Schedule of investments
Delaware Ivy Natural Resources Fund
June 30, 2023 (Unaudited)
| Number of shares | Value (US $) | ||
| Closed-Ended Trust – 2.39% | |||
| Sprott Physical Uranium Trust † | 457,631 | $ 5,775,875 | |
| Total Closed-Ended Trust (cost $5,282,710) | 5,775,875 | ||
| Common Stocks – 97.77%Δ | |||
| Brazil − 4.25% | |||
| Wheaton Precious Metals | 237,868 | 10,280,655 | |
| 10,280,655 | |||
| Burkina Faso − 1.43% | |||
| Endeavour Mining | 144,427 | 3,468,510 | |
| 3,468,510 | |||
| Canada − 13.82% | |||
| ERO Copper † | 381,167 | 7,711,097 | |
| Hudbay Minerals | 1,115,022 | 5,352,106 | |
| Kinross Gold | 1,172,270 | 5,591,728 | |
| Li-Cycle Holdings † | 528,140 | 2,931,177 | |
| Nutrien | 139,891 | 8,260,563 | |
| Parex Resources | 179,342 | 3,595,639 | |
| 33,442,310 | |||
| Hong Kong − 0.00% | |||
| China Metal Recycling Holdings =, † | 30,000,000 | 0 | |
| 0 | |||
| Netherlands − 5.47% | |||
| Shell | 444,162 | 13,250,102 | |
| 13,250,102 | |||
| South Africa − 2.87% | |||
| Anglo American | 244,173 | 6,952,463 | |
| 6,952,463 | |||
| United Kingdom − 3.06% | |||
| BP ADR | 209,930 | 7,408,430 | |
| 7,408,430 | |||
| United States − 66.87% | |||
| Alcoa | 186,285 | 6,320,650 | |
| Archer-Daniels-Midland | 73,275 | 5,536,659 | |
| Arcosa | 118,994 | 9,016,175 | |
| Bunge | 77,489 | 7,311,087 | |
| CF Industries Holdings | 143,521 | 9,963,228 | |
| Chesapeake Energy | 85,149 | 7,125,268 | |
| Chord Energy | 32,431 | 4,987,888 | |
| Corteva | 95,635 | 5,479,886 | |
| Darling Ingredients † | 102,961 | 6,567,882 | |
| Denbury † | 56,773 | 4,897,239 | |
| Freeport-McMoRan | 155,674 | 6,226,960 | |
| GrafTech International | 536,749 | 2,705,215 | |
| Kimbell Royalty Partners | 527,272 | 7,756,171 | |
| Louisiana-Pacific | 67,213 | 5,039,631 | |
| Net Power † | 136,182 | 1,770,366 | |
| Newmont | 271,846 | 11,596,950 | |
| Number ofshares | Value (US $) | ||
| Common StocksΔ (continued) | |||
| United States (continued) | |||
| NuScale Power † | 329,235 | $ 2,238,798 | |
| Occidental Petroleum | 125,267 | 7,365,700 | |
| Permian Resources | 373,618 | 4,094,853 | |
| Schlumberger | 149,999 | 7,367,951 | |
| Spruce Power Holding † | 1,772,314 | 1,438,765 | |
| Sunrun † | 138,526 | 2,474,074 | |
| Sylvamo | 75,221 | 3,042,689 | |
| Unit | 138,427 | 6,627,885 | |
| United States Steel | 92,880 | 2,322,929 | |
| Valaris † | 58,434 | 3,677,252 | |
| Valero Energy | 78,348 | 9,190,220 | |
| Weyerhaeuser | 290,569 | 9,736,967 | |
| 161,879,338 | |||
| Total Common Stocks (cost $269,414,964) | 236,681,808 | ||
| Short-Term Investments – 0.26% | |||
| Money Market Mutual Funds – 0.26% | |||
| BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.99%) | 155,433 | 155,433 | |
| Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.99%) | 155,434 | 155,434 | |
| Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 5.14%) | 155,434 | 155,434 | |
| Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 5.03%) | 155,434 | 155,434 | |
| Total Short-Term Investments (cost $621,735) | 621,735 | ||
| Total Value of Securities−100.42% (cost $275,319,409) | 243,079,418 | ||
| Liabilities Net of Receivables and Other Assets — (0.42%) | (1,011,570) | ||
| Net Assets Applicable to 15,361,617 Shares Outstanding — 100.00% | $242,067,848 |
| † | Non-income producing security. |
| Δ | Securities have been classified by country of risk. |
NQ- IV955 [0623] 0823 (3053808) 1
Schedule of investments
Delaware Ivy Natural Resources Fund (Unaudited)
| = | The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security. |
| Summary of abbreviations: |
| ADR – American Depositary Receipt |
2 NQ- IV955 [0623] 0823 (3053808)