Schedule of investments
Delaware Ivy Multi-Asset Income FundÂ
December 31, 2022 (Unaudited)
 |  | Principal amount° | Value (US $) |
Agency Mortgage-Backed Securities — 2.30% | |||
Fannie Mae S.F. 15 yr 2.50% 8/1/35 |  |   358,877 | $     329,297 |
Fannie Mae S.F. 20 yr 4.00% 9/1/42 |  |    63,731 |        60,378 |
Fannie Mae S.F. 30 yr | Â | Â | Â |
3.00% 1/1/50  |  |   402,313 |       356,526 |
3.50% 8/1/49  |  |   310,397 |       287,155 |
3.50% 6/1/51  |  |   293,240 |       267,379 |
4.50% 1/1/50  |  |   135,205 |       134,033 |
5.00% 9/1/52  |  |   157,359 |       155,183 |
5.50% 8/1/52  |  |   141,595 |       142,041 |
5.50% 10/1/52  |  |   282,600 |       283,413 |
Freddie Mac S.F. 20 yr 3.00% 5/1/40 |  |   295,160 |       267,954 |
Freddie Mac S.F. 30 yr | Â | Â | Â |
2.50% 7/1/50  |  |   625,637 |       535,048 |
4.00% 8/1/52  |  |   171,328 |       161,603 |
5.00% 7/1/52  |  |   271,614 |       267,858 |
5.50% 9/1/52  |  |    30,874 |        31,422 |
5.50% 10/1/52  |  |    84,305 |       84,581 |
Total Agency Mortgage-Backed Securities (cost $3,689,842) |    3,363,871 | ||
 | |||
Convertible Bond — 0.54% | |||
New Cotai 5.00% exercise price $0.00, maturity date 2/2/27  |  |   340,864 |      785,905 |
Total Convertible Bond (cost $329,260) |      785,905 |
 |  |  |  |
Corporate Bonds — 32.18% | |||
Banking — 1.38% | |||
Bank of America | Â | Â | Â |
2.676% 6/19/41 μ |  |   105,000 |       71,012 |
5.015% 7/22/33 μ |  |   165,000 |      157,137 |
6.204% 11/10/28 μ |  |    70,000 |       72,399 |
Citigroup 5.61% 9/29/26 μ |  |   115,000 |       115,613 |
Citizens Bank 6.064% 10/24/25 μ |  |   250,000 |      252,998 |
Fifth Third Bancorp | Â | Â | Â |
4.337% 4/25/33 μ |  |    30,000 |       27,495 |
6.361% 10/27/28 μ |  |    20,000 |       20,613 |
Goldman Sachs Group 1.542% 9/10/27 μ |  |   180,000 |      155,499 |
JPMorgan Chase & Co. | Â | Â | Â |
1.953% 2/4/32 μ |  |   285,000 |      218,661 |
4.586% 4/26/33 μ |  |    40,000 |       37,145 |
4.851% 7/25/28 μ |  |   115,000 |       112,289 |
KeyBank 5.85% 11/15/27  |  |   280,000 |       289,511 |
KeyCorp 4.789% 6/1/33 *, μ |  |    49,000 |       46,409 |
 |  | Principalamount° | Value (US $) |
Corporate Bonds (continued) | |||
Banking (continued) | |||
Morgan Stanley 6.296% 10/18/28 μ |  |    15,000 | $      15,511 |
State Street 2.203% 2/7/28 μ |  |    75,000 |        67,480 |
SVB Financial Group 4.57% 4/29/33 *, μ |  |   100,000 |        88,751 |
Toronto-Dominion Bank 4.108% 6/8/27 * |  |   180,000 |       174,287 |
Wells Fargo & Co. 4.808% 7/25/28 μ |  |    85,000 |       83,159 |
 |    2,005,969 | ||
Basic Industry — 1.22% | |||
Celanese US Holdings 6.05% 3/15/25  |  |   105,000 |       104,680 |
Chemours 144A 5.75% 11/15/28 # |  |   455,000 |       409,318 |
First Quantum Minerals 144A 6.875% 10/15/27 # |  |   200,000 |       188,057 |
FMG Resources August 2006 144A 5.875% 4/15/30 # |  |   400,000 |       373,189 |
Newmont 2.60% 7/15/32 * |  |    15,000 |        11,982 |
Novelis 144A 4.75% 1/30/30 # |  |   620,000 |       551,069 |
Sherwin-Williams 3.30% 5/15/50  |  |   200,000 |      137,597 |
 |    1,775,892 | ||
Brokerage — 0.62% | |||
Compass Group Diversified Holdings 144A 5.25% 4/15/29 # |  |   208,000 |       178,275 |
NFP | Â | Â | Â |
144A 6.875% 8/15/28 # |  |   709,000 |       585,973 |
144A 7.50% 10/1/30 # |  |   155,000 |      146,719 |
 |      910,967 | ||
Capital Goods — 3.00% | |||
Ahern Rentals 144A 7.375% 5/15/23 # |  |   475,000 |       475,000 |
ARD Finance 144A PIK 6.50% 6/30/27 #, > |  |   320,000 |       223,076 |
Canpack 144A 3.875% 11/15/29 # |  |   154,000 |       121,561 |
Clydesdale Acquisition Holdings 144A 8.75% 4/15/30 # |  |   165,000 |       141,545 |
CP Atlas Buyer 144A 7.00% 12/1/28 # |  |   395,000 |       293,882 |
Eaton 4.15% 3/15/33  |  |   120,000 |       111,934 |
GFL Environmental 144A 5.125% 12/15/26 # |  |    78,000 |        74,719 |
NQ-IV930 [12/22] 2/23 (2747686)Â Â Â Â 1
Schedule of investments
Delaware Ivy Multi-Asset Income Fund   (Unaudited)
 |  | Principalamount° | Value (US $) |
Corporate Bonds (continued) | |||
Capital Goods (continued) | |||
Lockheed Martin | Â | Â | Â |
3.90% 6/15/32  |  |    75,000 | $      70,902 |
4.15% 6/15/53  |  |    65,000 |        55,499 |
Madison IAQ 144A 4.125% 6/30/28 # |  |    38,000 |        31,825 |
NESCO Holdings II 144A 5.50% 4/15/29 # |  |   519,000 |       454,800 |
Parker-Hannifin 4.25% 9/15/27  |  |   210,000 |       204,099 |
Sealed Air 144A 5.00% 4/15/29 # |  |   220,000 |       207,118 |
Standard Industries | Â | Â | Â |
144A 4.375% 7/15/30 # |  |    40,000 |        32,680 |
144A 4.75% 1/15/28 # |  |    38,000 |        34,251 |
TransDigm | Â | Â | Â |
4.625% 1/15/29  |  |   177,000 |       155,941 |
5.50% 11/15/27  |  |   551,000 |       518,535 |
United Rentals North America 144A 6.00% 12/15/29 # |  |   215,000 |       214,070 |
Wesco Aircraft Holdings | Â | Â | Â |
144A 8.50% 11/15/24 # |  |   748,000 |       370,260 |
144A 9.00% 11/15/26 #, * |  |   820,000 |       555,550 |
144A 13.125% 11/15/27 # |  |   128,000 |       32,320 |
 |    4,379,567 | ||
Communications — 5.94% | |||
Advantage Sales & Marketing 144A 6.50% 11/15/28 # |  |   806,000 |       615,768 |
Altice Financing 144A 5.75% 8/15/29 # |  |   600,000 |       473,063 |
Altice France 144A 5.125% 7/15/29 # |  |   254,000 |       190,888 |
AMC Networks 4.25% 2/15/29 * |  |   340,000 |       212,353 |
AT&T 3.50% 9/15/53  |  |   385,000 |       261,583 |
CCO Holdings | Â | Â | Â |
144A 4.25% 2/1/31 # |  |    43,000 |        34,589 |
144A 4.50% 8/15/30 # |  |   696,000 |       576,573 |
144A 5.375% 6/1/29 # |  |   890,000 |       806,807 |
Charter Communications Operating 3.85% 4/1/61  |  |    10,000 |         5,819 |
Consolidated Communications | Â | Â | Â |
144A 5.00% 10/1/28 # |  |   122,000 |        90,130 |
144A 6.50% 10/1/28 # |  |   620,000 |       483,328 |
 |  | Principalamount° | Value (US $) |
Corporate Bonds (continued) | |||
Communications (continued) | |||
CSC Holdings | Â | Â | Â |
144A 5.00% 11/15/31 # |  |   254,000 | $     142,240 |
144A 5.375% 2/1/28 # |  |   285,000 |       230,232 |
144A 5.75% 1/15/30 # |  |   202,000 |       114,371 |
Cumulus Media New Holdings 144A 6.75% 7/1/26 # |  |   420,000 |       353,464 |
Digicel International Finance | Â | Â | Â |
144A 8.00% 12/31/26 # |  |   142,981 |        63,220 |
144A 8.75% 5/25/24 # |  |   411,000 |       354,109 |
Directv Financing 144A 5.875% 8/15/27 # |  |   338,000 |       303,037 |
Frontier Communications Holdings | Â | Â | Â |
144A 5.00% 5/1/28 # |  |   186,000 |       162,566 |
144A 5.875% 10/15/27 # |  |   359,000 |       334,146 |
5.875% 11/1/29  |  |   310,847 |       240,899 |
144A 6.00% 1/15/30 # |  |   200,000 |       157,375 |
144A 6.75% 5/1/29 # |  |   174,000 |       144,182 |
Gray Escrow II 144A 5.375% 11/15/31 # |  |    35,000 |        25,285 |
Gray Television 144A 4.75% 10/15/30 # |  |   165,000 |       119,625 |
Ligado Networks 144A PIK 15.50% 11/1/23 #, >> |  | 1,027,404 |       335,036 |
Matterhorn Telecom 3.125% 9/15/26  | EUR |    69,000 |        67,118 |
Sirius XM Radio 144A 4.125% 7/1/30 # |  |   815,000 |       674,384 |
Stagwell Global 144A 5.625% 8/15/29 # |  |   444,000 |       366,946 |
Telesat Canada | Â | Â | Â |
144A 5.625% 12/6/26 # |  |   678,000 |       312,743 |
144A 6.50% 10/15/27 # |  |   118,000 |        34,318 |
T-Mobile USA 3.50% 4/15/31  |  |    64,000 |        55,406 |
Verizon Communications 3.875% 3/1/52  |  |    75,000 |        57,246 |
VTR Comunicaciones 144A 4.375% 4/15/29 # |  |   346,000 |       203,156 |
Warnermedia Holdings 144A 5.141% 3/15/52 # |  |    90,000 |       65,774 |
 |    8,667,779 | ||
Consumer Cyclical — 4.41% | |||
Allison Transmission 144A 5.875% 6/1/29 # |  |   440,000 |       413,985 |
Amazon.com | Â | Â | Â |
2.50% 6/3/50 * |  |   105,000 |        66,652 |
3.60% 4/13/32 * |  |    85,000 |        78,037 |
Arches Buyer 144A 6.125% 12/1/28 # |  |   409,000 |       328,772 |
Â
2Â Â Â Â NQ-IV930 [12/22] 2/23 (2747686)
(Unaudited)
 |  | Principalamount° | Value (US $) |
Corporate Bonds (continued) | |||
Consumer Cyclical (continued) | |||
Asbury Automotive Group | Â | Â | Â |
4.50% 3/1/28  |  |   344,830 | $     304,024 |
144A 4.625% 11/15/29 # |  |     8,000 |         6,750 |
4.75% 3/1/30  |  |   345,830 |       289,701 |
144A 5.00% 2/15/32 # |  |     8,000 |         6,592 |
Boyd Gaming | Â | Â | Â |
4.75% 12/1/27 * |  |   680,000 |       634,331 |
144A 4.75% 6/15/31 #, * |  |    15,000 |        13,068 |
Carnival | Â | Â | Â |
144A 5.75% 3/1/27 # |  |   266,000 |       190,395 |
144A 7.625% 3/1/26 #, * |  |   976,000 |       775,300 |
Ford Motor 4.75% 1/15/43  |  |   210,000 |       151,210 |
Lithia Motors | Â | Â | Â |
144A 3.875% 6/1/29 #, * |  |   199,000 |       163,887 |
144A 4.375% 1/15/31 # |  |   149,000 |       121,492 |
144A 4.625% 12/15/27 # |  |    15,000 |        13,555 |
LSF9 Atlantis Holdings 144A 7.75% 2/15/26 # |  |   526,000 |       466,199 |
Michaels | Â | Â | Â |
144A 5.25% 5/1/28 # |  |   298,000 |       240,109 |
144A 7.875% 5/1/29 # |  |   722,000 |       483,703 |
PetSmart 144A 7.75% 2/15/29 # |  |   650,000 |       611,694 |
Royal Caribbean Cruises 144A 5.50% 4/1/28 # |  |   339,000 |       271,139 |
Staples | Â | Â | Â |
144A 7.50% 4/15/26 # |  |    59,000 |        50,902 |
144A 10.75% 4/15/27 # |  |   947,000 |       683,431 |
VICI Properties 4.95% 2/15/30 * |  |    75,000 |       71,495 |
 |    6,436,423 | ||
Consumer Non-Cyclical — 2.37% | |||
American Greetings 144A 8.75% 4/15/25 # |  |   119,000 |       114,509 |
CVS Health 2.70% 8/21/40  |  |   170,000 |       118,083 |
Encompass Health 4.625% 4/1/31  |  |   151,000 |       130,029 |
Endo Luxembourg Finance I 144A 6.125% 4/1/29 #, ‡ |  |    38,000 |        28,898 |
Grifols Escrow Issuer 144A 4.75% 10/15/28 #, * |  |   133,000 |       114,998 |
Hadrian Merger Sub 144A 8.50% 5/1/26 # |  |   347,000 |       307,166 |
JBS USA LUX 144A 3.00% 2/2/29 # |  |   120,000 |        99,578 |
Kronos Acquisition Holdings 144A 5.00% 12/31/26 # |  |   270,000 |       233,888 |
MajorDrive Holdings IV 144A 6.375% 6/1/29 # |  |   669,000 |       500,072 |
 |  | Principalamount° | Value (US $) |
Corporate Bonds (continued) | |||
Consumer Non-Cyclical (continued) | |||
Medline Borrower | Â | Â | Â |
144A 2.403% 10/1/29 # |  |    89,000 | $      70,849 |
144A 3.875% 4/1/29 # |  |   504,000 |       407,103 |
ModivCare Escrow Issuer 144A 5.00% 10/1/29 # |  |   478,000 |       403,719 |
Par Pharmaceutical 144A 7.50% 4/1/27 #, ‡ |  |   454,000 |       345,993 |
Pilgrim's Pride 144A 4.25% 4/15/31 # |  |   406,000 |       345,912 |
US Renal Care 144A 10.625% 7/15/27 # |  |   986,000 |       216,920 |
Zoetis 5.40% 11/14/25 * |  |    25,000 |       25,527 |
 |    3,463,244 | ||
Electric — 1.89% | |||
Berkshire Hathaway Energy 2.85% 5/15/51  |  |    60,000 |        39,558 |
Calpine | Â | Â | Â |
144A 5.00% 2/1/31 #, * |  |   250,000 |       210,127 |
144A 5.125% 3/15/28 #, * |  |   710,000 |       634,973 |
Eversource Energy 2.90% 3/1/27  |  |    70,000 |        64,552 |
Fells Point Funding Trust 144A 3.046% 1/31/27 # |  |   100,000 |        91,152 |
Indianapolis Power & Light 144A 5.65% 12/1/32 # |  |    60,000 |        61,727 |
Nevada Power 5.90% 5/1/53  |  |    95,000 |       101,862 |
NextEra Energy Capital Holdings 3.00% 1/15/52  |  |    40,000 |        26,296 |
PG&E 5.25% 7/1/30 * |  |   285,000 |       259,788 |
Southern 5.70% 10/15/32  |  |    45,000 |        46,172 |
TerraForm Power Operating 144A 5.00% 1/31/28 # |  |   106,000 |        95,581 |
Vistra 144A 7.00% 12/15/26 #, μ, ψ |  |   855,000 |       779,228 |
Vistra Operations | Â | Â | Â |
144A 4.30% 7/15/29 # |  |   109,000 |        98,297 |
144A 4.375% 5/1/29 #, * |  |   163,000 |       140,772 |
144A 5.00% 7/31/27 # |  |   117,000 |      108,844 |
 |    2,758,929 | ||
Energy — 5.31% | |||
Ascent Resources Utica Holdings | Â | Â | Â |
144A 5.875% 6/30/29 # |  |   174,000 |       155,370 |
144A 7.00% 11/1/26 # |  |   214,000 |       207,916 |
Bellatrix Exploration | Â | Â | Â |
8.50% 9/11/23 = |  |   177,000 |             0 |
12.50% 12/15/23 = |  |   193,000 |             0 |
Callon Petroleum | Â | Â | Â |
144A 7.50% 6/15/30 #, * |  |   145,000 |       132,863 |
144A 8.00% 8/1/28 #, * |  |   465,000 |       443,879 |
Â
NQ-IV930 [12/22] 2/23 (2747686)Â Â Â Â 3
Schedule of investments
Delaware Ivy Multi-Asset Income Fund   (Unaudited)
 |  | Principalamount° | Value (US $) |
Corporate Bonds (continued) | |||
Energy (continued) | |||
CNX Midstream Partners 144A 4.75% 4/15/30 # |  |    40,000 | $      32,879 |
CNX Resources 144A 6.00% 1/15/29 # |  |   540,000 |       497,680 |
Crestwood Midstream Partners | Â | Â | Â |
144A 5.625% 5/1/27 # |  |   172,000 |       160,256 |
144A 6.00% 2/1/29 # |  |    36,000 |        33,082 |
Energy Transfer 6.50% 11/15/26 μ, ψ |  |   262,000 |       225,975 |
Ferrellgas 144A 5.375% 4/1/26 # |  |   160,000 |       145,743 |
Genesis Energy | Â | Â | Â |
7.75% 2/1/28  |  |   300,000 |       276,618 |
8.00% 1/15/27  |  |   519,000 |       490,881 |
Hilcorp Energy I | Â | Â | Â |
144A 6.00% 2/1/31 # |  |   225,000 |       194,919 |
144A 6.25% 4/15/32 # |  |   520,000 |       449,481 |
Laredo Petroleum 10.125% 1/15/28  |  |   440,000 |       429,763 |
Mesquite Energy 7.25% 2/15/23 ‡ |  |   111,000 |         1,804 |
Moss Creek Resources Holdings 144A 7.50% 1/15/26 # |  |   246,000 |       222,177 |
Murphy Oil 6.375% 7/15/28 * |  |   885,000 |       853,122 |
NuStar Logistics | Â | Â | Â |
6.00% 6/1/26  |  |   441,000 |       425,401 |
6.375% 10/1/30  |  |   445,000 |       412,266 |
Occidental Petroleum | Â | Â | Â |
6.45% 9/15/36  |  |   200,000 |       204,451 |
6.625% 9/1/30  |  |   245,000 |       253,731 |
Southwestern Energy 5.375% 3/15/30  |  |   870,000 |       795,131 |
USA Compression Partners | Â | Â | Â |
6.875% 4/1/26  |  |    50,000 |        48,045 |
6.875% 9/1/27  |  |   285,000 |       266,932 |
Valero Energy 3.65% 12/1/51  |  |   180,000 |       127,903 |
Weatherford International 144A 8.625% 4/30/30 # |  |   275,000 |      264,576 |
 |    7,752,844 | ||
Finance Companies — 0.31% | |||
Air Lease | Â | Â | Â |
2.875% 1/15/32 * |  |    35,000 |        27,894 |
4.65% 6/15/26 *, μ, ψ |  |   183,000 |       153,394 |
Aviation Capital Group 144A 3.50% 11/1/27 # |  |   105,000 |        91,876 |
 |  | Principalamount° | Value (US $) |
Corporate Bonds (continued) | |||
Finance Companies (continued) | |||
Midcap Financial Issuer Trust 144A 6.50% 5/1/28 # |  |   210,000 | $     180,908 |
 |      454,072 | ||
Financial Services — 0.31% | |||
Highlands Holdings Bond Issuer 144A PIK 7.625% 10/15/25 #, > |  |   475,095 |      444,515 |
 |      444,515 | ||
Industrials — 0.38% | |||
Adtalem Global Education 144A 5.50% 3/1/28 # |  |   548,000 |       497,979 |
Booz Allen Hamilton 144A 3.875% 9/1/28 # |  |    67,000 |       59,478 |
 |      557,457 | ||
Insurance — 1.26% | |||
Ardonagh Midco 2 144A PIK 11.50% 1/15/27 #, >> |  | 1,047,743 |     1,000,595 |
Berkshire Hathaway Finance 3.85% 3/15/52  |  |   205,000 |       164,485 |
HUB International 144A 5.625% 12/1/29 # |  |   530,000 |       463,582 |
Jones Deslauriers Insurance Management 144A 10.50% 12/15/30 # |  |   215,000 |      212,023 |
 |    1,840,685 | ||
Natural Gas — 0.16% | |||
Atmos Energy | Â | Â | Â |
2.85% 2/15/52  |  |    45,000 |        29,327 |
5.75% 10/15/52  |  |    80,000 |        84,010 |
Southern Co. Gas Capital 5.15% 9/15/32 * |  |   115,000 |      113,220 |
 |      226,557 | ||
Real Estate Investment Trusts — 0.07% | |||
American Homes 4 Rent 3.625% 4/15/32  |  |    45,000 |        37,973 |
HAT Holdings I 144A 3.375% 6/15/26 # |  |    73,000 |       63,524 |
 |      101,497 | ||
Technology — 3.21% | |||
Autodesk 2.40% 12/15/31 * |  |    35,000 |        28,050 |
CDW | Â | Â | Â |
3.276% 12/1/28  |  |    45,000 |        38,612 |
3.569% 12/1/31  |  |   470,000 |       388,178 |
Consensus Cloud Solutions | Â | Â | Â |
144A 6.00% 10/15/26 # |  |    85,000 |        79,858 |
144A 6.50% 10/15/28 # |  |   203,000 |       186,977 |
Â
4Â Â Â Â NQ-IV930 [12/22] 2/23 (2747686)
(Unaudited)
 |  | Principalamount° | Value (US $) |
Corporate Bonds (continued) | |||
Technology (continued) | |||
Entegris Escrow | Â | Â | Â |
144A 4.75% 4/15/29 # |  |   239,000 | $     218,435 |
144A 5.95% 6/15/30 # |  |   525,000 |       484,838 |
Iron Mountain 144A 5.25% 7/15/30 # |  | 1,150,000 |     1,042,932 |
NCR | Â | Â | Â |
144A 5.00% 10/1/28 # |  |   318,000 |       271,624 |
144A 5.125% 4/15/29 # |  |   475,000 |       398,101 |
144A 5.25% 10/1/30 # |  |   106,000 |        87,623 |
144A 6.125% 9/1/29 # |  |   144,000 |       134,879 |
Oracle | Â | Â | Â |
5.80% 11/10/25 * |  |    15,000 |        15,352 |
6.15% 11/9/29  |  |    35,000 |        36,412 |
Sabre GLBL | Â | Â | Â |
144A 7.375% 9/1/25 # |  |    42,000 |        40,433 |
144A 9.25% 4/15/25 # |  |   103,000 |       102,781 |
Sensata Technologies 144A 4.00% 4/15/29 # |  |   360,000 |       310,986 |
SS&C Technologies 144A 5.50% 9/30/27 # |  |   875,000 |      821,123 |
 |    4,687,194 | ||
Transportation — 0.34% | |||
American Airlines 144A 5.75% 4/20/29 # |  |   213,142 |       195,187 |
Burlington Northern Santa Fe 2.875% 6/15/52  |  |    55,000 |        36,932 |
Grupo Aeromexico 144A 8.50% 3/17/27 # |  |   300,000 |      265,347 |
 |      497,466 | ||
Total Corporate Bonds (cost $54,775,622) |   46,961,057 | ||
 | |||
Municipal Bonds — 0.01% | |||
Commonwealth of Puerto Rico (Restructured) | Â | Â | Â |
Series A-1 3.045% 7/1/24^ |  |     4,490 |         4,163 |
Series A-1 4.00% 7/1/35 |  |     9,800 |        8,271 |
Total Municipal Bonds (cost $14,190) |       12,434 | ||
 | |||
Non-Agency Commercial Mortgage-Backed Securities — 0.53% | |||
BANK | Â | Â | Â |
Series 2020-BN26 A4 2.403% 3/15/63  |  |   220,000 |       183,819 |
Series 2021-BN32 A5 2.643% 4/15/54  |  |   250,000 |       208,565 |
Benchmark Mortgage Trust | Â | Â | Â |
Series 2020-B17 A5 2.289% 3/15/53  |  |   225,000 |       187,098 |
 |  | Principalamount° | Value (US $) |
Non-Agency Commercial Mortgage-Backed Securities (continued) | |||
Benchmark Mortgage Trust | Â | Â | Â |
Series 2022-B33 A5 3.458% 3/15/55  |  |   225,000 | $     199,069 |
Total Non-Agency Commercial Mortgage-Backed Securities (cost $804,667) |      778,551 | ||
 | |||
Loan Agreements — 3.77% | |||
Amynta Agency Borrower Tranche B 1st Lien 8.884% (LIBOR01M + 4.50%) 2/28/25 • |  |   987,545 |       938,168 |
Applied Systems 2nd Lien 11.33% (SOFR3M + 6.75%) 9/17/27 • |  |   454,649 |       453,513 |
Ascent Resources Utica Holdings 2nd Lien 12.941% (LIBOR03M + 9.00%) 11/1/25 • |  |   133,000 |       140,869 |
CNT Holdings I 2nd Lien 10.489% (SOFR03M + 6.75%) 11/6/28 • |  |   243,000 |       230,445 |
CP Atlas Buyer Tranche B 7.884% (LIBOR01M + 3.50%) 11/23/27 • |  |   555,298 |       488,315 |
Endo Luxembourg Finance I 13.50% (LIBOR03M + 6.00%) 3/27/28 • |  |   246,875 |       201,203 |
Foresight Energy Operating Tranche A 12.73% (LIBOR03M + 8.00%) 6/30/27 • |  |   212,307 |       210,183 |
Form Technologies Tranche B 9.199% (SOFR03M + 4.50%) 7/22/25 • |  | 1,321,828 |     1,152,194 |
Jones DesLauriers Insurance Management 1st Lien | Â | Â | Â |
8.813% (CDOR03M + 4.25%) 3/27/28 • |  |   550,385 |       378,034 |
8.813% (CDOR03M + 4.25%) 3/27/28 • |  |   125,360 |        86,104 |
MLN US HoldCo 1st Lien | Â | Â | Â |
11.154% (SOFR03M + 6.70%) 10/18/27 • |  |   871,480 |       705,899 |
13.704% (SOFR03M + 9.25%)Tranche B 10/18/27 • |  |   376,000 |       291,400 |
Swf Holdings I 8.753% (LIBOR03M + 4.00%) 10/6/28 • |  |   167,733 |       137,876 |
United PF Holdings 1st Lien 13.23% (LIBOR03M + 8.50%) 12/30/26 • |  |    95,743 |       86,169 |
Â
NQ-IV930 [12/22] 2/23 (2747686)Â Â Â Â 5
Schedule of investments
Delaware Ivy Multi-Asset Income Fund   (Unaudited)
 |  | Principalamount° | Value (US $) |
Loan Agreements (continued) | |||
Total Loan Agreements (cost $6,072,329) |    5,500,372 | ||
 | |||
US Treasury Obligations — 3.74% | |||
US Treasury Bond 4.00% 11/15/52 |  |   225,000 | $     225,387 |
US Treasury Notes | Â | Â | Â |
0.125% 4/30/23 |  | 2,175,900 |     2,146,015 |
3.875% 11/30/29 |  |   675,000 |       670,623 |
4.125% 10/31/27 |  |   860,000 |       863,225 |
4.125% 11/15/32 |  |   910,000 |       928,840 |
4.25% 10/15/25 |  |   605,000 |       604,622 |
4.50% 11/15/25 |  |    15,000 |       15,093 |
Total US Treasury Obligations (cost $5,524,026) |    5,453,805 |
 |  | Number of shares |  |
Common Stocks — 49.19% | |||
Basic Industry — 1.23% | |||
Air Liquide  |  |     9,180 |    1,301,059 |
Foresight Energy = |  |    31,163 |      478,978 |
Westmoreland Coal =, †|  |     7,276 |       12,661 |
 |    1,792,698 | ||
Capital Goods — 0.53% | |||
Otis Worldwide  |  |     4,800 |      375,888 |
Parker-Hannifin  |  |     1,350 |      392,850 |
 |      768,738 | ||
Communications — 0.52% | |||
Orange  |  |    76,228 |      757,313 |
 |      757,313 | ||
Consumer Cyclical — 3.40% | |||
adidas AG  |  |     7,070 |      964,628 |
H & M Hennes & Mauritz Class B * |  |    61,720 |      663,876 |
Knorr-Bremse  |  |    11,270 |      615,745 |
Securitas Class B  |  |   128,340 |    1,069,536 |
Sodexo * |  |    10,920 |    1,045,960 |
Studio City International Holdings ADR †|  |    35,484 |       211,485 |
Studio City International Holdings ADR †|  |    60,131 |      358,381 |
True Religion Apparel =, †|  |         2 |       33,570 |
 |    4,963,181 | ||
Consumer Non-Cyclical — 15.82% | |||
Asahi Group Holdings  |  |    11,400 |      357,792 |
Clorox  |  |     9,440 |    1,324,715 |
Conagra Brands  |  |    11,710 |      453,177 |
 |  | Number of shares | Value (US $) |
Common Stocks (continued) | |||
Consumer Non-Cyclical (continued) | |||
Danone  |  |    19,380 | $   1,021,292 |
Diageo  |  |    32,770 |     1,446,031 |
Essity Class B  |  |    39,740 |     1,040,834 |
Fresenius Medical Care AG & Co.  |  |    17,670 |       578,227 |
Henry Schein †|  |    18,040 |     1,440,855 |
Ingredion  |  |    11,210 |     1,097,795 |
Kao * |  |    21,300 |       852,876 |
Kimberly-Clark  |  |     9,480 |     1,286,910 |
Koninklijke Ahold Delhaize  |  |    60,240 |     1,730,748 |
Lamb Weston Holdings  |  |    10,930 |       976,705 |
Merck & Co.  |  |    12,690 |     1,407,955 |
Nestle  |  |    14,640 |     1,696,350 |
Novo Nordisk Class B  |  |     7,120 |       961,387 |
Pfizer  |  |    16,512 |       846,075 |
Roche Holding  |  |     2,670 |       838,842 |
Smith & Nephew  |  |    95,280 |     1,278,019 |
Swatch Group  |  |     3,420 |       972,757 |
Unilever  |  |    29,220 |    1,477,313 |
 |   23,086,655 | ||
Consumer Staples — 0.57% | |||
Archer-Daniels-Midland  |  |     3,980 |       369,543 |
Bunge  |  |     4,579 |      456,847 |
 |      826,390 | ||
Energy — 4.09% | |||
Chesapeake Energy * |  |     3,720 |       351,056 |
Chord Energy  |  |     1,153 |       157,742 |
Enbridge  |  |    12,772 |       499,183 |
EOG Resources  |  |     5,524 |       715,468 |
EQT  |  |     3,295 |       111,470 |
KCA Deutag International =, †|  |     7,610 |       489,577 |
Kimbell Royalty Partners  |  |    35,283 |       589,226 |
Occidental Petroleum  |  |     5,627 |       354,445 |
Parex Resources  |  |    23,707 |       352,804 |
Schlumberger  |  |     9,724 |       519,845 |
Shell  |  |    23,447 |       659,334 |
TC Energy * |  |    12,051 |       480,438 |
Valero Energy  |  |     5,426 |      688,342 |
 |    5,968,930 | ||
Financial Services — 0.21% | |||
New Cotai =, †|  |   318,315 |       293,567 |
Riverbed Holdings  |  |    31,305 |        7,826 |
 |      301,393 | ||
Home builders — 0.03% | |||
Lifestyle Communities  |  |     3,310 |       42,976 |
 |       42,976 |
Â
6Â Â Â Â NQ-IV930 [12/22] 2/23 (2747686)
(Unaudited)
 |  | Number of shares | Value (US $) |
Common Stocks (continued) | |||
Industrials — 4.21% | |||
Aena SME 144A #, †|  |     3,706 | $     465,339 |
ALEATICA †|  |   582,694 |     1,028,345 |
Atlas Arteria  |  |    87,494 |       393,760 |
CCR  |  |   232,455 |       476,379 |
East Japan Railway  |  |     8,900 |       509,967 |
Enav 144A # |  |   119,129 |       504,986 |
Intertek Group  |  |    14,689 |       716,369 |
Laureate Education  |  |     5,687 |        54,709 |
Makita  |  |    23,200 |       544,468 |
Sacyr  |  |   177,769 |       494,761 |
Transurban Group  |  |    53,096 |       469,232 |
Vinci  |  |     4,798 |      479,139 |
 |    6,137,454 | ||
Materials — 3.73% | |||
Alcoa   |  |     9,119 |       414,641 |
Anglo American  |  |    20,400 |       798,204 |
CF Industries Holdings  |  |     3,195 |       272,214 |
Corteva  |  |     7,192 |       422,746 |
ERO Copper †|  |    23,077 |       317,692 |
Freeport-McMoRan  |  |    11,400 |       433,200 |
Hudbay Minerals  |  |    50,407 |       255,564 |
Kinross Gold * |  |    70,405 |       287,956 |
Newmont  |  |    11,741 |       554,175 |
Nutrien  |  |     8,201 |       598,919 |
Pan American Silver  |  |     9,325 |       152,203 |
Sylvamo  |  |     2,451 |       119,094 |
Vale ADR  |  |    27,340 |       463,960 |
Vale ADR  |  |         0 |             0 |
Wheaton Precious Metals * |  |     9,109 |      355,980 |
 |    5,446,548 | ||
Real Estate — 0.85% | |||
Covivio  |  |     1,160 |        68,853 |
Mitsubishi Estate  |  |    22,000 |       286,818 |
Mitsui Fudosan  |  |     2,800 |        51,567 |
Sumitomo Realty & Development  |  |     8,700 |       206,894 |
Weyerhaeuser  |  |    20,435 |      633,485 |
 |    1,247,617 | ||
REIT Diversified — 0.99% | |||
Aroundtown * |  |    24,340 |        56,878 |
Capitaland Investment  |  |    39,700 |       109,668 |
Charter Hall Group  |  |     9,250 |        75,448 |
CK Asset Holdings  |  |    20,000 |       123,119 |
Derwent London  |  |     1,670 |        47,809 |
DigitalBridge Group  |  |     3,600 |        39,384 |
Fastighets Balder Class B †|  |     8,630 |        40,128 |
Inmobiliaria Colonial Socimi  |  |    10,670 |        68,644 |
Land Securities Group  |  |    11,020 |        82,787 |
 |  | Number of shares | Value (US $) |
Common Stocks (continued) | |||
REIT Diversified (continued) | |||
Mapletree Commercial Trust  |  |   101,200 | $     126,179 |
Mapletree Logistics Trust  |  |    24,100 |        28,609 |
Nomura Real Estate Master Fund  |  |       160 |       198,720 |
Shaftesbury  |  |     6,970 |        31,009 |
Sun Hung Kai Properties  |  |    18,000 |       246,289 |
United Urban Investment  |  |       145 |      166,390 |
 |    1,441,061 | ||
REIT Healthcare — 0.84% | |||
Aedifica  |  |       480 |        38,947 |
Alexandria Real Estate Equities  |  |     2,880 |       419,530 |
HealthCo REIT  |  |    38,920 |        45,843 |
Healthpeak Properties  |  |     9,360 |       234,655 |
Welltower  |  |     7,400 |      485,070 |
 |    1,224,045 | ||
REIT Industrial — 1.27% | |||
Americold Realty Trust  |  |     5,290 |       149,760 |
First Industrial Realty Trust  |  |     2,590 |       124,993 |
Goodman Group  |  |     9,710 |       114,768 |
Industrial & Infrastructure Fund Investment  |  |        90 |       104,099 |
Mitsubishi Estate Logistics REIT Investment  |  |        35 |       112,542 |
Prologis  |  |     6,487 |       731,223 |
Rexford Industrial Realty  |  |     3,110 |       169,931 |
Segro  |  |    12,270 |       113,271 |
Summit Industrial Income REIT  |  |     7,160 |       119,986 |
Warehouses De Pauw CVA  |  |     3,890 |      111,180 |
 |    1,851,753 | ||
REIT Lodging — 0.18% | |||
Apple Hospitality REIT  |  |     5,630 |        88,841 |
RLJ Lodging Trust  |  |     1,130 |        11,967 |
Ryman Hospitality Properties  |  |     1,420 |       116,128 |
Xenia Hotels & Resorts  |  |     3,160 |       41,649 |
 |      258,585 | ||
REIT Mall — 0.08% | |||
Simon Property Group  |  |     1,060 |      124,529 |
 |      124,529 | ||
REIT Manufactured Housing — 0.30% | |||
Equity LifeStyle Properties  |  |     2,670 |       172,482 |
Sun Communities  |  |   ��� 1,850 |      264,550 |
 |      437,032 |
Â
NQ-IV930 [12/22] 2/23 (2747686)Â Â Â Â 7
Schedule of investments
Delaware Ivy Multi-Asset Income Fund   (Unaudited)
 |  | Number of shares | Value (US $) |
Common Stocks (continued) | |||
REIT Multifamily — 1.04% | |||
American Homes 4 Rent Class A  |  |     7,010 | $     211,281 |
Equity Residential  |  |     5,290 |       312,110 |
Essex Property Trust  |  |     1,200 |       254,304 |
Gecina  |  |       870 |        88,612 |
LEG Immobilien  |  |     1,030 |        67,102 |
Mid-America Apartment Communities  |  |       380 |        59,656 |
UDR  |  |     7,230 |       280,018 |
UNITE Group  |  |     8,170 |        89,882 |
Vonovia  |  |     6,640 |      156,514 |
 |    1,519,479 | ||
REIT Office — 0.30% | |||
Boston Properties  |  |     2,140 |       144,621 |
Castellum * |  |     3,370 |        40,773 |
Fabege * |  |     4,950 |        42,077 |
Japan Real Estate Investment  |  |        23 |       101,120 |
Tokyu REIT  |  |        55 |        86,959 |
Wihlborgs Fastigheter  |  |     3,800 |       28,587 |
 |      444,137 | ||
REIT Retail — 0.26% | |||
CapitaLand Integrated Commercial Trust  |  |    65,600 |        99,914 |
Link REIT  |  |    22,823 |       167,544 |
SmartCentres Real Estate Investment Trust  |  |     3,050 |        60,324 |
Unibail-Rodamco-Westfield †|  |       890 |       46,330 |
 |      374,112 | ||
REIT Self-Storage — 0.65% | |||
Big Yellow Group  |  |     6,550 |        90,826 |
Extra Space Storage  |  |     2,210 |       325,268 |
National Storage REIT  |  |    42,060 |        66,437 |
Public Storage  |  |     1,680 |      470,719 |
 |      953,250 | ||
REIT Shopping Center — 0.36% | |||
Federal Realty Investment Trust  |  |     1,070 |       108,113 |
Kenedix Retail REIT  |  |        30 |        58,153 |
Kimco Realty  |  |    11,120 |       235,521 |
Kite Realty Group Trust  |  |     6,220 |      130,931 |
 |      532,718 | ||
REIT Single Tenant — 0.76% | |||
Agree Realty   |  |     4,090 |       290,104 |
NETSTREIT * |  |     5,960 |       109,247 |
Realty Income  |  |     7,980 |       506,171 |
 |  | Number of shares | Value (US $) |
Common Stocks (continued) | |||
REIT Single Tenant (continued) | |||
Spirit Realty Capital  |  |     5,050 | $     201,646 |
 |    1,107,168 | ||
REIT Specialty — 0.05% | |||
Invitation Homes  |  |     2,580 |       76,471 |
 |       76,471 | ||
Technology — 3.39% | |||
Amadeus IT Group †|  |    25,770 |     1,339,276 |
American Tower  |  |       580 |       122,879 |
Cellnex Telecom 144A # |  |    16,214 |       536,656 |
Digital Core REIT Management Pte  |  |    41,500 |        22,825 |
Digital Realty Trust  |  |     4,210 |       422,137 |
Equinix  |  |       540 |       353,716 |
NEXTDC †|  |     5,980 |        37,050 |
SAP  |  |    12,280 |     1,267,059 |
SBA Communications  |  |       240 |        67,274 |
Visa Class A * |  |     3,760 |      781,178 |
 |    4,950,050 | ||
Utilities — 3.53% | |||
APA Group  |  |    33,369 |       244,459 |
Enel  |  |    92,386 |       497,440 |
Hydro One 144A # |  |    18,034 |       483,082 |
National Grid  |  |    40,901 |       493,187 |
Orsted 144A # |  |     5,746 |       522,176 |
PPL  |  |    16,464 |       481,078 |
Severn Trent  |  |    15,344 |       491,764 |
Snam  |  |   102,442 |       496,426 |
SSE  |  |    24,051 |       497,789 |
Terna - Rete Elettrica Nazionale  |  |    62,886 |       464,483 |
United Utilities Group  |  |    39,500 |      473,428 |
 |    5,145,312 | ||
Total Common Stocks (cost $77,070,075) |   71,779,595 | ||
 | |||
Preferred Stock — 0.01% | |||
True Religion Apparel 0.000% =, ω |  |         2 |       10,280 |
Total Preferred Stock (cost $33,831) |       10,280 | ||
 | |||
Exchange-Traded Funds — 5.75% | |||
SPDR S&P Global Natural Resources ETF* |  |    13,291 |       757,853 |
Vanguard Global ex-U.S. Real Estate ETF |  |       330 |        13,642 |
Vanguard High Dividend Yield ETF |  |    41,242 |     4,462,797 |
Â
8Â Â Â Â NQ-IV930 [12/22] 2/23 (2747686)
(Unaudited)
 |  | Number of shares | Value (US $) |
Exchange-Traded Funds (continued) | |||
Vanguard International High Dividend Yield ETF |  |    50,022 | $   2,979,810 |
Vanguard Real Estate ETF |  |       190 |        15,671 |
Vanguard S&P 500 ETF |  |       470 |      165,130 |
Total Exchange-Traded Funds (cost $8,601,976) |    8,394,903 | ||
 | |||
Master Limited Partnerships — 0.39% | |||
Black Stone Minerals |  |    33,507 |      565,263 |
Total Master Limited Partnerships (cost $347,984) |      565,263 | ||
 | |||
Warrant — 0.01% | |||
California Resources 36.00%  †|  |     1,167 |       14,704 |
Total Warrant (cost $101,593) |       14,704 | ||
Total Value of Securities Before Securities Lending Collateral—98.42% (cost $157,365,395) |  143,620,740 | ||
 | |||
Securities Lending Collateral — 3.00% | |||
Money Market Mutual Fund — 3.00% | |||
Dreyfus Institutional Preference Government Money Market Fund - Institutional Shares (seven-day effective yield 4.31%) |  | 4,372,099 |    4,372,099 |
Total Securities Lending Collateral (cost $4,372,099) |    4,372,099 | ||
Total Value of Securities—101.42% (cost $161,737,494) |  |  | 147,992,839■|
Obligation to Return Securities Lending Collateral — (3.00%) |  |  |   (4,372,099) |
Receivables and Other Assets Net of Liabilities — 1.58% |  |  |    2,305,908 |
Net Assets Applicable to 15,960,852 Shares Outstanding—100.00% |  |  |  $145,926,648 |
° | Principal amount shown is stated in USD unless noted that the security is denominated in another currency. |
μ | Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at December 31, 2022. Rate will reset at a future date. |
* | Fully or partially on loan. |
# | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At December 31, 2022, the aggregate value of Rule 144A securities was $36,822,555, which represents 25.23% of the Fund'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. |
‡ | Non-income producing security. Security is currently in default. |
ψ | Perpetual security. Maturity date represents next call date. |
= | The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security. |
^ | Zero-coupon security. The rate shown is the effective yield at the time of purchase. |
• | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at December 31, 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. |
ω | Perpetual security with no stated maturity date. |
â– | Includes $9,984,685 of securities loaned for which the counterparty pledged additional non-cash collateral valued at $6,013,539. |
Â
NQ-IV930 [12/22] 2/23 (2747686)Â Â Â Â 9
Schedule of investments
Delaware Ivy Multi-Asset Income Fund   (Unaudited)
 The following foreign currency exchange contracts and futures contracts were outstanding at December 31, 2022:
Foreign Currency Exchange Contracts | Â | Â | Â | Â | Â | Â | ||||||
Counterparty | Â | Currency to Receive (Deliver) | Â | In Exchange For | Â | Settlement Date | Â | Unrealized Appreciation | Â | Unrealized Depreciation | ||
BNYM |  | CAD | 17,301 |  | USD | (12,762) |  | 1/3/23 |  | $16 |  | $— |
BNYM |  | CAD | (47,128) |  | USD | 34,763 |  | 1/3/23 |  | — |  | (45) |
TD |  | CAD | (695,000) |  | USD | 522,446 |  | 1/20/23 |  | 9,099 |  | — |
Total Foreign Currency Exchange Contracts | Â | $9,115 | Â | $(45) |
Futures Contracts Exchange-Traded | |||||||||||
Contracts to Buy (Sell) | Â | Notional Amount | Â | Notional Cost (Proceeds) | Â | Expiration Date | Â | Value/ Unrealized Appreciation | Â | Variation Margin Due from (Due to) Brokers | |
4 | US Treasury 2 yr Notes | Â | $820,312 | Â | $819,572 | Â | 3/31/23 | Â | $741 | Â | $(625) |
(5) | US Treasury 10 yr Notes | Â | (561,484) | Â | (568,832) | Â | 3/22/23 | Â | 7,347 | Â | 703 |
(4) | US Treasury 10 yr Ultra Notes | Â | (473,125) | Â | (478,865) | Â | 3/22/23 | Â | 5,740 | Â | 250 |
2 | US Treasury Long Bonds | Â | 250,688 | Â | 250,646 | Â | 3/22/23 | Â | 42 | Â | (312) |
Total Futures Contracts | Â | $22,521 | Â | Â | Â | $13,870 | Â | $16 |
The use of foreign exchange contracts and futures contracts involves elements of market risk and risks in excess of the amounts disclosed in the schedule of investments. The foreign currency exchange contracts and notional amounts presented above represent the Fund's total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) and variation margin are reflected in the Fund's net assets.
Summary of abbreviations:  |
ADR – American Depositary Receipt |
AG – Aktiengesellschaft |
BNYM – Bank of New York Mellon |
CDOR03M – 3 Month Canadian Dollar Offered Rate |
CVA – Certified Dutch Certificate |
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 |
REIT – Real Estate Investment Trust |
S&P – Standard & Poor’s Financial Services LLC |
S.F. – Single Family |
SOFR – Secured Overnight Financing Rate |
SOFR03M – Secured Overnight Financing Rate 3 Month |
SPDR – Standard & Poor's Depositary Receipt |
TD – TD Bank |
10Â Â Â Â NQ-IV930 [12/22] 2/23 (2747686)
(Unaudited)
Summary of abbreviations:  (continued) |
yr – Year |
Summary of currencies:  |
CAD – Canadian Dollar |
EUR – European Monetary Unit |
USD – US Dollar |
NQ-IV930 [12/22] 2/23 (2747686)Â Â Â Â 11