Schedule of investments
Delaware Investments Ultrashort Fund June 30, 2020 (Unaudited)
| Principal amount° | Value (US $) | |||
| Agency Collateralized Mortgage Obligations – 2.05% | ||||
| Fannie Mae Connecticut Avenue Securities | ||||
| Series 2017-C03 1M1 1.135% (LIBOR01M + 0.95%) | ||||
| 10/25/29 • | 667,504 | $ | 666,856 | |
| Silverstone Master Issuer | ||||
| Series 2018-1A 1A 144A 1.499% (LIBOR03M + 0.39%) | ||||
| 1/21/70 #• | 840,000 | 836,339 | ||
| Total Agency Collateralized Mortgage Obligations (cost $1,507,504) | 1,503,195 | |||
| Commercial Paper – 10.41% | ||||
| Banks - 8.36% | ||||
| DZ Bank AG 0.06% 7/1/20 ` | 1,280,000 | 1,280,000 | ||
| Kreditanstalt Fuer Wiederaufbau 8.983% 7/2/20 ` | 350,000 | 349,999 | ||
| Societe Generale 0.09% 7/1/20 ` | 3,000,000 | 3,000,000 | ||
| Toronto Dominion Bank 0.15% 7/7/20 ` | 1,500,000 | 1,499,975 | ||
| 6,129,974 | ||||
| Consumer Non-Cyclical - 2.05% | ||||
| Yale University 0.25% 8/4/20 ` | 1,500,000 | 1,499,851 | ||
| 1,499,851 | ||||
| Total Commercial Paper (cost $7,629,608) | 7,629,825 | |||
| Corporate Bonds – 35.78% | ||||
| Banks - 17.37% | ||||
| Bank of America 2.02% (LIBOR03M + 1.00%) 4/24/23 • | 1,500,000 | 1,508,160 | ||
| Citigroup 1.486% (LIBOR03M + 1.10%) 5/17/24 • | 1,500,000 | 1,501,848 | ||
| Fifth Third Bank 2.20% 10/30/20 | 1,500,000 | 1,506,997 | ||
| Goldman Sachs Group 1.963% (LIBOR03M + 1.60%) | ||||
| 11/29/23 • | 1,250,000 | 1,274,375 | ||
| JPMorgan Chase & Co. 1.891% (LIBOR03M + 0.90%) | ||||
| 4/25/23 • | 1,410,000 | 1,415,400 | ||
| Morgan Stanley 1.668% (LIBOR03M + 1.22%) 5/8/24 • | 1,500,000 | 1,511,504 | ||
| Santander UK 2.125% 11/3/20 | 1,000,000 | 1,005,583 | ||
| Truist Bank 0.832% (SOFRRATE + 0.73%) 3/9/23 • | 1,500,000 | 1,491,785 | ||
| UBS 144A 2.45% 12/1/20 # | 1,500,000 | 1,509,750 | ||
| 12,725,402 | ||||
| Basic Industry - 1.73% | ||||
| DuPont de Nemours 3.766% 11/15/20 | 1,250,000 | 1,264,340 | ||
| 1,264,340 | ||||
| Capital Goods - 2.03% | ||||
| Otis Worldwide 144A 0.754% (LIBOR03M + 0.45%) | ||||
| 4/5/23 #• | 1,500,000 | 1,484,120 | ||
| 1,484,120 | ||||
NQ-097 [6/20] 8/20 (1294270) 1
Schedule of investments
Delaware Investments Ultrashort Fund (Unaudited)
| Principal amount° | Value (US $) | |||
| Corporate Bonds (continued) | ||||
| Communications - 5.94% | ||||
| Deutsche Telekom International Finance 144A | ||||
| 1.95% 9/19/21 # | 1,500,000 | $ | 1,517,613 | |
| Fox 3.666% 1/25/22 | 1,500,000 | 1,570,846 | ||
| Verizon Communications 1.492% (LIBOR03M + 1.10%) | ||||
| 5/15/25 • | 1,250,000 | 1,266,088 | ||
| 4,354,547 | ||||
| Consumer Cyclical - 1.65% | ||||
| General Motors Financial 1.294% (LIBOR03M + 0.99%) | ||||
| 1/5/23 • | 1,250,000 | 1,205,314 | ||
| 1,205,314 | ||||
| Consumer Non-Cyclical - 3.66% | ||||
| AbbVie 144A 1.024% (LIBOR03M + 0.65%) 11/21/22 #• | 1,405,000 | 1,409,710 | ||
| CVS Health 3.35% 3/9/21 | 1,249,000 | 1,273,867 | ||
| 2,683,577 | ||||
| Electric - 1.78% | ||||
| American Electric Power 3.65% 12/1/21 | 1,250,000 | 1,304,261 | ||
| 1,304,261 | ||||
| Financials - 1.62% | ||||
| Aviation Capital Group 144A 1.30% (LIBOR03M + 0.95%) | ||||
| 6/1/21 #• | 1,250,000 | 1,189,037 | ||
| 1,189,037 | ||||
| Total Corporate Bonds (cost $26,157,856) | 26,210,598 | |||
| Non-Agency Asset-Backed Securities – 51.56% | ||||
| American Express Credit Account Master Trust | ||||
| Series 2017-2 A 0.635% (LIBOR01M + 0.45%) | ||||
| 9/16/24 • | 675,000 | 677,615 | ||
| Series 2018-6 A 3.06% 2/15/24 | 1,000,000 | 1,027,507 | ||
| Avis Budget Rental Car Funding AESOP | ||||
| Series 2015-2A A 144A 2.63% 12/20/21 | 1,000,000 | 999,880 | ||
| BMW Floorplan Master Owner Trust | ||||
| Series 2018-1 A2 144A 0.505% (LIBOR01M + 0.32%) | ||||
| 5/15/23 #• | 1,000,000 | 994,767 | ||
| Chase Issuance Trust | ||||
| Series 2016-A3 A3 0.735% (LIBOR01M + 0.55%) | ||||
| 6/15/23 • | 500,000 | 501,805 | ||
| Chesapeake Funding II | ||||
| Series 2017-2A A2 144A 0.635% (LIBOR01M + 0.45%, | ||||
| Floor 0.45%) 5/15/29 #• | 267,134 | 266,642 | ||
| Series 2017-4A A2 144A 0.495% (LIBOR01M + 0.31%) | ||||
| 11/15/29 #• | 648,555 | 647,747 | ||
2 NQ-097 [6/20] 8/20 (1294270)
(Unaudited)
| Principal amount° | Value (US $) | ||
| Non-Agency Asset-Backed Securities (continued) | |||
| Citibank Credit Card Issuance Trust | |||
| Series 2017-A7 A7 0.545% (LIBOR01M + 0.37%) | |||
| 8/8/24 • | 1,000,000 | $ | 1,003,297 |
| Daimler Trucks Retail Trust | |||
| Series 2020-1 A2 1.14% 4/15/22 | 1,500,000 | 1,505,556 | |
| Discover Card Execution Note Trust | |||
| Series 2017-A1 A1 0.675% (LIBOR01M + 0.49%) | |||
| 7/15/24 • | 1,500,000 | 1,508,236 | |
| Series 2019-A2 A 0.455% (LIBOR01M + 0.27%) | |||
| 12/15/23 • | 2,000,000 | 2,002,580 | |
| Ford Credit Auto Lease Trust | |||
| Series 2020-A A2 1.80% 7/15/22 | 1,250,000 | 1,261,881 | |
| Ford Credit Auto Owner Trust | |||
| Series 2015-2 A 144A 2.44% 1/15/27 # | 1,000,000 | 1,000,666 | |
| Series 2017-C A3 2.01% 3/15/22 | 86,394 | 86,812 | |
| Series 2020-B A2 0.50% 2/15/23 | 1,000,000 | 1,000,317 | |
| GM Financial Consumer Automobile Receivables Trust | |||
| Series 2020-2 A1 1.259% 4/16/21 | 857,935 | 858,812 | |
| GreatAmerica Leasing Receivables Funding | |||
| Series 2019-1 A2 144A 2.97% 6/15/21 # | 425,462 | 427,494 | |
| Honda Auto Receivables Owner Trust | |||
| Series 2019-2 A2 2.57% 12/21/21 | 581,100 | 585,441 | |
| Hyundai Auto Lease Securitization Trust | |||
| Series 2018-B A4 144A 3.20% 6/15/22 # | 977,000 | 989,613 | |
| Series 2020-A A3 144A 1.95% 7/17/23 # | 1,510,000 | 1,542,836 | |
| Hyundai Auto Receivables Trust | |||
| Series 2019-B A2 1.93% 7/15/22 | 913,913 | 920,384 | |
| Invitation Homes Trust | |||
| Series 2018-SFR1 A 144A 0.894% (LIBOR01M + 0.70%) | |||
| 3/17/37 #• | 1,789,451 | 1,756,947 | |
| John Deere Owner Trust | |||
| Series 2019-B A2 2.28% 5/16/22 | 614,298 | 618,056 | |
| Master Credit Card Trust II | |||
| Series 2018-3A A 144A 0.53% (LIBOR01M + 0.34%) | |||
| 1/21/22 #• | 875,000 | 874,703 | |
| Mercedes-Benz Auto Lease Trust | |||
| Series 2019-B A2 2.01% 12/15/21 | 1,270,758 | 1,276,894 | |
| Mercedes-Benz Auto Receivables Trust | |||
| Series 2020-1 A2 0.46% 3/15/23 | 1,000,000 | 1,000,436 | |
| Nissan Auto Lease Trust | |||
| Series 2018-A A3 3.25% 9/15/21 | 1,779,644 | 1,792,788 | |
| Nissan Master Owner Trust Receivables | |||
| Series 2017-C A 0.505% (LIBOR01M + 0.32%) | |||
| 10/17/22 • | 1,500,000 | 1,499,283 |
NQ-097 [6/20] 8/20 (1294270) 3
Schedule of investments
Delaware Investments Ultrashort Fund (Unaudited)
| Principal amount° | Value (US $) | |||
| Non-Agency Asset-Backed Securities (continued) | ||||
| Nissan Master Owner Trust Receivables | ||||
| Series 2019-A A 0.745% (LIBOR01M + 0.56%) | ||||
| 2/15/24 • | 1,500,000 | $ | 1,491,151 | |
| PFS Financing | ||||
| Series 2020-B A 144A 1.21% 6/17/24 #= | 2,000,000 | 2,003,600 | ||
| Tesla Auto Lease Trust | ||||
| Series 2018-B A 144A 3.71% 8/20/21 # | 2,686,971 | 2,725,702 | ||
| Trillium Credit Card Trust II | ||||
| Series 2019-1A A 144A 0.66% (LIBOR01M + 0.48%) | ||||
| 1/26/24 #• | 1,500,000 | 1,502,110 | ||
| Verizon Owner Trust | ||||
| Series 2017-3A A1A 144A 2.06% 4/20/22 # | 421,719 | 423,119 | ||
| Volvo Financial Equipment Master Owner Trust | ||||
| Series 2017-A A 144A 0.685% (LIBOR01M + 0.50%) | ||||
| 11/15/22 #• | 1,000,000 | 999,396 | ||
| Total Non-Agency Asset-Backed Securities | ||||
| (cost $37,756,226) | 37,774,073 | |||
| Total Value of Securities – 99.80% | ||||
| (cost $73,051,194) | 73,117,691 | |||
| Receivables and Other Assets Net of Liabilities – 0.20% | 147,280 | |||
| Net Assets Applicable to 7,329,323 Shares Outstanding – 100.00% | $ | 73,264,971 | ||
| # | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. | |||
| At June 30, 2020, the aggregate value of Rule 144A securities was $25,101,791, which represents | ||||
| 34.26% of the Fund’s net assets. | ||||
| = | The value of this security was determined using significant unobservable inputs and is reported as a | |||
| Level 3 security. | ||||
| ` | The rate shown is the effective yield at the time of purchase. | |||
| ° | Principal amount shown is stated in USD. | |||
| • | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at | |||
| June 30, 2020. For securities based on a published reference rate and spread, the reference rate and | ||||
| spread are indicated in their description above. The reference rate descriptions (i. e. LIBOR03M, | ||||
| LIBOR06M, etc. ) used in this report are identical for different securities, but the underlying reference | ||||
| rates may differ due to the timing of the reset period. Certain variable rate securities are not based on | ||||
| 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. | ||||
4 NQ-097 [6/20] 8/20 (1294270)
(Unaudited)
Summary of abbreviations:
AG – Aktiengesellschaft
ICE – Intercontinental Exchange
LIBOR – London interbank offered rate
LIBOR01M – ICE LIBOR USD 1 Month
LIBOR03M – ICE LIBOR USD 3 Month
LIBOR06M – ICE LIBOR USD 6 Month
SOFRRATE – Secured Overnight Financing Rate
USD – US Dollar
NQ-097 [6/20] 8/20 (1294270) 5