Schedule of investments
Delaware Wealth Builder Fund  February 29, 2024 (Unaudited)
    Principal
amount°
Value (US $)
Agency Collateralized Mortgage Obligations — 0.22%
Connecticut Avenue Securities Trust
Series 2023-R08 1M1 144A 6.822% (SOFR + 1.50%) 10/25/43 #, •
      1,107,356 $  1,109,451
Fannie Mae REMIC
Series 2013-44 DI 3.00% 5/25/33 Σ
        211,603       16,979
Freddie Mac REMIC
Series 5092 WG 1.00% 4/25/31
        184,757      161,601
Freddie Mac Structured Agency Credit Risk
REMIC Trust
     
Series 2021-HQA2 M1 144A 6.022% (SOFR + 0.70%) 12/25/33 #, •           1,220        1,220
Series 2023-HQA3 A1 144A 7.172% (SOFR + 1.85%) 11/25/43 #, •         295,681      299,665
GNMA      
Series 2013-113 LY 3.00% 5/20/43         439,135      392,243
Series 2017-10 KZ 3.00% 1/20/47           1,236       1,071
Total Agency Collateralized Mortgage Obligations
(cost $2,067,733)
  1,982,230
Agency Commercial Mortgage-Backed Security — 0.01%
Freddie Mac Multifamily Structured Pass Through Certificates
Series K729 A2 3.136% 10/25/24 ♦
         85,055      83,740
Total Agency Commercial Mortgage-Backed Security
(cost $92,563)
     83,740
Agency Mortgage-Backed Securities — 5.29%
Fannie Mae
3.50% 10/1/42
        319,378      290,606
Fannie Mae S.F. 15 yr      
2.00% 2/1/36         247,748      219,921
2.00% 4/1/36         425,875      378,534
2.50% 8/1/36         587,970      534,095
4.50% 9/1/37          80,842       79,107
Fannie Mae S.F. 20 yr      
2.00% 3/1/41          92,806       77,848
2.00% 5/1/41         782,770      656,122
2.50% 1/1/41          44,339       38,443
4.00% 8/1/42         473,784      443,310
4.00% 9/1/42         550,587      514,274
Fannie Mae S.F. 30 yr      
2.00% 12/1/50         125,332       99,714
NQ- 129 [0224] 0424 (3502139)    1

 

Schedule of investments
Delaware Wealth Builder Fund   (Unaudited)
    Principal
amount°
Value (US $)
Agency Mortgage-Backed Securities (continued)
Fannie Mae S.F. 30 yr      
2.00% 1/1/51          33,846 $     27,133
2.00% 2/1/51         887,872      711,457
2.00% 3/1/51         473,018      373,347
2.00% 5/1/51         807,821      635,372
2.00% 9/1/51       1,062,349      837,265
2.00% 1/1/52          70,973       56,675
2.50% 1/1/43          16,356       13,935
2.50% 8/1/50         569,770      478,207
2.50% 9/1/50          79,308       65,733
2.50% 11/1/50         360,669      297,505
2.50% 1/1/51         249,164      209,252
2.50% 5/1/51          19,969       16,638
2.50% 6/1/51          26,268       21,971
2.50% 7/1/51          48,189       39,927
2.50% 8/1/51         592,500      492,948
2.50% 11/1/51         347,001      287,138
2.50% 2/1/52       1,398,319    1,160,281
2.50% 4/1/52         725,006      599,407
3.00% 1/1/47         158,795      141,039
3.00% 11/1/48           8,757        7,651
3.00% 11/1/49         250,205      219,716
3.00% 3/1/50         358,179      312,289
3.00% 7/1/50         199,406      173,579
3.00% 7/1/51         137,512      118,968
3.00% 5/1/52       1,339,303    1,153,552
3.50% 1/1/46         112,570      103,072
3.50% 7/1/47         189,806      173,503
3.50% 2/1/48          45,281       41,087
3.50% 11/1/48         229,996      208,415
3.50% 12/1/49         135,496      122,834
3.50% 3/1/50          10,185        9,310
3.50% 7/1/50       1,867,626    1,686,899
3.50% 8/1/50         871,351      789,597
3.50% 9/1/50         556,570      507,398
3.50% 6/1/51         582,605      521,496
3.50% 1/1/52         359,565      320,496
3.50% 5/1/52         273,089      246,310
3.50% 9/1/52         195,900      174,434
4.00% 3/1/47         180,187      169,485
4.00% 4/1/47           6,780        6,386
4.00% 6/1/48          80,362       75,505
2    NQ- 129 [0224] 0424 (3502139)

 

(Unaudited)
    Principal
amount°
Value (US $)
Agency Mortgage-Backed Securities (continued)
Fannie Mae S.F. 30 yr      
4.00% 9/1/48           3,369 $      3,151
4.00% 10/1/48         288,141      271,384
4.00% 6/1/49           6,261        5,897
4.00% 5/1/51         420,879      391,533
4.00% 6/1/52         463,250      426,475
4.00% 9/1/52         151,547      139,501
4.50% 11/1/47          76,555       74,028
4.50% 9/1/48         341,970      328,260
4.50% 1/1/49          12,490       12,015
4.50% 5/1/49         132,081      126,712
4.50% 1/1/50       1,392,421    1,357,962
4.50% 4/1/50         193,396      186,532
4.50% 9/1/52         142,812      135,273
4.50% 10/1/52       1,881,844    1,781,841
4.50% 2/1/53       2,684,836    2,542,159
5.00% 7/1/47         700,507      695,087
5.00% 7/1/49          74,459       73,376
5.00% 8/1/49         567,173      564,462
5.00% 8/1/53         980,625      951,204
5.50% 5/1/44       1,217,289    1,235,953
5.50% 8/1/52         401,244      397,835
5.50% 10/1/52         259,069      256,809
6.00% 1/1/42         702,400      724,521
6.00% 6/1/53         206,288      207,205
6.00% 9/1/53       2,144,267    2,153,819
6.50% 11/1/33          57,330       59,119
6.50% 6/1/36          11,551       11,869
7.00% 3/1/32          81,364       83,537
7.00% 8/1/32          70,760       72,649
Freddie Mac S.F. 15 yr      
3.00% 3/1/35         484,925      452,290
4.50% 9/1/37         420,779      412,120
Freddie Mac S.F. 20 yr      
2.00% 3/1/41         106,902       89,685
2.50% 2/1/42         184,924      159,741
2.50% 9/1/42         434,405      375,373
3.00% 9/1/40         169,796      151,845
3.00% 6/1/42         273,903      242,312
Freddie Mac S.F. 30 yr      
2.00% 9/1/51         156,771      124,214
2.00% 2/1/52         652,085      512,798
NQ- 129 [0224] 0424 (3502139)    3

 

Schedule of investments
Delaware Wealth Builder Fund   (Unaudited)
    Principal
amount°
Value (US $)
Agency Mortgage-Backed Securities (continued)
Freddie Mac S.F. 30 yr      
2.00% 3/1/52           7,232 $      5,699
2.50% 11/1/50         387,908      323,596
2.50% 12/1/51         537,282      447,998
3.00% 11/1/46         890,352      779,275
3.00% 8/1/50         127,699      111,406
3.00% 12/1/50         361,594      314,946
3.00% 8/1/51         640,107      553,143
3.50% 8/1/49         438,738      396,446
3.50% 4/1/52          25,311       22,653
3.50% 6/1/52          21,553       19,253
4.00% 10/1/47          20,728       19,318
4.00% 9/1/49       1,000,166      937,997
4.00% 8/1/52         428,917      397,117
4.00% 9/1/52         721,453      665,031
4.50% 8/1/48          63,508       61,308
4.50% 1/1/49          78,390       75,346
4.50% 8/1/49          19,479       18,892
4.50% 10/1/52         667,744      632,260
5.00% 6/1/53       1,690,103    1,640,837
5.50% 9/1/41          18,251       18,557
5.50% 9/1/52         662,105      666,698
5.50% 10/1/52         606,623      601,470
5.50% 3/1/53         300,967      300,446
5.50% 6/1/53         351,721      348,019
6.00% 1/1/53         351,218      358,099
GNMA I S.F. 30 yr
3.00% 8/15/45
        735,355      652,192
GNMA II S.F. 30 yr      
3.00% 12/20/51         103,966       91,163
3.00% 1/20/52         152,485      133,718
5.50% 5/20/53       1,790,377    1,779,698
6.00% 2/20/54         390,000     392,150
Total Agency Mortgage-Backed Securities
(cost $50,706,183)
 47,494,463
4    NQ- 129 [0224] 0424 (3502139)

 

(Unaudited)
    Principal
amount°
Value (US $)
Collateralized Debt Obligations — 0.27%
Cedar Funding IX CLO
Series 2018-9A A1 144A 6.559% (TSFR03M + 1.24%, Floor 0.98%) 4/20/31 #, •
        436,247 $    436,281
ICG US CLO 2014-1
Series 2014-1A A1A2 144A 6.779% (TSFR03M + 1.46%, Floor 1.20%) 10/20/34 #, •
        250,000      249,300
Park Avenue Institutional Advisers CLO
Series 2021-1A A1A 144A 6.969% (TSFR03M + 1.65%, Floor 1.39%) 1/20/34 #, •
        250,000      250,389
Signal Peak CLO 
Series 2018-5A A 144A 6.696% (TSFR03M + 1.37%, Floor 1.11%) 4/25/31 #, •
        194,950      195,044
Sound Point CLO XXI
Series 2018-3A A1A 144A 6.766% (TSFR03M + 1.44%, Floor 1.18%) 10/26/31 #, •
        500,000      500,113
Venture 34 CLO
Series 2018-34A A 144A 6.806% (TSFR03M + 1.49%, Floor 1.23%) 10/15/31 #, •
        548,556      548,061
Venture CLO
Series 2021-42A A1A 144A 6.706% (TSFR03M + 1.39%, Floor 1.13%) 4/15/34 #, •
        250,000     248,184
Total Collateralized Debt Obligations
(cost $2,413,870)
  2,427,372
Convertible Bonds — 7.17%
Basic Industry — 0.14%
Ivanhoe Mines 144A 2.50% exercise price $9.31, maturity date 4/15/26 #         843,000   1,280,585
    1,280,585
Brokerage — 0.10%
WisdomTree 5.75% exercise price $9.54, maturity date 8/15/28          850,000     936,275
      936,275
Capital Goods — 0.39%
Chart Industries 1.00% exercise price $58.73, maturity date 11/15/24          672,000    1,643,680
Kaman 3.25% exercise price $65.26, maturity date 5/1/24        1,839,000   1,832,196
    3,475,876
NQ- 129 [0224] 0424 (3502139)    5

 

Schedule of investments
Delaware Wealth Builder Fund   (Unaudited)
    Principal
amount°
Value (US $)
Convertible Bonds (continued)
Communications — 0.63%
Cable One 1.125% exercise price $2,275.83, maturity date 3/15/28        2,700,000 $  2,012,310
Liberty Broadband 144A 3.125% exercise price $529.07, maturity date 3/31/53 #       2,955,000    2,800,507
Liberty Latin America 2.00% exercise price $20.65, maturity date 7/15/24          853,000     831,675
    5,644,492
Consumer Cyclical — 0.48%
Cheesecake Factory 0.375% exercise price $74.75, maturity date 6/15/26        3,009,000    2,652,369
Ford Motor 0.885% exercise price $14.85, maturity date 3/15/26 ^       1,636,000   1,652,595
    4,304,964
Consumer Non-Cyclical — 2.42%
BioMarin Pharmaceutical 0.599% exercise price $124.67, maturity date 8/1/24        1,376,000    1,355,251
Chefs' Warehouse 1.875% exercise price $44.20, maturity date 12/1/24        1,883,000    1,960,521
Chegg 4.581% exercise price $107.55, maturity date 9/1/26 ^       2,846,000    2,362,183
Coherus Biosciences 1.50% exercise price $19.26, maturity date 4/15/26        2,828,000    1,806,206
CONMED 2.25% exercise price $145.33, maturity date 6/15/27        2,212,000    2,016,575
Dexcom 0.25% exercise price $150.10, maturity date 11/15/25        1,441,000    1,460,453
Integer Holdings 2.125% exercise price $87.20, maturity date 2/15/28          376,000      520,760
Integra LifeSciences Holdings 0.50% exercise price $73.67, maturity date 8/15/25        2,277,000    2,162,011
Ionis Pharmaceuticals 0.125% exercise price $83.28, maturity date 12/15/24        1,763,000    1,685,869
Jazz Investments I 2.00% exercise price $155.81, maturity date 6/15/26          983,000      977,594
Lantheus Holdings 2.625% exercise price $79.81, maturity date 12/15/27          778,000      887,115
Pacira BioSciences 0.75% exercise price $71.78, maturity date 8/1/25        2,265,000    2,142,908
Post Holdings 2.50% exercise price $106.10, maturity date 8/15/27        2,189,000   2,435,262
   21,772,708
6    NQ- 129 [0224] 0424 (3502139)

 

(Unaudited)
    Principal
amount°
Value (US $)
Convertible Bonds (continued)
Electric — 1.00%
Duke Energy 144A 4.125% exercise price $118.86, maturity date 4/15/26 #       1,610,000 $  1,583,435
FirstEnergy 144A 4.00% exercise price $46.81, maturity date 5/1/26 #       1,180,000    1,164,660
NRG Energy 2.75% exercise price $42.18, maturity date 6/1/48        1,535,000    2,107,555
Ormat Technologies 2.50% exercise price $90.27, maturity date 7/15/27        2,730,000    2,619,435
PG&E 144A 4.25% exercise price $23.18, maturity date 12/1/27 #       1,481,000   1,486,924
    8,962,009
Energy — 0.17%
Nabors Industries 144A 1.75% exercise price $212.51, maturity date 6/15/29 #       2,089,000   1,502,526
    1,502,526
Financials — 0.28%
Repay Holdings 144A 3.768% exercise price $33.60, maturity date 2/1/26 #, ^       2,936,000   2,543,457
    2,543,457
Industrials — 0.01%
Danimer Scientific 144A 3.25% exercise price $10.79, maturity date 12/15/26 #         428,000      47,508
       47,508
Real Estate Investment Trusts — 0.20%
Summit Hotel Properties 1.50% exercise price $11.37, maturity date 2/15/26        2,030,000   1,787,638
    1,787,638
Technology — 1.35%
Akamai Technologies 0.125% exercise price $95.10, maturity date 5/1/25        2,247,000    2,698,799
Block 0.125% exercise price $121.00, maturity date 3/1/25          927,000      924,974
CSG Systems International 144A 3.875% exercise price $71.05, maturity date 9/15/28 #       1,595,000    1,616,406
InterDigital 3.50% exercise price $77.49, maturity date 6/1/27        1,321,000    1,912,808
Semtech 1.625% exercise price $37.27, maturity date 11/1/27        2,097,000    1,770,707
Verint Systems 0.25% exercise price $62.08, maturity date 4/15/26        2,050,000    1,851,990
NQ- 129 [0224] 0424 (3502139)    7

 

Schedule of investments
Delaware Wealth Builder Fund   (Unaudited)
    Principal
amount°
Value (US $)
Convertible Bonds (continued)
Technology (continued)
Wolfspeed 0.25% exercise price $127.22, maturity date 2/15/28        2,372,000 $  1,322,390
   12,098,074
Total Convertible Bonds
(cost $64,538,688)
 64,356,112
Corporate Bonds — 11.13%
Automotive — 0.22%
Allison Transmission      
144A 3.75% 1/30/31 #         340,000      294,078
144A 5.875% 6/1/29 #         275,000      271,121
Ford Motor 4.75% 1/15/43          210,000      170,058
Ford Motor Credit      
3.375% 11/13/25          240,000      230,361
4.542% 8/1/26          750,000      727,352
Goodyear Tire & Rubber 5.25% 7/15/31          365,000     329,761
    2,022,731
Banking — 1.18%
Banco Continental 144A 2.75% 12/10/25 #         400,000      374,092
Bank of America      
1.922% 10/24/31 μ         560,000      452,050
2.482% 9/21/36 μ         340,000      268,164
2.884% 10/22/30 μ          20,000       17,621
2.972% 2/4/33 μ         240,000      201,646
3.194% 7/23/30 μ          55,000       49,537
6.204% 11/10/28 μ         280,000      288,958
Bank of New York Mellon 4.70% 9/20/25 μ, ψ         305,000      299,383
BBVA Bancomer 144A 1.875% 9/18/25 #         400,000      378,408
Citigroup 5.61% 9/29/26 μ         265,000      265,415
Citizens Bank 6.064% 10/24/25 μ         790,000      785,605
Citizens Financial Group 2.85% 7/27/26          345,000      321,749
Deutsche Bank      
6.72% 1/18/29 μ         150,000      154,152
6.819% 11/20/29 μ         180,000      186,219
Fifth Third Bancorp 6.361% 10/27/28 μ         300,000      305,929
Goldman Sachs Group      
1.542% 9/10/27 μ         638,000      580,938
2.60% 2/7/30           70,000       60,827
6.484% 10/24/29 μ         290,000      303,980
8    NQ- 129 [0224] 0424 (3502139)

 

(Unaudited)
    Principal
amount°
Value (US $)
Corporate Bonds (continued)
Banking (continued)
Huntington Bancshares 6.208% 8/21/29 μ         300,000 $    305,196
JPMorgan Chase & Co.      
1.764% 11/19/31 μ          40,000       32,228
1.953% 2/4/32 μ         140,000      112,639
2.58% 4/22/32 μ         435,000      364,113
3.109% 4/22/51 μ          30,000       20,609
4.08% 4/26/26 μ         170,000      167,281
KeyBank      
3.40% 5/20/26          500,000      471,675
5.85% 11/15/27           30,000       29,639
KeyCorp 4.789% 6/1/33 μ           2,000        1,810
Morgan Stanley      
2.484% 9/16/36 μ         256,000      200,755
2.511% 10/20/32 μ          40,000       32,765
5.123% 2/1/29 μ          15,000       14,906
5.25% 4/21/34 μ           4,000        3,928
5.466% 1/18/35 μ         330,000      329,736
6.138% 10/16/26 μ         155,000      156,873
6.296% 10/18/28 μ         249,000      257,458
NBK SPC 144A 1.625% 9/15/27 #, μ         405,000      369,012
PNC Financial Services Group      
2.60% 7/23/26          355,000      333,903
5.671% 10/28/25 μ         345,000      344,658
Popular 7.25% 3/13/28           10,000       10,149
State Street      
5.751% 11/4/26 μ          15,000       15,076
5.82% 11/4/28 μ          10,000       10,243
6.123% 11/21/34 μ         300,000      310,288
SVB Financial Group      
1.80% 10/28/26 ‡          51,000       32,812
1.80% 2/2/31 ‡          60,000       38,586
4.00% 5/15/26 μ, ‡, ψ         680,000       10,347
4.57% 4/29/33 μ, ‡          22,000       14,125
Truist Bank 2.636% 9/17/29 μ         533,000      508,591
Truist Financial      
1.887% 6/7/29 μ          75,000       64,541
4.95% 9/1/25 μ, ψ          85,000       82,868
6.123% 10/28/33 μ          10,000       10,182
Turkiye Garanti Bankasi 144A 8.375% 2/28/34 #, μ         200,000      201,512
NQ- 129 [0224] 0424 (3502139)    9

 

Schedule of investments
Delaware Wealth Builder Fund   (Unaudited)
    Principal
amount°
Value (US $)
Corporate Bonds (continued)
Banking (continued)
US Bancorp      
2.491% 11/3/36 μ          65,000 $     50,254
3.00% 7/30/29          150,000      133,084
3.10% 4/27/26          210,000      200,634
4.839% 2/1/34 μ          10,000        9,416
5.727% 10/21/26 μ          59,000      59,276
   10,605,841
Basic Industry — 0.48%
Avient 144A 5.75% 5/15/25 #         312,000      310,475
BHP Billiton Finance USA 5.25% 9/8/30          420,000      423,677
CP Atlas Buyer 144A 7.00% 12/1/28 #         325,000      290,849
First Quantum Minerals 144A 8.625% 6/1/31 #         200,000      191,253
FMG Resources August 2006 144A 5.875% 4/15/30 #         385,000      377,230
Freeport-McMoRan 5.45% 3/15/43          310,000      288,948
Metinvest 8.50% 4/23/26          200,000      162,460
Newmont      
2.25% 10/1/30          150,000      125,533
2.60% 7/15/32          100,000       82,348
NOVA Chemicals 144A 8.50% 11/15/28 #          65,000       68,712
Novelis 144A 4.75% 1/30/30 #         560,000      511,928
Olin 5.00% 2/1/30          135,000      126,309
Roller Bearing Co. of America 144A 4.375% 10/15/29 #         255,000      232,633
Sherwin-Williams      
2.90% 3/15/52          235,000      152,317
3.30% 5/15/50          475,000      334,373
Sociedad Quimica y Minera de Chile 144A 6.50% 11/7/33 #         200,000      206,332
Standard Industries 144A 3.375% 1/15/31 #         525,000     435,562
    4,320,939
Brokerage — 0.07%
Jefferies Financial Group      
2.625% 10/15/31          355,000      290,578
4.15% 1/23/30          170,000      158,264
6.45% 6/8/27           90,000       92,788
6.50% 1/20/43           70,000      72,882
      614,512
10    NQ- 129 [0224] 0424 (3502139)

 

(Unaudited)
    Principal
amount°
Value (US $)
Corporate Bonds (continued)
Capital Goods — 0.58%
ARD Finance 144A PIK 6.50% 6/30/27 #, >         200,000 $     85,758
Ardagh Metal Packaging Finance USA 144A 4.00% 9/1/29 #         605,000      492,050
Boeing 2.196% 2/4/26          645,000      605,420
Bombardier      
144A 6.00% 2/15/28 #         350,000      340,116
144A 7.50% 2/1/29 #         211,000      214,189
144A 8.75% 11/15/30 #         110,000      115,364
Carrier Global 5.90% 3/15/34          595,000      617,556
Clydesdale Acquisition Holdings 144A 8.75% 4/15/30 #         190,000      181,048
Eaton 4.15% 3/15/33          110,000      103,580
Mauser Packaging Solutions Holding      
144A 7.875% 8/15/26 #         410,000      415,716
144A 9.25% 4/15/27 #         150,000      146,042
Pactiv Evergreen Group Issuer 144A 4.00% 10/15/27 #         135,000      125,900
Sealed Air 144A 5.00% 4/15/29 #         350,000      331,876
Teledyne Technologies 2.75% 4/1/31          840,000      713,330
TransDigm 144A 6.625% 3/1/32 #         685,000     690,136
    5,178,081
Communications — 0.62%
American Tower 2.30% 9/15/31          770,000      622,189
AT&T      
1.70% 3/25/26          215,000      200,003
3.50% 6/1/41           31,000       23,772
4.35% 3/1/29          280,000      270,350
3.50% 9/15/53          735,000      505,719
Charter Communications Operating      
3.85% 4/1/61          440,000      255,826
4.40% 12/1/61          290,000      186,609
4.80% 3/1/50          240,000      173,820
5.05% 3/30/29          100,000       95,717
Comcast      
2.80% 1/15/51          220,000      137,668
3.20% 7/15/36          552,000      446,203
3.375% 8/15/25          530,000      517,783
Crown Castle 1.05% 7/15/26          565,000      511,054
Discovery Communications 4.00% 9/15/55          745,000      493,690
Time Warner Cable 7.30% 7/1/38          170,000      169,602
NQ- 129 [0224] 0424 (3502139)    11

 

Schedule of investments
Delaware Wealth Builder Fund   (Unaudited)
    Principal
amount°
Value (US $)
Corporate Bonds (continued)
Communications (continued)
T-Mobile USA      
3.00% 2/15/41          440,000 $    317,996
3.75% 4/15/27          130,000      124,654
5.75% 1/15/34          180,000      185,355
Verizon Communications      
2.10% 3/22/28          200,000      178,168
2.875% 11/20/50          195,000      124,346
Warnermedia Holdings 4.279% 3/15/32           20,000      17,653
    5,558,177
Consumer Cyclical — 0.12%
Amazon.com 2.50% 6/3/50           15,000        9,435
Aptiv 3.10% 12/1/51          817,000      513,430
Ford Motor Credit 6.95% 6/10/26          290,000      295,868
VICI Properties 4.95% 2/15/30          230,000     219,143
    1,037,876
Consumer Goods — 0.16%
Acushnet 144A 7.375% 10/15/28 #         173,000      178,538
Fiesta Purchaser 144A 7.875% 3/1/31 #         227,000      234,238
Pilgrim's Pride 4.25% 4/15/31          320,000      286,281
Post Holdings      
144A 5.50% 12/15/29 #         568,000      543,916
144A 5.625% 1/15/28 #         160,000     157,216
    1,400,189
Consumer Non-Cyclical — 0.44%
Amgen      
5.15% 3/2/28          475,000      476,119
5.25% 3/2/30           10,000       10,079
5.25% 3/2/33          113,000      112,730
5.65% 3/2/53            5,000        5,002
Bunge Limited Finance      
1.63% 8/17/25          150,000      142,094
2.75% 5/14/31          565,000      480,796
Central American Bottling 144A 5.25% 4/27/29 #         400,000      375,432
CVS Health 2.70% 8/21/40          640,000      437,994
HCA 3.50% 7/15/51           55,000       37,204
InRetail Consumer 144A 3.25% 3/22/28 #         400,000      355,495
JBS USA LUX 3.00% 2/2/29          300,000      263,168
MHP Lux 6.95% 4/3/26          200,000      166,641
Pfizer Investment Enterprises 4.45% 5/19/28          485,000      475,786
12    NQ- 129 [0224] 0424 (3502139)

 

(Unaudited)
    Principal
amount°
Value (US $)
Corporate Bonds (continued)
Consumer Non-Cyclical (continued)
Royalty Pharma      
1.20% 9/2/25          655,000 $    613,494
3.35% 9/2/51           15,000       9,830
    3,961,864
Electric — 0.78%
AEP Transmission 5.40% 3/15/53            5,000        4,959
Appalachian Power 4.50% 8/1/32          285,000      266,851
Atlantic City Electric 4.00% 10/15/28           75,000       72,347
Berkshire Hathaway Energy 2.85% 5/15/51          210,000      135,085
Calpine      
144A 5.00% 2/1/31 #         550,000      492,281
144A 5.25% 6/1/26 #          80,000       78,885
Duke Energy 4.875% 9/16/24 μ, ψ         570,000      565,895
Duke Energy Carolinas      
3.95% 11/15/28          420,000      404,805
4.95% 1/15/33           25,000       24,653
Entergy Arkansas 4.20% 4/1/49          190,000      156,199
Entergy Louisiana      
4.00% 3/15/33           90,000       82,009
4.95% 1/15/45           20,000       18,281
Entergy Mississippi 2.85% 6/1/28          150,000      137,425
Entergy Texas 3.55% 9/30/49          300,000      217,010
Exelon 5.30% 3/15/33           10,000        9,908
Nevada Power 5.90% 5/1/53          165,000      169,918
NextEra Energy Capital Holdings      
2.25% 6/1/30           85,000       71,524
3.00% 1/15/52          905,000      575,225
5.65% 5/1/79 μ          55,000       53,031
Oglethorpe Power 3.75% 8/1/50          520,000      374,985
Pacific Gas & Electric      
2.10% 8/1/27           30,000       26,883
2.50% 2/1/31           45,000       36,909
3.25% 6/1/31           25,000       21,467
3.30% 8/1/40          355,000      256,054
4.95% 7/1/50           43,000       36,559
NQ- 129 [0224] 0424 (3502139)    13

 

Schedule of investments
Delaware Wealth Builder Fund   (Unaudited)
    Principal
amount°
Value (US $)
Corporate Bonds (continued)
Electric (continued)
PacifiCorp      
2.70% 9/15/30           20,000 $     17,186
2.90% 6/15/52          425,000      259,489
3.30% 3/15/51           30,000       19,737
3.50% 6/15/29          255,000      235,034
5.35% 12/1/53            5,000        4,626
Southern 5.70% 10/15/32          170,000      174,139
Southern California Edison      
4.00% 4/1/47          355,000      277,417
4.20% 3/1/29          150,000      144,583
4.875% 3/1/49          165,000      147,006
Southwestern Electric Power 4.10% 9/15/28          165,000      158,247
Vistra      
144A 7.00% 12/15/26 #, μ, ψ         620,000      600,588
144A 8.00% 10/15/26 #, μ, ψ         265,000      265,285
Vistra Operations      
144A 4.30% 7/15/29 #         215,000      200,568
144A 6.95% 10/15/33 #         175,000     182,483
    6,975,536
Energy — 1.49%
Ascent Resources Utica Holdings      
144A 5.875% 6/30/29 #         485,000      451,285
144A 7.00% 11/1/26 #         235,000      235,025
BP Capital Markets 4.875% 3/22/30 μ, ψ         200,000      189,375
BP Capital Markets America      
2.721% 1/12/32           80,000       67,907
2.939% 6/4/51          275,000      180,371
4.812% 2/13/33           10,000        9,759
Callon Petroleum      
144A 7.50% 6/15/30 #         135,000      142,326
144A 8.00% 8/1/28 #         470,000      491,227
Civitas Resources 144A 8.625% 11/1/30 #         265,000      283,786
Diamondback Energy      
3.125% 3/24/31          435,000      381,590
4.25% 3/15/52           69,000       54,650
Enbridge 6.70% 11/15/53          225,000      251,761
Energean Israel Finance 144A 4.875% 3/30/26 #         200,000      188,061
14    NQ- 129 [0224] 0424 (3502139)

 

(Unaudited)
    Principal
amount°
Value (US $)
Corporate Bonds (continued)
Energy (continued)
Energy Transfer      
5.25% 4/15/29          170,000 $    169,447
5.75% 2/15/33            3,000        3,023
6.25% 4/15/49          190,000      192,026
6.50% 11/15/26 μ, ψ         445,000      432,428
Enterprise Products Operating      
3.20% 2/15/52          695,000      475,885
3.30% 2/15/53           40,000       27,887
5.35% 1/31/33            5,000        5,069
EQM Midstream Partners      
144A 4.75% 1/15/31 #         620,000      577,105
6.50% 7/15/48           90,000       91,423
Galaxy Pipeline Assets Bidco 144A 2.16% 3/31/34 #         751,754      645,715
Genesis Energy      
7.75% 2/1/28          275,000      275,247
8.00% 1/15/27          260,000      262,050
8.25% 1/15/29          120,000      122,098
Hilcorp Energy I      
144A 6.00% 4/15/30 #         400,000      388,730
144A 6.00% 2/1/31 #          55,000       53,244
144A 6.25% 4/15/32 #         213,000      206,243
Kinder Morgan 5.20% 6/1/33           85,000       82,785
Kodiak Gas Services 144A 7.25% 2/15/29 #         145,000      147,733
Murphy Oil 6.375% 7/15/28          925,000      927,026
Nabors Industries      
144A 7.25% 1/15/26 #          67,000       66,047
144A 9.125% 1/31/30 #         205,000      210,281
NuStar Logistics      
5.625% 4/28/27          503,000      498,284
6.00% 6/1/26          157,000      155,335
Occidental Petroleum 6.125% 1/1/31          470,000      482,434
PDC Energy 5.75% 5/15/26          660,000      659,484
Raizen Fuels Finance 144A 6.45% 3/5/34 #         200,000      202,893
Southwestern Energy      
5.375% 2/1/29           55,000       53,198
5.375% 3/15/30          255,000      243,969
Targa Resources Partners 5.00% 1/15/28          740,000      724,330
Tennessee Gas Pipeline 144A 2.90% 3/1/30 #         365,000      317,342
Transocean 144A 8.00% 2/1/27 #         388,000      379,076
NQ- 129 [0224] 0424 (3502139)    15

 

Schedule of investments
Delaware Wealth Builder Fund   (Unaudited)
    Principal
amount°
Value (US $)
Corporate Bonds (continued)
Energy (continued)
USA Compression Partners      
6.875% 4/1/26           80,000 $     79,947
6.875% 9/1/27          398,000      396,317
Vital Energy      
144A 7.75% 7/31/29 #         325,000      323,530
9.75% 10/15/30          120,000      128,640
Weatherford International 144A 8.625% 4/30/30 #         422,000     437,848
   13,371,242
Finance Companies — 0.28%
AerCap Ireland Capital DAC      
3.00% 10/29/28          150,000      134,907
3.65% 7/21/27          200,000      188,276
4.45% 4/3/26          645,000      632,178
Air Lease      
2.875% 1/15/32          300,000      249,239
3.00% 2/1/30          175,000      152,505
Aviation Capital Group      
144A 1.95% 1/30/26 #         830,000      771,898
144A  3.50% 11/1/27 #         445,000      410,653
144A  6.25% 4/15/28 #          15,000      15,230
    2,554,886
Financial Services — 0.10%
Castlelake Aviation Finance DAC 144A 5.00% 4/15/27 #         505,000      479,763
MSCI 144A 3.625% 11/1/31 #         485,000     420,405
      900,168
Financials — 0.14%
AerCap Holdings 5.875% 10/10/79 μ         185,000      183,305
Air Lease      
2.875% 1/15/26          560,000      534,303
4.65% 6/15/26 μ, ψ         180,000      169,139
MAF Global Securities 7.875% 6/30/27 μ, ψ         400,000     416,630
    1,303,377
Healthcare — 0.42%
AthenaHealth Group 144A 6.50% 2/15/30 #          75,000       67,220
Bausch Health 144A 11.00% 9/30/28 #         256,000      172,800
Catalent Pharma Solutions      
144A 3.125% 2/15/29 #         140,000      135,326
144A 3.50% 4/1/30 #          30,000       28,919
16    NQ- 129 [0224] 0424 (3502139)

 

(Unaudited)
    Principal
amount°
Value (US $)
Corporate Bonds (continued)
Healthcare (continued)
Cheplapharm Arzneimittel 144A 5.50% 1/15/28 #         605,000 $    569,508
CHS 144A 4.75% 2/15/31 #         325,000      247,609
DaVita      
144A 3.75% 2/15/31 #         190,000      156,138
144A 4.625% 6/1/30 #         155,000      136,491
HCA      
5.375% 2/1/25            4,000        3,987
7.58% 9/15/25          214,000      219,183
Heartland Dental 144A 8.50% 5/1/26 #         495,000      488,505
Legacy LifePoint Health 144A 4.375% 2/15/27 #         210,000      195,036
Medline Borrower 144A 5.25% 10/1/29 #         458,000      424,076
Tenet Healthcare      
4.25% 6/1/29          235,000      216,339
6.125% 10/1/28          675,000     667,923
    3,729,060
Industrials — 0.02%
CK Hutchison International 23 144A 4.875% 4/21/33 #         200,000     197,494
      197,494
Insurance — 0.85%
American International Group 5.125% 3/27/33          440,000      434,288
Aon      
2.90% 8/23/51          370,000      231,266
5.00% 9/12/32          755,000      737,958
Ardonagh Finco 144A 7.75% 2/15/31 #         320,000      316,302
Athene Global Funding 144A 1.985% 8/19/28 #          55,000       47,216
Athene Holding 3.95% 5/25/51          705,000      515,989
Berkshire Hathaway Finance 3.85% 3/15/52          945,000      750,584
Brighthouse Financial 3.85% 12/22/51          221,000      144,511
GA Global Funding Trust 144A 1.00% 4/8/24 #         365,000      363,000
Howden UK Refinance PLC      
144A 7.25% 2/15/31 #         200,000      200,437
144A 8.125% 2/15/32 #         200,000      201,375
HUB International      
144A 5.625% 12/1/29 #         295,000      274,142
144A 7.375% 1/31/32 #         265,000      266,005
Jones Deslauriers Insurance Management      
144A 8.50% 3/15/30 #         315,000      327,942
144A 10.50% 12/15/30 #         620,000      648,343
NQ- 129 [0224] 0424 (3502139)    17

 

Schedule of investments
Delaware Wealth Builder Fund   (Unaudited)
    Principal
amount°
Value (US $)
Corporate Bonds (continued)
Insurance (continued)
New York Life Global Funding 144A 5.45% 9/18/26 #         575,000 $    580,563
NFP      
144A 6.875% 8/15/28 #         360,000      365,918
144A 7.50% 10/1/30 #         150,000      157,981
UnitedHealth Group      
4.50% 4/15/33          465,000      446,421
5.05% 4/15/53          440,000      418,924
USI 144A 7.50% 1/15/32 #         205,000     204,488
    7,633,653
Leisure — 0.43%
Boyd Gaming 144A 4.75% 6/15/31 #         670,000      609,261
Caesars Entertainment      
144A 6.50% 2/15/32 #         135,000      136,094
144A 7.00% 2/15/30 #         485,000      497,246
Carnival      
144A 5.75% 3/1/27 #         270,000      266,841
144A 6.00% 5/1/29 #         595,000      581,813
Light & Wonder International 144A 7.25% 11/15/29 #         425,000      435,294
Royal Caribbean Cruises      
144A 5.50% 4/1/28 #         724,000      713,176
144A 7.25% 1/15/30 #         135,000      140,463
Scientific Games Holdings 144A 6.625% 3/1/30 #         505,000     473,766
    3,853,954
Media — 0.57%
AMC Networks 4.25% 2/15/29          390,000      252,808
CCO Holdings      
144A 4.50% 8/15/30 #         445,000      369,532
4.50% 5/1/32          150,000      118,646
144A 5.375% 6/1/29 #         645,000      583,959
CMG Media 144A 8.875% 12/15/27 #         550,000      368,149
CSC Holdings      
144A 3.375% 2/15/31 #         945,000      667,846
144A 5.00% 11/15/31 #         700,000      382,235
Cumulus Media New Holdings 144A 6.75% 7/1/26 #         403,000      249,806
Directv Financing 144A 5.875% 8/15/27 #         340,000      321,154
DISH DBS 144A 5.75% 12/1/28 #         490,000      340,244
18    NQ- 129 [0224] 0424 (3502139)

 

(Unaudited)
    Principal
amount°
Value (US $)
Corporate Bonds (continued)
Media (continued)
Gray Television      
144A 4.75% 10/15/30 #         543,000 $    350,449
144A 5.375% 11/15/31 #         405,000      262,440
Sirius XM Radio 144A 4.00% 7/15/28 #         905,000     816,252
    5,083,520
Natural Gas — 0.11%
Atmos Energy      
2.85% 2/15/52          200,000      128,306
5.75% 10/15/52          170,000      179,007
ENN Energy Holdings 144A 4.625% 5/17/27 #         200,000      196,219
Infraestructura Energetica Nova 144A 3.75% 1/14/28 #         480,000     451,450
      954,982
Real Estate Investment Trusts — 0.09%
American Homes 4 Rent 3.625% 4/15/32          425,000      371,062
VICI Properties      
144A 3.875% 2/15/29 #         225,000      205,463
144A 5.75% 2/1/27 #         210,000     209,195
      785,720
Retail — 0.28%
Asbury Automotive Group      
144A 4.625% 11/15/29 #          85,000       77,500
4.75% 3/1/30          230,000      209,554
Bath & Body Works      
6.875% 11/1/35          580,000      580,833
6.95% 3/1/33          151,000      147,131
LSF9 Atlantis Holdings 144A 7.75% 2/15/26 #         289,000      286,551
Murphy Oil USA 144A 3.75% 2/15/31 #         530,000      452,764
PetSmart 144A 7.75% 2/15/29 #         755,000     746,674
    2,501,007
Services — 0.45%
CDW 3.569% 12/1/31          545,000      473,512
Gartner 144A 4.50% 7/1/28 #         170,000      161,088
GFL Environmental 144A 6.75% 1/15/31 #         200,000      204,822
Iron Mountain      
144A 4.50% 2/15/31 #         430,000      380,911
144A 5.25% 3/15/28 #         510,000      492,079
Prime Security Services Borrower 144A 5.75% 4/15/26 #         713,000      708,210
NQ- 129 [0224] 0424 (3502139)    19

 

Schedule of investments
Delaware Wealth Builder Fund   (Unaudited)
    Principal
amount°
Value (US $)
Corporate Bonds (continued)
Services (continued)
SRS Distribution      
144A 6.00% 12/1/29 #         150,000 $    139,781
144A 6.125% 7/1/29 #         150,000      140,004
Staples 144A 7.50% 4/15/26 #         321,000      308,935
United Rentals North America 3.875% 2/15/31          411,000      363,597
White Cap Buyer 144A 6.875% 10/15/28 #         455,000      444,037
White Cap Parent 144A PIK 8.25% 3/15/26 #, «         234,000     232,007
    4,048,983
Technology — 0.26%
Autodesk 2.40% 12/15/31          515,000      427,927
Broadcom      
144A 3.137% 11/15/35 #           4,000        3,177
144A 3.419% 4/15/33 #          11,000        9,399
144A 3.469% 4/15/34 #         742,000      626,921
CDW      
2.67% 12/1/26           30,000       27,818
3.276% 12/1/28          390,000      349,617
Marvell Technology 2.45% 4/15/28          260,000      233,590
Oracle      
3.60% 4/1/50          528,000      372,113
4.65% 5/6/30            5,000        4,876
PayPal Holdings 2.65% 10/1/26          340,000     320,537
    2,375,975
Technology & Electronics — 0.31%
Clarios Global 144A 8.50% 5/15/27 #         285,000      287,011
CommScope Technologies 144A 6.00% 6/15/25 #         300,000      244,794
Entegris      
144A 4.75% 4/15/29 #         256,000      241,639
144A 5.95% 6/15/30 #         445,000      436,672
NCR Voyix 144A 5.25% 10/1/30 #         170,000      153,761
Seagate HDD Cayman      
5.75% 12/1/34          165,000      158,751
144A 8.25% 12/15/29 #         150,000      160,852
Sensata Technologies 144A 4.00% 4/15/29 #         255,000      231,505
SS&C Technologies 144A 5.50% 9/30/27 #         265,000      258,307
UKG 144A 6.875% 2/1/31 #         610,000     616,780
    2,790,072
20    NQ- 129 [0224] 0424 (3502139)

 

(Unaudited)
    Principal
amount°
Value (US $)
Corporate Bonds (continued)
Telecommunications — 0.57%
Altice France 144A 5.50% 10/15/29 #         600,000 $    455,043
Altice France Holding 144A 6.00% 2/15/28 #         800,000      404,713
Connect Finco 144A 6.75% 10/1/26 #         450,000      441,858
Consolidated Communications      
144A 5.00% 10/1/28 #         285,000      235,642
144A 6.50% 10/1/28 #         360,000      309,600
Digicel Intermediate Holdings Ltd PIK 12.00% 5/25/27 «         220,134      216,483
Frontier Communications Holdings      
144A 5.00% 5/1/28 #          35,000       32,428
144A 5.875% 10/15/27 #         848,000      820,271
5.875% 11/1/29          110,000       94,331
144A 6.75% 5/1/29 #         250,000      224,746
Northwest Fiber 144A 4.75% 4/30/27 #         685,000      658,090
Sable International Finance 144A 5.75% 9/7/27 #         585,000      561,460
Vmed O2 UK Financing I 144A 4.75% 7/15/31 #         605,000      523,806
VZ Secured Financing 144A 5.00% 1/15/32 #         200,000     170,936
    5,149,407
Transportation — 0.09%
Babcock International Group 1.375% 9/13/27  EUR       200,000      198,078
Burlington Northern Santa Fe 2.875% 6/15/52           15,000        9,780
Rumo Luxembourg 144A 5.25% 1/10/28 #         400,000      383,823
TAV Havalimanlari Holding 144A 8.50% 12/7/28 #         200,000     205,885
      797,566
Utilities — 0.02%
Grupo Energia Bogota 144A 7.85% 11/9/33 #         200,000     218,871
      218,871
Total Corporate Bonds
(cost $105,947,140)
 99,925,683
Government Agency Obligations — 0.35%
Development Bank of Kazakhstan JSC
144A 10.95% 5/6/26 #
KZT   200,000,000      407,998
Georgian Railway JSC
4.00% 6/17/28
        400,000      363,480
Hutama Karya Persero
144A 3.75% 5/11/30 #
        600,000      549,367
OCP
144A 3.75% 6/23/31 #
        400,000      340,356
NQ- 129 [0224] 0424 (3502139)    21

 

Schedule of investments
Delaware Wealth Builder Fund   (Unaudited)
    Principal
amount°
Value (US $)
Government Agency Obligations (continued)
Perusahaan Listrik Negara
144A 4.125% 5/15/27 #
        200,000 $    191,421
PTTEP Treasury Center
144A 2.587% 6/10/27 #
        385,000      353,976
QazaqGaz JSC
144A 4.375% 9/26/27 #
        960,000     898,320
Total Government Agency Obligations
(cost $3,445,933)
  3,104,918
Municipal Bonds — 0.04%
Bay Area, California Toll Authority Revenue
(Build America Bonds) Series S-3 6.907% 10/1/50
        185,000      224,867
New Jersey Turnpike Authority Revenue
(Build America Bonds) Series A 7.102% 1/1/41
        105,000      122,819
South Carolina Public Service Authority Revenue
Series D 4.77% 12/1/45
         60,000      53,937
Total Municipal Bonds
(cost $487,842)
    401,623
Non-Agency Asset-Backed Securities — 0.87%
Chase Issuance Trust
Series 2024-A1I A 4.62% 1/16/29
      1,300,000    1,292,249
Diamond Infrastructure Funding
Series 2021-1A A 144A 1.76% 4/15/49 #
        250,000      222,945
Domino's Pizza Master Issuer
Series 2021-1A A2I 144A 2.662% 4/25/51 #
        243,125      215,996
Enterprise Fleet Financing
Series 2022-2 A2 144A 4.65% 5/21/29 #
        162,553      161,229
Ford Credit Auto Owner Trust
Series 2021-A B 0.70% 10/15/26
        140,000      133,471
GMF Floorplan Owner Revolving Trust
Series 2023-1 A1 144A 5.34% 6/15/28 #
        150,000      150,620
GreatAmerica Leasing Receivables
Series 2024-1 A3 144A 4.98% 1/18/28 #
      1,600,000    1,591,040
PFS Financing
Series 2024-B A 144A 4.95% 2/15/29 #
      1,600,000    1,593,722
Taco Bell Funding
Series 2021-1A A2I 144A 1.946% 8/25/51 #
        461,775      416,377
Towd Point Mortgage Trust      
Series 2017-1 A1 144A 2.75% 10/25/56 #, •             476          474
Series 2018-1 A1 144A 3.00% 1/25/58 #, •          13,865       13,479
22    NQ- 129 [0224] 0424 (3502139)

 

(Unaudited)
    Principal
amount°
Value (US $)
Non-Agency Asset-Backed Securities (continued)
Toyota Auto Loan Extended Note Trust
Series 2022-1A A 144A 3.82% 4/25/35 #
        100,000 $     96,702
Toyota Auto Receivables Owner Trust
Series 2024-A A3 4.83% 10/16/28
      1,000,000      995,961
Trafigura Securitisation Finance
Series 2021-1A A2 144A 1.08% 1/15/25 #
        550,000      534,694
Volkswagen Auto Lease Trust
Series 2022-A A3 3.44% 7/21/25
        371,181     368,652
Total Non-Agency Asset-Backed Securities
(cost $7,941,529)
  7,787,611
Non-Agency Collateralized Mortgage Obligations — 0.11%
JPMorgan Mortgage Trust      
Series 2014-2 B1 144A 3.412% 6/25/29 #, •          42,373       38,598
Series 2014-2 B2 144A 3.412% 6/25/29 #, •          42,373       38,539
Series 2015-4 B1 144A 3.533% 6/25/45 #, •          96,333       85,739
Series 2015-4 B2 144A 3.533% 6/25/45 #, •          96,333       85,577
Series 2021-10 A3 144A 2.50% 12/25/51 #, •          41,476       33,082
JPMorgan Trust      
Series 2015-5 B2 144A 6.841% 5/25/45 #, •          55,506       54,790
Series 2015-6 B1 144A 3.513% 10/25/45 #, •          85,287       79,071
Series 2015-6 B2 144A 3.513% 10/25/45 #, •          85,287       78,874
Morgan Stanley Residential Mortgage Loan Trust
Series 2021-4 A3 144A 2.50% 7/25/51 #, •
         81,314       65,182
Sequoia Mortgage Trust
Series 2015-1 B2 144A 3.93% 1/25/45 #, •
         17,743       16,726
WST Trust
Series 2019-1 A 5.378% (BBSW1M + 1.08%) 8/18/50 •
AUD       650,983     423,964
Total Non-Agency Collateralized Mortgage Obligations
(cost $1,070,488)
  1,000,142
Non-Agency Commercial Mortgage-Backed Securities — 1.30%
BANK      
Series 2017-BNK5 B 3.896% 6/15/60 •          95,000       87,009
Series 2019-BN20 A3 3.011% 9/15/62         250,000      220,596
Series 2019-BN21 A5 2.851% 10/17/52         725,000      642,191
Series 2020-BN25 A5 2.649% 1/15/63         850,000      735,769
Series 2022-BNK40 A4 3.393% 3/15/64 •       1,000,000      886,207
NQ- 129 [0224] 0424 (3502139)    23

 

Schedule of investments
Delaware Wealth Builder Fund   (Unaudited)
    Principal
amount°
Value (US $)
Non-Agency Commercial Mortgage-Backed Securities (continued)
Bank of America Merrill Lynch Commercial Mortgage Trust
Series 2017-BNK3 B 3.879% 2/15/50 •
        340,000 $    313,226
Benchmark Mortgage Trust      
Series 2020-B17 A5 2.289% 3/15/53         850,000      706,406
Series 2020-B21 A5 1.978% 12/17/53         500,000      404,339
Series 2021-B24 A5 2.584% 3/15/54         260,000      213,487
Series 2021-B25 A5 2.577% 4/15/54         450,000      360,719
Series 2022-B33 A5 3.458% 3/15/55       1,000,000      882,704
Cantor Commercial Real Estate Lending
Series 2019-CF2 A5 2.874% 11/15/52
        350,000      303,139
CD Mortgage Trust
Series 2019-CD8 A4 2.912% 8/15/57
        250,000      217,107
CFCRE Commercial Mortgage Trust
Series 2016-C7 A3 3.838% 12/10/54
        100,000       94,440
COMM Mortgage Trust      
Series 2014-CR20 AM 3.938% 11/10/47         345,000      333,755
Series 2015-3BP A 144A 3.178% 2/10/35 #         500,000      473,780
Grace Trust
Series 2020-GRCE A 144A 2.347% 12/10/40 #
        100,000       80,404
GS Mortgage Securities Trust      
Series 2017-GS5 A4 3.674% 3/10/50         350,000      323,189
Series 2017-GS6 A3 3.433% 5/10/50         515,000      475,658
Series 2019-GC39 A4 3.567% 5/10/52         580,000      523,965
Series 2019-GC42 A4 3.00% 9/10/52       1,280,000    1,133,749
Series 2020-GC47 A5 2.377% 5/12/53         250,000      212,104
JPM-BB Commercial Mortgage Securities Trust
Series 2015-C33 A4 3.77% 12/15/48
        150,000      145,160
JPM-DB Commercial Mortgage Securities Trust
Series 2017-C7 A5 3.409% 10/15/50
        350,000      323,182
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2013-LC11 B 3.499% 4/15/46
        125,000      108,415
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2016-C29 A4 3.325% 5/15/49
        350,000      333,360
Wells Fargo Commercial Mortgage Trust      
Series 2016-BNK1 A3 2.652% 8/15/49         835,000      772,762
Series 2019-C54 A4 3.146% 12/15/52         375,000     335,390
Total Non-Agency Commercial Mortgage-Backed Securities
(cost $13,581,888)
 11,642,212
24    NQ- 129 [0224] 0424 (3502139)

 

(Unaudited)
    Principal
amount°
Value (US $)
Sovereign Bonds — 1.92%Δ
Albania — 0.04%
Albania Government International Bond      
  3.50% 11/23/31  EUR       320,000 $    313,000
      313,000
Angola — 0.02%
Angolan Government International Bond      
  9.375% 5/8/48          200,000     164,096
      164,096
Argentina — 0.00%
Argentine Republic Government International
Bond
     
  0.75% 7/9/30 ~          87,300      40,224
       40,224
Armenia — 0.04%
Republic of Armenia International Bond      
  144A 3.60% 2/2/31 #         400,000     324,300
      324,300
Benin — 0.02%