Schedule of investments
Delaware Ivy Core Bond Fund
December 31, 2023 (Unaudited)
Principal amount° | Value (US $) | ||
Agency Collateralized Mortgage Obligations — 0.17% | |||
Freddie Mac REMICs Series 2557 HL 5.30% 1/15/33 | 18,408 | $ 18,488 | |
Freddie Mac Whole Loan Securities Trust | |||
Series 2015-SC01 1A 3.50% 5/25/45 | 547,351 | 484,122 | |
Series 2016-SC02 1A 3.00% 10/25/46 | 170,357 | 148,363 | |
GNMA Series 2005-23 IO 1.00% 6/17/45 • | 57,638 | 0 | |
Total Agency Collateralized Mortgage Obligations (cost $752,087) | 650,973 | ||
Agency Mortgage-Backed Securities — 28.64% | |||
Fannie Mae 2.50% 11/1/27 | 141,725 | 136,442 | |
Fannie Mae S.F. 15 yr | |||
2.00% 3/1/37 | 1,951,739 | 1,760,685 | |
2.50% 8/1/36 | 1,634,022 | 1,504,362 | |
4.50% 4/1/25 | 5,692 | 5,660 | |
5.50% 10/1/38 | 1,260,965 | 1,278,978 | |
Fannie Mae S.F. 20 yr | |||
4.00% 8/1/42 | 535,683 | 514,449 | |
4.00% 9/1/42 | 2,547,854 | 2,442,700 | |
5.50% 2/1/24 | 33 | 33 | |
Fannie Mae S.F. 30 yr | |||
2.00% 3/1/51 | 8,386,794 | 6,885,729 | |
2.50% 11/1/51 | 932,107 | 796,195 | |
2.50% 2/1/52 | 5,049,105 | 4,323,864 | |
3.00% 9/1/42 | 662,711 | 611,281 | |
3.00% 5/1/43 | 931,140 | 855,783 | |
3.00% 1/1/46 | 462,041 | 415,455 | |
3.50% 8/1/50 | 3,959,351 | 3,695,111 | |
3.50% 6/1/52 | 12,668,864 | 11,624,602 | |
4.00% 2/1/47 | 177,740 | 171,314 | |
4.50% 1/1/50 | 923,002 | 921,337 | |
4.50% 10/1/52 | 4,539,985 | 4,402,230 | |
5.00% 7/1/47 | 5,292,641 | 5,378,303 | |
5.00% 9/1/53 | 372,475 | 368,493 | |
5.50% 8/1/52 | 4,674,077 | 4,702,187 | |
5.50% 7/1/53 | 669,617 | 672,565 | |
6.00% 1/1/42 | 525,421 | 548,869 | |
6.00% 6/1/53 | 1,107,193 | 1,124,204 | |
6.00% 9/1/53 | 3,904,606 | 3,964,595 | |
6.50% 12/1/31 | 1,561 | 1,648 | |
6.50% 2/1/32 | 29,682 | 31,405 | |
6.50% 4/1/32 | 3,875 | 4,060 | |
6.50% 5/1/32 | 6,124 | 6,420 |
Principal amount° | Value (US $) | ||
Agency Mortgage-Backed Securities (continued) | |||
Fannie Mae S.F. 30 yr | |||
6.50% 7/1/32 | 2,220 | $ 2,351 | |
6.50% 8/1/32 | 4,687 | 4,937 | |
6.50% 9/1/32 | 10,462 | 11,014 | |
6.50% 10/1/32 | 8,987 | 9,484 | |
6.50% 8/1/33 | 6,142 | 6,440 | |
6.50% 9/1/34 | 19,848 | 20,535 | |
6.50% 11/1/34 | 1,964 | 2,069 | |
6.50% 3/1/35 | 40,272 | 41,834 | |
7.00% 9/1/31 | 1,654 | 1,707 | |
7.00% 11/1/31 | 22,681 | 23,400 | |
7.00% 2/1/32 | 15,767 | 16,267 | |
7.00% 3/1/32 | 17,747 | 18,337 | |
7.50% 5/1/31 | 4,108 | 4,110 | |
Freddie Mac S.F. 20 yr | |||
2.00% 5/1/42 | 1,763,659 | 1,505,890 | |
2.00% 8/1/42 | 967,046 | 832,325 | |
2.50% 2/1/42 | 2,142,276 | 1,905,050 | |
3.00% 3/1/37 | 1,727,565 | 1,607,586 | |
5.00% 5/1/29 | 8,762 | 8,706 | |
Freddie Mac S.F. 30 yr | |||
2.50% 11/1/51 | 2,960,617 | 2,553,659 | |
2.50% 2/1/52 | 4,044,062 | 3,449,449 | |
3.00% 8/1/42 | 420,132 | 387,701 | |
3.00% 1/1/43 | 543,825 | 499,818 | |
3.00% 2/1/43 | 675,487 | 621,663 | |
3.00% 12/1/46 | 228,954 | 207,603 | |
3.00% 1/1/47 | 611,821 | 554,324 | |
3.00% 7/1/50 | 1,092,176 | 983,318 | |
3.00% 8/1/52 | 4,343,233 | 3,886,462 | |
4.00% 8/1/52 | 1,303,304 | 1,237,827 | |
4.00% 9/1/52 | 2,356,593 | 2,241,946 | |
4.50% 7/1/52 | 4,218,251 | 4,090,920 | |
4.50% 9/1/52 | 6,863,325 | 6,655,074 | |
4.50% 10/1/52 | 504,497 | 489,189 | |
5.00% 9/1/34 | 185 | 188 | |
5.00% 6/1/53 | 3,043,557 | 3,011,017 | |
5.50% 9/1/52 | 3,600,677 | 3,692,427 | |
5.50% 10/1/52 | 293,435 | 295,216 | |
5.50% 3/1/53 | 1,025,626 | 1,044,169 | |
5.50% 9/1/53 | 1,654,321 | 1,674,961 | |
6.00% 12/1/52 | 1,965,671 | 1,998,008 | |
6.50% 9/1/32 | 8,086 | 8,659 | |
6.50% 5/1/34 | 47,371 | 49,902 | |
6.50% 7/1/36 | 4,972 | 5,157 | |
7.00% 12/1/37 | 11,850 | 12,226 | |
GNMA I 6.25% 7/15/24 | 2,532 | 2,522 | |
GNMA I S.F. 30 yr | |||
3.00% 3/15/45 | 834,572 | 749,275 | |
4.00% 1/15/41 | 158,210 | 154,403 |
NQ- IV018 [1223] 0224 (3375933) 1
Schedule of investments
Delaware Ivy Core Bond Fund (Unaudited)
Principal amount° | Value (US $) | ||
Agency Mortgage-Backed Securities (continued) | |||
GNMA I S.F. 30 yr | |||
4.00% 10/15/41 | 94,293 | $ 91,527 | |
4.50% 6/15/40 | 119,212 | 118,480 | |
5.00% 12/15/35 | 65,462 | 64,551 | |
5.50% 10/15/42 | 799,645 | 808,316 | |
GNMA II | |||
3.25% 11/20/35 | 301,679 | 286,178 | |
4.00% 8/20/31 | 223,994 | 219,458 | |
4.00% 6/20/36 | 344,819 | 333,352 | |
GNMA II S.F. 30 yr | |||
3.00% 12/20/51 | 1,381,098 | 1,250,093 | |
4.00% 12/20/40 | 172,695 | 167,990 | |
4.00% 12/20/44 | 119,829 | 117,190 | |
5.50% 6/20/49 | 1,464,812 | 1,494,694 | |
Vendee Mortgage Trust | |||
6.627% 2/15/25 • | 2,567 | 2,561 | |
7.792% 2/15/25 | 234 | 234 | |
Total Agency Mortgage-Backed Securities (cost $111,569,080) | 110,682,708 | ||
Collateralized Debt Obligations — 2.40% | |||
Ares LXIV CLO Series 2022-64A A1 144A 6.834% (TSFR03M + 1.44%, Floor 1.44%) 4/15/35 #, • | 3,000,000 | 2,982,183 | |
BlueMountain CLO XXX Series 2020-30A AR 144A 6.764% (TSFR03M + 1.37%, Floor 1.37%) 4/15/35 #, • | 3,300,000 | 3,279,405 | |
CIFC Funding Series 2022-3A A 144A 6.822% (TSFR03M + 1.41%, Floor 1.41%) 4/21/35 #, • | 3,000,000 | 2,997,114 | |
Total Collateralized Debt Obligations (cost $9,080,806) | 9,258,702 | ||
Corporate Bonds — 36.89% | |||
Banking — 7.59% | |||
Banco Santander 5.588% 8/8/28 | 400,000 | 408,281 | |
Bank of America | |||
2.482% 9/21/36 μ | 1,130,000 | 895,589 | |
2.972% 2/4/33 μ | 327,000 | 278,351 | |
5.819% 9/15/29 μ | 773,000 | 798,427 | |
6.204% 11/10/28 μ | 970,000 | 1,012,451 | |
Bank of New York Mellon 4.70% 9/20/25 μ, ψ | 1,430,000 | 1,397,149 | |
Barclays | |||
5.501% 8/9/28 μ | 250,000 | 251,289 |
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Banking (continued) | |||
Barclays | |||
6.224% 5/9/34 μ | 289,000 | $ 299,902 | |
7.325% 11/2/26 μ | 535,000 | 553,026 | |
BBVA Bancomer 144A 5.875% 9/13/34 #, μ | 1,000,000 | 944,842 | |
Citibank 5.488% 12/4/26 | 645,000 | 656,855 | |
Citizens Bank 6.064% 10/24/25 μ | 900,000 | 878,310 | |
Credit Agricole 144A 6.316% 10/3/29 #, μ | 915,000 | 959,258 | |
Credit Suisse 7.95% 1/9/25 | 255,000 | 260,805 | |
Deutsche Bank | |||
3.729% 1/14/32 μ | 612,000 | 513,286 | |
6.72% 1/18/29 μ | 915,000 | 958,731 | |
6.819% 11/20/29 μ | 620,000 | 653,161 | |
7.146% 7/13/27 μ | 345,000 | 358,299 | |
Fifth Third Bank 5.852% 10/27/25 μ | 665,000 | 663,479 | |
Goldman Sachs Group 6.484% 10/24/29 μ | 1,445,000 | 1,534,248 | |
HSBC Holdings 5.887% 8/14/27 μ | 215,000 | 218,075 | |
Huntington Bancshares 6.208% 8/21/29 μ | 1,000,000 | 1,031,733 | |
ING Groep 6.083% 9/11/27 μ | 245,000 | 250,191 | |
JPMorgan Chase & Co. | |||
5.35% 6/1/34 μ | 133,000 | 134,973 | |
6.254% 10/23/34 μ | 207,000 | 224,506 | |
KeyBank 4.15% 8/8/25 | 624,000 | 605,264 | |
Morgan Stanley | |||
5.25% 4/21/34 μ | 164,000 | 164,060 | |
6.138% 10/16/26 μ | 980,000 | 998,391 | |
6.296% 10/18/28 μ | 450,000 | 471,637 | |
6.407% 11/1/29 μ | 335,000 | 355,259 | |
6.627% 11/1/34 μ | 460,000 | 509,541 | |
PNC Financial Services Group 6.875% 10/20/34 μ | 640,000 | 710,758 | |
Popular 7.25% 3/13/28 | 325,000 | 334,703 | |
SVB Financial Group 4.57% 4/29/33 ‡ | 1,127,000 | 745,221 | |
Truist Financial | |||
4.95% 9/1/25 μ, ψ | 1,505,000 | 1,443,879 | |
7.161% 10/30/29 μ | 545,000 | 589,011 | |
8.748% 12/15/24 μ, ψ | 2,165,000 | 2,160,573 | |
US Bancorp | |||
2.491% 11/3/36 μ | 1,415,000 | 1,098,250 | |
3.00% 7/30/29 | 2,700,000 | 2,445,325 | |
4.653% 2/1/29 μ | 416,000 | 409,687 | |
5.727% 10/21/26 μ | 146,000 | 147,052 | |
29,323,828 |
2 NQ- IV018 [1223] 0224 (3375933)
(Unaudited)
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Basic Industry — 1.23% | |||
BHP Billiton Finance USA 5.25% 9/8/30 | 470,000 | $ 487,198 | |
First Quantum Minerals 144A 8.625% 6/1/31 # | 1,055,000 | 895,431 | |
Methanex 5.25% 12/15/29 | 1,645,000 | 1,584,459 | |
Novelis 144A 4.75% 1/30/30 # | 745,000 | 701,830 | |
Sherwin-Williams 3.30% 5/15/50 | 1,450,000 | 1,065,831 | |
4,734,749 | |||
Brokerage — 0.45% | |||
Jefferies Financial Group | |||
5.875% 7/21/28 | 529,000 | 542,755 | |
6.50% 1/20/43 | 1,150,000 | 1,208,457 | |
1,751,212 | |||
Capital Goods — 1.37% | |||
Ardagh Metal Packaging Finance USA 144A 3.25% 9/1/28 # | 1,330,000 | 1,165,051 | |
Boeing 2.196% 2/4/26 | 815,000 | 770,224 | |
Mauser Packaging Solutions Holding 144A 7.875% 8/15/26 # | 700,000 | 713,007 | |
Standard Industries 144A 3.375% 1/15/31 # | 1,150,000 | 991,024 | |
Turkiye Sise ve Cam Fabrikalari 144A 6.95% 3/14/26 # | 1,000,000 | 998,660 | |
United Rentals North America 3.875% 2/15/31 | 705,000 | 641,409 | |
5,279,375 | |||
Communications — 3.83% | |||
American Tower 2.30% 9/15/31 | 940,000 | 777,835 | |
AT&T 3.55% 9/15/55 | 1,818,000 | 1,308,350 | |
CCO Holdings 144A 4.25% 1/15/34 # | 2,000,000 | 1,627,934 | |
Cellnex Finance 144A 3.875% 7/7/41 # | 350,000 | 271,415 | |
Charter Communications Operating 3.85% 4/1/61 | 3,175,000 | 1,981,531 | |
Connect Finco 144A 6.75% 10/1/26 # | 638,000 | 634,736 | |
Crown Castle | |||
1.05% 7/15/26 | 595,000 | 537,146 | |
2.10% 4/1/31 | 1,090,000 | 888,393 | |
5.60% 6/1/29 | 180,000 | 184,195 | |
Directv Financing 144A 5.875% 8/15/27 # | 800,000 | 752,318 |
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Communications (continued) | |||
Discovery Communications 4.00% 9/15/55 | 2,205,000 | $ 1,571,663 | |
Frontier Communications Holdings 144A 5.00% 5/1/28 # | 800,000 | 740,078 | |
Sprint Capital 6.875% 11/15/28 | 1,505,000 | 1,631,745 | |
Summit Digitel Infrastructure 144A 2.875% 8/12/31 # | 750,000 | 615,936 | |
T-Mobile USA 5.75% 1/15/34 | 220,000 | 233,442 | |
Vmed O2 UK Financing I 144A 4.25% 1/31/31 # | 1,215,000 | 1,062,493 | |
14,819,210 | |||
Consumer Cyclical — 1.61% | |||
Alsea 144A 7.75% 12/14/26 # | 500,000 | 511,038 | |
Amazon.com 2.50% 6/3/50 | 2,555,000 | 1,702,123 | |
Aptiv 3.10% 12/1/51 | 1,950,000 | 1,273,095 | |
Carnival 144A 4.00% 8/1/28 # | 665,000 | 618,691 | |
Ford Motor Credit | |||
6.798% 11/7/28 | 200,000 | 209,398 | |
6.95% 6/10/26 | 375,000 | 384,919 | |
Mercedes-Benz Finance North America 144A 5.10% 8/3/28 # | 1,495,000 | 1,524,964 | |
6,224,228 | |||
Consumer Non-Cyclical — 3.60% | |||
Amgen | |||
5.15% 3/2/28 | 300,000 | 307,249 | |
5.25% 3/2/30 | 270,000 | 277,685 | |
5.25% 3/2/33 | 741,000 | 759,967 | |
Bunge Limited Finance | |||
1.63% 8/17/25 | 1,192,000 | 1,127,466 | |
2.75% 5/14/31 | 1,750,000 | 1,524,217 | |
Central American Bottling 144A 5.25% 4/27/29 # | 500,000 | 470,070 | |
DaVita | |||
144A 3.75% 2/15/31 # | 315,000 | 259,207 | |
144A 4.625% 6/1/30 # | 570,000 | 498,109 | |
HCA 3.50% 7/15/51 | 1,049,000 | 740,061 | |
New York and Presbyterian Hospital | |||
2.256% 8/1/40 | 2,445,000 | 1,684,071 | |
2.606% 8/1/60 | 1,600,000 | 954,184 | |
NYU Langone Hospitals 3.38% 7/1/55 | 1,455,000 | 1,040,475 | |
Royalty Pharma 3.35% 9/2/51 | 3,531,000 | 2,390,483 | |
Tenet Healthcare 4.25% 6/1/29 | 2,015,000 | 1,878,157 | |
13,911,401 |
NQ- IV018 [1223] 0224 (3375933) 3
Schedule of investments
Delaware Ivy Core Bond Fund (Unaudited)
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Electric — 4.54% | |||
Alfa Desarrollo 144A 4.55% 9/27/51 # | 993,761 | $ 776,802 | |
Appalachian Power 4.50% 8/1/32 | 1,450,000 | 1,396,794 | |
Berkshire Hathaway Energy 2.85% 5/15/51 | 1,820,000 | 1,231,851 | |
Duke Energy Carolinas 4.95% 1/15/33 | 415,000 | 422,943 | |
Entergy Mississippi 3.25% 12/1/27 | 2,400,000 | 2,225,972 | |
Entergy Texas 3.45% 12/1/27 | 3,130,000 | 2,934,120 | |
Exelon 4.05% 4/15/30 | 2,500,000 | 2,386,675 | |
Fells Point Funding Trust 144A 3.046% 1/31/27 # | 820,000 | 773,251 | |
JSW Hydro Energy 144A 4.125% 5/18/31 # | 603,750 | 526,703 | |
NextEra Energy Capital Holdings 5.749% 9/1/25 | 945,000 | 954,312 | |
Oglethorpe Power | |||
4.50% 4/1/47 | 1,725,000 | 1,465,211 | |
144A 6.20% 12/1/53 # | 100,000 | 107,536 | |
Vistra 144A 7.00% 12/15/26 #, μ, ψ | 535,000 | 527,708 | |
Vistra Operations | |||
144A 5.125% 5/13/25 # | 1,375,000 | 1,362,488 | |
144A 6.95% 10/15/33 # | 430,000 | 453,057 | |
17,545,423 | |||
Energy — 5.76% | |||
BP Capital Markets 4.875% 3/22/30 μ, ψ | 1,575,000 | 1,500,853 | |
Cheniere Energy Partners 4.50% 10/1/29 | 560,000 | 536,341 | |
ConocoPhillips 5.05% 9/15/33 | 940,000 | 966,262 | |
Diamondback Energy 3.125% 3/24/31 | 465,000 | 413,526 | |
El Paso Natural Gas 8.375% 6/15/32 | 1,440,000 | 1,681,941 | |
Enbridge 6.70% 11/15/53 | 230,000 | 267,810 | |
Energean Israel Finance 144A 4.875% 3/30/26 # | 1,000,000 | 924,250 | |
Energy Transfer | |||
6.10% 12/1/28 | 740,000 | 779,236 | |
6.85% 2/15/40 | 1,265,000 | 1,332,882 | |
Enterprise Products Operating | |||
3.30% 2/15/53 | 3,270,000 | 2,425,890 | |
8.416% 6/1/67 • | 2,875,000 | 2,727,546 | |
Geopark 144A 5.50% 1/17/27 # | 500,000 | 443,171 |
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Energy (continued) | |||
Guara Norte 144A 5.198% 6/15/34 # | 856,790 | $ 781,481 | |
NuStar Logistics 6.375% 10/1/30 | 1,530,000 | 1,534,881 | |
Occidental Petroleum 6.125% 1/1/31 | 635,000 | 660,024 | |
ONEOK | |||
5.65% 11/1/28 | 1,415,000 | 1,465,902 | |
5.80% 11/1/30 | 215,000 | 223,651 | |
6.05% 9/1/33 | 146,000 | 154,756 | |
Targa Resources Partners 5.00% 1/15/28 | 1,355,000 | 1,339,441 | |
Tennessee Gas Pipeline 8.375% 6/15/32 | 1,795,000 | 2,094,597 | |
22,254,441 | |||
Finance Companies — 1.60% | |||
AerCap Ireland Capital DAC 3.00% 10/29/28 | 2,415,000 | 2,206,051 | |
Air Lease 4.625% 10/1/28 | 2,806,000 | 2,745,095 | |
Aviation Capital Group 144A 3.50% 11/1/27 # | 1,330,000 | 1,226,690 | |
6,177,836 | |||
Financials — 0.26% | |||
MAF Global Securities 7.875% 6/30/27 μ, ψ | 1,000,000 | 1,022,655 | |
1,022,655 | |||
Industrials — 0.12% | |||
Bidvest Group UK 144A 3.625% 9/23/26 # | 500,000 | 465,000 | |
465,000 | |||
Insurance — 2.05% | |||
American International Group 5.125% 3/27/33 | 850,000 | 863,146 | |
Aon 2.90% 8/23/51 | 2,155,000 | 1,407,266 | |
Athene Global Funding 144A 1.985% 8/19/28 # | 1,955,000 | 1,690,497 | |
Athene Holding | |||
3.45% 5/15/52 | 1,040,000 | 700,992 | |
3.95% 5/25/51 | 460,000 | 346,335 | |
Brighthouse Financial 3.85% 12/22/51 | 1,793,000 | 1,182,825 | |
New York Life Global Funding 144A 5.45% 9/18/26 # | 570,000 | 583,007 | |
UnitedHealth Group | |||
4.20% 5/15/32 | 653,000 | 639,321 | |
4.50% 4/15/33 | 517,000 | 513,909 | |
7,927,298 | |||
Natural Gas — 0.18% | |||
Atmos Energy 2.85% 2/15/52 | 405,000 | 275,808 |
4 NQ- IV018 [1223] 0224 (3375933)
(Unaudited)
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Natural Gas (continued) | |||
ENN Energy Holdings 144A 2.625% 9/17/30 # | 500,000 | $ 428,238 | |
704,046 | |||
Real Estate Investment Trusts — 0.30% | |||
American Homes 4 Rent 3.625% 4/15/32 | 1,310,000 | 1,174,122 | |
1,174,122 | |||
Technology — 1.58% | |||
Broadcom 144A 3.469% 4/15/34 # | 1,190,000 | 1,035,831 | |
CDW 3.276% 12/1/28 | 1,640,000 | 1,506,443 | |
Iron Mountain Information Management Services 144A 5.00% 7/15/32 # | 1,660,000 | 1,524,316 | |
NCR Voyix | |||
144A 5.00% 10/1/28 # | 135,000 | 127,750 | |
144A 5.125% 4/15/29 # | 190,000 | 180,827 | |
Oracle | |||
3.60% 4/1/50 | 694,000 | 514,655 | |
4.65% 5/6/30 | 1,230,000 | 1,225,864 | |
6,115,686 | |||
Transportation — 0.82% | |||
British Airways 2020-1 Class A Pass Through Trust 144A 4.25% 5/15/34 #, ♦ | 837,860 | 780,039 | |
Lima Metro Line 2 Finance 144A 4.35% 4/5/36 # | 874,966 | 803,340 | |
United Airlines 144A 4.625% 4/15/29 # | 1,680,000 | 1,572,951 | |
3,156,330 | |||
Total Corporate Bonds (cost $142,942,243) | 142,586,840 | ||
Government Agency Obligations — 0.49% | |||
Freeport Indonesia 144A 5.315% 4/14/32 # | 1,000,000 | 983,080 | |
Gaci First Investment 4.875% 2/14/35 | 486,000 | 475,735 | |
Saudi Arabian Oil 144A 4.25% 4/16/39 # | 500,000 | 448,343 | |
Total Government Agency Obligations (cost $1,863,231) | 1,907,158 | ||
Municipal Bonds — 1.15% | |||
GDB Debt Recovery Authority of Puerto Rico Revenue | |||
7.50% 8/20/40 | 1,840,071 | 1,633,063 |
Principal amount° | Value (US $) | ||
Municipal Bonds (continued) | |||
Municipal Electric Authority of Georgia | |||
(Build America Bonds Plant Vogtle Units 3 & 4 Project) 6.655% 4/1/57 | 2,470,000 | $ 2,814,021 | |
Total Municipal Bonds (cost $4,480,994) | 4,447,084 | ||
Non-Agency Asset-Backed Securities — 4.77% | |||
FirstKey Homes Trust | |||
Series 2021-SFR1 B 144A 1.788% 8/17/38 # | 4,800,000 | 4,335,292 | |
Series 2021-SFR2 D 144A 2.058% 9/17/38 # | 4,400,000 | 3,895,536 | |
Home Partners of America Trust | |||
Series 2021-1 A 144A 1.698% 9/17/41 # | 3,823,747 | 3,183,199 | |
Series 2021-3 B 144A 2.649% 1/17/41 # | 4,730,896 | 4,127,129 | |
Progress Residential Trust Series 2021-SFR7 D 144A 2.341% 8/17/40 # | 3,450,000 | 2,897,593 | |
Total Non-Agency Asset-Backed Securities (cost $21,204,144) | 18,438,749 | ||
Non-Agency Collateralized Mortgage Obligations — 4.05% | |||
Agate Bay Mortgage Trust Series 2013-1 B4 144A 3.542% 7/25/43 #, • | 1,482,562 | 1,103,630 | |
Bear Stearns Mortgage Securities 1996-6 B2 8.00% 11/25/29 | 13,407 | 5,319 | |
CHL Mortgage Pass Through Trust 2004-J4 3B1 5.25% 5/25/34 ♦ | 14,988 | 13,694 | |
Citigroup Global Markets Mortgage Securities VII Series 1997-HUD1 B2 2.973% 12/25/30 • | 542,247 | 103,880 | |
CSMC Trust | |||
Series 2013-7 B4 144A 3.544% 8/25/43 #, • | 1,202,586 | 985,029 | |
Series 2017-HL1 A12 144A 3.50% 6/25/47 #, • | 1,576,420 | 1,369,473 | |
JP Morgan Mortgage Trust | |||
Series 2004-A3 4A2 5.633% 7/25/34 • | 2,752 | 2,654 | |
Series 2017-4 A13 144A 3.50% 11/25/48 #, • | 5,913,578 | 5,088,174 | |
Series 2021-4 A5 144A 2.50% 8/25/51 #, • | 6,000,000 | 3,928,618 | |
NQ- IV018 [1223] 0224 (3375933) 5
Schedule of investments
Delaware Ivy Core Bond Fund (Unaudited)
Principal amount° | Value (US $) | ||
Non-Agency Collateralized Mortgage Obligations (continued) | |||
MRFC Mortgage Pass Through Trust Series 1998-2 B1 6.75% 6/25/28 ♦ | 361 | $ 348 | |
PMT Credit Risk Transfer Trust 2021-1R A 144A 8.371% (TSFR01M + 3.01%, Floor 2.90%) 2/27/24 #, • | 3,076,085 | 3,060,579 | |
Structured Asset Mortgage Investments | |||
Series 1998-2 B 6.75% 5/2/30 • | 3,246 | 100 | |
Series 1998-2 C 6.75% 5/2/30 • | 1,473 | 37 | |
Total Non-Agency Collateralized Mortgage Obligations (cost $19,761,955) | 15,661,535 | ||
Non-Agency Commercial Mortgage-Backed Securities — 8.87% | |||
BAMLL Commercial Mortgage Securities Trust Series 2014-520M A 144A 4.185% 8/15/46 #, • | 4,130,000 | 3,219,303 | |
BBCMS Mortgage Trust Series 2020-C7 A5 2.037% 4/15/53 | 1,000,000 | 839,913 | |
Benchmark Mortgage Trust | |||
Series 2020-B18 A5 1.925% 7/15/53 | 3,000,000 | 2,424,037 | |
Series 2021-B25 A5 2.577% 4/15/54 | 5,000,000 | 4,029,053 | |
Citigroup Commercial Mortgage Trust Series 2018-TBR A 144A 6.556% (TSFR01M + 1.07%, Floor 0.83%) 12/15/36 #, • | 10,000,000 | 9,905,059 | |
GS Mortgage Securities Trust | |||
Series 2012-BWTR C 144A 3.328% 11/5/34 #, • | 1,000,000 | 399,270 | |
Series 2020-GC47 A5 2.377% 5/12/53 | 3,128,000 | 2,634,304 | |
JPMCC Commercial Mortgage Securities Trust Series 2017-JP5 A5 3.723% 3/15/50 | 1,500,000 | 1,413,332 | |
One Market Plaza Trust Series 2017-1MKT A 144A 3.614% 2/10/32 # | 4,000,000 | 3,640,000 | |
UBS Commercial Mortgage Trust | |||
Series 2017-C1 AS 3.724% 6/15/50 | 4,000,000 | 3,666,174 |
Principal amount° | Value (US $) | ||
Non-Agency Commercial Mortgage-Backed Securities (continued) | |||
UBS Commercial Mortgage Trust | |||
Series 2017-C7 AS 4.061% 12/15/50 • | 2,300,000 | $ 2,118,793 | |
Total Non-Agency Commercial Mortgage-Backed Securities (cost $37,572,731) | 34,289,238 | ||
Sovereign Bonds — 2.09%Δ | |||
Colombia — 0.11% | |||
Colombia Government International Bond 3.25% 4/22/32 | 550,000 | 438,311 | |
438,311 | |||
Dominican Republic — 0.19% | |||
Dominican Republic International Bond 144A 4.875% 9/23/32 # | 789,000 | 720,278 | |
720,278 | |||
Ivory Coast — 0.13% | |||
Ivory Coast Government International Bond 144A 6.125% 6/15/33 # | 550,000 | 507,463 | |
507,463 | |||
Mexico — 0.15% | |||
Mexico Government International Bond 3.50% 2/12/34 | 700,000 | 593,966 | |
593,966 | |||
Oman — 0.19% | |||
Oman Government International Bond 144A 6.75% 1/17/48 # | 710,000 | 744,683 | |
744,683 | |||
Paraguay — 0.07% | |||
Paraguay Government International Bond 144A 5.40% 3/30/50 # | 300,000 | 267,525 | |
267,525 | |||
United Kingdom — 1.25% | |||
United Kingdom Gilt 4.50% 6/7/28 | GBP | 3,630,000 | 4,823,394 |
4,823,394 | |||
Total Sovereign Bonds (cost $7,547,603) | 8,095,620 | ||
6 NQ- IV018 [1223] 0224 (3375933)
(Unaudited)
Principal amount° | Value (US $) | ||
US Treasury Obligations — 8.88% | |||
US Treasury Bonds | |||
3.875% 2/15/43 | 3,740,000 | $ 3,567,317 | |
3.875% 5/15/43 | 6,490,000 | 6,189,331 | |
4.125% 8/15/53 | 2,820,000 | 2,851,284 | |
4.375% 8/15/43 | 970,000 | 990,461 | |
4.75% 11/15/53 | 4,505,000 | 5,052,991 | |
US Treasury Notes | |||
4.375% 11/30/28 | 1,370,000 | 1,402,109 | |
4.50% 11/15/33 | 13,570,000 | 14,250,621 | |
Total US Treasury Obligations (cost $33,675,754) | 34,304,114 |
Number of shares | |||
Short-Term Investments — 0.68% | |||
Money Market Mutual Funds — 0.68% | |||
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 5.26%) | 655,975 | 655,975 | |
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 5.25%) | 655,975 | 655,975 | |
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 5.37%) | 655,975 | 655,975 | |
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 5.27%) | 655,975 | 655,975 | |
Total Short-Term Investments (cost $2,623,900) | 2,623,900 | ||
Total Value of Securities—99.08% (cost $393,074,528) | 382,946,621 | ||
Receivables and Other Assets Net of Liabilities—0.92%★ | 3,539,166 | ||
Net Assets Applicable to 41,533,858 Shares Outstanding—100.00% | $386,485,787 |
° | Principal amount shown is stated in USD unless noted that the security is denominated in another currency. |
• | 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. |
# | 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 $98,118,983, which represents 25.39% of the Fund's net assets. |
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. |
ψ | Perpetual security. Maturity date represents next call date. |
‡ | Non-income producing security. Security is currently in default. |
♦ | Pass Through Agreement. Security represents the contractual right to receive a proportionate amount of underlying payments due to the counterparty pursuant to various agreements related to the rescheduling of obligations and the exchange of certain notes. |
Δ | Securities have been classified by country of risk. |
★ | Includes $(1,146,970) cash collateral held at broker for futures contracts as of December 31, 2023. |
NQ- IV018 [1223] 0224 (3375933) 7
Schedule of investments
Delaware Ivy Core Bond Fund (Unaudited)
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 Depreciation | ||||||
JPMCB | GBP | (3,700,000) | USD | 4,598,366 | 2/16/24 | $(119,099) |
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 | |||||||
653 | US Treasury 5 yr Notes | $71,029,056 | $69,395,290 | 3/28/24 | $1,633,766 | $— | $56,119 | ||||||
166 | US Treasury 10 yr Notes | 18,739,845 | 18,155,231 | 3/19/24 | 584,614 | — | 1,440 | ||||||
(115) | US Treasury 10 yr Ultra Notes | (13,571,797) | (12,998,611) | 3/19/24 | — | (573,186) | 10,781 | ||||||
Total Futures Contracts | $74,551,910 | $2,218,380 | $(573,186) | $68,340 |
Swap Contracts
CDS Contracts1 | ||||||||||||
Counterparty/ Reference Obligation/ Termination Date/ Payment Frequency | Notional Amount2 | Annual Protection Payments | Value | Amortized Upfront Payments Paid (Received) | Unrealized Depreciation3 | Variation Margin Due from (Due to) Brokers | ||||||
Centrally Cleared: | ||||||||||||
Protection Purchased/Moody’s Ratings: | ||||||||||||
CDX.NA.HY.414 12/20/28-Quarterly | 3,861,000 | 5.000% | $(225,223) | $(211,344) | $(13,879) | $(34) | ||||||
Total CDS Contracts | $(225,223) | $(211,344) | $(13,879) | $(34) |
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.
8 NQ- IV018 [1223] 0224 (3375933)
(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 $(6,435). |
4 | Markit’s North America High Yield CDX Index, or the CDX.NA.HY Index, is composed of 100 liquid North American entities with high yield credit ratings that trade in the CDS market. |
Summary of abbreviations: |
CLO – Collateralized Loan Obligation |
DAC – Designated Activity Company |
GNMA – Government National Mortgage Association |
GS – Goldman Sachs |
JPMCB – JPMorgan Chase Bank |
S.F. – Single Family |
SOFR – Secured Overnight Financing Rate |
SOFR01M – Secured Overnight Financing Rate 1 Month |
SOFR03M – Secured Overnight Financing Rate 3 Month |
TSFR01M – 1 Month Term Secured Overnight Financing Rate |
TSFR03M – 3 Month Term Secured Overnight Financing Rate |
yr – Year |
Summary of currencies: |
GBP – British Pound Sterling |
USD – US Dollar |
NQ- IV018 [1223] 0224 (3375933) 9