Schedule of investments
Delaware Total Return Fund
December 31, 2021 (Unaudited)
Principal amount° | Value (US $) | ||
Agency Mortgage-Backed Securities — 2.20% | |||
Fannie Mae 4.50% 2/1/44 | 71,639 | $ 78,287 | |
Fannie Mae S.F. 15 yr 2.00% 2/1/36 | 163,846 | 168,049 | |
Fannie Mae S.F. 20 yr | |||
2.00% 3/1/41 | 69,420 | 70,538 | |
2.00% 4/1/41 | 348,618 | 352,575 | |
2.50% 1/1/41 | 57,842 | 59,473 | |
3.00% 3/1/33 | 382,691 | 401,420 | |
Fannie Mae S.F. 30 yr | |||
2.00% 12/1/50 | 66,623 | 66,477 | |
2.00% 3/1/51 | 146,309 | 145,991 | |
2.00% 6/1/51 | 1,348,081 | 1,348,730 | |
2.50% 10/1/50 | 180,667 | 186,371 | |
2.50% 7/1/51 | 427,544 | 437,028 | |
2.50% 8/1/51 | 344,052 | 353,583 | |
2.50% 9/1/51 | 232,082 | 237,188 | |
2.50% 11/1/51 | 524,804 | 536,818 | |
2.50% 12/1/51 | 125,000 | 127,980 | |
3.00% 3/1/50 | 130,297 | 136,976 | |
3.00% 6/1/50 | 36,200 | 37,537 | |
3.00% 5/1/51 | 14,854 | 15,616 | |
3.50% 12/1/47 | 465,649 | 493,675 | |
3.50% 1/1/48 | 303,254 | 320,895 | |
4.00% 3/1/47 | 255,860 | 275,342 | |
4.50% 9/1/40 | 158,059 | 173,126 | |
5.00% 7/1/47 | 107,300 | 121,509 | |
6.00% 5/1/36 | 31,629 | 34,828 | |
6.00% 6/1/37 | 11,702 | 13,558 | |
6.00% 7/1/37 | 14,475 | 16,770 | |
6.00% 8/1/37 | 15,498 | 17,853 | |
6.00% 10/1/40 | 127,174 | 147,301 | |
6.50% 11/1/33 | 78,110 | 86,169 | |
6.50% 6/1/36 | 35,804 | 40,173 | |
7.00% 3/1/32 | 104,241 | 110,781 | |
7.00% 8/1/32 | 82,924 | 85,608 | |
Fannie Mae S.F. 30 yr TBA 2.50% 1/1/51 | 276,000 | 281,586 | |
Freddie Mac S.F. 15 yr | |||
2.00% 12/1/35 | 111,313 | 114,063 | |
3.00% 3/1/35 | 171,976 | 181,321 | |
Freddie Mac S.F. 20 yr | |||
2.00% 3/1/41 | 79,979 | 81,168 | |
2.50% 6/1/41 | 417,804 | 431,367 | |
3.00% 9/1/40 | 135,818 | 141,968 | |
3.50% 9/1/35 | 364,923 | 390,366 | |
Freddie Mac S.F. 30 yr | |||
3.00% 11/1/46 | 69,296 | 73,100 | |
3.00% 8/1/51 | 1,081,989 | 1,138,521 | |
3.50% 8/1/49 | 386,184 | 410,618 |
Principal amount° | Value (US $) | ||
Agency Mortgage-Backed Securities (continued) | |||
Freddie Mac S.F. 30 yr | |||
4.50% 10/1/40 | 294,881 | $ 326,441 | |
GNMA I S.F. 30 yr 3.00% 8/15/45 | 317,856 | 332,701 | |
GNMA II S.F. 30 yr | |||
3.00% 7/20/51 | 191,351 | 198,230 | |
3.00% 12/20/51 | 126,000 | 130,922 | |
Total Agency Mortgage-Backed Securities (cost $11,005,151) | 10,930,597 | ||
Collateralized Debt Obligations — 0.26% | |||
Octagon Investment Partners 34 Series 2017-1A A1 144A 1.272% (LIBOR03M + 1.14%) 1/20/30 #, • | 1,000,000 | 1,002,026 | |
Venture 34 CLO Series 2018-34A A 144A 1.354% (LIBOR03M + 1.23%, Floor 1.23%) 10/15/31 #, • | 300,000 | 299,828 | |
Total Collateralized Debt Obligations (cost $1,297,833) | 1,301,854 | ||
Convertible Bonds — 5.89% | |||
Basic Industry — 0.12% | |||
Ivanhoe Mines 144A 2.50% exercise price $7.43, maturity date 4/15/26 # | 450,000 | 605,250 | |
605,250 | |||
Capital Goods — 0.42% | |||
Chart Industries 144A 1.00% exercise price $58.73, maturity date 11/15/24 # | 394,000 | 1,083,264 | |
Danimer Scientific 144A 3.25% exercise price $10.79, maturity date 12/15/26 # | 184,000 | 194,690 | |
Kaman 3.25% exercise price $65.26, maturity date 5/1/24 | 798,000 | 827,526 | |
2,105,480 | |||
Communications — 0.88% | |||
Cable One 144A 1.125% exercise price $2,275.83, maturity date 3/15/28 # | 939,000 | 934,141 |
NQ-QPV [12/21] 2/22 (2025799) 1
Schedule of investments
Delaware Total Return Fund (Unaudited)
Principal amount° | Value (US $) | ||
Convertible Bonds (continued) | |||
Communications (continued) | |||
DISH Network 3.375% exercise price $65.18, maturity date 8/15/26 | 961,000 | $ 912,040 | |
InterDigital 2.00% exercise price $81.29, maturity date 6/1/24 | 1,008,000 | 1,111,320 | |
Liberty Broadband 144A 1.25% exercise price $900.01, maturity date 9/30/50 # | 950,000 | 941,450 | |
Liberty Latin America 2.00% exercise price $20.65, maturity date 7/15/24 | 480,000 | 474,000 | |
4,372,951 | |||
Consumer Cyclical — 0.37% | |||
Cheesecake Factory 0.375% exercise price $78.40, maturity date 6/15/26 | 556,000 | 500,748 | |
Ford Motor 144A 0.798% exercise price $17.49, maturity date 3/15/26 #, ^ | 650,000 | 897,406 | |
fuboTV 144A 3.25% exercise price $57.78, maturity date 2/15/26 # | 511,000 | 416,146 | |
1,814,300 | |||
Consumer Non-Cyclical — 1.81% | |||
BioMarin Pharmaceutical 0.599% exercise price $124.67, maturity date 8/1/24 | 708,000 | 742,055 | |
Chefs' Warehouse 1.875% exercise price $44.20, maturity date 12/1/24 | 983,000 | 1,051,196 | |
Chegg 3.90% exercise price $107.55, maturity date 9/1/26 ^ | 575,000 | 478,688 | |
Coherus Biosciences 1.50% exercise price $19.26, maturity date 4/15/26 | 620,000 | 685,487 | |
Collegium Pharmaceutical 2.625% exercise price $29.19, maturity date 2/15/26 | 678,000 | 661,050 |
Principal amount° | Value (US $) | ||
Convertible Bonds (continued) | |||
Consumer Non-Cyclical (continued) | |||
FTI Consulting 2.00% exercise price $101.38, maturity date 8/15/23 | 567,000 | $ 880,551 | |
Integra LifeSciences Holdings 0.50% exercise price $73.67, maturity date 8/15/25 | 1,038,000 | 1,129,448 | |
Ionis Pharmaceuticals 0.125% exercise price $83.28, maturity date 12/15/24 | 771,000 | 692,936 | |
Jazz Investments I 2.00% exercise price $155.81, maturity date 6/15/26 | 468,000 | 530,595 | |
Neurocrine Biosciences 2.25% exercise price $75.92, maturity date 5/15/24 | 271,000 | 340,613 | |
Paratek Pharmaceuticals 4.75% exercise price $15.90, maturity date 5/1/24 | 1,210,000 | 1,116,467 | |
Repay Holdings 144A 0.331% exercise price $33.60, maturity date 2/1/26 #, ^ | 762,000 | 662,483 | |
8,971,569 | |||
Energy — 0.18% | |||
Helix Energy Solutions Group 6.75% exercise price $6.97, maturity date 2/15/26 | 894,000 | 891,765 | |
891,765 | |||
Real Estate Investment Trusts — 0.30% | |||
Blackstone Mortgage Trust 4.75% exercise price $36.23, maturity date 3/15/23 | 722,000 | 744,093 | |
Summit Hotel Properties 1.50% exercise price $11.99, maturity date 2/15/26 | 705,000 | 738,840 | |
1,482,933 | |||
Technology — 1.22% | |||
Microchip Technology 1.625% exercise price $46.79, maturity date 2/15/27 | 440,000 | 1,121,450 |
2 NQ-QPV [12/21] 2/22 (2025799)
(Unaudited)
Principal amount° | Value (US $) | ||
Convertible Bonds (continued) | |||
Technology (continued) | |||
ON Semiconductor 1.625% exercise price $20.72, maturity date 10/15/23 | 489,000 | $ 1,608,199 | |
Palo Alto Networks 0.75% exercise price $266.35, maturity date 7/1/23 | 466,000 | 978,041 | |
Quotient Technology 1.75% exercise price $17.36, maturity date 12/1/22 | 1,017,000 | 1,014,457 | |
Travere Therapeutics 2.50% exercise price $38.80, maturity date 9/15/25 | 735,000 | 811,734 | |
Vishay Intertechnology 2.25% exercise price $31.30, maturity date 6/15/25 | 511,000 | 529,549 | |
6,063,430 | |||
Transportation — 0.35% | |||
Seaspan 144A 3.75% exercise price $13.01, maturity date 12/15/25 # | 829,000 | 1,020,084 | |
Spirit Airlines 1.00% exercise price $49.07, maturity date 5/15/26 | 803,000 | 696,234 | |
1,716,318 | |||
Utilities — 0.24% | |||
NextEra Energy Partners 144A 0.357% exercise price $75.96, maturity date 11/15/25 #, ^ | 360,000 | 412,020 | |
NRG Energy 2.75% exercise price $44.89, maturity date 6/1/48 | 670,000 | 798,171 | |
1,210,191 | |||
Total Convertible Bonds (cost $25,367,730) | 29,234,187 | ||
Corporate Bonds — 11.59% | |||
Banking — 1.23% | |||
Banco Continental 144A 2.75% 12/10/25 # | 200,000 | 194,463 | |
Banco Nacional de Panama 144A 2.50% 8/11/30 # | 205,000 | 192,702 | |
Bank of America 2.482% 9/21/36 μ | 430,000 | 416,982 |
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Banking (continued) | |||
Bank of New York Mellon 4.70% 9/20/25 μ, ψ | 20,000 | $ 21,385 | |
Barclays 5.20% 5/12/26 | 200,000 | 223,619 | |
BBVA Bancomer 144A 1.875% 9/18/25 # | 200,000 | 198,511 | |
Citigroup | |||
4.00% 12/10/25 μ, ψ | 10,000 | 10,100 | |
4.45% 9/29/27 | 375,000 | 418,448 | |
Corp. Financiera de Desarrollo 144A 2.40% 9/28/27 # | 200,000 | 195,029 | |
Credit Agricole 144A 2.811% 1/11/41 # | 620,000 | 594,567 | |
Credit Suisse Group 144A 2.593% 9/11/25 #, μ | 250,000 | 255,458 | |
Deutsche Bank 2.222% 9/18/24 μ | 335,000 | 339,449 | |
Goldman Sachs Group 1.542% 9/10/27 μ | 480,000 | 470,545 | |
JPMorgan Chase & Co. | |||
1.47% 9/22/27 μ | 5,000 | 4,903 | |
2.545% 11/8/32 μ | 345,000 | 347,325 | |
3.328% 4/22/52 μ | 5,000 | 5,363 | |
4.023% 12/5/24 μ | 150,000 | 158,225 | |
4.60% 2/1/25 μ, ψ | 30,000 | 30,825 | |
Morgan Stanley | |||
2.484% 9/16/36 μ | 284,000 | 273,778 | |
5.00% 11/24/25 | 110,000 | 123,254 | |
NBK SPC 144A 1.625% 9/15/27 #, μ | 205,000 | 200,125 | |
PNC Financial Services Group 2.60% 7/23/26 | 130,000 | 136,420 | |
QNB Finance 2.625% 5/12/25 | 200,000 | 205,681 | |
SVB Financial Group | |||
1.80% 2/2/31 | 15,000 | 14,235 | |
4.00% 5/15/26 μ, ψ | 405,000 | 407,531 | |
Truist Bank 2.636% 9/17/29 μ | 275,000 | 282,856 | |
Truist Financial | |||
1.887% 6/7/29 μ | 20,000 | 19,709 | |
4.95% 9/1/25 μ, ψ | 30,000 | 32,262 | |
US Bancorp | |||
1.45% 5/12/25 | 30,000 | 30,146 | |
3.00% 7/30/29 | 290,000 | 306,572 | |
6,110,468 |
NQ-QPV [12/21] 2/22 (2025799) 3
Schedule of investments
Delaware Total Return Fund (Unaudited)
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Basic Industry — 0.85% | |||
AngloGold Ashanti Holdings 3.75% 10/1/30 | 200,000 | $ 201,696 | |
Artera Services 144A 9.033% 12/4/25 # | 130,000 | 137,677 | |
Avient 144A 5.75% 5/15/25 # | 144,000 | 150,281 | |
Chemours 144A 5.75% 11/15/28 # | 260,000 | 272,511 | |
Corp Nacional del Cobre de Chile 144A 3.15% 1/14/30 # | 657,000 | 670,890 | |
First Quantum Minerals | |||
144A 7.25% 4/1/23 # | 200,000 | 202,555 | |
144A 7.50% 4/1/25 # | 365,000 | 375,941 | |
Freeport-McMoRan 5.45% 3/15/43 | 280,000 | 352,531 | |
Georgia-Pacific | |||
144A 1.75% 9/30/25 # | 20,000 | 20,093 | |
144A 2.10% 4/30/27 # | 145,000 | 146,889 | |
144A 2.30% 4/30/30 # | 35,000 | 35,080 | |
INEOS Quattro Finance 2 144A 3.375% 1/15/26 # | 200,000 | 200,965 | |
International Flavors & Fragrances 144A 1.832% 10/15/27 # | 240,000 | 235,785 | |
LYB International Finance III 3.375% 10/1/40 | 215,000 | 224,402 | |
New Gold 144A 7.50% 7/15/27 # | 220,000 | 233,970 | |
Newmont | |||
2.25% 10/1/30 | 140,000 | 138,199 | |
2.60% 7/15/32 | 5,000 | 5,015 | |
2.80% 10/1/29 | 100,000 | 102,928 | |
NOVA Chemicals 144A 4.25% 5/15/29 # | 225,000 | 226,247 | |
OCP 144A 3.75% 6/23/31 # | 200,000 | 194,928 | |
Westlake Chemical 3.125% 8/15/51 | 105,000 | 101,379 | |
4,229,962 | |||
Brokerage — 0.06% | |||
Charles Schwab | |||
4.00% 6/1/26 μ, ψ | 15,000 | 15,319 | |
5.375% 6/1/25 μ, ψ | 25,000 | 27,312 | |
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Brokerage (continued) | |||
Jefferies Group 2.625% 10/15/31 | 240,000 | $ 236,318 | |
278,949 | |||
Capital Goods — 0.33% | |||
Intertape Polymer Group 144A 4.375% 6/15/29 # | 235,000 | 235,356 | |
Madison IAQ 144A 5.875% 6/30/29 # | 180,000 | 180,275 | |
Teledyne Technologies | |||
0.95% 4/1/24 | 115,000 | 113,893 | |
2.25% 4/1/28 | 30,000 | 30,001 | |
2.75% 4/1/31 | 310,000 | 314,687 | |
Terex 144A 5.00% 5/15/29 # | 260,000 | 267,545 | |
TK Elevator US Newco 144A 5.25% 7/15/27 # | 235,000 | 247,345 | |
TransDigm 144A 6.25% 3/15/26 # | 260,000 | 270,566 | |
1,659,668 | |||
Communications — 1.18% | |||
Altice Financing 144A 5.00% 1/15/28 # | 200,000 | 195,490 | |
Altice France 144A 5.50% 10/15/29 # | 215,000 | 212,142 | |
Altice France Holding 144A 6.00% 2/15/28 # | 280,000 | 267,904 | |
AT&T | |||
1.70% 3/25/26 | 110,000 | 109,537 | |
3.10% 2/1/43 | 131,000 | 127,619 | |
3.50% 6/1/41 | 84,000 | 86,514 | |
3.50% 9/15/53 | 140,000 | 141,509 | |
Cellnex Finance 144A 3.875% 7/7/41 # | 250,000 | 239,459 | |
Charter Communications Operating 4.40% 12/1/61 | 290,000 | 300,743 | |
Comcast 3.20% 7/15/36 | 440,000 | 470,070 | |
Consolidated Communications | |||
144A 5.00% 10/1/28 # | 110,000 | 111,267 | |
144A 6.50% 10/1/28 # | 110,000 | 116,875 | |
Discovery Communications 4.00% 9/15/55 | 235,000 | 248,729 |
4 NQ-QPV [12/21] 2/22 (2025799)
(Unaudited)
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Communications (continued) | |||
Frontier Communications Holdings | |||
144A 5.875% 10/15/27 # | 370,000 | $ 391,847 | |
144A 6.75% 5/1/29 # | 110,000 | 114,568 | |
Millicom International Cellular 144A 4.50% 4/27/31 # | 200,000 | 201,805 | |
Ooredoo International Finance 144A 5.00% 10/19/25 # | 267,000 | 300,428 | |
Sprint 7.125% 6/15/24 | 295,000 | 331,556 | |
Time Warner Cable 7.30% 7/1/38 | 110,000 | 155,953 | |
Time Warner Entertainment 8.375% 3/15/23 | 55,000 | 59,657 | |
T-Mobile USA | |||
1.50% 2/15/26 | 15,000 | 14,831 | |
2.55% 2/15/31 | 180,000 | 179,239 | |
2.625% 4/15/26 | 120,000 | 120,757 | |
3.00% 2/15/41 | 195,000 | 190,734 | |
3.375% 4/15/29 | 120,000 | 122,480 | |
3.50% 4/15/25 | 20,000 | 21,204 | |
3.75% 4/15/27 | 20,000 | 21,668 | |
Verizon Communications | |||
144A 2.355% 3/15/32 # | 135,000 | 133,172 | |
3.40% 3/22/41 | 30,000 | 31,464 | |
4.50% 8/10/33 | 245,000 | 288,459 | |
ViacomCBS 4.375% 3/15/43 | 110,000 | 125,430 | |
Vodafone Group | |||
4.25% 9/17/50 | 115,000 | 133,084 | |
4.875% 6/19/49 | 130,000 | 164,354 | |
Zayo Group Holdings 144A 6.125% 3/1/28 # | 105,000 | 103,586 | |
5,834,134 | |||
Consumer Cyclical — 1.12% | |||
Allison Transmission 144A 5.875% 6/1/29 # | 400,000 | 435,552 | |
Aptiv 3.10% 12/1/51 | 171,000 | 163,190 | |
B2W Digital 144A 4.375% 12/20/30 # | 200,000 | 180,544 | |
Bath & Body Works | |||
6.875% 11/1/35 | 245,000 | 304,797 | |
6.95% 3/1/33 | 169,000 | 197,977 | |
Caesars Entertainment 144A 6.25% 7/1/25 # | 410,000 | 430,869 |
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Consumer Cyclical (continued) | |||
Carnival | |||
144A 5.75% 3/1/27 # | 310,000 | $ 310,465 | |
144A 7.625% 3/1/26 # | 300,000 | 314,866 | |
Ford Motor Credit | |||
2.90% 2/16/28 | 350,000 | 351,377 | |
3.375% 11/13/25 | 270,000 | 280,863 | |
4.542% 8/1/26 | 285,000 | 309,882 | |
General Motors | |||
5.40% 10/2/23 | 15,000 | 16,062 | |
6.125% 10/1/25 | 15,000 | 17,246 | |
General Motors Financial | |||
0.81% (SOFR + 0.76%) 3/8/24 • | 135,000 | 135,640 | |
4.35% 4/9/25 | 75,000 | 80,749 | |
5.25% 3/1/26 | 165,000 | 185,204 | |
Hutama Karya Persero 144A 3.75% 5/11/30 # | 400,000 | 428,341 | |
Legends Hospitality Holding 144A 5.00% 2/1/26 # | 150,000 | 150,949 | |
Levi Strauss & Co. 144A 3.50% 3/1/31 # | 213,000 | 217,487 | |
MGM Resorts International 4.75% 10/15/28 | 110,000 | 113,462 | |
Murphy Oil USA 144A 3.75% 2/15/31 # | 225,000 | 223,917 | |
Royal Caribbean Cruises 144A 5.50% 4/1/28 # | 320,000 | 324,250 | |
Scientific Games International 144A 8.25% 3/15/26 # | 207,000 | 218,131 | |
Six Flags Entertainment 144A 4.875% 7/31/24 # | 150,000 | 151,671 | |
5,543,491 | |||
Consumer Non-Cyclical — 0.77% | |||
AbbVie | |||
2.60% 11/21/24 | 30,000 | 31,147 | |
2.95% 11/21/26 | 25,000 | 26,361 | |
4.05% 11/21/39 | 10,000 | 11,496 | |
4.25% 11/21/49 | 30,000 | 36,160 | |
Amgen | |||
2.00% 1/15/32 | 10,000 | 9,694 | |
2.80% 8/15/41 | 10,000 | 9,635 |
NQ-QPV [12/21] 2/22 (2025799) 5
Schedule of investments
Delaware Total Return Fund (Unaudited)
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Consumer Non-Cyclical (continued) | |||
Anheuser-Busch InBev Worldwide | |||
3.65% 2/1/26 | 145,000 | $ 155,812 | |
4.50% 6/1/50 | 130,000 | 160,597 | |
4.70% 2/1/36 | 25,000 | 30,218 | |
BAT Capital 2.259% 3/25/28 | 40,000 | 39,012 | |
BAT International Finance 1.668% 3/25/26 | 55,000 | 54,048 | |
Baxter International 144A 3.132% 12/1/51 # | 16,000 | 16,503 | |
Biogen 3.15% 5/1/50 | 365,000 | 351,815 | |
Bristol-Myers Squibb 2.35% 11/13/40 | 245,000 | 232,851 | |
Bunge Finance 2.75% 5/14/31 | 400,000 | 406,385 | |
CVS Health | |||
2.70% 8/21/40 | 140,000 | 135,142 | |
3.25% 8/15/29 | 280,000 | 298,835 | |
3.75% 4/1/30 | 15,000 | 16,463 | |
4.30% 3/25/28 | 6,000 | 6,739 | |
Gilead Sciences 4.15% 3/1/47 | 30,000 | 35,407 | |
InRetail Consumer 144A 3.25% 3/22/28 # | 200,000 | 198,289 | |
JBS USA LUX 144A 6.50% 4/15/29 # | 287,000 | 316,185 | |
Kraft Heinz Foods 5.20% 7/15/45 | 160,000 | 203,908 | |
Post Holdings 144A 5.50% 12/15/29 # | 418,000 | 439,857 | |
Regeneron Pharmaceuticals 1.75% 9/15/30 | 15,000 | 14,202 | |
Royalty Pharma | |||
1.20% 9/2/25 | 285,000 | 279,245 | |
1.75% 9/2/27 | 190,000 | 186,800 | |
Thermo Fisher Scientific 2.80% 10/15/41 | 3,000 | 3,041 | |
Viatris | |||
1.65% 6/22/25 | 5,000 | 4,985 | |
2.30% 6/22/27 | 5,000 | 5,033 | |
2.70% 6/22/30 | 115,000 | 115,517 | |
4.00% 6/22/50 | 10,000 | 10,674 | |
3,842,056 | |||
Electric — 0.11% | |||
NextEra Energy Capital Holdings 3.00% 1/15/52 | 10,000 | 10,007 |
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Electric (continued) | |||
Southern California Edison | |||
4.00% 4/1/47 | 35,000 | $ 38,677 | |
4.20% 3/1/29 | 150,000 | 167,425 | |
4.875% 3/1/49 | 90,000 | 110,141 | |
UEP Penonome II 144A 6.50% 10/1/38 # | 192,383 | 201,683 | |
527,933 | |||
Energy — 1.81% | |||
Ascent Resources Utica Holdings | |||
144A 5.875% 6/30/29 # | 195,000 | 187,901 | |
144A 7.00% 11/1/26 # | 95,000 | 96,422 | |
BP Capital Markets America 3.06% 6/17/41 | 430,000 | 435,966 | |
CNX Midstream Partners 144A 4.75% 4/15/30 # | 75,000 | 74,846 | |
CNX Resources | |||
144A 6.00% 1/15/29 # | 250,000 | 260,351 | |
144A 7.25% 3/14/27 # | 120,000 | 127,408 | |
Crestwood Midstream Partners | |||
144A 5.625% 5/1/27 # | 66,000 | 67,303 | |
144A 6.00% 2/1/29 # | 171,000 | 177,866 | |
DCP Midstream Operating 5.125% 5/15/29 | 235,000 | 265,882 | |
Devon Energy 4.75% 5/15/42 | 5,000 | 5,802 | |
Diamondback Energy 3.125% 3/24/31 | 300,000 | 309,508 | |
Enbridge | |||
0.45% (SOFR + 0.40%) 2/17/23 • | 160,000 | 160,049 | |
2.50% 8/1/33 | 310,000 | 304,649 | |
Energy Transfer | |||
5.25% 4/15/29 | 50,000 | 57,322 | |
6.25% 4/15/49 | 55,000 | 71,982 | |
6.50% 11/15/26 μ, ψ | 180,000 | 183,600 | |
Enterprise Products Operating | |||
3.20% 2/15/52 | 360,000 | 354,029 | |
3.30% 2/15/53 | 5,000 | 4,984 |
6 NQ-QPV [12/21] 2/22 (2025799)
(Unaudited)
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Energy (continued) | |||
EQM Midstream Partners | |||
144A 4.75% 1/15/31 # | 145,000 | $ 153,567 | |
144A 6.50% 7/1/27 # | 290,000 | 325,165 | |
Equinor 1.75% 1/22/26 | 15,000 | 15,105 | |
Genesis Energy | |||
7.75% 2/1/28 | 340,000 | 343,031 | |
8.00% 1/15/27 | 235,000 | 242,445 | |
KazTransGas JSC 144A 4.375% 9/26/27 # | 579,000 | 631,009 | |
Lukoil Securities 144A 3.875% 5/6/30 # | 265,000 | 270,308 | |
MPLX | |||
1.75% 3/1/26 | 15,000 | 14,864 | |
4.125% 3/1/27 | 290,000 | 317,508 | |
Murphy Oil 6.375% 7/15/28 | 385,000 | 409,779 | |
NuStar Logistics 5.625% 4/28/27 | 205,000 | 216,992 | |
Occidental Petroleum | |||
6.45% 9/15/36 | 65,000 | 83,005 | |
6.60% 3/15/46 | 275,000 | 357,244 | |
6.625% 9/1/30 | 105,000 | 130,114 | |
PDC Energy 5.75% 5/15/26 | 280,000 | 289,703 | |
PTTEP Treasury Center 144A 2.587% 6/10/27 # | 200,000 | 204,089 | |
Qatar Energy 144A 2.25% 7/12/31 # | 200,000 | 198,620 | |
Sabine Pass Liquefaction | |||
5.625% 3/1/25 | 40,000 | 44,441 | |
5.75% 5/15/24 | 275,000 | 299,233 | |
Southwestern Energy 7.75% 10/1/27 | 234,000 | 252,661 | |
Targa Resources Partners 5.375% 2/1/27 | 220,000 | 226,994 | |
TechnipFMC 144A 6.50% 2/1/26 # | 293,000 | 313,765 | |
Tengizchevroil Finance Co International 144A 2.625% 8/15/25 # | 200,000 | 200,729 | |
Tennessee Gas Pipeline 144A 2.90% 3/1/30 # | 150,000 | 152,530 | |
Western Midstream Operating 4.75% 8/15/28 | 110,000 | 121,708 | |
8,960,479 | |||
Financials — 0.71% | |||
AerCap Ireland Capital DAC 4.45% 4/3/26 | 195,000 | 212,144 |
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Financials (continued) | |||
Air Lease | |||
2.875% 1/15/26 | 195,000 | $ 201,323 | |
3.00% 2/1/30 | 45,000 | 44,965 | |
3.375% 7/1/25 | 15,000 | 15,664 | |
4.125% 12/15/26 μ, ψ | 10,000 | 9,950 | |
Ally Financial | |||
4.70% 5/15/26 μ, ψ | 320,000 | 333,000 | |
8.00% 11/1/31 | 35,000 | 49,603 | |
Aviation Capital Group 144A 1.95% 1/30/26 # | 465,000 | 454,011 | |
Avolon Holdings Funding | |||
144A 3.25% 2/15/27 # | 10,000 | 10,077 | |
144A 3.95% 7/1/24 # | 75,000 | 78,632 | |
Banco del Estado de Chile 144A 2.704% 1/9/25 # | 280,000 | 286,257 | |
Bank of Georgia 144A 6.00% 7/26/23 # | 255,000 | 272,085 | |
Castlelake Aviation Finance DAC 144A 5.00% 4/15/27 # | 200,000 | 198,700 | |
Citigroup 2.52% 11/3/32 μ | 15,000 | 14,999 | |
DAE Sukuk DIFC 144A 3.75% 2/15/26 # | 200,000 | 206,905 | |
Development Bank of Kazakhstan 144A 10.95% 5/6/26 # | KZT | 100,000,000 | 229,159 |
Goldman Sachs Group 2.65% 10/21/32 μ | 5,000 | 5,036 | |
Hightower Holding 144A 6.75% 4/15/29 # | 135,000 | 138,862 | |
MAF Sukuk 3.933% 2/28/30 | 200,000 | 214,696 | |
Midcap Financial Issuer Trust | |||
144A 5.625% 1/15/30 # | 200,000 | 200,824 | |
144A 6.50% 5/1/28 # | 200,000 | 208,842 | |
SVB Financial Group 1.80% 10/28/26 | 10,000 | 9,972 | |
US Bancorp | |||
2.491% 11/3/36 μ | 10,000 | 9,973 | |
3.70% 1/15/27 μ, ψ | 10,000 | 10,023 | |
VistaJet Malta Finance 144A 10.50% 6/1/24 # | 55,000 | 58,907 |
NQ-QPV [12/21] 2/22 (2025799) 7
Schedule of investments
Delaware Total Return Fund (Unaudited)
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Financials (continued) | |||
Wells Fargo & Co. 3.90% 3/15/26 μ, ψ | 40,000 | $ 41,125 | |
3,515,734 | |||
Healthcare — 0.44% | |||
Bausch Health 144A 6.25% 2/15/29 # | 380,000 | 361,714 | |
CHS | |||
144A 4.75% 2/15/31 # | 105,000 | 106,089 | |
144A 6.625% 2/15/25 # | 220,000 | 227,950 | |
DaVita 144A 4.625% 6/1/30 # | 195,000 | 199,984 | |
Hadrian Merger Sub 144A 8.50% 5/1/26 # | 295,000 | 304,875 | |
HCA | |||
5.375% 2/1/25 | 215,000 | 236,565 | |
5.875% 2/1/29 | 250,000 | 298,290 | |
Ortho-Clinical Diagnostics 144A 7.25% 2/1/28 # | 120,000 | 129,176 | |
Tenet Healthcare 144A 6.125% 10/1/28 # | 295,000 | 312,185 | |
2,176,828 | |||
Insurance — 0.44% | |||
Aon 2.90% 8/23/51 | 30,000 | 28,953 | |
Arthur J Gallagher & Co. 3.50% 5/20/51 | 440,000 | 465,770 | |
Athene Global Funding 144A 1.00% 4/16/24 # | 95,000 | 94,235 | |
Athene Holding 3.95% 5/25/51 | 340,000 | 367,650 | |
Brighthouse Financial | |||
3.85% 12/22/51 | 10,000 | 9,886 | |
5.625% 5/15/30 | 15,000 | 17,917 | |
GA Global Funding Trust 144A 1.00% 4/8/24 # | 470,000 | 465,700 | |
HUB International 144A 5.625% 12/1/29 # | 130,000 | 134,128 | |
Jackson Financial | |||
144A 3.125% 11/23/31 # | 10,000 | 10,064 | |
144A 4.00% 11/23/51 # | 10,000 | 10,103 | |
USI 144A 6.875% 5/1/25 # | 585,000 | 590,028 | |
2,194,434 |
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Media — 0.61% | |||
AMC Networks 4.25% 2/15/29 | 650,000 | $ 647,114 | |
CCO Holdings | |||
4.50% 5/1/32 | 65,000 | 66,977 | |
144A 5.375% 6/1/29 # | 335,000 | 362,085 | |
Clear Channel Outdoor Holdings 144A 7.50% 6/1/29 # | 135,000 | 144,345 | |
CSC Holdings | |||
144A 3.375% 2/15/31 # | 495,000 | 464,245 | |
144A 5.00% 11/15/31 # | 280,000 | 270,256 | |
Directv Financing 144A 5.875% 8/15/27 # | 135,000 | 138,402 | |
Gray Escrow II 144A 5.375% 11/15/31 # | 30,000 | 30,916 | |
Gray Television 144A 4.75% 10/15/30 # | 125,000 | 124,432 | |
Nielsen Finance | |||
144A 4.50% 7/15/29 # | 55,000 | 54,189 | |
144A 4.75% 7/15/31 # | 185,000 | 182,968 | |
Sirius XM Radio 144A 4.00% 7/15/28 # | 325,000 | 327,379 | |
Terrier Media Buyer 144A 8.875% 12/15/27 # | 200,000 | 216,460 | |
3,029,768 | |||
Natural Gas — 0.00% | |||
Sempra Energy 4.875% 10/15/25 μ, ψ | 20,000 | 21,466 | |
21,466 | |||
Real Estate Investment Trusts — 0.21% | |||
Crown Castle International 1.05% 7/15/26 | 485,000 | 468,864 | |
Iron Mountain 144A 5.25% 3/15/28 # | 375,000 | 390,645 | |
MGM Growth Properties Operating Partnership | |||
144A 3.875% 2/15/29 # | 120,000 | 126,172 | |
5.75% 2/1/27 | 35,000 | 39,592 | |
1,025,273 | |||
Services — 0.16% | |||
Prime Security Services Borrower 144A 5.75% 4/15/26 # | 298,000 | 320,299 |
8 NQ-QPV [12/21] 2/22 (2025799)
(Unaudited)
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Services (continued) | |||
United Rentals North America 5.25% 1/15/30 | 220,000 | $ 238,461 | |
Univar Solutions USA 144A 5.125% 12/1/27 # | 230,000 | 240,324 | |
799,084 | |||
Technology — 0.87% | |||
Autodesk 2.40% 12/15/31 | 20,000 | 19,964 | |
Broadcom | |||
144A 3.137% 11/15/35 # | 4,000 | 4,028 | |
144A 3.419% 4/15/33 # | 11,000 | 11,544 | |
144A 3.469% 4/15/34 # | 435,000 | 455,878 | |
CDW | |||
2.67% 12/1/26 | 5,000 | 5,132 | |
3.276% 12/1/28 | 5,000 | 5,133 | |
3.569% 12/1/31 | 5,000 | 5,211 | |
Fidelity National Information Services 1.65% 3/1/28 | 470,000 | 455,398 | |
Fiserv 3.20% 7/1/26 | 315,000 | 333,410 | |
Global Payments | |||
2.15% 1/15/27 | 10,000 | 10,045 | |
2.65% 2/15/25 | 147,000 | 151,177 | |
2.90% 11/15/31 | 10,000 | 10,154 | |
Go Daddy Operating 144A 3.50% 3/1/29 # | 235,000 | 233,538 | |
Microchip Technology | |||
0.972% 2/15/24 | 345,000 | 342,141 | |
144A 0.983% 9/1/24 # | 125,000 | 122,777 | |
Micron Technology 2.703% 4/15/32 | 10,000 | 10,029 | |
MSCI 144A 3.625% 11/1/31 # | 200,000 | 207,787 | |
NXP | |||
144A 3.125% 2/15/42 # | 10,000 | 10,081 | |
144A 3.25% 5/11/41 # | 90,000 | 93,195 | |
144A 4.875% 3/1/24 # | 285,000 | 306,300 | |
Oracle 2.95% 4/1/30 | 30,000 | 30,367 | |
PayPal Holdings 2.65% 10/1/26 | 440,000 | 462,151 | |
Qorvo 144A 3.375% 4/1/31 # | 170,000 | 173,326 |
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Technology (continued) | |||
SS&C Technologies 144A 5.50% 9/30/27 # | 390,000 | $ 408,020 | |
VMware 1.00% 8/15/24 | 475,000 | 470,689 | |
4,337,475 | |||
Transportation — 0.18% | |||
Canadian Pacific Railway | |||
2.45% 12/2/31 | 5,000 | 5,103 | |
3.00% 12/2/41 | 5,000 | 5,123 | |
Delta Air Lines 7.375% 1/15/26 | 131,000 | 154,365 | |
Mileage Plus Holdings 144A 6.50% 6/20/27 # | 270,000 | 288,631 | |
Rutas 2 and 7 Finance 144A 3.08% 9/30/36 #, ^ | 302,000 | 223,130 | |
Southwest Airlines 5.125% 6/15/27 | 35,000 | 40,041 | |
United Airlines | |||
144A 4.375% 4/15/26 # | 80,000 | 83,524 | |
144A 4.625% 4/15/29 # | 95,000 | 98,166 | |
898,083 | |||
Utilities — 0.51% | |||
Calpine | |||
144A 4.50% 2/15/28 # | 95,000 | 98,727 | |
144A 5.00% 2/1/31 # | 220,000 | 220,340 | |
144A 5.25% 6/1/26 # | 71,000 | 72,932 | |
CenterPoint Energy 1.45% 6/1/26 | 345,000 | 338,805 | |
Duke Energy 4.875% 9/16/24 μ, ψ | 320,000 | 332,800 | |
Entergy Mississippi 2.85% 6/1/28 | 90,000 | 93,994 | |
Entergy Texas 3.55% 9/30/49 | 185,000 | 195,750 | |
Evergy Kansas Central 3.45% 4/15/50 | 35,000 | 37,615 | |
Infraestructura Energetica Nova 144A 3.75% 1/14/28 # | 275,000 | 288,009 | |
Pacific Gas and Electric | |||
2.10% 8/1/27 | 330,000 | 318,856 | |
3.25% 6/1/31 | 5,000 | 5,022 | |
3.30% 8/1/40 | 5,000 | 4,645 | |
PG&E 5.25% 7/1/30 | 130,000 | 136,564 |
NQ-QPV [12/21] 2/22 (2025799) 9
Schedule of investments
Delaware Total Return Fund (Unaudited)
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Utilities (continued) | |||
Vistra | |||
144A 7.00% 12/15/26 #, μ | 150,000 | $ 152,189 | |
144A 8.00% 10/15/26 #, μ | 65,000 | 68,848 | |
Vistra Operations 144A 4.375% 5/1/29 # | 155,000 | 155,565 | |
2,520,661 | |||
Total Corporate Bonds (cost $57,055,145) | 57,505,946 | ||
Non-Agency Asset-Backed Securities — 0.17% | |||
Diamond Infrastructure Funding Series 2021-1A A 144A 1.76% 4/15/49 # | 150,000 | 145,951 | |
Domino's Pizza Master Issuer Series 2021-1A A2I 144A 2.662% 4/25/51 # | 149,250 | 149,878 | |
Taco Bell Funding Series 2021-1A A2I 144A 1.946% 8/25/51 # | 270,000 | 264,671 | |
Trafigura Securitisation Finance Series 2021-1A A2 144A 1.08% 1/15/25 # | 300,000 | 296,256 | |
Total Non-Agency Asset-Backed Securities (cost $869,220) | 856,756 | ||
Non-Agency Commercial Mortgage-Backed Securities — 1.09% | |||
BANK | |||
Series 2019-BN21 A5 2.851% 10/17/52 | 100,000 | 105,042 | |
Series 2020-BN25 A5 2.649% 1/15/63 | 500,000 | 518,232 | |
Series 2021-BN36 A5 2.47% 9/15/64 | 585,000 | 597,833 | |
Benchmark Mortgage Trust | |||
Series 2020-B17 A5 2.289% 3/15/53 | 500,000 | 502,841 |
Principal amount° | Value (US $) | ||
Non-Agency Commercial Mortgage-Backed Securities (continued) | |||
Benchmark Mortgage Trust | |||
Series 2020-B20 A5 2.034% 10/15/53 | 400,000 | $ 394,029 | |
Cantor Commercial Real Estate Lending Series 2019-CF2 A5 2.874% 11/15/52 | 350,000 | 363,703 | |
Citigroup Commercial Mortgage Trust Series 2019-C7 A4 3.102% 12/15/72 | 500,000 | 531,991 | |
GS Mortgage Securities Trust | |||
Series 2017-GS5 A4 3.674% 3/10/50 | 350,000 | 378,929 | |
Series 2017-GS6 A3 3.433% 5/10/50 | 350,000 | 374,251 | |
Series 2019-GC42 A4 3.001% 9/1/52 | 500,000 | 529,479 | |
JPM-DB Commercial Mortgage Securities Trust Series 2017-C7 A5 3.409% 10/15/50 | 350,000 | 375,700 | |
Morgan Stanley Bank of America Merrill Lynch Trust Series 2016-C29 A4 3.325% 5/15/49 | 350,000 | 370,196 | |
Wells Fargo Commercial Mortgage Trust Series 2016-BNK1 A3 2.652% 8/15/49 | 350,000 | 362,093 | |
Total Non-Agency Commercial Mortgage-Backed Securities (cost $5,459,104) | 5,404,319 | ||
Sovereign Bonds — 1.50%Δ | |||
Armenia — 0.04% | |||
Republic of Armenia International Bond | |||
144A 3.60% 2/2/31 # | 200,000 | 187,042 | |
187,042 |
10 NQ-QPV [12/21] 2/22 (2025799)
(Unaudited)
Principal amount° | Value (US $) | ||
Sovereign BondsΔ (continued) | |||
Chile — 0.02% | |||
Bonos de la Tesoreria de la Republica en pesos | |||
144A 2.80% 10/1/33 # | CLP | 65,000,000 | $ 56,992 |
5.00% 3/1/35 | CLP | 30,000,000 | 32,641 |
89,633 | |||
Colombia — 0.15% | |||
Colombia Government International Bonds | |||
4.125% 2/22/42 | 217,000 | 181,737 | |
5.20% 5/15/49 | 200,000 | 184,030 | |
Colombian TES 7.00% 6/30/32 | COP | 1,635,100,000 | 367,242 |
733,009 | |||
Dominican Republic — 0.19% | |||
Dominican Republic International Bond | |||
144A 4.50% 1/30/30 # | 913,000 | 930,119 | |
930,119 | |||
Honduras — 0.04% | |||
Honduras Government International Bond | |||
144A 5.625% 6/24/30 # | 200,000 | 208,502 | |
208,502 | |||
Indonesia — 0.02% | |||
Indonesia Treasury Bond | |||
6.125% 5/15/28 | IDR | 1,768,000,000 | 126,404 |
126,404 | |||
Ivory Coast — 0.12% | |||
Ivory Coast Government International Bonds | |||
144A 4.875% 1/30/32 # | EUR | 200,000 | 219,628 |
144A 6.125% 6/15/33 # | 234,000 | 247,055 | |
144A 6.875% 10/17/40 # | EUR | 100,000 | 119,150 |
585,833 | |||
Mongolia — 0.06% | |||
Mongolia Government International Bond | |||
144A 5.625% 5/1/23 # | 269,000 | 277,413 | |
277,413 | |||
Morocco — 0.12% | |||
Morocco Government International Bonds | |||
144A 1.375% 3/30/26 # | EUR | 270,000 | 309,224 |
Principal amount° | Value (US $) | ||
Sovereign BondsΔ (continued) | |||
Morocco (continued) | |||
Morocco Government International Bonds | |||
144A 2.375% 12/15/27 # | 300,000 | $ 293,149 | |
602,373 | |||
North Macedonia — 0.02% | |||
North Macedonia Government International Bond | |||
144A 3.675% 6/3/26 # | EUR | 100,000 | 120,849 |
120,849 | |||
Paraguay — 0.17% | |||
Paraguay Government International Bond | |||
144A 4.95% 4/28/31 # | 742,000 | 835,677 | |
835,677 | |||
Peru — 0.10% | |||
Peru Government Bond 6.95% 8/12/31 | PEN | 743,000 | 199,813 |
Peruvian Government International Bond 2.392% 1/23/26 | 300,000 | 305,103 | |
504,916 | |||
Romania — 0.02% | |||
Romanian Government International Bond | |||
144A 2.625% 12/2/40 # | EUR | 100,000 | 101,774 |
101,774 | |||
Senegal — 0.04% | |||
Senegal Government International Bond | |||
144A 6.25% 5/23/33 # | 200,000 | 206,351 | |
206,351 | |||
Serbia — 0.10% | |||
Serbia International Bonds | |||
144A 2.125% 12/1/30 # | 200,000 | 187,970 | |
144A 3.125% 5/15/27 # | EUR | 250,000 | 304,052 |
492,022 | |||
Ukraine — 0.07% | |||
Ukraine Government International Bond | |||
144A 6.876% 5/21/29 # | 400,000 | 355,340 | |
355,340 |
NQ-QPV [12/21] 2/22 (2025799) 11
Schedule of investments
Delaware Total Return Fund (Unaudited)
Principal amount° | Value (US $) | ||
Sovereign BondsΔ (continued) | |||
Uruguay — 0.10% | |||
Uruguay Government International Bonds | |||
4.50% 8/14/24 | 69,000 | $ 73,227 | |
9.875% 6/20/22 | UYU | 19,415,000 | 439,617 |
512,844 | |||
Uzbekistan — 0.12% | |||
Republic of Uzbekistan International Bonds | |||
144A 3.90% 10/19/31 # | 200,000 | 191,990 | |
144A 4.75% 2/20/24 # | 374,000 | 389,819 | |
581,809 | |||
Total Sovereign Bonds (cost $7,698,360) | 7,451,910 | ||
Supranational Banks — 0.19% | |||
Banque Ouest Africaine de Developpement 144A 4.70% 10/22/31 # | 306,000 | 334,483 | |
Central American Bank for Economic Integration 144A 2.00% 5/6/25 # | 400,000 | 405,451 | |
European Investment Bank 5.50% 1/23/23 | MXN | 3,931,000 | 187,416 |
Total Supranational Banks (cost $895,201) | 927,350 | ||
US Treasury Obligations — 2.04% | |||
US Treasury Bonds | |||
1.75% 8/15/41 | 365,000 | 353,993 | |
2.00% 11/15/41 | 135,000 | 136,582 | |
2.00% 8/15/51 | 20,000 | 20,394 | |
2.25% 8/15/46 | 1,035,000 | 1,094,755 | |
4.375% 2/15/38 | 780,000 | 1,075,059 | |
US Treasury Notes | |||
1.00% 12/15/24 | 2,705,000 | 2,708,275 | |
1.25% 12/31/26 | 2,125,000 | 2,123,008 | |
1.375% 10/31/28 | 2,340,000 | 2,331,225 | |
1.375% 11/15/31 | 65,000 | 64,198 | |
US Treasury Strip Principal 2.225% 5/15/44 ^ | 335,000 | 215,419 | |
Total US Treasury Obligations (cost $10,066,669) | 10,122,908 |
Number of shares | Value (US $) | ||
Common Stock — 66.02% | |||
Communication Services — 4.42% | |||
Alphabet Class A † | 560 | $ 1,622,342 | |
Alphabet Class C † | 594 | 1,718,793 | |
AT&T | 103,369 | 2,542,877 | |
Comcast Class A | 52,367 | 2,635,631 | |
KDDI | 34,400 | 1,005,984 | |
Meta Platforms Class A † | 5,424 | 1,824,362 | |
Orange | 86,350 | 925,387 | |
Publicis Groupe | 11,660 | 785,875 | |
Take-Two Interactive Software † | 6,682 | 1,187,525 | |
Verizon Communications | 94,102 | 4,889,540 | |
Walt Disney † | 18,213 | 2,821,012 | |
21,959,328 | |||
Consumer Discretionary — 9.17% | |||
adidas AG | 5,030 | 1,448,365 | |
Amazon.com † | 1,353 | 4,511,362 | |
Bath & Body Works | 24,798 | 1,730,652 | |
Best Buy | 17,815 | 1,810,004 | |
Buckle | 42,047 | 1,779,009 | |
Dollar General | 13,007 | 3,067,441 | |
Dollar Tree † | 22,500 | 3,161,700 | |
eBay | 14,404 | 957,866 | |
H & M Hennes & Mauritz Class B | 38,350 | 752,508 | |
Haverty Furniture | 4,433 | 135,517 | |
Home Depot | 9,246 | 3,837,182 | |
Lowe's | 11,190 | 2,892,391 | |
NIKE Class B | 12,779 | 2,129,876 | |
Ross Stores | 17,728 | 2,025,956 | |
Sodexo | 18,450 | 1,618,670 | |
Sturm Ruger & Co. | 16,930 | 1,151,579 | |
Swatch Group | 6,180 | 1,882,033 | |
Tesla † | 1,423 | 1,503,798 | |
TJX | 73,900 | 5,610,488 | |
Tractor Supply | 9,717 | 2,318,476 | |
Ulta Beauty † | 2,851 | 1,175,581 | |
45,500,454 | |||
Consumer Staples — 5.35% | |||
Altria Group | 46,517 | 2,204,441 | |
Archer-Daniels-Midland | 48,300 | 3,264,597 | |
Asahi Group Holdings | 17,100 | 665,682 | |
Colgate-Palmolive | 8,878 | 757,649 | |
Conagra Brands | 90,200 | 3,080,330 | |
Danone | 24,550 | 1,525,800 | |
Diageo | 46,200 | 2,523,873 | |
Essity Class B | 41,880 | 1,366,327 | |
John B Sanfilippo & Son | 1,013 | 91,332 | |
Kao | 21,400 | 1,120,811 | |
Kellogg | 18,506 | 1,192,156 |
12 NQ-QPV [12/21] 2/22 (2025799)
(Unaudited)
Number of shares | Value (US $) | ||
Common Stock (continued) | |||
Consumer Staples (continued) | |||
Kirin Holdings | 18,900 | $ 304,420 | |
Koninklijke Ahold Delhaize | 46,800 | 1,605,647 | |
Lawson | 13,000 | 616,842 | |
Nestle | 17,400 | 2,429,341 | |
Philip Morris International | 25,808 | 2,451,760 | |
Seven & i Holdings | 31,100 | 1,368,027 | |
26,569,035 | |||
Energy — 2.99% | |||
Chevron | 9,199 | 1,079,503 | |
ConocoPhillips | 77,183 | 5,571,069 | |
EOG Resources | 6,278 | 557,675 | |
Exxon Mobil | 51,475 | 3,149,755 | |
Kinder Morgan | 113,843 | 1,805,550 | |
Marathon Petroleum | 23,424 | 1,498,902 | |
Williams | 45,916 | 1,195,652 | |
14,858,106 | |||
Financials — 7.78% | |||
AGNC Investment | 94,174 | 1,416,377 | |
American Financial Group | 14,298 | 1,963,401 | |
American International Group | 54,700 | 3,110,242 | |
Ameriprise Financial | 5,162 | 1,557,169 | |
Artisan Partners Asset Management Class A | 10,060 | 479,258 | |
BlackRock | 2,834 | 2,594,697 | |
Blackstone | 16,320 | 2,111,645 | |
Diamond Hill Investment Group | 3,043 | 591,042 | |
Discover Financial Services | 36,540 | 4,222,562 | |
Invesco | 72,668 | 1,672,817 | |
MetLife | 80,556 | 5,033,944 | |
New Residential Investment | 60,869 | 651,907 | |
Principal Financial Group | 29,696 | 2,147,912 | |
Prudential Financial | 20,045 | 2,169,671 | |
S&P Global | 3,549 | 1,674,880 | |
Synchrony Financial | 32,417 | 1,503,825 | |
Truist Financial | 49,800 | 2,915,790 | |
US Bancorp | 49,500 | 2,780,415 | |
38,597,554 | |||
Healthcare — 9.91% | |||
AbbVie | 23,109 | 3,128,959 | |
AmerisourceBergen | 17,938 | 2,383,781 | |
Amgen | 7,749 | 1,743,293 | |
Baxter International | 36,600 | 3,141,744 | |
Bristol-Myers Squibb | 38,357 | 2,391,559 | |
Cigna | 13,100 | 3,008,153 | |
CVS Health | 31,200 | 3,218,592 | |
Eli Lilly & Co. | 4,352 | 1,202,109 |
Number of shares | Value (US $) | ||
Common Stock (continued) | |||
Healthcare (continued) | |||
Fresenius Medical Care AG & Co. | 26,040 | $ 1,688,127 | |
Humana | 961 | 445,769 | |
Johnson & Johnson | 40,131 | 6,865,210 | |
Merck & Co. | 69,674 | 5,339,815 | |
Molina Healthcare † | 4,348 | 1,383,012 | |
Novo Nordisk Class B | 17,970 | 2,018,496 | |
Pfizer | 62,145 | 3,669,662 | |
Roche Holding | 4,480 | 1,858,578 | |
Smith & Nephew | 110,060 | 1,926,949 | |
UnitedHealth Group | 1,661 | 834,055 | |
Viatris | 218,088 | 2,950,731 | |
49,198,594 | |||
Industrials — 3.29% | |||
Dover | 18,053 | 3,278,425 | |
Honeywell International | 13,484 | 2,811,549 | |
Intertek Group | 6,720 | 512,097 | |
Knorr-Bremse | 5,480 | 541,230 | |
Lockheed Martin | 4,355 | 1,547,810 | |
Northrop Grumman | 7,900 | 3,057,853 | |
Raytheon Technologies | 35,132 | 3,023,460 | |
Securitas Class B | 113,520 | 1,561,634 | |
16,334,058 | |||
Information Technology — 15.77% | |||
Adobe † | 5,129 | 2,908,451 | |
Amadeus IT Group † | 29,650 | 2,006,245 | |
Analog Devices | 1,577 | 277,189 | |
Apple | 69,974 | 12,425,283 | |
Broadcom | 9,771 | 6,501,721 | |
Cisco Systems | 89,007 | 5,640,374 | |
Cognizant Technology Solutions Class A | 35,145 | 3,118,064 | |
Dropbox Class A † | 50,522 | 1,239,810 | |
Enphase Energy † | 2,660 | 486,620 | |
Fidelity National Information Services | 25,181 | 2,748,506 | |
HP | 60,413 | 2,275,758 | |
International Business Machines | 9,059 | 1,210,826 | |
Lam Research | 3,397 | 2,442,953 | |
Microsoft | 35,102 | 11,805,505 | |
Monolithic Power Systems | 4,028 | 1,987,133 | |
Motorola Solutions | 11,906 | 3,234,860 | |
NetApp | 23,981 | 2,206,012 | |
NVIDIA | 4,401 | 1,294,378 | |
Oracle | 31,800 | 2,773,278 | |
Paychex | 17,430 | 2,379,195 | |
Paycom Software † | 2,071 | 859,859 | |
QUALCOMM | 14,195 | 2,595,840 |
NQ-QPV [12/21] 2/22 (2025799) 13
Schedule of investments
Delaware Total Return Fund (Unaudited)
Number of shares | Value (US $) | ||
Common Stock (continued) | |||
Information Technology (continued) | |||
SAP | 11,030 | $ 1,552,357 | |
TE Connectivity | 2,319 | 374,147 | |
Western Union | 92,659 | 1,653,037 | |
Xilinx | 10,624 | 2,252,607 | |
78,250,008 | |||
Materials — 1.30% | |||
Air Liquide | 10,890 | 1,900,902 | |
Dow | 21,716 | 1,231,732 | |
DuPont de Nemours | 41,100 | 3,320,058 | |
6,452,692 | |||
REIT Diversified — 0.05% | |||
LXP Industrial Trust | 16,194 | 252,950 | |
252,950 | |||
REIT Healthcare — 0.56% | |||
CareTrust REIT | 8,141 | 185,859 | |
Healthcare Trust of America Class A | 7,713 | 257,537 | |
Healthpeak Properties | 4,893 | 176,588 | |
Medical Properties Trust | 28,302 | 668,776 | |
Omega Healthcare Investors | 32,277 | 955,077 | |
Ventas | 1,060 | 54,187 | |
Welltower | 5,422 | 465,045 | |
2,763,069 | |||
REIT Hotel — 0.38% | |||
Apple Hospitality REIT | 13,433 | 216,943 | |
Chatham Lodging Trust † | 7,543 | 103,490 | |
Gaming and Leisure Properties | 4,264 | 207,486 | |
VICI Properties | 44,259 | 1,332,639 | |
1,860,558 | |||
REIT Industrial — 0.52% | |||
Duke Realty | 7,527 | 494,072 | |
Plymouth Industrial REIT | 1,363 | 43,616 | |
Prologis | 11,106 | 1,869,806 | |
Terreno Realty | 2,161 | 184,312 | |
2,591,806 | |||
REIT Information Technology — 0.35% | |||
Digital Realty Trust | 3,507 | 620,283 | |
Equinix | 1,332 | 1,126,659 | |
1,746,942 | |||
REIT Mall — 0.09% | |||
Simon Property Group | 2,865 | 457,741 | |
457,741 | |||
REIT Manufactured Housing — 0.12% | |||
Equity LifeStyle Properties | 1,692 | 148,321 |
Number of shares | Value (US $) | ||
Common Stock (continued) | |||
REIT Manufactured Housing (continued) | |||
Sun Communities | 2,071 | $ 434,848 | |
583,169 | |||
REIT Multifamily — 1.17% | |||
American Homes 4 Rent Class A | 4,287 | 186,956 | |
AvalonBay Communities | 1,351 | 341,249 | |
Camden Property Trust | 1,444 | 258,014 | |
Equity Residential | 41,588 | 3,763,714 | |
Essex Property Trust | 1,384 | 487,486 | |
Invitation Homes | 11,425 | 518,010 | |
Mid-America Apartment Communities | 1,006 | 230,817 | |
UDR | 457 | 27,415 | |
5,813,661 | |||
REIT Office — 0.23% | |||
Alexandria Real Estate Equities | 2,466 | 549,819 | |
Boston Properties | 568 | 65,422 | |
Cousins Properties | 4,885 | 196,768 | |
Highwoods Properties | 3,132 | 139,656 | |
Kilroy Realty | 1,385 | 92,047 | |
Piedmont Office Realty Trust Class A | 4,647 | 85,412 | |
1,129,124 | |||
REIT Self-Storage — 0.67% | |||
CubeSmart | 2,709 | 154,169 | |
Extra Space Storage | 2,408 | 545,966 | |
Iron Mountain | 24,500 | 1,282,085 | |
Life Storage | 2,096 | 321,065 | |
National Storage Affiliates Trust | 2,695 | 186,494 | |
Public Storage | 2,249 | 842,386 | |
3,332,165 | |||
REIT Shopping Center — 0.29% | |||
Brixmor Property Group | 11,302 | 287,184 | |
Kimco Realty | 7,299 | 179,920 | |
Kite Realty Group Trust | 5,929 | 129,133 | |
Regency Centers | 3,279 | 247,073 | |
Retail Opportunity Investments | 11,170 | 218,932 | |
SITE Centers | 13,148 | 208,133 | |
Urban Edge Properties | 8,147 | 154,793 | |
1,425,168 | |||
REIT Single Tenant — 0.25% | |||
Essential Properties Realty Trust | 4,757 | 137,144 | |
Four Corners Property Trust | 5,447 | 160,196 |
14 NQ-QPV [12/21] 2/22 (2025799)
(Unaudited)
Number of shares | Value (US $) | ||
Common Stock (continued) | |||
REIT Single Tenant (continued) | |||
National Retail Properties | 4,894 | $ 235,255 | |
Orion Office REIT | 414 | 7,730 | |
Realty Income | 4,697 | 336,258 | |
Spirit Realty Capital | 4,375 | 210,831 | |
STORE Capital | 4,168 | 143,379 | |
1,230,793 | |||
REIT Specialty — 0.05% | |||
EPR Properties | 305 | 14,485 | |
Lamar Advertising Class A | 908 | 110,140 | |
Outfront Media | 1,793 | 48,088 | |
WP Carey | 627 | 51,445 | |
224,158 | |||
Utilities — 1.31% | |||
Edison International | 47,200 | 3,221,400 | |
NRG Energy | 45,834 | 1,974,529 | |
Vistra | 57,316 | 1,305,085 | |
6,501,014 | |||
Total Common Stock (cost $275,994,289) | 327,632,147 | ||
Convertible Preferred Stock — 1.43% | |||
2020 Mandatory Exchangeable Trust 144A 6.50% exercise price $47.09, maturity date 5/16/23 # | 506 | 684,345 | |
Algonquin Power & Utilities 7.75% exercise price $18.00, maturity date 6/15/24 | 7,926 | 374,424 | |
AMG Capital Trust II 5.15% exercise price $195.47, maturity date 10/15/37 | 9,591 | 558,963 | |
Bank of America 7.25% exercise price $50.00 ** | 281 | 406,157 | |
El Paso Energy Capital Trust I 4.75% exercise price $34.49, maturity date 3/31/28 | 24,587 | 1,243,856 | |
Elanco Animal Health 5.00% exercise price $38.40, maturity date 2/1/23 | 11,606 | 518,324 | |
Essential Utilities 6.00% exercise price $42.19, maturity date 4/30/22 | 20,550 | 1,339,655 |
Number of shares | Value (US $) | ||
Convertible Preferred Stock (continued) | |||
Lyondellbasell Advanced Polymers 6.00% exercise price $52.33 ** | 818 | $ 821,272 | |
RBC Bearings 5.00% exercise price $226.60, maturity date 10/15/24 | 3,331 | 349,289 | |
UGI 7.25% exercise price $52.57, maturity date 6/1/24 | 7,720 | 810,446 | |
Total Convertible Preferred Stock (cost $6,599,988) | 7,106,731 | ||
Exchange-Traded Funds — 4.36% | |||
iShares Core MSCI Emerging Markets ETF | 178,610 | 10,691,594 | |
iShares Global Infrastructure ETF | 225,900 | 10,750,581 | |
iShares MSCI EAFE ETF | 50 | 3,934 | |
iShares Trust iShares ESG Aware MSCI EAFE ETF | 2,510 | 199,445 | |
Total Exchange-Traded Funds (cost $22,650,094) | 21,645,554 |
Principal amount° | |||
Limited Liability Corporation — 1.85% | |||
Sc Hixson Pp 0.000% 1/7/20 =, †, π | 7,200,000 | 9,169,200 | |
Total Limited Liability Corporation (cost $6,678,000) | 9,169,200 |
Number of shares | |||
Short-Term Investments — 1.15% | |||
Money Market Mutual Funds — 1.15% | |||
BlackRock FedFund – Institutional Shares (seven-day effective yield 0.03%) | 1,423,773 | 1,423,773 | |
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 0.01%) | 1,423,773 | 1,423,773 |
NQ-QPV [12/21] 2/22 (2025799) 15
Schedule of investments
Delaware Total Return Fund (Unaudited)
Number of shares | Value (US $) | ||
Short-Term Investments (continued) | |||
Money Market Mutual Funds (continued) | |||
GS Financial Square Government Fund – Institutional Shares (seven-day effective yield 0.02%) | 1,423,773 | $ 1,423,773 | |
Morgan Stanley Government Portfolio – Institutional Share Class (seven-day effective yield 0.03%) | 1,423,773 | 1,423,773 | |
Total Short-Term Investments (cost $5,695,092) | 5,695,092 | ||
Total Value of Securities—99.74% (cost $437,331,876) | 494,984,551 | ||
Receivables and Other Assets Net of Liabilities—0.26% | 1,310,958 | ||
Net Assets Applicable to 31,095,722 Shares Outstanding—100.00% | $496,295,509 |
° | 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, 2021, the aggregate value of Rule 144A securities was $45,276,798, which represents 9.12% of the Fund's net assets. |
• | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at December 31, 2021. 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, 2021. Rate will reset at a future date. |
ψ | Perpetual security. Maturity date represents next call date. |
Δ | Securities have been classified by country of risk. |
† | Non-income producing security. |
** | Perpetual security with no stated maturity date. |
= | The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security. |
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, 2021, the aggregate value of restricted securities was $9,169,200, which represented percentage of 1.85% of the Fund’s net assets. |
Restricted Securities | ||||||
Investments | Date of Acquisition | Cost | Value | |||
Sc Hixson Pp | 1/7/20 | $6,678,000 | $9,169,200 |
16 NQ-QPV [12/21] 2/22 (2025799)
(Unaudited)
The following foreign currency exchange contracts and futures contracts were outstanding at December 31, 2021:
Foreign Currency Exchange Contracts | ||||||||||||
Counterparty | Currency to Receive (Deliver) | In Exchange For | Settlement Date | Unrealized Appreciation | Unrealized Depreciation | |||||||
BNYM | GBP | 26,247 | USD | (35,445) | 1/4/22 | $81 | $— | |||||
CITI | COP | (1,034,440,000) | USD | 257,119 | 1/28/22 | 3,593 | — | |||||
JPMCB | EUR | (1,124,834) | USD | 1,269,600 | 1/28/22 | — | (11,765) | |||||
JPMCB | KZT | 434,625,199 | USD | (979,216) | 1/28/22 | 6,873 | — | |||||
JPMCB | MXN | 20,507 | USD | (933) | 1/28/22 | 64 | — | |||||
Total Foreign Currency Exchange Contracts | $10,611 | $(11,765) |
Futures Contracts Exchange-Traded | |||||||||||
Contracts to Buy (Sell) | Notional Amount | Notional Cost (Proceeds) | Expiration Date | Value/ Unrealized Depreciation | Variation Margin Due from (Due to) Brokers | ||||||
(11) | US Treasury 10 yr Notes | $(1,435,157) | $(1,421,038) | 3/22/22 | $(14,119) | $(688) | |||||
(4) | US Treasury 10 yr Ultra Notes | (585,750) | (577,334) | 3/22/22 | (8,416) | (1,062) | |||||
(2) | US Treasury Ultra Bonds | (394,250) | (393,120) | 3/22/22 | (1,130) | (3,125) | |||||
Total Futures Contracts | $(2,391,492) | $(23,665) | $(4,875) |
The use of foreign currency exchange contracts and futures 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 net unrealized appreciation (depreciation) and variation margin is reflected in the Fund’s
net assets.
net assets.
Summary of abbreviations: |
AG – Aktiengesellschaft |
BNYM – Bank of New York Mellon |
CITI – Citigroup |
CLO – Collateralized Loan Obligation |
DAC – Designated Activity Company |
DB – Deutsche Bank |
DIFC – Dubai International Financial Centre |
EAFE – Europe, Australasia, and Far East |
ESG – Environmental, Social, and Governance |
ETF – Exchange-Traded Fund |
GNMA – Government National Mortgage Association |
GS – Goldman Sachs |
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 |
Summary of abbreviations: (continued) |
MSCI – Morgan Stanley Capital International |
REIT – Real Estate Investment Trust |
S&P – Standard & Poor’s Financial Services LLC |
S.F. – Single Family |
SOFR – Secured Overnight Financing Rate |
TBA – To be announced |
yr – Year |
Summary of currencies: |
CLP – Chilean Peso |
COP – Colombian Peso |
EUR – European Monetary Unit |
GBP – British Pound Sterling |
IDR – Indonesian Rupiah |
KZT – Kazakhstani Tenge |
MXN – Mexican Peso |
PEN – Peruvian Sol |
USD – US Dollar |
UYU – Uruguayan Peso |
NQ-QPV [12/21] 2/22 (2025799) 17