Schedule of investments
Delaware Ivy California Municipal High Income Fund
December 31, 2022 (Unaudited)
Principal amount° | Value (US $) | ||
Municipal Bonds — 97.36% | |||
Corporate Revenue Bonds — 13.42% | |||
California County Tobacco Securitization Agency | |||
(Gold Country Settlement Funding Corporation) Series 1 4.00% 6/1/49 | 145,000 | $ 143,250 | |
(Merced County Tobacco Funding Corporation) 5.00% 6/1/50 | 250,000 | 247,045 | |
(Sonoma County Securitization Corporation) 0.001% 6/1/55 ^ | 250,000 | 49,187 | |
(Stanislaus County Tobacco Funding Corporation) Series D 0.001% 6/1/55 ^ | 1,000,000 | 62,200 | |
California Municipal Finance Authority | |||
(United Airlines, Los Angeles International Airport Project) 4.00% 7/15/29 (AMT) | 250,000 | 243,818 | |
California Pollution Control Financing Authority | |||
(Waste Management Project) Series A1 3.375% 7/1/25 (AMT) | 300,000 | 293,160 | |
Long Beach Bond Finance Authority | |||
NATURAL GAS PURCHASE REVENUE BONDS Series A 5.50% 11/15/37 | 165,000 | 180,079 | |
M-S-R Energy Authority California Gas Revenue | |||
Series C 7.00% 11/1/34 | 300,000 | 371,028 | |
Southern California Public Power Authority | |||
(Natural Gas Project) 5.00% 11/1/33 | 295,000 | 316,892 | |
Tobacco Securitization Authority of Southern California | |||
(Capital Appreciation - Restructured) Third Subordinate Series D 0.032% 6/1/46 ^ | 305,000 | 36,893 | |
1,943,552 |
Principal amount° | Value (US $) | ||
Municipal Bonds (continued) | |||
Education Revenue Bonds — 21.09% | |||
California Educational Facilities Authority Revenue | |||
(Art Center College of Design) Series 2018A 5.00% 12/1/48 | 250,000 | $ 250,592 | |
(Loma Linda University) Series A 5.00% 4/1/47 | 300,000 | 306,825 | |
California Municipal Finance Authority | |||
(California Baptist University) Series A 144A 5.00% 11/1/46 # | 500,000 | 473,970 | |
(CHF-Davis I - West Village Student Housing Project) 4.00% 5/15/48 (BAM) | 300,000 | 275,631 | |
(The Learning Choice Academy) Series A 4.00% 7/1/31 | 95,000 | 94,330 | |
(The Palmdale Aerospace Academy Project) Series A 144A 5.00% 7/1/49 # | 300,000 | 263,676 | |
California School Finance Authority | |||
(Green Dot Public Schools California Projects) Series A 144A 5.00% 8/1/48 # | 250,000 | 248,835 | |
(HTH Learning Project) Series A 144A 5.00% 7/1/49 # | 300,000 | 271,089 | |
(Larchmont Charter School Project) Series A 144A 5.00% 6/1/43 # | 250,000 | 244,975 | |
(Rocketship Public Schools - Obligated Group) | |||
Series G 144A 5.00% 6/1/30 # | 310,000 | 311,079 | |
Series G 144A 5.00% 6/1/37 # | 330,000 | 313,081 | |
3,054,083 | |||
Electric Revenue Bonds — 5.90% | |||
Puerto Rico Electric Power Authority | |||
Series TT 5.00% 7/1/37 ‡ | 1,165,000 | 853,362 | |
853,362 | |||
Healthcare Revenue Bonds — 12.15% | |||
California Municipal Finance Authority | |||
(Eisenhower Medical Center) | |||
Series B 5.00% 7/1/37 | 250,000 | 256,242 |
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Schedule of investments
Delaware Ivy California Municipal High Income Fund (Unaudited)
Principal amount° | Value (US $) | ||
Municipal Bonds (continued) | |||
Healthcare Revenue Bonds (continued) | |||
California Municipal Finance Authority | |||
(Eisenhower Medical Center) | |||
Series B 5.00% 7/1/42 | 250,000 | $ 254,615 | |
(Retirement Housing Foundation Obligated Group) Series A 5.00% 11/15/32 | 425,000 | 507,480 | |
California Statewide Communities Development Authority | |||
(Loma Linda University Medical Center) | |||
Series A 5.25% 12/1/44 | 250,000 | 250,132 | |
Series A 144A 5.25% 12/1/56 # | 250,000 | 247,863 | |
Washington Township Health Care District | |||
Series A 3.75% 7/1/31 | 255,000 | 243,334 | |
1,759,666 | |||
Housing Revenue Bond — 3.16% | |||
CSCDA Community Improvement Authority Essential Housing Revenue | |||
(Parallel - Anaheim) Series A 144A 4.00% 8/1/56 # | 300,000 | 228,822 | |
Los Angeles Housing Authority | |||
(Union Portfolio Project) Series A 3.25% 6/1/35 | 250,000 | 228,028 | |
456,850 | |||
Local General Obligation Bond — 2.00% | |||
Oro Grande Elementary School District | |||
(San Bernardino County,California) 4.00% 9/15/32 | 300,000 | 289,851 | |
289,851 | |||
Pre-Refunded Bonds — 2.10% | |||
California School Finance Authority | |||
(Aspire Public School) 144A 5.00% 8/1/41-25 #, § | 25,000 | 26,465 | |
Golden State, California Tobacco Securitization Corporate Settlement Revenue | |||
Tobacco Settlement Asset-Backed Bonds Series A-1 5.00% 6/1/29-27 § | 250,000 | 276,823 | |
303,288 | |||
Special Tax Revenue Bonds — 30.23% | |||
Chino Community Facilities District | |||
5.00% 9/1/47 | 150,000 | 152,078 |
Principal amount° | Value (US $) | ||
Municipal Bonds (continued) | |||
Special Tax Revenue Bonds (continued) | |||
Chino Public Financing Authority | |||
Series A 3.50% 9/1/43 | 250,000 | $ 202,018 | |
GDB Debt Recovery Authority of Puerto Rico | |||
7.50% 8/20/40 | 541,627 | 453,612 | |
Jurupa Community Services District | |||
(Eastvale Area) | |||
Series A 4.125% 9/1/42 | 200,000 | 185,074 | |
Series A 4.25% 9/1/47 | 300,000 | 273,684 | |
Lammersville Joint Unified School District | |||
(Lammersville School District Community Facilities District No. 2002 (Mountain House)) 5.00% 9/1/33 | 250,000 | 261,457 | |
Murrieta CA Community Facilities District | |||
(Golden City) Series A 5.00% 9/1/46 | 300,000 | 304,713 | |
Ontario CA Community Facilities District No 28 | |||
(New Haven Facilities - Area A) | |||
5.00% 9/1/42 | 130,000 | 132,800 | |
5.00% 9/1/47 | 230,000 | 233,379 | |
Ontario CA Community Facilities District No 31 | |||
(Carriage House / Amberly Lane) 5.00% 9/1/47 | 135,000 | 136,813 | |
Poway Unified School District | |||
(DEL SUR East) Series C 5.00% 9/1/46 | 250,000 | 249,985 | |
Puerto Rico Sales Tax Financing Revenue | |||
Series A-1 5.596% 7/1/51 ^ | 279,000 | 50,571 | |
Series A-1 5.668% 7/1/46 ^ | 720,000 | 178,301 | |
Roseville | |||
(Fiddyment Ranch Community Facilities) Series A 5.00% 9/1/35 | 250,000 | 260,175 | |
Sacramento | |||
(Natomas Central Community Facilities) 5.00% 9/1/41 | 250,000 | 254,312 | |
San Bernardino County | |||
(Lyte Creek North) 4.00% 9/1/42 | 250,000 | 227,665 |
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(Unaudited)
Principal amount° | Value (US $) | ||
Municipal Bonds (continued) | |||
Special Tax Revenue Bonds (continued) | |||
Tulare Redevelopment Agency Successor Agency | |||
Series A 4.00% 8/1/40 (BAM) | 250,000 | $ 247,728 | |
Western Riverside Water & Wastewater Financing Authority | |||
(Local Agency Revenue Bonds) Series A 5.00% 9/1/29 | 250,000 | 269,790 | |
William S Hart Union High School District | |||
5.00% 9/1/47 | 300,000 | 303,231 | |
4,377,386 | |||
State General Obligation Bonds — 2.57% | |||
Commonwealth of Puerto Rico | |||
Series C 3.357% 11/1/43 • | 641,088 | 281,277 | |
(Restructured) Series A1 4.00% 7/1/41 | 116,000 | 91,158 | |
372,435 | |||
Transportation Revenue Bonds — 4.74% | |||
Foothill-Eastern Transportation Corridor Agency, California | |||
Series B-1 3.95% 1/15/53 | 300,000 | 266,889 | |
Norman Y Mineta San Jose International Airport SJC | |||
Series A 5.00% 3/1/47 (AMT) | 200,000 | 202,122 | |
San Francisco City & County Airport Comm-San Francisco International Airport | |||
Series A 4.00% 5/1/49 (AMT) | 250,000 | 217,350 | |
686,361 | |||
Total Municipal Bonds (cost $15,239,878) | 14,096,834 |
Number of shares | |||
Short-Term Investments — 1.50% | |||
Money Market Mutual Funds — 0.12% | |||
State Street Institutional US Government Money Market Fund – Premier Class (seven-day effective yield 4.04%) | 16,899 | 16,899 | |
16,899 |
Principal amount° | Value (US $) | ||
Variable Rate Demand Note — 1.38%¤ | |||
Los Angeles Department of Water & Power | |||
(Power System) Series A 2.50% 7/1/50 (SPA - Royal Bank of Canada N.A.)• | 200,000 | $ 200,000 | |
200,000 | |||
Total Short-Term Investments (cost $216,899) | 216,899 | ||
Total Value of Securities—98.86% (cost $15,456,777) | 14,313,733 | ||
Receivables and Other Assets Net of Liabilities—1.14% | 164,861 | ||
Net Assets Applicable to 1,594,566 Shares Outstanding—100.00% | $14,478,594 |
° | Principal amount shown is stated in USD unless noted that the security is denominated in another currency. |
^ | Zero-coupon security. The rate shown is the effective yield at the time of purchase. |
# | 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 $2,629,855, which represents 18.16% of the Fund's net assets. |
‡ | 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. |
• | 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. |
¤ | 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: |
AMT – Subject to Alternative Minimum Tax |
NQ-IV051 [12/22] 2/23 (2740529) 3
Schedule of investments
Delaware Ivy California Municipal High Income Fund (Unaudited)
Summary of abbreviations: (continued) |
BAM – Insured by Build America Mutual Assurance |
ICE – Intercontinental Exchange, Inc. |
LIBOR – London Interbank Offered Rate |
LIBOR03M – ICE LIBOR USD 3 Month |
Summary of abbreviations: (continued) |
LIBOR06M – ICE LIBOR USD 6 Month |
N.A. – National Association |
SPA – Stand-by Purchase Agreement |
USD – US Dollar |
4 NQ-IV051 [12/22] 2/23 (2740529)