Keurig Dr Pepper Inc

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Schedule of investments

Delaware Limited Duration Bond Fund December 31, 2019 (Unaudited)


	Principal amount°		Value (US $)
Agency Commercial Mortgage-Backed Security – 1.37%
Freddie Mac Multifamily Structured Pass Through
Certificates
Series K734 A1 3.139% 6/25/25 ◆	2,971,263	$	3,086,959
Total Agency Commercial Mortgage-Backed Security (cost $3,030,685)			3,086,959

Agency Mortgage-Backed Securities – 17.69%
Fannie Mae S. F. 30 yr
4.50% 1/1/43	2,318,061		2,514,355
4.50% 2/1/44	1,754,709		1,944,919
4.50% 4/1/44	2,040,984		2,262,481
4.50% 11/1/44	2,209,654		2,435,564
4.50% 10/1/45	5,144,759		5,602,305
4.50% 5/1/48	2,471,909		2,611,283
5.00% 5/1/48	3,749,142		4,014,769
5.50% 5/1/44	1,909,433		2,144,269
Freddie Mac S. F. 30 yr
4.00% 9/1/49	3,470,655		3,712,077
4.50% 7/1/45	434,922		472,502
4.50% 4/1/49	2,996,548		3,161,238
5.00% 7/1/45	5,128,464		5,651,023
5.00% 8/1/48	3,115,083		3,333,264
Total Agency Mortgage-Backed Securities (cost $39,915,544)			39,860,049

Corporate Bonds – 39.94%
Banking - 15.07%
Banco Santander 3.50% 4/11/22	1,200,000		1,232,640
Bank of America
2.456% 10/22/25 µ	210,000		211,350
2.936% (LIBOR03M + 1.00%) 4/24/23 •	565,000		571,489
3.458% 3/15/25 µ	725,000		757,214
5.625% 7/1/20	520,000		529,586
Citizens Financial Group 2.85% 7/27/26	920,000		937,089
Credit Suisse Group 144A 2.593% 9/11/25 #µ	255,000		255,883
DNB Boligkreditt 144A 2.50% 3/28/22 #	4,500,000		4,561,217
Fifth Third Bancorp
2.375% 1/28/25	280,000		280,380
3.65% 1/25/24	920,000		969,984
Goldman Sachs Group 5.75% 1/24/22	4,000,000		4,293,626
Huntington National Bank
2.50% 8/7/22	285,000		288,114
3.125% 4/1/22	910,000		930,266
JPMorgan Chase & Co. 4.023% 12/5/24 µ	3,410,000		3,636,257

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Schedule of investments

Delaware Limited Duration Bond Fund (Unaudited)


	Principal amount°		Value (US $)
Corporate Bonds (continued)
Banking (continued)
KeyBank
2.40% 6/9/22	250,000	$	252,589
3.18% 5/22/22	655,000		668,159
Morgan Stanley
3.124% (LIBOR03M + 1.22%) 5/8/24 •	1,290,000		1,313,691
3.737% 4/24/24 µ	350,000		365,792
5.00% 11/24/25	100,000		112,633
5.50% 1/26/20	1,875,000		1,879,013
PNC Bank
2.201% (LIBOR03M + 0.31%) 6/10/21 •	3,120,000		3,121,492
2.70% 11/1/22	150,000		152,859
PNC Financial Services Group 2.60% 7/23/26	300,000		304,015
Regions Financial
2.75% 8/14/22	300,000		305,371
3.80% 8/14/23	235,000		248,762
Truist Bank 2.636% 9/17/29 µ	450,000		449,822
Truist Financial
2.70% 1/27/22	1,650,000		1,672,531
3.75% 12/6/23	565,000		598,978
UBS Group
144A 2.65% 2/1/22 #	580,000		585,909
144A 3.00% 4/15/21 #	1,605,000		1,626,466
US Bank
2.05% 10/23/20	265,000		265,361
3.40% 7/24/23	250,000		261,158
Zions Bancorp 3.35% 3/4/22	300,000		307,799
			33,947,495
Basic Industry - 1.55%
Georgia-Pacific 144A 5.40% 11/1/20 #	3,402,000		3,496,715
			3,496,715
Capital Goods - 1.77%
General Electric 2.271% (LIBOR03M + 0.38%) 5/5/26 •	225,000		213,854
L3Harris Technologies 144A 3.85% 6/15/23 #	225,000		237,038
Roper Technologies 2.35% 9/15/24	2,050,000		2,062,136
United Technologies 2.30% 5/4/22	1,455,000		1,466,398
			3,979,426
Communications - 3.58%
AT&T
3.067% (LIBOR03M + 1.18%) 6/12/24 •	1,295,000		1,318,317
4.35% 3/1/29	70,000		77,836
4.50% 3/9/48	185,000		204,442
Comcast 2.631% (LIBOR03M + 0.63%) 4/15/24 •	1,485,000		1,500,849

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(Unaudited)


	Principal amount°		Value (US $)
Corporate Bonds (continued)
Communications (continued)
Crown Castle International 5.25% 1/15/23	435,000	$	472,599
Fox 144A 4.03% 1/25/24 #	3,840,000		4,093,764
T-Mobile USA Escrow=†	50,000		0
Vodafone Group 4.875% 6/19/49	130,000		150,916
Walt Disney 1.75% 8/30/24	255,000		252,766
			8,071,489
Consumer Cyclical - 1.11%
Daimler Finance North America 144A 3.35% 2/22/23 #	380,000		390,804
Ford Motor Credit 3.336% 3/18/21	525,000		528,970
General Motors Financial
3.45% 4/10/22	960,000		981,870
4.15% 6/19/23	575,000		605,057
			2,506,701
Consumer Non-Cyclical - 3.69%
AbbVie
144A 2.60% 11/21/24 #	315,000		317,159
144A 2.95% 11/21/26 #	370,000		376,103
Alcon Finance 144A 2.75% 9/23/26 #	2,940,000		2,995,630
Anheuser-Busch InBev Worldwide 4.15% 1/23/25	3,125,000		3,401,886
CVS Health 3.35% 3/9/21	635,000		645,561
Keurig Dr Pepper 3.551% 5/25/21	575,000		587,351
			8,323,690
Electric - 4.21%
AEP Texas 2.40% 10/1/22	1,555,000		1,569,205
Cleveland Electric Illuminating 5.50% 8/15/24	1,150,000		1,314,568
Duke Energy
1.80% 9/1/21	845,000		844,236
4.875%µy	460,000		483,080
Entergy 4.00% 7/15/22	845,000		881,966
Entergy Louisiana 4.05% 9/1/23	905,000		962,225
ITC Holdings 2.70% 11/15/22	1,975,000		1,999,791
NRG Energy 144A 3.75% 6/15/24 #	690,000		713,472
Vistra Operations 144A 3.55% 7/15/24 #	705,000		714,301
			9,482,844
Energy - 4.03%
Continental Resources 3.80% 6/1/24	505,000		522,399
Energy Transfer Operating 7.50% 10/15/20	3,781,000		3,929,896
Exxon Mobil 2.019% 8/16/24	300,000		300,946
Marathon Oil 2.80% 11/1/22	545,000		554,067
Occidental Petroleum
2.90% 8/15/24	380,000		386,278
3.50% 8/15/29	210,000		214,250

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Schedule of investments

Delaware Limited Duration Bond Fund (Unaudited)


	Principal amount°		Value (US $)
Corporate Bonds (continued)
Energy (continued)
ONEOK 7.50% 9/1/23	1,330,000	$	1,552,369
Sabine Pass Liquefaction 5.75% 5/15/24	585,000		652,544
Schlumberger Holdings 144A 3.75% 5/1/24 #	930,000		979,912
			9,092,661
Finance Companies - 3.39%
AerCap Ireland Capital 3.65% 7/21/27	2,655,000		2,735,088
Aviation Capital Group 144A 2.875% 1/20/22 #	485,000		488,450
Avolon Holdings Funding 144A 3.95% 7/1/24 #	3,285,000		3,427,405
International Lease Finance 8.625% 1/15/22	870,000		978,850
			7,629,793
Insurance - 0.54%
AXA Equitable Holdings 3.90% 4/20/23	465,000		487,287
UnitedHealth Group 2.375% 8/15/24	710,000		719,240
			1,206,527
Technology - 1.00%
Global Payments 2.65% 2/15/25	430,000		432,042
Intel 3.25% 11/15/49	195,000		196,442
International Business Machines 3.00% 5/15/24	390,000		404,099
Microchip Technology
3.922% 6/1/21	145,000		148,306
4.333% 6/1/23	615,000		649,801
Micron Technology 4.975% 2/6/26	390,000		432,945
			2,263,635
Total Corporate Bonds (cost $89,996,649)			90,000,976

Non-Agency Asset-Backed Securities – 26.15%
American Express Credit Account Master Trust
Series 2019-4 A 1.98% (LIBOR01M + 0.24%) 4/15/24 •	2,000,000		2,002,169
Americredit Automobile Receivables Trust
Series 2019-1 B 3.13% 2/18/25	1,200,000		1,221,264
ARI Fleet Lease Trust
Series 2019-A A2B 144A 2.22% (LIBOR01M + 0.48%)
11/15/27 #•	4,890,000		4,894,808
BMW Vehicle Lease Trust
Series 2018-1 A3 3.26% 7/20/21	900,000		908,167
CarMax Auto Owner Trust
Series 2018-2 B 3.37% 10/16/23	1,850,000		1,894,620
Series 2019-2 A3 2.68% 3/15/24	2,000,000		2,024,492
Chase Issuance Trust
Series 2018-A1 A1 1.94% (LIBOR01M + 0.20%)
4/17/23 •	4,000,000		4,003,990

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(Unaudited)


	Principal amount°		Value (US $)
Non-Agency Asset-Backed Securities (continued)
Citibank Credit Card Issuance Trust
Series 2018-A1 A1 2.49% 1/20/23	6,030,000	$	6,071,092
Ford Credit Floorplan Master Owner Trust A
Series 2017-1 A2 2.16% (LIBOR01M + 0.42%)
5/15/22 •	2,000,000		2,001,632
GM Financial Automobile Leasing Trust
Series 2018-2 B 3.31% 4/20/22	1,400,000		1,410,708
Series 2018-3 A3 3.18% 6/21/21	3,250,000		3,266,069
Hertz Vehicle Financing II
Series 2017-1A A 144A 2.96% 10/25/21 #	2,500,000		2,512,708
Hyundai Auto Receivables Trust
Series 2019-B A2 1.93% 7/15/22	1,800,000		1,799,994
John Deere Owner Trust
Series 2019-A A3 2.91% 7/17/23	8,000,000		8,113,633
Kubota Credit Owner Trust
Series 2018-1A A3 144A 3.10% 8/15/22 #	3,600,000		3,641,705
Mercedes-Benz Auto Lease Trust
Series 2019-B A2 2.01% 12/15/21	2,000,000		2,001,223
Nissan Auto Receivables Owner Trust
Series 2019-B A3 2.50% 11/15/23	3,000,000		3,029,388
Tesla Auto Lease Trust
Series 2018-B A 144A 3.71% 8/20/21 #	4,112,788		4,166,107
Verizon Owner Trust
Series 2017-2A A 144A 1.92% 12/20/21 #	2,260,054		2,259,808
Series 2018-A A1A 3.23% 4/20/23	1,670,000		1,698,069
Total Non-Agency Asset-Backed Securities
(cost $58,450,695)			58,921,646

US Treasury Obligations – 5.50%
US Treasury Bond
2.375% 11/15/49	30,000		29,873
US Treasury Notes
1.50% 9/30/24	8,580,000		8,501,916
1.50% 11/30/24	3,285,000		3,255,728
1.625% 8/15/29	625,000		608,510
Total US Treasury Obligations (cost $12,412,901)			12,396,027

	Number of shares
Short-Term Investments – 9.00%
Money Market Mutual Funds - 0.28%
BlackRock FedFund – Institutional Shares (seven-day
effective yield 1.52%)	127,373		127,372
Fidelity Investments Money Market Government
Portfolio – Class I (seven-day effective yield 1.49%)	127,373		127,372

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Schedule of investments

Delaware Limited Duration Bond Fund (Unaudited)


	Number of shares		Value (U. S. $)
Short-Term Investments (continued)
Money Market Mutual Funds (continued)
GS Financial Square Government Fund – Institutional
Shares (seven-day effective yield 1.51%)	127,373	$	127,373
Morgan Stanley Government Portfolio – Institutional Share
Class (seven-day effective yield 1.48%)	127,373		127,373
State Street Institutional US Government Money Market
Fund – Investor Class (seven-day effective yield 1.45%)	127,373		127,373
			636,863
	Principal amount°
US Treasury Obligation - 8.72%`
US Treasury Bill 1.25% 1/31/20	19,650,000		19,643,836
			19,643,836
Total Short-Term Investments (cost $20,281,202)			20,280,699

Total Value of Securities – 99.65%
(cost $224,087,676)			224,546,356
Receivables and Other Assets Net of Liabilities – 0.35%			782,258
Net Assets Applicable to 24,266,459 Shares Outstanding – 100.00%	$		225,328,614


#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended.
	At Dec. 31, 2019, the aggregate value of Rule 144A securities was $42,735,364, which represents
	18.97% 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.
=	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 unless noted that the security is denominated in another
	currency.
µ	Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at Dec. 31, 2019.
	Rate will reset at a future date.
y No contractual maturity date.
†	Non-income producing security.
•	Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at
	Dec. 31, 2019. 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

6 NQ-QLV [12/19] 2/20 (1081258)

(Unaudited)

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.

Summary of abbreviations:
GS – Goldman Sachs
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
S.F. – Single Family
USD – US Dollar
yr – Year

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