Schedule of investments
Delaware Ivy High Yield Fund
June 30, 2023 (Unaudited)
Principal amount° | Value (US $) | ||
Corporate Bonds — 95.80% | |||
Automotive — 2.68% | |||
Ford Motor 4.75% 1/15/43 | 220,000 | $ 169,370 | |
Ford Motor Credit | |||
3.375% 11/13/25 | 150,000 | 139,620 | |
4.125% 8/17/27 | 150,000 | 137,107 | |
4.542% 8/1/26 | 165,000 | 155,248 | |
Goodyear Tire & Rubber 5.25% 7/15/31 | 315,000 | 273,995 | |
875,340 | |||
Basic Industry — 6.99% | |||
Chemours 144A 5.75% 11/15/28 # | 310,000 | 285,152 | |
First Quantum Minerals | |||
144A 7.50% 4/1/25 # | 200,000 | 200,032 | |
144A 8.625% 6/1/31 # | 260,000 | 266,794 | |
FMG Resources August 2006 | |||
144A 5.875% 4/15/30 # | 220,000 | 209,745 | |
144A 6.125% 4/15/32 # | 95,000 | 90,672 | |
Novelis 144A 4.75% 1/30/30 # | 420,000 | 373,658 | |
Standard Industries | |||
144A 3.375% 1/15/31 # | 251,000 | 202,342 | |
144A 5.00% 2/15/27 # | 420,000 | 400,684 | |
Vibrantz Technologies 144A 9.00% 2/15/30 # | 330,000 | 253,265 | |
2,282,344 | |||
Capital Goods — 5.61% | |||
Ardagh Metal Packaging Finance USA 144A 4.00% 9/1/29 # | 200,000 | 158,622 | |
Bombardier | |||
144A 6.00% 2/15/28 # | 206,000 | 194,940 | |
144A 7.50% 2/1/29 # | 70,000 | 69,270 | |
Clydesdale Acquisition Holdings | |||
144A 6.625% 4/15/29 # | 50,000 | 47,742 | |
144A 8.75% 4/15/30 # | 135,000 | 119,316 | |
Mauser Packaging Solutions Holding | |||
144A 7.875% 8/15/26 # | 350,000 | 348,106 | |
144A 9.25% 4/15/27 # | 105,000 | 97,038 | |
Roller Bearing Co. of America 144A 4.375% 10/15/29 # | 340,000 | 305,034 | |
Sealed Air 144A 5.00% 4/15/29 # | 140,000 | 130,414 | |
TransDigm 4.625% 1/15/29 | 405,000 | 360,745 | |
1,831,227 | |||
Communications — 9.75% | |||
Altice France 144A 5.50% 10/15/29 # | 330,000 | 236,327 | |
Altice France Holding 144A 6.00% 2/15/28 # | 370,000 | 180,829 | |
Connect Finco 144A 6.75% 10/1/26 # | 380,000 | 369,442 |
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Communications (continued) | |||
Consolidated Communications | |||
144A 5.00% 10/1/28 # | 130,000 | $ 97,708 | |
144A 6.50% 10/1/28 # | 350,000 | 276,500 | |
Digicel International Finance 144A 8.75% 5/25/24 # | 235,000 | 215,613 | |
Frontier Communications Holdings | |||
144A 5.00% 5/1/28 # | 45,000 | 38,870 | |
144A 5.875% 10/15/27 # | 365,000 | 335,342 | |
5.875% 11/1/29 | 120,000 | 87,721 | |
144A 6.75% 5/1/29 # | 120,000 | 93,219 | |
144A 8.75% 5/15/30 # | 70,000 | 68,479 | |
Northwest Fiber 144A 4.75% 4/30/27 # | 330,000 | 291,753 | |
Sable International Finance 144A 5.75% 9/7/27 # | 200,000 | 187,709 | |
Telesat Canada | |||
144A 4.875% 6/1/27 # | 236,000 | 141,934 | |
144A 6.50% 10/15/27 # | 280,000 | 115,249 | |
Vmed O2 UK Financing I 144A 4.75% 7/15/31 # | 240,000 | 199,815 | |
VZ Secured Financing 144A 5.00% 1/15/32 # | 305,000 | 245,969 | |
3,182,479 | |||
Consumer Goods — 0.77% | |||
Cerdia Finanz 144A 10.50% 2/15/27 # | 165,000 | 162,489 | |
Pilgrim's Pride 4.25% 4/15/31 | 105,000 | 90,141 | |
252,630 | |||
Electric — 2.36% | |||
Calpine | |||
144A 4.625% 2/1/29 # | 50,000 | 42,243 | |
144A 5.125% 3/15/28 # | 275,000 | 245,790 | |
Vistra | |||
144A 7.00% 12/15/26 #, μ, ψ | 365,000 | 318,873 | |
144A 8.00% 10/15/26 #, μ, ψ | 175,000 | 163,821 | |
770,727 | |||
Energy — 14.48% | |||
Ascent Resources Utica Holdings 144A 5.875% 6/30/29 # | 270,000 | 241,159 | |
Callon Petroleum | |||
144A 7.50% 6/15/30 # | 125,000 | 118,104 | |
144A 8.00% 8/1/28 # | 405,000 | 400,915 | |
CNX Midstream Partners 144A 4.75% 4/15/30 # | 125,000 | 106,147 | |
CNX Resources 144A 6.00% 1/15/29 # | 250,000 | 231,972 |
NQ- IV901 [0623] 0823 (3050888) 1
Schedule of investments
Delaware Ivy High Yield Fund (Unaudited)
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Energy (continued) | |||
Crestwood Midstream Partners | |||
144A 6.00% 2/1/29 # | 30,000 | $ 28,043 | |
144A 7.375% 2/1/31 # | 280,000 | 276,309 | |
EQM Midstream Partners 144A 4.75% 1/15/31 # | 315,000 | 276,300 | |
Genesis Energy | |||
7.75% 2/1/28 | 275,000 | 261,885 | |
8.00% 1/15/27 | 314,000 | 306,499 | |
Hilcorp Energy I | |||
144A 6.00% 4/15/30 # | 350,000 | 319,063 | |
144A 6.00% 2/1/31 # | 30,000 | 26,854 | |
144A 6.25% 4/15/32 # | 138,000 | 123,217 | |
Murphy Oil 6.375% 7/15/28 | 433,000 | 427,208 | |
NuStar Logistics | |||
6.00% 6/1/26 | 157,000 | 153,076 | |
6.375% 10/1/30 | 159,000 | 151,876 | |
Occidental Petroleum 4.50% 7/15/44 | 65,000 | 49,926 | |
Southwestern Energy | |||
5.375% 2/1/29 | 108,000 | 101,808 | |
5.375% 3/15/30 | 269,000 | 251,283 | |
USA Compression Partners | |||
6.875% 4/1/26 | 346,000 | 339,251 | |
6.875% 9/1/27 | 60,000 | 57,353 | |
Vital Energy 144A 7.75% 7/31/29 # | 280,000 | 231,269 | |
Weatherford International 144A 8.625% 4/30/30 # | 245,000 | 248,963 | |
4,728,480 | |||
Financial Services — 3.10% | |||
AerCap Holdings 5.875% 10/10/79 μ | 399,000 | 376,890 | |
Air Lease 4.65% 6/15/26 μ, ψ | 230,000 | 192,524 | |
Castlelake Aviation Finance DAC 144A 5.00% 4/15/27 # | 297,000 | 263,270 | |
Midcap Financial Issuer Trust 144A 6.50% 5/1/28 # | 200,000 | 178,237 | |
1,010,921 | |||
Healthcare — 6.46% | |||
AthenaHealth Group 144A 6.50% 2/15/30 # | 160,000 | 134,823 | |
Avantor Funding 144A 3.875% 11/1/29 # | 220,000 | 192,814 | |
Bausch Health 144A 6.125% 2/1/27 # | 335,000 | 214,852 | |
Cheplapharm Arzneimittel 144A 5.50% 1/15/28 # | 240,000 | 217,542 | |
CHS 144A 5.25% 5/15/30 # | 235,000 | 185,359 | |
DaVita 144A 4.625% 6/1/30 # | 405,000 | 348,133 |
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Healthcare (continued) | |||
Medline Borrower 144A 3.875% 4/1/29 # | 208,000 | $ 180,962 | |
Organon & Co. 144A 5.125% 4/30/31 # | 250,000 | 206,591 | |
Tenet Healthcare | |||
4.375% 1/15/30 | 240,000 | 216,805 | |
6.125% 10/1/28 | 145,000 | 139,731 | |
144A 6.75% 5/15/31 # | 70,000 | 70,258 | |
2,107,870 | |||
Insurance — 5.09% | |||
HUB International 144A 5.625% 12/1/29 # | 495,000 | 444,568 | |
Jones Deslauriers Insurance Management | |||
144A 8.50% 3/15/30 # | 375,000 | 383,008 | |
144A 10.50% 12/15/30 # | 245,000 | 247,181 | |
NFP | |||
144A 6.875% 8/15/28 # | 320,000 | 278,218 | |
144A 7.50% 10/1/30 # | 110,000 | 106,601 | |
USI 144A 6.875% 5/1/25 # | 205,000 | 203,731 | |
1,663,307 | |||
Leisure — 7.50% | |||
Boyd Gaming 144A 4.75% 6/15/31 # | 510,000 | 456,146 | |
Caesars Entertainment 144A 8.125% 7/1/27 # | 226,000 | 231,558 | |
Carnival | |||
144A 5.75% 3/1/27 # | 612,000 | 563,967 | |
144A 7.625% 3/1/26 # | 118,000 | 115,678 | |
Royal Caribbean Cruises | |||
144A 5.375% 7/15/27 # | 198,000 | 185,348 | |
144A 5.50% 4/1/28 # | 338,000 | 315,535 | |
Scientific Games Holdings 144A 6.625% 3/1/30 # | 345,000 | 303,919 | |
Scientific Games International 144A 7.25% 11/15/29 # | 275,000 | 275,591 | |
2,447,742 | |||
Media — 11.07% | |||
AMC Networks 4.25% 2/15/29 | 270,000 | 145,448 | |
Arches Buyer 144A 6.125% 12/1/28 # | 315,000 | 271,766 | |
CCO Holdings 144A 4.50% 8/15/30 # | 680,000 | 566,842 | |
CMG Media 144A 8.875% 12/15/27 # | 390,000 | 273,936 | |
CSC Holdings | |||
144A 4.625% 12/1/30 # | 710,000 | 316,644 | |
144A 5.00% 11/15/31 # | 275,000 | 128,343 | |
2 NQ- IV901 [0623] 0823 (3050888)
(Unaudited)
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Media (continued) | |||
Cumulus Media New Holdings 144A 6.75% 7/1/26 # | 265,000 | $ 182,483 | |
Directv Financing 144A 5.875% 8/15/27 # | 395,000 | 358,190 | |
DISH DBS 144A 5.75% 12/1/28 # | 370,000 | 275,894 | |
Gray Escrow II 144A 5.375% 11/15/31 # | 135,000 | 89,626 | |
Gray Television 144A 4.75% 10/15/30 # | 465,000 | 315,835 | |
Nexstar Media 144A 4.75% 11/1/28 # | 255,000 | 221,501 | |
Sirius XM Radio 144A 4.125% 7/1/30 # | 570,000 | 465,949 | |
3,612,457 | |||
Retail — 6.46% | |||
Asbury Automotive Group | |||
144A 4.625% 11/15/29 # | 245,000 | 217,740 | |
4.75% 3/1/30 | 215,000 | 191,288 | |
Bath & Body Works | |||
6.875% 11/1/35 | 215,000 | 197,050 | |
6.95% 3/1/33 | 220,000 | 197,653 | |
LSF9 Atlantis Holdings 144A 7.75% 2/15/26 # | 374,000 | 348,625 | |
Michaels | |||
144A 5.25% 5/1/28 # | 145,000 | 117,301 | |
144A 7.875% 5/1/29 # | 110,000 | 74,250 | |
Murphy Oil USA | |||
144A 3.75% 2/15/31 # | 75,000 | 62,932 | |
4.75% 9/15/29 | 400,000 | 367,604 | |
PetSmart 144A 7.75% 2/15/29 # | 335,000 | 333,237 | |
2,107,680 | |||
Services — 4.99% | |||
CDW 3.569% 12/1/31 | 375,000 | 316,972 | |
Gartner 144A 4.50% 7/1/28 # | 215,000 | 201,049 | |
Prime Security Services Borrower | |||
144A 3.375% 8/31/27 # | 270,000 | 238,398 | |
144A 5.75% 4/15/26 # | 185,000 | 181,768 | |
Staples 144A 7.50% 4/15/26 # | 409,000 | 338,353 | |
White Cap Buyer 144A 6.875% 10/15/28 # | 223,000 | 202,391 | |
White Cap Parent 144A PIK 8.25% 3/15/26 #, > | 157,000 | 150,558 | |
1,629,489 | |||
Technology & Electronics — 6.05% | |||
Clarios Global 144A 8.50% 5/15/27 # | 255,000 | 255,895 | |
CommScope 144A 8.25% 3/1/27 # | 110,000 | 88,152 | |
CommScope Technologies 144A 6.00% 6/15/25 # | 197,000 | 183,869 |
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Technology & Electronics (continued) | |||
Entegris Escrow 144A 5.95% 6/15/30 # | 365,000 | $ 350,264 | |
Micron Technology 5.875% 9/15/33 | 170,000 | 168,549 | |
NCR 144A 5.125% 4/15/29 # | 454,000 | 402,330 | |
Seagate HDD Cayman | |||
5.75% 12/1/34 | 100,000 | 88,842 | |
144A 8.25% 12/15/29 # | 90,000 | 94,083 | |
Sensata Technologies 144A 4.00% 4/15/29 # | 160,000 | 142,589 | |
SS&C Technologies 144A 5.50% 9/30/27 # | 210,000 | 201,318 | |
1,975,891 | |||
Transportation — 2.44% | |||
Air Canada 144A 3.875% 8/15/26 # | 235,000 | 218,022 | |
American Airlines 144A 5.75% 4/20/29 # | 187,615 | 182,339 | |
Azul Investments 144A 5.875% 10/26/24 # | 200,000 | 169,128 | |
Grupo Aeromexico 144A 8.50% 3/17/27 # | 255,000 | 228,396 | |
797,885 | |||
Total Corporate Bonds (cost $33,850,711) | 31,276,469 | ||
Municipal Bonds — 0.62% | |||
GDB Debt Recovery Authority of Puerto Rico Revenue (Taxable) 7.50% 8/20/40 | 243,642 | 201,614 | |
Total Municipal Bonds (cost $230,814) | 201,614 |
Number of shares | |||
Short-Term Investments — 2.01% | |||
Money Market Mutual Funds — 2.01% | |||
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.72%) | 164,093 | 164,093 | |
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.99%) | 164,093 | 164,093 | |
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 5.14%) | 164,093 | 164,093 |
NQ- IV901 [0623] 0823 (3050888) 3
Schedule of investments
Delaware Ivy High Yield Fund (Unaudited)
Number of shares | Value (US $) | ||
Short-Term Investments (continued) | |||
Money Market Mutual Funds (continued) | |||
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 5.03%) | 164,093 | $ 164,093 | |
Total Short-Term Investments (cost $656,372) | 656,372 | ||
Total Value of Securities—98.43% (cost $34,737,897) | 32,134,455 | ||
Receivables and Other Assets Net of Liabilities—1.57% | 512,797 | ||
Net Assets Applicable to 3,954,306 Shares Outstanding—100.00% | $32,647,252 |
° | 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 June 30, 2023, the aggregate value of Rule 144A securities was $25,163,001, which represents 77.08% of the Fund's net assets. |
μ | Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at June 30, 2023. Rate will reset at a future date. |
ψ | Perpetual security. Maturity date represents next call date. |
> | PIK. 100% of the income received was in the form of cash. |
Summary of abbreviations: |
DAC – Designated Activity Company |
PIK – Payment-in-kind |
USD – US Dollar |
4 NQ- IV901 [0623] 0823 (3050888)