Schedule of investments
Delaware Ivy Global Bond Fund
December 31, 2023 (Unaudited)
Principal amount° | Value (US $) | ||
Agency Mortgage-Backed Securities – 11.53% | |||
Fannie Mae S.F. 20 yr 4.00% 8/1/42 | 462,601 | $ 444,263 | |
Fannie Mae S.F. 30 yr | |||
2.50% 2/1/52 | 2,401,934 | 2,052,368 | |
3.50% 1/1/52 | 2,065,661 | 1,897,181 | |
3.50% 6/1/52 | 4,155,233 | 3,812,728 | |
3.50% 9/1/52 | 1,267,188 | 1,162,700 | |
4.00% 5/1/51 | 1,030,454 | 985,765 | |
4.50% 1/1/50 | 81,962 | 81,814 | |
4.50% 4/1/50 | 830,613 | 818,852 | |
4.50% 10/1/52 | 401,760 | 389,570 | |
4.50% 12/1/52 | 3,301,893 | 3,201,705 | |
4.50% 2/1/53 | 717,784 | 696,005 | |
5.00% 2/1/53 | 1,229,386 | 1,216,242 | |
5.00% 8/1/53 | 376,866 | 372,837 | |
5.50% 10/1/52 | 1,930,013 | 1,941,728 | |
5.50% 10/1/52 | 202,884 | 204,518 | |
5.50% 3/1/53 | 3,969,877 | 3,985,926 | |
5.50% 3/1/53 | 3,210,434 | 3,225,787 | |
5.50% 7/1/53 | 2,087,516 | 2,096,707 | |
Freddie Mac S.F. 15 yr 5.00% 6/1/38 | 1,878,792 | 1,889,408 | |
Freddie Mac S.F. 20 yr 5.50% 6/1/43 | 1,606,596 | 1,629,681 | |
Freddie Mac S.F. 30 yr | |||
2.50% 2/1/52 | 140,992 | 120,261 | |
3.00% 12/1/46 | 1,461,448 | 1,325,160 | |
4.00% 8/1/52 | 1,280,212 | 1,215,896 | |
4.50% 9/1/52 | 1,331,974 | 1,291,558 | |
4.50% 10/1/52 | 2,642,823 | 2,562,633 | |
5.00% 6/1/53 | 2,606,231 | 2,588,976 | |
5.00% 6/1/53 | 4,879,322 | 4,827,156 | |
6.00% 12/1/52 | 803,766 | 816,988 | |
6.00% 3/1/53 | 2,687,333 | 2,729,187 | |
6.00% 9/1/53 | 492,007 | 499,566 | |
GNMA II S.F. 30 yr | |||
3.00% 12/20/51 | 1,389,332 | 1,257,546 | |
5.50% 5/20/53 | 289,931 | 292,065 | |
Total Agency Mortgage-Backed Securities (cost $50,917,625) | 51,632,777 | ||
Corporate Bonds – 37.74%Δ | |||
Australia − 4.29% | |||
Ampol | |||
7.767% 12/2/81 • | AUD | 1,000,000 | 696,056 |
7.96% 12/9/80 • | AUD | 3,000,000 | 2,094,579 |
AngloGold Ashanti Holdings 3.75% 10/1/30 | 1,450,000 | 1,261,744 | |
APA Infrastructure 2.00% 7/15/30 | EUR | 1,000,000 | 996,729 |
Principal amount° | Value (US $) | ||
Corporate BondsΔ (continued) | |||
Australia (continued) | |||
AusNet Services Holdings Pty 7.229% 10/6/80 • | AUD | 2,000,000 | $ 1,368,497 |
BHP Billiton Finance USA 5.25% 9/8/30 | 1,285,000 | 1,332,018 | |
Charter Hall LWR Pty 2.086% 3/3/28 | AUD | 3,350,000 | 1,969,781 |
Commonwealth Bank of Australia 6.86% 11/9/32 μ | AUD | 1,900,000 | 1,362,736 |
National Australia Bank 6.322% 8/3/32 μ | AUD | 6,142,000 | 4,309,993 |
NSW Electricity Networks Finance Pty 2.543% 9/23/30 | AUD | 3,500,000 | 1,978,683 |
WestConnex Finance 3.15% 3/31/31 | AUD | 3,200,000 | 1,838,913 |
19,209,729 | |||
Brazil − 0.09% | |||
Rumo Luxembourg 144A 5.25% 1/10/28 # | 435,000 | 419,069 | |
419,069 | |||
Chile − 0.13% | |||
Sociedad Quimica y Minera de Chile 144A 6.50% 11/7/33 # | 540,000 | 572,957 | |
572,957 | |||
China − 0.20% | |||
ENN Energy Holdings 144A 2.625% 9/17/30 # | 909,000 | 778,537 | |
RKPF Overseas 2020 A 5.125% 7/26/26 | 425,000 | 100,330 | |
878,867 | |||
Colombia − 0.47% | |||
Geopark 144A 5.50% 1/17/27 # | 1,635,000 | 1,449,170 | |
Grupo Energia Bogota 144A 7.85% 11/9/33 # | 600,000 | 652,535 | |
2,101,705 | |||
Denmark − 0.17% | |||
Danfoss Finance I 0.375% 10/28/28 | EUR | 800,000 | 774,145 |
774,145 | |||
France − 2.43% | |||
BPCE | |||
3.50% 1/25/28 | EUR | 1,500,000 | 1,675,672 |
144A 5.125% 1/18/28 # | 3,215,000 | 3,210,660 | |
Credit Agricole 144A 6.316% 10/3/29 #, μ | 1,405,000 | 1,472,959 | |
Edenred 3.625% 6/13/31 | EUR | 1,000,000 | 1,125,553 |
NQ- IV054 [1223] 0224 (3375985) 1
Schedule of investments
Delaware Ivy Global Bond Fund (Unaudited)
Principal amount° | Value (US $) | ||
Corporate BondsΔ (continued) | |||
France (continued) | |||
Electricite de France | |||
4.25% 1/25/32 | EUR | 500,000 | $ 579,912 |
4.375% 10/12/29 | EUR | 500,000 | 585,290 |
Engie 0.50% 10/24/30 | EUR | 1,200,000 | 1,109,438 |
Thales 3.625% 6/14/29 | EUR | 1,000,000 | 1,129,698 |
10,889,182 | |||
Germany − 1.25% | |||
Aroundtown 1.625% 1/31/28 | EUR | 1,700,000 | 1,526,591 |
Deutsche Bank | |||
6.72% 1/18/29 μ | 745,000 | 780,606 | |
6.819% 11/20/29 μ | 740,000 | 779,579 | |
7.146% 7/13/27 μ | 360,000 | 373,877 | |
Mercedes-Benz Finance North America | |||
144A 5.05% 8/3/33 # | 230,000 | 236,692 | |
144A 5.10% 8/3/28 # | 550,000 | 561,024 | |
Volkswagen International Finance 3.875% 3/29/26 | EUR | 1,200,000 | 1,335,330 |
5,593,699 | |||
Guatemala − 0.32% | |||
Central American Bottling 144A 5.25% 4/27/29 # | 1,500,000 | 1,410,208 | |
1,410,208 | |||
Hong Kong − 0.54% | |||
Cheung Kong Infrastructure Finance 1.00% 12/12/24 | EUR | 875,000 | 931,539 |
CK Hutchison International 23 144A 4.875% 4/21/33 # | 1,500,000 | 1,504,612 | |
2,436,151 | |||
India − 0.21% | |||
Summit Digitel Infrastructure 144A 2.875% 8/12/31 # | 1,158,000 | 951,006 | |
951,006 | |||
Indonesia − 1.09% | |||
Perusahaan Perseroan Persero Perusahaan Listrik Negara 144A 5.375% 1/25/29 # | 4,800,000 | 4,876,416 | |
4,876,416 | |||
Ireland − 0.29% | |||
AerCap Ireland Capital DAC 3.00% 10/29/28 | 1,445,000 | 1,319,977 | |
1,319,977 |
Principal amount° | Value (US $) | ||
Corporate BondsΔ (continued) | |||
Italy − 0.52% | |||
Aeroporti di Roma 1.75% 7/30/31 | EUR | 1,000,000 | $ 955,041 |
Autostrade per l'Italia | |||
2.00% 12/4/28 | EUR | 300,000 | 304,929 |
2.00% 1/15/30 | EUR | 1,100,000 | 1,079,692 |
2,339,662 | |||
Kazakhstan − 0.45% | |||
Development Bank of Kazakhstan JSC 144A 5.75% 5/12/25 # | 2,000,000 | 2,004,164 | |
2,004,164 | |||
Kuwait − 0.18% | |||
NBK SPC 144A 1.625% 9/15/27 #, μ | 887,000 | 804,228 | |
804,228 | |||
Mexico − 1.27% | |||
Banco Santander Mexico | |||
144A 5.375% 4/17/25 # | 1,150,000 | 1,148,853 | |
144A 7.525% 10/1/28 #, μ | 850,000 | 890,203 | |
BBVA Bancomer | |||
144A 1.875% 9/18/25 # | 1,400,000 | 1,322,213 | |
144A 5.875% 9/13/34 #, μ | 1,700,000 | 1,606,231 | |
Cemex 144A 9.125% 3/14/28 #, μ, ψ | 660,000 | 703,725 | |
5,671,225 | |||
Netherlands − 0.06% | |||
ING Groep 6.083% 9/11/27 μ | 265,000 | 270,615 | |
270,615 | |||
Peru − 0.66% | |||
Banco Internacional del Peru 144A 3.25% 10/4/26 # | 800,000 | 755,458 | |
SAN Miguel Industrias 144A 3.50% 8/2/28 # | 2,550,000 | 2,195,620 | |
2,951,078 | |||
South Africa − 0.08% | |||
Bidvest Group UK 144A 3.625% 9/23/26 # | 387,000 | 359,910 | |
359,910 | |||
Spain − 0.39% | |||
Banco Santander | |||
3.625% 9/27/26 μ | EUR | 1,200,000 | 1,327,254 |
5.588% 8/8/28 | 400,000 | 408,281 | |
1,735,535 |
2 NQ- IV054 [1223] 0224 (3375985)
(Unaudited)
Principal amount° | Value (US $) | ||
Corporate BondsΔ (continued) | |||
Switzerland − 1.35% | |||
Credit Suisse 7.95% 1/9/25 | 1,945,000 | $ 1,989,278 | |
Holcim Finance Luxembourg 0.50% 4/23/31 | EUR | 2,000,000 | 1,801,886 |
Sika Capital | |||
3.75% 11/3/26 | EUR | 900,000 | 1,010,909 |
3.75% 5/3/30 | EUR | 400,000 | 455,474 |
UBS Group 144A 4.751% 5/12/28 #, μ | 800,000 | 788,269 | |
6,045,816 | |||
Thailand − 0.16% | |||
Thaioil Treasury Center 144A 2.50% 6/18/30 # | 850,000 | 720,741 | |
720,741 | |||
Turkey − 0.16% | |||
TAV Havalimanlari Holding 144A 8.50% 12/7/28 # | 700,000 | 717,325 | |
717,325 | |||
Ukraine − 0.22% | |||
Metinvest 8.50% 4/23/26 | 600,000 | 425,016 | |
MHP Lux 6.95% 4/3/26 | 715,000 | 555,555 | |
980,571 | |||
United Arab Emirates − 0.43% | |||
Galaxy Pipeline Assets Bidco 144A 1.75% 9/30/27 # | 1,357,860 | 1,279,345 | |
MAF Global Securities 7.875% 6/30/27 μ, ψ | 625,000 | 639,159 | |
1,918,504 | |||
United Kingdom − 0.44% | |||
Barclays | |||
6.224% 5/9/34 μ | 269,000 | 279,148 | |
7.385% 11/2/28 μ | 285,000 | 304,751 | |
HSBC Holdings 5.887% 8/14/27 μ | 230,000 | 233,289 | |
National Grid 0.25% 9/1/28 | EUR | 1,200,000 | 1,157,611 |
1,974,799 | |||
United States − 19.89% | |||
AEP Texas 5.40% 6/1/33 | 180,000 | 182,890 | |
Air Lease 4.625% 10/1/28 | 1,257,000 | 1,229,716 | |
American International Group 5.125% 3/27/33 | 2,335,000 | 2,371,113 | |
Amgen 5.15% 3/2/28 | 2,140,000 | 2,191,708 | |
Appalachian Power 4.50% 8/1/32 | 1,190,000 | 1,146,334 | |
AT&T 3.55% 12/17/32 | EUR | 1,000,000 | 1,110,759 |
Principal amount° | Value (US $) | ||
Corporate BondsΔ (continued) | |||
United States (continued) | |||
Athene Global Funding 4.76% 4/21/27 | AUD | 3,500,000 | $ 2,242,585 |
Autodesk 2.40% 12/15/31 | 695,000 | 594,951 | |
Aviation Capital Group 144A 3.50% 11/1/27 # | 1,080,000 | 996,110 | |
Bank of America | |||
2.972% 2/4/33 μ | 340,000 | 289,417 | |
3.648% 3/31/29 μ | EUR | 1,500,000 | 1,668,955 |
5.819% 9/15/29 μ | 300,000 | 309,868 | |
5.872% 9/15/34 μ | 260,000 | 272,320 | |
6.204% 11/10/28 μ | 1,015,000 | 1,059,420 | |
Bank of New York Mellon 5.802% 10/25/28 μ | 310,000 | 321,584 | |
BP Capital Markets America 4.812% 2/13/33 | 2,125,000 | 2,143,399 | |
Bristol-Myers Squibb 5.90% 11/15/33 | 325,000 | 354,228 | |
Bunge Limited Finance 2.75% 5/14/31 | 1,020,000 | 888,401 | |
Carrier Global | |||
144A 4.125% 5/29/28 # | EUR | 800,000 | 910,460 |
144A 4.50% 11/29/32 # | EUR | 400,000 | 473,146 |
CDW 3.276% 12/1/28 | 760,000 | 698,108 | |
Charter Communications Operating 3.85% 4/1/61 | 1,515,000 | 945,518 | |
Cheniere Energy Partners 4.50% 10/1/29 | 570,000 | 545,919 | |
Citibank 5.488% 12/4/26 | 285,000 | 290,238 | |
Citizens Bank 6.064% 10/24/25 μ | 2,120,000 | 2,068,907 | |
Comcast 4.80% 5/15/33 | 880,000 | 891,370 | |
Constellation Energy Generation 5.60% 3/1/28 | 1,735,000 | 1,788,233 | |
CRH SMW Finance DAC 4.00% 7/11/27 | EUR | 600,000 | 680,951 |
Crown Castle | |||
2.10% 4/1/31 | 894,000 | 728,645 | |
5.60% 6/1/29 | 208,000 | 212,848 | |
Diamondback Energy 3.125% 3/24/31 | 745,000 | 662,531 | |
Discovery Communications 4.00% 9/15/55 | 1,420,000 | 1,012,137 | |
Duke Energy | |||
2.55% 6/15/31 | 261,000 | 222,883 | |
3.10% 6/15/28 | EUR | 1,200,000 | 1,307,663 |
Duke Energy Carolinas 4.95% 1/15/33 | 1,300,000 | 1,324,883 | |
Energy Transfer 6.50% 11/15/26 μ | 660,000 | 628,835 |
NQ- IV054 [1223] 0224 (3375985) 3
Schedule of investments
Delaware Ivy Global Bond Fund (Unaudited)
Principal amount° | Value (US $) | ||
Corporate BondsΔ (continued) | |||
United States (continued) | |||
Entegris Escrow 144A 4.75% 4/15/29 # | 1,660,000 | $ 1,601,168 | |
Enterprise Products Operating 5.35% 1/31/33 | 1,705,000 | 1,785,279 | |
ERAC USA Finance | |||
144A 4.90% 5/1/33 # | 725,000 | 724,417 | |
144A 5.40% 5/1/53 # | 150,000 | 157,600 | |
Exelon 5.30% 3/15/33 | 2,020,000 | 2,063,173 | |
Ford Motor Credit | |||
2.30% 2/10/25 | 475,000 | 457,127 | |
2.90% 2/10/29 | 695,000 | 609,240 | |
6.798% 11/7/28 | 200,000 | 209,398 | |
6.95% 6/10/26 | 375,000 | 384,919 | |
Goldman Sachs Group 1.542% 9/10/27 μ | 1,665,000 | 1,510,850 | |
HCA 3.50% 7/15/51 | 311,000 | 219,408 | |
Huntington National Bank 5.65% 1/10/30 | 1,760,000 | 1,776,911 | |
Indianapolis Power & Light 144A 5.65% 12/1/32 # | 3,390,000 | 3,513,197 | |
JBS USA LUX 3.625% 1/15/32 | 2,865,000 | 2,458,807 | |
Jefferies Financial Group | |||
2.625% 10/15/31 | 1,630,000 | 1,351,237 | |
5.875% 7/21/28 | 205,000 | 210,331 | |
JPMorgan Chase & Co. | |||
3.54% 5/1/28 μ | 2,132,000 | 2,035,944 | |
5.35% 6/1/34 μ | 137,000 | 139,032 | |
6.254% 10/23/34 μ | 213,000 | 231,013 | |
Kinder Morgan 5.20% 6/1/33 | 2,980,000 | 2,963,689 | |
Morgan Stanley | |||
2.95% 5/7/32 μ | EUR | 2,200,000 | 2,303,289 |
6.138% 10/16/26 μ | 1,320,000 | 1,344,772 | |
6.296% 10/18/28 μ | 3,010,000 | 3,154,730 | |
6.407% 11/1/29 μ | 205,000 | 217,397 | |
6.627% 11/1/34 μ | 410,000 | 454,156 | |
New York Life Global Funding 144A 5.45% 9/18/26 # | 640,000 | 654,605 | |
NextEra Energy Capital Holdings 5.749% 9/1/25 | 175,000 | 176,725 | |
Occidental Petroleum 6.125% 1/1/31 | 1,597,000 | 1,659,933 | |
ONEOK | |||
5.65% 11/1/28 | 630,000 | 652,663 | |
5.80% 11/1/30 | 230,000 | 239,255 | |
6.05% 9/1/33 | 155,000 | 164,296 |
Principal amount° | Value (US $) | ||
Corporate BondsΔ (continued) | |||
United States (continued) | |||
Oracle | |||
3.60% 4/1/50 | 973,000 | $ 721,555 | |
4.65% 5/6/30 | 1,335,000 | 1,330,510 | |
PNC Financial Services Group 6.875% 10/20/34 μ | 305,000 | 338,721 | |
Southern California Gas 5.20% 6/1/33 | 470,000 | 483,686 | |
Sprint Capital 6.875% 11/15/28 | 1,970,000 | 2,135,906 | |
SVB Financial Group 4.57% 4/29/33 ‡ | 1,123,000 | 742,576 | |
Targa Resources Partners 5.00% 1/15/28 | 1,910,000 | 1,888,068 | |
T-Mobile USA 5.75% 1/15/34 | 1,290,000 | 1,368,819 | |
Truist Financial 7.161% 10/30/29 μ | 110,000 | 118,883 | |
UnitedHealth Group 4.50% 4/15/33 | 2,790,000 | 2,773,319 | |
US Bancorp | |||
4.653% 2/1/29 μ | 1,109,000 | 1,092,169 | |
5.727% 10/21/26 μ | 817,000 | 822,888 | |
6.787% 10/26/27 μ | 225,000 | 235,025 | |
VICI Properties 4.95% 2/15/30 | 2,310,000 | 2,243,726 | |
Vistra Operations | |||
144A 5.125% 5/13/25 # | 2,105,000 | 2,085,845 | |
144A 6.95% 10/15/33 # | 485,000 | 511,006 | |
89,084,296 | |||
Total Corporate Bonds (cost $167,622,117) | 169,011,580 | ||
Government Agency Obligations – 1.05% | |||
Development Bank of Kazakhstan JSC 144A 10.95% 5/6/26 # | KZT | 429,000,000 | 847,409 |
Georgian Railway 4.00% 6/17/28 | 1,525,000 | 1,407,615 | |
Greenko Power II 144A 4.30% 12/13/28 # | 360,000 | 325,440 | |
Petronas Capital 144A 3.50% 4/21/30 # | 650,000 | 610,772 | |
QazaqGaz JSC 144A 4.375% 9/26/27 # | 1,588,000 | 1,526,713 | |
Total Government Agency Obligations (cost $4,643,988) | 4,717,949 | ||
4 NQ- IV054 [1223] 0224 (3375985)
(Unaudited)
Principal amount° | Value (US $) | ||
Sovereign Bonds – 31.19%Δ | |||
Albania − 0.19% | |||
Albania Government International Bond 144A 3.50% 11/23/31 # | EUR | 896,000 | $ 870,947 |
870,947 | |||
Angola − 0.13% | |||
Angolan Government International Bond 144A 8.75% 4/14/32 # | 680,000 | 599,911 | |
599,911 | |||
Australia − 1.54% | |||
Australia Government Bond 4.75% 6/21/54 | AUD | 9,400,000 | 6,908,581 |
6,908,581 | |||
Belgium − 2.01% | |||
Kingdom of Belgium Government Bond 144A 3.45% 6/22/43 # | EUR | 7,720,000 | 9,000,572 |
9,000,572 | |||
Bermuda − 0.51% | |||
Bermuda Government International Bonds | |||
3.375% 8/20/50 | 1,149,000 | 812,918 | |
144A 2.375% 8/20/30 # | 1,688,000 | 1,453,182 | |
2,266,100 | |||
Brazil − 0.19% | |||
Brazil Notas do Tesouro Nacional Serie F 10.00% 1/1/33 | BRL | 4,100,000 | 832,075 |
832,075 | |||
Chile − 0.48% | |||
Chile Government International Bonds | |||
3.10% 5/7/41 | 685,000 | 523,177 | |
4.34% 3/7/42 | 1,800,000 | 1,613,865 | |
2,137,042 | |||
Dominican Republic − 0.73% | |||
Dominican Republic International Bonds 144A 4.875% 9/23/32 # | 3,577,000 | 3,265,443 | |
3,265,443 | |||
Finland − 1.20% | |||
Finland Government Bond 144A 3.00% 9/15/33 # | EUR | 4,700,000 | 5,383,914 |
5,383,914 |
Principal amount° | Value (US $) | ||
Sovereign BondsΔ (continued) | |||
France − 0.60% | |||
French Republic Government Bond OAT 3.50% 11/25/33 | EUR | 2,250,000 | $ 2,687,868 |
2,687,868 | |||
Georgia − 0.18% | |||
Georgia Government International Bond 144A 2.75% 4/22/26 # | 854,000 | 802,454 | |
802,454 | |||
Germany − 6.02% | |||
Bundesobligation 2.20% 4/13/28 | EUR | 5,400,000 | 6,018,732 |
Bundesrepublik Deutschland Bundesanleihe | |||
0.000% 2/15/32 | EUR | 5,200,000 | 4,913,208 |
1.80% 8/15/53 | EUR | 200,000 | 199,352 |
2.60% 8/15/33 | EUR | 12,530,000 | 14,526,713 |
Bundesschatzanweisungen 2.50% 3/13/25 | EUR | 1,200,000 | 1,319,792 |
26,977,797 | |||
Italy − 2.60% | |||
Italy Buoni Poliennali Del Tesoro | |||
2.50% 12/1/32 | EUR | 450,000 | 458,926 |
3.50% 1/15/26 | EUR | 10,000,000 | 11,183,150 |
11,642,076 | |||
Ivory Coast − 0.75% | |||
Ivory Coast Government International Bond 144A 6.125% 6/15/33 # | 3,661,000 | 3,377,858 | |
3,377,858 | |||
Japan − 2.18% | |||
Japan Government Thirty Year Bonds | |||
0.40% 3/20/50 | JPY | 1,608,250,000 | 8,486,866 |
1.20% 6/20/53 | JPY | 203,000,000 | 1,289,382 |
9,776,248 | |||
Malaysia − 0.35% | |||
Malaysia Government Bond 3.519% 4/20/28 | MYR | 7,156,000 | 1,553,225 |
1,553,225 | |||
Morocco − 0.64% | |||
Morocco Government International Bonds | |||
5.50% 12/11/42 | 700,000 | 638,750 |
NQ- IV054 [1223] 0224 (3375985) 5
Schedule of investments
Delaware Ivy Global Bond Fund (Unaudited)
Principal amount° | Value (US $) | ||
Sovereign BondsΔ (continued) | |||
Morocco (continued) | |||
Morocco Government International Bonds | |||
144A 2.375% 12/15/27 # | 2,500,000 | $ 2,244,513 | |
2,883,263 | |||
Netherlands − 2.30% | |||
Netherlands Government Bond 144A 2.50% 7/15/33 # | EUR | 9,200,000 | 10,313,266 |
10,313,266 | |||
Nigeria − 0.16% | |||
Nigeria Government International Bond 7.375% 9/28/33 | 849,000 | 726,404 | |
726,404 | |||
Paraguay − 1.13% | |||
Paraguay Government International Bonds | |||
5.60% 3/13/48 | 1,693,000 | 1,548,380 | |
144A 2.739% 1/29/33 # | 1,887,000 | 1,557,247 | |
144A 4.95% 4/28/31 # | 1,989,000 | 1,946,734 | |
5,052,361 | |||
Peru − 0.26% | |||
Corp Financiera de Desarrollo 144A 2.40% 9/28/27 # | 1,300,000 | 1,159,509 | |
1,159,509 | |||
Poland − 0.58% | |||
Bank Gospodarstwa Krajowego 144A 5.375% 5/22/33 # | 1,000,000 | 1,016,070 | |
Republic of Poland Government International Bond 5.50% 4/4/53 | 1,505,000 | 1,573,170 | |
2,589,240 | |||
Republic of Korea − 0.19% | |||
Export-Import Bank of Korea 5.125% 1/11/33 | 800,000 | 832,131 | |
832,131 | |||
Republic of North Macedonia − 0.38% | |||
North Macedonia Government International Bond 144A 1.625% 3/10/28 # | EUR | 1,777,000 | 1,706,243 |
1,706,243 |
Principal amount° | Value (US $) | ||
Sovereign BondsΔ (continued) | |||
Serbia − 0.33% | |||
Serbia International Bond 1.00% 9/23/28 | EUR | 1,571,000 | $ 1,468,216 |
1,468,216 | |||
South Africa − 0.17% | |||
Republic of South Africa Government International Bond 5.65% 9/27/47 | 931,000 | 747,081 | |
747,081 | |||
Spain − 0.67% | |||
Spain Government Bond 144A 1.85% 7/30/35 # | EUR | 3,080,000 | 2,993,725 |
2,993,725 | |||
United Kingdom − 4.55% | |||
United Kingdom Gilt | |||
1.75% 9/7/37 | GBP | 11,280,000 | 11,155,931 |
4.75% 10/22/43 | GBP | 6,680,000 | 9,239,174 |
20,395,105 | |||
Uruguay − 0.17% | |||
Uruguay Government International Bond 9.75% 7/20/33 | UYU | 29,015,000 | 751,857 |
751,857 | |||
Total Sovereign Bonds (cost $131,065,225) | 139,700,512 | ||
Supranational Banks – 1.15% | |||
Central American Bank for Economic Integration 144A 1.140% 2/9/26 # | 2,000,000 | 1,840,783 | |
European Union 1.000% 7/6/32 | EUR | 3,420,000 | 3,325,938 |
Total Supranational Banks (cost $5,291,935) | 5,166,721 | ||
US Treasury Obligations – 14.07% | |||
US Treasury Bonds | |||
3.875% 2/15/43 | 200,000 | 190,766 | |
3.875% 5/15/43 | 1,439,800 | 1,373,097 | |
4.125% 8/15/53 | 285,000 | 288,162 | |
4.75% 11/15/43 | 685,500 | 735,520 | |
US Treasury Notes | |||
2.375% 5/15/27 | 8,525,000 | 8,098,750 | |
2.375% 3/31/29 | 13,665,000 | 12,689,234 | |
2.875% 4/30/29 | 9,000,000 | 8,562,305 | |
4.375% 12/15/26 | 395,000 | 398,919 | |
4.375% 11/30/28 | 9,885,000 | 10,116,680 | |
4.50% 11/15/33 | 2,390,000 | 2,509,873 | |
4.625% 9/30/28 | 5,770,000 | 5,956,624 | |
4.625% 9/30/30 | 1,585,000 | 1,652,672 |
6 NQ- IV054 [1223] 0224 (3375985)
(Unaudited)
Principal amount° | Value (US $) | ||
US Treasury Obligations (continued) | |||
US Treasury Notes | |||
4.75% 10/15/26 | 1,195,000 | $ 1,212,878 | |
4.875% 10/31/28 | 8,820,000 | 9,208,631 | |
Total US Treasury Obligations (cost $63,641,149) | 62,994,111 |
Number of contracts | |||
Options Purchased – 0.08% | |||
Foreign Currency Put Options – 0.08% | |||
CHF vs JPY strike price $156, expiration date 6/14/24, notional amount $1,414,764,000 (JPMCB) | 9,069,000 | 89,466 | |
USD vs JPY strike price $139, expiration date 5/14/24, notional amount $1,487,248,570 (JPMCB) | 10,699,630 | 291,404 | |
Total Options Purchased (cost $431,366) | 380,870 |
Number of shares | |||
Short-Term Investments – 1.48% | |||
Money Market Mutual Funds – 1.48% | |||
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 5.26%) | 1,658,561 | 1,658,561 | |
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 5.25%) | 1,658,561 | 1,658,561 | |
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 5.37%) | 1,658,561 | 1,658,561 |
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 5.27%) | 1,658,561 | $ 1,658,561 | |
Total Short-Term Investments (cost $6,634,244) | 6,634,244 | ||
Total Value of Securities Before Options Written−98.29% (cost $430,247,649) | 440,238,764 |
Number of contracts | |||
Options Written – (0.04%) | |||
Foreign Currency Put Options – (0.04%) | |||
CHF vs JPY, strike price $152, expiration date 6/14/24, notional amount $(1,378,488,000) (JPMCB) | (9,069,000) | (54,886) | |
USD vs JPY, strike price $134, expiration date 5/14/24, notional amount $(1,433,750,420) (JPMCB) | (10,699,630) | (142,470) | |
(197,356) | |||
Receivables and Other Assets Net of Liabilities — 1.75%★ | 7,827,395 |
Net Assets Applicable to 48,461,385 Shares Outstanding — 100.00% | $447,868,803 |
° | Principal amount shown is stated in USD unless noted that the security is denominated in another currency. |
Δ | Securities have been classified by country of risk. |
NQ- IV054 [1223] 0224 (3375985) 7
Schedule of investments
Delaware Ivy Global Bond Fund (Unaudited)
• | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at December 31, 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. SOFR01M, SOFR03M, 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. |
μ | Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at December 31, 2023. Rate will reset at a future date. |
# | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At December 31, 2023, the aggregate value of Rule 144A securities was $97,862,389, which represents 21.85% of the Fund's net assets. |
ψ | Perpetual security. Maturity date represents next call date. |
‡ | Non-income producing security. Security is currently in default. |
★ | Includes $1,876,738 cash collateral held at broker for futures contracts as of December 31, 2023. |
The following forward foreign currency exchange contracts, futures contracts, and swap contracts were outstanding at December 31, 2023:
Forward Foreign Currency Exchange Contracts | ||||||||||||
Counterparty | Currency to Receive (Deliver) | In Exchange For | Settlement Date | Unrealized Appreciation | Unrealized Depreciation | |||||||
CITI | AUD | (37,109,214) | USD | 24,291,382 | 2/16/24 | $— | $(1,036,609) | |||||
CITI | CAD | 1,300,000 | USD | (976,816) | 2/16/24 | 4,959 | — | |||||
CITI | JPY | (112,330,000) | USD | 782,206 | 2/16/24 | — | (20,633) | |||||
JPMCB | BRL | (3,879,000) | USD | 787,800 | 2/2/24 | — | (8,783) | |||||
JPMCB | EUR | (3,568,000) | USD | 3,917,927 | 2/2/24 | — | (26,789) | |||||
JPMCB | EUR | (86,568,505) | USD | 94,321,606 | 2/16/24 | — | (1,436,637) | |||||
JPMCB | INR | 100,068,180 | USD | (1,199,254) | 2/2/24 | 1,336 | — | |||||
MS | GBP | (16,000,000) | USD | 19,898,882 | 2/16/24 | — | (500,970) | |||||
MS | JPY | (1,350,050,000) | USD | 9,068,294 | 2/16/24 | — | (580,712) | |||||
TD | AUD | (2,000,000) | USD | 1,323,529 | 2/16/24 | — | (41,522) | |||||
TD | EUR | (4,750,000) | USD | 5,194,544 | 2/16/24 | — | (59,696) | |||||
TD | GBP | (430,000) | USD | 542,785 | 2/16/24 | — | (5,460) | |||||
TD | JPY | 58,840,000 | USD | (409,492) | 2/16/24 | 11,046 | — | |||||
Total Forward Foreign Currency Exchange Contracts | $17,341 | $(3,717,811) |
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 | |||||||
697 | Australian Treasury 3 yr Bonds | $50,753,177 | $50,248,004 | 3/15/24 | $505,173 | $— | $(57,156) | ||||||
442 | Australian Treasury 10 yr Bonds | 35,139,818 | 34,068,497 | 3/15/24 | 1,071,321 | — | (179,555) | ||||||
(141) | Canadian Treasury 10 yr Bonds | (13,214,127) | (12,596,618) | 3/19/24 | — | (617,509) | (2,171) | ||||||
314 | EURIBOR 3 Month | 84,978,869 | 84,085,311 | 6/16/25 | 893,558 | — | (49,795) | ||||||
249 | EURIBOR 3 Month | 67,140,307 | 66,790,218 | 12/16/24 | 350,089 | — | (38,675) | ||||||
(314) | EURIBOR 3 Month | (83,973,604) | (83,444,497) | 6/17/24 | — | (529,107) | 31,607 | ||||||
152 | Euro-Bobl | 20,015,232 | 19,768,019 | 3/7/24 | 247,213 | — | (64,468) | ||||||
(62) | Euro-BTP | (8,155,210) | (7,923,050) | 3/7/24 | — | (232,160) | 77,358 | ||||||
(170) | Euro-Bund | (25,752,283) | (25,284,050) | 3/7/24 | — | (468,233) | 206,086 | ||||||
19 | Euro-Buxl | 2,972,584 | 2,795,175 | 3/7/24 | 177,409 | — | (55,481) | ||||||
92 | Euro-OAT | 13,356,603 | 13,018,592 | 3/7/24 | 338,011 | — | (111,720) |
8 NQ- IV054 [1223] 0224 (3375985)
(Unaudited)
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 | |||||||
196 | Euro-Schatz | $23,053,589 | $22,972,662 | 3/7/24 | $80,927 | $— | $(14,279) | ||||||
(1) | Japanese Treasury 10 yr Bonds | (103,922) | (102,572) | 3/12/24 | — | (1,350) | 286 | ||||||
(125) | Long 10 yr Gilt | (16,355,353) | (15,212,723) | 3/26/24 | — | (1,142,630) | 114,830 | ||||||
(89) | Short Euro-BTP | (10,478,528) | (10,389,947) | 3/7/24 | — | (88,581) | 13,002 | ||||||
284 | US Treasury 2 yr Notes | 58,479,594 | 57,885,391 | 3/28/24 | 594,203 | — | — | ||||||
500 | US Treasury 5 yr Notes | 54,386,720 | 53,359,225 | 3/28/24 | 1,027,495 | — | — | ||||||
(844) | US Treasury 10 yr Notes | (95,279,687) | (92,801,375) | 3/19/24 | — | (2,478,312) | — | ||||||
(160) | US Treasury 10 yr Ultra Notes | (18,882,501) | (18,062,098) | 3/19/24 | — | (820,403) | 15,000 | ||||||
30 | US Treasury Ultra Bonds | 4,007,812 | 3,659,143 | 3/19/24 | 348,669 | — | (15,938) | ||||||
Total Futures Contracts | $142,833,307 | $5,634,068 | $(6,378,285) | $(131,069) |
CDS Contracts1 | ||||||||||
Counterparty/ Reference Obligation/ Termination Date/ Payment Frequency | Notional Amount2 | Annual Protection Payments | Value | Amortized Upfront Payments Paid (Received) | Unrealized Depreciation3 | |||||
Over-The-Counter: | ||||||||||
Protection Purchased/Moody’s Ratings: | ||||||||||
JPMCB Republic of Brazil 1.00% 12/20/28 Ba2 6/20/28- Quarterly | 2,827,000 | 1.000% | $18,299 | $107,430 | $(89,131) | |||||
JPMCB Republic of Indonesia 1.00% 12/20/28 Baa2 6/20/28- Quarterly | 4,033,000 | 1.000% | (58,220) | (20,721) | (37,498) | |||||
JPMCB Republic of South Africa 1.00% 12/20/28 Ba2 6/20/28- Quarterly | 2,272,000 | 1.000% | 79,216 | 117,632 | (38,416) | |||||
JPMCB Republic of South Africa 1.00% 9/20/28 Ba2 6/20/28- Quarterly | 1,494,000 | 1.000% | 52,090 | 81,753 | (29,663) | |||||
Total CDS Contracts | $91,385 | $286,094 | $(194,708) |
The use of forward foreign currency exchange contracts, futures contracts, and swap contracts involves elements of market risk and risks in excess of the amounts disclosed in the schedule of investments. The forward 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.
NQ- IV054 [1223] 0224 (3375985) 9
Schedule of investments
Delaware Ivy Global Bond Fund (Unaudited)
1 | A CDS contract is a risk-transfer instrument through which one party (purchaser of protection) transfers to another party (seller of protection) the financial risk of a credit event (as defined in the CDS agreement), as it relates to a particular reference security or basket of securities (such as an index). Periodic payments (receipts) on such contracts are accrued daily and recorded as unrealized losses (gains) on swap contracts. Upon payment (receipt), such amounts are recorded as realized losses (gains) on swap contracts. Upfront payments made or received in connection with CDS contracts are amortized over the expected life of the CDS contracts as unrealized losses (gains) on swap contracts. The change in value of CDS contracts is recorded daily as unrealized appreciation or depreciation. A realized gain or loss is recorded upon a credit event (as defined in the CDS agreement) or the maturity or termination of the CDS agreement. |
2 | Notional amount shown is stated in USD unless noted that the swap is denominated in another currency. |
3 | Unrealized appreciation (depreciation) does not include periodic interest payments (receipt) on swap contracts accrued daily in the amount of $(3,542). |
Summary of abbreviations: |
BTP – Buoni del Tesoro Poliennali |
CHF – Collegiate Housing Foundation |
CITI – Citigroup |
DAC – Designated Activity Company |
EURIBOR – Euro interbank offered rate |
GNMA – Government National Mortgage Association |
Summary of abbreviations: (continued) |
JPMCB – JPMorgan Chase Bank |
JSC – Joint Stock Company |
MS – Morgan Stanley |
OAT – Obligations Assimilables du Tresor |
S.F. – Single Family |
TD – TD Bank |
yr – Year |
Summary of currencies: |
AUD – Australian Dollar |
BRL – Brazilian Real |
CAD – Canadian Dollar |
CHF – Swiss Franc |
EUR – European Monetary Unit |
GBP – British Pound Sterling |
INR – Indian Rupee |
JPY – Japanese Yen |
KZT – Kazakhstani Tenge |
MYR – Malaysian Ringgit |
USD – US Dollar |
UYU – Uruguayan Peso |
10 NQ- IV054 [1223] 0224 (3375985)