NPORT-EX 2 AFR0DelWealthBuilderFd.htm fr_del-wbf.htm - Generated by SEC Publisher for SEC Filing

Schedule of investments

Delaware Wealth Builder Fund February 29, 2020 (Unaudited)

  Number of shares    Value (US $) 
Common Stock – 60.67%       
Communication Services - 3.04%       
AT&T  182,200  $  6,417,084 
Century Communications =†  1,625,000    0 
Comcast Class A  8,536    345,110 
KDDI  21,300    601,801 
Orange  35,900    483,155 
Verizon Communications  114,600    6,206,736 
      14,053,886 
Consumer Discretionary - 3.77%       
adidas AG  700    197,084 
Amazon. com †  1,605    3,023,419 
Dollar Tree †  76,300    6,335,189 
Lowe’s  58,300    6,213,031 
Next  2,430    191,523 
Publicis Groupe  15,085    586,644 
Sodexo  5,300    512,244 
Swatch Group  1,490    346,912 
      17,406,046 
Consumer Staples - 4.97%       
Archer-Daniels-Midland  153,900    5,794,335 
Asahi Group Holdings  8,700    333,016 
Conagra Brands  213,300    5,692,977 
Danone  11,060    780,598 
Diageo  14,230    507,720 
Kao  3,000    218,326 
Kerry Group Class A  1,600    203,127 
Kirin Holdings  8,000    152,034 
Koninklijke Ahold Delhaize  39,890    931,921 
Lawson  5,500    293,777 
Mondelez International Class A  125,300    6,615,840 
Nestle  7,380    759,445 
Seven & i Holdings  18,600    632,834 
      22,915,950 
Energy - 4.36%       
ConocoPhillips  112,400    5,442,408 
Halliburton  286,205    4,854,037 
Marathon Oil  530,500    4,392,540 
Occidental Petroleum  165,800    5,428,292 
      20,117,277 
Financials - 9.26%       
Allstate  57,500    6,051,875 
American International Group  138,900    5,856,024 
Banco Espirito Santo =†  105,000    0 

 

NQ-129 [2/20] 4/20 (1139709) 1

 

Schedule of investments

Delaware Wealth Builder Fund (Unaudited)

  Number of shares    Value (US $) 
Common Stock (continued)       
Financials (continued)       
Bank of America  115,555  $  3,293,317 
Bank of New York Mellon  140,500    5,605,950 
Blackstone Group Class A  23,643    1,272,939 
Hercules Capital  217,265    2,867,898 
JPMorgan Chase & Co.  47,299    5,491,887 
Marsh & McLennan  62,000    6,482,720 
Truist Financial  125,700    5,799,798 
      42,722,408 
Healthcare - 11.86%       
Abbott Laboratories  80,500    6,200,915 
AbbVie  15,207    1,303,392 
Brookdale Senior Living †  1,261,647    8,289,019 
Cardinal Health  120,700    6,290,884 
Cigna  33,800    6,183,372 
CVS Health  95,500    5,651,690 
Fresenius Medical Care AG & Co.  9,450    728,849 
Johnson & Johnson  45,800    6,159,184 
Merck & Co.  77,300    5,918,088 
Novo Nordisk Class B  16,235    951,192 
Pfizer  183,238    6,123,814 
Roche Holding  2,850    916,371 
      54,716,770 
Industrials - 5.73%       
G4S  196,050    434,092 
General Electric  145,516    1,583,214 
Honeywell International  30,907    5,012,188 
Makita  10,600    359,262 
Northrop Grumman  19,100    6,280,844 
Raytheon  31,600    5,958,496 
Secom  2,200    174,473 
Securitas Class B  32,135    436,402 
Waste Management  55,800    6,183,198 
      26,422,169 
Information Technology - 6.90%       
Broadcom  22,100    6,024,902 
Cisco Systems  154,600    6,173,178 
Intel  107,000    5,940,640 
Microsoft  35,938    5,822,315 
Oracle  123,800    6,123,148 
Texas Instruments  15,316    1,748,168 
      31,832,351 

 

2 NQ-129 [2/20] 4/20 (1139709)

 

(Unaudited)

  Number of shares     Value (US $) 
Common Stock (continued)       
Materials - 1.29%       
Air Liquide  5,550  $  755,983 
DuPont de Nemours  120,700    5,178,030 
      5,934,013 
Real Estate Operating/Development - 0.35%       
Grainger  192,741    737,033 
Postal Realty Trust Class A  55,000    885,500 
      1,622,533 
REIT Diversified - 1.17%       
Alpine Income Property Trust  62,010    1,140,984 
American Tower  851    193,007 
Cousins Properties  29,824    1,064,419 
Lexington Realty Trust  124,053    1,286,430 
VICI Properties  67,980    1,703,579 
      5,388,419 
REIT Healthcare - 0.83%       
Assura  1,028,579    971,950 
Healthpeak Properties  36,448    1,153,215 
Sabra Health Care REIT  31,900    623,645 
Welltower  14,799    1,107,261 
      3,856,071 
REIT Hotel - 0.10%       
MGM Growth Properties Class A  15,576    447,031 
      447,031 
REIT Industrial - 0.82%       
Americold Realty Trust  45,755    1,403,306 
Prologis  28,496    2,401,643 
      3,804,949 
REIT Mall - 0.12%       
Simon Property Group  4,548    559,768 
      559,768 
REIT Manufactured Housing - 0.31%       
Sun Communities  9,227    1,410,624 
      1,410,624 
REIT Mortgage - 0.20%       
Annaly Capital Management  102,901    911,703 
      911,703 
REIT Multifamily - 2.49%       
Apartment Investment & Management Class A  16,783    802,899 
Bluerock Residential Growth REIT  61,648    640,523 
Camden Property Trust  12,788    1,355,272 

 

NQ-129 [2/20] 4/20 (1139709) 3

 

Schedule of investments

Delaware Wealth Builder Fund (Unaudited)

      Number of shares    Value (US $) 
  Common Stock (continued)        
  REIT Multifamily (continued)        
  Equity Residential   84,710  $  6,361,721 
  NexPoint Residential Trust   20,925    931,163 
     UDR   31,504    1,417,050 
          11,508,628 
  REIT Self-Storage - 0.17%        
  Extra Space Storage   8,057    808,601 
          808,601 
  REIT Shopping Center - 0.40%        
     Brixmor Property Group   17,277    314,614 
     Retail Properties of America Class A   50,078    524,317 
     SITE Centers   87,976    1,012,604 
          1,851,535 
  REIT Single Tenant - 0.37%        
  Spirit Realty Capital   18,226    829,283 
     STORE Capital   27,167    892,708 
          1,721,991 
  REIT Specialty - 0.59%        
  Front Yard Residential   100,206    1,270,612 
  Invitation Homes   50,394    1,445,804 
          2,716,416 
  Utilities - 1.57%        
  Edison International   93,100    6,255,389 
     TerraForm Power Class A   53,014    996,133 
          7,251,522 
  Total Common Stock (cost $299,409,661)       279,980,661 
 
  Closed-End Funds – 0.14%        
  Aberdeen Total Dynamic Dividend Fund   22,324    173,234 
     Western Asset Emerging Markets Debt Fund   33,801    465,102 
  Total Closed-End Funds (cost $657,508)       638,336 
 
  Convertible Preferred Stock – 1.88%        
     AMG Capital Trust II 5.15% exercise price $195.47,        
        maturity date 10/15/37   28,850    1,341,525 
     Bank of America 7.25% exercise price $50.00 y   1,063    1,594,500 
     El Paso Energy Capital Trust I 4.75% exercise price        
       $34.49, maturity dat e 3/31/28  37,300    1,901,554 
     Lyondellbasell Advanced Polymers 6.00% exercise price        
        $52.33 y  2,140    2,234,160 
     QTS Realty Trust 6.50% exercise price $46.94 y   12,504    1,622,894 
  Total Convertible Preferred Stock (cost $7,838,571)       8,694,633 

 

4 NQ-129 [2/20] 4/20 (1139709)

 

(Unaudited)

  Number of shares    Value (US $) 
Exchange-Traded Funds – 1.24%       
   iShares MSCI EAFE ETF  80  $  4,979 
   SPDR Gold Shares †  14,747    2,188,160 
   SPDR S&P 500 ETF Trust  4,462    1,321,912 
   VanEck Vectors High-Yield Municipal Index ETF  29,818    1,956,657 
   Vanguard FTSE Developed Markets ETF  5,970    235,636 
Total Exchange-Traded Funds (cost $5,720,567)      5,707,344 
 
Limited Partnerships – 1.70%       
   Merion Champion’s Walk =p†  2,790,000    2,351,412 
   Merion Countryside 144A #=p†  2,342,813    1,889,244 
   Merion The Ledges =p†  3,970,235    3,589,887 
Total Limited Partnerships (cost $6,037,937)      7,830,543 
 
  Principal amount°     
Agency Mortgage-Backed Securities – 1.10%       
   Fannie Mae S. F. 30 yr       
      3.00% 11/1/48  983,306  $  1,019,514 
      3.00% 10/1/49  144,997    149,593 
      3.00% 11/1/49  28,549    29,419 
      3.00% 12/1/49  9,918    10,374 
      3.00% 1/1/50  102,577    105,782 
      3.50% 2/1/48  128,059    136,631 
      3.50% 11/1/48  60,030    63,245 
      3.50% 11/1/49  233,473    242,712 
      3.50% 12/1/49  728,838    775,242 
      3.50% 1/1/50  93,501    97,587 
      4.00% 4/1/47  19,744    21,496 
      4.00% 4/1/48  165,450    176,274 
      4.00% 9/1/48  16,555    17,712 
      4.00% 4/1/49  180,283    189,945 
      4.50% 2/1/41  18,736    20,663 
      4.50% 4/1/48  776,975    859,944 
      4.50% 1/1/49  309,955    340,485 
      4.50% 11/1/49  52,614    56,211 
      4.50% 1/1/50  34,404    37,322 
      5.00% 7/1/49  314,252    347,226 
   Fannie Mae S. F. 30 yr TBA       
      4.00% 3/1/50  126,000    132,728 
   Freddie Mac S. F. 30 yr       
      3.00% 11/1/49  22,867    23,593 
      3.00% 1/1/50  24,907    25,899 
      4.00% 7/1/47  10,166    10,878 
      4.00% 10/1/47  94,091    100,507 

 

NQ-129 [2/20] 4/20 (1139709) 5

 

Schedule of investments

Delaware Wealth Builder Fund (Unaudited)

    Principal amount°    Value (US $) 
Agency Mortgage-Backed Securities (continued)        
Freddie Mac S. F. 30 yr        
      4.50% 4/1/49   31,229  $  34,045 
      4.50% 8/1/49   61,370    67,730 
Total Agency Mortgage-Backed Securities (cost $4,994,128)       5,092,757 
 
Convertible Bonds – 10.15%        
Brokerage - 0.38%        
  GAIN Capital Holdings        
     5.00% exercise price $8.20, maturity date 8/15/22   1,764,000    1,766,293 
        1,766,293 
Capital Goods - 0.39%        
   Chart Industries        
      144A 1.00% exercise price $58.73, maturity date        
      11/15/24 #  928,000    1,086,800 
Dycom Industries        
      0.75% exercise price $96.89, maturity date 9/15/21   775,000    730,812 
        1,817,612 
Communications - 1.58%        
DISH Network        
      2.375% exercise price $82.22, maturity date 3/15/24   2,135,000    1,992,852 
GCI Liberty        
      144A 1.75% exercise price $370.52, maturity date        
      9/30/46 #  1,626,000    2,284,530 
InterDigital        
      144A 2.00% exercise price $81.29, maturity date        
      6/1/24 #  1,391,000    1,390,300 
Liberty Media        
      2.25% exercise price $34.07, maturity date 9/30/46   2,947,000    1,599,465 
        7,267,147 
Consumer Cyclical - 0.18%        
Meritor        
      3.25% exercise price $39.92, maturity date 10/15/37   803,000    838,355 
        838,355 
Consumer Non-Cyclical - 2.76%        
BioMarin Pharmaceutical        
      0.599% exercise price $124.67, maturity date 8/1/24   1,143,000    1,254,443 
Chefs’ Warehouse        
      144A 1.875% exercise price $44.20, maturity date        
      12/1/24# 666,000    658,924 
Collegium Pharmaceutical        
      2.625% exercise price $29.19, maturity date 2/15/26   317,000    351,276 
FTI Consulting        
      2.00% exercise price $101.38, maturity date 8/15/23   1,548,000    1,961,944 

 

6 NQ-129 [2/20] 4/20 (1139709)

 

(Unaudited)

  Principal amount°    Value (US $) 
Convertible Bonds (continued)       
Consumer Non-Cyclical (continued)       
Integra LifeSciences Holdings       
144A 0.50% exercise price $73.67, maturity date       
8/15/25 #  1,097,000  $  1,079,674 
Jazz Investments I       
1.875% exercise price $199.77, maturity date 8/15/21  1,105,000    1,105,465 
Ligand Pharmaceuticals       
0.75% exercise price $248.48, maturity date 5/15/23  864,000    754,020 
Paratek Pharmaceuticals       
4.75% exercise price $15.90, maturity date 5/1/24  1,604,000    1,323,597 
Retrophin       
2.50% exercise price $38.80, maturity date 9/15/25  1,390,000    1,127,707 
Team       
5.00% exercise price $21.70, maturity date 8/1/23  1,615,000    1,575,059 
Vector Group       
1.75% exercise price $20.27, maturity date 4/15/20 •  1,511,000    1,519,311 
      12,711,420 
Energy - 1.52%       
Cheniere Energy       
4.25% exercise price $138.38, maturity date 3/15/45  2,892,000    2,125,065 
Helix Energy Solutions Group       
4.25% exercise price $13.89, maturity date 5/1/22  2,574,000    2,540,317 
PDC Energy       
1.125% exercise price $85.39, maturity date 9/15/21  2,527,000    2,345,763 
      7,011,145 
Real Estate Investment Trusts - 0.36%       
Blackstone Mortgage Trust       
4.75% exercise price $36.23, maturity date 3/15/23  1,599,000    1,667,326 
      1,667,326 
Technology - 2.68%       
Boingo Wireless       
1.00% exercise price $42.32, maturity date 10/1/23  2,698,000    2,476,191 
CSG Systems International       
4.25% exercise price $56.87, maturity date 3/15/36  1,429,000    1,547,464 
Knowles       
3.25% exercise price $18.43, maturity date 11/1/21  973,000    1,103,272 
ON Semiconductor       
1.625% exercise price $20.72, maturity date 10/15/23  544,000    650,078 
Pluralsight       
144A 0.375% exercise price $38.76, maturity date       
3/1/24 #  1,796,000    1,614,917 
Quotient Technology       
1.75% exercise price $17.36, maturity date 12/1/22  1,564,000    1,542,000 

 

NQ-129 [2/20] 4/20 (1139709) 7

 

Schedule of investments

Delaware Wealth Builder Fund (Unaudited)

    Principal amount°    Value (US $) 
Convertible Bonds (continued)        
Technology (continued)        
Synaptics        
      0.50% exercise price $73.02, maturity date 6/15/22   544,000  $  609,896 
   Verint Systems        
      1.50% exercise price $64.46, maturity date 6/1/21   1,503,000    1,611,354 
Vishay Intertechnology        
      2.25% exercise price $31.44, maturity date 6/15/25   1,228,000    1,218,053 
        12,373,225 
Utilities - 0.30%        
NRG Energy        
      2.75% exercise price $47.74, maturity date 6/1/48   1,303,000    1,380,868 
        1,380,868 
Total Convertible Bonds (cost $45,902,735)       46,833,391 
 
Corporate Bonds – 11.63%        
Banking - 1.05%        
Ally Financial 5.75% 11/20/25   798,000    902,663 
   Banco de Credito del Peru 144A 2.70% 1/11/25 #   204,000    205,020 
   Banco del Estado de Chile 144A 2.704% 1/9/25 #   205,000    207,563 
Bancolombia 3.00% 1/29/25   200,000    200,150 
   Bank of America        
      2.456% 10/22/25 µ   15,000    15,386 
      2.884% 10/22/30 µ   20,000    20,949 
      3.194% 7/23/30 µ   55,000    58,922 
      3.458% 3/15/25 µ   45,000    47,947 
   BBVA Bancomer        
      144A 5.125% 1/18/33 #µ   384,000    401,290 
      144A 6.75% 9/30/22 #   274,000    297,367 
    Credit Suisse Group 144A 6.25% #µy   360,000    388,100 
JPMorgan Chase & Co.        
      2.739% 10/15/30 µ   20,000    20,859 
      4.023% 12/5/24 µ   80,000    86,700 
      5.00%µy  85,000    86,649 
Morgan Stanley        
2.954% (LIBOR03M + 1.22%) 5/8/24 •   35,000    35,501 
      5.00% 11/24/25   95,000    109,689 
   PNC Financial Services Group 2.60% 7/23/26   180,000    189,444 
Popular 6.125% 9/14/23   455,000    478,508 
Royal Bank of Scotland Group 8.625% µy   520,000    551,083 
State Street        
      3.10% 5/15/23   10,000    10,494 
      3.30% 12/16/24   130,000    140,735 
Truist Bank 2.636% 9/17/29 µ   185,000    188,159 

 

8 NQ-129 [2/20] 4/20 (1139709)

 

(Unaudited)

  Principal amount°    Value (US $) 
Corporate Bonds (continued)       
Banking (continued)       
US Bancorp       
3.00% 7/30/29  25,000  $  26,675 
3.10% 4/27/26  25,000    26,972 
3.375% 2/5/24  60,000    64,290 
USB Capital IX 3.50% (LIBOR03M + 1.02%) y•  85,000    77,498 
      4,838,613 
Basic Industry - 1.12%       
BMC East 144A 5.50% 10/1/24 #  163,000    168,365 
Boise Cascade 144A 5.625% 9/1/24 #  295,000    305,447 
Chemours 5.375% 5/15/27  379,000    326,025 
FMG Resources August 2006 144A 5.125% 5/15/24 #  246,000    255,020 
Freeport-McMoRan       
4.55% 11/14/24  200,000    202,917 
5.45% 3/15/43  320,000    311,232 
Hudbay Minerals 144A 7.625% 1/15/25 #  165,000    159,293 
Koppers 144A 6.00% 2/15/25 #  434,000    428,571 
Methanex 5.25% 12/15/29  185,000    195,171 
Minera Mexico 144A 4.50% 1/26/50 #  200,000    202,313 
Newmont 2.80% 10/1/29  190,000    197,967 
Olin       
5.00% 2/1/30  135,000    130,363 
5.125% 9/15/27  437,000    441,380 
RPM International 4.55% 3/1/29  170,000    196,545 
Standard Industries       
144A 4.75% 1/15/28 #  445,000    458,985 
144A 5.00% 2/15/27 #  160,000    164,628 
Steel Dynamics 5.00% 12/15/26  505,000    536,633 
Univar Solutions USA 144A 5.125% 12/1/27 #  180,000    182,169 
US Concrete 6.375% 6/1/24  10,000    10,197 
Zekelman Industries 144A 9.875% 6/15/23 #  285,000    298,929 
      5,172,150 
Capital Goods - 0.37%       
Bombardier 144A 6.00% 10/15/22 #  240,000    235,650 
Crown Americas 4.75% 2/1/26  463,000    478,787 
Mauser Packaging Solutions Holding 144A       
5.50% 4/15/24 #  551,000    546,873 
Roper Technologies 2.35% 9/15/24  185,000    190,607 
TransDigm 144A 6.25% 3/15/26 #  237,000    251,368 
      1,703,285 
Communications - 0.79%       
Altice France 144A 7.375% 5/1/26 #  565,000    593,561 
AT&T 4.35% 3/1/29  170,000    193,679 

 

NQ-129 [2/20] 4/20 (1139709) 9

 

Schedule of investments

Delaware Wealth Builder Fund (Unaudited)

  Principal amount°    Value (US $) 
Corporate Bonds (continued)       
Communications (continued)       
Front Range BidCo 144A 4.00% 3/1/27 #  415,000  $  403,847 
Level 3 Financing 144A 3.875% 11/15/29 #  210,000    223,177 
Ooredoo International Finance 144A 5.00% 10/19/25 #  200,000    225,568 
Sprint       
7.125% 6/15/24  612,000    696,404 
7.875% 9/15/23  22,000    25,199 
T-Mobile USA       
6.375% 3/1/25 =  166,000    0 
6.50% 1/15/26  460,000    485,139 
6.50% 1/15/26 =  180,000    0 
Verizon Communications       
4.50% 8/10/33  95,000    116,519 
4.522% 9/15/48  35,000    45,184 
Vodafone Group       
4.25% 9/17/50  110,000    122,222 
4.875% 6/19/49  40,000    48,213 
Zayo Group       
144A 5.75% 1/15/27 #  15,000    15,380 
6.375% 5/15/25  455,000    466,186 
      3,660,278 
Consumer Cyclical - 0.94%       
Allison Transmission 144A 5.875% 6/1/29 #  575,000    624,492 
AMC Entertainment Holdings 6.125% 5/15/27  279,000    223,904 
Boyd Gaming 6.375% 4/1/26  452,000    472,046 
Future Retail 144A 5.60% 1/22/25 #  205,000    207,806 
General Motors Financial       
4.35% 4/9/25  75,000    80,316 
5.25% 3/1/26  95,000    105,943 
HD Supply 144A 5.375% 10/15/26 #  290,000    304,086 
Hilton Worldwide Finance 4.875% 4/1/27  545,000    558,271 
KFC Holding 144A 5.25% 6/1/26 #  470,000    481,766 
Lennar 4.75% 5/30/25  115,000    124,512 
Lowe’s       
4.05% 5/3/47  5,000    5,642 
4.55% 4/5/49  136,000    166,850 
MGM Resorts International 5.75% 6/15/25  73,000    80,117 
Penn National Gaming 144A 5.625% 1/15/27 #  337,000    349,755 
PulteGroup 5.00% 1/15/27  15,000    16,503 
Scientific Games International 144A 8.25% 3/15/26 #  300,000    310,312 
William Carter 144A 5.625% 3/15/27 #  200,000    213,250 
      4,325,571 

 

10 NQ-129 [2/20] 4/20 (1139709)

 

(Unaudited)       
 
 
  Principal amount°    Value (US $) 
Corporate Bonds (continued)       
  Consumer Non-Cyclical - 0.88%       
Alcon Finance 144A 3.00% 9/23/29 #  200,000  $  209,669 
Anheuser-Busch InBev Worldwide       
3.65% 2/1/26  125,000    136,348 
4.15% 1/23/25  50,000    55,671 
Cott Holdings 144A 5.50% 4/1/25 #  272,000    278,913 
CVS Health 3.25% 8/15/29  185,000    194,439 
Gilead Sciences 4.15% 3/1/47  165,000    199,621 
JBS USA       
144A 5.75% 6/15/25 #  318,000    326,479 
144A 6.50% 4/15/29 #  305,000    331,398 
Pilgrim’s Pride 144A 5.75% 3/15/25 #  535,000    546,655 
Post Holdings       
144A 5.00% 8/15/26 #  311,000    317,795 
144A 5.625% 1/15/28 #  160,000    167,530 
144A 5.75% 3/1/27 #  295,000    307,675 
United Rentals North America       
5.50% 5/15/27  713,000    746,885 
5.875% 9/15/26  5,000    5,275 
Verscend Escrow 144A 9.75% 8/15/26 #  225,000    245,244 
      4,069,597 
Energy - 1.23%       
Cheniere Corpus Christi Holdings 7.00% 6/30/24  135,000    152,939 
Cheniere Energy Partners 5.25% 10/1/25  305,000    306,528 
Crestwood Midstream Partners 6.25% 4/1/23  245,000    233,310 
Energy Transfer Operating       
5.25% 4/15/29  95,000    106,768 
6.25% 4/15/49  60,000    69,252 
Gazprom PJSC via Gaz Finance 144A 3.25% 2/25/30 #  205,000    201,529 
Hilcorp Energy I 144A 5.00% 12/1/24 #  240,000    190,300 
Israel Electric 144A 4.25% 8/14/28 #  300,000    335,064 
KazTransGas 144A 4.375% 9/26/27 #  381,000    407,634 
Marathon Oil 4.40% 7/15/27  130,000    140,186 
MPLX       
4.00% 3/15/28  30,000    31,725 
5.50% 2/15/49  55,000    61,876 
Murphy Oil 5.875% 12/1/27  312,000    304,927 
Murphy Oil USA 5.625% 5/1/27  609,000    645,328 
Newfield Exploration 5.375% 1/1/26  423,000    448,917 
Noble Energy       
3.25% 10/15/29  85,000    86,545 
3.90% 11/15/24  20,000    21,333 
4.20% 10/15/49  15,000    14,500 

 

NQ-129 [2/20] 4/20 (1139709) 11

 

Schedule of investments

Delaware Wealth Builder Fund (Unaudited)

  Principal amount°    Value (US $) 
Corporate Bonds (continued)       
Energy (continued)       
Noble Energy       
4.95% 8/15/47  50,000  $  52,045 
5.05% 11/15/44  5,000    5,137 
NuStar Logistics 5.625% 4/28/27  228,000    233,027 
Precision Drilling 144A 7.125% 1/15/26 #  400,000    370,339 
Sabine Pass Liquefaction       
5.625% 3/1/25  55,000    62,311 
5.75% 5/15/24  110,000    123,785 
Sinopec Group Overseas Development 2018 144A       
2.50% 8/8/24 #  610,000    626,940 
Southwestern Energy 7.75% 10/1/27  290,000    220,407 
Targa Resources Partners 5.375% 2/1/27  237,000    243,363 
      5,696,015 
Financials - 0.27%       
AerCap Global Aviation Trust 144A 6.50% 6/15/45 #µ  240,000    258,624 
AerCap Ireland Capital 4.45% 4/3/26  150,000    164,059 
E*TRADE Financial 5.875% µy  530,000    577,204 
International Lease Finance 8.625% 1/15/22  50,000    55,798 
Jefferies Group       
4.15% 1/23/30  170,000    184,442 
6.45% 6/8/27  10,000    12,064 
6.50% 1/20/43  5,000    6,217 
      1,258,408 
Healthcare - 1.08%       
Bausch Health 144A 5.50% 11/1/25 #  630,000    649,949 
Centene       
144A 3.375% 2/15/30 #  295,000    295,369 
144A 5.375% 8/15/26 #  470,000    495,263 
Charles River Laboratories International 144A       
5.50% 4/1/26 #  425,000    447,843 
Community Health Systems 144A 6.625% 2/15/25 #  170,000    173,825 
Encompass Health       
5.75% 11/1/24  105,000    106,146 
5.75% 9/15/25  244,000    253,049 
HCA       
5.375% 2/1/25  559,000    619,140 
5.875% 2/15/26  219,000    247,630 
7.58% 9/15/25  219,000    261,705 
Hill-Rom Holdings 144A 5.00% 2/15/25 #  242,000    251,708 
Hologic 144A 4.625% 2/1/28 #  300,000    312,017 
Rede D’or Finance 144A 4.50% 1/22/30 #  250,000    244,438 

 

12 NQ-129 [2/20] 4/20 (1139709)

 

(Unaudited)

  Principal amount°    Value (US $) 
Corporate Bonds (continued)       
Healthcare (continued)       
Tenet Healthcare       
5.125% 5/1/25  345,000  $  348,450 
8.125% 4/1/22  241,000    261,540 
Universal Health Services 144A 5.00% 6/1/26 #  5,000    5,202 
      4,973,274 
Insurance - 0.18%       
HUB International 144A 7.00% 5/1/26 #  360,000    364,491 
USI 144A 6.875% 5/1/25 #  468,000    467,003 
      831,494 
Media - 1.32%       
Altice Financing 144A 5.00% 1/15/28 #  200,000    196,500 
AMC Networks 4.75% 8/1/25  505,000    504,386 
CCO Holdings       
144A 4.50% 8/15/30 #  105,000    106,378 
144A 5.875% 5/1/27 #  394,000    412,292 
Charter Communications Operating       
4.80% 3/1/50  70,000    75,515 
5.05% 3/30/29  100,000    115,860 
CSC Holdings       
5.25% 6/1/24  5,000    5,417 
6.75% 11/15/21  370,000    392,300 
144A 7.50% 4/1/28 #  400,000    451,929 
144A 7.75% 7/15/25 #  465,000    490,570 
Discovery Communications 4.125% 5/15/29  175,000    192,578 
Gray Television 144A 5.875% 7/15/26 #  473,000    487,332 
Lamar Media 5.75% 2/1/26  473,000    492,819 
Netflix 5.875% 11/15/28  625,000    703,844 
Sinclair Television Group 144A 5.125% 2/15/27 #  362,000    360,316 
Sirius XM Radio       
144A 5.00% 8/1/27 #  470,000    492,607 
144A 5.375% 4/15/25 #  286,000    293,984 
Time Warner Cable 7.30% 7/1/38  60,000    81,538 
Time Warner Entertainment 8.375% 3/15/23  25,000    29,772 
ViacomCBS 4.375% 3/15/43  180,000    193,764 
      6,079,701 
Real Estate Investment Trusts - 0.33%       
Crown Castle International 5.25% 1/15/23  125,000    137,220 
ESH Hospitality 144A 5.25% 5/1/25 #  494,000    497,910 
MGM Growth Properties Operating Partnership       
5.75% 2/1/27  160,000    175,400 
SBA Communications 4.875% 9/1/24  670,000    689,963 
      1,500,493 

 

NQ-129 [2/20] 4/20 (1139709) 13

 

Schedule of investments

Delaware Wealth Builder Fund (Unaudited)

  Principal amount°    Value (US $) 
Corporate Bonds (continued)       
Services - 0.49%       
Advanced Disposal Services 144A 5.625% 11/15/24 #  389,000  $  406,803 
Aramark Services 144A 5.00% 2/1/28 #  285,000    297,996 
Ashtead Capital 144A 5.25% 8/1/26 #  570,000    612,297 
Avis Budget Car Rental 144A 6.375% 4/1/24 #  104,000    104,823 
Covanta Holding 5.875% 7/1/25  233,000    239,504 
Prime Security Services Borrower 144A 5.75% 4/15/26 #  310,000    322,981 
Service Corp. International 4.625% 12/15/27  280,000    293,950 
      2,278,354 
Technology & Electronics - 0.75%       
Apple 2.20% 9/11/29  140,000    144,346 
CDK Global       
5.00% 10/15/24  161,000    174,957 
5.875% 6/15/26  518,000    542,942 
CDW Finance 5.00% 9/1/25  156,000    161,052 
CommScope Technologies 144A 5.00% 3/15/27 #  192,000    174,226 
Global Payments       
2.65% 2/15/25  135,000    139,857 
3.20% 8/15/29  50,000    53,179 
Infor US 6.50% 5/15/22  447,000    449,132 
International Business Machines 3.30% 5/15/26  140,000    153,117 
Iron Mountain US Holdings 144A 5.375% 6/1/26 #  324,000    336,263 
NXP       
144A 4.30% 6/18/29 #  15,000    16,834 
144A 4.875% 3/1/24 #  90,000    99,248 
Sensata Technologies UK Financing 144A       
6.25% 2/15/26 #  285,000    298,580 
SS&C Technologies 144A 5.50% 9/30/27 #  660,000    695,888 
      3,439,621 
Transportation - 0.06%       
FedEx 4.05% 2/15/48  140,000    141,651 
Rutas 2 and 7 Finance 144A 3.413% 9/30/36 #  200,000    140,187 
      281,838 
Utilities - 0.77%       
Calpine 144A 5.25% 6/1/26 #  443,000    440,210 
Centrais Eletricas Brasileiras 144A 3.625% 2/4/25 #  200,000    199,150 
Duke Energy 4.875%µy  85,000    87,703 
Emera 6.75% 6/15/76 µ  225,000    261,192 
Empresas Publicas de Medellin 144A 4.25% 7/18/29 #  387,000    403,601 
Enel 144A 8.75% 9/24/73 #µ  200,000    233,020 
Entergy Louisiana 4.95% 1/15/45  5,000    5,512 
Entergy Mississippi 2.85% 6/1/28  60,000    63,719 
Entergy Texas 3.55% 9/30/49  115,000    129,203 

 

14 NQ-129 [2/20] 4/20 (1139709)

 

(Unaudited)

  Principal amount°    Value (US $) 
Corporate Bonds (continued)       
Utilities (continued)       
Evergy 2.90% 9/15/29  160,000  $  165,362 
Evergy Metro 3.65% 8/15/25  25,000    27,532 
MidAmerican Energy 3.15% 4/15/50  55,000    59,558 
Mong Duong Finance Holdings 144A 5.125% 5/7/29 #  500,000    525,964 
National Rural Utilities Cooperative Finance       
4.75% 4/30/43 µ  5,000    5,242 
5.25% 4/20/46 µ  60,000    66,953 
NextEra Energy Capital Holdings 5.65% 5/1/79 µ  55,000    62,524 
PacifiCorp 3.50% 6/15/29  75,000    85,400 
Southern California Edison       
4.00% 4/1/47  30,000    33,865 
4.875% 3/1/49  45,000    58,721 
Southwestern Electric Power 4.10% 9/15/28  165,000    187,142 
Vistra Operations 144A 5.50% 9/1/26 #  465,000    471,476 
      3,573,049 
Total Corporate Bonds (cost $52,229,670)      53,681,741 
 
Leveraged Non-Recourse Security – 0.00%       
JPMorgan Fixed Income Pass Through Trust Auction 144A       
0.24% 1/15/87 # ◆ =  1,300,000    1,300 
Total Leveraged Non-Recourse Security (cost $1,105,000)      1,300 
 
Municipal Bonds – 4.87%       
Arizona Industrial Development Authority       
(American Charter Schools Foundation Project) 144A       
6.00% 7/1/47 #  1,000,000    1,178,690 
Buckeye, Ohio Tobacco Settlement Financing Authority       
(Asset-Backed Senior Turbo)       
Series A-2 5.875% 6/1/47  1,250,000    1,251,550 
Series A-2 6.00% 6/1/42  1,000,000    1,001,270 
California State       
(Various Purposes) 5.00% 11/1/43  1,000,000    1,138,330 
California Statewide Communities Development Authority       
(California Baptist University) Series A 6.375% 11/1/43  1,000,000    1,161,750 
Capital Trust Agency       
(University Bridge, LLC Student Housing Project) Series       
A 144A 5.25% 12/1/58 #  1,000,000    1,100,170 
City of Apple Valley, Minnesota       
(Minnesota Senior Living Project) Series D 7.25% 1/1/52  1,000,000    980,390 
City of Chicago, Illinois       
(General Obligation Bonds Project) Series D       
5.50% 1/1/40  1,000,000    1,160,040 

 

NQ-129 [2/20] 4/20 (1139709) 15

 

Schedule of investments

Delaware Wealth Builder Fund (Unaudited)

  Principal amount°    Value (US $) 
Municipal Bonds (continued)       
Colorado Health Facilities Authority Revenue       
(Catholic Health Initiatives) Series A 5.25% 1/1/45  750,000  $  841,327 
Conley Road Transportation Development District,       
Missouri       
5.375% 5/1/47  500,000    533,665 
Dallas/Fort Worth International Airport, Texas       
Series H 5.00% 11/1/42 (AMT)  1,000,000    1,061,970 
Dominion Water & Sanitation District, Colorado       
6.00% 12/1/46  1,000,000    1,075,260 
Florida Development Finance Surface Transportation       
Facilities Revenue       
(Virgin Trains USA Passenger Rail Project) Series A 144A       
6.50% 1/1/49 (AMT)#•  1,150,000    1,188,341 
Golden State Tobacco Securitization Settlement Revenue       
Series A-1 5.25% 6/1/47  500,000    533,430 
Illinois State       
Series A 5.00% 4/1/38  100,000    109,896 
Montgomery County Industrial Development Authority       
Revenue       
(Whitemarsh Continuing Care Retirement Community       
Project) Series A 5.375% 1/1/51  250,000    270,795 
M-S-R Energy Authority, California       
Series C 6.50% 11/1/39  1,000,000    1,684,740 
New Jersey Transportation Trust Fund Authority       
(Transportation Program Bonds) Series AA       
5.00% 6/15/44  1,000,000    1,125,500 
Palm Beach County, Florida Health Facilities Authority       
(Sinai Residences Boca Raton Project)       
Series A 7.25% 6/1/34  65,000    73,942 
Series A 7.50% 6/1/49  325,000    368,771 
Public Authority for Colorado Energy Natural Gas Revenue       
6.50% 11/15/38  1,000,000    1,628,180 
Puerto Rico Sales Tax Financing Revenue       
Series A-1 4.55% 7/1/40  250,000    281,918 
Series A-1 4.75% 7/1/53  1,880,000    2,128,386 
Tobacco Settlement Financing       
Subordinate Series B 5.00% 6/1/46  500,000    589,325 
 
Total Municipal Bonds (cost $20,041,629)      22,467,636 
 
Non-Agency Commercial Mortgage-Backed Securities – 0.50%       
BANK       
Series 2017-BNK5 B 3.896% 6/15/60 •  95,000    104,009 
Series 2019-BN20 A3 3.011% 9/15/62  250,000    272,547 

 

16 NQ-129 [2/20] 4/20 (1139709)

 

(Unaudited)         
 
 
  Principal amount°    Value (US $) 
Non-Agency Commercial Mortgage-Backed Securities (continued)       
Benchmark Mortgage Trust         
Series 2019-B9 A5 4.016% 3/15/52    250,000  $  289,997 
CD Mortgage Trust         
Series 2019-CD8 A4 2.912% 8/15/57    250,000    268,581 
DB-JPM Mortgage Trust         
Series 2016-C3 A5 2.89% 8/10/49    250,000    267,087 
GRACE Mortgage Trust         
Series 2014-GRCE A 144A 3.369% 6/10/28 #    100,000    101,544 
GS Mortgage Securities Trust         
Series 2017-GS6 A3 3.433% 5/10/50    165,000    181,137 
Series 2019-GC42 A4 3.001% 9/1/52    250,000    270,852 
JPM-BB Commercial Mortgage Securities Trust         
Series 2015-C33 A4 3.77% 12/15/48    500,000    553,755 
Total Non-Agency Commercial Mortgage-Backed Securities (cost $2,221,144)      2,309,509 
 
Sovereign Bonds – 1.15%D         
Azerbaijan - 0.14%         
Republic of Azerbaijan International Bond 144A         
3.50% 9/1/32 #    625,000    626,165 
        626,165 
Brazil - 0.02%         
Brazil Notas do Tesouro Nacional Series F 10.00% 1/1/29  BRL  345,000    93,276 
        93,276 
Dominican Republic - 0.10%         
Dominican Republic International Bond         
144A 4.50% 1/30/30 #    200,000    200,802 
144A 6.00% 7/19/28 #    250,000    276,964 
        477,766 
Ecuador - 0.03%         
Ecuador Government International Bond 144A         
10.75% 1/31/29 #    200,000    152,571 
        152,571 
Egypt - 0.05%         
Egypt Treasury Bills 15.25% 8/4/20  EGP  3,475,000    211,380 
        211,380 
El Salvador - 0.05%         
El Salvador Government International Bond 144A         
7.125% 1/20/50 #    225,000    237,206 
        237,206 
Gabon - 0.04%         
Gabon Government International Bond 144A         
6.625% 2/6/31 #    200,000    201,609 
        201,609 

 

NQ-129 [2/20] 4/20 (1139709) 17

 

Schedule of investments

Delaware Wealth Builder Fund (Unaudited)

    Principal amount°    Value (US $) 
Sovereign BondsD (continued)         
Georgia - 0.05%         
Georgia Government International Bond 6.875% 4/12/21    200,000  $  209,961 
        209,961 
Guatemala - 0.05%         
Guatemala Government Bond 144A 4.875% 2/13/28 #    200,000    216,821 
        216,821 
Hungary - 0.04%         
Hungary Government Bond 6.00% 11/24/23  HUF  53,110,000    204,377 
        204,377 
Ivory Coast - 0.07%         
Ivory Coast Government International Bond         
144A 6.125% 6/15/33 #    207,000    212,398 
144A 6.875% 10/17/40 #  EUR  100,000    116,154 
        328,552 
Mongolia - 0.09%         
Development Bank of Mongolia 144A 7.25% 10/23/23 #    200,000    214,006 
Mongolia Government International Bond 144A         
5.625% 5/1/23 #    200,000    201,554 
        415,560 
Poland - 0.09%         
Republic of Poland Government Bond 2.25% 4/25/22  PLN  1,524,000    395,452 
        395,452 
Romania - 0.04%         
Romania Government Bond 4.40% 9/25/23  RON  855,000    202,817 
        202,817 
Russia - 0.10%         
Russian Foreign Bond - Eurobond 144A 4.25% 6/23/27 #    400,000    441,660 
        441,660 
Ukraine - 0.13%         
Ukraine Government International Bond 144A         
7.75% 9/1/21 #    584,000    616,038 
        616,038 
Uzbekistan - 0.06%         
Republic of Uzbekistan Bond 144A 4.75% 2/20/24 #    250,000    264,195 
        264,195 
Total Sovereign Bonds (cost $5,212,155)        5,295,406 
 
Supranational Bank – 0.05%         
Banque Ouest Africaine de Developpement 144A         
4.70% 10/22/31 #    202,000    216,632 
Total Supranational Bank (cost $202,000)        216,632 

 

18 NQ-129 [2/20] 4/20 (1139709)

 

(Unaudited)        
 
 
    Principal amount°    Value (US $) 
US Treasury Obligations – 1.03%        
US Treasury Bonds        
        2.00% 2/15/50   80,000  $  86,402 
        4.50% 2/15/36   705,000    1,027,042 
US Treasury Floating Rate Note        
1.312% (USBMMY3M + 0.154%) 1/31/22 •   960,000    959,979 
     US Treasury Inflation Indexed Bond        
        0.125% 1/15/30   923,890    961,113 
     US Treasury Notes        
        1.75% 12/31/24   1,102,700    1,145,774 
        2.00% 10/31/22   340,000    350,007 
US Treasury Strip Principal        
        2.26% 5/15/44   340,000    224,817 
Total US Treasury Obligations (cost $4,598,582)       4,755,134 
    Number of shares     
Preferred Stock – 0.50%        
Bank of America 6.50% µ   440,000    485,919 
     GMAC Capital Trust I 7.477% (LIBOR03M + 5.785%)        
        2/15/40 •  5,000    127,500 
     Pebblebrook Hotel Trust 6.375%   28,153    683,273 
Taubman Centers 6.50%   37,077    936,565 
     Washington Prime Group 6.875%   4,840    74,536 
Total Preferred Stock (cost $2,329,618)       2,307,793 
 
Short-Term Investments – 3.67%        
Money Market Mutual Funds - 3.65%        
     BlackRock FedFund – Institutional Shares (seven-day        
effective yield 1.49%)   3,367,575    3,367,575 
Fidelity Investments Money Market Government        
        Portfolio – Class I (seven-day effective yield 1.46%)   3,367,575    3,367,575 
    GS Financial Square Government Fund – Institutional        
        Shares (seven-day effective yield 1.47%)   3,367,575    3,367,575 
    Morgan Stanley Government Portfolio – Institutional Share        
        Class (seven-day effective yield 1.45%)   3,367,575    3,367,575 
    State Street Institutional US Government Money Market        
        Fund – Investor Class (seven-day effective yield 1.45%)   3,367,575    3,367,575 
    Principal amount°     
Variable Rate Demand Note - 0.02%¤        
Mississippi Business Finance Corporation Gulf Opportunity        
Zone Industrial Development Revenue (Chevron USA        
       Project) Series H 1.20% 11/1/35   100,000    100,000 
Total Short-Term Investments (cost $16,937,875)       16,937,875 

 

NQ-129 [2/20] 4/20 (1139709) 19

 

Schedule of investments

Delaware Wealth Builder Fund (Unaudited)

Total Value of Securities – 100.28%     
(cost $475,438,780)  $  462,750,691 
Liabilities Net of Receivables and Other Assets – (0.28%) ★   (1,287,764) 
Net Assets Applicable to 35,537,667 Shares Outstanding – 100.00%  $  461,462,927 

 

# Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended.
At Feb. 29, 2020, the aggregate value of Rule 144A securities was $45,277,421, which represents
9.81% 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.
★Includes $1,089,267 cash collateral held at broker for centrally cleared swap contracts and $12,650
cash collateral held at broker for futures contracts at Feb. 29, 2020.

¤ Tax-exempt obligations that contain a floating or variable interest rate adjustment formula and an
unconditional right of demand to receive payment of the unpaid principal balance plus accrued
interest upon a short notice period (generally up to 30 days) prior to specified dates either from the
issuer or by drawing on a bank letter of credit, a guarantee, or insurance issued with respect to such
instrument. Each rate shown is as of Feb. 29, 2020.

= The value of this security was determined using significant unobservable inputs and is reported as a
Level 3 security.

° Principal amount shown is stated in USD unless noted that the security is denominated in another
currency.
D Securities have been classified by country of origin.

µ Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at Feb. 29, 2020.
Rate will reset at a future date.
p 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
Feb. 29, 2020, the aggregate value of restricted securities was $7,830,543, which represented 1.70%
of the Fund’s net assets. See table on the next page for additional details on restricted securities.
y No contractual maturity date.

† Non-income producing security.
• Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at
Feb. 29, 2020. For securities based on a published reference rate and spread, the reference rate and
spread are indicated in their description above. The reference rate descriptions (i.e. LIBOR03M,
LIBOR06M, etc.) used in this report are identical for different securities, but the underlying reference
rates may differ due to the timing of the reset period. Certain variable rate securities are not based on
a published reference rate and spread but are determined by the issuer or agent and are based on
current market conditions, or for mortgage-backed securities, are impacted by the individual
mortgages which are paying off over time. These securities do not indicate a reference rate and
spread in their description above.

20 NQ-129 [2/20] 4/20 (1139709)

 

(Unaudited)           
 
 
Restricted Securities           
 
Investments  Date of Acquisition    Cost    Value 
Merion Champion’s Walk  8/4/17  $ 2,218,167  $ 2,130,378 
Merion Champion’s Walk  2/13/18    57,535    55,258 
Merion Champion’s Walk  7/11/18    60,306    55,258 
Merion Champion’s Walk  10/22/18    61,241    55,258 
Merion Champion’s Walk  2/13/19    62,155    55,259 
Merion Countryside  5/11/16    —    1,677,649 
Merion Countryside  4/7/17    —    136,026 
Merion Countryside  5/3/18    —    75,570 
Merion The Ledges  9/26/18    3,436,259    3,455,852 
Merion The Ledges  9/12/19    142,274    134,035 
Total    $ 6,037,937  $ 7,830,543 

 

The following foreign currency exchange contracts, futures contracts and swap contracts were outstanding at
Feb. 29, 2020:

Foreign Currency Exchange Contracts               
 
  Currency to      Settlement    Unrealized    Unrealized 
Counterparty  Receive                                         (Deliver)  In Exchange For  Date    Appreciation    Depreciation 
JPMCB  BRL  852,453  USD  (208,694)  3/13/20  $  —  $ (19,928) 
JPMCB  EUR  (650,213)  USD  728,616  3/6/20    10,488    — 
JPMCB  EUR  (187,711)  USD  204,000  3/13/20    —    (2,374) 
JPMCB  ZAR  (3,000,496)  USD  209,152  3/13/20    18,840    — 
Total Foreign Currency Exchange Contracts        $  29,328  $ (22,302) 

 

Futures Contracts                           
                            Variation  
                            Margin  
              Notional       Value/     Due from  
        Notional     Cost   Expiration    Unrealized     (Due to)  
Contracts to           Buy (Sell)    Amount     (Proceeds)   Date    Depreciation     Brokers  
    US Treasury                           
(10)  10 yr Notes  $ (1,347,500 )  $ (1,331,023 )  6/19/20  $ (16,477 )  $  (11,375 ) 

 

NQ-129 [2/20] 4/20 (1139709) 21

 

Schedule of investments

Delaware Wealth Builder Fund (Unaudited)

Swap Contracts                         
CDS Contracts1                         
                        Variation 
                Upfront       Margin 
Reference Obligation/    Annual           Payments       Due from 
Termination Date/  Notional  Protection           Paid   Unrealized   (Due to) 
Payment Frequency  Amount2  Payments     Value  (Received)   Appreciation3    Brokers 
Centrally Cleared/                         
Protection Purchased:                         
CDX. NA. HY. 334                         
12/20/24-                         
Quarterly  10,890,000  5.00 %  $  (558,947)        $  (609,476 )      $  50,529 $  74,626 
Over-The-Counter/                         
Protection Purchased:                         
JPMCB-CDS                         
12/20/24-                         
Quarterly  2,048,000  1.00 %    28,717     1,423   27,294   — 
JPMCB-CDS                         
3/20/25-                         
Quarterly  1,234,000  1.00 %    38,678     11,683   26,995   — 
Total CDS Contracts        $  (491,552)   $  (596,370 )      $  104,818 $  74,626 

 

The use of foreign currency exchange contracts, futures contracts and swap contracts involve elements of market risk
and risks in excess of the amounts disclosed in these financial statements. The foreign currency exchange contracts and
notional amounts presented above represent the Fund’s total exposure in such contracts, whereas only the variation
margin and net unrealized appreciation (depreciation) is 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 on swap contracts accrued daily in
the aggregate amount of $(87,307).

4Markit’s CDX.NA.HY Index is composed of one hundred (100) of the most liquid North American entities with high yield
credit ratings that trade in the CDS market.

Summary of abbreviations: 
AMT – Subject to Alternative Minimum Tax 
BB – Barclays Bank 
BRL – Brazilian Real 

 

22 NQ-129 [2/20] 4/20 (1139709)

 

(Unaudited)

Summary of abbreviations (continued):
CDS – Credit Default Swap
CDX.NA.HY – Credit Default Swap Index North America High Yield
EAFE – Europe Australasia Far East
EGP – Egyptian Pound
ETF – Exchange-Traded Fund
EUR – European Monetary Unit
FTSE – Financial Times Stock Exchange
GS – Goldman Sachs
HUF – Hungarian Forint
ICE – Intercontinental Exchange
JPM – JPMorgan
JPMCB – JPMorgan Chase Bank, National Association
LIBOR – London interbank offered rate
LIBOR03M – ICE LIBOR USD 3 Month
LIBOR06M – ICE LIBOR USD 6 Month
MSCI – Morgan Stanley Capital
PLN – Polish Zloty
REIT – Real Estate Investment Trust
RON – Romanian New Leu
S&P – Standard & Poor’s
S.F. – Single Family
SPDR – S&P Depositary Receipts
TBA – To be announced
USBMMY3M – US Treasury 3 Month Bill Money Market Yield
USD – US Dollar
yr – Year
ZAR – South African Rand

NQ-129 [2/20] 4/20 (1139709) 23