | 230,000 | 190,857 | |
MHP Lux 6.95% 4/3/26 | 200,000 | 98,995 | |
Pilgrim's Pride 144A 4.25% 4/15/31 # | 380,000 | 323,760 | |
Post Holdings 144A 5.50% 12/15/29 # | 418,000 | 379,126 | |
Royalty Pharma | |||
1.20% 9/2/25 | 285,000 | 255,331 | |
1.75% 9/2/27 | 190,000 | 161,108 | |
Viatris | |||
1.65% 6/22/25 | 5,000 | 4,533 | |
2.30% 6/22/27 | 5,000 | 4,280 | |
2.70% 6/22/30 | 115,000 | 90,155 | |
4.00% 6/22/50 | 10,000 | 6,196 | |
Zoetis 5.40% 11/14/25 | 5,000 | 5,105 | |
3,123,442 |
NQ-QPV [12/22] 2/23 (2740536) 5
Schedule of investments
Delaware Total Return Fund (Unaudited)
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Electric — 0.65% | |||
Berkshire Hathaway Energy 2.85% 5/15/51 | 110,000 | $ 72,524 | |
Duke Energy 4.875% 9/16/24 μ, ψ | 245,000 | 224,175 | |
Duke Energy Carolinas 3.95% 11/15/28 | 255,000 | 245,195 | |
Entergy Mississippi 2.85% 6/1/28 | 90,000 | 80,080 | |
Entergy Texas 3.55% 9/30/49 | 185,000 | 133,622 | |
Evergy Kansas Central 3.45% 4/15/50 | 35,000 | 25,496 | |
Eversource Energy 2.90% 3/1/27 | 10,000 | 9,222 | |
Indianapolis Power & Light 144A 5.65% 12/1/32 # | 15,000 | 15,432 | |
Nevada Power 5.90% 5/1/53 | 175,000 | 187,640 | |
NextEra Energy Capital Holdings 3.00% 1/15/52 | 415,000 | 272,820 | |
Pacific Gas and Electric | |||
3.30% 8/1/40 | 270,000 | 183,729 | |
4.95% 7/1/50 | 43,000 | 33,502 | |
PacifiCorp 5.35% 12/1/53 | 5,000 | 4,979 | |
Southern 5.70% 10/15/32 | 230,000 | 235,987 | |
Southern California Edison | |||
3.45% 2/1/52 | 137,000 | 98,121 | |
4.00% 4/1/47 | 35,000 | 27,513 | |
4.20% 3/1/29 | 150,000 | 142,981 | |
4.875% 3/1/49 | 90,000 | 79,601 | |
UEP Penonome II 144A 6.50% 10/1/38 # | 184,656 | 136,876 | |
Vistra Operations 144A 5.125% 5/13/25 # | 325,000 | 318,398 | |
2,527,893 | |||
Energy — 1.69% | |||
Ascent Resources Utica Holdings | |||
144A 5.875% 6/30/29 # | 195,000 | 174,121 | |
144A 7.00% 11/1/26 # | 95,000 | 92,299 | |
BP Capital Markets America | |||
2.721% 1/12/32 | 15,000 | 12,542 | |
3.06% 6/17/41 | 430,000 | 320,041 | |
Callon Petroleum | |||
144A 7.50% 6/15/30 # | 50,000 | 45,815 | |
144A 8.00% 8/1/28 # | 175,000 | 167,051 | |
CNX Midstream Partners 144A 4.75% 4/15/30 # | 75,000 | 61,647 | |
CNX Resources 144A 6.00% 1/15/29 # | 165,000 | 152,069 |
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Energy (continued) | |||
Crestwood Midstream Partners | |||
144A 5.625% 5/1/27 # | 66,000 | $ 61,494 | |
144A 6.00% 2/1/29 # | 171,000 | 157,141 | |
Devon Energy 4.75% 5/15/42 | 5,000 | 4,254 | |
Diamondback Energy 3.125% 3/24/31 | 200,000 | 166,097 | |
Enbridge | |||
2.50% 8/1/33 | 310,000 | 239,318 | |
4.56% (SOFR + 0.40%) 2/17/23 • | 160,000 | 159,947 | |
Energy Transfer | |||
5.25% 4/15/29 | 50,000 | 48,454 | |
5.75% 2/15/33 | 5,000 | 4,902 | |
6.25% 4/15/49 | 55,000 | 51,408 | |
6.50% 11/15/26 μ, ψ | 180,000 | 155,250 | |
Enterprise Products Operating | |||
3.20% 2/15/52 | 360,000 | 237,482 | |
3.30% 2/15/53 | 5,000 | 3,349 | |
EQM Midstream Partners 144A 4.75% 1/15/31 # | 235,000 | 192,572 | |
Genesis Energy | |||
7.75% 2/1/28 | 340,000 | 313,500 | |
8.00% 1/15/27 | 235,000 | 222,268 | |
Hilcorp Energy I | |||
144A 6.00% 4/15/30 # | 150,000 | 133,608 | |
144A 6.00% 2/1/31 # | 20,000 | 17,326 | |
144A 6.25% 4/15/32 # | 75,000 | 64,829 | |
KazTransGas JSC 144A 4.375% 9/26/27 # | 579,000 | 524,696 | |
MPLX 1.75% 3/1/26 | 15,000 | 13,387 | |
Murphy Oil 6.375% 7/15/28 | 385,000 | 371,132 | |
NuStar Logistics | |||
5.625% 4/28/27 | 205,000 | 192,039 | |
6.00% 6/1/26 | 39,000 | 37,621 | |
Occidental Petroleum | |||
6.45% 9/15/36 | 65,000 | 66,447 | |
6.60% 3/15/46 | 160,000 | 164,999 | |
6.625% 9/1/30 | 55,000 | 56,960 | |
PDC Energy 5.75% 5/15/26 | 280,000 | 267,736 | |
PTTEP Treasury Center 144A 2.587% 6/10/27 # | 200,000 | 177,853 | |
QatarEnergy Trading 144A 2.25% 7/12/31 # | 200,000 | 166,036 | |
Southwestern Energy | |||
5.375% 2/1/29 | 20,000 | 18,570 | |
5.375% 3/15/30 | 95,000 | 86,825 | |
7.75% 10/1/27 | 144,000 | 146,988 | |
6 NQ-QPV [12/22] 2/23 (2740536)
(Unaudited)
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Energy (continued) | |||
Targa Resources Partners 5.00% 1/15/28 | 230,000 | $ 219,785 | |
Tengizchevroil Finance Co. International 144A 2.625% 8/15/25 # | 200,000 | 171,952 | |
Tennessee Gas Pipeline 144A 2.90% 3/1/30 # | 150,000 | 125,970 | |
USA Compression Partners | |||
6.875% 4/1/26 | 20,000 | 19,218 | |
6.875% 9/1/27 | 115,000 | 107,710 | |
Valero Energy 3.65% 12/1/51 | 400,000 | 284,230 | |
Weatherford International 144A 8.625% 4/30/30 # | 120,000 | 115,451 | |
6,594,389 | |||
Finance Companies — 0.18% | |||
AerCap Ireland Capital DAC 4.45% 4/3/26 | 345,000 | 329,688 | |
Air Lease | |||
2.875% 1/15/26 | 195,000 | 180,639 | |
2.875% 1/15/32 | 175,000 | 139,470 | |
3.00% 2/1/30 | 45,000 | 37,626 | |
3.375% 7/1/25 | 15,000 | 14,201 | |
4.125% 12/15/26 μ, ψ | 10,000 | 6,875 | |
5.85% 12/15/27 | 10,000 | 10,006 | |
718,505 | |||
Financial Services — 0.12% | |||
Ally Financial 8.00% 11/1/31 | 35,000 | 36,227 | |
Castlelake Aviation Finance DAC 144A 5.00% 4/15/27 # | 200,000 | 174,288 | |
Hightower Holding 144A 6.75% 4/15/29 # | 135,000 | 113,477 | |
MSCI 144A 3.625% 11/1/31 # | 200,000 | 165,685 | |
489,677 | |||
Financials — 0.26% | |||
Aviation Capital Group 144A 1.95% 1/30/26 # | 465,000 | 405,309 | |
Banco del Estado de Chile 144A 2.704% 1/9/25 # | 280,000 | 264,770 | |
Development Bank of Kazakhstan 144A 10.95% 5/6/26 # | KZT | 100,000,000 | 173,754 |
MAF Sukuk 3.933% 2/28/30 | 200,000 | 186,484 | |
1,030,317 |
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Healthcare — 0.42% | |||
Bausch Health | |||
144A 11.00% 9/30/28 # | 103,000 | $ 80,839 | |
144A 14.00% 10/15/30 # | 20,000 | 11,973 | |
Cheplapharm Arzneimittel 144A 5.50% 1/15/28 # | 200,000 | 167,556 | |
CHS 144A 4.75% 2/15/31 # | 105,000 | 76,429 | |
DaVita 144A 4.625% 6/1/30 # | 195,000 | 157,276 | |
Encompass Health 4.75% 2/1/30 | 30,000 | 26,392 | |
Hadrian Merger Sub 144A 8.50% 5/1/26 # | 295,000 | 261,135 | |
HCA | |||
5.375% 2/1/25 | 215,000 | 214,914 | |
5.875% 2/1/29 | 250,000 | 249,744 | |
ModivCare Escrow Issuer 144A 5.00% 10/1/29 # | 135,000 | 114,021 | |
Tenet Healthcare 144A 6.125% 10/1/28 # | 295,000 | 264,742 | |
1,625,021 | |||
Insurance — 0.72% | |||
Aon | |||
2.90% 8/23/51 | 230,000 | 147,298 | |
5.00% 9/12/32 | 290,000 | 287,680 | |
Athene Global Funding 144A 1.00% 4/16/24 # | 95,000 | 88,862 | |
Athene Holding 3.95% 5/25/51 | 340,000 | 230,794 | |
Berkshire Hathaway Finance 3.85% 3/15/52 | 380,000 | 304,899 | |
Brighthouse Financial 3.85% 12/22/51 | 265,000 | 168,271 | |
GA Global Funding Trust 144A 1.00% 4/8/24 # | 470,000 | 440,515 | |
HUB International 144A 5.625% 12/1/29 # | 190,000 | 166,190 | |
Humana | |||
5.75% 3/1/28 | 32,000 | 32,733 | |
5.875% 3/1/33 | 5,000 | 5,178 | |
Jones Deslauriers Insurance Management 144A 10.50% 12/15/30 # | 230,000 | 226,815 | |
NFP | |||
144A 6.875% 8/15/28 # | 145,000 | 119,839 | |
144A 7.50% 10/1/30 # | 55,000 | 52,062 | |
USI 144A 6.875% 5/1/25 # | 585,000 | 564,481 | |
2,835,617 |
NQ-QPV [12/22] 2/23 (2740536) 7
Schedule of investments
Delaware Total Return Fund (Unaudited)
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Leisure — 0.38% | |||
Boyd Gaming | |||
4.75% 12/1/27 | 185,000 | $ 172,575 | |
144A 4.75% 6/15/31 # | 50,000 | 43,559 | |
Caesars Entertainment 144A 6.25% 7/1/25 # | 410,000 | 399,219 | |
Carnival | |||
144A 5.75% 3/1/27 # | 310,000 | 221,889 | |
144A 7.625% 3/1/26 # | 300,000 | 238,310 | |
Royal Caribbean Cruises 144A 5.50% 4/1/28 # | 394,000 | 315,129 | |
Scientific Games International 144A 7.25% 11/15/29 # | 115,000 | 110,607 | |
1,501,288 | |||
Media — 0.53% | |||
AMC Networks 4.25% 2/15/29 | 145,000 | 90,562 | |
CCO Holdings | |||
4.50% 5/1/32 | 65,000 | 51,865 | |
144A 5.375% 6/1/29 # | 335,000 | 303,686 | |
CMG Media 144A 8.875% 12/15/27 # | 200,000 | 150,856 | |
CSC Holdings | |||
144A 3.375% 2/15/31 # | 495,000 | 323,616 | |
144A 5.00% 11/15/31 # | 280,000 | 156,800 | |
Cumulus Media New Holdings 144A 6.75% 7/1/26 # | 115,000 | 96,782 | |
Directv Financing 144A 5.875% 8/15/27 # | 135,000 | 121,036 | |
Gray Escrow II 144A 5.375% 11/15/31 # | 30,000 | 21,673 | |
Gray Television 144A 4.75% 10/15/30 # | 125,000 | 90,625 | |
Sirius XM Radio 144A 4.00% 7/15/28 # | 600,000 | 523,332 | |
VZ Secured Financing 144A 5.00% 1/15/32 # | 200,000 | 162,886 | |
2,093,719 | |||
Natural Gas — 0.20% | |||
Atmos Energy | |||
2.85% 2/15/52 | 105,000 | 68,430 | |
5.75% 10/15/52 | 185,000 | 194,274 | |
ENN Energy Holdings 144A 4.625% 5/17/27 # | 200,000 | 194,558 | |
Infraestructura Energetica Nova 144A 3.75% 1/14/28 # | 275,000 | 246,844 |
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Natural Gas (continued) | |||
Southern Co. Gas Capital 5.15% 9/15/32 | 65,000 | $ 63,994 | |
768,100 | |||
Real Estate — 0.09% | |||
VICI Properties | |||
144A 3.875% 2/15/29 # | 345,000 | 302,868 | |
144A 5.75% 2/1/27 # | 35,000 | 34,162 | |
337,030 | |||
Retail — 0.33% | |||
Asbury Automotive Group | |||
144A 4.625% 11/15/29 # | 70,000 | 59,067 | |
4.75% 3/1/30 | 85,000 | 71,204 | |
Bath & Body Works | |||
6.875% 11/1/35 | 245,000 | 218,222 | |
6.95% 3/1/33 | 169,000 | 148,552 | |
CP Atlas Buyer 144A 7.00% 12/1/28 # | 70,000 | 52,080 | |
Levi Strauss & Co. 144A 3.50% 3/1/31 # | 213,000 | 169,333 | |
LSF9 Atlantis Holdings 144A 7.75% 2/15/26 # | 180,000 | 159,536 | |
Murphy Oil USA 144A 3.75% 2/15/31 # | 225,000 | 185,584 | |
PetSmart 144A 7.75% 2/15/29 # | 250,000 | 235,267 | |
1,298,845 | |||
Services — 0.33% | |||
CDW 3.569% 12/1/31 | 200,000 | 165,182 | |
Iron Mountain 144A 5.25% 3/15/28 # | 375,000 | 345,596 | |
NESCO Holdings II 144A 5.50% 4/15/29 # | 130,000 | 113,919 | |
Prime Security Services Borrower 144A 5.75% 4/15/26 # | 298,000 | 287,481 | |
United Rentals North America 3.875% 2/15/31 | 130,000 | 109,271 | |
Univar Solutions USA 144A 5.125% 12/1/27 # | 230,000 | 218,516 | |
White Cap Buyer 144A 6.875% 10/15/28 # | 65,000 | 56,332 | |
White Cap Parent 144A PIK 8.25% 3/15/26 #, « | 2,000 | 1,731 | |
1,298,028 | |||
Technology — 0.21% | |||
Autodesk 2.40% 12/15/31 | 25,000 | 20,036 |
8 NQ-QPV [12/22] 2/23 (2740536)
(Unaudited)
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Technology (continued) | |||
Broadcom | |||
144A 3.137% 11/15/35 # | 4,000 | $ 2,953 | |
144A 3.419% 4/15/33 # | 11,000 | 8,849 | |
144A 3.469% 4/15/34 # | 355,000 | 284,249 | |
CDW | |||
2.67% 12/1/26 | 5,000 | 4,448 | |
3.276% 12/1/28 | 15,000 | 12,871 | |
NXP | |||
3.125% 2/15/42 | 10,000 | 6,815 | |
3.25% 5/11/41 | 90,000 | 63,127 | |
4.875% 3/1/24 | 285,000 | 282,950 | |
Oracle | |||
5.80% 11/10/25 | 5,000 | 5,118 | |
6.15% 11/9/29 | 10,000 | 10,403 | |
PayPal Holdings 3.90% 6/1/27 | 5,000 | 4,819 | |
Workday | |||
3.70% 4/1/29 | 5,000 | 4,598 | |
3.80% 4/1/32 | 140,000 | 123,975 | |
835,211 | |||
Technology & Electronics — 0.19% | |||
CommScope Technologies 144A 6.00% 6/15/25 # | 70,000 | 63,844 | |
Entegris Escrow | |||
144A 4.75% 4/15/29 # | 78,000 | 71,288 | |
144A 5.95% 6/15/30 # | 165,000 | 152,378 | |
Go Daddy Operating 144A 3.50% 3/1/29 # | 235,000 | 197,046 | |
Sensata Technologies 144A 4.00% 4/15/29 # | 55,000 | 47,512 | |
SS&C Technologies 144A 5.50% 9/30/27 # | 240,000 | 225,222 | |
757,290 | |||
Transportation — 0.38% | |||
American Airlines 144A 5.75% 4/20/29 # | 85,420 | 78,224 | |
Burlington Northern Santa Fe 2.875% 6/15/52 | 15,000 | 10,072 | |
Delta Air Lines 7.375% 1/15/26 | 131,000 | 134,062 | |
Grupo Aeromexico 144A 8.50% 3/17/27 # | 200,000 | 176,898 | |
Laredo Petroleum 144A 7.75% 7/31/29 # | 120,000 | 108,166 | |
Mileage Plus Holdings 144A 6.50% 6/20/27 # | 310,520 | 309,403 | |
Rumo Luxembourg 144A 5.25% 1/10/28 # | 200,000 | 189,750 |
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Transportation (continued) | |||
Rutas 2 and 7 Finance 144A 3.08% 9/30/36 #, ^ | 281,867 | $ 178,148 | |
Seaspan 144A 5.50% 8/1/29 # | 200,000 | 151,826 | |
United Airlines | |||
144A 4.375% 4/15/26 # | 80,000 | 74,290 | |
144A 4.625% 4/15/29 # | 95,000 | 82,883 | |
1,493,722 | |||
Utilities — 0.23% | |||
Calpine | |||
144A 4.50% 2/15/28 # | 95,000 | 84,947 | |
144A 5.00% 2/1/31 # | 220,000 | 184,912 | |
144A 5.25% 6/1/26 # | 71,000 | 67,745 | |
PG&E 5.25% 7/1/30 | 130,000 | 118,500 | |
Sociedad de Transmision Austral 144A 4.00% 1/27/32 # | 200,000 | 173,584 | |
Vistra | |||
144A 7.00% 12/15/26 #, μ, ψ | 175,000 | 159,491 | |
144A 8.00% 10/15/26 #, μ, ψ | 105,000 | 100,493 | |
889,672 | |||
Total Corporate Bonds (cost $53,014,440) | 45,976,569 | ||
Non-Agency Asset-Backed Securities — 0.29% | |||
Diamond Infrastructure Funding Series 2021-1A A 144A 1.76% 4/15/49 # | 150,000 | 122,863 | |
Domino's Pizza Master Issuer Series 2021-1A A2I 144A 2.662% 4/25/51 # | 147,750 | 122,881 | |
Enterprise Fleet Financing Series 2022-2 A2 144A 4.65% 5/21/29 # | 150,000 | 147,901 | |
Taco Bell Funding Series 2021-1A A2I 144A 1.946% 8/25/51 # | 267,300 | 225,875 | |
Trafigura Securitisation Finance Series 2021-1A A2 144A 1.08% 1/15/25 # | 300,000 | 270,137 |
NQ-QPV [12/22] 2/23 (2740536) 9
Schedule of investments
Delaware Total Return Fund (Unaudited)
Principal amount° | Value (US $) | ||
Non-Agency Asset-Backed Securities (continued) | |||
Volkswagen Auto Lease Trust Series 2022-A A3 3.44% 7/21/25 | 240,000 | $ 234,841 | |
Total Non-Agency Asset-Backed Securities (cost $1,255,015) | 1,124,498 | ||
Non-Agency Commercial Mortgage-Backed Securities — 1.42% | |||
BANK | |||
Series 2019-BN21 A5 2.851% 10/17/52 | 100,000 | 86,417 | |
Series 2020-BN25 A5 2.649% 1/15/63 | 500,000 | 424,929 | |
Series 2021-BN36 A5 2.47% 9/15/64 | 776,000 | 632,558 | |
Series 2022-BNK40 A4 3.394% 3/15/64 • | 500,000 | 439,367 | |
Benchmark Mortgage Trust | |||
Series 2020-B17 A5 2.289% 3/15/53 | 500,000 | 415,774 | |
Series 2020-B20 A5 2.034% 10/15/53 | 400,000 | 322,024 | |
Series 2022-B33 A5 3.458% 3/15/55 | 500,000 | 442,376 | |
Cantor Commercial Real Estate Lending Series 2019-CF2 A5 2.874% 11/15/52 | 350,000 | 300,811 | |
Citigroup Commercial Mortgage Trust Series 2019-C7 A4 3.102% 12/15/72 | 500,000 | 436,381 | |
GS Mortgage Securities Trust | |||
Series 2017-GS5 A4 3.674% 3/10/50 | 350,000 | 326,106 | |
Series 2017-GS6 A3 3.433% 5/10/50 | 350,000 | 323,407 | |
Series 2019-GC42 A4 3.00% 9/1/52 | 500,000 | 429,593 | |
JPM-DB Commercial Mortgage Securities Trust Series 2017-C7 A5 3.409% 10/15/50 | 350,000 | 321,537 | |
Morgan Stanley Bank of America Merrill Lynch Trust Series 2016-C29 A4 3.325% 5/15/49 | 350,000 | 326,274 |
Principal amount° | Value (US $) | ||
Non-Agency Commercial Mortgage-Backed Securities (continued) | |||
Wells Fargo Commercial Mortgage Trust Series 2016-BNK1 A3 2.652% 8/15/49 | 350,000 | $ 316,343 | |
Total Non-Agency Commercial Mortgage-Backed Securities (cost $6,666,687) | 5,543,897 | ||
Sovereign Bonds — 1.97%Δ | |||
Albania — 0.04% | |||
Albania Government International Bond | |||
3.50% 11/23/31 | EUR | 171,000 | 149,152 |
149,152 | |||
Angola — 0.04% | |||
Angolan Government International Bond | |||
9.375% 5/8/48 | 200,000 | 159,090 | |
159,090 | |||
Armenia — 0.04% | |||
Republic of Armenia International Bond | |||
144A 3.60% 2/2/31 # | 200,000 | 159,945 | |
159,945 | |||
Bermuda — 0.15% | |||
Bermuda Government International Bonds | |||
144A 5.00% 7/15/32 # | 400,000 | 398,261 | |
5.00% 7/15/32 | 200,000 | 199,131 | |
597,392 | |||
Brazil — 0.04% | |||
Brazil Notas do Tesouro Nacional Serie F | |||
10.00% 1/1/33 | BRL | 1,000,000 | 162,311 |
162,311 | |||
Chile — 0.14% | |||
Chile Government International Bond | |||
4.34% 3/7/42 | 665,000 | 564,346 | |
564,346 | |||
Colombia — 0.07% | |||
Colombia Government International Bonds | |||
4.125% 2/22/42 | 217,000 | 136,455 | |
5.20% 5/15/49 | 200,000 | 136,967 | |
273,422 |
10 NQ-QPV [12/22] 2/23 (2740536)
(Unaudited)
Principal amount° | Value (US $) | ||
Sovereign BondsΔ (continued) | |||
Dominican Republic — 0.20% | |||
Dominican Republic International Bond | |||
144A 4.50% 1/30/30 # | 913,000 | $ 780,678 | |
780,678 | |||
Egypt — 0.05% | |||
Egypt Government International Bond | |||
5.25% 10/6/25 | 200,000 | 180,092 | |
180,092 | |||
Honduras — 0.04% | |||
Honduras Government International Bond | |||
144A 5.625% 6/24/30 # | 200,000 | 161,318 | |
161,318 | |||
Indonesia — 0.18% | |||
Indonesia Government International Bond 4.65% 9/20/32 | 200,000 | 196,167 | |
Perusahaan Penerbit SBSN Indonesia III 4.70% 6/6/32 | 525,000 | 517,551 | |
713,718 | |||
Ivory Coast — 0.12% | |||
Ivory Coast Government International Bonds | |||
144A 4.875% 1/30/32 # | EUR | 200,000 | 169,793 |
144A 6.125% 6/15/33 # | 234,000 | 208,845 | |
144A 6.875% 10/17/40 # | EUR | 100,000 | 80,904 |
459,542 | |||
Morocco — 0.13% | |||
Morocco Government International Bonds | |||
144A 1.375% 3/30/26 # | EUR | 270,000 | 263,474 |
144A 2.375% 12/15/27 # | 300,000 | 262,133 | |
525,607 | |||
Paraguay — 0.27% | |||
Paraguay Government International Bonds | |||
144A 4.95% 4/28/31 # | 742,000 | 719,835 | |
5.60% 3/13/48 | 400,000 | 350,727 | |
1,070,562 | |||
Peru — 0.07% | |||
Peruvian Government International Bond | |||
2.392% 1/23/26 | 300,000 | 276,739 | |
276,739 |
Principal amount° | Value (US $) | ||
Sovereign BondsΔ (continued) | |||
Republic of North Macedonia — 0.03% | |||
North Macedonia Government International Bond | |||
144A 3.675% 6/3/26 # | EUR | 100,000 | $ 99,060 |
99,060 | |||
Romania — 0.02% | |||
Romanian Government International Bond | |||
144A 2.625% 12/2/40 # | EUR | 100,000 | 60,143 |
60,143 | |||
Senegal — 0.04% | |||
Senegal Government International Bond | |||
144A 6.25% 5/23/33 # | 200,000 | 165,874 | |
165,874 | |||
South Africa — 0.16% | |||
Republic of South Africa Government International Bonds | |||
5.65% 9/27/47 | 600,000 | 443,081 | |
5.75% 9/30/49 | 234,000 | 172,887 | |
615,968 | |||
Uzbekistan — 0.14% | |||
Republic of Uzbekistan International Bonds | |||
144A 3.90% 10/19/31 # | 200,000 | 165,000 | |
144A 4.75% 2/20/24 # | 374,000 | 367,741 | |
532,741 | |||
Total Sovereign Bonds (cost $8,741,496) | 7,707,700 | ||
Supranational Banks — 0.26% | |||
Banque Ouest Africaine de Developpement 144A 4.70% 10/22/31 # | 306,000 | 262,165 | |
Central American Bank for Economic Integration 144A 2.00% 5/6/25 # | 400,000 | 373,112 | |
Corp Andina de Fomento 5.25% 11/21/25 | 200,000 | 199,778 | |
European Investment Bank 5.50% 1/23/23 | MXN | 3,931,000 | 201,467 |
Total Supranational Banks (cost $1,095,262) | 1,036,522 | ||
US Treasury Obligations — 5.13% | |||
US Treasury Bonds | |||
2.25% 8/15/46 | 360,000 | 255,108 | |
2.25% 2/15/52 | 525,000 | 365,285 |
NQ-QPV [12/22] 2/23 (2740536) 11
Schedule of investments
Delaware Total Return Fund (Unaudited)
Principal amount° | Value (US $) | ||
US Treasury Obligations (continued) | |||
US Treasury Bonds | |||
2.375% 2/15/42 | 105,000 | $ 80,220 | |
2.875% 5/15/52 | 540,000 | 432,844 | |
3.00% 8/15/52 | 255,000 | 210,176 | |
3.25% 5/15/42 | 230,000 | 201,753 | |
4.00% 11/15/52 | 335,000 | 335,576 | |
4.375% 2/15/38 | 780,000 | 817,294 | |
US Treasury Floating Rate Note 4.60% (USBMMY3M + 0.14%) 10/31/24 • | 1,240,000 | 1,238,725 | |
US Treasury Notes | |||
1.375% 8/31/23 | 9,800,000 | 9,581,036 | |
2.75% 8/15/32 | 1,575,000 | 1,434,480 | |
2.875% 4/30/29 | 1,260,000 | 1,180,241 | |
3.875% 11/30/29 | 105,000 | 104,319 | |
4.00% 10/31/29 | 555,000 | 555,303 | |
4.125% 10/31/27 | 565,000 | 567,119 | |
4.125% 11/15/32 | 1,690,000 | 1,724,988 | |
4.25% 10/15/25 | 440,000 | 439,725 | |
4.50% 11/30/24 | 395,000 | 395,046 | |
US Treasury Strip Principal 2.23% 5/15/44 ^ | 335,000 | 137,786 | |
Total US Treasury Obligations (cost $21,016,256) | 20,057,024 |
Number of shares | |||
Common Stocks — 53.85% | |||
Communication Services — 2.36% | |||
Alphabet Class A † | 3,937 | 347,361 | |
AT&T | 39,877 | 734,136 | |
Comcast Class A | 54,867 | 1,918,699 | |
Interpublic Group | 8,136 | 271,010 | |
KDDI | 8,100 | 245,765 | |
Orange | 25,230 | 250,656 | |
Publicis Groupe | 4,970 | 316,123 | |
Verizon Communications | 89,202 | 3,514,559 | |
Walt Disney † | 18,913 | 1,643,161 | |
9,241,470 | |||
Consumer Discretionary — 7.09% | |||
adidas AG | 4,480 | 611,249 | |
Amazon.com † | 4,406 | 370,104 | |
APA | 24,200 | 1,129,656 | |
Bath & Body Works | 32,498 | 1,369,466 | |
Best Buy | 17,815 | 1,428,941 | |
Dollar General | 7,707 | 1,897,849 | |
Dollar Tree † | 12,600 | 1,782,144 | |
eBay | 14,404 | 597,334 | |
H & M Hennes & Mauritz Class B | 26,960 | 289,989 |
Number of shares | Value (US $) | ||
Common Stocks (continued) | |||
Consumer Discretionary (continued) | |||
Home Depot | 9,246 | $ 2,920,441 | |
Lowe's | 11,190 | 2,229,496 | |
Macy's | 55,362 | 1,143,225 | |
NIKE Class B | 12,779 | 1,495,271 | |
PulteGroup | 3,220 | 146,607 | |
Ross Stores | 16,433 | 1,907,378 | |
Sodexo | 8,060 | 772,018 | |
Starbucks | 4,469 | 443,325 | |
Sturm Ruger & Co. | 5,633 | 285,142 | |
Swatch Group | 2,320 | 659,882 | |
TJX | 54,426 | 4,332,309 | |
Tractor Supply | 8,608 | 1,936,542 | |
27,748,368 | |||
Consumer Staples — 3.76% | |||
Altria Group | 43,456 | 1,986,374 | |
Archer-Daniels-Midland | 21,200 | 1,968,420 | |
Asahi Group Holdings | 5,000 | 156,926 | |
Conagra Brands | 54,300 | 2,101,410 | |
Danone | 12,360 | 651,350 | |
Diageo | 21,960 | 969,022 | |
Essity Class B | 25,820 | 676,254 | |
Kao | 14,900 | 596,613 | |
Koninklijke Ahold Delhaize | 35,360 | 1,015,924 | |
Nestle | 8,140 | 943,189 | |
Philip Morris International | 23,276 | 2,355,764 | |
Seven & i Holdings | 5,300 | 228,573 | |
Unilever | 16,570 | 837,751 | |
Vector Group | 19,387 | 229,930 | |
14,717,500 | |||
Energy — 3.86% | |||
Chevron | 7,847 | 1,408,458 | |
ConocoPhillips | 30,407 | 3,588,026 | |
Coterra Energy | 27,628 | 678,820 | |
Devon Energy | 5,280 | 324,773 | |
EOG Resources | 6,278 | 813,127 | |
EQT | 13,512 | 457,111 | |
Exxon Mobil | 34,770 | 3,835,131 | |
Kinder Morgan | 83,005 | 1,500,730 | |
Marathon Petroleum | 18,093 | 2,105,844 | |
Viper Energy Partners | 12,931 | 411,076 | |
15,123,096 | |||
Financials — 7.00% | |||
American Financial Group | 14,298 | 1,962,829 | |
American International Group | 33,100 | 2,093,244 | |
Ameriprise Financial | 5,162 | 1,607,292 | |
BlackRock | 2,834 | 2,008,257 | |
Blackstone | 16,320 | 1,210,781 | |
Carlyle Group | 27,107 | 808,873 | |
Discover Financial Services | 24,970 | 2,442,815 |
12 NQ-QPV [12/22] 2/23 (2740536)
(Unaudited)
Number of shares | Value (US $) | ||
Common Stocks (continued) | |||
Financials (continued) | |||
F&G Annuities & Life † | 811 | $ 16,228 | |
Fidelity National Financial | 18,653 | 701,726 | |
Invesco | 58,795 | 1,057,722 | |
Jackson Financial Class A | 18,321 | 637,388 | |
MetLife | 54,551 | 3,947,856 | |
Moelis & Co. Class A | 8,274 | 317,473 | |
Principal Financial Group | 23,883 | 2,004,261 | |
Prudential Financial | 20,045 | 1,993,676 | |
Synchrony Financial | 32,417 | 1,065,223 | |
Truist Financial | 39,700 | 1,708,291 | |
US Bancorp | 41,200 | 1,796,732 | |
27,380,667 | |||
Healthcare — 8.24% | |||
AbbVie | 17,601 | 2,844,498 | |
AmerisourceBergen | 12,350 | 2,046,518 | |
Amgen | 1,815 | 476,692 | |
Baxter International | 35,600 | 1,814,532 | |
Bristol-Myers Squibb | 31,256 | 2,248,869 | |
Cigna | 5,700 | 1,888,638 | |
CVS Health | 19,300 | 1,798,567 | |
Fresenius Medical Care AG & Co. | 10,010 | 327,564 | |
Gilead Sciences | 13,966 | 1,198,981 | |
Hologic † | 27,907 | 2,087,723 | |
Johnson & Johnson | 32,056 | 5,662,692 | |
Merck & Co. | 44,735 | 4,963,348 | |
Novo Nordisk Class B | 5,070 | 684,583 | |
Pfizer | 35,812 | 1,835,007 | |
Roche Holding | 1,930 | 606,354 | |
Smith & Nephew | 64,010 | 858,585 | |
UnitedHealth Group | 1,661 | 880,629 | |
32,223,780 | |||
Industrials — 3.15% | |||
Boise Cascade | 14,627 | 1,004,436 | |
Dover | 14,653 | 1,984,163 | |
Honeywell International | 9,684 | 2,075,281 | |
Intertek Group | 10,120 | 493,543 | |
Knorr-Bremse | 5,840 | 319,073 | |
Lockheed Martin | 1,060 | 515,679 | |
Makita | 17,400 | 408,351 | |
Masco | 9,493 | 443,038 | |
Northrop Grumman | 3,700 | 2,018,757 | |
Raytheon Technologies | 20,832 | 2,102,365 | |
Robert Half International | 2,773 | 204,731 | |
Securitas Class B | 89,150 | 742,942 | |
12,312,359 | |||
Information Technology — 12.68% | |||
Amadeus IT Group † | 16,670 | 866,346 | |
Apple | 69,974 | 9,091,722 | |
Applied Materials | 6,838 | 665,884 |
Number of shares | Value (US $) | ||
Common Stocks (continued) | |||
Information Technology (continued) | |||
Broadcom | 8,571 | $ 4,792,303 | |
Cisco Systems | 78,707 | 3,749,601 | |
Cognizant Technology Solutions Class A | 29,545 | 1,689,679 | |
Dell Technologies Class C | 21,363 | 859,220 | |
Fidelity National Information Services | 21,081 | 1,430,346 | |
HP | 60,413 | 1,623,297 | |
KLA | 2,296 | 865,661 | |
Lam Research | 3,397 | 1,427,759 | |
Microchip Technology | 3,783 | 265,756 | |
Microsoft | 32,935 | 7,898,472 | |
Monolithic Power Systems | 4,028 | 1,424,341 | |
Motorola Solutions | 7,806 | 2,011,684 | |
NetApp | 23,981 | 1,440,299 | |
NVIDIA | 12,943 | 1,891,490 | |
Oracle | 25,000 | 2,043,500 | |
Paychex | 17,212 | 1,989,019 | |
QUALCOMM | 14,195 | 1,560,598 | |
SAP | 7,290 | 752,187 | |
Western Union | 92,659 | 1,275,914 | |
49,615,078 | |||
Materials — 1.33% | |||
Air Liquide | 6,120 | 867,373 | |
CF Industries Holdings | 10,192 | 868,358 | |
Dow | 21,716 | 1,094,269 | |
DuPont de Nemours | 30,200 | 2,072,626 | |
Ryerson Holding | 9,979 | 301,965 | |
5,204,591 | |||
REIT Diversified — 0.52% | |||
Digital Realty Trust | 2,566 | 257,293 | |
Equinix | 840 | 550,225 | |
VICI Properties | 37,918 | 1,228,543 | |
2,036,061 | |||
REIT Healthcare — 0.26% | |||
Alexandria Real Estate Equities | 2,281 | 332,273 | |
CareTrust REIT | 3,374 | 62,689 | |
Healthcare Realty Trust | 4,953 | 95,445 | |
Healthpeak Properties | 1,784 | 44,725 | |
Omega Healthcare Investors | 318 | 8,888 | |
Ventas | 2,126 | 95,776 | |
Welltower | 5,502 | 360,656 | |
1,000,452 | |||
REIT Hotel — 0.19% | |||
Apple Hospitality REIT | 12,469 | 196,761 | |
Chatham Lodging Trust | 6,105 | 74,908 | |
Gaming and Leisure Properties | 4,452 | 231,905 | |
Host Hotels & Resorts | 10,428 | 167,369 |
NQ-QPV [12/22] 2/23 (2740536) 13
Schedule of investments
Delaware Total Return Fund (Unaudited)
Number of shares | Value (US $) | ||
Common Stocks (continued) | |||
REIT Hotel (continued) | |||
Park Hotels & Resorts | 6,602 | $ 77,838 | |
748,781 | |||
REIT Industrial — 0.43% | |||
Plymouth Industrial REIT | 1,919 | 36,806 | |
Prologis | 12,442 | 1,402,587 | |
Rexford Industrial Realty | 1,918 | 104,800 | |
Terreno Realty | 2,161 | 122,896 | |
1,667,089 | |||
REIT Mall — 0.08% | |||
Simon Property Group | 2,610 | 306,623 | |
306,623 | |||
REIT Manufactured Housing — 0.06% | |||
Equity LifeStyle Properties | 1,663 | 107,430 | |
Sun Communities | 1,042 | 149,006 | |
256,436 | |||
REIT Multifamily — 0.78% | |||
American Homes 4 Rent Class A | 3,515 | 105,942 | |
AvalonBay Communities | 1,499 | 242,119 | |
Camden Property Trust | 1,552 | 173,638 | |
Equity Residential | 33,028 | 1,948,652 | |
Essex Property Trust | 1,363 | 288,847 | |
Independence Realty Trust | 5,792 | 97,653 | |
Mid-America Apartment Communities | 1,006 | 157,932 | |
NexPoint Residential Trust | 99 | 4,308 | |
UDR | 592 | 22,928 | |
3,042,019 | |||
REIT Office — 0.10% | |||
City Office REIT | 1,024 | 8,581 | |
Cousins Properties | 4,885 | 123,542 | |
Douglas Emmett | 1,227 | 19,239 | |
Highwoods Properties | 4,312 | 120,650 | |
Kilroy Realty | 1,578 | 61,021 | |
Piedmont Office Realty Trust Class A | 7,360 | 67,491 | |
400,524 | |||
REIT Self-Storage — 0.34% | |||
CubeSmart | 1,148 | 46,207 | |
Extra Space Storage | 2,296 | 337,925 | |
Life Storage | 2,415 | 237,878 | |
National Storage Affiliates Trust | 2,695 | 97,343 | |
Public Storage | 2,187 | 612,776 | |
1,332,129 | |||
REIT Shopping Center — 0.29% | |||
Agree Realty | 1,382 | 98,025 | |
Brixmor Property Group | 10,268 | 232,775 | |
Kimco Realty | 8,182 | 173,295 |
Number of shares | Value (US $) | ||
Common Stocks (continued) | |||
REIT Shopping Center (continued) | |||
Kite Realty Group Trust | 2,834 | $ 59,656 | |
Phillips Edison & Co. | 4,514 | 143,726 | |
Regency Centers | 3,141 | 196,312 | |
Retail Opportunity Investments | 10,323 | 155,155 | |
SITE Centers | 6,130 | 83,736 | |
1,142,680 | |||
REIT Single Tenant — 0.17% | |||
Four Corners Property Trust | 1,944 | 50,408 | |
Realty Income | 4,814 | 305,352 | |
Spirit Realty Capital | 4,375 | 174,694 | |
STORE Capital | 4,367 | 140,006 | |
670,460 | |||
REIT Specialty — 0.36% | |||
EPR Properties | 1,883 | 71,027 | |
Essential Properties Realty Trust | 4,954 | 116,270 | |
Invitation Homes | 11,425 | 338,637 | |
Iron Mountain | 13,614 | 678,658 | |
Lamar Advertising Class A | 908 | 85,715 | |
Outfront Media | 4,849 | 80,397 | |
WP Carey | 627 | 49,000 | |
1,419,704 | |||
Utilities — 0.80% | |||
Edison International | 28,300 | 1,800,446 | |
Vistra | 56,574 | 1,312,517 | |
3,112,963 | |||
Total Common Stocks (cost $201,078,391) | 210,702,830 | ||
Convertible Preferred Stock — 1.47% | |||
2020 Mandatory Exchangeable Trust 144A 6.50% exercise price $47.09, maturity date 5/16/23 # | 506 | 447,921 | |
Algonquin Power & Utilities 7.75% exercise price $18.00, maturity date 6/15/24 | 7,926 | 189,194 | |
AMG Capital Trust II 5.15% exercise price $195.46, maturity date 10/15/37 | 8,156 | 418,077 | |
Bank of America 7.25% exercise price $50.00 ω | 569 | 660,040 | |
El Paso Energy Capital Trust I 4.75% exercise price $34.49, maturity date 3/31/28 | 25,525 | 1,149,623 |
14 NQ-QPV [12/22] 2/23 (2740536)
(Unaudited)
Number of shares | Value (US $) | ||
Convertible Preferred Stock (continued) | |||
Elanco Animal Health 5.00% exercise price $38.40, maturity date 2/1/23 | 11,606 | $ 226,665 | |
Lyondellbasell Advanced Polymers 6.00% exercise price $0.00 ω | 744 | 632,400 | |
RBC Bearings 5.00% exercise price $226.60, maturity date 10/15/24 | 7,231 | 741,756 | |
UGI 7.25% exercise price $52.57, maturity date 6/1/24 | 10,146 | 876,868 | |
Wells Fargo & Co. 7.50% exercise price $156.71 ω | 356 | 421,860 | |
Total Convertible Preferred Stock (cost $6,782,967) | 5,764,404 | ||
Exchange-Traded Funds — 7.61% | |||
iShares 0-5 Year Investment Grade Corporate Bond ETF | 411,908 | 19,713,917 | |
iShares MSCI EAFE ETF | 390 | 25,600 | |
iShares Trust iShares ESG Aware MSCI EAFE ETF | 870 | 57,194 | |
Vanguard FTSE Developed Markets ETF | 660 | 27,700 | |
Vanguard Russell 2000 ETF | 141,346 | 9,946,518 | |
Total Exchange-Traded Funds (cost $30,746,690) | 29,770,929 | ||
Limited Liability Corporation — 2.61% | |||
Sc Hixson Pp<<, =, †, π | 7,200,000 | 10,211,760 | |
Total Limited Liability Corporation (cost $6,138,000) | 10,211,760 | ||
Short-Term Investments — 1.39% | |||
Money Market Mutual Funds — 1.39% | |||
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.03%) | 1,360,723 | 1,360,723 | |
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.06%) | 1,360,723 | 1,360,723 | |
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.23%) | 1,360,723 | 1,360,723 |
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 4.11%) | 1,360,723 | $ 1,360,723 | |
Total Short-Term Investments (cost $5,442,892) | 5,442,892 | ||
Total Value of Securities—99.70% (cost $390,271,493) | 390,075,201 | ||
Receivables and Other Assets Net of Liabilities—0.30% | 1,179,087 | ||
Net Assets Applicable to 28,437,948 Shares Outstanding—100.00% | $391,254,288 |
° | 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 December 31, 2022, the aggregate value of Rule 144A securities was $40,076,702, which represents 10.04% of the Fund's net assets. |
• | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at December 31, 2022. 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. LIBOR03M, LIBOR06M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
^ | Zero-coupon security. The rate shown is the effective yield at the time of purchase. |
μ | Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at December 31, 2022. Rate will reset at a future date. |
ψ | Perpetual security. Maturity date represents next call date. |
« | PIK. The first payment of cash and/or principal will be made after undefined. |
Δ | Securities have been classified by country of risk. |
† | Non-income producing security. |
ω | Perpetual security with no stated maturity date. |
<< | Affiliated company. |
NQ-QPV [12/22] 2/23 (2740536) 15
Schedule of investments
Delaware Total Return Fund (Unaudited)
= | The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in “Notes to financial statements.” |
π | Restricted security. These investments are in securities not registered under the Securities Act of 1933, as amended, and have certain restrictions on resale which may limit their liquidity. At December 31, 2022, the aggregate value of restricted securities was $10,211,760, which represented 2.61% of the Fund’s net assets. See table below for additional details on restricted securities. |
Restricted Securities | ||||||
Investments | Date of Acquisition | Cost | Value | |||
Sc Hixson Pp | 1/7/20 | $6,138,000 | $10,211,760 |
The following foreign currency exchange contracts and futures contracts were outstanding at December 31, 2022:
Foreign Currency Exchange Contracts | ||||||||||
Counterparty | Currency to Receive (Deliver) | In Exchange For | Settlement Date | Unrealized Depreciation | ||||||
BNYM | EUR | (6,360) | USD | 6,783 | 1/3/23 | $(28) | ||||
JPMCB | EUR | (738,934) | USD | 766,994 | 2/3/23 | (25,982) | ||||
JPMCB | MXN | (3,941,954) | USD | 199,225 | 2/3/23 | (1,672) | ||||
Total Foreign Currency Exchange Contracts | $(27,682) |
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 | |||||||
14 | US Treasury 5 yr Notes | $1,511,016 | $1,510,932 | 3/31/23 | $84 | $— | $(1,203) | ||||||
(2) | US Treasury 10 yr Notes | (224,594) | (225,183) | 3/22/23 | 589 | — | 281 | ||||||
(4) | US Treasury 10 yr Ultra Notes | (473,125) | (473,771) | 3/22/23 | 646 | — | 250 | ||||||
(2) | US Treasury Ultra Bonds | (268,625) | (268,010) | 3/22/23 | — | (615) | 1,000 | ||||||
Total Futures Contracts | $543,968 | $1,319 | $(615) | $328 |
Summary of abbreviations: |
AG – Aktiengesellschaft |
BNYM – Bank of New York Mellon |
CLO – Collateralized Loan Obligation |
DAC – Designated Activity Company |
DB – Deutsche Bank |
EAFE – Europe, Australasia, and Far East |
ESG – Environmental, Social, and Governance |
ETF – Exchange-Traded Fund |
FTSE – Financial Times Stock Exchange |
GNMA – Government National Mortgage Association |
GS – Goldman Sachs |
16 NQ-QPV [12/22] 2/23 (2740536)
(Unaudited)
Summary of abbreviations: (continued) |
ICE – Intercontinental Exchange, Inc. |
JPMCB – JPMorgan Chase Bank |
JSC – Joint Stock Company |
LIBOR – London Interbank Offered Rate |
LIBOR03M – ICE LIBOR USD 3 Month |
LIBOR06M – ICE LIBOR USD 6 Month |
MSCI – Morgan Stanley Capital International |
PIK – Payment-in-kind |
REIT – Real Estate Investment Trust |
S.F. – Single Family |
SOFR – Secured Overnight Financing Rate |
USBMMY3M – US Treasury 3 Month Bill Money Market Yield |
USD – US Dollar |
yr – Year |
Summary of currencies: |
BRL – Brazilian Real |
EUR – European Monetary Unit |
KZT – Kazakhstani Tenge |
MXN – Mexican Peso |
USD – US Dollar |
NQ-QPV [12/22] 2/23 (2740536) 17