Schedule of investments
Delaware Ivy VIP High Income
September 30, 2022 (Unaudited)
| Principal amount° | Value (US $) | ||
| Convertible Bond — 0.14% | |||
| Spirit Airlines 1.00% exercise price $49.07, maturity date 5/15/26 | 1,186,000 | $ 1,015,809 | |
| Total Convertible Bond (cost $1,054,740) | 1,015,809 | ||
| Corporate Bonds — 69.29% | |||
| Automotive — 0.52% | |||
| Goodyear Tire & Rubber 5.25% 7/15/31 * | 4,740,000 | 3,797,807 | |
| 3,797,807 | |||
| Banking — 0.39% | |||
| Deutsche Bank 6.00% 10/30/25 μ, ψ | 3,800,000 | 2,869,000 | |
| 2,869,000 | |||
| Basic Industry — 2.69% | |||
| Cerdia Finanz 144A 10.50% 2/15/27 # | 3,160,000 | 2,611,638 | |
| Chemours 144A 5.75% 11/15/28 # | 4,550,000 | 3,731,955 | |
| First Quantum Minerals 144A 6.875% 10/15/27 # | 1,255,000 | 1,132,299 | |
| FMG Resources August 2006 | |||
| 144A 5.875% 4/15/30 # | 3,340,000 | 2,910,091 | |
| 144A 6.125% 4/15/32 # | 1,505,000 | 1,295,444 | |
| Novelis 144A 4.75% 1/30/30 # | 6,240,000 | 5,132,587 | |
| Vibrantz Technologies 144A 9.00% 2/15/30 # | 4,410,000 | 2,879,188 | |
| 19,693,202 | |||
| Capital Goods — 3.18% | |||
| ARD Finance 144A PIK 6.50% 6/30/27 #, > | 1,751,142 | 1,202,562 | |
| Bombardier 144A 6.00% 2/15/28 # | 1,499,000 | 1,256,408 | |
| Clydesdale Acquisition Holdings 144A 6.625% 4/15/29 # | 755,000 | 688,568 | |
| Mauser Packaging Solutions Holding 144A 5.50% 4/15/24 # | 4,390,000 | 4,177,261 | |
| Sealed Air 144A 5.00% 4/15/29 # | 2,175,000 | 1,944,091 | |
| TransDigm | |||
| 4.625% 1/15/29 | 255,000 | 205,916 | |
| 5.50% 11/15/27 | 7,030,000 | 6,129,914 | |
| Wesco Aircraft Holdings | |||
| 144A 8.50% 11/15/24 # | 6,782,000 | 3,560,550 | |
| 144A 9.00% 11/15/26 #, * | 6,438,000 | 3,884,045 | |
| 144A 13.125% 11/15/27 # | 858,000 | 259,545 | |
| 23,308,860 | |||
| Principalamount° | Value (US $) | ||
| Corporate Bonds (continued) | |||
| Communications — 7.77% | |||
| Altice Financing 144A 5.75% 8/15/29 # | 5,719,000 | $ 4,389,962 | |
| Altice France | |||
| 144A 5.125% 7/15/29 # | 2,375,000 | 1,779,991 | |
| 144A 5.50% 10/15/29 # | 1,292,000 | 975,336 | |
| Altice France Holding | |||
| 144A 6.00% 2/15/28 # | 10,750,000 | 6,841,596 | |
| 144A 10.50% 5/15/27 # | 4,453,000 | 3,498,034 | |
| Connect Finco 144A 6.75% 10/1/26 # | 6,220,000 | 5,448,049 | |
| Consolidated Communications | |||
| 144A 5.00% 10/1/28 # | 1,129,000 | 787,323 | |
| 144A 6.50% 10/1/28 # | 6,113,000 | 4,584,750 | |
| Digicel Group Holdings | |||
| 144A PIK 7.00% 10/21/22 #, ψ, >> | 602,159 | 105,378 | |
| 144A PIK 8.00% 4/1/25 #, >>> | 1,351,305 | 535,129 | |
| Digicel International Finance | |||
| 144A 8.00% 12/31/26 # | 1,474,249 | 904,002 | |
| 144A 8.75% 5/25/24 # | 4,031,000 | 3,696,145 | |
| Frontier Communications Holdings | |||
| 144A 5.875% 10/15/27 # | 3,346,000 | 3,006,414 | |
| 5.875% 11/1/29 | 1,011,498 | 805,173 | |
| 144A 6.00% 1/15/30 # | 805,000 | 634,098 | |
| 144A 6.75% 5/1/29 #, * | 3,287,000 | 2,719,319 | |
| 144A 8.75% 5/15/30 # | 1,080,000 | 1,082,452 | |
| LCPR Senior Secured Financing DAC 144A 5.125% 7/15/29 # | 913,000 | 688,814 | |
| Ligado Networks 144A PIK 15.50% 11/1/23 #, >> | 8,285,400 | 3,852,711 | |
| Northwest Fiber | |||
| 144A 4.75% 4/30/27 # | 2,743,000 | 2,392,623 | |
| 144A 6.00% 2/15/28 #, * | 1,703,000 | 1,323,406 | |
| 144A 10.75% 6/1/28 # | 1,327,000 | 1,237,650 | |
| Telesat Canada | |||
| 144A 5.625% 12/6/26 # | 6,406,000 | 3,073,919 | |
| 144A 6.50% 10/15/27 # | 1,130,000 | 420,281 | |
| Windstream Escrow 144A 7.75% 8/15/28 # | 2,591,000 | 2,150,657 | |
| 56,933,212 | |||
| Consumer Cyclical — 2.30% | |||
| American Airlines 144A 5.75% 4/20/29 # | 775,000 | 677,563 | |
| Asbury Automotive Group | |||
| 4.50% 3/1/28 | 2,576,930 | 2,183,420 | |
| 144A 4.625% 11/15/29 # | 85,000 | 68,161 | |
| 4.75% 3/1/30 | 4,450,930 | 3,483,241 | |
| 144A 5.00% 2/15/32 # | 85,000 | 65,600 | |
NQ-IV093 [9/22] 11/22 (2605387) 1
Schedule of investments
Delaware Ivy VIP High Income (Unaudited)
| Principalamount° | Value (US $) | ||
| Corporate Bonds (continued) | |||
| Consumer Cyclical (continued) | |||
| Carnival | |||
| 144A 5.75% 3/1/27 # | 5,753,000 | $ 4,043,065 | |
| 144A 7.625% 3/1/26 # | 1,718,000 | 1,308,283 | |
| Royal Caribbean Cruises 144A 5.50% 4/1/28 # | 7,169,000 | 5,038,516 | |
| 16,867,849 | |||
| Consumer Goods — 1.67% | |||
| Kronos Acquisition Holdings 144A 5.00% 12/31/26 # | 2,411,000 | 2,118,727 | |
| MajorDrive Holdings IV 144A 6.375% 6/1/29 # | 6,450,000 | 4,455,338 | |
| Performance Food Group 144A 4.25% 8/1/29 # | 1,501,000 | 1,252,690 | |
| Pilgrim's Pride 144A 4.25% 4/15/31 # | 3,775,000 | 3,021,076 | |
| Scotts Miracle-Gro 4.00% 4/1/31 | 160,000 | 112,991 | |
| Simmons Foods 144A 4.625% 3/1/29 # | 1,590,000 | 1,303,418 | |
| 12,264,240 | |||
| Energy — 10.43% | |||
| Ascent Resources Utica Holdings | |||
| 144A 5.875% 6/30/29 # | 809,000 | 721,466 | |
| 144A 7.00% 11/1/26 # | 1,898,000 | 1,831,912 | |
| 144A 8.25% 12/31/28 # | 157,000 | 151,158 | |
| Bellatrix Exploration | |||
| 8.50% 9/11/23 | 1,022,000 | 0 | |
| 12.50% 12/15/23 | 1,113,000 | 0 | |
| Callon Petroleum | |||
| 144A 7.50% 6/15/30 # | 1,985,000 | 1,741,738 | |
| 144A 8.00% 8/1/28 #, * | 5,090,000 | 4,705,578 | |
| CNX Resources 144A 6.00% 1/15/29 # | 6,420,000 | 5,872,855 | |
| Crestwood Midstream Partners | |||
| 144A 5.625% 5/1/27 # | 1,636,000 | 1,484,089 | |
| 144A 6.00% 2/1/29 # | 850,000 | 761,906 | |
| EQM Midstream Partners 144A 4.75% 1/15/31 # | 8,299,000 | 6,606,834 | |
| Genesis Energy | |||
| 7.75% 2/1/28 | 3,335,000 | 2,905,419 | |
| 8.00% 1/15/27 | 5,255,000 | 4,617,674 | |
| Hilcorp Energy I | |||
| 144A 6.00% 4/15/30 # | 5,220,000 | 4,561,036 | |
| 144A 6.00% 2/1/31 # | 705,000 | 613,446 | |
| 144A 6.25% 4/15/32 # | 2,665,000 | 2,364,575 | |
| Laredo Petroleum 10.125% 1/15/28 | 2,876,000 | 2,767,905 | |
| Mesquite Energy 144A 7.25% 2/15/23 #, ‡ | 622,000 | 6,220 | |
| Murphy Oil 6.375% 7/15/28 | 8,268,000 | 7,825,207 | |
| Principalamount° | Value (US $) | ||
| Corporate Bonds (continued) | |||
| Energy (continued) | |||
| NuStar Logistics | |||
| 6.00% 6/1/26 | 4,126,000 | $ 3,785,605 | |
| 6.375% 10/1/30 | 4,170,000 | 3,577,322 | |
| Occidental Petroleum | |||
| 4.20% 3/15/48 | 255,000 | 204,537 | |
| 4.40% 4/15/46 | 1,008,000 | 830,602 | |
| 4.40% 8/15/49 | 1,985,000 | 1,628,816 | |
| 4.50% 7/15/44 | 1,030,000 | 863,002 | |
| 6.45% 9/15/36 | 2,225,000 | 2,230,473 | |
| 6.60% 3/15/46 | 1,850,000 | 1,909,764 | |
| 6.625% 9/1/30 | 1,680,000 | 1,709,224 | |
| Southwestern Energy | |||
| 5.375% 2/1/29 | 760,000 | 690,772 | |
| 5.375% 3/15/30 | 7,590,000 | 6,855,326 | |
| Weatherford International 144A 8.625% 4/30/30 # | 2,960,000 | 2,584,520 | |
| 76,408,981 | |||
| Financial Services — 3.29% | |||
| Air Lease 4.65% 6/15/26 μ, ψ | 2,028,000 | 1,698,205 | |
| Castlelake Aviation Finance DAC 144A 5.00% 4/15/27 # | 3,888,000 | 3,311,655 | |
| Compass Group Diversified Holdings 144A 5.25% 4/15/29 # | 4,378,000 | 3,441,612 | |
| Highlands Holdings Bond Issuer 144A PIK 7.625% 10/15/25 #, > | 4,059,145 | 3,835,851 | |
| Medline Borrower | |||
| 144A 3.875% 4/1/29 # | 4,981,000 | 4,001,462 | |
| 144A 5.25% 10/1/29 #, * | 884,000 | 669,126 | |
| New Cotai 5.00% 2/2/27 | 3,298,686 | 3,290,445 | |
| StoneX Group 144A 8.625% 6/15/25 # | 3,835,000 | 3,881,384 | |
| 24,129,740 | |||
| Healthcare — 6.88% | |||
| Avantor Funding 144A 3.875% 11/1/29 # | 11,235,000 | 9,147,144 | |
| Bausch Health 144A 6.125% 2/1/27 # | 3,140,000 | 2,181,672 | |
| Cheplapharm Arzneimittel 144A 5.50% 1/15/28 # | 4,525,000 | 3,743,261 | |
| CHS | |||
| 144A 4.75% 2/15/31 # | 3,000,000 | 2,021,535 | |
| 144A 5.25% 5/15/30 # | 1,600,000 | 1,117,640 | |
| Consensus Cloud Solutions | |||
| 144A 6.00% 10/15/26 # | 1,785,000 | 1,582,697 | |
| 144A 6.50% 10/15/28 # | 2,477,000 | 2,107,313 | |
| Encompass Health | |||
| 4.625% 4/1/31 | 1,495,000 | 1,184,418 | |
| 4.75% 2/1/30 | 969,000 | 798,709 | |
2 NQ-IV093 [9/22] 11/22 (2605387)
(Unaudited)
| Principalamount° | Value (US $) | ||
| Corporate Bonds (continued) | |||
| Healthcare (continued) | |||
| Hadrian Merger Sub 144A 8.50% 5/1/26 # | 509,000 | $ 467,562 | |
| ModivCare Escrow Issuer 144A 5.00% 10/1/29 # | 4,672,000 | 3,805,227 | |
| Organon & Co. 144A 5.125% 4/30/31 # | 6,670,000 | 5,474,936 | |
| P&L Development 144A 7.75% 11/15/25 # | 4,958,000 | 3,727,424 | |
| Par Pharmaceutical 144A 7.50% 4/1/27 #, ‡ | 2,936,000 | 2,326,424 | |
| Tenet Healthcare | |||
| 144A 4.375% 1/15/30 # | 3,810,000 | 3,188,437 | |
| 144A 6.125% 10/1/28 # | 4,170,000 | 3,660,025 | |
| US Renal Care 144A 10.625% 7/15/27 # | 8,340,000 | 3,886,915 | |
| 50,421,339 | |||
| Insurance — 2.85% | |||
| Ardonagh Midco 2 144A PIK 11.50% 1/15/27 #, >> | 8,039,978 | 8,200,777 | |
| HUB International 144A 5.625% 12/1/29 # | 6,605,000 | 5,528,220 | |
| NFP | |||
| 144A 6.875% 8/15/28 # | 6,907,000 | 5,398,891 | |
| 144A 7.50% 10/1/30 # | 1,865,000 | 1,772,110 | |
| 20,899,998 | |||
| Leisure — 3.58% | |||
| Boyd Gaming | |||
| 4.75% 12/1/27 | 4,385,000 | 3,889,495 | |
| 144A 4.75% 6/15/31 # | 3,580,000 | 2,904,383 | |
| Carnival | |||
| 144A 6.00% 5/1/29 # | 7,316,000 | 4,816,013 | |
| 144A 9.875% 8/1/27 # | 1,550,000 | 1,521,852 | |
| 144A 10.50% 2/1/26 # | 394,000 | 390,436 | |
| Royal Caribbean Cruises | |||
| 144A 5.375% 7/15/27 # | 6,644,000 | 4,896,429 | |
| 144A 5.50% 8/31/26 # | 480,000 | 367,814 | |
| Scientific Games Holdings 144A 6.625% 3/1/30 # | 4,515,000 | 3,626,516 | |
| Scientific Games International 144A 7.25% 11/15/29 # | 4,065,000 | 3,788,580 | |
| 26,201,518 | |||
| Media — 10.10% | |||
| Advantage Sales & Marketing 144A 6.50% 11/15/28 # | 5,940,000 | 4,716,330 | |
| AMC Networks 4.25% 2/15/29 * | 4,609,000 | 3,418,336 | |
| Arches Buyer | |||
| 144A 4.25% 6/1/28 # | 4,746,000 | 3,712,250 | |
| 144A 6.125% 12/1/28 #, * | 3,964,000 | 3,075,905 | |
| Cars.com 144A 6.375% 11/1/28 # | 2,355,000 | 2,012,089 | |
| Principalamount° | Value (US $) | ||
| Corporate Bonds (continued) | |||
| Media (continued) | |||
| CCO Holdings | |||
| 144A 4.50% 8/15/30 # | 2,924,000 | $ 2,319,624 | |
| 144A 4.75% 2/1/32 # | 3,290,000 | 2,567,598 | |
| 144A 6.375% 9/1/29 # | 6,850,000 | 6,301,589 | |
| Clear Channel International 144A 6.625% 8/1/25 # | 572,000 | 532,182 | |
| CMG Media 144A 8.875% 12/15/27 # | 4,286,000 | 3,280,076 | |
| CSC Holdings | |||
| 144A 4.50% 11/15/31 # | 1,754,000 | 1,320,411 | |
| 144A 4.625% 12/1/30 # | 7,234,000 | 4,932,322 | |
| 144A 5.00% 11/15/31 # | 2,381,000 | 1,577,188 | |
| 144A 5.75% 1/15/30 # | 1,372,000 | 977,687 | |
| Cumulus Media New Holdings 144A 6.75% 7/1/26 # | 4,075,000 | 3,442,007 | |
| Directv Financing 144A 5.875% 8/15/27 # | 6,662,000 | 5,758,466 | |
| DISH DBS 144A 5.75% 12/1/28 # | 4,555,000 | 3,450,936 | |
| Nielsen Finance | |||
| 144A 5.625% 10/1/28 # | 2,343,000 | 2,330,553 | |
| 144A 5.875% 10/1/30 # | 1,926,000 | 1,922,341 | |
| Sirius XM Radio 144A 4.125% 7/1/30 # | 9,080,000 | 7,400,200 | |
| Stagwell Global 144A 5.625% 8/15/29 # | 4,022,000 | 3,315,636 | |
| VTR Comunicaciones 144A 4.375% 4/15/29 # | 3,166,000 | 1,969,806 | |
| VTR Finance 144A 6.375% 7/15/28 # | 2,826,000 | 1,589,625 | |
| VZ Secured Financing 144A 5.00% 1/15/32 # | 2,805,000 | 2,100,780 | |
| 74,023,937 | |||
| Real Estate — 0.04% | |||
| Uniti Group 144A 4.75% 4/15/28 # | 394,000 | 312,174 | |
| 312,174 | |||
| Retail — 2.45% | |||
| CP Atlas Buyer 144A 7.00% 12/1/28 # | 1,146,000 | 855,157 | |
| Lithia Motors | |||
| 144A 3.875% 6/1/29 # | 1,666,000 | 1,339,739 | |
| 144A 4.375% 1/15/31 # | 1,271,000 | 1,042,442 | |
| LSF9 Atlantis Holdings 144A 7.75% 2/15/26 # | 6,302,000 | 5,632,507 | |
| Michaels | |||
| 144A 5.25% 5/1/28 # | 2,801,000 | 1,972,226 | |
| 144A 7.875% 5/1/29 # | 2,518,000 | 1,457,557 | |
| PetSmart 144A 7.75% 2/15/29 # | 6,288,000 | 5,631,156 | |
| 17,930,784 | |||
NQ-IV093 [9/22] 11/22 (2605387) 3
Schedule of investments
Delaware Ivy VIP High Income (Unaudited)
| Principalamount° | Value (US $) | ||
| Corporate Bonds (continued) | |||
| Services — 3.64% | |||
| Adtalem Global Education 144A 5.50% 3/1/28 # | 4,951,000 | $ 4,466,520 | |
| Ahern Rentals 144A 7.375% 5/15/23 # | 3,231,000 | 2,192,712 | |
| NESCO Holdings II 144A 5.50% 4/15/29 # | 4,712,000 | 3,933,436 | |
| PECF USS Intermediate Holding III 144A 8.00% 11/15/29 # | 1,330,000 | 975,247 | |
| Sabre GLBL | |||
| 144A 7.375% 9/1/25 # | 313,000 | 280,755 | |
| 144A 9.25% 4/15/25 # | 756,000 | 724,826 | |
| Staples | |||
| 144A 7.50% 4/15/26 # | 4,599,000 | 3,868,012 | |
| 144A 10.75% 4/15/27 # | 8,805,000 | 6,538,109 | |
| White Cap Buyer 144A 6.875% 10/15/28 # | 4,435,000 | 3,627,675 | |
| White Cap Parent 144A 8.25% 3/15/26 # | 36,000 | 30,569 | |
| 26,637,861 | |||
| Technology — 0.02% | |||
| Entegris Escrow 144A 4.75% 4/15/29 # | 193,000 | 170,433 | |
| 170,433 | |||
| Technology & Electronics — 3.07% | |||
| AthenaHealth Group 144A 6.50% 2/15/30 # | 4,505,000 | 3,569,987 | |
| Entegris Escrow 144A 5.95% 6/15/30 # | 5,825,000 | 5,329,526 | |
| NCR | |||
| 144A 5.00% 10/1/28 # | 2,287,000 | 1,803,822 | |
| 144A 5.125% 4/15/29 # | 8,677,000 | 6,525,451 | |
| 144A 5.25% 10/1/30 # | 782,000 | 591,620 | |
| 144A 5.75% 9/1/27 # | 772,000 | 701,352 | |
| 144A 6.125% 9/1/29 # | 983,000 | 848,035 | |
| Sensata Technologies 144A 4.00% 4/15/29 # | 3,805,000 | 3,156,988 | |
| 22,526,781 | |||
| Transportation — 2.11% | |||
| Grupo Aeromexico 144A 8.50% 3/17/27 # | 2,855,000 | 2,511,969 | |
| Seaspan 144A 5.50% 8/1/29 # | 6,910,000 | 5,337,707 | |
| VistaJet Malta Finance 144A 6.375% 2/1/30 # | 9,244,000 | 7,579,849 | |
| 15,429,525 | |||
| Principalamount° | Value (US $) | ||
| Corporate Bonds (continued) | |||
| Utilities — 2.31% | |||
| Calpine | |||
| 144A 4.625% 2/1/29 # | 3,295,000 | $ 2,691,372 | |
| 144A 5.00% 2/1/31 # | 370,000 | 294,523 | |
| 144A 5.125% 3/15/28 # | 5,470,000 | 4,709,350 | |
| Vistra | |||
| 144A 7.00% 12/15/26 #, μ, ψ | 6,710,000 | 5,872,961 | |
| 144A 8.00% 10/15/26 #, μ, ψ | 3,650,000 | 3,362,168 | |
| 16,930,374 | |||
| Total Corporate Bonds (cost $618,345,928) | 507,757,615 | ||
| Principal amount | |||
| Municipal Bonds — 0.60% | |||
| Commonwealth of Puerto Rico | |||
| Series A1 2.986% 7/1/24^ | 47,686 | 43,851 | |
| Series A1 4.362% 7/1/33^ | 184,432 | 101,976 | |
| Series A-1 4.00% 7/1/33 | 143,315 | 126,351 | |
| Series A-1 4.00% 7/1/35 | 104,086 | 89,232 | |
| Series A-1 4.00% 7/1/37 | 110,562 | 91,012 | |
| Series A-1 5.625% 7/1/29 | 120,526 | 123,479 | |
| GDB Debt Recovery Authority of Puerto Rico 7.50% 8/20/40 | 4,300,407 | 3,784,359 | |
| Total Municipal Bonds (cost $4,749,364) | 4,360,260 | ||
| Loan Agreements — 12.25% | |||
| Advantage Sales & Marketing Tranche B-1 7.615% (LIBOR01M + 4.50%) 10/28/27 • | 7,253,114 | 6,505,137 | |
| Amynta Agency Borrower Tranche B 1st Lien 7.21% (LIBOR01M + 4.50%) 2/28/25 • | 8,604,107 | 8,363,906 | |
| Applied Systems 2nd Lien 8.615% (LIBOR03M + 5.50%) 9/19/25 • | 4,121,112 | 4,069,598 | |
| Ascent Resources Utica Holdings 2nd Lien 12.115% (LIBOR03M + 9.00%) 11/1/25 • | 1,233,000 | 1,294,650 | |
| Clydesdale Acquisition Holdings Tranche B 7.095% (SOFR01M + 3.25%) 4/13/29 • | 1,201,987 | 1,137,166 | |
| CNT Holdings I 2nd Lien 9.865% (LIBOR01M + 6.75%) 11/6/28 • | 2,060,000 | 1,962,150 | |
4 NQ-IV093 [9/22] 11/22 (2605387)
(Unaudited)
| Principal amount | Value (US $) | ||
| Loan Agreements (continued) | |||
| Covis Finco Tranche B 9.52% (SOFR03M + 6.65%) 2/18/27 • | 3,383,250 | $ 2,698,142 | |
| CP Atlas Buyer Tranche B 6.865% (LIBOR01M + 3.50%) 11/23/27 • | 4,374,273 | 3,832,349 | |
| Edelman Financial Engines Center 2nd Lien 9.509% (LIBOR01M + 6.75%) 7/20/26 • | 6,487,000 | 5,773,430 | |
| Foresight Energy 11.115% (LIBOR03M + 8.00%) 6/30/27 • | 1,267,778 | 1,255,100 | |
| Form Technologies Tranche B 7.834% (LIBOR03M + 4.50%) 7/22/25 • | 11,912,959 | 10,572,751 | |
| Heartland Dental 8.018% (SOFR03M + 5.00%) 4/30/25 • | 3,915,187 | 3,680,276 | |
| Hexion Holdings 1st Lien 7.518% (SOFR03M + 4.50%) 3/15/29 • | 902,738 | 774,549 | |
| Hexion Holdings 2nd Lien 10.018% (SOFR01M + 7.54%) 3/15/30 • | 3,665,000 | 3,023,625 | |
| Jones DesLauriers Insurance Management 1st Lien 8.418% (CDOR03M + 4.25%) 3/26/28 • | 5,064,590 | 3,519,750 | |
| Jones DesLauriers Insurance Management 1st Lien 8.418% (CDOR03M + 4.25%) 3/27/28 • | 1,153,559 | 805,867 | |
| Jones DesLauriers Insurance Management 2nd Lien | |||
| 11.668% (CDOR01M + 7.50%) 3/26/29 • | 260,097 | 181,702 | |
| 11.668% (CDOR03M + 7.50%) 3/26/29 • | 2,585,903 | 1,797,131 | |
| Lealand Finance 6.115% (LIBOR01M + 3.00%) 6/30/24 • | 95,215 | 59,509 | |
| MLN US HoldCo Tranche B 1st Lien 7.615% (LIBOR03M + 4.50%) 11/30/25 • | 8,783,058 | 5,440,007 | |
| MLN US HoldCo Tranche B 2nd Lien 11.85% (LIBOR03M + 8.75%) 11/30/26 • | 2,920,000 | 1,095,000 | |
| Pre Paid Legal Services 2nd Lien 9.993% (LIBOR03M + 7.00%) 12/14/29 • | 2,245,000 | 2,121,525 | |
| SPX Flow 7.52% (SOFR01M + 4.50%) 4/5/29 • | 4,685,000 | 4,339,481 | |
| Principal amount | Value (US $) | ||
| Loan Agreements (continued) | |||
| Swf Holdings I 7.115% (LIBOR01M + 4.00%) 10/6/28 • | 4,240,642 | $ 3,328,904 | |
| U.S Renal Care Tranche B 1st Lien 8.674% (LIBOR01M + 5.00%) 6/26/26 • | 3,818,421 | 2,756,900 | |
| UKG 2nd Lien 8.365% (LIBOR03M + 5.25%) 5/3/27 • | 5,615,000 | 5,334,250 | |
| United PF Holdings 1st Lien 11.615% (LIBOR03M + 8.50%) 11/12/26 • | 924,140 | 887,174 | |
| West Corporation Tranche B 7.674% (LIBOR01M + 4.00%) 10/10/24 • | 3,687,613 | 3,181,226 | |
| Total Loan Agreements (cost $102,375,546) | 89,791,255 | ||
| Number of shares | |||
| Common Stocks — 1.32% | |||
| Basic Industry — 0.39% | |||
| Foresight Energy † | 185,516 | 2,760,471 | |
| Westmoreland Coal † | 28,632 | 72,296 | |
| 2,832,767 | |||
| Consumer Goods — 0.00% | |||
| ASG Warrant | 1,200 | 0 | |
| 0 | |||
| Energy — 0.25% | |||
| KCA Deutag International | 26,774 | 1,847,406 | |
| Sabine Oil & Gas Holdings † | 263 | 326 | |
| Vantage Drilling International † | 452 | 8,305 | |
| 1,856,037 | |||
| Financials — 0.01% | |||
| Larchmont Resources <<, † | 1,007 | 92,197 | |
| 92,197 | |||
| Industrials — 0.00% | |||
| BIS Industries Holdings † | 1,604,602 | 8,986 | |
| 8,986 | |||
| Leisure — 0.28% | |||
| New Cotai † | 3,072,567 | 0 | |
| Studio City International Holdings ADR † | 343,125 | 751,444 | |
| Studio City International Holdings ADR | 581,459 | 1,273,395 | |
| 2,024,839 | |||
| Retail — 0.07% | |||
| True Religion Apparel † | 23 | 530,748 | |
| 530,748 | |||
NQ-IV093 [9/22] 11/22 (2605387) 5
Schedule of investments
Delaware Ivy VIP High Income (Unaudited)
| Number of shares | Value (US $) | ||
| Common Stocks (continued) | |||
| Services — 0.32% | |||
| Laureate Education | 217,638 | $ 2,296,081 | |
| 2,296,081 | |||
| Total Common Stocks (cost $45,788,522) | 9,641,655 | ||
| Preferred Stock — 0.02% | |||
| True Religion Apparel 0.000% ω | 24 | 119,120 | |
| Total Preferred Stock (cost $392,061) | 119,120 | ||
| Exchange-Traded Funds — 3.99% | |||
| Invesco Senior Loan ETF* | 424,157 | 8,563,730 | |
| iShares iBoxx High Yield Corporate Bond ETF* | 290,000 | 20,703,100 | |
| Total Exchange-Traded Funds (cost $33,375,159) | 29,266,830 | ||
| Warrants — 0.01% | |||
| California Resources † | 7,744 | 80,538 | |
| Total Warrants (cost $673,784) | 80,538 | ||
| Short-Term Investments — 10.79% | |||
| Money Market Mutual Funds — 10.79% | |||
| BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 2.76%) | 19,774,149 | 19,774,149 | |
| Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 2.74%) | 19,774,149 | 19,774,149 | |
| Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 2.98%) | 19,774,149 | 19,774,149 | |
| Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 2.80%) | 19,774,149 | 19,774,149 | |
| Total Short-Term Investments (cost $79,096,595) | 79,096,596 | ||
| Total Value of Securities Before Securities Lending Collateral—98.41% (cost $885,851,699) | 721,129,678 | ||
| Number of shares | Value (US $) | ||
| Securities Lending Collateral — 4.32% | |||
| Money Market Mutual Fund — 4.32% | |||
| Dreyfus Institutional Preference Government Money Market Fund - Institutional Shares (seven-day effective yield 2.98%) | 31,665,141 | $ 31,665,141 | |
| Total Securities Lending Collateral (cost $31,665,141) | 31,665,141 | ||
| Total Value of Securities—102.73% (cost $917,516,840) | 752,794,819■ | ||
| Obligation to Return Securities Lending Collateral — (4.33%) | (31,733,467) | ||
| Receivables and Other Assets Net of Liabilities — 1.59% | 11,642,826 | ||
| Net Assets Applicable to 271,760,909 Shares Outstanding—100.00% | $732,772,504 | ||
| ° | Principal amount shown is stated in USD unless noted that the security is denominated in another currency. |
| * | Fully or partially on loan. |
| μ | Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at September 30, 2022. Rate will reset at a future date. |
| ψ | Perpetual security. Maturity date represents next call date. |
| # | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At September 30, 2022, the aggregate value of Rule 144A securities was $431,488,897, which represents 58.88% of the Portfolio's net assets. |
| > | PIK. 100% of the income received was in the form of cash. |
| >> | PIK. 100% of the income received was in the form of principal. |
| >>> | PIK. 62.50% of the income received was in cash and 37.50% was in principal. |
| ‡ | Non-income producing security. Security is currently in default. |
| ^ | Zero-coupon security. The rate shown is the effective yield at the time of purchase. |
6 NQ-IV093 [9/22] 11/22 (2605387)
(Unaudited)
| • | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at September 30, 2022. 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. |
| † | Non-income producing security. |
| << | Affiliated company. |
| ω | Perpetual security with no stated maturity date. |
| ■ | Includes $34,661,962 of securities loaned for which the counterparty pledged additional non-cash collateral valued at $4,106,695. |
The following foreign currency exchange contracts were outstanding at September 30, 2022:
| Foreign Currency Exchange Contracts | ||||||||||
| Counterparty | Currency to Receive (Deliver) | In Exchange For | Settlement Date | Unrealized Appreciation | ||||||
| TD | CAD | 7,235,462 | USD | (9,330,000) | 11/18/22 | $481,265 | ||||
The use of foreign currency exchange contracts involves elements of market risk and risks in excess of the amounts disclosed in the financial statements. The foreign currency exchange contracts presented above represent the Portfolio’s total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) is reflected in the Portfolio’s net assets.
| Summary of abbreviations: |
| ADR – American Depositary Receipt |
| CDOR01M – 1 Month Canadian Dollar Offered Rate |
| CDOR03M – 3 Month Canadian Dollar Offered Rate |
| DAC – Designated Activity Company |
| ETF – Exchange-Traded Fund |
| ICE – Intercontinental Exchange, Inc. |
| LIBOR – London Interbank Offered Rate |
| LIBOR01M – ICE LIBOR USD 1 Month |
| LIBOR03M – ICE LIBOR USD 3 Month |
| LIBOR06M – ICE LIBOR USD 6 Month |
| PIK – Payment-in-kind |
| SOFR – Secured Overnight Financing Rate |
| SOFR01M – Secured Overnight Financing Rate 1 Month |
| SOFR03M – Secured Overnight Financing Rate 3 Month |
| TD – TD Bank |
| Summary of currencies: |
| CAD – Canadian Dollar |
| USD – US Dollar |
NQ-IV093 [9/22] 11/22 (2605387) 7