Schedule of investments
Delaware Ivy High Income Fund
June 30, 2023 (Unaudited)
| Principal amount° | Value (US $) | ||
| Corporate Bonds — 80.05% | |||
| Automotive — 1.71% | |||
| Ford Motor 4.75% 1/15/43 | 9,515,000 | $ 7,325,254 | |
| Ford Motor Credit | |||
| 6.80% 5/12/28 | 13,870,000 | 13,897,768 | |
| 7.35% 3/6/30 | 4,855,000 | 4,963,592 | |
| Goodyear Tire & Rubber 5.25% 7/15/31 | 18,975,000 | 16,504,929 | |
| 42,691,543 | |||
| Basic Industry — 4.80% | |||
| Chemours 144A 5.75% 11/15/28 # | 18,340,000 | 16,869,952 | |
| CP Atlas Buyer 144A 7.00% 12/1/28 # | 5,339,000 | 4,197,121 | |
| First Quantum Minerals | |||
| 144A 6.875% 10/15/27 # | 10,294,000 | 10,057,392 | |
| 144A 8.625% 6/1/31 # | 18,705,000 | 19,193,762 | |
| FMG Resources August 2006 | |||
| 144A 5.875% 4/15/30 # | 13,205,000 | 12,589,438 | |
| 144A 6.125% 4/15/32 # | 5,955,000 | 5,683,723 | |
| Novelis 144A 4.75% 1/30/30 # | 24,909,000 | 22,160,591 | |
| Standard Industries 144A 3.375% 1/15/31 # | 18,919,000 | 15,251,425 | |
| Vibrantz Technologies 144A 9.00% 2/15/30 # | 18,063,000 | 13,862,811 | |
| 119,866,215 | |||
| Capital Goods — 4.83% | |||
| ARD Finance 144A PIK 6.50% 6/30/27 #, > | 8,075,311 | 6,554,133 | |
| Ardagh Metal Packaging Finance USA | |||
| 144A 3.25% 9/1/28 # | 6,896,000 | 5,931,235 | |
| 144A 4.00% 9/1/29 # | 8,080,000 | 6,408,319 | |
| Bombardier | |||
| 144A 6.00% 2/15/28 # | 15,053,000 | 14,244,790 | |
| 144A 7.50% 2/1/29 # | 4,440,000 | 4,393,713 | |
| Clydesdale Acquisition Holdings | |||
| 144A 6.625% 4/15/29 # | 3,010,000 | 2,874,095 | |
| 144A 8.75% 4/15/30 # | 8,380,000 | 7,406,444 | |
| Mauser Packaging Solutions Holding | |||
| 144A 7.875% 8/15/26 # | 18,385,000 | 18,285,508 | |
| 144A 9.25% 4/15/27 # | 6,690,000 | 6,182,744 | |
| Roller Bearing Co. of America 144A 4.375% 10/15/29 # | 18,153,000 | 16,286,109 | |
| Sealed Air 144A 5.00% 4/15/29 # | 8,655,000 | 8,062,392 | |
| Principal amount° | Value (US $) | ||
| Corporate Bonds (continued) | |||
| Capital Goods (continued) | |||
| TransDigm 5.50% 11/15/27 | 23,552,000 | $ 22,241,562 | |
| Wesco Aircraft Holdings 144A 8.50% 11/15/24 #, ‡ | 27,345,000 | 1,777,425 | |
| 120,648,469 | |||
| Consumer Goods — 1.45% | |||
| Cerdia Finanz 144A 10.50% 2/15/27 # | 12,495,000 | 12,304,843 | |
| MajorDrive Holdings IV 144A 6.375% 6/1/29 # | 29,962,000 | 23,823,835 | |
| 36,128,678 | |||
| Electric — 2.45% | |||
| Calpine | |||
| 144A 4.625% 2/1/29 # | 13,165,000 | 11,122,542 | |
| 144A 5.00% 2/1/31 # | 1,495,000 | 1,238,388 | |
| 144A 5.125% 3/15/28 # | 12,255,000 | 10,953,298 | |
| Vistra | |||
| 144A 7.00% 12/15/26 #, μ, ψ | 27,505,000 | 24,029,056 | |
| 144A 8.00% 10/15/26 #, μ, ψ | 14,795,000 | 13,849,884 | |
| 61,193,168 | |||
| Energy — 12.56% | |||
| Ascent Resources Utica Holdings | |||
| 144A 5.875% 6/30/29 # | 16,875,000 | 15,072,431 | |
| 144A 7.00% 11/1/26 # | 8,882,000 | 8,605,234 | |
| Bellatrix Exploration 12.50% 12/15/23 = | 7,293,000 | 0 | |
| Callon Petroleum | |||
| 144A 7.50% 6/15/30 # | 9,930,000 | 9,382,183 | |
| 144A 8.00% 8/1/28 # | 16,270,000 | 16,105,904 | |
| CNX Midstream Partners 144A 4.75% 4/15/30 # | 7,785,000 | 6,610,837 | |
| CNX Resources 144A 6.00% 1/15/29 # | 18,345,000 | 17,022,089 | |
| Crestwood Midstream Partners | |||
| 144A 5.625% 5/1/27 # | 7,419,000 | 7,040,631 | |
| 144A 6.00% 2/1/29 # | 3,421,000 | 3,197,831 | |
| 144A 7.375% 2/1/31 # | 9,615,000 | 9,488,242 | |
| EQM Midstream Partners | |||
| 144A 4.75% 1/15/31 # | 22,636,000 | 19,855,031 | |
| 6.50% 7/15/48 | 4,635,000 | 4,198,796 | |
| Genesis Energy | |||
| 7.75% 2/1/28 | 14,335,000 | 13,651,351 | |
| 8.00% 1/15/27 | 22,288,000 | 21,755,573 | |
NQ- IV009 [0623] 0823 (3049508) 1
Schedule of investments
Delaware Ivy High Income Fund (Unaudited)
| Principal amount° | Value (US $) | ||
| Corporate Bonds (continued) | |||
| Energy (continued) | |||
| Hilcorp Energy I | |||
| 144A 6.00% 4/15/30 # | 20,775,000 | $ 18,938,679 | |
| 144A 6.00% 2/1/31 # | 1,905,000 | 1,705,217 | |
| 144A 6.25% 4/15/32 # | 8,530,000 | 7,616,223 | |
| Murphy Oil 6.375% 7/15/28 | 27,202,000 | 26,838,135 | |
| NuStar Logistics | |||
| 6.00% 6/1/26 | 10,678,000 | 10,411,131 | |
| 6.375% 10/1/30 | 10,860,000 | 10,373,379 | |
| Occidental Petroleum 4.50% 7/15/44 | 3,985,000 | 3,060,858 | |
| Southwestern Energy | |||
| 5.375% 2/1/29 | 2,990,000 | 2,818,565 | |
| 5.375% 3/15/30 | 21,650,000 | 20,224,081 | |
| USA Compression Partners | |||
| 6.875% 4/1/26 | 9,395,000 | 9,211,743 | |
| 6.875% 9/1/27 | 17,405,000 | 16,637,255 | |
| Vital Energy 10.125% 1/15/28 | 15,088,000 | 14,809,249 | |
| Weatherford International 144A 8.625% 4/30/30 # | 18,925,000 | 19,231,150 | |
| 313,861,798 | |||
| Financial Services — 2.50% | |||
| AerCap Holdings 5.875% 10/10/79 μ | 26,710,000 | 25,229,895 | |
| Air Lease 4.65% 6/15/26 μ, ψ | 14,260,000 | 11,936,476 | |
| Castlelake Aviation Finance DAC 144A 5.00% 4/15/27 # | 18,084,000 | 16,030,216 | |
| Midcap Financial Issuer Trust 144A 6.50% 5/1/28 # | 10,541,000 | 9,393,981 | |
| 62,590,568 | |||
| Healthcare — 6.19% | |||
| AthenaHealth Group 144A 6.50% 2/15/30 # | 9,500,000 | 8,005,081 | |
| Avantor Funding 144A 3.875% 11/1/29 # | 14,785,000 | 12,957,995 | |
| Bausch Health 144A 6.125% 2/1/27 # | 12,880,000 | 8,260,588 | |
| Cheplapharm Arzneimittel 144A 5.50% 1/15/28 # | 18,185,000 | 16,483,339 | |
| CHS | |||
| 144A 4.75% 2/15/31 # | 12,020,000 | 9,097,921 | |
| 144A 5.25% 5/15/30 # | 6,560,000 | 5,174,280 | |
| DaVita | |||
| 144A 3.75% 2/15/31 # | 8,365,000 | 6,698,753 | |
| 144A 4.625% 6/1/30 # | 5,075,000 | 4,362,409 | |
| Principal amount° | Value (US $) | ||
| Corporate Bonds (continued) | |||
| Healthcare (continued) | |||
| Heartland Dental 144A 8.50% 5/1/26 # | 8,941,000 | $ 8,021,077 | |
| Medline Borrower 144A 3.875% 4/1/29 # | 14,286,000 | 12,428,937 | |
| ModivCare Escrow Issuer 144A 5.00% 10/1/29 # | 4,584,000 | 3,396,492 | |
| Organon & Co. 144A 5.125% 4/30/31 # | 21,025,000 | 17,374,309 | |
| Par Pharmaceutical 144A 7.50% 4/1/27 #, ‡ | 16,977,000 | 12,569,991 | |
| Tenet Healthcare | |||
| 4.375% 1/15/30 | 16,530,000 | 14,932,465 | |
| 6.125% 10/1/28 | 10,415,000 | 10,036,519 | |
| 144A 6.75% 5/15/31 # | 4,900,000 | 4,918,060 | |
| 154,718,216 | |||
| Insurance — 2.84% | |||
| Ardonagh Midco 2 144A PIK 11.50% 1/15/27 #, « | 20,733,402 | 19,178,397 | |
| Jones Deslauriers Insurance Management | |||
| 144A 8.50% 3/15/30 # | 17,390,000 | 17,761,364 | |
| 144A 10.50% 12/15/30 # | 9,340,000 | 9,423,158 | |
| NFP | |||
| 144A 6.875% 8/15/28 # | 20,781,000 | 18,067,631 | |
| 144A 7.50% 10/1/30 # | 6,740,000 | 6,531,770 | |
| 70,962,320 | |||
| Leisure — 8.64% | |||
| Boyd Gaming 144A 4.75% 6/15/31 # | 14,470,000 | 12,942,027 | |
| Caesars Entertainment 144A 8.125% 7/1/27 # | 15,379,000 | 15,757,231 | |
| Carnival | |||
| 144A 5.75% 3/1/27 # | 31,743,000 | 29,251,651 | |
| 144A 6.00% 5/1/29 # | 13,760,000 | 12,298,265 | |
| 144A 7.625% 3/1/26 # | 8,613,000 | 8,443,530 | |
| New Cotai 5.00% 2/2/27 = | 23,041,685 | 60,534,823 | |
| Royal Caribbean Cruises | |||
| 144A 5.375% 7/15/27 # | 4,428,000 | 4,145,045 | |
| 144A 5.50% 4/1/28 # | 36,986,000 | 34,527,714 | |
| Scientific Games Holdings 144A 6.625% 3/1/30 # | 22,110,000 | 19,477,252 | |
| Scientific Games International 144A 7.25% 11/15/29 # | 18,585,000 | 18,624,958 | |
| 216,002,496 | |||
| Media — 9.55% | |||
| Advantage Sales & Marketing 144A 6.50% 11/15/28 # | 17,814,000 | 15,080,709 | |
2 NQ- IV009 [0623] 0823 (3049508)
(Unaudited)
| Principal amount° | Value (US $) | ||
| Corporate Bonds (continued) | |||
| Media (continued) | |||
| AMC Networks 4.25% 2/15/29 | 16,881,000 | $ 9,093,752 | |
| Arches Buyer 144A 6.125% 12/1/28 # | 18,049,000 | 15,571,775 | |
| CCO Holdings | |||
| 144A 4.50% 8/15/30 # | 10,995,000 | 9,165,334 | |
| 144A 4.75% 2/1/32 # | 13,515,000 | 11,035,673 | |
| 144A 6.375% 9/1/29 # | 24,785,000 | 23,378,295 | |
| CMG Media 144A 8.875% 12/15/27 # | 24,397,000 | 17,136,477 | |
| CSC Holdings | |||
| 144A 4.625% 12/1/30 # | 37,266,000 | 16,619,783 | |
| 144A 5.00% 11/15/31 # | 11,141,000 | 5,199,538 | |
| 144A 5.75% 1/15/30 # | 12,893,000 | 6,105,931 | |
| Cumulus Media New Holdings 144A 6.75% 7/1/26 # | 16,035,000 | 11,041,916 | |
| Directv Financing 144A 5.875% 8/15/27 # | 26,815,000 | 24,316,115 | |
| DISH DBS 144A 5.75% 12/1/28 # | 23,485,000 | 17,511,790 | |
| Gray Escrow II 144A 5.375% 11/15/31 # | 18,560,000 | 12,321,849 | |
| Gray Television 144A 4.75% 10/15/30 # | 17,600,000 | 11,954,184 | |
| Nexstar Media 144A 4.75% 11/1/28 # | 15,495,000 | 13,459,425 | |
| Sirius XM Radio 144A 4.125% 7/1/30 # | 24,060,000 | 19,667,958 | |
| 238,660,504 | |||
| Retail — 3.96% | |||
| Asbury Automotive Group | |||
| 4.50% 3/1/28 | 12,172,650 | 11,172,924 | |
| 144A 4.625% 11/15/29 # | 366,000 | 325,276 | |
| 4.75% 3/1/30 | 12,623,650 | 11,231,384 | |
| 144A 5.00% 2/15/32 # | 366,000 | 319,061 | |
| Bath & Body Works 6.875% 11/1/35 | 20,415,000 | 18,710,627 | |
| LSF9 Atlantis Holdings 144A 7.75% 2/15/26 # | 22,964,000 | 21,405,934 | |
| Michaels | |||
| 144A 5.25% 5/1/28 # | 8,827,000 | 7,140,778 | |
| 144A 7.875% 5/1/29 # | 6,778,000 | 4,575,150 | |
| Murphy Oil USA 4.75% 9/15/29 | 3,385,000 | 3,110,849 | |
| PetSmart 144A 7.75% 2/15/29 # | 20,951,000 | 20,840,758 | |
| 98,832,741 | |||
| Services — 2.91% | |||
| CDW 3.569% 12/1/31 | 23,215,000 | 19,622,711 | |
| Principal amount° | Value (US $) | ||
| Corporate Bonds (continued) | |||
| Services (continued) | |||
| Staples | |||
| 144A 7.50% 4/15/26 # | 27,192,000 | $ 22,495,071 | |
| 144A 10.75% 4/15/27 # | 8,151,000 | 4,746,661 | |
| White Cap Buyer 144A 6.875% 10/15/28 # | 17,234,000 | 15,641,320 | |
| White Cap Parent 144A PIK 8.25% 3/15/26 #, « | 10,700,000 | 10,260,926 | |
| 72,766,689 | |||
| Technology & Electronics — 4.69% | |||
| Clarios Global 144A 8.50% 5/15/27 # | 12,920,000 | 12,965,362 | |
| CommScope 144A 8.25% 3/1/27 # | 7,780,000 | 6,234,718 | |
| CommScope Technologies 144A 6.00% 6/15/25 # | 13,736,000 | 12,820,416 | |
| Entegris Escrow 144A 5.95% 6/15/30 # | 21,920,000 | 21,035,028 | |
| Micron Technology 5.875% 9/15/33 | 12,365,000 | 12,259,431 | |
| NCR | |||
| 144A 5.00% 10/1/28 # | 11,115,000 | 9,932,255 | |
| 144A 5.125% 4/15/29 # | 8,775,000 | 7,776,322 | |
| 144A 5.25% 10/1/30 # | 3,706,000 | 3,227,402 | |
| 144A 6.125% 9/1/29 # | 5,323,000 | 5,332,241 | |
| Seagate HDD Cayman | |||
| 5.75% 12/1/34 | 7,135,000 | 6,338,844 | |
| 144A 8.25% 12/15/29 # | 6,515,000 | 6,810,586 | |
| Sensata Technologies 144A 4.00% 4/15/29 # | 13,855,000 | 12,347,361 | |
| 117,079,966 | |||
| Telecommunications — 8.96% | |||
| Altice France | |||
| 144A 5.125% 7/15/29 # | 11,143,000 | 7,921,485 | |
| 144A 5.50% 10/15/29 # | 5,739,000 | 4,109,941 | |
| Altice France Holding 144A 6.00% 2/15/28 # | 33,946,000 | 16,590,293 | |
| Connect Finco 144A 6.75% 10/1/26 # | 28,718,000 | 27,920,111 | |
| Consolidated Communications | |||
| 144A 5.00% 10/1/28 # | 8,890,000 | 6,681,724 | |
| 144A 6.50% 10/1/28 # | 25,726,000 | 20,323,540 | |
| Digicel International Finance 144A 8.75% 5/25/24 # | 15,719,000 | 14,422,183 | |
NQ- IV009 [0623] 0823 (3049508) 3
Schedule of investments
Delaware Ivy High Income Fund (Unaudited)
| Principal amount° | Value (US $) | ||
| Corporate Bonds (continued) | |||
| Telecommunications (continued) | |||
| Frontier Communications Holdings | |||
| 144A 5.00% 5/1/28 # | 2,665,000 | $ 2,301,961 | |
| 144A 5.875% 10/15/27 # | 10,030,000 | 9,215,022 | |
| 5.875% 11/1/29 | 5,789,667 | 4,232,304 | |
| 144A 6.00% 1/15/30 # | 3,564,000 | 2,624,819 | |
| 144A 6.75% 5/1/29 # | 15,295,000 | 11,881,545 | |
| 144A 8.75% 5/15/30 # | 4,190,000 | 4,098,967 | |
| Ligado Networks 144A PIK 15.50% 11/1/23 #, >> | 45,426,030 | 17,489,021 | |
| Northwest Fiber 144A 4.75% 4/30/27 # | 21,305,000 | 18,835,751 | |
| Sable International Finance 144A 5.75% 9/7/27 # | 13,610,000 | 12,773,573 | |
| Telesat Canada | |||
| 144A 5.625% 12/6/26 # | 29,713,000 | 18,363,525 | |
| 144A 6.50% 10/15/27 # | 5,107,000 | 2,102,067 | |
| Vmed O2 UK Financing I 144A 4.75% 7/15/31 # | 15,225,000 | 12,675,779 | |
| VZ Secured Financing 144A 5.00% 1/15/32 # | 11,580,000 | 9,338,766 | |
| 223,902,377 | |||
| Transportation — 2.01% | |||
| Air Canada 144A 3.875% 8/15/26 # | 14,170,000 | 13,146,256 | |
| American Airlines 144A 5.75% 4/20/29 # | 13,204,172 | 12,832,855 | |
| Azul Investments | |||
| 144A 5.875% 10/26/24 # | 4,523,000 | 3,824,829 | |
| 144A 7.25% 6/15/26 # | 2,677,000 | 2,129,784 | |
| Grupo Aeromexico 144A 8.50% 3/17/27 # | 20,565,000 | 18,419,447 | |
| 50,353,171 | |||
| Total Corporate Bonds (cost $2,206,863,335) | 2,000,258,919 | ||
| Municipal Bonds — 0.56% | |||
| GDB Debt Recovery Authority of Puerto Rico Revenue (Taxable) 7.50% 8/20/40 | 16,836,224 | 13,931,975 | |
| Total Municipal Bonds (cost $15,961,593) | 13,931,975 | ||
| Loan Agreements — 13.00% | |||
| Advantage Sales & Marketing Tranche B-1 9.719% (LIBOR03M + 4.50%) 10/28/27 • | 6,414,782 | 6,056,626 | |
| Principal amount° | Value (US $) | ||
| Loan Agreements (continued) | |||
| Amynta Agency Borrower 10.102% (SOFR01M + 5.00%) 2/28/28 • | 25,485,000 | $ 24,847,875 | |
| Applied Systems 2nd Lien 11.992% (SOFR03M + 6.75%) 9/17/27 • | 19,011,641 | 19,059,170 | |
| Clarios Global 8.852% (SOFR01M + 3.75%) 5/6/30 • | 12,695,000 | 12,663,262 | |
| CNT Holdings I 2nd Lien 11.709% (SOFR03M + 6.75%) 11/6/28 • | 9,822,000 | 9,429,120 | |
| CP Atlas Buyer Tranche B 8.952% (SOFR01M + 3.75%) 11/23/27 • | 13,027,600 | 12,290,733 | |
| Foresight Energy Operating Tranche A 13.342% (SOFR03M + 8.10%) 6/30/27 • | 7,565,561 | 7,376,422 | |
| Form Technologies Tranche B 9.825% (SOFR03M + 4.60%) 7/22/25 • | 40,422,679 | 37,795,205 | |
| Guardian US Holdco 9.045% (SOFR03M + 4.00%) 1/31/30 • | 10,437,000 | 10,375,025 | |
| Heartland Dental 10.102% (SOFR01M + 5.00%) 4/28/28 • | 5,645,150 | 5,451,804 | |
| Hexion Holdings 2nd Lien 12.627% (SOFR01M + 7.54%) 3/15/30 • | 14,490,000 | 12,026,700 | |
| HUB International TBD 6/8/30 X | 5,354,000 | 5,370,121 | |
| Hunter Douglas Holding Tranche B-1 8.666% (SOFR03M + 3.50%) 2/26/29 • | 7,127,360 | 6,795,496 | |
| INDICOR 9.742% (SOFR03M + 4.50%) 11/22/29 • | 23,330,527 | 23,264,922 | |
| Jones DesLauriers Insurance Management 1st Lien | |||
| 9.293% (CDOR03M + 4.25%)3/27/28 • | CAD | 9,557,021 | 7,160,100 |
| 9.293% (CDOR03M + 4.25%) 3/27/28 • | CAD | 2,176,772 | 1,630,833 |
| MLN US HoldCo 1st Lien 11.782% (SOFR03M + 6.70%) 10/18/27 • | 32,191,651 | 18,510,199 | |
| MLN US HoldCo Tranche B 14.332% (SOFR03M + 9.25%) 10/18/27 • | 13,596,147 | 6,798,074 | |
4 NQ- IV009 [0623] 0823 (3049508)
(Unaudited)
| Principal amount° | Value (US $) | ||
| Loan Agreements (continued) | |||
| Northwest Fiber 1st Lien Tranche B-2 8.942% (SOFR01M + 3.86%) 4/30/27 • | 6,582,682 | $ 6,441,154 | |
| PetsMart 8.952% (SOFR01M + 3.85%) 2/11/28 • | 3,761,194 | 3,764,327 | |
| PMHC II 9.304% (SOFR03M + 4.25%) 4/23/29 • | 2,912,663 | 2,575,627 | |
| Pre Paid Legal Services 2nd Lien 12.154% (LIBOR01M + 7.00%) 12/14/29 • | 4,145,000 | 3,771,950 | |
| SPX Flow 9.702% (SOFR01M + 4.60%) 4/5/29 • | 16,451,407 | 16,218,340 | |
| SWF Holdings I 9.22% (SOFR01M + 4.11%) 10/6/28 • | 16,280,220 | 13,227,679 | |
| UKG 2nd Lien 10.271% (LIBOR03M + 5.25%) 5/3/27 • | 26,581,000 | 25,800,183 | |
| Vantage Specialty Chemicals 1st Lien 9.897% (SOFR01M + 4.75%) 10/26/26 • | 26,865,000 | 26,193,375 | |
| Total Loan Agreements (cost $348,353,842) | 324,894,322 | ||
| Number of shares | |||
| Common Stocks — 3.69% | |||
| Basic Industry — 0.81% | |||
| BIS Industries Holdings =, † | 19,682,813 | 0 | |
| Foresight Energy =, † | 1,117,414 | 20,102,272 | |
| Westmoreland Coal =, † | 4,238 | 63,575 | |
| 20,165,847 | |||
| Consumer Goods — 0.00% | |||
| ASG Warrant =, † | 19,688 | 0 | |
| 0 | |||
| Energy — 0.03% | |||
| Maritime Finance =, † | 1,750,000 | 859,661 | |
| Sabine Oil & Gas Holdings =, † | 5,385 | 6,671 | |
| 866,332 | |||
| Financial Services — 0.85% | |||
| New Cotai =, † | 20,316,462 | 21,350,060 | |
| 21,350,060 | |||
| Number of shares | Value (US $) | ||
| Common Stocks (continued) | |||
| Leisure — 1.68% | |||
| Studio City International Holdings † | 3,843,131 | $ 26,666,333 | |
| Studio City International Holdings ADR † | 2,218,728 | 15,395,088 | |
| 42,061,421 | |||
| Retail — 0.31% | |||
| True Religion Apparel =, † | 395 | 7,722,701 | |
| 7,722,701 | |||
| Utilities — 0.01% | |||
| Larchmont Resources =, † | 18,339 | 213,461 | |
| 213,461 | |||
| Total Common Stocks (cost $307,904,126) | 92,379,822 | ||
| Preferred Stock — 0.08% | |||
| True Religion Apparel 6.25% =, ω | 410 | 2,050,430 | |
| Total Preferred Stock (cost $6,748,583) | 2,050,430 | ||
| Warrants — 0.02% | |||
| California Resources † | 40,269 | 477,591 | |
| Total Warrants (cost $3,503,208) | 477,591 | ||
| Short-Term Investments — 1.08% | |||
| Money Market Mutual Funds — 1.08% | |||
| BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.99%) | 6,717,615 | 6,717,615 | |
| Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.99%) | 6,717,615 | 6,717,615 | |
| Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 5.14%) | 6,717,615 | 6,717,615 | |
NQ- IV009 [0623] 0823 (3049508) 5
Schedule of investments
Delaware Ivy High Income 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%) | 6,717,615 | $ 6,717,615 | |
| Total Short-Term Investments (cost $26,870,460) | 26,870,460 | ||
| Total Value of Securities—98.48% (cost $2,916,205,147) | 2,460,863,519 | ||
| Receivables and Other Assets Net of Liabilities—1.52% | 37,991,535 | ||
| Net Assets Applicable to 423,445,810 Shares Outstanding—100.00% | $2,498,855,054 | ||
| ° | 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 $1,562,892,694, which represents 62.54% of the Fund's net assets. |
| > | PIK. 100% of the income received was in the form of cash. |
| ‡ | Non-income producing security. Security is currently in default. |
| 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. |
| = | The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security. |
| « | PIK. The first payment of cash and/or principal will be made after June 30, 2023. |
| >> | PIK. 100% of the income received was in the form of principal. |
| • | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at June 30, 2023. 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. |
| X | This loan will settle after June 30, 2023, at which time the interest rate, based on the LIBOR and the agreed upon spread on trade date, will be reflected. |
| † | Non-income producing security. |
| ω | Perpetual security with no stated maturity date. |
The following foreign currency exchange contracts were outstanding at June 30, 2023:
| Foreign Currency Exchange Contracts | ||||||||||
| Counterparty | Currency to Receive (Deliver) | In Exchange For | Settlement Date | Unrealized Depreciation | ||||||
| TD | CAD | (8,205,000) | USD | 6,134,934 | 8/25/23 | $(64,326) | ||||
The use of foreign currency exchange contracts involves elements of market risk and risks in excess of the amounts disclosed in the schedule of investments. The foreign currency exchange contracts presented above represent the Fund's total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) is reflected in the Fund's net assets.
| Summary of abbreviations: |
| ADR – American Depositary Receipt |
| CDOR03M – 3 Month Canadian Dollar Offered Rate |
| DAC – Designated Activity Company |
| 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 |
| Summary of abbreviations: (continued) |
| SOFR01M – Secured Overnight Financing Rate 1 Month |
| SOFR03M – Secured Overnight Financing Rate 3 Month |
| TBD – To be determined |
| TD – TD Bank |
| Summary of currencies: |
| CAD – Canadian Dollar |
| USD – US Dollar |
6 NQ- IV009 [0623] 0823 (3049508)