Schedule of investments
Delaware Wealth Builder Fund February 29, 2020 (Unaudited)
| Number of shares | Value (US $) | ||
| Common Stock – 60.67% | |||
| Communication Services - 3.04% | |||
| AT&T | 182,200 | $ | 6,417,084 |
| Century Communications =† | 1,625,000 | 0 | |
| Comcast Class A | 8,536 | 345,110 | |
| KDDI | 21,300 | 601,801 | |
| Orange | 35,900 | 483,155 | |
| Verizon Communications | 114,600 | 6,206,736 | |
| 14,053,886 | |||
| Consumer Discretionary - 3.77% | |||
| adidas AG | 700 | 197,084 | |
| Amazon. com † | 1,605 | 3,023,419 | |
| Dollar Tree † | 76,300 | 6,335,189 | |
| Lowe’s | 58,300 | 6,213,031 | |
| Next | 2,430 | 191,523 | |
| Publicis Groupe | 15,085 | 586,644 | |
| Sodexo | 5,300 | 512,244 | |
| Swatch Group | 1,490 | 346,912 | |
| 17,406,046 | |||
| Consumer Staples - 4.97% | |||
| Archer-Daniels-Midland | 153,900 | 5,794,335 | |
| Asahi Group Holdings | 8,700 | 333,016 | |
| Conagra Brands | 213,300 | 5,692,977 | |
| Danone | 11,060 | 780,598 | |
| Diageo | 14,230 | 507,720 | |
| Kao | 3,000 | 218,326 | |
| Kerry Group Class A | 1,600 | 203,127 | |
| Kirin Holdings | 8,000 | 152,034 | |
| Koninklijke Ahold Delhaize | 39,890 | 931,921 | |
| Lawson | 5,500 | 293,777 | |
| Mondelez International Class A | 125,300 | 6,615,840 | |
| Nestle | 7,380 | 759,445 | |
| Seven & i Holdings | 18,600 | 632,834 | |
| 22,915,950 | |||
| Energy - 4.36% | |||
| ConocoPhillips | 112,400 | 5,442,408 | |
| Halliburton | 286,205 | 4,854,037 | |
| Marathon Oil | 530,500 | 4,392,540 | |
| Occidental Petroleum | 165,800 | 5,428,292 | |
| 20,117,277 | |||
| Financials - 9.26% | |||
| Allstate | 57,500 | 6,051,875 | |
| American International Group | 138,900 | 5,856,024 | |
| Banco Espirito Santo =† | 105,000 | 0 |
NQ-129 [2/20] 4/20 (1139709) 1
Schedule of investments
Delaware Wealth Builder Fund (Unaudited)
| Number of shares | Value (US $) | ||
| Common Stock(continued) | |||
| Financials(continued) | |||
| Bank of America | 115,555 | $ | 3,293,317 |
| Bank of New York Mellon | 140,500 | 5,605,950 | |
| Blackstone Group Class A | 23,643 | 1,272,939 | |
| Hercules Capital | 217,265 | 2,867,898 | |
| JPMorgan Chase & Co. | 47,299 | 5,491,887 | |
| Marsh & McLennan | 62,000 | 6,482,720 | |
| Truist Financial | 125,700 | 5,799,798 | |
| 42,722,408 | |||
| Healthcare - 11.86% | |||
| Abbott Laboratories | 80,500 | 6,200,915 | |
| AbbVie | 15,207 | 1,303,392 | |
| Brookdale Senior Living † | 1,261,647 | 8,289,019 | |
| Cardinal Health | 120,700 | 6,290,884 | |
| Cigna | 33,800 | 6,183,372 | |
| CVS Health | 95,500 | 5,651,690 | |
| Fresenius Medical Care AG & Co. | 9,450 | 728,849 | |
| Johnson & Johnson | 45,800 | 6,159,184 | |
| Merck & Co. | 77,300 | 5,918,088 | |
| Novo Nordisk Class B | 16,235 | 951,192 | |
| Pfizer | 183,238 | 6,123,814 | |
| Roche Holding | 2,850 | 916,371 | |
| 54,716,770 | |||
| Industrials - 5.73% | |||
| G4S | 196,050 | 434,092 | |
| General Electric | 145,516 | 1,583,214 | |
| Honeywell International | 30,907 | 5,012,188 | |
| Makita | 10,600 | 359,262 | |
| Northrop Grumman | 19,100 | 6,280,844 | |
| Raytheon | 31,600 | 5,958,496 | |
| Secom | 2,200 | 174,473 | |
| Securitas Class B | 32,135 | 436,402 | |
| Waste Management | 55,800 | 6,183,198 | |
| 26,422,169 | |||
| Information Technology - 6.90% | |||
| Broadcom | 22,100 | 6,024,902 | |
| Cisco Systems | 154,600 | 6,173,178 | |
| Intel | 107,000 | 5,940,640 | |
| Microsoft | 35,938 | 5,822,315 | |
| Oracle | 123,800 | 6,123,148 | |
| Texas Instruments | 15,316 | 1,748,168 | |
| 31,832,351 |
2 NQ-129 [2/20] 4/20 (1139709)
(Unaudited)
| Number of shares | Value (US $) | ||
| Common Stock(continued) | |||
| Materials - 1.29% | |||
| Air Liquide | 5,550 | $ | 755,983 |
| DuPont de Nemours | 120,700 | 5,178,030 | |
| 5,934,013 | |||
| Real Estate Operating/Development - 0.35% | |||
| Grainger | 192,741 | 737,033 | |
| Postal Realty Trust Class A | 55,000 | 885,500 | |
| 1,622,533 | |||
| REIT Diversified - 1.17% | |||
| Alpine Income Property Trust | 62,010 | 1,140,984 | |
| American Tower | 851 | 193,007 | |
| Cousins Properties | 29,824 | 1,064,419 | |
| Lexington Realty Trust | 124,053 | 1,286,430 | |
| VICI Properties | 67,980 | 1,703,579 | |
| 5,388,419 | |||
| REIT Healthcare - 0.83% | |||
| Assura | 1,028,579 | 971,950 | |
| Healthpeak Properties | 36,448 | 1,153,215 | |
| Sabra Health Care REIT | 31,900 | 623,645 | |
| Welltower | 14,799 | 1,107,261 | |
| 3,856,071 | |||
| REIT Hotel - 0.10% | |||
| MGM Growth Properties Class A | 15,576 | 447,031 | |
| 447,031 | |||
| REIT Industrial - 0.82% | |||
| Americold Realty Trust | 45,755 | 1,403,306 | |
| Prologis | 28,496 | 2,401,643 | |
| 3,804,949 | |||
| REIT Mall - 0.12% | |||
| Simon Property Group | 4,548 | 559,768 | |
| 559,768 | |||
| REIT Manufactured Housing - 0.31% | |||
| Sun Communities | 9,227 | 1,410,624 | |
| 1,410,624 | |||
| REIT Mortgage - 0.20% | |||
| Annaly Capital Management | 102,901 | 911,703 | |
| 911,703 | |||
| REIT Multifamily - 2.49% | |||
| Apartment Investment & Management Class A | 16,783 | 802,899 | |
| Bluerock Residential Growth REIT | 61,648 | 640,523 | |
| Camden Property Trust | 12,788 | 1,355,272 |
NQ-129 [2/20] 4/20 (1139709) 3
Schedule of investments
Delaware Wealth Builder Fund (Unaudited)
| Number of shares | Value (US $) | ||||
| Common Stock(continued) | |||||
| REIT Multifamily(continued) | |||||
| Equity Residential | 84,710 | $ | 6,361,721 | ||
| NexPoint Residential Trust | 20,925 | 931,163 | |||
| UDR | 31,504 | 1,417,050 | |||
| 11,508,628 | |||||
| REIT Self-Storage - 0.17% | |||||
| Extra Space Storage | 8,057 | 808,601 | |||
| 808,601 | |||||
| REIT Shopping Center - 0.40% | |||||
| Brixmor Property Group | 17,277 | 314,614 | |||
| Retail Properties of America Class A | 50,078 | 524,317 | |||
| SITE Centers | 87,976 | 1,012,604 | |||
| 1,851,535 | |||||
| REIT Single Tenant - 0.37% | |||||
| Spirit Realty Capital | 18,226 | 829,283 | |||
| STORE Capital | 27,167 | 892,708 | |||
| 1,721,991 | |||||
| REIT Specialty - 0.59% | |||||
| Front Yard Residential | 100,206 | 1,270,612 | |||
| Invitation Homes | 50,394 | 1,445,804 | |||
| 2,716,416 | |||||
| Utilities - 1.57% | |||||
| Edison International | 93,100 | 6,255,389 | |||
| TerraForm Power Class A | 53,014 | 996,133 | |||
| 7,251,522 | |||||
| Total Common Stock(cost $299,409,661) | 279,980,661 | ||||
| Closed-End Funds – 0.14% | |||||
| Aberdeen Total Dynamic Dividend Fund | 22,324 | 173,234 | |||
| Western Asset Emerging Markets Debt Fund | 33,801 | 465,102 | |||
| Total Closed-End Funds(cost $657,508) | 638,336 | ||||
| Convertible Preferred Stock – 1.88% | |||||
| AMG Capital Trust II 5.15% exercise price $195.47, | |||||
| maturity date 10/15/37 | 28,850 | 1,341,525 | |||
| Bank of America 7.25% exercise price $50.00y | 1,063 | 1,594,500 | |||
| El Paso Energy Capital Trust I 4.75% exercise price | |||||
| $34.49, maturity date 3/31/28 | 37,300 | 1,901,554 | |||
| Lyondellbasell Advanced Polymers 6.00% exercise price | |||||
| $52.33y | 2,140 | 2,234,160 | |||
| QTS Realty Trust 6.50% exercise price $46.94y | 12,504 | 1,622,894 | |||
| Total Convertible Preferred Stock(cost $7,838,571) | 8,694,633 | ||||
4 NQ-129 [2/20] 4/20 (1139709)
(Unaudited)
| Number of shares | Value (US $) | ||
| Exchange-Traded Funds – 1.24% | |||
| iShares MSCI EAFE ETF | 80 | $ | 4,979 |
| SPDR Gold Shares † | 14,747 | 2,188,160 | |
| SPDR S&P 500 ETF Trust | 4,462 | 1,321,912 | |
| VanEck Vectors High-Yield Municipal Index ETF | 29,818 | 1,956,657 | |
| Vanguard FTSE Developed Markets ETF | 5,970 | 235,636 | |
| Total Exchange-Traded Funds(cost $5,720,567) | 5,707,344 | ||
| Limited Partnerships – 1.70% | |||
| Merion Champion’s Walk =p† | 2,790,000 | 2,351,412 | |
| Merion Countryside 144A #=p† | 2,342,813 | 1,889,244 | |
| Merion The Ledges =p† | 3,970,235 | 3,589,887 | |
| Total Limited Partnerships(cost $6,037,937) | 7,830,543 | ||
| Principal amount° | |||
| Agency Mortgage-Backed Securities – 1.10% | |||
| Fannie Mae S. F. 30 yr | |||
| 3.00% 11/1/48 | 983,306 | $ | 1,019,514 |
| 3.00% 10/1/49 | 144,997 | 149,593 | |
| 3.00% 11/1/49 | 28,549 | 29,419 | |
| 3.00% 12/1/49 | 9,918 | 10,374 | |
| 3.00% 1/1/50 | 102,577 | 105,782 | |
| 3.50% 2/1/48 | 128,059 | 136,631 | |
| 3.50% 11/1/48 | 60,030 | 63,245 | |
| 3.50% 11/1/49 | 233,473 | 242,712 | |
| 3.50% 12/1/49 | 728,838 | 775,242 | |
| 3.50% 1/1/50 | 93,501 | 97,587 | |
| 4.00% 4/1/47 | 19,744 | 21,496 | |
| 4.00% 4/1/48 | 165,450 | 176,274 | |
| 4.00% 9/1/48 | 16,555 | 17,712 | |
| 4.00% 4/1/49 | 180,283 | 189,945 | |
| 4.50% 2/1/41 | 18,736 | 20,663 | |
| 4.50% 4/1/48 | 776,975 | 859,944 | |
| 4.50% 1/1/49 | 309,955 | 340,485 | |
| 4.50% 11/1/49 | 52,614 | 56,211 | |
| 4.50% 1/1/50 | 34,404 | 37,322 | |
| 5.00% 7/1/49 | 314,252 | 347,226 | |
| Fannie Mae S. F. 30 yr TBA | |||
| 4.00% 3/1/50 | 126,000 | 132,728 | |
| Freddie Mac S. F. 30 yr | |||
| 3.00% 11/1/49 | 22,867 | 23,593 | |
| 3.00% 1/1/50 | 24,907 | 25,899 | |
| 4.00% 7/1/47 | 10,166 | 10,878 | |
| 4.00% 10/1/47 | 94,091 | 100,507 | |
NQ-129 [2/20] 4/20 (1139709) 5
Schedule of investments
Delaware Wealth Builder Fund (Unaudited)
| Principal amount° | Value (US $) | |||
| Agency Mortgage-Backed Securities(continued) | ||||
| Freddie Mac S. F. 30 yr | ||||
| 4.50% 4/1/49 | 31,229 | $ | 34,045 | |
| 4.50% 8/1/49 | 61,370 | 67,730 | ||
| Total Agency Mortgage-Backed Securities(cost $4,994,128) | 5,092,757 | |||
| Convertible Bonds – 10.15% | ||||
| Brokerage - 0.38% | ||||
| GAIN Capital Holdings | ||||
| 5.00% exercise price $8.20, maturity date 8/15/22 | 1,764,000 | 1,766,293 | ||
| 1,766,293 | ||||
| Capital Goods - 0.39% | ||||
| Chart Industries | ||||
| 144A 1.00% exercise price $58.73, maturity date | ||||
| 11/15/24# | 928,000 | 1,086,800 | ||
| Dycom Industries | ||||
| 0.75% exercise price $96.89, maturity date 9/15/21 | 775,000 | 730,812 | ||
| 1,817,612 | ||||
| Communications - 1.58% | ||||
| DISH Network | ||||
| 2.375% exercise price $82.22, maturity date 3/15/24 | 2,135,000 | 1,992,852 | ||
| GCI Liberty | ||||
| 144A 1.75% exercise price $370.52, maturity date | ||||
| 9/30/46# | 1,626,000 | 2,284,530 | ||
| InterDigital | ||||
| 144A 2.00% exercise price $81.29, maturity date | ||||
| 6/1/24# | 1,391,000 | 1,390,300 | ||
| Liberty Media | ||||
| 2.25% exercise price $34.07, maturity date 9/30/46 | 2,947,000 | 1,599,465 | ||
| 7,267,147 | ||||
| Consumer Cyclical - 0.18% | ||||
| Meritor | ||||
| 3.25% exercise price $39.92, maturity date 10/15/37 | 803,000 | 838,355 | ||
| 838,355 | ||||
| Consumer Non-Cyclical - 2.76% | ||||
| BioMarin Pharmaceutical | ||||
| 0.599% exercise price $124.67, maturity date 8/1/24 | 1,143,000 | 1,254,443 | ||
| Chefs’ Warehouse | ||||
| 144A 1.875% exercise price $44.20, maturity date | ||||
| 12/1/24# | 666,000 | 658,924 | ||
| Collegium Pharmaceutical | ||||
| 2.625% exercise price $29.19, maturity date 2/15/26 | 317,000 | 351,276 | ||
| FTI Consulting | ||||
| 2.00% exercise price $101.38, maturity date 8/15/23 | 1,548,000 | 1,961,944 | ||
6 NQ-129 [2/20] 4/20 (1139709)
(Unaudited)
| Principal amount° | Value (US $) | ||
| Convertible Bonds(continued) | |||
| Consumer Non-Cyclical(continued) | |||
| Integra LifeSciences Holdings | |||
| 144A 0.50% exercise price $73.67, maturity date | |||
| 8/15/25 # | 1,097,000 | $ | 1,079,674 |
| Jazz Investments I | |||
| 1.875% exercise price $199.77, maturity date 8/15/21 | 1,105,000 | 1,105,465 | |
| Ligand Pharmaceuticals | |||
| 0.75% exercise price $248.48, maturity date 5/15/23 | 864,000 | 754,020 | |
| Paratek Pharmaceuticals | |||
| 4.75% exercise price $15.90, maturity date 5/1/24 | 1,604,000 | 1,323,597 | |
| Retrophin | |||
| 2.50% exercise price $38.80, maturity date 9/15/25 | 1,390,000 | 1,127,707 | |
| Team | |||
| 5.00% exercise price $21.70, maturity date 8/1/23 | 1,615,000 | 1,575,059 | |
| Vector Group | |||
| 1.75% exercise price $20.27, maturity date 4/15/20• | 1,511,000 | 1,519,311 | |
| 12,711,420 | |||
| Energy - 1.52% | |||
| Cheniere Energy | |||
| 4.25% exercise price $138.38, maturity date 3/15/45 | 2,892,000 | 2,125,065 | |
| Helix Energy Solutions Group | |||
| 4.25% exercise price $13.89, maturity date 5/1/22 | 2,574,000 | 2,540,317 | |
| PDC Energy | |||
| 1.125% exercise price $85.39, maturity date 9/15/21 | 2,527,000 | 2,345,763 | |
| 7,011,145 | |||
| Real Estate Investment Trusts - 0.36% | |||
| Blackstone Mortgage Trust | |||
| 4.75% exercise price $36.23, maturity date 3/15/23 | 1,599,000 | 1,667,326 | |
| 1,667,326 | |||
| Technology - 2.68% | |||
| Boingo Wireless | |||
| 1.00% exercise price $42.32, maturity date 10/1/23 | 2,698,000 | 2,476,191 | |
| CSG Systems International | |||
| 4.25% exercise price $56.87, maturity date 3/15/36 | 1,429,000 | 1,547,464 | |
| Knowles | |||
| 3.25% exercise price $18.43, maturity date 11/1/21 | 973,000 | 1,103,272 | |
| ON Semiconductor | |||
| 1.625% exercise price $20.72, maturity date 10/15/23 | 544,000 | 650,078 | |
| Pluralsight | |||
| 144A 0.375% exercise price $38.76, maturity date | |||
| 3/1/24 # | 1,796,000 | 1,614,917 | |
| Quotient Technology | |||
| 1.75% exercise price $17.36, maturity date 12/1/22 | 1,564,000 | 1,542,000 |
NQ-129 [2/20] 4/20 (1139709) 7
Schedule of investments
Delaware Wealth Builder Fund (Unaudited)
| Principal amount° | Value (US $) | |||
| Convertible Bonds(continued) | ||||
| Technology(continued) | ||||
| Synaptics | ||||
| 0.50% exercise price $73.02, maturity date 6/15/22 | 544,000 | $ | 609,896 | |
| Verint Systems | ||||
| 1.50% exercise price $64.46, maturity date 6/1/21 | 1,503,000 | 1,611,354 | ||
| Vishay Intertechnology | ||||
| 2.25% exercise price $31.44, maturity date 6/15/25 | 1,228,000 | 1,218,053 | ||
| 12,373,225 | ||||
| Utilities - 0.30% | ||||
| NRG Energy | ||||
| 2.75% exercise price $47.74, maturity date 6/1/48 | 1,303,000 | 1,380,868 | ||
| 1,380,868 | ||||
| Total Convertible Bonds(cost $45,902,735) | 46,833,391 | |||
| Corporate Bonds – 11.63% | ||||
| Banking - 1.05% | ||||
| Ally Financial 5.75% 11/20/25 | 798,000 | 902,663 | ||
| Banco de Credito del Peru 144A 2.70% 1/11/25 # | 204,000 | 205,020 | ||
| Banco del Estado de Chile 144A 2.704% 1/9/25 # | 205,000 | 207,563 | ||
| Bancolombia 3.00% 1/29/25 | 200,000 | 200,150 | ||
| Bank of America | ||||
| 2.456% 10/22/25 µ | 15,000 | 15,386 | ||
| 2.884% 10/22/30 µ | 20,000 | 20,949 | ||
| 3.194% 7/23/30 µ | 55,000 | 58,922 | ||
| 3.458% 3/15/25 µ | 45,000 | 47,947 | ||
| BBVA Bancomer | ||||
| 144A 5.125% 1/18/33 #µ | 384,000 | 401,290 | ||
| 144A 6.75% 9/30/22 # | 274,000 | 297,367 | ||
| Credit Suisse Group 144A 6.25% #µy | 360,000 | 388,100 | ||
| JPMorgan Chase & Co. | ||||
| 2.739% 10/15/30 µ | 20,000 | 20,859 | ||
| 4.023% 12/5/24 µ | 80,000 | 86,700 | ||
| 5.00%µy | 85,000 | 86,649 | ||
| Morgan Stanley | ||||
| 2.954% (LIBOR03M + 1.22%) 5/8/24• | 35,000 | 35,501 | ||
| 5.00% 11/24/25 | 95,000 | 109,689 | ||
| PNC Financial Services Group 2.60% 7/23/26 | 180,000 | 189,444 | ||
| Popular 6.125% 9/14/23 | 455,000 | 478,508 | ||
| Royal Bank of Scotland Group 8.625% µy | 520,000 | 551,083 | ||
| State Street | ||||
| 3.10% 5/15/23 | 10,000 | 10,494 | ||
| 3.30% 12/16/24 | 130,000 | 140,735 | ||
| Truist Bank 2.636% 9/17/29 µ | 185,000 | 188,159 | ||
8 NQ-129 [2/20] 4/20 (1139709)
(Unaudited)
| Principal amount° | Value (US $) | ||
| Corporate Bonds(continued) | |||
| Banking(continued) | |||
| US Bancorp | |||
| 3.00% 7/30/29 | 25,000 | $ | 26,675 |
| 3.10% 4/27/26 | 25,000 | 26,972 | |
| 3.375% 2/5/24 | 60,000 | 64,290 | |
| USB Capital IX 3.50% (LIBOR03M + 1.02%)y• | 85,000 | 77,498 | |
| 4,838,613 | |||
| Basic Industry - 1.12% | |||
| BMC East 144A 5.50% 10/1/24 # | 163,000 | 168,365 | |
| Boise Cascade 144A 5.625% 9/1/24 # | 295,000 | 305,447 | |
| Chemours 5.375% 5/15/27 | 379,000 | 326,025 | |
| FMG Resources August 2006 144A 5.125% 5/15/24 # | 246,000 | 255,020 | |
| Freeport-McMoRan | |||
| 4.55% 11/14/24 | 200,000 | 202,917 | |
| 5.45% 3/15/43 | 320,000 | 311,232 | |
| Hudbay Minerals 144A 7.625% 1/15/25 # | 165,000 | 159,293 | |
| Koppers 144A 6.00% 2/15/25 # | 434,000 | 428,571 | |
| Methanex 5.25% 12/15/29 | 185,000 | 195,171 | |
| Minera Mexico 144A 4.50% 1/26/50 # | 200,000 | 202,313 | |
| Newmont 2.80% 10/1/29 | 190,000 | 197,967 | |
| Olin | |||
| 5.00% 2/1/30 | 135,000 | 130,363 | |
| 5.125% 9/15/27 | 437,000 | 441,380 | |
| RPM International 4.55% 3/1/29 | 170,000 | 196,545 | |
| Standard Industries | |||
| 144A 4.75% 1/15/28 # | 445,000 | 458,985 | |
| 144A 5.00% 2/15/27 # | 160,000 | 164,628 | |
| Steel Dynamics 5.00% 12/15/26 | 505,000 | 536,633 | |
| Univar Solutions USA 144A 5.125% 12/1/27 # | 180,000 | 182,169 | |
| US Concrete 6.375% 6/1/24 | 10,000 | 10,197 | |
| Zekelman Industries 144A 9.875% 6/15/23 # | 285,000 | 298,929 | |
| 5,172,150 | |||
| Capital Goods - 0.37% | |||
| Bombardier 144A 6.00% 10/15/22 # | 240,000 | 235,650 | |
| Crown Americas 4.75% 2/1/26 | 463,000 | 478,787 | |
| Mauser Packaging Solutions Holding 144A | |||
| 5.50% 4/15/24 # | 551,000 | 546,873 | |
| Roper Technologies 2.35% 9/15/24 | 185,000 | 190,607 | |
| TransDigm 144A 6.25% 3/15/26 # | 237,000 | 251,368 | |
| 1,703,285 | |||
| Communications - 0.79% | |||
| Altice France 144A 7.375% 5/1/26 # | 565,000 | 593,561 | |
| AT&T 4.35% 3/1/29 | 170,000 | 193,679 |
NQ-129 [2/20] 4/20 (1139709) 9
Schedule of investments
Delaware Wealth Builder Fund (Unaudited)
| Principal amount° | Value (US $) | ||
| Corporate Bonds(continued) | |||
| Communications(continued) | |||
| Front Range BidCo 144A 4.00% 3/1/27 # | 415,000 | $ | 403,847 |
| Level 3 Financing 144A 3.875% 11/15/29 # | 210,000 | 223,177 | |
| Ooredoo International Finance 144A 5.00% 10/19/25 # | 200,000 | 225,568 | |
| Sprint | |||
| 7.125% 6/15/24 | 612,000 | 696,404 | |
| 7.875% 9/15/23 | 22,000 | 25,199 | |
| T-Mobile USA | |||
| 6.375% 3/1/25 = | 166,000 | 0 | |
| 6.50% 1/15/26 | 460,000 | 485,139 | |
| 6.50% 1/15/26 = | 180,000 | 0 | |
| Verizon Communications | |||
| 4.50% 8/10/33 | 95,000 | 116,519 | |
| 4.522% 9/15/48 | 35,000 | 45,184 | |
| Vodafone Group | |||
| 4.25% 9/17/50 | 110,000 | 122,222 | |
| 4.875% 6/19/49 | 40,000 | 48,213 | |
| Zayo Group | |||
| 144A 5.75% 1/15/27 # | 15,000 | 15,380 | |
| 6.375% 5/15/25 | 455,000 | 466,186 | |
| 3,660,278 | |||
| Consumer Cyclical - 0.94% | |||
| Allison Transmission 144A 5.875% 6/1/29 # | 575,000 | 624,492 | |
| AMC Entertainment Holdings 6.125% 5/15/27 | 279,000 | 223,904 | |
| Boyd Gaming 6.375% 4/1/26 | 452,000 | 472,046 | |
| Future Retail 144A 5.60% 1/22/25 # | 205,000 | 207,806 | |
| General Motors Financial | |||
| 4.35% 4/9/25 | 75,000 | 80,316 | |
| 5.25% 3/1/26 | 95,000 | 105,943 | |
| HD Supply 144A 5.375% 10/15/26 # | 290,000 | 304,086 | |
| Hilton Worldwide Finance 4.875% 4/1/27 | 545,000 | 558,271 | |
| KFC Holding 144A 5.25% 6/1/26 # | 470,000 | 481,766 | |
| Lennar 4.75% 5/30/25 | 115,000 | 124,512 | |
| Lowe’s | |||
| 4.05% 5/3/47 | 5,000 | 5,642 | |
| 4.55% 4/5/49 | 136,000 | 166,850 | |
| MGM Resorts International 5.75% 6/15/25 | 73,000 | 80,117 | |
| Penn National Gaming 144A 5.625% 1/15/27 # | 337,000 | 349,755 | |
| PulteGroup 5.00% 1/15/27 | 15,000 | 16,503 | |
| Scientific Games International 144A 8.25% 3/15/26 # | 300,000 | 310,312 | |
| William Carter 144A 5.625% 3/15/27 # | 200,000 | 213,250 | |
| 4,325,571 |
10 NQ-129 [2/20] 4/20 (1139709)
| (Unaudited) | |||
| Principal amount° | Value (US $) | ||
| Corporate Bonds(continued) | |||
| Consumer Non-Cyclical - 0.88% | |||
| Alcon Finance 144A 3.00% 9/23/29 # | 200,000 | $ | 209,669 |
| Anheuser-Busch InBev Worldwide | |||
| 3.65% 2/1/26 | 125,000 | 136,348 | |
| 4.15% 1/23/25 | 50,000 | 55,671 | |
| Cott Holdings 144A 5.50% 4/1/25 # | 272,000 | 278,913 | |
| CVS Health 3.25% 8/15/29 | 185,000 | 194,439 | |
| Gilead Sciences 4.15% 3/1/47 | 165,000 | 199,621 | |
| JBS USA | |||
| 144A 5.75% 6/15/25 # | 318,000 | 326,479 | |
| 144A 6.50% 4/15/29 # | 305,000 | 331,398 | |
| Pilgrim’s Pride 144A 5.75% 3/15/25 # | 535,000 | 546,655 | |
| Post Holdings | |||
| 144A 5.00% 8/15/26 # | 311,000 | 317,795 | |
| 144A 5.625% 1/15/28 # | 160,000 | 167,530 | |
| 144A 5.75% 3/1/27 # | 295,000 | 307,675 | |
| United Rentals North America | |||
| 5.50% 5/15/27 | 713,000 | 746,885 | |
| 5.875% 9/15/26 | 5,000 | 5,275 | |
| Verscend Escrow 144A 9.75% 8/15/26 # | 225,000 | 245,244 | |
| 4,069,597 | |||
| Energy - 1.23% | |||
| Cheniere Corpus Christi Holdings 7.00% 6/30/24 | 135,000 | 152,939 | |
| Cheniere Energy Partners 5.25% 10/1/25 | 305,000 | 306,528 | |
| Crestwood Midstream Partners 6.25% 4/1/23 | 245,000 | 233,310 | |
| Energy Transfer Operating | |||
| 5.25% 4/15/29 | 95,000 | 106,768 | |
| 6.25% 4/15/49 | 60,000 | 69,252 | |
| Gazprom PJSC via Gaz Finance 144A 3.25% 2/25/30 # | 205,000 | 201,529 | |
| Hilcorp Energy I 144A 5.00% 12/1/24 # | 240,000 | 190,300 | |
| Israel Electric 144A 4.25% 8/14/28 # | 300,000 | 335,064 | |
| KazTransGas 144A 4.375% 9/26/27 # | 381,000 | 407,634 | |
| Marathon Oil 4.40% 7/15/27 | 130,000 | 140,186 | |
| MPLX | |||
| 4.00% 3/15/28 | 30,000 | 31,725 | |
| 5.50% 2/15/49 | 55,000 | 61,876 | |
| Murphy Oil 5.875% 12/1/27 | 312,000 | 304,927 | |
| Murphy Oil USA 5.625% 5/1/27 | 609,000 | 645,328 | |
| Newfield Exploration 5.375% 1/1/26 | 423,000 | 448,917 | |
| Noble Energy | |||
| 3.25% 10/15/29 | 85,000 | 86,545 | |
| 3.90% 11/15/24 | 20,000 | 21,333 | |
| 4.20% 10/15/49 | 15,000 | 14,500 | |
NQ-129 [2/20] 4/20 (1139709) 11
Schedule of investments
Delaware Wealth Builder Fund (Unaudited)
| Principal amount° | Value (US $) | ||
| Corporate Bonds(continued) | |||
| Energy(continued) | |||
| Noble Energy | |||
| 4.95% 8/15/47 | 50,000 | $ | 52,045 |
| 5.05% 11/15/44 | 5,000 | 5,137 | |
| NuStar Logistics 5.625% 4/28/27 | 228,000 | 233,027 | |
| Precision Drilling 144A 7.125% 1/15/26 # | 400,000 | 370,339 | |
| Sabine Pass Liquefaction | |||
| 5.625% 3/1/25 | 55,000 | 62,311 | |
| 5.75% 5/15/24 | 110,000 | 123,785 | |
| Sinopec Group Overseas Development 2018 144A | |||
| 2.50% 8/8/24 # | 610,000 | 626,940 | |
| Southwestern Energy 7.75% 10/1/27 | 290,000 | 220,407 | |
| Targa Resources Partners 5.375% 2/1/27 | 237,000 | 243,363 | |
| 5,696,015 | |||
| Financials - 0.27% | |||
| AerCap Global Aviation Trust 144A 6.50% 6/15/45 #µ | 240,000 | 258,624 | |
| AerCap Ireland Capital 4.45% 4/3/26 | 150,000 | 164,059 | |
| E*TRADE Financial 5.875% µy | 530,000 | 577,204 | |
| International Lease Finance 8.625% 1/15/22 | 50,000 | 55,798 | |
| Jefferies Group | |||
| 4.15% 1/23/30 | 170,000 | 184,442 | |
| 6.45% 6/8/27 | 10,000 | 12,064 | |
| 6.50% 1/20/43 | 5,000 | 6,217 | |
| 1,258,408 | |||
| Healthcare - 1.08% | |||
| Bausch Health 144A 5.50% 11/1/25 # | 630,000 | 649,949 | |
| Centene | |||
| 144A 3.375% 2/15/30 # | 295,000 | 295,369 | |
| 144A 5.375% 8/15/26 # | 470,000 | 495,263 | |
| Charles River Laboratories International 144A | |||
| 5.50% 4/1/26 # | 425,000 | 447,843 | |
| Community Health Systems 144A 6.625% 2/15/25 # | 170,000 | 173,825 | |
| Encompass Health | |||
| 5.75% 11/1/24 | 105,000 | 106,146 | |
| 5.75% 9/15/25 | 244,000 | 253,049 | |
| HCA | |||
| 5.375% 2/1/25 | 559,000 | 619,140 | |
| 5.875% 2/15/26 | 219,000 | 247,630 | |
| 7.58% 9/15/25 | 219,000 | 261,705 | |
| Hill-Rom Holdings 144A 5.00% 2/15/25 # | 242,000 | 251,708 | |
| Hologic 144A 4.625% 2/1/28 # | 300,000 | 312,017 | |
| Rede D’or Finance 144A 4.50% 1/22/30 # | 250,000 | 244,438 |
12 NQ-129 [2/20] 4/20 (1139709)
(Unaudited)
| Principal amount° | Value (US $) | ||
| Corporate Bonds(continued) | |||
| Healthcare(continued) | |||
| Tenet Healthcare | |||
| 5.125% 5/1/25 | 345,000 | $ | 348,450 |
| 8.125% 4/1/22 | 241,000 | 261,540 | |
| Universal Health Services 144A 5.00% 6/1/26 # | 5,000 | 5,202 | |
| 4,973,274 | |||
| Insurance - 0.18% | |||
| HUB International 144A 7.00% 5/1/26 # | 360,000 | 364,491 | |
| USI 144A 6.875% 5/1/25 # | 468,000 | 467,003 | |
| 831,494 | |||
| Media - 1.32% | |||
| Altice Financing 144A 5.00% 1/15/28 # | 200,000 | 196,500 | |
| AMC Networks 4.75% 8/1/25 | 505,000 | 504,386 | |
| CCO Holdings | |||
| 144A 4.50% 8/15/30 # | 105,000 | 106,378 | |
| 144A 5.875% 5/1/27 # | 394,000 | 412,292 | |
| Charter Communications Operating | |||
| 4.80% 3/1/50 | 70,000 | 75,515 | |
| 5.05% 3/30/29 | 100,000 | 115,860 | |
| CSC Holdings | |||
| 5.25% 6/1/24 | 5,000 | 5,417 | |
| 6.75% 11/15/21 | 370,000 | 392,300 | |
| 144A 7.50% 4/1/28 # | 400,000 | 451,929 | |
| 144A 7.75% 7/15/25 # | 465,000 | 490,570 | |
| Discovery Communications 4.125% 5/15/29 | 175,000 | 192,578 | |
| Gray Television 144A 5.875% 7/15/26 # | 473,000 | 487,332 | |
| Lamar Media 5.75% 2/1/26 | 473,000 | 492,819 | |
| Netflix 5.875% 11/15/28 | 625,000 | 703,844 | |
| Sinclair Television Group 144A 5.125% 2/15/27 # | 362,000 | 360,316 | |
| Sirius XM Radio | |||
| 144A 5.00% 8/1/27 # | 470,000 | 492,607 | |
| 144A 5.375% 4/15/25 # | 286,000 | 293,984 | |
| Time Warner Cable 7.30% 7/1/38 | 60,000 | 81,538 | |
| Time Warner Entertainment 8.375% 3/15/23 | 25,000 | 29,772 | |
| ViacomCBS 4.375% 3/15/43 | 180,000 | 193,764 | |
| 6,079,701 | |||
| Real Estate Investment Trusts - 0.33% | |||
| Crown Castle International 5.25% 1/15/23 | 125,000 | 137,220 | |
| ESH Hospitality 144A 5.25% 5/1/25 # | 494,000 | 497,910 | |
| MGM Growth Properties Operating Partnership | |||
| 5.75% 2/1/27 | 160,000 | 175,400 | |
| SBA Communications 4.875% 9/1/24 | 670,000 | 689,963 | |
| 1,500,493 |
NQ-129 [2/20] 4/20 (1139709) 13
Schedule of investments
Delaware Wealth Builder Fund (Unaudited)
| Principal amount° | Value (US $) | ||
| Corporate Bonds(continued) | |||
| Services - 0.49% | |||
| Advanced Disposal Services 144A 5.625% 11/15/24 # | 389,000 | $ | 406,803 |
| Aramark Services 144A 5.00% 2/1/28 # | 285,000 | 297,996 | |
| Ashtead Capital 144A 5.25% 8/1/26 # | 570,000 | 612,297 | |
| Avis Budget Car Rental 144A 6.375% 4/1/24 # | 104,000 | 104,823 | |
| Covanta Holding 5.875% 7/1/25 | 233,000 | 239,504 | |
| Prime Security Services Borrower 144A 5.75% 4/15/26 # | 310,000 | 322,981 | |
| Service Corp. International 4.625% 12/15/27 | 280,000 | 293,950 | |
| 2,278,354 | |||
| Technology & Electronics - 0.75% | |||
| Apple 2.20% 9/11/29 | 140,000 | 144,346 | |
| CDK Global | |||
| 5.00% 10/15/24 | 161,000 | 174,957 | |
| 5.875% 6/15/26 | 518,000 | 542,942 | |
| CDW Finance 5.00% 9/1/25 | 156,000 | 161,052 | |
| CommScope Technologies 144A 5.00% 3/15/27 # | 192,000 | 174,226 | |
| Global Payments | |||
| 2.65% 2/15/25 | 135,000 | 139,857 | |
| 3.20% 8/15/29 | 50,000 | 53,179 | |
| Infor US 6.50% 5/15/22 | 447,000 | 449,132 | |
| International Business Machines 3.30% 5/15/26 | 140,000 | 153,117 | |
| Iron Mountain US Holdings 144A 5.375% 6/1/26 # | 324,000 | 336,263 | |
| NXP | |||
| 144A 4.30% 6/18/29 # | 15,000 | 16,834 | |
| 144A 4.875% 3/1/24 # | 90,000 | 99,248 | |
| Sensata Technologies UK Financing 144A | |||
| 6.25% 2/15/26 # | 285,000 | 298,580 | |
| SS&C Technologies 144A 5.50% 9/30/27 # | 660,000 | 695,888 | |
| 3,439,621 | |||
| Transportation - 0.06% | |||
| FedEx 4.05% 2/15/48 | 140,000 | 141,651 | |
| Rutas 2 and 7 Finance 144A 3.413% 9/30/36 # | 200,000 | 140,187 | |
| 281,838 | |||
| Utilities - 0.77% | |||
| Calpine 144A 5.25% 6/1/26 # | 443,000 | 440,210 | |
| Centrais Eletricas Brasileiras 144A 3.625% 2/4/25 # | 200,000 | 199,150 | |
| Duke Energy 4.875%µy | 85,000 | 87,703 | |
| Emera 6.75% 6/15/76 µ | 225,000 | 261,192 | |
| Empresas Publicas de Medellin 144A 4.25% 7/18/29 # | 387,000 | 403,601 | |
| Enel 144A 8.75% 9/24/73 #µ | 200,000 | 233,020 | |
| Entergy Louisiana 4.95% 1/15/45 | 5,000 | 5,512 | |
| Entergy Mississippi 2.85% 6/1/28 | 60,000 | 63,719 | |
| Entergy Texas 3.55% 9/30/49 | 115,000 | 129,203 |
14 NQ-129 [2/20] 4/20 (1139709)
(Unaudited)
| Principal amount° | Value (US $) | ||
| Corporate Bonds(continued) | |||
| Utilities(continued) | |||
| Evergy 2.90% 9/15/29 | 160,000 | $ | 165,362 |
| Evergy Metro 3.65% 8/15/25 | 25,000 | 27,532 | |
| MidAmerican Energy 3.15% 4/15/50 | 55,000 | 59,558 | |
| Mong Duong Finance Holdings 144A 5.125% 5/7/29 # | 500,000 | 525,964 | |
| National Rural Utilities Cooperative Finance | |||
| 4.75% 4/30/43 µ | 5,000 | 5,242 | |
| 5.25% 4/20/46 µ | 60,000 | 66,953 | |
| NextEra Energy Capital Holdings 5.65% 5/1/79 µ | 55,000 | 62,524 | |
| PacifiCorp 3.50% 6/15/29 | 75,000 | 85,400 | |
| Southern California Edison | |||
| 4.00% 4/1/47 | 30,000 | 33,865 | |
| 4.875% 3/1/49 | 45,000 | 58,721 | |
| Southwestern Electric Power 4.10% 9/15/28 | 165,000 | 187,142 | |
| Vistra Operations 144A 5.50% 9/1/26 # | 465,000 | 471,476 | |
| 3,573,049 | |||
| Total Corporate Bonds(cost $52,229,670) | 53,681,741 | ||
| Leveraged Non-Recourse Security – 0.00% | |||
| JPMorgan Fixed Income Pass Through Trust Auction 144A | |||
| 0.24% 1/15/87 #◆= | 1,300,000 | 1,300 | |
| Total Leveraged Non-Recourse Security(cost $1,105,000) | 1,300 | ||
| Municipal Bonds – 4.87% | |||
| Arizona Industrial Development Authority | |||
| (American Charter Schools Foundation Project) 144A | |||
| 6.00% 7/1/47 # | 1,000,000 | 1,178,690 | |
| Buckeye, Ohio Tobacco Settlement Financing Authority | |||
| (Asset-Backed Senior Turbo) | |||
| Series A-2 5.875% 6/1/47 | 1,250,000 | 1,251,550 | |
| Series A-2 6.00% 6/1/42 | 1,000,000 | 1,001,270 | |
| California State | |||
| (Various Purposes) 5.00% 11/1/43 | 1,000,000 | 1,138,330 | |
| California Statewide Communities Development Authority | |||
| (California Baptist University) Series A 6.375% 11/1/43 | 1,000,000 | 1,161,750 | |
| Capital Trust Agency | |||
| (University Bridge, LLC Student Housing Project) Series | |||
| A 144A 5.25% 12/1/58 # | 1,000,000 | 1,100,170 | |
| City of Apple Valley, Minnesota | |||
| (Minnesota Senior Living Project) Series D 7.25% 1/1/52 | 1,000,000 | 980,390 | |
| City of Chicago, Illinois | |||
| (General Obligation Bonds Project) Series D | |||
| 5.50% 1/1/40 | 1,000,000 | 1,160,040 | |
NQ-129 [2/20] 4/20 (1139709) 15
Schedule of investments
Delaware Wealth Builder Fund (Unaudited)
| Principal amount° | Value (US $) | ||
| Municipal Bonds(continued) | |||
| Colorado Health Facilities Authority Revenue | |||
| (Catholic Health Initiatives) Series A 5.25% 1/1/45 | 750,000 | $ | 841,327 |
| Conley Road Transportation Development District, | |||
| Missouri | |||
| 5.375% 5/1/47 | 500,000 | 533,665 | |
| Dallas/Fort Worth International Airport, Texas | |||
| Series H 5.00% 11/1/42 (AMT) | 1,000,000 | 1,061,970 | |
| Dominion Water & Sanitation District, Colorado | |||
| 6.00% 12/1/46 | 1,000,000 | 1,075,260 | |
| Florida Development Finance Surface Transportation | |||
| Facilities Revenue | |||
| (Virgin Trains USA Passenger Rail Project) Series A 144A | |||
| 6.50% 1/1/49 (AMT)#• | 1,150,000 | 1,188,341 | |
| Golden State Tobacco Securitization Settlement Revenue | |||
| Series A-1 5.25% 6/1/47 | 500,000 | 533,430 | |
| Illinois State | |||
| Series A 5.00% 4/1/38 | 100,000 | 109,896 | |
| Montgomery County Industrial Development Authority | |||
| Revenue | |||
| (Whitemarsh Continuing Care Retirement Community | |||
| Project) Series A 5.375% 1/1/51 | 250,000 | 270,795 | |
| M-S-R Energy Authority, California | |||
| Series C 6.50% 11/1/39 | 1,000,000 | 1,684,740 | |
| New Jersey Transportation Trust Fund Authority | |||
| (Transportation Program Bonds) Series AA | |||
| 5.00% 6/15/44 | 1,000,000 | 1,125,500 | |
| Palm Beach County, Florida Health Facilities Authority | |||
| (Sinai Residences Boca Raton Project) | |||
| Series A 7.25% 6/1/34 | 65,000 | 73,942 | |
| Series A 7.50% 6/1/49 | 325,000 | 368,771 | |
| Public Authority for Colorado Energy Natural Gas Revenue | |||
| 6.50% 11/15/38 | 1,000,000 | 1,628,180 | |
| Puerto Rico Sales Tax Financing Revenue | |||
| Series A-1 4.55% 7/1/40 | 250,000 | 281,918 | |
| Series A-1 4.75% 7/1/53 | 1,880,000 | 2,128,386 | |
| Tobacco Settlement Financing | |||
| Subordinate Series B 5.00% 6/1/46 | 500,000 | 589,325 | |
| Total Municipal Bonds(cost $20,041,629) | 22,467,636 | ||
| Non-Agency Commercial Mortgage-Backed Securities – 0.50% | |||
| BANK | |||
| Series 2017-BNK5 B 3.896% 6/15/60• | 95,000 | 104,009 | |
| Series 2019-BN20 A3 3.011% 9/15/62 | 250,000 | 272,547 | |
16 NQ-129 [2/20] 4/20 (1139709)
| (Unaudited) | ||||
| Principal amount° | Value (US $) | |||
| Non-Agency Commercial Mortgage-Backed Securities(continued) | ||||
| Benchmark Mortgage Trust | ||||
| Series 2019-B9 A5 4.016% 3/15/52 | 250,000 | $ | 289,997 | |
| CD Mortgage Trust | ||||
| Series 2019-CD8 A4 2.912% 8/15/57 | 250,000 | 268,581 | ||
| DB-JPM Mortgage Trust | ||||
| Series 2016-C3 A5 2.89% 8/10/49 | 250,000 | 267,087 | ||
| GRACE Mortgage Trust | ||||
| Series 2014-GRCE A 144A 3.369% 6/10/28 # | 100,000 | 101,544 | ||
| GS Mortgage Securities Trust | ||||
| Series 2017-GS6 A3 3.433% 5/10/50 | 165,000 | 181,137 | ||
| Series 2019-GC42 A4 3.001% 9/1/52 | 250,000 | 270,852 | ||
| JPM-BB Commercial Mortgage Securities Trust | ||||
| Series 2015-C33 A4 3.77% 12/15/48 | 500,000 | 553,755 | ||
| Total Non-Agency Commercial Mortgage-Backed Securities(cost $2,221,144) | 2,309,509 | |||
| Sovereign Bonds – 1.15%D | ||||
| Azerbaijan - 0.14% | ||||
| Republic of Azerbaijan International Bond 144A | ||||
| 3.50% 9/1/32 # | 625,000 | 626,165 | ||
| 626,165 | ||||
| Brazil - 0.02% | ||||
| Brazil Notas do Tesouro Nacional Series F 10.00% 1/1/29 | BRL | 345,000 | 93,276 | |
| 93,276 | ||||
| Dominican Republic - 0.10% | ||||
| Dominican Republic International Bond | ||||
| 144A 4.50% 1/30/30 # | 200,000 | 200,802 | ||
| 144A 6.00% 7/19/28 # | 250,000 | 276,964 | ||
| 477,766 | ||||
| Ecuador - 0.03% | ||||
| Ecuador Government International Bond 144A | ||||
| 10.75% 1/31/29 # | 200,000 | 152,571 | ||
| 152,571 | ||||
| Egypt - 0.05% | ||||
| Egypt Treasury Bills 15.25% 8/4/20 | EGP | 3,475,000 | 211,380 | |
| 211,380 | ||||
| El Salvador - 0.05% | ||||
| El Salvador Government International Bond 144A | ||||
| 7.125% 1/20/50 # | 225,000 | 237,206 | ||
| 237,206 | ||||
| Gabon - 0.04% | ||||
| Gabon Government International Bond 144A | ||||
| 6.625% 2/6/31 # | 200,000 | 201,609 | ||
| 201,609 | ||||
NQ-129 [2/20] 4/20 (1139709) 17
Schedule of investments
Delaware Wealth Builder Fund (Unaudited)
| Principal amount° | Value (US $) | |||
| Sovereign BondsD(continued) | ||||
| Georgia - 0.05% | ||||
| Georgia Government International Bond 6.875% 4/12/21 | 200,000 | $ | 209,961 | |
| 209,961 | ||||
| Guatemala - 0.05% | ||||
| Guatemala Government Bond 144A 4.875% 2/13/28 # | 200,000 | 216,821 | ||
| 216,821 | ||||
| Hungary - 0.04% | ||||
| Hungary Government Bond 6.00% 11/24/23 | HUF | 53,110,000 | 204,377 | |
| 204,377 | ||||
| Ivory Coast - 0.07% | ||||
| Ivory Coast Government International Bond | ||||
| 144A 6.125% 6/15/33 # | 207,000 | 212,398 | ||
| 144A 6.875% 10/17/40 # | EUR | 100,000 | 116,154 | |
| 328,552 | ||||
| Mongolia - 0.09% | ||||
| Development Bank of Mongolia 144A 7.25% 10/23/23 # | 200,000 | 214,006 | ||
| Mongolia Government International Bond 144A | ||||
| 5.625% 5/1/23 # | 200,000 | 201,554 | ||
| 415,560 | ||||
| Poland - 0.09% | ||||
| Republic of Poland Government Bond 2.25% 4/25/22 | PLN | 1,524,000 | 395,452 | |
| 395,452 | ||||
| Romania - 0.04% | ||||
| Romania Government Bond 4.40% 9/25/23 | RON | 855,000 | 202,817 | |
| 202,817 | ||||
| Russia - 0.10% | ||||
| Russian Foreign Bond - Eurobond 144A 4.25% 6/23/27 # | 400,000 | 441,660 | ||
| 441,660 | ||||
| Ukraine - 0.13% | ||||
| Ukraine Government International Bond 144A | ||||
| 7.75% 9/1/21 # | 584,000 | 616,038 | ||
| 616,038 | ||||
| Uzbekistan - 0.06% | ||||
| Republic of Uzbekistan Bond 144A 4.75% 2/20/24 # | 250,000 | 264,195 | ||
| 264,195 | ||||
| Total Sovereign Bonds(cost $5,212,155) | 5,295,406 | |||
| Supranational Bank – 0.05% | ||||
| Banque Ouest Africaine de Developpement 144A | ||||
| 4.70% 10/22/31 # | 202,000 | 216,632 | ||
| Total Supranational Bank(cost $202,000) | 216,632 | |||
18 NQ-129 [2/20] 4/20 (1139709)
| (Unaudited) | ||||
| Principal amount° | Value (US $) | |||
| US Treasury Obligations – 1.03% | ||||
| US Treasury Bonds | ||||
| 2.00% 2/15/50 | 80,000 | $ | 86,402 | |
| 4.50% 2/15/36 | 705,000 | 1,027,042 | ||
| US Treasury Floating Rate Note | ||||
| 1.312% (USBMMY3M + 0.154%) 1/31/22• | 960,000 | 959,979 | ||
| US Treasury Inflation Indexed Bond | ||||
| 0.125% 1/15/30 | 923,890 | 961,113 | ||
| US Treasury Notes | ||||
| 1.75% 12/31/24 | 1,102,700 | 1,145,774 | ||
| 2.00% 10/31/22 | 340,000 | 350,007 | ||
| US Treasury Strip Principal | ||||
| 2.26% 5/15/44 | 340,000 | 224,817 | ||
| Total US Treasury Obligations(cost $4,598,582) | 4,755,134 | |||
| Number of shares | ||||
| Preferred Stock – 0.50% | ||||
| Bank of America 6.50% µ | 440,000 | 485,919 | ||
| GMAC Capital Trust I 7.477% (LIBOR03M + 5.785%) | ||||
| 2/15/40• | 5,000 | 127,500 | ||
| Pebblebrook Hotel Trust 6.375% | 28,153 | 683,273 | ||
| Taubman Centers 6.50% | 37,077 | 936,565 | ||
| Washington Prime Group 6.875% | 4,840 | 74,536 | ||
| Total Preferred Stock(cost $2,329,618) | 2,307,793 | |||
| Short-Term Investments – 3.67% | ||||
| Money Market Mutual Funds - 3.65% | ||||
| BlackRock FedFund – Institutional Shares (seven-day | ||||
| effective yield 1.49%) | 3,367,575 | 3,367,575 | ||
| Fidelity Investments Money Market Government | ||||
| Portfolio – Class I (seven-day effective yield 1.46%) | 3,367,575 | 3,367,575 | ||
| GS Financial Square Government Fund – Institutional | ||||
| Shares (seven-day effective yield 1.47%) | 3,367,575 | 3,367,575 | ||
| Morgan Stanley Government Portfolio – Institutional Share | ||||
| Class (seven-day effective yield 1.45%) | 3,367,575 | 3,367,575 | ||
| State Street Institutional US Government Money Market | ||||
| Fund – Investor Class (seven-day effective yield 1.45%) | 3,367,575 | 3,367,575 | ||
| Principal amount° | ||||
| Variable Rate Demand Note - 0.02%¤ | ||||
| Mississippi Business Finance Corporation Gulf Opportunity | ||||
| Zone Industrial Development Revenue (Chevron USA | ||||
| Project) Series H 1.20% 11/1/35 | 100,000 | 100,000 | ||
| Total Short-Term Investments(cost $16,937,875) | 16,937,875 | |||
NQ-129 [2/20] 4/20 (1139709) 19
Schedule of investments
Delaware Wealth Builder Fund (Unaudited)
| Total Value of Securities – 100.28% | |||
| (cost $475,438,780) | $ | 462,750,691 | |
| Liabilities Net of Receivables and Other Assets – (0.28%)★ | (1,287,764) | ||
| Net Assets Applicable to 35,537,667 Shares Outstanding – 100.00% | $ | 461,462,927 | |
# Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended.
At Feb. 29, 2020, the aggregate value of Rule 144A securities was $45,277,421, which represents
9.81% 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.
★Includes $1,089,267 cash collateral held at broker for centrally cleared swap contracts and $12,650
cash collateral held at broker for futures contracts at Feb. 29, 2020.
¤ Tax-exempt obligations that contain a floating or variable interest rate adjustment formula and an
unconditional right of demand to receive payment of the unpaid principal balance plus accrued
interest upon a short notice period (generally up to 30 days) prior to specified dates either from the
issuer or by drawing on a bank letter of credit, a guarantee, or insurance issued with respect to such
instrument. Each rate shown is as of Feb. 29, 2020.
= The value of this security was determined using significant unobservable inputs and is reported as a
Level 3 security.
° Principal amount shown is stated in USD unless noted that the security is denominated in another
currency.
DSecurities have been classified by country of origin.
µ Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at Feb. 29, 2020.
Rate will reset at a future date.
pRestricted 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
Feb. 29, 2020, the aggregate value of restricted securities was $7,830,543, which represented 1.70%
of the Fund’s net assets. See table on the next page for additional details on restricted securities.
yNo contractual maturity date.
† Non-income producing security.
•Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at
Feb. 29, 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
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.
20 NQ-129 [2/20] 4/20 (1139709)
| (Unaudited) | |||||
| Restricted Securities | |||||
| Investments | Date of Acquisition | Cost | Value | ||
| Merion Champion’s Walk | 8/4/17 | $ | 2,218,167 | $ | 2,130,378 |
| Merion Champion’s Walk | 2/13/18 | 57,535 | 55,258 | ||
| Merion Champion’s Walk | 7/11/18 | 60,306 | 55,258 | ||
| Merion Champion’s Walk | 10/22/18 | 61,241 | 55,258 | ||
| Merion Champion’s Walk | 2/13/19 | 62,155 | 55,259 | ||
| Merion Countryside | 5/11/16 | — | 1,677,649 | ||
| Merion Countryside | 4/7/17 | — | 136,026 | ||
| Merion Countryside | 5/3/18 | — | 75,570 | ||
| Merion The Ledges | 9/26/18 | 3,436,259 | 3,455,852 | ||
| Merion The Ledges | 9/12/19 | 142,274 | 134,035 | ||
| Total | $ | 6,037,937 | $ | 7,830,543 | |
The following foreign currency exchange contracts, futures contracts and swap contracts were outstanding at
Feb. 29, 2020:
| Foreign Currency Exchange Contracts | ||||||||||||
| Currency to | Settlement | Unrealized | Unrealized | |||||||||
| Counterparty | Receive (Deliver) | In Exchange For | Date | Appreciation | Depreciation | |||||||
| JPMCB | BRL | 852,453 | USD | (208,694) | 3/13/20 | $ | — | $ | (19,928) | |||
| JPMCB | EUR | (650,213) | USD | 728,616 | 3/6/20 | 10,488 | — | |||||
| JPMCB | EUR | (187,711) | USD | 204,000 | 3/13/20 | — | (2,374) | |||||
| JPMCB | ZAR | (3,000,496) | USD | 209,152 | 3/13/20 | 18,840 | — | |||||
| Total Foreign Currency Exchange Contracts | $ | 29,328 | $ | (22,302) | ||||||||
| Futures Contracts | |||||||||||||||
| Variation | |||||||||||||||
| Margin | |||||||||||||||
| Notional | Value/ | Due from | |||||||||||||
| Notional | Cost | Expiration | Unrealized | (Due to) | |||||||||||
| Contracts to Buy (Sell) | Amount | (Proceeds) | Date | Depreciation | Brokers | ||||||||||
| US Treasury | |||||||||||||||
| (10) | 10 yr Notes | $ | (1,347,500 | ) | $ | (1,331,023 | ) | 6/19/20 | $ | (16,477 | ) | $ | (11,375 | ) | |
NQ-129 [2/20] 4/20 (1139709) 21
Schedule of investments
Delaware Wealth Builder Fund (Unaudited)
| Swap Contracts | ||||||||||||
| CDS Contracts1 | ||||||||||||
| Variation | ||||||||||||
| Upfront | Margin | |||||||||||
| Reference Obligation/ | Annual | Payments | Due from | |||||||||
| Termination Date/ | Notional | Protection | Paid | Unrealized | (Due to) | |||||||
| Payment Frequency | Amount2 | Payments | Value | (Received) | Appreciation3 | Brokers | ||||||
| Centrally Cleared/ | ||||||||||||
| Protection Purchased: | ||||||||||||
| CDX. NA. HY. 334 | ||||||||||||
| 12/20/24- | ||||||||||||
| Quarterly | 10,890,000 | 5.00 | % | $ | (558,947) | $ | (609,476 | ) $ | 50,529 | $ | 74,626 | |
| Over-The-Counter/ | ||||||||||||
| Protection Purchased: | ||||||||||||
| JPMCB-CDS | ||||||||||||
| 12/20/24- | ||||||||||||
| Quarterly | 2,048,000 | 1.00 | % | 28,717 | 1,423 | 27,294 | — | |||||
| JPMCB-CDS | ||||||||||||
| 3/20/25- | ||||||||||||
| Quarterly | 1,234,000 | 1.00 | % | 38,678 | 11,683 | 26,995 | — | |||||
| Total CDS Contracts | $ | (491,552) | $ | (596,370 | ) $ | 104,818 | $ | 74,626 | ||||
The use of foreign currency exchange contracts, futures contracts and swap contracts involve elements of market risk
and risks in excess of the amounts disclosed in these financial statements. The foreign currency exchange contracts and
notional amounts presented above represent the Fund’s total exposure in such contracts, whereas only the variation
margin and net unrealized appreciation (depreciation) is reflected in the Fund’s net assets.
1A CDS contract is a risk-transfer instrument through which one party (purchaser of protection) transfers to another party
(seller of protection) the financial risk of a credit event (as defined in the CDS agreement), as it relates to a particular
reference security or basket of securities (such as an index). Periodic payments (receipts) on such contracts are accrued
daily and recorded as unrealized losses (gains) on swap contracts. Upon payment (receipt), such amounts are recorded
as realized losses (gains) on swap contracts. Upfront payments made or received in connection with CDS contracts are
amortized over the expected life of the CDS contracts as unrealized losses (gains) on swap contracts. The change in
value of CDS contracts is recorded daily as unrealized appreciation or depreciation. A realized gain or loss is recorded
upon a credit event (as defined in the CDS agreement) or the maturity or termination of the CDS agreement.
2Notional amount shown is stated in USD unless noted that the swap is denominated in another currency.
3Unrealized appreciation (depreciation) does not include periodic interest payments on swap contracts accrued daily in
the aggregate amount of $(87,307).
4Markit’s CDX.NA.HY Index is composed of one hundred (100) of the most liquid North American entities with high yield
credit ratings that trade in the CDS market.
| Summary of abbreviations: |
| AMT – Subject to Alternative Minimum Tax |
| BB – Barclays Bank |
| BRL – Brazilian Real |
22 NQ-129 [2/20] 4/20 (1139709)
(Unaudited)
Summary of abbreviations (continued):
CDS – Credit Default Swap
CDX.NA.HY – Credit Default Swap Index North America High Yield
EAFE – Europe Australasia Far East
EGP – Egyptian Pound
ETF – Exchange-Traded Fund
EUR – European Monetary Unit
FTSE – Financial Times Stock Exchange
GS – Goldman Sachs
HUF – Hungarian Forint
ICE – Intercontinental Exchange
JPM – JPMorgan
JPMCB – JPMorgan Chase Bank, National Association
LIBOR – London interbank offered rate
LIBOR03M – ICE LIBOR USD 3 Month
LIBOR06M – ICE LIBOR USD 6 Month
MSCI – Morgan Stanley Capital
PLN – Polish Zloty
REIT – Real Estate Investment Trust
RON – Romanian New Leu
S&P – Standard & Poor’s
S.F. – Single Family
SPDR – S&P Depositary Receipts
TBA – To be announced
USBMMY3M – US Treasury 3 Month Bill Money Market Yield
USD – US Dollar
yr – Year
ZAR – South African Rand
NQ-129 [2/20] 4/20 (1139709) 23