Schedule of investments
Delaware Ivy Corporate Bond Fund
December 31, 2022 (Unaudited)
| Principal amount° | Value (US $) | ||
| Convertible Bond — 0.13% | |||
| Spirit Airlines 1.00% exercise price $49.07, maturity date 5/15/26 | 626,000 | $ 507,060 | |
| Total Convertible Bond (cost $560,714) | 507,060 | ||
| Corporate Bonds — 93.59% | |||
| Banking — 21.94% | |||
| Bank of America | |||
| 1.898% 7/23/31 μ | 3,425,000 | 2,636,173 | |
| 2.299% 7/21/32 μ | 4,775,000 | 3,688,741 | |
| 2.482% 9/21/36 μ | 805,000 | 593,331 | |
| 2.496% 2/13/31 μ | 3,000,000 | 2,444,801 | |
| 2.592% 4/29/31 μ | 5,325,000 | 4,348,567 | |
| 4.20% 8/26/24 | 6,000,000 | 5,911,046 | |
| Bank of New York Mellon 4.70% 9/20/25 μ, ψ | 1,935,000 | 1,862,689 | |
| Barclays 7.325% 11/2/26 μ | 1,035,000 | 1,073,184 | |
| Citigroup | |||
| 2.572% 6/3/31 μ | 5,725,000 | 4,642,955 | |
| 3.50% 5/15/23 | 1,390,000 | 1,383,496 | |
| 3.52% 10/27/28 μ | 3,250,000 | 2,970,654 | |
| 4.412% 3/31/31 μ | 3,690,000 | 3,397,093 | |
| Credit Suisse Group | |||
| 144A 6.442% 8/11/28 #, μ | 1,700,000 | 1,550,678 | |
| 144A 9.016% 11/15/33 #, *, μ | 520,000 | 533,858 | |
| Fifth Third Bancorp | |||
| 4.337% 4/25/33 μ | 718,000 | 658,055 | |
| 6.361% 10/27/28 μ | 492,000 | 507,087 | |
| Goldman Sachs Group | |||
| 2.383% 7/21/32 μ | 2,325,000 | 1,809,602 | |
| 3.50% 11/16/26 | 1,000,000 | 938,773 | |
| 3.80% 3/15/30 | 7,550,000 | 6,804,683 | |
| 4.25% 10/21/25 | 2,500,000 | 2,442,516 | |
| Huntington National Bank 5.65% 1/10/30 | 940,000 | 949,404 | |
| JPMorgan Chase & Co. | |||
| 2.522% 4/22/31 μ | 4,165,000 | 3,417,364 | |
| 3.22% 3/1/25 μ | 5,000,000 | 4,861,945 | |
| 3.875% 9/10/24 | 1,964,000 | 1,923,790 | |
| KeyCorp 4.789% 6/1/33 *, μ | 459,000 | 434,727 | |
| Morgan Stanley | |||
| 1.794% 2/13/32 μ | 4,475,000 | 3,373,462 | |
| 3.875% 1/27/26 | 4,150,000 | 4,022,057 | |
| 6.138% 10/16/26 μ | 980,000 | 1,001,970 | |
| 6.296% 10/18/28 μ | 820,000 | 847,944 | |
| PNC Financial Services Group 6.20% 9/15/27 μ, ψ | 1,090,000 | 1,067,927 | |
| Principalamount° | Value (US $) | ||
| Corporate Bonds (continued) | |||
| Banking (continued) | |||
| State Street | |||
| 5.751% 11/4/26 μ | 310,000 | $ 317,667 | |
| 5.82% 11/4/28 μ | 215,000 | 222,414 | |
| SVB Financial Group | |||
| 4.00% 5/15/26 μ, ψ | 1,670,000 | 1,104,321 | |
| 4.57% 4/29/33 *, μ | 563,000 | 499,666 | |
| Truist Financial | |||
| 4.95% 9/1/25 μ, ψ | 1,955,000 | 1,874,063 | |
| 6.123% 10/28/33 *, μ | 347,000 | 366,208 | |
| US Bancorp 2.491% 11/3/36 μ | 2,550,000 | 1,946,592 | |
| Wells Fargo & Co. 2.879% 10/30/30 μ | 4,808,000 | 4,094,212 | |
| 82,523,715 | |||
| Basic Industry — 1.09% | |||
| Celanese US Holdings | |||
| 6.05% 3/15/25 | 725,000 | 722,792 | |
| 6.165% 7/15/27 | 550,000 | 543,362 | |
| Graphic Packaging International 144A 0.821% 4/15/24 # | 3,020,000 | 2,827,899 | |
| 4,094,053 | |||
| Brokerage — 2.44% | |||
| Blackstone Holdings Finance | |||
| 144A 1.60% 3/30/31 # | 1,250,000 | 911,323 | |
| 144A 2.00% 1/30/32 # | 4,240,000 | 3,125,125 | |
| Intercontinental Exchange 2.10% 6/15/30 | 1,795,000 | 1,466,878 | |
| Jefferies Financial Group 2.625% 10/15/31 | 1,530,000 | 1,170,809 | |
| KKR Group Finance VIII 144A 3.50% 8/25/50 # | 3,750,000 | 2,522,820 | |
| 9,196,955 | |||
| Capital Goods — 2.93% | |||
| Ashtead Capital 144A 2.45% 8/12/31 # | 305,000 | 236,176 | |
| Boeing 3.75% 2/1/50 | 2,500,000 | 1,726,886 | |
| Masco 1.50% 2/15/28 | 2,775,000 | 2,302,005 | |
| Parker-Hannifin 4.25% 9/15/27 | 295,000 | 286,710 | |
| Republic Services 2.30% 3/1/30 | 4,114,000 | 3,452,351 | |
| Waste Connections 3.50% 5/1/29 | 3,300,000 | 3,026,184 | |
| 11,030,312 | |||
| Communications — 9.13% | |||
| AMC Networks 4.25% 2/15/29 | 870,000 | 543,374 | |
NQ-IV948 [12/22] 2/23 (2747684) 1
Schedule of investments
Delaware Ivy Corporate Bond Fund (Unaudited)
| Principalamount° | Value (US $) | ||
| Corporate Bonds (continued) | |||
| Communications (continued) | |||
| AT&T | |||
| 3.50% 6/1/41 | 3,000,000 | $ 2,248,906 | |
| 3.50% 9/15/53 | 1,905,000 | 1,294,324 | |
| 3.55% 9/15/55 | 1,000,000 | 671,740 | |
| 3.65% 6/1/51 | 5,400,000 | 3,827,689 | |
| CCO Holdings 144A 4.75% 2/1/32 #, * | 1,200,000 | 975,294 | |
| Charter Communications Operating | |||
| 3.85% 4/1/61 | 1,190,000 | 692,440 | |
| 3.90% 6/1/52 | 1,385,000 | 874,672 | |
| 4.50% 2/1/24 | 3,942,000 | 3,897,134 | |
| Comcast | |||
| 2.887% 11/1/51 | 2,410,000 | 1,558,688 | |
| 3.25% 11/1/39 | 3,125,000 | 2,446,904 | |
| Crown Castle 1.05% 7/15/26 | 3,000,000 | 2,595,672 | |
| Directv Financing 144A 5.875% 8/15/27 # | 1,050,000 | 941,388 | |
| Discovery Communications 4.00% 9/15/55 | 1,155,000 | 698,064 | |
| Paramount Global 4.75% 5/15/25 | 1,332,000 | 1,312,532 | |
| T-Mobile USA | |||
| 3.30% 2/15/51 | 575,000 | 386,249 | |
| 3.50% 4/15/25 | 2,350,000 | 2,262,044 | |
| Verizon Communications | |||
| 2.875% 11/20/50 | 1,690,000 | 1,066,823 | |
| 4.329% 9/21/28 | 2,500,000 | 2,408,718 | |
| 4.50% 8/10/33 | 3,175,000 | 2,981,051 | |
| VZ Secured Financing 144A 5.00% 1/15/32 # | 800,000 | 651,545 | |
| 34,335,251 | |||
| Consumer Cyclical — 7.18% | |||
| Amazon.com | |||
| 2.50% 6/3/50 | 3,190,000 | 2,024,957 | |
| 3.875% 8/22/37 | 7,500,000 | 6,674,418 | |
| Aptiv 3.10% 12/1/51 | 1,191,000 | 708,466 | |
| DR Horton 2.60% 10/15/25 | 3,620,000 | 3,374,008 | |
| General Motors Financial | |||
| 1.25% 1/8/26 | 1,375,000 | 1,212,252 | |
| 2.40% 10/15/28 | 1,580,000 | 1,313,012 | |
| Home Depot 4.20% 4/1/43 | 4,700,000 | 4,134,811 | |
| Levi Strauss & Co. 144A 3.50% 3/1/31 # | 170,000 | 135,148 | |
| Mercedes-Benz Finance North America 144A 5.25% 11/29/27 # | 845,000 | 850,749 | |
| NVR 3.00% 5/15/30 | 5,313,000 | 4,472,163 | |
| VICI Properties 4.95% 2/15/30 | 2,225,000 | 2,121,020 | |
| 27,021,004 | |||
| Principalamount° | Value (US $) | ||
| Corporate Bonds (continued) | |||
| Consumer Non-Cyclical — 6.89% | |||
| Amgen 2.80% 8/15/41 | 2,250,000 | $ 1,567,504 | |
| Boston Scientific 1.90% 6/1/25 | 1,000,000 | 934,306 | |
| Clorox 3.90% 5/15/28 | 5,512,000 | 5,264,118 | |
| CVS Health 2.70% 8/21/40 | 1,594,000 | 1,107,205 | |
| GE HealthCare Technologies | |||
| 144A 5.60% 11/15/25 # | 810,000 | 815,857 | |
| 144A 5.65% 11/15/27 # | 810,000 | 820,898 | |
| JBS USA LUX 144A 3.00% 2/2/29 # | 1,778,000 | 1,475,410 | |
| McCormick & Co. 0.90% 2/15/26 | 5,095,000 | 4,468,542 | |
| Merck & Co. 2.75% 12/10/51 | 2,000,000 | 1,346,060 | |
| Royalty Pharma | |||
| 1.20% 9/2/25 | 3,750,000 | 3,359,616 | |
| 3.30% 9/2/40 | 425,000 | 296,463 | |
| 3.35% 9/2/51 | 1,057,000 | 655,745 | |
| 3.55% 9/2/50 | 447,000 | 287,415 | |
| Universal Health Services 1.65% 9/1/26 | 2,965,000 | 2,545,170 | |
| US Foods 144A 4.75% 2/15/29 # | 550,000 | 489,005 | |
| Zoetis 5.40% 11/14/25 * | 465,000 | 474,797 | |
| 25,908,111 | |||
| Electric — 6.06% | |||
| Appalachian Power 4.50% 8/1/32 | 465,000 | 434,941 | |
| Black Hills 1.037% 8/23/24 | 1,850,000 | 1,726,442 | |
| Commonwealth Edison | |||
| 2.75% 9/1/51 | 2,500,000 | 1,611,292 | |
| 3.65% 6/15/46 | 2,500,000 | 1,910,213 | |
| Duke Energy 5.00% 8/15/52 | 755,000 | 674,034 | |
| Duke Energy Carolinas 3.95% 11/15/28 | 429,000 | 412,505 | |
| Enel Finance International 144A 6.80% 10/14/25 # | 725,000 | 745,232 | |
| Entergy 3.75% 6/15/50 | 4,280,000 | 3,171,227 | |
| Indianapolis Power & Light 144A 5.65% 12/1/32 # | 1,210,000 | 1,244,821 | |
| MidAmerican Energy 3.95% 8/1/47 | 1,000,000 | 819,421 | |
| National Rural Utilities Cooperative Finance 4.15% 12/15/32 | 1,005,000 | 931,123 | |
| NextEra Energy Capital Holdings 3.00% 1/15/52 | 985,000 | 647,536 | |
| Oglethorpe Power 144A 4.50% 4/1/47 # | 1,530,000 | 1,222,048 | |
| Pacific Gas and Electric 3.00% 6/15/28 | 2,075,000 | 1,797,841 | |
| PacifiCorp 5.35% 12/1/53 | 645,000 | 642,361 | |
| Southern California Edison | |||
| 3.45% 2/1/52 | 915,000 | 655,333 | |
| 4.125% 3/1/48 | 1,725,000 | 1,384,748 | |
2 NQ-IV948 [12/22] 2/23 (2747684)
(Unaudited)
| Principalamount° | Value (US $) | ||
| Corporate Bonds (continued) | |||
| Electric (continued) | |||
| Vistra Operations 144A 5.125% 5/13/25 # | 2,145,000 | $ 2,101,424 | |
| WEC Energy Group 5.15% 10/1/27 | 665,000 | 673,323 | |
| 22,805,865 | |||
| Energy — 5.16% | |||
| BP Capital Markets America 2.939% 6/4/51 | 3,465,000 | 2,297,296 | |
| Colorado Interstate Gas 144A 4.15% 8/15/26 # | 6,000,000 | 5,714,324 | |
| Energy Transfer | |||
| 5.00% 5/15/50 | 135,000 | 108,457 | |
| 5.30% 4/15/47 | 1,450,000 | 1,213,499 | |
| 5.75% 2/15/33 | 620,000 | 607,777 | |
| Kinder Morgan 5.45% 8/1/52 * | 1,605,000 | 1,448,955 | |
| Marathon Oil 5.20% 6/1/45 | 2,340,000 | 2,013,051 | |
| NuStar Logistics 5.625% 4/28/27 | 170,000 | 159,252 | |
| ONEOK 6.10% 11/15/32 | 1,450,000 | 1,454,376 | |
| Targa Resources Partners 5.00% 1/15/28 | 1,470,000 | 1,404,715 | |
| Williams Cos. 4.85% 3/1/48 | 3,500,000 | 2,974,686 | |
| 19,396,388 | |||
| Finance Companies — 1.70% | |||
| AerCap Ireland Capital DAC | |||
| 1.75% 1/30/26 | 975,000 | 858,830 | |
| 3.00% 10/29/28 | 1,930,000 | 1,620,400 | |
| Air Lease | |||
| 2.875% 1/15/32 * | 530,000 | 422,393 | |
| 4.125% 12/15/26 μ, ψ | 1,454,000 | 999,625 | |
| 5.85% 12/15/27 | 790,000 | 790,501 | |
| Aviation Capital Group | |||
| 144A 1.95% 1/30/26 # | 657,000 | 572,662 | |
| 144A 3.50% 11/1/27 # | 355,000 | 310,629 | |
| Avolon Holdings Funding 144A 3.25% 2/15/27 # | 960,000 | 822,832 | |
| 6,397,872 | |||
| Industrials — 0.42% | |||
| University of Southern California 3.028% 10/1/39 | 2,000,000 | 1,583,468 | |
| 1,583,468 | |||
| Insurance — 5.23% | |||
| Aon | |||
| 2.80% 5/15/30 | 4,950,000 | 4,232,911 | |
| 5.00% 9/12/32 | 1,065,000 | 1,056,481 | |
| Athene Global Funding 144A 1.985% 8/19/28 # | 2,750,000 | 2,217,339 | |
| Berkshire Hathaway Finance 3.85% 3/15/52 | 2,330,000 | 1,869,515 | |
| Principalamount° | Value (US $) | ||
| Corporate Bonds (continued) | |||
| Insurance (continued) | |||
| Brighthouse Financial 3.85% 12/22/51 | 718,000 | $ 455,918 | |
| First American Financial 2.40% 8/15/31 | 2,400,000 | 1,759,884 | |
| Humana 5.75% 3/1/28 | 388,000 | 396,884 | |
| Principal Life Global Funding II 144A 3.00% 4/18/26 # | 4,000,000 | 3,715,600 | |
| UnitedHealth Group 3.05% 5/15/41 | 5,240,000 | 3,959,066 | |
| 19,663,598 | |||
| Natural Gas — 1.35% | |||
| Atmos Energy 5.75% 10/15/52 | 1,070,000 | 1,123,642 | |
| Southern California Gas | |||
| 4.30% 1/15/49 | 3,830,000 | 3,171,037 | |
| 6.35% 11/15/52 | 385,000 | ���423,607 | |
| Southern Co. Gas Capital 5.15% 9/15/32 | 363,000 | 357,380 | |
| 5,075,666 | |||
| Real Estate Investment Trusts — 2.39% | |||
| American Homes 4 Rent 3.625% 4/15/32 | 945,000 | 797,427 | |
| American Tower Trust #1 144A 3.07% 3/15/48 # | 3,000,000 | 2,983,203 | |
| Digital Realty Trust 5.55% 1/15/28 | 1,340,000 | 1,351,272 | |
| Extra Space Storage | |||
| 2.35% 3/15/32 | 785,000 | 595,984 | |
| 2.55% 6/1/31 | 4,140,000 | 3,248,892 | |
| 8,976,778 | |||
| Technology — 16.62% | |||
| Adobe 2.30% 2/1/30 | 5,890,000 | 5,035,591 | |
| Alphabet 2.05% 8/15/50 | 2,646,000 | 1,558,390 | |
| Apple | |||
| 2.65% 5/11/50 | 825,000 | 549,746 | |
| 2.65% 2/8/51 | 825,000 | 548,034 | |
| 2.70% 8/5/51 | 575,000 | 381,830 | |
| Autodesk 2.85% 1/15/30 | 4,616,000 | 3,979,108 | |
| Broadcom 144A 3.469% 4/15/34 # | 2,195,000 | 1,757,540 | |
| CDW 3.276% 12/1/28 | 2,070,000 | 1,776,132 | |
| CoStar Group 144A 2.80% 7/15/30 # | 2,817,000 | 2,306,924 | |
| Entegris Escrow 144A 4.75% 4/15/29 # | 1,005,000 | 918,522 | |
| Equinix 2.625% 11/18/24 | 5,715,000 | 5,446,437 | |
| Fidelity National Information Services 1.65% 3/1/28 * | 2,775,000 | 2,301,880 | |
| Fiserv 3.85% 6/1/25 | 5,500,000 | 5,333,398 | |
| Global Payments 2.65% 2/15/25 | 4,195,000 | 3,950,158 | |
NQ-IV948 [12/22] 2/23 (2747684) 3
Schedule of investments
Delaware Ivy Corporate Bond Fund (Unaudited)
| Principalamount° | Value (US $) | ||
| Corporate Bonds (continued) | |||
| Technology (continued) | |||
| Microchip Technology 0.983% 9/1/24 | 4,476,000 | $ 4,147,373 | |
| Microsoft 2.921% 3/17/52 | 3,500,000 | 2,494,353 | |
| NXP 3.875% 6/18/26 | 2,200,000 | 2,092,709 | |
| Oracle | |||
| 5.80% 11/10/25 * | 315,000 | 322,402 | |
| 6.15% 11/9/29 | 675,000 | 702,225 | |
| PayPal Holdings 2.30% 6/1/30 | 890,000 | 733,157 | |
| Sensata Technologies 144A 3.75% 2/15/31 # | 805,000 | 663,461 | |
| ServiceNow 1.40% 9/1/30 | 3,977,000 | 3,051,427 | |
| Texas Instruments 3.875% 3/15/39 | 3,933,000 | 3,481,595 | |
| Thomson Reuters 3.35% 5/15/26 | 2,450,000 | 2,320,739 | |
| Visa 2.70% 4/15/40 | 5,065,000 | 3,857,686 | |
| VMware 4.50% 5/15/25 | 2,850,000 | 2,797,322 | |
| 62,508,139 | |||
| Transportation — 2.03% | |||
| Burlington Northern Santa Fe | |||
| 2.875% 6/15/52 | 1,445,000 | 970,304 | |
| 4.55% 9/1/44 | 2,000,000 | 1,818,197 | |
| Delta Air Lines 2020-1 Class AA Pass Through Trust 2.00% 12/10/29 ♦ | 1,738,814 | 1,483,384 | |
| United Airlines 2016-1 Class AA Pass Through Trust 3.10% 1/7/30 ♦ | 3,745,626 | 3,376,646 | |
| 7,648,531 | |||
| Utilities — 1.03% | |||
| American Water Capital 4.15% 6/1/49 | 3,800,000 | 3,150,262 | |
| Electricite de France 144A 5.25% 1/29/23 #, μ, ψ | 747,000 | 745,373 | |
| 3,895,635 | |||
| Total Corporate Bonds (cost $414,540,632) | 352,061,341 | ||
| Municipal Bonds — 1.31% | |||
| Commonwealth of Puerto Rico(Restructured) | |||
| Series A-1 2.986% 7/1/24^ | 19,099 | 17,709 | |
| Series A-1 4.00% 7/1/35 | 41,688 | 35,183 | |
| GDB Debt Recovery Authority of Puerto Rico 7.50% 8/20/40 | 1,885,740 | 1,579,307 | |
| Principalamount° | Value (US $) | ||
| Municipal Bonds (continued) | |||
| New York City Industrial Development Agency (Yankee Stadium Project) 144A 11.00% 3/1/29# | 2,837,000 | $ 3,315,063 | |
| Total Municipal Bonds (cost $4,684,700) | 4,947,262 | ||
| Non-Agency Asset-Backed Securities — 1.41% | |||
| Enterprise Fleet Financing Series 2022-2 A2 144A 4.65% 5/21/29 # | 1,450,000 | 1,429,714 | |
| Ford Credit Floorplan Master Owner Trust Series 2019-2 A 3.06% 4/15/26 | 1,350,000 | 1,309,304 | |
| Toyota Auto Loan Extended Note Trust Series 2022-1A A 144A 3.82% 4/25/35 # | 1,450,000 | 1,373,601 | |
| Volkswagen Auto Lease Trust Series 2022-A A3 3.44% 7/21/25 | 1,200,000 | 1,174,206 | |
| Total Non-Agency Asset-Backed Securities (cost $5,444,100) | 5,286,825 | ||
| Sovereign Bonds — 0.50%Δ | |||
| Colombia — 0.21% | |||
| Colombia Government International Bond 3.25% 4/22/32 | 1,075,000 | 785,231 | |
| 785,231 | |||
| Mexico — 0.29% | |||
| Mexico Government International Bond 3.75% 4/19/71 | 1,750,000 | 1,093,858 | |
| 1,093,858 | |||
| Total Sovereign Bonds (cost $2,793,894) | 1,879,089 | ||
| Number of shares | |||
| Short-Term Investments — 2.59% | |||
| Money Market Mutual Funds — 2.59% | |||
| BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.03%) | 2,438,169 | 2,438,169 | |
| Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.06%) | 2,438,169 | 2,438,169 | |
4 NQ-IV948 [12/22] 2/23 (2747684)
(Unaudited)
| Number of shares | Value (US $) | ||
| Short-Term Investments (continued) | |||
| Money Market Mutual Funds (continued) | |||
| Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.23%) | 2,438,170 | $ 2,438,170 | |
| Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 4.11%) | 2,438,169 | 2,438,169 | |
| Total Short-Term Investments (cost $9,752,677) | 9,752,677 | ||
| Total Value of Securities—99.53% (cost $437,776,717) | 374,434,254■ | ||
| Receivables and Other Assets Net of Liabilities—0.47% | 1,753,332 | ||
| Net Assets Applicable to 24,463,970 Shares Outstanding—100.00% | $376,187,586 | ||
| ° | 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. |
| 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 December 31, 2022, the aggregate value of Rule 144A securities was $53,023,485, which represents 14.10% of the Fund's net assets. |
| * | Fully or partially on loan. |
| ♦ | 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. |
| ^ | Zero-coupon security. The rate shown is the effective yield at the time of purchase. |
| Δ | Securities have been classified by country of risk. |
| ■ | Includes $7,560,650 of securities loaned for which the counterparty pledged additional non-cash collateral valued at $7,797,781. |
| Summary of abbreviations: |
| DAC – Designated Activity Company |
| USD – US Dollar |
NQ-IV948 [12/22] 2/23 (2747684) 5