NPORT-EX 2 AFR0DelWealthBuilderFd.htm
Schedule of investments
Delaware Wealth Builder Fund February 28, 2021 (Unaudited)
    Principal amount° Value (US $)
Agency Mortgage-Backed Securities — 1.06%
Fannie Mae S.F. 15 yr
2.00% 3/1/36 		  107,000 $111,273
Fannie Mae S.F. 20 yr
2.00% 3/1/41 		  71,000 72,773
Fannie Mae S.F. 30 yr      
2.00% 12/1/50   124,516 126,165
2.00% 1/1/51   78,846 79,894
2.00% 2/1/51   70,920 71,822
2.00% 3/1/51   101,000 102,124
2.50% 1/1/51   63,802 66,263
3.00% 11/1/46   91,429 97,056
3.00% 11/1/48   17,015 17,942
3.00% 12/1/49   8,234 8,813
3.00% 6/1/50   51,662 54,174
3.00% 7/1/50   176,422 185,048
3.00% 8/1/50   85,000 89,198
3.00% 9/1/50   34,798 36,551
3.50% 2/1/48   88,210 95,644
3.50% 11/1/48   30,572 32,434
3.50% 12/1/49   272,462 296,129
4.00% 4/1/47   13,792 15,281
4.00% 6/1/48   162,400 179,398
4.00% 9/1/48   8,825 9,635
4.00% 6/1/49   13,683 15,017
4.50% 2/1/41   13,634 15,297
4.50% 10/1/45   13,570 15,214
4.50% 4/1/48   554,891 618,693
4.50% 1/1/49   203,214 226,290
4.50% 1/1/50   22,771 24,931
5.00% 7/1/49   200,697 226,333
Fannie Mae S.F. 30 yr TBA      
2.00% 3/1/51   160,000 161,619
2.50% 3/1/51   669,000 693,565
Freddie Mac S.F. 15 yr      
1.50% 3/1/36   78,000 79,050
2.00% 12/1/35   81,811 85,121
Freddie Mac S.F. 20 yr
2.00% 3/1/41 		  106,000 108,716
NQ-129 [2/21] 4/21 (1595594)    1
Schedule of investments
Delaware Wealth Builder Fund (Unaudited)
    Principal amount° Value (US $)
Agency Mortgage-Backed Securities (continued)
Freddie Mac S.F. 30 yr      
2.50% 10/1/50   45,669 $47,782
3.00% 1/1/50   15,815 16,844
4.00% 7/1/47   5,290 5,721
4.00% 10/1/47   50,658 54,662
4.50% 1/1/49   16,517 18,592
4.50% 4/1/49   18,457 20,474
4.50% 8/1/49   43,096 47,991
Total Agency Mortgage-Backed Securities (cost $4,193,476) 4,229,529
Collateralized Debt Obligations — 0.20%
Cedar Funding IX CLO
Series 2018-9A A1 144A 1.204% (LIBOR03M + 0.98%, Floor 0.98%) 4/20/31 #, • 		  250,000 250,190
Octagon Investment Partners 48
Series 2020-3A A 144A 1.732% (LIBOR03M + 1.50%, Floor 1.50%) 10/20/31 #, • 		  300,000 300,883
Sound Point Clo XXI
Series 2018-3A A1A 144A 1.395% (LIBOR03M + 1.18%, Floor 1.18%) 10/26/31 #, • 		  250,000 250,435
Total Collateralized Debt Obligations (cost $793,758) 801,508
Convertible Bonds — 9.68%
Capital Goods — 0.54%
Aerojet Rocketdyne Holdings 2.25% exercise price $26.00, maturity date 12/15/23    174,000 342,752
Chart Industries 144A 1.00% exercise price $58.73, maturity date 11/15/24 #   721,000 1,811,767
  2,154,519
Communications — 1.45%
DISH Network 3.375% exercise price $65.18, maturity date 8/15/26    1,153,000 1,087,079
InterDigital 2.00% exercise price $81.29, maturity date 6/1/24    1,391,000 1,489,205
Liberty Broadband 144A 1.25% exercise price $900.01, maturity date 9/30/50 #   1,250,000 1,251,432
Liberty Latin America 2.00% exercise price $20.65, maturity date 7/15/24    452,000 444,933
Liberty Media 2.25% exercise price $33.19, maturity date 9/30/46    3,239,000 1,520,439
  5,793,088
2    NQ-129 [2/21] 4/21 (1595594)
(Unaudited)
    Principal amount° Value (US $)
Convertible Bonds (continued)
Consumer Non-Cyclical — 2.58%
BioMarin Pharmaceutical 0.599% exercise price $124.67, maturity date 8/1/24    689,000 $720,738
Chefs' Warehouse 1.875% exercise price $44.20, maturity date 12/1/24    1,330,000 1,409,849
Coherus Biosciences 144A 1.50% exercise price $19.26, maturity date 4/15/26 #   109,000 124,860
Collegium Pharmaceutical 2.625% exercise price $29.19, maturity date 2/15/26    722,000 794,704
FTI Consulting 2.00% exercise price $101.38, maturity date 8/15/23    979,000 1,265,311
Insulet 0.375% exercise price $226.73, maturity date 9/1/26    328,000 442,941
Integra LifeSciences Holdings 0.50% exercise price $73.67, maturity date 8/15/25    1,246,000 1,416,577
Jazz Investments I 144A 2.00% exercise price $155.81, maturity date 6/15/26 #   865,000 1,155,947
Neurocrine Biosciences 2.25% exercise price $75.92, maturity date 5/15/24    310,000 464,556
Paratek Pharmaceuticals 4.75% exercise price $15.90, maturity date 5/1/24    1,600,000 1,476,974
Repay Holdings 144A 0.484% exercise price $33.60, maturity date 2/1/26 #, ^   104,000 103,073
Travere Therapeutics 2.50% exercise price $38.80, maturity date 9/15/25    825,000 926,997
  10,302,527
Energy — 1.53%
Cheniere Energy 4.25% exercise price $138.38, maturity date 3/15/45    2,694,000 2,228,499
Helix Energy Solutions Group 6.75% exercise price $6.97, maturity date 2/15/26    1,291,000 1,521,766
NextEra Energy Partners 144A 0.357% exercise price $76.16, maturity date 11/15/25 #, ^   416,000 453,165
PDC Energy 1.125% exercise price $85.39, maturity date 9/15/21    1,936,000 1,924,110
  6,127,540
Real Estate Investment Trusts — 0.67%
Blackstone Mortgage Trust 4.75% exercise price $36.23, maturity date 3/15/23    1,671,000 1,711,400
Summit Hotel Properties 1.50% exercise price $11.99, maturity date 2/15/26    868,000 980,286
  2,691,686
NQ-129 [2/21] 4/21 (1595594)    3
Schedule of investments
Delaware Wealth Builder Fund (Unaudited)
    Principal amount° Value (US $)
Convertible Bonds (continued)
Technology — 2.26%
Boingo Wireless 1.00% exercise price $42.32, maturity date 10/1/23    2,304,000 $2,134,529
Knowles 3.25% exercise price $18.43, maturity date 11/1/21    585,000 703,376
Microchip Technology 1.625% exercise price $94.40, maturity date 2/15/27    634,000 1,415,405
ON Semiconductor 1.625% exercise price $20.72, maturity date 10/15/23    622,000 1,266,173
Palo Alto Networks 0.75% exercise price $266.35, maturity date 7/1/23    767,000 1,109,941
Quotient Technology 1.75% exercise price $17.36, maturity date 12/1/22    1,308,000 1,416,360
Synaptics 0.50% exercise price $73.02, maturity date 6/15/22    544,000 1,001,213
  9,046,997
Transportation — 0.34%
Seaspan 144A 3.75% exercise price $13.01, maturity date 12/15/25 #   1,135,000 1,356,160
  1,356,160
Utilities — 0.31%
NRG Energy 2.75% exercise price $46.25, maturity date 6/1/48    1,065,000 1,236,840
  1,236,840
Total Convertible Bonds (cost $33,700,123) 38,709,357
Corporate Bonds — 15.68%
Banking — 1.15%
Banco Continental 144A 2.75% 12/10/25 #   200,000 199,990
Banco de Credito del Peru 144A 2.70% 1/11/25 #   204,000 213,282
Banco del Estado de Chile 144A 2.704% 1/9/25 #   205,000 217,126
Banco Nacional de Panama 144A 2.50% 8/11/30 #   200,000 193,026
Bank of America      
1.922% 10/24/31 μ   70,000 68,012
2.456% 10/22/25 μ   15,000 15,873
2.884% 10/22/30 μ   20,000 21,191
3.194% 7/23/30 μ   55,000 59,569
Bank of Georgia 144A 6.00% 7/26/23 #   200,000 213,000
BBVA Bancomer      
144A 1.875% 9/18/25 #   200,000 202,025
144A 6.75% 9/30/22 #   274,000 296,810
4    NQ-129 [2/21] 4/21 (1595594)
(Unaudited)
    Principal amount° Value (US $)
Corporate Bonds (continued)
Banking (continued)
Deutsche Bank 2.222% 9/18/24 μ   150,000 $154,455
Goldman Sachs Group 3.50% 4/1/25    80,000 87,529
JPMorgan Chase & Co.      
2.739% 10/15/30 μ   20,000 21,053
4.023% 12/5/24 μ   80,000 87,592
5.00% 8/1/24 μ, ψ   85,000 88,357
Morgan Stanley      
1.413% (LIBOR03M + 1.22%) 5/8/24 •   35,000 35,749
1.794% 2/13/32 μ   25,000 24,012
5.00% 11/24/25    95,000 111,018
5.875% 9/15/26 μ, ψ   530,000 597,151
Natwest Group 8.625% 8/15/21 μ, ψ   320,000 331,110
PNC Financial Services Group 2.60% 7/23/26    180,000 193,474
Popular 6.125% 9/14/23    560,000 606,841
State Street      
3.10% 5/15/23    10,000 10,614
3.30% 12/16/24    130,000 143,301
Truist Bank 2.636% 9/17/29 μ   185,000 195,180
US Bancorp      
3.00% 7/30/29    25,000 26,976
3.10% 4/27/26    25,000 27,331
3.375% 2/5/24    60,000 64,925
USB Capital IX 3.50% (LIBOR03M + 1.02%) 4/15/11 ψ, •   85,000 82,556
  4,589,128
Basic Industry — 1.79%
Allegheny Technologies 5.875% 12/1/27    270,000 285,694
AngloGold Ashanti Holdings 3.75% 10/1/30    200,000 211,872
Avient 144A 5.75% 5/15/25 #   118,000 125,251
Boise Cascade 144A 4.875% 7/1/30 #   87,000 92,901
Chemours 144A 5.75% 11/15/28 #   250,000 256,719
Corp Nacional del Cobre de Chile 144A 3.15% 1/14/30 #   200,000 212,431
CSN Inova Ventures 144A 6.75% 1/28/28 #   200,000 216,250
First Quantum Minerals      
144A 7.25% 4/1/23 #   250,000 255,381
144A 7.50% 4/1/25 #   250,000 258,438
Freeport-McMoRan      
4.55% 11/14/24    200,000 220,625
4.625% 8/1/30    235,000 260,153
5.45% 3/15/43    320,000 398,195
NQ-129 [2/21] 4/21 (1595594)    5
Schedule of investments
Delaware Wealth Builder Fund (Unaudited)
    Principal amount° Value (US $)
Corporate Bonds (continued)
Basic Industry (continued)
Hudbay Minerals      
144A 4.50% 4/1/26 #   75,000 $76,079
144A 7.625% 1/15/25 #   135,000 140,804
Hutama Karya Persero 144A 3.75% 5/11/30 #   200,000 215,550
Koppers 144A 6.00% 2/15/25 #   434,000 448,376
Methanex 5.25% 12/15/29    185,000 190,088
Minera Mexico 144A 4.50% 1/26/50 #   200,000 211,300
New Gold 144A 7.50% 7/15/27 #   230,000 243,090
Newmont 2.80% 10/1/29    190,000 200,950
Nutrition & Biosciences 144A 1.832% 10/15/27 #   135,000 135,700
OCP 144A 4.50% 10/22/25 #   200,000 215,733
Olin      
5.00% 2/1/30    135,000 141,685
5.125% 9/15/27    437,000 453,682
PowerTeam Services 144A 9.033% 12/4/25 #   485,000 538,350
Standard Industries 144A 4.75% 1/15/28 #   230,000 238,913
Steel Dynamics 5.00% 12/15/26    505,000 533,201
Univar Solutions USA 144A 5.125% 12/1/27 #   180,000 188,404
US Concrete 6.375% 6/1/24    2,000 2,049
Vale Overseas 3.75% 7/8/30    193,000 205,362
  7,173,226
Capital Goods — 0.66%
Ardagh Packaging Finance 144A 5.25% 8/15/27 #   235,000 243,683
Bombardier      
144A 6.00% 10/15/22 #   240,000 235,741
144A 7.875% 4/15/27 #   270,000 242,792
Crown Americas 4.75% 2/1/26    463,000 481,233
Reynolds Group Issuer 144A 4.00% 10/15/27 #   245,000 244,540
Terex 144A 5.625% 2/1/25 #   260,000 267,313
TransDigm      
144A 4.625% 1/15/29 #   115,000 113,275
144A 6.25% 3/15/26 #   262,000 276,448
Vertical US Newco 144A 5.25% 7/15/27 #   510,000 532,631
  2,637,656
Communications — 1.20%
Altice France 144A 7.375% 5/1/26 #   235,000 245,328
Altice France Holding 144A 6.00% 2/15/28 #   515,000 505,012
AT&T 4.35% 3/1/29    170,000 196,095
Connect Finco 144A 6.75% 10/1/26 #   250,000 259,531
Frontier Communications 144A 5.875% 10/15/27 #   230,000 246,531
6    NQ-129 [2/21] 4/21 (1595594)
(Unaudited)
    Principal amount° Value (US $)
Corporate Bonds (continued)
Communications (continued)
Level 3 Financing 144A 4.25% 7/1/28 #   220,000 $223,324
MercadoLibre 2.375% 1/14/26    200,000 201,010
Millicom International Cellular 144A 4.50% 4/27/31 #   200,000 214,300
Ooredoo International Finance 144A 5.00% 10/19/25 #   200,000 232,274
Sprint 7.125% 6/15/24    527,000 607,478
T-Mobile USA      
144A 3.875% 4/15/30 #   120,000 132,080
6.50% 1/15/26    460,000 474,950
Verizon Communications      
4.50% 8/10/33    95,000 113,411
4.522% 9/15/48    35,000 41,293
Vodafone Group      
4.25% 9/17/50    110,000 123,690
4.875% 6/19/49    40,000 49,195
Zayo Group Holdings      
144A 4.00% 3/1/27 #   415,000 413,832
144A 6.125% 3/1/28 #   500,000 516,410
  4,795,744
Consumer Cyclical — 1.66%
Allison Transmission 144A 5.875% 6/1/29 #   460,000 497,428
B2W Digital 144A 4.375% 12/20/30 #   200,000 203,652
Boyd Gaming 6.375% 4/1/26    452,000 467,603
Caesars Entertainment 144A 6.25% 7/1/25 #   505,000 535,300
Carnival      
144A 5.75% 3/1/27 #   125,000 127,050
144A 7.625% 3/1/26 #   355,000 373,637
Ford Motor 9.00% 4/22/25    235,000 284,599
Ford Motor Credit      
3.375% 11/13/25    480,000 488,453
4.542% 8/1/26    515,000 550,406
General Motors Financial      
4.35% 4/9/25    75,000 83,181
5.25% 3/1/26    95,000 109,992
H&E Equipment Services 144A 3.875% 12/15/28 #   145,000 139,744
Hilton Domestic Operating 144A 4.00% 5/1/31 #   205,000 208,203
Hilton Worldwide Finance 4.875% 4/1/27    545,000 567,822
Jaguar Land Rover Automotive 144A 5.875% 1/15/28 #   200,000 204,400
NQ-129 [2/21] 4/21 (1595594)    7
Schedule of investments
Delaware Wealth Builder Fund (Unaudited)
    Principal amount° Value (US $)
Corporate Bonds (continued)
Consumer Cyclical (continued)
L Brands      
6.875% 11/1/35    250,000 $303,670
6.95% 3/1/33    167,000 185,370
Levi Strauss & Co. 144A 3.50% 3/1/31 #   220,000 222,750
MGM Resorts International 4.75% 10/15/28    95,000 99,055
Scientific Games International 144A 8.25% 3/15/26 #   164,000 174,124
Six Flags Entertainment 144A 4.875% 7/31/24 #   150,000 150,367
Wyndham Hotels & Resorts 144A 4.375% 8/15/28 #   627,000 640,716
  6,617,522
Consumer Non-Cyclical — 0.95%
Anheuser-Busch InBev Worldwide      
3.65% 2/1/26    125,000 138,717
4.15% 1/23/25    50,000 55,839
Auna 144A 6.50% 11/20/25 #   200,000 212,400
BAT Capital 2.259% 3/25/28    55,000 55,062
Bunge Finance 1.63% 8/17/25    150,000 151,862
CVS Health 3.25% 8/15/29    185,000 201,120
Gilead Sciences 4.15% 3/1/47    165,000 188,661
JBS USA LUX 144A 6.50% 4/15/29 #   305,000 343,695
Kraft Heinz Foods      
3.875% 5/15/27    240,000 262,617
5.20% 7/15/45    480,000 577,675
Pilgrim's Pride 144A 5.75% 3/15/25 #   535,000 546,262
Post Holdings      
144A 5.00% 8/15/26 #   311,000 324,723
144A 5.625% 1/15/28 #   160,000 168,256
144A 5.75% 3/1/27 #   295,000 309,462
Primo Water Holdings 144A 5.50% 4/1/25 #   272,000 280,190
  3,816,541
Energy — 2.20%
Apache      
4.75% 4/15/43    155,000 151,747
4.875% 11/15/27    120,000 125,963
Ascent Resources Utica Holdings 144A 7.00% 11/1/26 #   143,000 144,073
Chevron USA      
3.25% 10/15/29    85,000 94,818
3.90% 11/15/24    20,000 22,201
4.20% 10/15/49    15,000 17,746
5.05% 11/15/44    5,000 6,604
8    NQ-129 [2/21] 4/21 (1595594)
(Unaudited)
    Principal amount° Value (US $)
Corporate Bonds (continued)
Energy (continued)
CNX Resources      
144A 6.00% 1/15/29 #   255,000 $267,272
144A 7.25% 3/14/27 #   120,000 128,550
Crestwood Midstream Partners 144A 6.00% 2/1/29 #   243,000 240,875
DCP Midstream Operating 5.125% 5/15/29    360,000 382,108
Energy Transfer Operating      
5.25% 4/15/29    95,000 110,246
6.25% 4/15/49    60,000 71,850
Enterprise Products Operating 3.20% 2/15/52    50,000 46,673
EQM Midstream Partners      
144A 4.75% 1/15/31 #   150,000 144,750
144A 6.50% 7/1/27 #   270,000 290,014
Genesis Energy      
7.75% 2/1/28    390,000 385,694
8.00% 1/15/27    245,000 249,134
Israel Electric 144A 4.25% 8/14/28 #   300,000 338,625
KazTransGas 144A 4.375% 9/26/27 #   381,000 424,834
Lukoil Securities 144A 3.875% 5/6/30 #   205,000 217,310
Marathon Oil 4.40% 7/15/27    150,000 169,746
MPLX      
4.00% 3/15/28    30,000 33,542
5.50% 2/15/49    55,000 66,929
Murphy Oil      
5.875% 12/1/27    395,000 389,446
6.875% 8/15/24    65,000 66,056
Murphy Oil USA 144A 3.75% 2/15/31 #   230,000 230,144
Noble Energy 4.95% 8/15/47    50,000 64,724
NuStar Logistics 5.625% 4/28/27    228,000 238,688
Occidental Petroleum      
3.00% 2/15/27    130,000 122,290
3.40% 4/15/26    125,000 121,524
3.50% 8/15/29    130,000 124,478
6.125% 1/1/31    215,000 240,601
6.45% 9/15/36    105,000 119,858
6.625% 9/1/30    210,000 239,190
PDC Energy 5.75% 5/15/26    285,000 292,510
Petrobras Global Finance 6.75% 6/3/50    80,000 87,440
Pioneer Natural Resources 1.90% 8/15/30    95,000 91,439
PTTEP Treasury Center 144A 2.587% 6/10/27 #   185,000 193,079
NQ-129 [2/21] 4/21 (1595594)    9
Schedule of investments
Delaware Wealth Builder Fund (Unaudited)
    Principal amount° Value (US $)
Corporate Bonds (continued)
Energy (continued)
Sabine Pass Liquefaction      
5.625% 3/1/25    55,000 $63,440
5.75% 5/15/24    110,000 125,100
Saudi Arabian Oil 144A 1.625% 11/24/25 #   200,000 202,372
Southwestern Energy 7.75% 10/1/27    240,000 257,250
Targa Resources Partners 5.375% 2/1/27    237,000 246,436
TechnipFMC 144A 6.50% 2/1/26 #   455,000 476,791
Tengizchevroil Finance Co. International 144A 2.625% 8/15/25 #   200,000 205,069
Tennessee Gas Pipeline 144A 2.90% 3/1/30 #   130,000 133,879
UEP Penonome II 144A 6.50% 10/1/38 #   200,000 205,052
Western Midstream Operating 4.75% 8/15/28    115,000 120,756
  8,788,916
Financials — 0.82%
AerCap Global Aviation Trust 144A 6.50% 6/15/45 #, μ   240,000 250,834
AerCap Ireland Capital 4.45% 4/3/26    150,000 164,078
Air Lease 2.875% 1/15/26    150,000 156,187
Ally Financial      
5.75% 11/20/25    798,000 915,269
8.00% 11/1/31    385,000 551,734
Banco BTG Pactual 144A 2.75% 1/11/26 #   200,000 195,252
DAE Sukuk Difc 144A 3.75% 2/15/26 #   400,000 416,378
INEOS Quattro Finance 2 144A 3.375% 1/15/26 #   200,000 199,750
Jefferies Group      
4.15% 1/23/30    170,000 192,947
6.45% 6/8/27    10,000 12,762
6.50% 1/20/43    5,000 6,641
Oryx Funding 144A 5.80% 2/3/31 #   200,000 208,867
  3,270,699
Healthcare — 1.17%
Bausch Health 144A 5.50% 11/1/25 #   490,000 504,798
Centene      
3.375% 2/15/30    295,000 303,633
144A 5.375% 8/15/26 #   470,000 495,850
Community Health Systems      
144A 4.75% 2/15/31 #   65,000 63,822
144A 6.625% 2/15/25 #   170,000 179,095
DaVita 144A 4.625% 6/1/30 #   205,000 208,716
Encompass Health 5.75% 9/15/25    244,000 253,150
Hadrian Merger Sub 144A 8.50% 5/1/26 #   275,000 286,979
10    NQ-129 [2/21] 4/21 (1595594)
(Unaudited)
    Principal amount° Value (US $)
Corporate Bonds (continued)
Healthcare (continued)
HCA      
5.375% 2/1/25    339,000 $380,607
5.875% 2/15/26    219,000 253,427
7.58% 9/15/25    219,000 263,939
Hill-Rom Holdings 144A 5.00% 2/15/25 #   242,000 249,048
Ortho-Clinical Diagnostics      
144A 7.25% 2/1/28 #   120,000 131,325
144A 7.375% 6/1/25 #   147,000 157,750
Service Corp. International 4.625% 12/15/27    280,000 296,065
Tenet Healthcare      
5.125% 5/1/25    345,000 347,156
144A 6.125% 10/1/28 #   280,000 295,106
Universal Health Services 144A 5.00% 6/1/26 #   5,000 5,155
  4,675,621
Insurance — 0.23%
HUB International 144A 7.00% 5/1/26 #   415,000 432,864
USI 144A 6.875% 5/1/25 #   468,000 478,233
  911,097
Media — 1.37%
Altice Financing 144A 5.00% 1/15/28 #   200,000 200,285
AMC Networks 4.25% 2/15/29    540,000 529,232
CCO Holdings      
144A 4.50% 8/15/30 #   105,000 108,859
144A 4.50% 5/1/32 #   60,000 61,707
144A 5.375% 6/1/29 #   520,000 561,007
144A 5.875% 5/1/27 #   519,000 537,684
Charter Communications Operating      
4.80% 3/1/50    70,000 77,102
5.05% 3/30/29    100,000 117,421
Comcast 3.20% 7/15/36    80,000 86,354
CSC Holdings      
144A 3.375% 2/15/31 #   400,000 384,500
5.25% 6/1/24    5,000 5,391
Cumulus Media New Holdings 144A 6.75% 7/1/26 #   253,000 258,810
Discovery Communications 4.125% 5/15/29    135,000 153,165
Gray Television 144A 4.75% 10/15/30 #   475,000 475,891
Netflix 5.875% 11/15/28    400,000 480,380
Sinclair Television Group 144A 5.125% 2/15/27 #   362,000 360,036
Sirius XM Radio 144A 5.00% 8/1/27 #   470,000 490,085
Terrier Media Buyer 144A 8.875% 12/15/27 #   250,000 268,281
NQ-129 [2/21] 4/21 (1595594)    11
Schedule of investments
Delaware Wealth Builder Fund (Unaudited)
    Principal amount° Value (US $)
Corporate Bonds (continued)
Media (continued)
Time Warner Cable 7.30% 7/1/38    60,000 $85,952
Time Warner Entertainment 8.375% 3/15/23    25,000 28,978
ViacomCBS 4.375% 3/15/43    180,000 203,833
  5,474,953
Real Estate Investment Trusts — 0.26%
Crown Castle International 5.25% 1/15/23    125,000 135,633
CubeSmart 3.00% 2/15/30    140,000 147,435
Global Net Lease 144A 3.75% 12/15/27 #   97,000 97,038
Iron Mountain 144A 4.50% 2/15/31 #   440,000 437,338
MGM Growth Properties Operating Partnership      
144A 3.875% 2/15/29 #   50,000 50,719
5.75% 2/1/27    160,000 181,050
  1,049,213
Services — 0.54%
Aramark Services 144A 5.00% 2/1/28 #   485,000 497,731
Ashtead Capital 144A 5.25% 8/1/26 #   570,000 601,350
Covanta Holding 5.875% 7/1/25    233,000 241,471
GFL Environmental 144A 3.75% 8/1/25 #   98,000 100,266
Legends Hospitality Holding 144A 5.00% 2/1/26 #   150,000 152,813
Prime Security Services Borrower 144A 5.75% 4/15/26 #   310,000 334,412
United Rentals North America 3.875% 2/15/31    241,000 246,904
  2,174,947
Technology & Electronics — 0.45%
Apple 2.20% 9/11/29    140,000 144,506
CommScope Technologies 144A 5.00% 3/15/27 #   192,000 188,439
Global Payments 2.65% 2/15/25    135,000 142,799
Go Daddy Operating 144A 3.50% 3/1/29 #   240,000 239,100
NXP 144A 4.875% 3/1/24 #   80,000 89,295
Sensata Technologies UK Financing 144A 6.25% 2/15/26 #   285,000 294,769
SS&C Technologies 144A 5.50% 9/30/27 #   660,000 698,029
  1,796,937
Transportation — 0.38%
Delta Air Lines 7.375% 1/15/26    575,000 674,141
Hawaiian Brand Intellectual Property 144A 5.75% 1/20/26 #   240,000 252,046
Mileage Plus Holdings 144A 6.50% 6/20/27 #   250,000 273,437
Rutas 2 and 7 Finance 144A 3.413% 9/30/36 #, ^   200,000 149,400
12    NQ-129 [2/21] 4/21 (1595594)
(Unaudited)
    Principal amount° Value (US $)
Corporate Bonds (continued)
Transportation (continued)
Southwest Airlines 5.125% 6/15/27    40,000 $46,891
VistaJet Malta Finance 144A 10.50% 6/1/24 #   120,000 128,100
  1,524,015
Utilities — 0.85%
Calpine      
144A 4.50% 2/15/28 #   92,000 94,668
144A 5.00% 2/1/31 #   255,000 252,761
144A 5.25% 6/1/26 #   167,000 172,052
Centrais Eletricas Brasileiras 144A 3.625% 2/4/25 #   200,000 203,440
Duke Energy 4.875% 9/16/24 μ, ψ   85,000 91,117
Enel 144A 8.75% 9/24/73 #, μ   200,000 233,000
Entergy Louisiana 4.95% 1/15/45    5,000 5,481
Entergy Mississippi 2.85% 6/1/28    60,000 64,739
Entergy Texas 3.55% 9/30/49    115,000 121,925
Evergy 2.90% 9/15/29    160,000 169,982
Evergy Metro 3.65% 8/15/25    25,000 27,716
Infraestructura Energetica Nova 144A 3.75% 1/14/28 #   205,000 218,069
Mong Duong Finance Holdings 144A 5.125% 5/7/29 #   500,000 508,437
National Rural Utilities Cooperative Finance 4.75% 4/30/43 μ   5,000 5,212
NextEra Energy Capital Holdings 5.65% 5/1/79 μ   55,000 64,331
PG&E 5.25% 7/1/30    245,000 262,383
Southern California Edison      
4.00% 4/1/47    30,000 32,520
4.875% 3/1/49    45,000 55,232
Southwestern Electric Power 4.10% 9/15/28    165,000 187,826
Vistra Operations 144A 5.50% 9/1/26 #   620,000 644,025
  3,414,916
Total Corporate Bonds (cost $60,397,253) 62,711,131
Non-Agency Commercial Mortgage-Backed Securities — 0.58%
BANK      
Series 2017-BNK5 B 3.896% 6/15/60 •   95,000 104,512
Series 2019-BN20 A3 3.011% 9/15/62   250,000 269,623
Benchmark Mortgage Trust
Series 2020-B20 A5 2.034% 10/15/53 		  300,000 300,109
CD Mortgage Trust
Series 2019-CD8 A4 2.912% 8/15/57 		  250,000 266,118
NQ-129 [2/21] 4/21 (1595594)    13
Schedule of investments
Delaware Wealth Builder Fund (Unaudited)
    Principal amount° Value (US $)
Non-Agency Commercial Mortgage-Backed Securities (continued)
DB-JPM Mortgage Trust
Series 2016-C3 A5 2.89% 8/10/49 		  250,000 $269,946
Grace Trust
Series 2020-GRCE A 144A 2.347% 12/10/40 # 		  100,000 101,536
GS Mortgage Securities Trust      
Series 2017-GS6 A3 3.433% 5/10/50   165,000 181,982
Series 2019-GC42 A4 3.001% 9/1/52   250,000 269,926
JPM-BB Commercial Mortgage Securities Trust
Series 2015-C33 A4 3.77% 12/15/48 		  500,000 555,500
Total Non-Agency Commercial Mortgage-Backed Securities (cost $2,253,156) 2,319,252
Sovereign Bonds — 2.18%Δ
Armenia — 0.05%
Republic of Armenia International Bond      
  144A 3.60% 2/2/31 #   200,000 184,831
  184,831
Bermuda — 0.05%
Bermuda Government International Bond      
  144A 2.375% 8/20/30 #   200,000 198,000
  198,000
Brazil — 0.10%
Brazil Notas do Tesouro Nacional Serie F      
  10.00% 1/1/27  BRL 2,000,000 390,905
  390,905
Dominican Republic — 0.15%
Dominican Republic International Bonds      
  144A 4.50% 1/30/30 #   396,000 401,445
  144A 4.875% 9/23/32 #   200,000 203,750
  605,195
Egypt — 0.11%
Egypt Government International Bond      
  144A 5.75% 5/29/24 #   400,000 423,956
  423,956
Gabon — 0.05%
Gabon Government International Bond      
  144A 6.625% 2/6/31 #   200,000 196,323
  196,323
14    NQ-129 [2/21] 4/21 (1595594)
(Unaudited)
    Principal amount° Value (US $)
Sovereign BondsΔ (continued)
Georgia — 0.05%
Georgia Government International Bond      
  6.875% 4/12/21    200,000 $201,107
  201,107
Honduras — 0.06%
Honduras Government International Bond      
  144A 5.625% 6/24/30 #   200,000 219,500
  219,500
Indonesia — 0.08%
Indonesia Government International Bond      
  144A 4.125% 1/15/25 #   300,000 331,117
  331,117
Israel — 0.08%
Israel Government International Bond      
  2.75% 7/3/30    310,000 331,119
  331,119
Ivory Coast — 0.15%
Ivory Coast Government International Bonds      
  144A 4.875% 1/30/32 # EUR 200,000 242,119
  144A 6.125% 6/15/33 #   200,000 215,855
  144A 6.875% 10/17/40 # EUR 100,000 131,545
  589,519
Malaysia — 0.04%
Malaysia Government Bond      
  3.955% 9/15/25  MYR 647,000 171,084
  171,084
Mongolia — 0.11%
Development Bank of Mongolia 144A 7.25% 10/23/23 #   200,000 219,004
Mongolia Government International Bond 144A 5.625% 5/1/23 #   200,000 212,000
  431,004
Morocco — 0.08%
Morocco Government International Bonds      
  144A 1.375% 3/30/26 # EUR 100,000 122,249
  144A 2.375% 12/15/27 #   200,000 197,411
  319,660
NQ-129 [2/21] 4/21 (1595594)    15
Schedule of investments
Delaware Wealth Builder Fund (Unaudited)
    Principal amount° Value (US $)
Sovereign BondsΔ (continued)
North Macedonia — 0.03%
North Macedonia Government International Bond      
  144A 3.675% 6/3/26 # EUR 100,000 $134,352
  134,352
Panama — 0.04%
Panama Government International Bond      
  144A 3.75% 4/17/26 #   155,000 168,015
  168,015
Paraguay — 0.11%
Paraguay Government International Bond      
  144A 4.95% 4/28/31 #   400,000 454,000
  454,000
Peru — 0.18%
Corp Financiera de Desarrollo 144A 2.40% 9/28/27 #   200,000 201,200
Peruvian Government International Bonds      
  2.392% 1/23/26    200,000 208,300
  144A 5.35% 8/12/40 # PEN 1,178,000 315,375
  724,875
Romania — 0.16%
Romania Government Bond 4.15% 1/26/28  RON 1,400,000 365,225
Romanian Government International Bonds      
  144A 2.625% 12/2/40 # EUR 73,000 86,985
  144A 3.00% 2/14/31 #   190,000 192,847
  645,057
Senegal — 0.05%
Senegal Government International Bond      
  144A 6.25% 5/23/33 #   200,000 213,451
  213,451
Serbia — 0.13%
Serbia International Bonds      
  144A 2.125% 12/1/30 #   200,000 188,831
  144A 3.125% 5/15/27 # EUR 250,000 334,511
  523,342
Turkey — 0.06%
Turkey Government International Bond      
  6.375% 10/14/25    200,000 214,750
  214,750
16    NQ-129 [2/21] 4/21 (1595594)
(Unaudited)
    Principal amount° Value (US $)
Sovereign BondsΔ (continued)
Ukraine — 0.10%
Ukraine Government International Bond      
  144A 7.75% 9/1/21 #   384,000 $391,881
  391,881
Uruguay — 0.09%
Uruguay Government International Bonds      
  4.375% 1/23/31    100,000 115,657
  4.50% 8/14/24    53,000 57,897
  9.875% 6/20/22  UYU 7,989,000 193,432
  366,986
Uzbekistan — 0.07%
Republic of Uzbekistan Bond      
  144A 4.75% 2/20/24 #   250,000 266,738
  266,738
Total Sovereign Bonds (cost $8,570,780) 8,696,767
Supranational Bank — 0.25%
Banco Latinoamericano de Comercio Exterior
144A 2.375% 9/14/25 # 		  250,000 256,062
Banque Ouest Africaine de Developpement
144A 4.70% 10/22/31 # 		  402,000 436,150
Central American Bank For Economic Integration
144A 2.00% 5/6/25 # 		  300,000 313,197
Total Supranational Bank (cost $960,693) 1,005,409
US Treasury Obligations — 1.00%
US Treasury Bonds      
1.375% 11/15/40   215,000 192,358
1.375% 8/15/50   150,000 125,273
4.375% 2/15/38   255,000 351,930
US Treasury Floating Rate Note
0.089% (USBMMY3M + 0.05%) 1/31/23 • 		  190,000 190,052
US Treasury Inflation Indexed Notes
0.125% 7/15/30 		  370,811 406,549
US Treasury Notes      
0.375% 1/31/26   595,000 585,424
0.875% 11/15/30   1,495,000 1,425,856
1.125% 2/15/31   345,000 336,591
NQ-129 [2/21] 4/21 (1595594)    17
Schedule of investments
Delaware Wealth Builder Fund (Unaudited)
    Principal amount° Value (US $)
US Treasury Obligations (continued)
US Treasury Notes      
1.50% 2/15/30   270,000 $274,177
US Treasury Strip Principal
2.101% 5/15/44 ^ 		  165,000 100,096
Total US Treasury Obligations (cost $4,118,627) 3,988,306
    Number of shares  
Common Stock — 55.55%
Communication Services — 4.89%
Alphabet Class A †   95 192,082
Alphabet Class C †   90 183,317
AT&T    88,960 2,481,094
Century Communications †   1,625,000 0
Comcast Class A    84,603 4,460,270
Facebook Class A †   1,060 273,077
KDDI    43,600 1,345,692
Orange    83,280 959,397
Verizon Communications    85,200 4,711,560
ViacomCBS Class B    3,870 249,576
Walt Disney †   24,766 4,681,765
  19,537,830
Consumer Discretionary — 4.95%
adidas AG †   3,540 1,233,946
Amazon.com †   345 1,067,061
Best Buy    3,200 321,120
Buckle    10,090 387,860
Dollar Tree †   42,000 4,124,400
eBay    6,530 368,423
H & M Hennes & Mauritz Class B †   37,120 874,818
Home Depot    2,230 576,098
Lowe's    28,500 4,552,875
MercadoLibre †   50 81,905
Newell Brands    13,650 316,270
Next †   3,670 386,546
Publicis Groupe    34,240 2,005,298
Sodexo †   12,750 1,218,682
Swatch Group    5,330 1,589,068
Tractor Supply    2,410 383,094
Whirlpool    1,700 323,136
  19,810,600
Consumer Staples — 6.58%
Altria Group    8,470 369,292
18    NQ-129 [2/21] 4/21 (1595594)
(Unaudited)
    Number of shares Value (US $)
Common Stock (continued)
Consumer Staples (continued)
Archer-Daniels-Midland    82,400 $4,662,192
Asahi Group Holdings    22,100 956,191
Clorox    1,600 289,680
Colgate-Palmolive    4,520 339,904
Conagra Brands    122,000 4,139,460
Danone    28,680 1,953,734
Diageo    47,910 1,877,294
Essity Class B    26,720 803,128
Kao    6,800 455,736
Kellogg    4,670 269,506
Kimberly-Clark    2,340 300,292
Kirin Holdings    18,500 362,468
Koninklijke Ahold Delhaize    49,390 1,301,478
Kroger    5,200 167,492
Lawson    12,400 578,733
Mondelez International Class A    76,400 4,061,424
Nestle    16,750 1,749,299
Philip Morris International    4,870 409,177
Seven & i Holdings    33,400 1,264,936
  26,311,416
Energy — 1.34%
ConocoPhillips    91,061 4,736,083
Kinder Morgan    19,250 282,975
Williams    15,110 345,112
  5,364,170
Financials — 6.60%
Allstate    40,000 4,264,000
American International Group    105,200 4,623,540
Ameriprise Financial    1,810 400,445
Artisan Partners Asset Management Class A    5,900 280,250
Banco Espirito Santo †   105,000 0
BlackRock    590 409,755
Comerica    1,900 129,390
Discover Financial Services    44,800 4,214,336
Huntington Bancshares    26,490 406,357
Invesco    17,370 389,435
MetLife    90,115 5,190,624
Morgan Stanley    3,850 295,950
Principal Financial Group    6,590 372,862
Prudential Financial    4,410 382,435
NQ-129 [2/21] 4/21 (1595594)    19
Schedule of investments
Delaware Wealth Builder Fund (Unaudited)
    Number of shares Value (US $)
Common Stock (continued)
Financials (continued)
S&P Global    1,070 $352,415
Truist Financial    81,900 4,665,024
  26,376,818
Healthcare — 8.71%
AbbVie     4,400 474,056
Alexandria Real Estate Equities    3,020 482,264
AmerisourceBergen    3,180 321,880
Amgen    1,680 377,866
Cardinal Health    81,200 4,183,424
Cigna    19,700 4,135,030
CVS Health    59,500 4,053,735
Eli Lilly and Co.    1,490 305,286
Fresenius Medical Care AG & Co.    24,810 1,717,043
Healthcare Trust of America Class A    10,258 278,607
Humana    830 315,109
Johnson & Johnson    30,650 4,856,799
Merck & Co.    59,710 4,336,140
Molina Healthcare †   1,540 333,810
Novo Nordisk Class B    26,970 1,916,458
Pfizer    12,520 419,295
Roche Holding     6,050 1,981,639
UnitedHealth Group    1,650 548,163
Viatris †   256,520 3,809,322
  34,845,926
Industrials — 5.44%
Caterpillar    21,693 4,683,085
G4S †   438,180 1,482,227
Honeywell International    21,433 4,336,968
Lockheed Martin    1,030 340,157
Northrop Grumman    14,500 4,229,070
Raytheon Technologies    61,079 4,397,077
Secom    5,100 441,415
Securitas Class B    95,440 1,463,152
United Parcel Service Class B    2,410 380,370
  21,753,521
Information Technology — 8.43%
Adobe †   1,020 468,863
Apple    13,720 1,663,687
Broadcom    10,720 5,037,007
Cisco Systems    100,030 4,488,346
Cognizant Technology Solutions Class A    54,632 4,014,359
20    NQ-129 [2/21] 4/21 (1595594)
(Unaudited)
    Number of shares Value (US $)
Common Stock (continued)
Information Technology (continued)
Fidelity National Information Services    17,594 $2,427,972
HP    15,500 449,035
International Business Machines    3,320 394,848
Lam Research    790 448,080
Maxim Integrated Products    4,060 378,270
Microsoft    7,880 1,831,154
Motorola Solutions    25,000 4,387,000
NetApp    5,680 355,568
NVIDIA    1,120 614,410
Oracle    70,900 4,573,759
Paychex    3,360 305,995
QUALCOMM    2,940 400,399
SAP    9,530 1,173,529
Western Union    13,520 313,934
  33,726,215
Materials — 1.51%
Air Liquide    12,580 1,892,746
Dow    6,800 403,308
DuPont de Nemours    53,100 3,733,992
  6,030,046
Real Estate — 0.06%
eXp World Holdings †   4,100 247,599
  247,599
REIT Diversified — 0.51%
Colony Capital    27,469 162,616
Cousins Properties    10,762 360,957
Gaming and Leisure Properties    4,215 187,146
Lexington Realty Trust    21,593 231,477
QTS Realty Trust Class A    4,830 300,040
VICI Properties    28,381 808,859
  2,051,095
REIT Healthcare — 0.61%
CareTrust REIT    6,428 142,573
Healthpeak Properties    12,305 357,953
Medical Properties Trust    33,966 733,326
National Health Investors    1,935 132,102
Omega Healthcare Investors    8,400 311,976
Ventas    4,419 233,765
Welltower    8,012 544,015
  2,455,710
NQ-129 [2/21] 4/21 (1595594)    21
Schedule of investments
Delaware Wealth Builder Fund (Unaudited)
    Number of shares Value (US $)
Common Stock (continued)
REIT Hotel — 0.06%
Host Hotels & Resorts    13,096 $217,263
  217,263
REIT Industrial — 0.57%
Americold Realty Trust    5,365 187,990
Duke Realty    10,450 410,162
Prologis    16,392 1,623,955
Terreno Realty    1,318 73,861
  2,295,968
REIT Information Technology — 0.53%
CyrusOne    2,181 143,139
Digital Realty Trust    5,364 722,692
Equinix    1,944 1,260,373
  2,126,204
REIT Mall — 0.25%
Simon Property Group    8,934 1,008,827
  1,008,827
REIT Manufactured Housing — 0.21%
Equity LifeStyle Properties    6,293 387,964
Sun Communities    2,834 430,626
  818,590
REIT Mortgage — 0.08%
AGNC Investment    19,140 306,814
  306,814
REIT Multifamily — 1.60%
Apartment Income REIT    2,333 95,373
AvalonBay Communities    2,437 428,303
Bluerock Residential Growth REIT    41 440
Camden Property Trust    1,883 196,114
Equity Residential    74,902 4,899,340
Essex Property Trust    1,714 436,710
Mid-America Apartment Communities    808 108,862
UDR    6,072 249,984
  6,415,126
REIT Office — 0.24%
Boston Properties    5,340 529,354
Douglas Emmett    1,563 51,188
Highwoods Properties    8,170 326,473
22    NQ-129 [2/21] 4/21 (1595594)
(Unaudited)
    Number of shares Value (US $)
Common Stock (continued)
REIT Office (continued)
Piedmont Office Realty Trust Class A    13 $222
SL Green Realty    738 50,971
  958,208
REIT Self-Storage — 0.40%
CubeSmart    2,700 99,792
Extra Space Storage    4,308 541,515
Life Storage    2,593 217,553
National Storage Affiliates Trust    4,852 187,045
Public Storage    2,308 539,933
  1,585,838
REIT Shopping Center — 0.34%
Brixmor Property Group    13,268 261,114
Federal Realty Investment Trust    1,215 122,922
Kimco Realty    8,207 150,434
Regency Centers    4,809 263,437
Retail Opportunity Investments    8,919 141,009
Urban Edge Properties    11,236 185,394
Weingarten Realty Investors    8,904 226,073
  1,350,383
REIT Single Tenant — 0.30%
Agree Realty    2,880 185,933
Four Corners Property Trust    4,393 119,006
Realty Income    8,356 503,532
Spirit Realty Capital    6,348 273,091
STORE Capital    3,338 111,623
  1,193,185
REIT Specialty — 0.28%
Invitation Homes    19,104 556,691
Iron Mountain    11,380 395,910
Outfront Media    8,514 172,664
  1,125,265
Utilities — 1.06%
Edison International    72,600 3,919,674
PPL    11,830 309,828
  4,229,502
Total Common Stock (cost $200,602,428) 222,142,119
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Schedule of investments
Delaware Wealth Builder Fund (Unaudited)
    Number of shares Value (US $)
Convertible Preferred Stock — 2.96%
2020 Mandatory Exchangeable Trust 144A 6.50% exercise price $47.09, maturity date 5/16/23 #   925 $2,089,322
AMG Capital Trust II 5.15% exercise price $195.47, maturity date 10/15/37    15,060 792,156
Assurant 6.50% exercise price $106.55, maturity date 3/15/21    8,095 938,939
Bank of America 7.25% exercise price $50.00 **   621 863,631
El Paso Energy Capital Trust I 4.75% exercise price $34.49, maturity date 3/31/28    37,355 1,867,376
Elanco Animal Health 5.00% exercise price $38.40, maturity date 2/1/23    26,756 1,347,700
Essential Utilities 6.00% exercise price $42.29, maturity date 4/30/22    18,650 1,017,171
Lyondellbasell Advanced Polymers 6.00% exercise price $52.33 **   2,119 2,247,200
QTS Realty Trust 6.50% exercise price $46.72 **   4,904 690,777
Total Convertible Preferred Stock (cost $9,882,583) 11,854,272
Preferred Stock — 0.16%
Bank of America 6.50% 10/23/24 μ, ψ   440,000 490,732
GMAC Capital Trust I 5.983% (LIBOR03M + 5.785%) 02/15/40 •   5,000 129,750
Washington Prime Group 6.875% 04/14/21 ψ   4,347 30,212
Total Preferred Stock (cost $676,450) 650,694
Exchange-Traded Funds — 7.50%
iShares Core MSCI Emerging Markets ETF   154,400 9,994,312
iShares Russell 1000 Growth ETF   66,350 15,868,930
iShares Trust iShares ESG Aware MSCI EAFE ETF   3,570 264,251
Vanguard FTSE Developed Markets ETF   130 6,241
Vanguard Mega Cap Growth ETF   19,030 3,847,105
Total Exchange-Traded Funds (cost $26,657,244) 29,980,839
Limited Partnerships — 2.15%
Merion Champion's Walk=, †, π   2,790,000 2,255,436
Merion Countryside=, †, π   2,342,812 2,466,045
Merion The Ledges=, †, π   4,093,765 3,886,620
Total Limited Partnerships (cost $5,600,501) 8,608,101
24    NQ-129 [2/21] 4/21 (1595594)
(Unaudited)
    Principal amount° Value (US $)
Leveraged Non-Recourse Security — 0.00%
JPMorgan Fixed Income Pass Through Trust Auction
Series 2007-B 144A 0.241% 1/15/87 #, =, ♦ 		  1,300,000 $1,300
Total Leveraged Non-Recourse Security (cost $1,105,000) 1,300
    Number of shares  
Short-Term Investments — 0.91%
Money Market Mutual Funds — 0.91%
BlackRock FedFund – Institutional Shares (seven-day effective yield 0.01%)   911,093 911,093
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 0.01%)   911,093 911,093
GS Financial Square Government Fund – Institutional Shares (seven-day effective yield 0.03%)   911,093 911,093
Morgan Stanley Government Portfolio – Institutional Share Class (seven-day effective yield 0.00%)   911,093 911,093
Total Short-Term Investments (cost $3,644,372) 3,644,372
Total Value of Securities—99.86%
(cost $363,156,444) 		    399,342,956
Receivables and Other Assets Net of Liabilities—0.14%     567,558
Net Assets Applicable to 28,032,859 Shares Outstanding—100.00%     $399,910,514
° 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 February 28, 2021, the aggregate value of Rule 144A securities was $52,335,493, which represents 13.09% of the Fund's net assets.
• Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at February 28, 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.
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Schedule of investments
Delaware Wealth Builder Fund (Unaudited)
μ Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at February 28, 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 origin.
† 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 February 28, 2021, the aggregate value of restricted securities was $8,608,101, which represented 2.15% of the Fund’s net assets. See table on the next page for additional details on restricted securities.
♦ 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.
Restricted Securities            
Investments   Date of Acquisition   Cost   Value
Merion Champion's Walk   8/4/2017   $1,997,801   $2,043,424
Merion Champion's Walk   2/13/2018   51,819   53,003
Merion Champion's Walk   7/11/2018   54,590   53,003
Merion Champion's Walk   10/22/2018   55,525   53,003
Merion Champion's Walk   2/13/2019   56,439   53,003
Merion Countryside   8/13/2020   0   2,466,045
Merion The Ledges   9/26/2018   3,130,386   3,628,607
Merion The Ledges   9/12/2019   130,411   140,734
Merion The Ledges   2/1/2021   123,530   117,279
Total       $5,600,501   $8,608,101
The following foreign currency exchange contracts, futures contracts, and swap contracts were outstanding at February 28, 2021:
Foreign Currency Exchange Contracts            
Counterparty   Currency to
Receive (Deliver) 		  In Exchange For   Settlement
Date 		  Unrealized
Appreciation 		  Unrealized
Depreciation
BNYM   DKK (26,510)   USD 4,356   3/1/21   $55   $—
BNYM   GBP (3,221)   USD 4,540   3/1/21   52   —
BNYM   JPY (2,829,316)   USD 26,629   3/1/21   87   —
BNYM   SEK (112,438)   USD 13,619   3/1/21   303   —
CITI   MXN 20,507   USD (1,000)   3/26/21   —   (23)
JPMCB   BRL (1,878,568)   USD 339,000   8/27/21   7,341   —
26    NQ-129 [2/21] 4/21 (1595594)
(Unaudited)
Foreign Currency Exchange Contracts            
Counterparty   Currency to
Receive (Deliver) 		  In Exchange For   Settlement
Date 		  Unrealized
Appreciation 		  Unrealized
Depreciation
JPMCB   CNY 2,612,131   USD (402,113)   3/26/21   $—   $(382)
JPMCB   EGP 3,156,140   USD (197,505)   4/1/21   1,807   —
JPMCB   EUR (1,257,925)   USD 1,529,400   3/26/21   10,484   —
JPMCB   KZT 408,064,349   USD (969,704)   3/26/21   —   (1,902)
Total Foreign Currency Exchange Contracts   $20,129   $(2,307)
Futures Contracts
Exchange-Traded
Contracts to Buy (Sell)   Notional
Amount 		  Notional
Cost
(Proceeds) 		  Expiration
Date 		  Value/
Unrealized
Appreciation 		  Variation
Margin
Due from
(Due to)
Brokers
(9) US Treasury 10 yr Notes   $(1,194,469)   $(1,208,087)   6/21/21   $13,618   $(1,266)
Swap Contracts
CDS Contracts1
Counterparty/
Reference Obligation/
Termination Date/
Payment Frequency 		  Notional
Amount2 		  Annual Protection
Payments 		  Value   Upfront
Payments
Paid
(Received) 		  Unrealized
Depreciation3 		  Variation Margin
Due from
(Due to) Brokers
Over-The-Counter:                        
Protection Purchased/Moody’s Ratings:                        
JPMCB-Republic of Brazil
9/20/25-
Quarterly 		   359,000   1.000%   $14,026   $17,510   $(3,484)   $—
JPMCB-Republic of Turkey
12/20/25-
Quarterly 		   200,000   1.000%   19,022   32,838   (13,816)   —
    33,048   50,348   (17,300)   —
The use of foreign currency exchange contracts, futures contracts, and swap contracts involves elements of market risk and risks in excess of the amounts disclosed in these financial statements. The notional amounts and foreign currency
NQ-129 [2/21] 4/21 (1595594)    27
Schedule of investments
Delaware Wealth Builder Fund (Unaudited)
exchange contracts presented above represent the Fund's total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) and variation margin are 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 (receipt) on swap contracts accrued daily in the amount of $(1,087).
Summary of abbreviations:
AG – Aktiengesellschaft
BB – Barclays Bank
BNYM – Bank of New York Mellon
CDS – Credit Default Swap
CITI – Citigroup
CLO – Collateralized Loan Obligation
EAFE – Europe, Australasia, and Far East
ESG – Environmental, Social and Governance
ETF – Exchange-Traded Fund
FTSE – Financial Times Stock Exchange
GS – Goldman Sachs
ICE – Intercontinental Exchange, Inc.
JPM – JPMorgan
JPMCB – JPMorgan Chase Bank
LIBOR – London interbank offered rate
LIBOR03M – ICE LIBOR USD 3 Month
LIBOR06M – ICE LIBOR USD 6 Month
MSCI – Morgan Stanley Capital International
REIT – Real Estate Investment Trust
S&P – Standard & Poor’s Financial Services LLC
28    NQ-129 [2/21] 4/21 (1595594)
(Unaudited)
Summary of abbreviations: (continued)
S.F. – Single Family
TBA – To be announced
USBMMY3M – US Treasury 3 Month Bill Money Market Yield
yr – Year
Summary of currencies:
BRL – Brazilian Real
CNY – China Yuan Renminbi
DKK – Danish Krone
EGP – Egypt Pound
EUR – European Monetary Unit
GBP – British Pound Sterling
JPY – Japanese Yen
KZT – Kazakhstan Tenge
MXN – Mexican Peso
MYR – Malaysia Ringgit
PEN – Peruvian Sol
RON – Romania New Leu
SEK – Swedish Krona
USD – US Dollar
UYU – Uruguay Peso
NQ-129 [2/21] 4/21 (1595594)    29