Schedule of investments
Delaware Ivy Multi-Asset Income Fund
June 30, 2023 (Unaudited)
| Principal amount° | Value (US $) | ||
| Agency Mortgage-Backed Securities — 2.63% | |||
| Fannie Mae S.F. 15 yr 2.50% 8/1/35 | 72,197 | $ 65,903 | |
| Fannie Mae S.F. 20 yr 4.00% 9/1/42 | 61,054 | 58,176 | |
| Fannie Mae S.F. 30 yr | |||
| 2.00% 3/1/51 | 226,159 | 185,311 | |
| 3.00% 1/1/50 | 386,352 | 343,179 | |
| 3.00% 2/1/52 | 71,451 | 63,191 | |
| 3.50% 6/1/51 | 283,074 | 258,955 | |
| 3.50% 6/1/52 | 204,339 | 186,245 | |
| 4.00% 5/1/51 | 46,166 | 43,898 | |
| 4.50% 1/1/50 | 127,891 | 126,297 | |
| 4.50% 10/1/52 | 116,774 | 112,282 | |
| 4.50% 2/1/53 | 201,930 | 194,160 | |
| 5.00% 9/1/52 | 11,278 | 11,059 | |
| 5.50% 8/1/52 | 134,921 | 134,494 | |
| 5.50% 10/1/52 | 6,546 | 6,537 | |
| 5.50% 3/1/53 | 181,764 | 180,908 | |
| 6.00% 6/1/53 | 53,428 | 53,896 | |
| Freddie Mac S.F. 20 yr 3.00% 5/1/40 | 279,097 | 253,870 | |
| Freddie Mac S.F. 30 yr | |||
| 2.50% 7/1/50 | 413,482 | 353,638 | |
| 4.00% 8/1/52 | 168,198 | 158,580 | |
| 4.00% 9/1/52 | 44,433 | 41,717 | |
| 4.50% 10/1/52 | 55,411 | 53,281 | |
| 5.00% 7/1/52 | 266,487 | 261,383 | |
| 5.50% 9/1/52 | 30,245 | 30,495 | |
| 5.50% 10/1/52 | 81,381 | 81,073 | |
| Total Agency Mortgage-Backed Securities (cost $3,480,595) | 3,258,528 | ||
| Convertible Bond — 0.77% | |||
| New Cotai 5.00% exercise price $0.00, maturity date 2/2/27 = | 360,230 | 946,393 | |
| Total Convertible Bond (cost $348,606) | 946,393 | ||
| Corporate Bonds — 34.08% | |||
| Banking — 0.79% | |||
| Bank of America | |||
| 5.288% 4/25/34 μ | 115,000 | 113,983 | |
| 6.204% 11/10/28 μ | 70,000 | 72,006 | |
| Citigroup | |||
| 5.61% 9/29/26 μ | 95,000 | 94,922 | |
| 6.174% 5/25/34 μ | 70,000 | 70,648 | |
| Fifth Third Bancorp 6.361% 10/27/28 μ | 43,000 | 42,846 | |
| Principalamount° | Value (US $) | ||
| Corporate Bonds (continued) | |||
| Banking (continued) | |||
| Goldman Sachs Group 1.542% 9/10/27 μ | 180,000 | $ 158,319 | |
| JPMorgan Chase & Co. 1.953% 2/4/32 μ | 220,000 | 175,363 | |
| KeyBank 5.85% 11/15/27 | 30,000 | 28,274 | |
| Morgan Stanley | |||
| 5.25% 4/21/34 μ | 85,000 | 83,973 | |
| 6.296% 10/18/28 μ | 33,000 | 33,940 | |
| SVB Financial Group 4.57% 4/29/33 ‡ | 74,000 | 49,681 | |
| US Bancorp | |||
| 4.653% 2/1/29 μ | 16,000 | 15,299 | |
| 5.836% 6/12/34 μ | 40,000 | 40,308 | |
| 979,562 | |||
| Basic Industry — 1.53% | |||
| Chemours 144A 5.75% 11/15/28 # | 455,000 | 418,529 | |
| First Quantum Minerals | |||
| 144A 6.875% 10/15/27 # | 200,000 | 195,403 | |
| 144A 8.625% 6/1/31 # | 330,000 | 338,623 | |
| FMG Resources August 2006 144A 5.875% 4/15/30 # | 400,000 | 381,354 | |
| Newmont 2.60% 7/15/32 | 15,000 | 12,263 | |
| Novelis 144A 4.75% 1/30/30 # | 500,000 | 444,831 | |
| Sherwin-Williams 3.30% 5/15/50 | 145,000 | 103,313 | |
| 1,894,316 | |||
| Brokerage — 0.34% | |||
| NFP | |||
| 144A 6.875% 8/15/28 # | 309,000 | 268,654 | |
| 144A 7.50% 10/1/30 # | 155,000 | 150,211 | |
| 418,865 | |||
| Capital Goods — 3.35% | |||
| ARD Finance 144A PIK 6.50% 6/30/27 #, > | 320,000 | 259,720 | |
| Ardagh Metal Packaging Finance USA | |||
| 144A 3.25% 9/1/28 # | 150,000 | 129,015 | |
| 144A 4.00% 9/1/29 # | 200,000 | 158,622 | |
| Bombardier | |||
| 144A 6.00% 2/15/28 # | 270,000 | 255,503 | |
| 144A 7.50% 2/1/29 # | 85,000 | 84,114 | |
| Canpack 144A 3.875% 11/15/29 # | 154,000 | 125,529 | |
| Clydesdale Acquisition Holdings 144A 8.75% 4/15/30 # | 165,000 | 145,831 | |
| CP Atlas Buyer 144A 7.00% 12/1/28 # | 395,000 | 310,519 | |
NQ- IV930 [0623] 0823 (3050901) 1
Schedule of investments
Delaware Ivy Multi-Asset Income Fund (Unaudited)
| Principalamount° | Value (US $) | ||
| Corporate Bonds (continued) | |||
| Capital Goods (continued) | |||
| GFL Environmental 144A 5.125% 12/15/26 # | 78,000 | $ 75,324 | |
| Lockheed Martin 4.75% 2/15/34 | 60,000 | 59,890 | |
| Mauser Packaging Solutions Holding | |||
| 144A 7.875% 8/15/26 # | 350,000 | 348,106 | |
| 144A 9.25% 4/15/27 # | 125,000 | 115,522 | |
| Raytheon Technologies 5.15% 2/27/33 | 75,000 | 76,058 | |
| Roller Bearing Co. of America 144A 4.375% 10/15/29 # | 313,000 | 280,810 | |
| Sealed Air 144A 5.00% 4/15/29 # | 220,000 | 204,937 | |
| Standard Industries | |||
| 144A 3.375% 1/15/31 # | 262,000 | 211,210 | |
| 144A 4.375% 7/15/30 # | 40,000 | 34,680 | |
| 144A 4.75% 1/15/28 # | 38,000 | 35,425 | |
| TransDigm | |||
| 4.625% 1/15/29 | 177,000 | 157,659 | |
| 5.50% 11/15/27 | 551,000 | 520,342 | |
| Wesco Aircraft Holdings 144A 8.50% 11/15/24 #, ‡ | 657,000 | 42,705 | |
| White Cap Buyer 144A 6.875% 10/15/28 # | 345,000 | 313,117 | |
| White Cap Parent 144A PIK 8.25% 3/15/26 #, > | 203,000 | 194,670 | |
| 4,139,308 | |||
| Communications — 6.88% | |||
| Advantage Sales & Marketing 144A 6.50% 11/15/28 # | 311,000 | 263,282 | |
| Altice France 144A 5.125% 7/15/29 # | 254,000 | 180,567 | |
| AMC Networks 4.25% 2/15/29 | 340,000 | 183,157 | |
| AT&T | |||
| 3.50% 9/15/53 | 110,000 | 77,949 | |
| 5.40% 2/15/34 | 40,000 | 40,088 | |
| CCO Holdings | |||
| 144A 4.50% 8/15/30 # | 696,000 | 580,179 | |
| 144A 5.375% 6/1/29 # | 245,000 | 221,731 | |
| Charter Communications Operating 3.85% 4/1/61 | 95,000 | 57,540 | |
| CMG Media 144A 8.875% 12/15/27 # | 485,000 | 340,665 | |
| Comcast 4.55% 1/15/29 | 45,000 | 44,214 | |
| Connect Finco 144A 6.75% 10/1/26 # | 200,000 | 194,443 | |
| Consolidated Communications | |||
| 144A 5.00% 10/1/28 # | 122,000 | 91,695 | |
| 144A 6.50% 10/1/28 # | 620,000 | 489,800 | |
| Principalamount° | Value (US $) | ||
| Corporate Bonds (continued) | |||
| Communications (continued) | |||
| CSC Holdings | |||
| 144A 5.00% 11/15/31 # | 254,000 | $ 118,543 | |
| 144A 5.375% 2/1/28 # | 285,000 | 229,425 | |
| 144A 5.75% 1/15/30 # | 402,000 | 190,381 | |
| Cumulus Media New Holdings 144A 6.75% 7/1/26 # | 420,000 | 289,218 | |
| Digicel International Finance 144A 8.75% 5/25/24 # | 411,000 | 377,093 | |
| Directv Financing 144A 5.875% 8/15/27 # | 338,000 | 306,502 | |
| DISH DBS 144A 5.75% 12/1/28 # | 385,000 | 287,079 | |
| Frontier Communications Holdings | |||
| 144A 5.00% 5/1/28 # | 186,000 | 160,662 | |
| 144A 5.875% 10/15/27 # | 359,000 | 329,830 | |
| 5.875% 11/1/29 | 310,847 | 227,232 | |
| 144A 6.00% 1/15/30 # | 200,000 | 147,296 | |
| 144A 6.75% 5/1/29 # | 174,000 | 135,168 | |
| Gray Escrow II 144A 5.375% 11/15/31 # | 500,000 | 331,946 | |
| Gray Television 144A 4.75% 10/15/30 # | 165,000 | 112,070 | |
| Ligado Networks 144A PIK 15.50% 11/1/23 #, >> | 1,114,223 | 428,976 | |
| Matterhorn Telecom 3.125% 9/15/26 | EUR | 69,000 | 70,239 |
| Northwest Fiber 144A 4.75% 4/30/27 # | 530,000 | 468,573 | |
| Sable International Finance 144A 5.75% 9/7/27 # | 240,000 | 225,250 | |
| Sirius XM Radio 144A 4.125% 7/1/30 # | 595,000 | 486,386 | |
| Telesat Canada | |||
| 144A 5.625% 12/6/26 # | 678,000 | 419,024 | |
| 144A 6.50% 10/15/27 # | 118,000 | 48,569 | |
| T-Mobile USA 5.05% 7/15/33 | 65,000 | 63,851 | |
| Vmed O2 UK Financing I 144A 4.75% 7/15/31 # | 265,000 | 220,629 | |
| Warnermedia Holdings 5.141% 3/15/52 | 90,000 | 73,342 | |
| 8,512,594 | |||
| Consumer Cyclical — 5.73% | |||
| Allison Transmission 144A 5.875% 6/1/29 # | 440,000 | 429,550 | |
| Amazon.com 2.50% 6/3/50 | 105,000 | 69,932 | |
| Arches Buyer 144A 6.125% 12/1/28 # | 409,000 | 352,865 | |
2 NQ- IV930 [0623] 0823 (3050901)
(Unaudited)
| Principalamount° | Value (US $) | ||
| Corporate Bonds (continued) | |||
| Consumer Cyclical (continued) | |||
| Asbury Automotive Group | |||
| 4.50% 3/1/28 | 344,830 | $ 316,509 | |
| 144A 4.625% 11/15/29 # | 8,000 | 7,110 | |
| 4.75% 3/1/30 | 345,830 | 307,688 | |
| 144A 5.00% 2/15/32 # | 8,000 | 6,974 | |
| Bath & Body Works 6.875% 11/1/35 | 375,000 | 343,693 | |
| Boyd Gaming | |||
| 4.75% 12/1/27 | 350,000 | 331,932 | |
| 144A 4.75% 6/15/31 # | 15,000 | 13,416 | |
| Caesars Entertainment 144A 8.125% 7/1/27 # | 289,000 | 296,108 | |
| Carnival | |||
| 144A 5.75% 3/1/27 # | 266,000 | 245,123 | |
| 144A 7.625% 3/1/26 # | 641,000 | 628,388 | |
| Clarios Global 144A 8.50% 5/15/27 # | 240,000 | 240,843 | |
| Ford Motor 4.75% 1/15/43 | 210,000 | 161,671 | |
| Ford Motor Credit 7.35% 3/6/30 | 200,000 | 204,473 | |
| General Motors Financial 5.85% 4/6/30 | 115,000 | 114,105 | |
| LSF9 Atlantis Holdings 144A 7.75% 2/15/26 # | 526,000 | 490,312 | |
| Michaels | |||
| 144A 5.25% 5/1/28 # | 163,000 | 131,862 | |
| 144A 7.875% 5/1/29 # | 122,000 | 82,350 | |
| Murphy Oil USA 4.75% 9/15/29 | 60,000 | 55,141 | |
| PetSmart 144A 7.75% 2/15/29 # | 650,000 | 646,580 | |
| Royal Caribbean Cruises 144A 5.50% 4/1/28 # | 339,000 | 316,468 | |
| Scientific Games Holdings 144A 6.625% 3/1/30 # | 415,000 | 365,584 | |
| Scientific Games International 144A 7.25% 11/15/29 # | 335,000 | 335,720 | |
| Staples | |||
| 144A 7.50% 4/15/26 # | 514,000 | 425,216 | |
| 144A 10.75% 4/15/27 # | 162,000 | 94,339 | |
| VICI Properties 4.95% 2/15/30 | 75,000 | 70,424 | |
| 7,084,376 | |||
| Consumer Non-Cyclical — 2.96% | |||
| American Greetings 144A 8.75% 4/15/25 # | 67,000 | 65,155 | |
| Amgen | |||
| 5.25% 3/2/30 | 45,000 | 45,124 | |
| 5.25% 3/2/33 | 37,000 | 37,065 | |
| CHS 144A 5.25% 5/15/30 # | 300,000 | 236,629 | |
| CVS Health 2.70% 8/21/40 | 170,000 | 118,796 | |
| Principalamount° | Value (US $) | ||
| Corporate Bonds (continued) | |||
| Consumer Non-Cyclical (continued) | |||
| DaVita | |||
| 144A 3.75% 2/15/31 # | 160,000 | $ 128,129 | |
| 144A 4.625% 6/1/30 # | 100,000 | 85,959 | |
| Endo Luxembourg Finance I 144A 6.125% 4/1/29 #, ‡ | 38,000 | 28,158 | |
| HCA 3.50% 7/15/51 | 42,000 | 29,100 | |
| Heartland Dental 144A 8.50% 5/1/26 # | 347,000 | 311,298 | |
| JBS USA Lux 144A 3.00% 2/2/29 # | 120,000 | 102,060 | |
| MajorDrive Holdings IV 144A 6.375% 6/1/29 # | 669,000 | 531,945 | |
| Medline Borrower 144A 3.875% 4/1/29 # | 504,000 | 438,484 | |
| ModivCare Escrow Issuer 144A 5.00% 10/1/29 # | 118,000 | 87,431 | |
| Par Pharmaceutical 144A 7.50% 4/1/27 #, ‡ | 454,000 | 336,147 | |
| Pfizer Investment Enterprises | |||
| 4.75% 5/19/33 | 65,000 | 64,780 | |
| 5.11% 5/19/43 | 50,000 | 50,146 | |
| 5.30% 5/19/53 | 40,000 | 41,619 | |
| Pilgrim's Pride 4.25% 4/15/31 | 406,000 | 348,545 | |
| Tenet Healthcare | |||
| 4.375% 1/15/30 | 305,000 | 275,523 | |
| 6.125% 10/1/28 | 190,000 | 183,095 | |
| 144A 6.75% 5/15/31 # | 90,000 | 90,332 | |
| Zoetis 5.40% 11/14/25 | 25,000 | 25,083 | |
| 3,660,603 | |||
| Electric — 1.12% | |||
| Berkshire Hathaway Energy 2.85% 5/15/51 | 60,000 | 38,865 | |
| Calpine | |||
| 144A 5.00% 2/1/31 # | 250,000 | 207,088 | |
| 144A 5.125% 3/15/28 # | 235,000 | 210,039 | |
| Duke Energy Carolinas 4.95% 1/15/33 | 40,000 | 39,724 | |
| Fells Point Funding Trust 144A 3.046% 1/31/27 # | 100,000 | 91,995 | |
| NextEra Energy Capital Holdings 3.00% 1/15/52 | 40,000 | 26,362 | |
| Southern 5.70% 10/15/32 | 45,000 | 46,607 | |
| Vistra 144A 7.00% 12/15/26 #, μ, ψ | 715,000 | 624,642 | |
| Vistra Operations 144A 4.30% 7/15/29 # | 109,000 | 96,694 | |
| 1,382,016 | |||
NQ- IV930 [0623] 0823 (3050901) 3
Schedule of investments
Delaware Ivy Multi-Asset Income Fund (Unaudited)
| Principalamount° | Value (US $) | ||
| Corporate Bonds (continued) | |||
| Energy — 5.90% | |||
| Ascent Resources Utica Holdings | |||
| 144A 5.875% 6/30/29 # | 309,000 | $ 275,993 | |
| 144A 7.00% 11/1/26 # | 214,000 | 207,332 | |
| Bellatrix Exploration 12.50% 12/15/23 = | 193,000 | 0 | |
| Callon Petroleum | |||
| 144A 7.50% 6/15/30 # | 145,000 | 137,001 | |
| 144A 8.00% 8/1/28 # | 465,000 | 460,310 | |
| Cheniere Energy Partners 144A 5.95% 6/30/33 # | 50,000 | 50,208 | |
| CNX Midstream Partners 144A 4.75% 4/15/30 # | 155,000 | 131,622 | |
| CNX Resources 144A 6.00% 1/15/29 # | 325,000 | 301,563 | |
| Crestwood Midstream Partners | |||
| 144A 5.625% 5/1/27 # | 172,000 | 163,228 | |
| 144A 6.00% 2/1/29 # | 36,000 | 33,651 | |
| 144A 7.375% 2/1/31 # | 185,000 | 182,561 | |
| Diamondback Energy 4.25% 3/15/52 | 74,000 | 56,843 | |
| Energy Transfer 6.50% 11/15/26 μ, ψ | 262,000 | 238,635 | |
| EQM Midstream Partners | |||
| 144A 4.75% 1/15/31 # | 383,000 | 335,946 | |
| 6.50% 7/15/48 | 130,000 | 117,766 | |
| Ferrellgas 144A 5.375% 4/1/26 # | 160,000 | 148,961 | |
| Genesis Energy | |||
| 7.75% 2/1/28 | 300,000 | 285,693 | |
| 8.00% 1/15/27 | 519,000 | 506,602 | |
| Hilcorp Energy I | |||
| 144A 6.00% 2/1/31 # | 225,000 | 201,404 | |
| 144A 6.25% 4/15/32 # | 520,000 | 464,295 | |
| Murphy Oil 6.375% 7/15/28 | 885,000 | 873,162 | |
| NuStar Logistics | |||
| 6.00% 6/1/26 | 201,000 | 195,976 | |
| 6.375% 10/1/30 | 200,000 | 191,038 | |
| Occidental Petroleum 6.125% 1/1/31 | 64,000 | 65,051 | |
| Southwestern Energy 5.375% 3/15/30 | 490,000 | 457,727 | |
| USA Compression Partners | |||
| 6.875% 4/1/26 | 190,000 | 186,294 | |
| 6.875% 9/1/27 | 285,000 | 272,428 | |
| Vital Energy 10.125% 1/15/28 | 440,000 | 431,871 | |
| Weatherford International 144A 8.625% 4/30/30 # | 320,000 | 325,177 | |
| 7,298,338 | |||
| Principalamount° | Value (US $) | ||
| Corporate Bonds (continued) | |||
| Finance Companies — 0.79% | |||
| AerCap Holdings 5.875% 10/10/79 μ | 385,000 | $ 363,666 | |
| Air Lease | |||
| 2.875% 1/15/32 | 35,000 | 28,130 | |
| 4.65% 6/15/26 μ, ψ | 335,000 | 280,415 | |
| Aviation Capital Group | |||
| 144A 3.50% 11/1/27 # | 105,000 | 92,826 | |
| 144A 6.25% 4/15/28 # | 20,000 | 19,972 | |
| Midcap Financial Issuer Trust 144A 6.50% 5/1/28 # | 210,000 | 187,149 | |
| 972,158 | |||
| Insurance — 1.12% | |||
| American International Group 5.125% 3/27/33 | 105,000 | 102,617 | |
| Ardonagh Midco 2 144A PIK 11.50% 1/15/27 #, > | 282,744 | 261,538 | |
| Berkshire Hathaway Finance 3.85% 3/15/52 | 95,000 | 78,617 | |
| HUB International 144A 5.625% 12/1/29 # | 265,000 | 238,001 | |
| Jones Deslauriers Insurance Management | |||
| 144A 8.50% 3/15/30 # | 290,000 | 296,193 | |
| 144A 10.50% 12/15/30 # | 215,000 | 216,914 | |
| UnitedHealth Group | |||
| 4.20% 5/15/32 | 79,000 | 75,451 | |
| 5.05% 4/15/53 | 121,000 | 120,360 | |
| 1,389,691 | |||
| Natural Gas — 0.10% | |||
| Atmos Energy 2.85% 2/15/52 | 45,000 | 30,449 | |
| Southern California Gas 5.20% 6/1/33 | 60,000 | 59,238 | |
| Southern Co. Gas Capital 5.15% 9/15/32 | 35,000 | 34,800 | |
| 124,487 | |||
| Real Estate Investment Trusts — 0.03% | |||
| American Homes 4 Rent 3.625% 4/15/32 | 45,000 | 38,932 | |
| 38,932 | |||
| Technology — 2.95% | |||
| Apple 4.30% 5/10/33 | 40,000 | 39,805 | |
| Autodesk 2.40% 12/15/31 | 35,000 | 28,662 | |
| CDW | |||
| 3.276% 12/1/28 | 45,000 | 39,119 | |
| 3.569% 12/1/31 | 470,000 | 397,272 | |
| CommScope 144A 8.25% 3/1/27 # | 140,000 | 112,193 | |
| CommScope Technologies 144A 6.00% 6/15/25 # | 257,000 | 239,869 | |
4 NQ- IV930 [0623] 0823 (3050901)
(Unaudited)
| Principalamount° | Value (US $) | ||
| Corporate Bonds (continued) | |||
| Technology (continued) | |||
| Entegris Escrow | |||
| 144A 4.75% 4/15/29 # | 239,000 | $ 222,092 | |
| 144A 5.95% 6/15/30 # | 525,000 | 503,804 | |
| Iron Mountain 144A 5.25% 7/15/30 # | 715,000 | 644,923 | |
| Micron Technology 5.875% 9/15/33 | 240,000 | 237,951 | |
| NCR | |||
| 144A 5.00% 10/1/28 # | 318,000 | 284,162 | |
| 144A 5.125% 4/15/29 # | 8,000 | 7,090 | |
| 144A 5.25% 10/1/30 # | 106,000 | 92,311 | |
| 144A 6.125% 9/1/29 # | 144,000 | 144,250 | |
| Oracle | |||
| 3.60% 4/1/50 | 63,000 | 45,054 | |
| 5.55% 2/6/53 | 62,000 | 60,082 | |
| Seagate HDD Cayman | |||
| 5.75% 12/1/34 | 123,000 | 109,275 | |
| 144A 8.25% 12/15/29 # | 115,000 | 120,218 | |
| Sensata Technologies 144A 4.00% 4/15/29 # | 360,000 | 320,826 | |
| 3,648,958 | |||
| Transportation — 0.49% | |||
| American Airlines 144A 5.75% 4/20/29 # | 238,142 | 231,445 | |
| Burlington Northern Santa Fe 2.875% 6/15/52 | 55,000 | 37,674 | |
| ERAC USA Finance | |||
| 144A 4.90% 5/1/33 # | 55,000 | 53,789 | |
| 144A 5.40% 5/1/53 # | 20,000 | 19,983 | |
| Grupo Aeromexico 144A 8.50% 3/17/27 # | 300,000 | 268,701 | |
| 611,592 | |||
| Total Corporate Bonds (cost $46,492,764) | 42,155,796 | ||
| Non-Agency Commercial Mortgage-Backed Securities — 0.75% | |||
| BANK | |||
| Series 2019-BN21 A5 2.851% 10/17/52 | 100,000 | 85,301 | |
| Series 2020-BN26 A4 2.403% 3/15/63 | 220,000 | 182,714 | |
| Series 2021-BN32 A5 2.643% 4/15/54 | 250,000 | 207,972 | |
| Benchmark Mortgage Trust | |||
| Series 2020-B17 A5 2.289% 3/15/53 | 225,000 | 181,172 | |
| Series 2020-B22 A5 1.973% 1/15/54 | 100,000 | 78,213 | |
| Principalamount° | Value (US $) | ||
| Non-Agency Commercial Mortgage-Backed Securities (continued) | |||
| Benchmark Mortgage Trust | |||
| Series 2022-B33 A5 3.458% 3/15/55 | 225,000 | $ 196,548 | |
| Total Non-Agency Commercial Mortgage-Backed Securities (cost $975,880) | 931,920 | ||
| Loan Agreements — 1.36% | |||
| Applied Systems 2nd Lien 11.99% (SOFR03M + 6.75%) 9/17/27 • | 450,953 | 452,080 | |
| Foresight Energy Operating Tranche A 13.341% (SOFR03M + 8.10%) 6/30/27 • | 210,993 | 205,719 | |
| Jones DesLauriers Insurance Management 1st Lien | |||
| 9.27% (CDOR03M + 4.25%) 3/27/28 • | CAD | 50,362 | 37,731 |
| 9.292% (CDOR03M + 4.25%) 3/27/28 • | CAD | 221,114 | 165,658 |
| MLN US HoldCo 1st Lien 11.782% (SOFR03M + 6.70%) 10/18/27 • | 871,480 | 501,101 | |
| MLN US HoldCo Tranche B 14.332% (SOFR03M + 9.25%) 10/18/27 • | 376,000 | 188,000 | |
| Swf Holdings I 9.22% (SOFR01M + 4.11%) 10/6/28 • | 166,888 | 135,596 | |
| Total Loan Agreements (cost $2,199,763) | 1,685,885 | ||
| US Treasury Obligations — 1.57% | |||
| US Treasury Bonds | |||
| 2.25% 8/15/46 | 235,000 | 171,821 | |
| 3.625% 5/15/53 | 185,000 | 177,831 | |
| US Treasury Notes | |||
| 3.375% 5/15/33 | 210,000 | 202,552 | |
| 3.50% 1/31/30 | 85,000 | 82,500 | |
| 3.50% 4/30/30 | 450,000 | 436,992 | |
| 4.125% 6/15/26 | 95,000 | 94,050 | |
| 4.125% 10/31/27 | 785,000 | 781,044 | |
| Total US Treasury Obligations (cost $1,983,357) | 1,946,790 | ||
| Number of shares | |||
| Common Stocks — 51.53% | |||
| Basic Industry — 0.46% | |||
| Foresight Energy =, † | 31,163 | 560,625 | |
NQ- IV930 [0623] 0823 (3050901) 5
Schedule of investments
Delaware Ivy Multi-Asset Income Fund (Unaudited)
| Number of shares | Value (US $) | ||
| Common Stocks (continued) | |||
| Basic Industry (continued) | |||
| Westmoreland Coal =, † | 146 | $ 2,183 | |
| 562,808 | |||
| Capital Goods — 0.36% | |||
| Otis Worldwide | 4,934 | 439,175 | |
| 439,175 | |||
| Communication Services — 0.59% | |||
| Orange | 62,190 | 726,780 | |
| 726,780 | |||
| Consumer Cyclical — 0.37% | |||
| Studio City International Holdings † | 60,131 | 417,231 | |
| True Religion Apparel =, † | 2 | 38,719 | |
| 455,950 | |||
| Consumer Discretionary — 4.30% | |||
| adidas AG | 5,680 | 1,102,647 | |
| Amadeus IT Group † | 14,859 | 1,131,519 | |
| H & M Hennes & Mauritz Class B | 50,180 | 862,961 | |
| Kering | 786 | 434,028 | |
| Sodexo | 8,576 | 944,367 | |
| Studio City International Holdings ADR † | 34,710 | 240,842 | |
| Swatch Group | 2,060 | 602,328 | |
| 5,318,692 | |||
| Consumer Non-Cyclical — 9.79% | |||
| Clorox | 7,630 | 1,213,475 | |
| Fresenius Medical Care AG & Co. | 7,740 | 369,903 | |
| Henry Schein † | 13,473 | 1,092,660 | |
| Ingredion | 8,980 | 951,431 | |
| Intertek Group | 11,800 | 639,654 | |
| Kimberly-Clark | 6,434 | 888,278 | |
| Lamb Weston Holdings | 5,950 | 683,953 | |
| Merck & Co. | 8,800 | 1,015,432 | |
| Pfizer | 26,888 | 986,252 | |
| Roche Holding | 2,701 | 825,075 | |
| Securitas Class B | 101,310 | 832,135 | |
| Smith & Nephew | 77,010 | 1,242,428 | |
| Unilever | 26,286 | 1,368,823 | |
| 12,109,499 | |||
| Consumer Staples — 6.78% | |||
| Archer-Daniels-Midland | 3,755 | 283,728 | |
| Asahi Group Holdings | 9,100 | 353,078 | |
| Bunge | 4,321 | 407,686 | |
| Danone | 20,810 | 1,275,309 | |
| Diageo | 29,924 | 1,286,463 | |
| Essity Class B | 31,450 | 837,566 | |
| Number of shares | Value (US $) | ||
| Common Stocks (continued) | |||
| Consumer Staples (continued) | |||
| Kao | 16,400 | $ 595,155 | |
| Koninklijke Ahold Delhaize | 48,750 | 1,662,035 | |
| Nestle | 14,020 | 1,686,488 | |
| 8,387,508 | |||
| Energy — 3.66% | |||
| BP ADR | 9,008 | 317,892 | |
| Chesapeake Energy | 3,601 | 301,332 | |
| Chord Energy | 674 | 103,661 | |
| Enbridge | 12,055 | 448,076 | |
| Kimbell Royalty Partners | 33,286 | 489,637 | |
| Occidental Petroleum | 5,767 | 339,100 | |
| Parex Resources | 9,918 | 198,847 | |
| Permian Resources | 15,490 | 169,770 | |
| Schlumberger | 6,375 | 313,140 | |
| Shell | 23,508 | 701,283 | |
| TC Energy | 10,970 | 443,354 | |
| Unit | 6,476 | 310,071 | |
| Valero Energy | 3,360 | 394,128 | |
| 4,530,291 | |||
| Financial Services — 0.28% | |||
| New Cotai =, † | 318,315 | 334,509 | |
| Riverbed Holdings =, † | 31,305 | 7,826 | |
| 342,335 | |||
| Financials — 0.71% | |||
| Visa Class A | 3,695 | 877,489 | |
| 877,489 | |||
| Healthcare — 1.36% | |||
| Aedifica | 480 | 30,781 | |
| Healthcare Realty Trust | 6,040 | 113,914 | |
| HealthCo REIT | 38,920 | 34,093 | |
| Healthpeak Properties | 8,070 | 162,207 | |
| Novo Nordisk Class B | 4,710 | 760,853 | |
| Welltower | 7,220 | 584,026 | |
| 1,685,874 | |||
| Home builders — 0.10% | |||
| China Resources Land | 4,000 | 17,023 | |
| Lifestyle Communities | 3,310 | 34,727 | |
| Sekisui House | 2,000 | 40,399 | |
| Sumitomo Forestry | 1,500 | 36,434 | |
| 128,583 | |||
| Industrials — 4.24% | |||
| ALEATICA † | 473,899 | 941,320 | |
| Atlas Arteria | 103,160 | 428,422 | |
| CCR | 147,761 | 432,957 | |
| East Japan Railway | 7,500 | 415,901 | |
| Enav 144A # | 102,660 | 437,431 | |
| GrafTech International | 20,978 | 105,729 | |
6 NQ- IV930 [0623] 0823 (3050901)
(Unaudited)
| Number of shares | Value (US $) | ||
| Common Stocks (continued) | |||
| Industrials (continued) | |||
| Knorr-Bremse | 8,800 | $ 672,704 | |
| Makita | 18,800 | 531,406 | |
| Sacyr | 130,383 | 446,149 | |
| Transurban Group | 43,394 | 413,170 | |
| Vinci | 3,609 | 419,349 | |
| 5,244,538 | |||
| Materials — 4.51% | |||
| Air Liquide | 6,882 | 1,234,184 | |
| Alcoa | 7,881 | 267,402 | |
| Anglo American | 17,934 | 510,644 | |
| CF Industries Holdings | 1,517 | 105,310 | |
| Corteva | 7,349 | 421,098 | |
| Endeavour Mining | 6,137 | 147,384 | |
| ERO Copper † | 16,047 | 324,635 | |
| Freeport-McMoRan | 6,617 | 264,680 | |
| Hudbay Minerals | 41,644 | 199,891 | |
| Kinross Gold | 66,400 | 316,728 | |
| Newmont | 12,852 | 548,266 | |
| Nutrien | 8,874 | 524,010 | |
| Sylvamo | 3,152 | 127,498 | |
| United States Steel | 3,904 | 97,639 | |
| Vale ADR | 15,191 | 203,863 | |
| Wheaton Precious Metals | 6,717 | 290,309 | |
| 5,583,541 | |||
| Real Estate — 0.86% | |||
| Mitsubishi Estate | 15,200 | 180,581 | |
| Sumitomo Realty & Development | 6,100 | 151,164 | |
| Weyerhaeuser | 21,772 | 729,580 | |
| 1,061,325 | |||
| REIT Diversified — 1.11% | |||
| CapitaLand Ascendas REIT | 78,700 | 158,846 | |
| Charter Hall Group | 8,140 | 58,354 | |
| CK Asset Holdings | 9,500 | 52,789 | |
| DigitalBridge Group | 3,280 | 48,249 | |
| Fastighets Balder Class B † | 8,630 | 31,599 | |
| Inmobiliaria Colonial Socimi | 9,280 | 56,268 | |
| Land Securities Group | 9,790 | 71,583 | |
| Mapletree Logistics Trust | 119,900 | 144,210 | |
| Mapletree Pan Asia Commercial Trust | 70,600 | 84,934 | |
| Nomura Real Estate Master Fund | 160 | 184,541 | |
| Shaftesbury Capital | 21,151 | 30,918 | |
| Sun Hung Kai Properties | 19,000 | 240,058 | |
| United Urban Investment | 120 | 121,128 | |
| Wharf Real Estate Investment | 18,000 | 90,313 | |
| 1,373,790 | |||
| Number of shares | Value (US $) | ||
| Common Stocks (continued) | |||
| REIT Healthcare — 0.20% | |||
| Alexandria Real Estate Equities | 2,150 | $ 244,003 | |
| 244,003 | |||
| REIT Industrial — 1.26% | |||
| Americold Realty Trust | 7,410 | 239,343 | |
| Goodman Group | 10,590 | 142,360 | |
| Mitsubishi Estate Logistics REIT Investment | 32 | 91,783 | |
| Nippon Prologis REIT | 60 | 120,588 | |
| Prologis | 5,290 | 648,713 | |
| Rexford Industrial Realty | 2,400 | 125,328 | |
| Segro | 11,120 | 101,412 | |
| Warehouses De Pauw CVA | 3,320 | 91,176 | |
| 1,560,703 | |||
| REIT Information Technology — 0.98% | |||
| American Tower | 540 | 104,728 | |
| Digital Realty Trust | 3,780 | 430,428 | |
| Equinix | 870 | 682,028 | |
| 1,217,184 | |||
| REIT Lodging — 0.17% | |||
| Ryman Hospitality Properties | 1,520 | 141,238 | |
| Xenia Hotels & Resorts | 5,890 | 72,506 | |
| 213,744 | |||
| REIT Mall — 0.13% | |||
| Simon Property Group | 1,380 | 159,362 | |
| 159,362 | |||
| REIT Manufactured Housing — 0.33% | |||
| Equity LifeStyle Properties | 3,080 | 206,021 | |
| Sun Communities | 1,530 | 199,604 | |
| 405,625 | |||
| REIT Multifamily — 0.94% | |||
| American Homes 4 Rent Class A | 4,780 | 169,451 | |
| Boardwalk Real Estate Investment Trust | 1,460 | 68,539 | |
| Canadian Apartment Properties REIT | 3,380 | 129,766 | |
| CapitaLand Ascott Trust | 1,904 | 1,526 | |
| Equity Residential | 3,420 | 225,617 | |
| Gecina | 740 | 78,942 | |
| InterRent Real Estate Investment Trust | 6,030 | 58,354 | |
| LEG Immobilien † | 870 | 50,198 | |
| UDR | 3,700 | 158,952 | |
| UNITE Group | 9,580 | 106,121 | |
NQ- IV930 [0623] 0823 (3050901) 7
Schedule of investments
Delaware Ivy Multi-Asset Income Fund (Unaudited)
| Number of shares | Value (US $) | ||
| Common Stocks (continued) | |||
| REIT Multifamily (continued) | |||
| Vonovia | 5,820 | $ 113,663 | |
| 1,161,129 | |||
| REIT Office — 0.21% | |||
| Castellum | 4,020 | 38,482 | |
| Derwent London | 1,530 | 39,826 | |
| Fabege | 4,520 | 32,563 | |
| Japan Real Estate Investment | 17 | 64,695 | |
| Tokyu REIT | 50 | 66,806 | |
| Wihlborgs Fastigheter | 3,040 | 22,004 | |
| 264,376 | |||
| REIT Retail — 0.15% | |||
| Link REIT | 25,623 | 142,647 | |
| Unibail-Rodamco-Westfield † | 840 | 44,305 | |
| 186,952 | |||
| REIT Self-Storage — 0.79% | |||
| Big Yellow Group | 6,080 | 82,967 | |
| Extra Space Storage | 1,980 | 294,723 | |
| Life Storage | 1,940 | 257,942 | |
| National Storage REIT | 42,060 | 66,023 | |
| Public Storage | 920 | 268,530 | |
| 970,185 | |||
| REIT Shopping Center — 0.37% | |||
| Federal Realty Investment Trust | 1,880 | 181,928 | |
| Kite Realty Group Trust | 12,350 | 275,899 | |
| 457,827 | |||
| REIT Single Tenant — 0.66% | |||
| Agree Realty | 4,340 | 283,793 | |
| Realty Income | 8,790 | 525,554 | |
| 809,347 | |||
| REIT Specialty — 0.26% | |||
| Invitation Homes | 9,440 | 324,736 | |
| 324,736 | |||
| Technology — 1.57% | |||
| Cellnex Telecom 144A # | 13,274 | 536,320 | |
| NEXTDC † | 6,620 | 55,825 | |
| SAP | 9,880 | 1,349,681 | |
| 1,941,826 | |||
| Utilities — 4.03% | |||
| APA Group | 39,392 | 254,864 | |
| Enel | 65,957 | 444,710 | |
| Hydro One 144A # | 14,788 | 422,514 | |
| National Grid | 33,111 | 438,998 | |
| Orsted 144A # | 4,613 | 437,323 | |
| Pennon Group | 44,778 | 404,593 | |
| Number of shares | Value (US $) | ||
| Common Stocks (continued) | |||
| Utilities (continued) | |||
| PPL | 16,597 | $ 439,157 | |
| Severn Trent | 12,806 | 417,479 | |
| Snam | 82,504 | 431,195 | |
| SSE | 18,789 | 440,604 | |
| Terna - Rete Elettrica Nazionale | 51,938 | 442,988 | |
| United Utilities Group | 33,757 | 412,764 | |
| 4,987,189 | |||
| Total Common Stocks (cost $63,835,429) | 63,732,366 | ||
| Preferred Stocks — 0.58% | |||
| Henkel AG & Co. 2.64% ω | 8,760 | 700,592 | |
| True Religion Apparel 6.25% =, ω | 2 | 10,280 | |
| Total Preferred Stocks (cost $747,613) | 710,872 | ||
| Exchange-Traded Funds — 5.27% | |||
| SPDR S&P Global Natural Resources ETF | 9,862 | 531,660 | |
| Vanguard Global ex-U.S. Real Estate ETF | 220 | 8,842 | |
| Vanguard High Dividend Yield ETF | 34,003 | 3,606,698 | |
| Vanguard International High Dividend Yield ETF | 37,136 | 2,346,995 | |
| Vanguard Real Estate ETF | 210 | 17,548 | |
| Total Exchange-Traded Funds (cost $6,604,918) | 6,511,743 | ||
| Master Limited Partnerships — 0.41% | |||
| Black Stone Minerals | 31,609 | 504,164 | |
| Total Master Limited Partnerships (cost $309,870) | 504,164 | ||
| Rights — 0.01% | |||
| Aedifica † | 480 | 638 | |
| Sacyr † | 133,596 | 11,969 | |
| Total Rights (cost $11,395) | 12,607 | ||
| Warrants — 0.01% | |||
| California Resources † | 1,167 | 13,841 | |
8 NQ- IV930 [0623] 0823 (3050901)
(Unaudited)
| Value (US $) | |||
| Warrants (continued) | |||
| Total Warrants (cost $101,593) | 13,841 | ||
| Total Value of Securities—98.97% (cost $127,091,783) | 122,410,905 | ||
| Receivables and Other Assets Net of Liabilities—1.03% | 1,273,490 | ||
| Net Assets Applicable to 13,027,180 Shares Outstanding—100.00% | $123,684,395 | ||
| ° | Principal amount shown is stated in USD unless noted that the security is denominated in another currency. |
| = | The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security. |
| 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. |
| ‡ | Non-income producing security. Security is currently in default. |
| # | 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 $31,810,028, which represents 25.72% of the Fund's net assets. |
| > | PIK. 100% of the income received was in the form of cash. |
| >> | PIK. 100% of the income received was in the form of principal. |
| ψ | Perpetual security. Maturity date represents next call date. |
| • | 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. |
| † | Non-income producing security. |
| ω | Perpetual security with no stated maturity date. |
| ★ | Includes $161,700 cash collateral held at broker for futures contracts as of June 30, 2023. |
NQ- IV930 [0623] 0823 (3050901) 9
Schedule of investments
Delaware Ivy Multi-Asset Income Fund (Unaudited)
The following foreign currency exchange contracts and futures 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 | (195,000) | USD | 145,803 | 8/25/23 | $(1,529) | ||||
| Futures Contracts Exchange-Traded | |||||||||||||
| Contracts to Buy (Sell) | Notional Amount | Notional Cost (Proceeds) | Expiration Date | Value/ Unrealized Appreciation | Value/ Unrealized Depreciation | Variation Margin Due from (Due to) Brokers | |||||||
| 1 | US Treasury 2 yr Notes | $203,344 | $206,237 | 9/29/23 | $— | $(2,893) | $(31) | ||||||
| 2 | US Treasury 5 yr Notes | 214,188 | 216,355 | 9/29/23 | — | (2,167) | — | ||||||
| (4) | US Treasury 10 yr Notes | (449,063) | (456,349) | 9/20/23 | 7,286 | — | (563) | ||||||
| (4) | US Treasury 10 yr Ultra Notes | (473,750) | (479,459) | 9/20/23 | 5,709 | — | (1,187) | ||||||
| Total Futures Contracts | $(513,216) | $12,995 | $(5,060) | $(1,781) | |||||||||
The use of foreign currency exchange contracts and futures contracts involves elements of market risk and risks in excess of the amounts disclosed in the schedule of investments. The foreign currency exchange contracts and notional amounts presented above represent the Fund's total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) and variation margin are reflected in the Fund's net assets.
See Note 0 in “Notes to financial statements.”
| Summary of abbreviations: |
| ADR – American Depositary Receipt |
| AG – Aktiengesellschaft |
| CDOR03M – 3 Month Canadian Dollar Offered Rate |
| CVA – Certified Dutch Certificate |
| ETF – Exchange-Traded Fund |
| ICE – Intercontinental Exchange, Inc. |
| LIBOR – London Interbank Offered Rate |
| LIBOR03M – ICE LIBOR USD 3 Month |
| LIBOR06M – ICE LIBOR USD 6 Month |
| PIK – Payment-in-kind |
| REIT – Real Estate Investment Trust |
| S&P – Standard & Poor’s Financial Services LLC |
| Summary of abbreviations: (continued) |
| S.F. – Single Family |
| SOFR01M – Secured Overnight Financing Rate 1 Month |
| SOFR03M – Secured Overnight Financing Rate 3 Month |
| SPDR – Standard & Poor's Depositary Receipt |
| TD – TD Bank |
| yr – Year |
| Summary of currencies: |
| CAD – Canadian Dollar |
| EUR – European Monetary Unit |
| USD – US Dollar |
10 NQ- IV930 [0623] 0823 (3050901)