Schedule of investments
Delaware Ivy Municipal Bond Fund
December 31, 2022 (Unaudited)
Principal amount° | Value (US $) | ||
Municipal Bonds — 97.68% | |||
Corporate Revenue Bonds — 11.94% | |||
Buckeye Ohio Tobacco Settlement Financing Authority | |||
Series A-2 3.00% 6/1/48 | 6,110,000 | $ 4,307,366 | |
Series A-2 4.00% 6/1/48 | 4,010,000 | 3,436,490 | |
Series B-2 5.00% 6/1/55 | 1,500,000 | 1,303,920 | |
Chandler, Arizona Industrial Development Authority Revenue | |||
(Intel Corporation Project) 5.00% 9/1/42 | 2,000,000 | 2,087,720 | |
Florida Development Finance Surface Transportation Facilities Revenue | |||
(Brightline Passenger Rail Project) Series B 144A 7.375% 1/1/49 (AMT) # | 4,360,000 | 3,815,000 | |
George L Smith II Congress Center Authority | |||
Series A 2.375% 1/1/31 | 1,000,000 | 862,980 | |
George L Smith II World Congress Center Authority | |||
(Convention Center Hotel 1st Tier) Series A 4.00% 1/1/54 | 2,000,000 | 1,545,200 | |
Indiana Finance Authority Exempt Facility Revenue | |||
(Polyflow Indiana Project - Green Bond) 144A 7.00% 3/1/39 (AMT) # | 2,680,000 | 2,012,305 | |
Iowa Finance Authority Midwestern Disaster Area Revenue | |||
5.00% 12/1/50 | 2,140,000 | 1,999,680 | |
New York City Industrial Development Agency | |||
0.000% 3/1/25 ^ | 3,175,000 | 2,946,464 | |
0.000% 3/1/26 ^ | 3,185,000 | 2,851,626 | |
0.000% 3/1/27 ^ | 3,000,000 | 2,582,400 | |
New York Counties Tobacco Trust V | |||
Series 4B 144A 0.00% 6/1/60 #, ^ | 402,200,000 | 13,686,866 | |
43,438,017 |
Principal amount° | Value (US $) | ||
Municipal Bonds (continued) | |||
Education Revenue Bonds — 4.71% | |||
Arizona Industrial Development Authority Revenue | |||
(Leman Academy Of Excellence Projects) Series A 4.50% 7/1/54 | 1,320,000 | $ 1,151,080 | |
California Educational Facilities Authority | |||
Series U-7 5.00% 6/1/46 | 6,500,000 | 7,449,650 | |
Series V-1 5.00% 5/1/49 | 3,100,000 | 3,542,866 | |
California Municipal Finance Authority | |||
Series A 5.00% 6/1/36 | 1,000,000 | 1,021,950 | |
Clifton Higher Education Finance Revenue | |||
Series A 4.25% 12/1/34 | 3,000,000 | 2,942,670 | |
Utah Charter School Finance Authority | |||
5.00% 4/15/37 | 1,000,000 | 1,025,090 | |
17,133,306 | |||
Electric Revenue Bonds — 5.71% | |||
Illinois Municipal Electric Agency | |||
Series A 5.00% 2/1/32 | 3,695,000 | 3,833,895 | |
Missouri Joint Municipal Electric Utility Commission | |||
Series A 5.00% 12/1/36 | 5,650,000 | 5,808,030 | |
Series A 5.00% 12/1/37 | 1,000,000 | 1,026,810 | |
Modesto Irrigation District | |||
Series A 5.00% 10/1/36 | 4,270,000 | 4,483,286 | |
Omaha Public Power District Nebraska City Station Unit 2 | |||
Series A 5.00% 2/1/41 | 1,000,000 | 1,041,540 | |
Puerto Rico Electric Power Authority Revenue | |||
Series AAA 5.25% 7/1/25 ‡ | 225,000 | 165,375 | |
Series WW 5.00% 7/1/28 ‡ | 510,000 | 373,575 | |
Series XX 4.75% 7/1/26 ‡ | 185,000 | 134,819 | |
Series ZZ 4.75% 7/1/27 ‡ | 145,000 | 105,669 | |
Series ZZ 5.25% 7/1/24 ‡ | 315,000 | 231,525 | |
Utility Debt Securitization Authority | |||
Series TE 5.00% 12/15/31 | 3,500,000 | 3,565,450 | |
20,769,974 | |||
Healthcare Revenue Bonds — 11.41% | |||
Brookhaven Development Authority | |||
Series A 4.00% 7/1/44 | 1,000,000 | 961,260 |
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Schedule of investments
Delaware Ivy Municipal Bond Fund (Unaudited)
Principal amount° | Value (US $) | ||
Municipal Bonds (continued) | |||
Healthcare Revenue Bonds (continued) | |||
Colorado Health Facilities Authority Revenue | |||
Series A-2 4.00% 8/1/49 | 1,015,000 | $ 852,590 | |
Hamilton County Ohio Hospital Facilities Revenue | |||
Series CC 5.00% 11/15/49 | 6,460,000 | 6,869,564 | |
Hawaii Department of Budget & Finance Special Purpose Revenue | |||
Series A 5.00% 7/1/35 | 500,000 | 517,705 | |
Hillsborough County Industrial Development Authority Revenue | |||
Series A 3.50% 8/1/55 | 5,000,000 | 3,814,300 | |
Illinois Finance Authority Revenue Bonds | |||
(NorthShore – Edward-Elmhurst Health Credit Group) Series A 5.00% 8/15/51 | 3,985,000 | 4,184,170 | |
Lake County Port & Economic Development Authority | |||
Series A 144A 6.75% 12/1/52 #, ‡ | 1,300,000 | 325,000 | |
Maricopa County Industrial Development Authority | |||
Series A 4.00% 1/1/38 | 5,000,000 | 4,852,150 | |
New Hope Cultural Education Facilities Finance Texas Senior Living Revenue | |||
Series A-2 6.50% 1/1/31 | 9,865,000 | 8,832,233 | |
(Sanctuary LTC Project) Series A-1 5.50% 1/1/57 | 3,500,000 | 2,531,830 | |
Pennsylvania Economic Development Financing Authority First Mortgage Revenue | |||
(Tapestry Moon Senior Housing Project) | |||
Series A 144A 6.50% 12/1/38 #, ‡ | 3,285,000 | 1,252,406 | |
Series A 144A 6.75% 12/1/53 #, ‡ | 3,765,000 | 1,435,407 | |
Washington Health Care Facilities Authority | |||
Series D 5.00% 10/1/38 | 5,000,000 | 5,070,450 | |
41,499,065 |
Principal amount° | Value (US $) | ||
Municipal Bonds (continued) | |||
Housing Revenue Bonds — 1.17% | |||
Nebraska Investment Finance Authority | |||
Series A 2.35% 9/1/35 | 2,500,000 | $ 2,163,225 | |
New York City Housing Development MultiFamily Revenue | |||
Series A-1-B 2.05% 11/1/31 | 520,000 | 452,218 | |
Series A-1-B 2.15% 11/1/32 | 970,000 | 829,592 | |
North Carolina Housing Finance Agency | |||
Series 44 2.55% 7/1/35 | 930,000 | 792,388 | |
4,237,423 | |||
Lease Revenue Bonds — 8.39% | |||
Fayette County School District Finance | |||
5.00% 6/1/46 (BAM) | 2,000,000 | 2,147,380 | |
5.00% 6/1/47 (BAM) | 2,870,000 | 3,061,946 | |
Metropolitan Pier & Exposition Authority Illinois Revenue | |||
Series B 0.00% 12/15/54 (BAM) ^ | 25,445,000 | 5,100,959 | |
Michigan State Building Authority | |||
Series I 5.00% 4/15/34 | 2,500,000 | 2,626,525 | |
New Jersey State Transportation Trust Fund Authority | |||
Series AA 4.00% 6/15/50 (BAM) | 4,210,000 | 3,702,021 | |
New Jersey Transportation Trust Fund Authority | |||
(Transportation System) Series A 0.00% 12/15/39 ^ | 12,890,000 | 5,566,933 | |
New York City Transitional Finance Authority Building Aid Revenue | |||
Series S-3A 5.00% 7/15/36 | 2,000,000 | 2,151,860 | |
New York Liberty Development | |||
Series A 3.00% 11/15/51 (BAM) | 6,425,000 | 4,656,519 | |
Regional Transportation District | |||
5.00% 6/1/35 | 1,435,000 | 1,487,521 | |
30,501,664 | |||
Local General Obligation Bonds — 5.35% | |||
Alamo Community College District | |||
5.00% 8/15/38 | 5,000,000 | 5,352,200 |
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(Unaudited)
Principal amount° | Value (US $) | ||
Municipal Bonds (continued) | |||
Local General Obligation Bonds (continued) | |||
Lincoln Consolidated School District | |||
Series A 5.00% 5/1/35 (AGM) | 500,000 | $ 531,040 | |
Mida Golf and Equestrian Center Public Infrastructure District | |||
144A 4.50% 6/1/51 # | 2,500,000 | 1,869,025 | |
144A 4.625% 6/1/57 # | 2,000,000 | 1,473,960 | |
New York | |||
Series G 5.00% 8/1/30 | 1,000,000 | 1,022,090 | |
Palomar Health | |||
Series A 0.000% 8/1/31 ^ | 3,315,000 | 2,416,171 | |
Series A 0.000% 8/1/32 ^ | 5,000,000 | 3,483,200 | |
Series A 0.000% 8/1/33 ^ | 5,000,000 | 3,327,400 | |
19,475,086 | |||
Pre-Refunded/Escrowed to Maturity Bonds — 2.51% | |||
Central Texas Turnpike System | |||
1st Tier 0.00% 8/15/26 ^ | 1,340,000 | 1,206,992 | |
Metropolitan Washington Airports Authority Dulles Toll Road Revenue | |||
Series C 6.50% 10/1/41-26 § | 7,000,000 | 7,933,660 | |
9,140,652 | |||
Special Tax Revenue Bonds — 21.68% | |||
City of Detroit, Michigan | |||
Series B 5.109% 6/15/34 ‡, • | 3,132,110 | 2,818,899 | |
Commonwealth of Puerto Rico | |||
(Subordinate) Series C 3.357% 11/1/43 •, ^ | 25,841,510 | 11,337,963 | |
GDB Debt Recovery Authority of Puerto Rico | |||
7.50% 8/20/40 | 20,200,766 | 16,918,142 | |
Matching Fund Special Purpose Securitization | |||
Series A 5.00% 10/1/39 | 3,130,000 | 3,139,327 | |
New York City Transitional Finance Authority Future Tax Secured Revenue | |||
Series A-2 5.00% 8/1/37 | 5,000,000 | 5,342,400 | |
New York Convention Center Development Revenue | |||
5.00% 11/15/34 | 2,000,000 | 2,048,440 | |
New York State Dormitory Authority | |||
Series B 5.00% 2/15/38 | 5,000,000 | 5,176,800 | |
Puerto Rico Sales Tax Financing Revenue | |||
Series A-1 0.000% 7/1/46 ^ | 26,435,000 | 6,546,363 |
Principal amount° | Value (US $) | ||
Municipal Bonds (continued) | |||
Special Tax Revenue Bonds (continued) | |||
Puerto Rico Sales Tax Financing Revenue | |||
Series A-1 0.000% 7/1/51 ^ | 64,384,000 | $ 11,670,244 | |
(Restructured) | |||
Series A-1 4.75% 7/1/53 | 3,730,000 | 3,306,421 | |
Series A-1 5.00% 7/1/58 | 5,750,000 | 5,234,973 | |
Series A-2 4.329% 7/1/40 | 2,340,000 | 2,113,792 | |
Regional Transportation Authority | |||
Series A 6.00% 7/1/24 | 3,080,000 | 3,217,645 | |
78,871,409 | |||
State General Obligation Bonds — 2.22% | |||
California State | |||
(Various Purpose) 5.00% 4/1/37 | 5,000,000 | 5,020,650 | |
Illinois State | |||
Series A 5.50% 3/1/47 | 3,000,000 | 3,071,250 | |
8,091,900 | |||
Transportation Revenue Bonds — 17.22% | |||
Central Texas Turnpike System | |||
Series A 0.000% 8/15/26 ^ | 15,000,000 | 13,424,700 | |
Series B 5.00% 8/15/37 | 1,000,000 | 1,022,330 | |
Chicago O'Hare International Airport | |||
Series A 5.00% 1/1/38 (AMT) | 605,000 | 627,185 | |
Series B 5.00% 1/1/34 | 1,000,000 | 1,032,490 | |
Series D 5.25% 1/1/37 | 2,500,000 | 2,632,950 | |
Foothill-Eastern Transportation Corridor Agency Revenue | |||
(Senior Lien) Series A 4.00% 1/15/46 | 2,000,000 | 1,852,120 | |
Illinois State Toll Highway Authority | |||
Series A 5.00% 1/1/35 | 2,000,000 | 2,002,560 | |
Series B 5.00% 1/1/37 | 1,500,000 | 1,552,095 | |
Metropolitan Transportation Authority | |||
Series C 5.00% 11/15/36 | 2,625,000 | 2,649,780 | |
Series C-1 5.00% 11/15/35 | 2,500,000 | 2,534,700 | |
Miami-Dade County Florida Aviation Revenue | |||
Series A 4.00% 10/1/44 (AMT) | 1,500,000 | 1,341,405 | |
Monroe County Airport Revenue | |||
5.00% 10/1/42 (AMT) | 1,505,000 | 1,531,503 | |
5.00% 10/1/52 (AMT) | 2,445,000 | 2,439,450 | |
5.25% 10/1/47 (AMT) | 1,100,000 | 1,126,521 | |
North Carolina Turnpike Authority | |||
Series B 0.00% 1/1/34 ^ | 10,000,000 | 6,380,000 |
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Schedule of investments
Delaware Ivy Municipal Bond Fund (Unaudited)
Principal amount° | Value (US $) | ||
Municipal Bonds (continued) | |||
Transportation Revenue Bonds (continued) | |||
North Texas Tollway Authority | |||
1st Tier 0.00% 1/1/30 ^ | 12,000,000 | $ 9,322,440 | |
Pennsylvania Turnpike Commission | |||
5.00% 6/1/38 | 1,000,000 | 1,027,740 | |
Series C 6.25% 6/1/33 (AGM) | 4,000,000 | 4,460,760 | |
Port of Portland Oregon Airport Revenue | |||
Series 23 5.00% 7/1/33 | 3,500,000 | 3,639,160 | |
Port of Seattle | |||
Series B 5.00% 3/1/35 | 2,000,000 | 2,049,840 | |
62,649,729 | |||
Water & Sewer Revenue Bonds — 5.37% | |||
Los Angeles California Wastewater System Revenue | |||
Series A 5.00% 6/1/35 | 1,000,000 | 1,048,390 | |
Series D 5.00% 6/1/34 | 2,500,000 | 2,633,150 | |
New York City Municipal Water Finance Authority | |||
Series HH 5.00% 6/15/37 | 10,000,000 | 10,425,100 | |
Texas Water Development Board | |||
Series B 5.00% 10/15/38 | 5,000,000 | 5,416,600 | |
19,523,240 | |||
Total Municipal Bonds (cost $373,943,600) | 355,331,465 |
Number of shares | |||
Short-Term Investments — 1.57% | |||
Money Market Mutual Funds — 0.31% | |||
State Street Institutional US Government Money Market Fund – Premier Class (seven-day effective yield 2.86%) | 1,123,886 | 1,123,886 | |
1,123,886 |
Principal amount° | |||
Variable Rate Demand Notes — 1.26%¤ | |||
Los Angeles Department Of Water And Power Revenue | |||
Subseries B-3 0.35% 7/1/34 (SPA - Barclays Bank) | 200,000 | 200,000 | |
New York City Municipal Water Finance Authority | |||
Series BB 1.05% 6/15/33 (SPA - Bank of America N.A) | 400,000 | 400,000 |
Principal amount° | Value (US $) | ||
Variable Rate Demand Notes (continued) | |||
State Of Oregon Oregon Facilities Authority Refunding Revenue | |||
(PeaceHealth) Series B 1.05% 8/1/34 (LOC - TD Bank N.A.) | 3,000,000 | $ 3,000,000 | |
University of North Carolina at Chapel Hill | |||
Series B 1.05% 2/15/31 (SPA - TD Bank N.A.) | 1,000,000 | 1,000,000 | |
4,600,000 | |||
Total Short-Term Investments (cost $5,723,886) | 5,723,886 | ||
Total Value of Securities—99.25% (cost $379,667,486) | 361,055,351 | ||
Receivables and Other Assets Net of Liabilities—0.75% | 2,731,291 | ||
Net Assets Applicable to 36,574,041 Shares Outstanding—100.00% | $363,786,642 |
° | Principal amount shown is stated in USD unless noted that the security is denominated in another currency. |
# | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At December 31, 2022, the aggregate value of Rule 144A securities was $25,869,969, which represents 7.11% of the Fund's net assets. |
^ | Zero-coupon security. The rate shown is the effective yield at the time of purchase. |
‡ | Non-income producing security. Security is currently in default. |
§ | Pre-refunded bonds. Municipal bonds that are generally backed or secured by US Treasury bonds. For pre-refunded bonds, the stated maturity is followed by the year in which the bond will be pre-refunded. See Note 8 in “Notes to financial statements.” |
• | 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. |
4 NQ-IV004 [12/22] 2/23 (2741185)
(Unaudited)
¤ | 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 December 31, 2022. |
Summary of abbreviations: |
AGM – Insured by Assured Guaranty Municipal Corporation |
AMT – Subject to Alternative Minimum Tax |
BAM – Insured by Build America Mutual Assurance |
Summary of abbreviations: (continued) |
ICE – Intercontinental Exchange, Inc. |
LIBOR – London Interbank Offered Rate |
LIBOR03M – ICE LIBOR USD 3 Month |
LIBOR06M – ICE LIBOR USD 6 Month |
LOC – Letter of Credit |
N.A. – National Association |
SPA – Stand-by Purchase Agreement |
USD – US Dollar |
NQ-IV004 [12/22] 2/23 (2741185) 5