Schedule of investments
Delaware Ivy Multi-Asset Income Fund
December 31, 2023 (Unaudited)
Principal amount° | Value (US $) | ||
Agency Mortgage-Backed Securities — 2.74% | |||
Fannie Mae S.F. 15 yr | |||
2.00% 3/1/37 | 45,547 | $ 41,088 | |
2.50% 8/1/36 | 48,470 | 44,624 | |
3.00% 11/1/33 | 15,422 | 14,720 | |
Fannie Mae S.F. 20 yr 4.00% 9/1/42 | 58,267 | 55,862 | |
Fannie Mae S.F. 30 yr | |||
2.00% 3/1/51 | 192,268 | 157,856 | |
3.00% 1/1/50 | 308,862 | 277,083 | |
3.50% 6/1/51 | 265,557 | 244,897 | |
3.50% 6/1/52 | 145,249 | 133,277 | |
4.00% 5/1/51 | 43,716 | 41,820 | |
4.50% 1/1/50 | 120,293 | 120,138 | |
4.50% 10/1/52 | 113,198 | 109,763 | |
4.50% 2/1/53 | 127,279 | 123,417 | |
5.50% 8/1/52 | 130,288 | 131,071 | |
5.50% 10/1/52 | 6,202 | 6,252 | |
5.50% 3/1/53 | 37,058 | 37,208 | |
6.00% 6/1/53 | 50,497 | 51,273 | |
6.00% 9/1/53 | 93,982 | 95,426 | |
Freddie Mac S.F. 20 yr | |||
2.00% 8/1/42 | 66,590 | 57,313 | |
2.50% 9/1/42 | 34,726 | 30,877 | |
3.00% 5/1/40 | 264,196 | 244,184 | |
Freddie Mac S.F. 30 yr | |||
2.50% 7/1/50 | 327,324 | 280,865 | |
4.00% 8/1/52 | 162,567 | 154,399 | |
4.00% 9/1/52 | 43,512 | 41,165 | |
4.50% 10/1/52 | 11,108 | 10,771 | |
5.00% 6/1/53 | 211,893 | 209,628 | |
5.50% 9/1/52 | 29,423 | 29,956 | |
5.50% 10/1/52 | 78,122 | 78,596 | |
Total Agency Mortgage-Backed Securities (cost $2,954,231) | 2,823,529 | ||
Convertible Bond — 0.84% | |||
New Cotai 5.00% exercise price $0.40, maturity date 2/2/27 = | 360,230 | 867,216 | |
Total Convertible Bond (cost $350,082) | 867,216 |
Corporate Bonds — 35.51% | |||
Banking — 1.17% | |||
Bank of America | |||
2.972% 2/4/33 μ | 40,000 | 34,049 | |
5.819% 9/15/29 μ | 60,000 | 61,974 | |
5.872% 9/15/34 μ | 30,000 | 31,422 | |
6.204% 11/10/28 μ | 95,000 | 99,157 | |
Principalamount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Banking (continued) | |||
Bank of New York Mellon 4.70% 9/20/25 μ, ψ | 15,000 | $ 14,655 | |
Citigroup 5.61% 9/29/26 μ | 25,000 | 25,201 | |
Fifth Third Bancorp 6.361% 10/27/28 μ | 43,000 | 44,641 | |
Goldman Sachs Group | |||
1.542% 9/10/27 μ | 180,000 | 163,335 | |
6.484% 10/24/29 μ | 65,000 | 69,015 | |
Huntington Bancshares 6.208% 8/21/29 μ | 65,000 | 67,063 | |
JPMorgan Chase & Co. | |||
1.953% 2/4/32 μ | 220,000 | 178,894 | |
5.35% 6/1/34 μ | 18,000 | 18,267 | |
6.254% 10/23/34 μ | 27,000 | 29,283 | |
KeyBank 5.85% 11/15/27 | 30,000 | 30,000 | |
Morgan Stanley | |||
5.25% 4/21/34 μ | 21,000 | 21,008 | |
6.296% 10/18/28 μ | 33,000 | 34,587 | |
6.407% 11/1/29 μ | 40,000 | 42,419 | |
6.627% 11/1/34 μ | 55,000 | 60,923 | |
PNC Financial Services Group 6.875% 10/20/34 μ | 35,000 | 38,870 | |
SVB Financial Group 4.57% 4/29/33 ‡ | 74,000 | 48,932 | |
Truist Financial 7.161% 10/30/29 μ | 10,000 | 10,807 | |
US Bancorp | |||
4.653% 2/1/29 μ | 56,000 | 55,150 | |
6.787% 10/26/27 μ | 25,000 | 26,114 | |
1,205,766 | |||
Basic Industry — 1.68% | |||
BHP Billiton Finance USA 5.25% 9/8/30 | 60,000 | 62,195 | |
Chemours 144A 5.75% 11/15/28 # | 210,000 | 200,305 | |
First Quantum Minerals | |||
144A 6.875% 10/15/27 # | 200,000 | 170,250 | |
144A 8.625% 6/1/31 # | 330,000 | 280,088 | |
FMG Resources August 2006 144A 5.875% 4/15/30 # | 400,000 | 396,891 | |
NOVA Chemicals 144A 8.50% 11/15/28 # | 45,000 | 47,246 | |
Novelis 144A 4.75% 1/30/30 # | 500,000 | 471,027 | |
Sherwin-Williams 3.30% 5/15/50 | 145,000 | 106,583 | |
1,734,585 | |||
Brokerage — 0.62% | |||
Jefferies Financial Group 5.875% 7/21/28 | 156,000 | 160,056 |
NQ- IV930 [1223] 0224 (3377354) 1
Schedule of investments
Delaware Ivy Multi-Asset Income Fund (Unaudited)
Principalamount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Brokerage (continued) | |||
NFP | |||
144A 6.875% 8/15/28 # | 309,000 | $ 314,354 | |
144A 7.50% 10/1/30 # | 155,000 | 165,108 | |
639,518 | |||
Capital Goods — 3.94% | |||
ARD Finance 144A PIK 6.50% 6/30/27 #, > | 320,000 | 149,851 | |
Ardagh Metal Packaging Finance USA | |||
144A 3.25% 9/1/28 # | 150,000 | 131,397 | |
144A 4.00% 9/1/29 # | 200,000 | 169,547 | |
Bombardier | |||
144A 6.00% 2/15/28 # | 270,000 | 263,380 | |
144A 7.50% 2/1/29 # | 134,000 | 136,337 | |
144A 8.75% 11/15/30 # | 75,000 | 79,947 | |
Canpack 144A 3.875% 11/15/29 # | 154,000 | 132,176 | |
Clydesdale Acquisition Holdings 144A 8.75% 4/15/30 # | 165,000 | 154,040 | |
CP Atlas Buyer 144A 7.00% 12/1/28 # | 395,000 | 344,353 | |
GFL Environmental | |||
144A 5.125% 12/15/26 # | 78,000 | 77,228 | |
144A 6.75% 1/15/31 # | 130,000 | 134,099 | |
Mauser Packaging Solutions Holding | |||
144A 7.875% 8/15/26 # | 350,000 | 356,503 | |
144A 9.25% 4/15/27 # | 125,000 | 122,830 | |
Roller Bearing Co. of America 144A 4.375% 10/15/29 # | 360,000 | 333,605 | |
Sealed Air 144A 5.00% 4/15/29 # | 220,000 | 212,982 | |
Standard Industries | |||
144A 3.375% 1/15/31 # | 320,000 | 275,763 | |
144A 4.375% 7/15/30 # | 40,000 | 36,783 | |
144A 4.75% 1/15/28 # | 38,000 | 36,608 | |
TransDigm 144A 6.875% 12/15/30 # | 340,000 | 350,423 | |
Wesco Aircraft Holdings 144A 8.50% 11/15/24 #, ‡ | 657,000 | 26,280 | |
White Cap Buyer 144A 6.875% 10/15/28 # | 345,000 | 334,395 | |
White Cap Parent 144A PIK 8.25% 3/15/26 #, « | 203,000 | 202,323 | |
4,060,850 | |||
Communications — 7.27% | |||
Advantage Sales & Marketing 144A 6.50% 11/15/28 # | 311,000 | 286,929 |
Principalamount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Communications (continued) | |||
Altice France 144A 5.125% 7/15/29 # | 254,000 | $ 197,957 | |
AMC Networks 4.25% 2/15/29 | 340,000 | 259,762 | |
AT&T 3.50% 9/15/53 | 110,000 | 79,918 | |
CCO Holdings | |||
144A 4.50% 8/15/30 # | 476,000 | 429,742 | |
144A 5.375% 6/1/29 # | 245,000 | 231,275 | |
Charter Communications Operating 3.85% 4/1/61 | 95,000 | 59,290 | |
CMG Media 144A 8.875% 12/15/27 # | 485,000 | 385,122 | |
Comcast 4.55% 1/15/29 | 45,000 | 45,220 | |
Connect Finco 144A 6.75% 10/1/26 # | 200,000 | 198,977 | |
Consolidated Communications | |||
144A 5.00% 10/1/28 # | 122,000 | 100,172 | |
144A 6.50% 10/1/28 # | 620,000 | 537,850 | |
CSC Holdings | |||
144A 5.00% 11/15/31 # | 254,000 | 153,955 | |
144A 5.375% 2/1/28 # | 285,000 | 252,018 | |
144A 5.75% 1/15/30 # | 402,000 | 250,663 | |
Cumulus Media New Holdings 144A 6.75% 7/1/26 # | 420,000 | 283,246 | |
Digicel International Finance 144A 8.75% 5/25/24 # | 411,000 | 384,815 | |
Directv Financing 144A 5.875% 8/15/27 # | 338,000 | 317,854 | |
DISH DBS 144A 5.75% 12/1/28 # | 385,000 | 307,798 | |
Frontier Communications Holdings | |||
144A 5.00% 5/1/28 # | 41,000 | 37,929 | |
144A 5.875% 10/15/27 # | 329,000 | 318,120 | |
5.875% 11/1/29 | 80,847 | 68,407 | |
144A 6.75% 5/1/29 # | 139,000 | 124,439 | |
Gray Escrow II 144A 5.375% 11/15/31 # | 500,000 | 377,799 | |
Gray Television 144A 4.75% 10/15/30 # | 165,000 | 124,396 | |
Matterhorn Telecom 3.125% 9/15/26 | EUR | 69,000 | 73,935 |
Northwest Fiber 144A 4.75% 4/30/27 # | 530,000 | 506,571 | |
Sable International Finance 144A 5.75% 9/7/27 # | 240,000 | 226,930 | |
Sirius XM Radio 144A 4.125% 7/1/30 # | 595,000 | 530,974 | |
T-Mobile USA 5.75% 1/15/34 | 25,000 | 26,528 | |
Vmed O2 UK Financing I 144A 4.75% 7/15/31 # | 265,000 | 236,879 |
2 NQ- IV930 [1223] 0224 (3377354)
(Unaudited)
Principalamount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Communications (continued) | |||
Warnermedia Holdings 5.141% 3/15/52 | 90,000 | $ 77,305 | |
7,492,775 | |||
Consumer Cyclical — 4.90% | |||
Allison Transmission 144A 5.875% 6/1/29 # | 440,000 | 438,942 | |
Amazon.com 2.50% 6/3/50 | 105,000 | 69,950 | |
Arches Buyer 144A 6.125% 12/1/28 # | 409,000 | 354,237 | |
Asbury Automotive Group | |||
144A 4.625% 11/15/29 # | 3,000 | 2,780 | |
4.75% 3/1/30 | 235,830 | 220,411 | |
Bath & Body Works 6.875% 11/1/35 | 375,000 | 380,232 | |
Boyd Gaming | |||
4.75% 12/1/27 | 255,000 | 245,814 | |
144A 4.75% 6/15/31 # | 110,000 | 101,078 | |
Caesars Entertainment 144A 7.00% 2/15/30 # | 275,000 | 282,167 | |
Carnival | |||
144A 5.75% 3/1/27 # | 101,000 | 98,595 | |
144A 6.00% 5/1/29 # | 475,000 | 457,411 | |
Clarios Global 144A 8.50% 5/15/27 # | 240,000 | 241,287 | |
Light & Wonder International 144A 7.25% 11/15/29 # | 335,000 | 343,338 | |
LSF9 Atlantis Holdings 144A 7.75% 2/15/26 # | 196,000 | 188,154 | |
Michaels 144A 5.25% 5/1/28 # | 163,000 | 128,987 | |
Murphy Oil USA 4.75% 9/15/29 | 60,000 | 56,916 | |
PetSmart 144A 7.75% 2/15/29 # | 340,000 | 331,040 | |
Royal Caribbean Cruises | |||
144A 5.50% 4/1/28 # | 339,000 | 334,893 | |
144A 7.25% 1/15/30 # | 100,000 | 104,501 | |
Scientific Games Holdings 144A 6.625% 3/1/30 # | 415,000 | 392,845 | |
Staples 144A 7.50% 4/15/26 # | 219,000 | 203,942 | |
VICI Properties 4.95% 2/15/30 | 75,000 | 72,848 | |
5,050,368 | |||
Consumer Non-Cyclical — 2.75% | |||
Acushnet 144A 7.375% 10/15/28 # | 119,000 | 124,226 | |
Amgen | |||
5.25% 3/2/30 | 45,000 | 46,281 | |
5.25% 3/2/33 | 37,000 | 37,947 | |
Bristol-Myers Squibb 5.90% 11/15/33 | 35,000 | 38,148 |
Principalamount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Consumer Non-Cyclical (continued) | |||
Catalent Pharma Solutions | |||
144A 3.125% 2/15/29 # | 100,000 | $ 87,625 | |
144A 3.50% 4/1/30 # | 10,000 | 8,710 | |
CHS 144A 5.25% 5/15/30 # | 300,000 | 251,318 | |
CVS Health 2.70% 8/21/40 | 135,000 | 96,327 | |
DaVita | |||
144A 3.75% 2/15/31 # | 160,000 | 131,661 | |
144A 4.625% 6/1/30 # | 100,000 | 87,387 | |
Gilead Sciences 5.55% 10/15/53 | 40,000 | 43,376 | |
HCA 3.50% 7/15/51 | 42,000 | 29,631 | |
Heartland Dental 144A 8.50% 5/1/26 # | 347,000 | 343,572 | |
Legacy LifePoint Health 144A 4.375% 2/15/27 # | 15,000 | 13,865 | |
MajorDrive Holdings IV 144A 6.375% 6/1/29 # | 334,000 | 287,955 | |
Medline Borrower | |||
144A 3.875% 4/1/29 # | 194,000 | 175,639 | |
144A 5.25% 10/1/29 # | 280,000 | 264,296 | |
Par Pharmaceutical 144A 7.50% 4/1/27 #, ‡ | 344,000 | 220,509 | |
Pfizer Investment Enterprises 5.30% 5/19/53 | 40,000 | 40,866 | |
Tenet Healthcare | |||
4.375% 1/15/30 | 305,000 | 282,985 | |
6.125% 10/1/28 | 190,000 | 189,629 | |
Zoetis 5.40% 11/14/25 | 25,000 | 25,216 | |
2,827,169 | |||
Electric — 1.52% | |||
Appalachian Power 4.50% 8/1/32 | 35,000 | 33,716 | |
Berkshire Hathaway Energy 2.85% 5/15/51 | 60,000 | 40,610 | |
Calpine | |||
144A 5.00% 2/1/31 # | 250,000 | 229,506 | |
144A 5.125% 3/15/28 # | 235,000 | 225,460 | |
Duke Energy Carolinas 4.95% 1/15/33 | 40,000 | 40,766 | |
Fells Point Funding Trust 144A 3.046% 1/31/27 # | 100,000 | 94,299 | |
NextEra Energy Capital Holdings | |||
3.00% 1/15/52 | 40,000 | 26,828 | |
5.749% 9/1/25 | 20,000 | 20,197 | |
Oglethorpe Power 144A 6.20% 12/1/53 # | 10,000 | 10,754 | |
Vistra 144A 7.00% 12/15/26 #, μ, ψ | 715,000 | 705,254 |
NQ- IV930 [1223] 0224 (3377354) 3
Schedule of investments
Delaware Ivy Multi-Asset Income Fund (Unaudited)
Principalamount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Electric (continued) | |||
Vistra Operations | |||
144A 4.30% 7/15/29 # | 109,000 | $ 102,145 | |
144A 6.95% 10/15/33 # | 30,000 | 31,609 | |
1,561,144 | |||
Energy — 6.11% | |||
Ascent Resources Utica Holdings | |||
144A 5.875% 6/30/29 # | 309,000 | 287,811 | |
144A 7.00% 11/1/26 # | 214,000 | 215,679 | |
Callon Petroleum | |||
144A 7.50% 6/15/30 # | 145,000 | 146,389 | |
144A 8.00% 8/1/28 # | 295,000 | 301,606 | |
Cheniere Energy Partners 4.50% 10/1/29 | 70,000 | 67,043 | |
Civitas Resources 144A 8.625% 11/1/30 # | 185,000 | 196,390 | |
CNX Midstream Partners 144A 4.75% 4/15/30 # | 155,000 | 139,390 | |
Diamondback Energy 4.25% 3/15/52 | 74,000 | 59,867 | |
Enbridge 6.70% 11/15/53 | 30,000 | 34,932 | |
EQM Midstream Partners | |||
144A 4.75% 1/15/31 # | 360,000 | 335,516 | |
6.50% 7/15/48 | 130,000 | 133,398 | |
Genesis Energy | |||
7.75% 2/1/28 | 185,000 | 185,835 | |
8.00% 1/15/27 | 164,000 | 166,838 | |
8.25% 1/15/29 | 85,000 | 87,536 | |
Hilcorp Energy I | |||
144A 6.00% 2/1/31 # | 225,000 | 217,719 | |
144A 6.25% 4/15/32 # | 520,000 | 500,966 | |
Murphy Oil 6.375% 7/15/28 | 655,000 | 658,618 | |
NuStar Logistics | |||
6.00% 6/1/26 | 201,000 | 200,826 | |
6.375% 10/1/30 | 200,000 | 200,638 | |
Occidental Petroleum 6.125% 1/1/31 | 78,000 | 81,074 | |
ONEOK | |||
5.65% 11/1/28 | 20,000 | 20,719 | |
5.80% 11/1/30 | 25,000 | 26,006 | |
6.05% 9/1/33 | 17,000 | 18,020 | |
Southwestern Energy 5.375% 3/15/30 | 490,000 | 479,047 | |
Transocean 144A 8.00% 2/1/27 # | 276,000 | 269,379 | |
USA Compression Partners | |||
6.875% 4/1/26 | 190,000 | 189,407 | |
6.875% 9/1/27 | 285,000 | 281,934 | |
Vital Energy 10.125% 1/15/28 | 440,000 | 452,458 |
Principalamount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Energy (continued) | |||
Weatherford International 144A 8.625% 4/30/30 # | 320,000 | $ 334,388 | |
6,289,429 | |||
Financials — 0.76% | |||
AerCap Holdings 5.875% 10/10/79 μ | 385,000 | 380,580 | |
Air Lease 4.65% 6/15/26 μ, ψ | 335,000 | 301,599 | |
Aviation Capital Group 144A 3.50% 11/1/27 # | 105,000 | 96,844 | |
779,023 | |||
Insurance — 1.70% | |||
American International Group 5.125% 3/27/33 | 105,000 | 106,624 | |
Ardonagh Midco 2 144A PIK 11.50% 1/15/27 #, « | 282,744 | 279,797 | |
Athene Global Funding 144A 1.985% 8/19/28 # | 45,000 | 38,912 | |
Berkshire Hathaway Finance 3.85% 3/15/52 | 95,000 | 79,496 | |
HUB International 144A 5.625% 12/1/29 # | 265,000 | 253,138 | |
Jones Deslauriers Insurance Management | |||
144A 8.50% 3/15/30 # | 290,000 | 304,904 | |
144A 10.50% 12/15/30 # | 215,000 | 226,947 | |
Marsh & McLennan 5.70% 9/15/53 | 60,000 | 65,342 | |
New York Life Global Funding 144A 5.45% 9/18/26 # | 60,000 | 61,369 | |
UnitedHealth Group | |||
4.20% 5/15/32 | 79,000 | 77,345 | |
4.50% 4/15/33 | 56,000 | 55,665 | |
5.05% 4/15/53 | 65,000 | 65,724 | |
USI 144A 7.50% 1/15/32 # | 130,000 | 133,256 | |
1,748,519 | |||
Natural Gas — 0.03% | |||
Atmos Energy 2.85% 2/15/52 | 45,000 | 30,645 | |
30,645 | |||
Real Estate Investment Trusts — 0.04% | |||
American Homes 4 Rent 3.625% 4/15/32 | 45,000 | 40,333 | |
40,333 | |||
Technology — 2.39% | |||
Autodesk 2.40% 12/15/31 | 35,000 | 29,962 | |
CDW 3.276% 12/1/28 | 45,000 | 41,335 | |
CommScope Technologies 144A 6.00% 6/15/25 # | 222,000 | 181,139 |
4 NQ- IV930 [1223] 0224 (3377354)
(Unaudited)
Principalamount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Technology (continued) | |||
Entegris Escrow | |||
144A 4.75% 4/15/29 # | 75,000 | $ 72,342 | |
144A 5.95% 6/15/30 # | 525,000 | 522,429 | |
Iron Mountain 144A 5.25% 7/15/30 # | 715,000 | 681,425 | |
NCR Voyix 144A 5.00% 10/1/28 # | 318,000 | 300,923 | |
Oracle 3.60% 4/1/50 | 77,000 | 57,101 | |
Seagate HDD Cayman | |||
5.75% 12/1/34 | 123,000 | 118,343 | |
144A 8.25% 12/15/29 # | 115,000 | 124,115 | |
Sensata Technologies 144A 4.00% 4/15/29 # | 360,000 | 334,953 | |
2,464,067 | |||
Transportation — 0.63% | |||
Azul Secured Finance 144A 11.93% 8/28/28 # | 240,000 | 248,502 | |
Burlington Northern Santa Fe 2.875% 6/15/52 | 55,000 | 38,488 | |
ERAC USA Finance | |||
144A 4.90% 5/1/33 # | 55,000 | 54,956 | |
144A 5.40% 5/1/53 # | 20,000 | 21,013 | |
Grupo Aeromexico 144A 8.50% 3/17/27 # | 300,000 | 289,796 | |
652,755 | |||
Total Corporate Bonds (cost $37,621,435) | 36,576,946 | ||
Non-Agency Commercial Mortgage-Backed Securities — 0.85% | |||
BANK | |||
Series 2019-BN21 A5 2.851% 10/17/52 | 100,000 | 87,833 | |
Series 2020-BN26 A4 2.403% 3/15/63 | 220,000 | 187,213 | |
Series 2021-BN32 A5 2.643% 4/15/54 | 250,000 | 214,031 | |
Benchmark Mortgage Trust | |||
Series 2020-B17 A5 2.289% 3/15/53 | 225,000 | 187,355 | |
Series 2022-B33 A5 3.458% 3/15/55 | 225,000 | 199,724 | |
Total Non-Agency Commercial Mortgage-Backed Securities (cost $901,478) | 876,156 | ||
Loan Agreements — 0.56% | |||
Foresight Energy Operating Tranche A 13.448% (SOFR03M + 8.10%) 6/30/27 • | 209,680 | 204,438 |
Principalamount° | Value (US $) | ||
Loan Agreements (continued) | |||
Form Technologies Tranche B 9.988% (SOFR03M + 4.60%) 7/22/25 • | 993 | $ 924 | |
MLN US HoldCo 1st Lien 12.195% (SOFR03M + 6.80%) 10/18/27 • | 871,480 | 174,296 | |
MLN US HoldCo Tranche B 14.745% (SOFR03M + 9.35%) 10/18/27 • | 376,000 | 48,880 | |
Swf Holdings I 9.47% (SOFR01M + 4.11%) 10/6/28 • | 166,043 | 148,317 | |
Total Loan Agreements (cost $1,539,758) | 576,855 | ||
US Treasury Obligations — 1.08% | |||
US Treasury Bonds | |||
2.25% 8/15/46 | 145,000 | 103,151 | |
4.375% 8/15/43 | 35,000 | 35,738 | |
4.75% 11/15/43 | 45,000 | 48,284 | |
4.75% 11/15/53 | 25,000 | 28,041 | |
US Treasury Notes | |||
4.375% 11/30/28 | 130,000 | 133,047 | |
4.50% 11/15/33 | 590,000 | 619,592 | |
4.875% 10/31/28 | 135,000 | 140,949 | |
Total US Treasury Obligations (cost $1,077,629) | 1,108,802 |
Number of shares | |||
Common Stocks — 51.19% | |||
Basic Industry — 0.62% | |||
Foresight Energy =, † | 31,163 | 635,105 | |
Westmoreland Coal =, † | 146 | 255 | |
635,360 | |||
Capital Goods — 0.46% | |||
Otis Worldwide | 5,255 | 470,165 | |
470,165 | |||
Communication Services — 0.31% | |||
Orange | 27,672 | 314,772 | |
314,772 | |||
Consumer Cyclical — 0.43% | |||
Studio City International Holdings † | 60,131 | 389,649 | |
True Religion Apparel =, † | 2 | 50,022 | |
439,671 | |||
Consumer Discretionary — 3.88% | |||
adidas | 3,857 | 784,141 | |
Amadeus IT Group | 11,459 | 820,743 |
NQ- IV930 [1223] 0224 (3377354) 5
Schedule of investments
Delaware Ivy Multi-Asset Income Fund (Unaudited)
Number of shares | Value (US $) | ||
Common Stocks (continued) | |||
Consumer Discretionary (continued) | |||
H & M Hennes & Mauritz Class B | 30,827 | $ 539,821 | |
Kering | 846 | 372,643 | |
LVMH Moet Hennessy Louis Vuitton | 329 | 266,443 | |
Sodexo | 6,609 | 726,828 | |
Studio City International Holdings ADR † | 28,553 | 185,024 | |
Swatch Group | 1,123 | 305,235 | |
4,000,878 | |||
Consumer Non-Cyclical — 8.40% | |||
Anheuser-Busch InBev | 6,730 | 434,036 | |
Clorox | 5,880 | 838,429 | |
Henry Schein † | 10,472 | 792,835 | |
Ingredion | 6,975 | 756,997 | |
Kimberly-Clark | 4,134 | 502,322 | |
Lamb Weston Holdings | 5,930 | 640,974 | |
Merck & Co. | 6,839 | 745,588 | |
Pfizer | 20,890 | 601,423 | |
Roche Holding | 2,098 | 609,906 | |
Securitas Class B | 78,696 | 769,167 | |
Smith & Nephew | 61,272 | 842,312 | |
Unilever | 23,204 | 1,123,925 | |
8,657,914 | |||
Consumer Staples — 6.23% | |||
Archer-Daniels-Midland | 2,419 | 174,700 | |
Bunge Global | 3,289 | 332,025 | |
Danone | 16,035 | 1,038,744 | |
Diageo | 26,736 | 973,297 | |
Essity Class B | 24,430 | 605,539 | |
Estee Lauder Class A | 2,888 | 422,370 | |
Kao | 13,000 | 534,752 | |
Koninklijke Ahold Delhaize | 37,577 | 1,079,184 | |
Nestle | 10,813 | 1,253,642 | |
6,414,253 | |||
Energy — 3.49% | |||
BP ADR | 7,138 | 252,685 | |
Chesapeake Energy | 4,051 | 311,684 | |
Chord Energy | 514 | 85,442 | |
Enbridge | 11,231 | 404,301 | |
Euronav | 2,329 | 41,060 | |
Kimbell Royalty Partners | 20,792 | 312,920 | |
Parex Resources | 5,072 | 95,503 | |
Permian Resources | 11,119 | 151,218 | |
Schlumberger | 4,129 | 214,873 | |
Shell | 15,839 | 519,165 | |
TC Energy | 10,196 | 398,283 | |
Tourmaline Oil | 3,431 | 154,299 |
Number of shares | Value (US $) | ||
Common Stocks (continued) | |||
Energy (continued) | |||
Unit | 6,249 | $ 269,832 | |
Valero Energy | 2,918 | 379,340 | |
3,590,605 | |||
Financials — 1.02% | |||
New Cotai =, † | 318,315 | 306,524 | |
Visa Class A | 2,870 | 747,204 | |
1,053,728 | |||
Healthcare — 0.47% | |||
Novo Nordisk Class B | 4,658 | 481,548 | |
481,548 | |||
Home Builders — 0.07% | |||
Lifestyle Communities | 2,620 | 32,584 | |
Sekisui House | 1,900 | 42,204 | |
74,788 | |||
Industrials — 3.82% | |||
Atlas Arteria | 99,689 | 392,653 | |
CCR | 133,886 | 390,832 | |
Enav 144A # | 108,054 | 409,867 | |
GrafTech International | 30,704 | 67,242 | |
Intertek Group | 9,109 | 492,994 | |
Knorr-Bremse | 6,956 | 451,530 | |
Kone Class B | 2,890 | 144,079 | |
Makita | 14,500 | 400,035 | |
Sacyr | 115,345 | 398,049 | |
Transurban Group | 42,521 | 397,260 | |
Vinci | 3,093 | 388,231 | |
3,932,772 | |||
Materials — 4.95% | |||
Air Liquide | 4,617 | 897,673 | |
Alcoa | 7,302 | 248,268 | |
Anglo American | 19,089 | 479,482 | |
CF Industries Holdings | 1,407 | 111,857 | |
Corteva | 6,808 | 326,239 | |
Endeavour Mining | 8,841 | 197,999 | |
ERO Copper † | 12,011 | 189,903 | |
Glencore | 77,811 | 468,237 | |
Hudbay Minerals | 44,310 | 244,591 | |
Kinross Gold | 70,017 | 423,603 | |
Newmont | 12,765 | 528,343 | |
Nutrien | 7,714 | 434,530 | |
Sylvamo | 2,919 | 143,352 | |
West Fraser Timber | 1,612 | 137,909 | |
Wheaton Precious Metals | 5,340 | 263,476 | |
5,095,462 | |||
Real Estate — 1.33% | |||
Crown Castle | 3,180 | 366,304 | |
Mitsubishi Estate | 15,100 | 208,080 |
6 NQ- IV930 [1223] 0224 (3377354)
(Unaudited)
Number of shares | Value (US $) | ||
Common Stocks (continued) | |||
Real Estate (continued) | |||
Sumitomo Realty & Development | 5,700 | $ 169,545 | |
Weyerhaeuser | 17,980 | 625,165 | |
1,369,094 | |||
REIT Diversified — 0.98% | |||
CapitaLand Ascendas REIT | 69,500 | 159,564 | |
Charter Hall Group | 9,740 | 79,913 | |
CK Asset Holdings | 12,500 | 62,752 | |
DigitalBridge Group | 2,150 | 37,711 | |
Fastighets Balder Class B † | 5,800 | 41,128 | |
Inmobiliaria Colonial Socimi | 7,890 | 57,052 | |
Land Securities Group | 7,660 | 68,815 | |
Mapletree Logistics Trust | 105,700 | 139,358 | |
Mapletree Pan Asia Commercial Trust | 51,800 | 61,622 | |
Nomura Real Estate Master Fund | 30 | 35,106 | |
Shaftesbury Capital | 16,541 | 29,117 | |
Sun Hung Kai Properties | 6,000 | 64,891 | |
United Urban Investment | 110 | 112,419 | |
Wharf Real Estate Investment | 19,000 | 64,238 | |
1,013,686 | |||
REIT Healthcare — 1.00% | |||
Aedifica | 360 | 25,296 | |
Alexandria Real Estate Equities | 1,880 | 238,328 | |
Healthpeak Properties | 8,710 | 172,458 | |
Welltower | 6,650 | 599,630 | |
1,035,712 | |||
REIT Industrial — 1.44% | |||
Americold Realty Trust | 8,970 | 271,522 | |
Goodman Group | 12,440 | 214,474 | |
Mitsubishi Estate Logistics REIT Investment | 22 | 58,433 | |
Nippon Prologis REIT | 65 | 125,114 | |
Prologis | 4,560 | 607,848 | |
Segro | 9,730 | 109,934 | |
Warehouses De Pauw CVA | 3,230 | 101,624 | |
1,488,949 | |||
REIT Information Technology — 1.21% | |||
American Tower | 820 | 177,022 | |
Digital Realty Trust | 2,830 | 380,861 | |
Equinix | 850 | 684,581 | |
1,242,464 | |||
REIT Lodging — 0.20% | |||
Ryman Hospitality Properties | 1,230 | 135,374 |
Number of shares | Value (US $) | ||
Common Stocks (continued) | |||
REIT Lodging (continued) | |||
Xenia Hotels & Resorts | 5,000 | $ 68,100 | |
203,474 | |||
REIT Mall — 0.15% | |||
Simon Property Group | 1,080 | 154,051 | |
154,051 | |||
REIT Manufactured Housing — 0.45% | |||
Equity LifeStyle Properties | 2,660 | 187,636 | |
Sun Communities | 2,090 | 279,329 | |
466,965 | |||
REIT Multifamily — 1.31% | |||
Advance Residence Investment | 30 | 67,234 | |
American Homes 4 Rent Class A | 5,320 | 191,307 | |
AvalonBay Communities | 1,740 | 325,763 | |
Boardwalk Real Estate Investment Trust | 1,320 | 71,068 | |
Canadian Apartment Properties REIT | 2,930 | 107,908 | |
CapitaLand Ascott Trust | 1,904 | 1,428 | |
Equity Residential | 3,020 | 184,703 | |
InterRent Real Estate Investment Trust | 6,490 | 64,800 | |
LEG Immobilien † | 850 | 74,431 | |
UNITE Group | 8,070 | 107,390 | |
Vonovia | 4,860 | 153,123 | |
1,349,155 | |||
REIT Office — 0.38% | |||
Castellum † | 3,420 | 48,591 | |
Derwent London | 1,190 | 35,797 | |
Fabege | 3,290 | 35,294 | |
Gecina | 630 | 76,573 | |
Nippon Building Fund | 27 | 117,000 | |
Tokyu REIT | 45 | 54,383 | |
Wihlborgs Fastigheter | 2,490 | 23,268 | |
390,906 | |||
REIT Retail — 0.22% | |||
Link REIT | 31,423 | 176,462 | |
Unibail-Rodamco-Westfield † | 670 | 49,497 | |
225,959 | |||
REIT Self-Storage — 0.48% | |||
Big Yellow Group | 6,200 | 96,572 | |
National Storage REIT | 36,130 | 56,628 | |
Public Storage | 1,130 | 344,650 | |
497,850 |
NQ- IV930 [1223] 0224 (3377354) 7
Schedule of investments
Delaware Ivy Multi-Asset Income Fund (Unaudited)
Number of shares | Value (US $) | ||
Common Stocks (continued) | |||
REIT Shopping Center — 0.68% | |||
Agree Realty | 5,120 | $ 322,304 | |
Federal Realty Investment Trust | 1,470 | 151,483 | |
Kite Realty Group Trust | 9,880 | 225,857 | |
699,644 | |||
REIT Single Tenant — 0.39% | |||
Realty Income | 7,040 | 404,237 | |
404,237 | |||
REIT Specialty — 0.40% | |||
Corp Inmobiliaria Vesta ADR | 3,180 | 125,991 | |
Invitation Homes | 8,290 | 282,772 | |
408,763 | |||
Technology — 1.71% | |||
Cellnex Telecom 144A # | 13,049 | 513,698 | |
NEXTDC † | 6,550 | 61,284 | |
SAP | 7,740 | 1,191,797 | |
1,766,779 | |||
Utilities — 4.71% | |||
APA Group | 38,211 | 222,372 | |
Enel | 54,084 | 401,822 | |
Hydro One 144A # | 12,874 | 385,720 | |
National Grid | 29,863 | 402,726 | |
NextEra Energy | 6,286 | 381,812 | |
Orsted 144A # | 7,207 | 399,482 | |
Pennon Group | 39,850 | 381,723 | |
PPL | 14,458 | 391,812 | |
Severn Trent | 10,930 | 359,304 | |
Snam | 79,319 | 407,611 | |
SSE | 15,963 | 377,645 | |
Terna - Rete Elettrica Nazionale | 45,473 | 379,210 | |
United Utilities Group | 26,591 | 359,109 | |
4,850,348 | |||
Total Common Stocks (cost $52,152,107) | 52,729,952 | ||
Preferred Stocks — 0.67% | |||
Henkel AG & Co. 2.70% ω | 8,500 | 683,687 | |
True Religion Apparel 6.25% =, ω | 2 | 10,280 | |
Total Preferred Stocks (cost $715,725) | 693,967 | ||
Exchange-Traded Funds — 5.48% | |||
SPDR S&P Global Natural Resources ETF | 8,053 | 456,202 | |
Vanguard Global ex-U.S. Real Estate ETF | 720 | 30,665 |
Number of shares | Value (US $) | ||
Exchange-Traded Funds (continued) | |||
Vanguard High Dividend Yield ETF | 27,580 | $ 3,078,755 | |
Vanguard International High Dividend Yield ETF | 31,285 | 2,080,140 | |
Total Exchange-Traded Funds (cost $5,419,532) | 5,645,762 | ||
Master Limited Partnerships — 0.29% | |||
Black Stone Minerals | 18,720 | 298,771 | |
Total Master Limited Partnerships (cost $161,175) | 298,771 | ||
Warrants — 0.02% | |||
California Resources † | 1,167 | 22,617 | |
Total Warrants (cost $101,593) | 22,617 | ||
Total Value of Securities—99.23% (cost $102,994,745) | 102,220,573 | ||
Receivables and Other Assets Net of Liabilities—0.77%★ | 789,453 | ||
Net Assets Applicable to 10,745,459 Shares Outstanding—100.00% | $103,010,026 |
° | 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 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. |
# | 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 $29,189,276, which represents 28.34% of the Fund's net assets. |
> | PIK. 100% of the income received was in the form of cash. |
« | PIK. The first payment of cash and/or principal will be made after December 31, 2023. |
8 NQ- IV930 [1223] 0224 (3377354)
(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. |
† | Non-income producing security. |
ω | Perpetual security with no stated maturity date. |
★ | Includes $7,617 cash collateral held at broker for futures contracts as of December 31, 2023. |
The following futures contracts were outstanding at December 31, 2023:
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 | $205,914 | $203,659 | 3/28/24 | $2,255 | $— | $125 | ||||||
7 | US Treasury 5 yr Notes | 761,414 | 742,502 | 3/28/24 | 18,912 | — | 602 | ||||||
(2) | US Treasury 10 yr Notes | (225,781) | (217,542) | 3/19/24 | — | (8,239) | — | ||||||
(3) | US Treasury 10 yr Ultra Notes | (354,047) | (336,813) | 3/19/24 | — | (17,234) | 281 | ||||||
Total Futures Contracts | $391,806 | $21,167 | $(25,473) | $1,008 |
The use of futures contracts involves elements of market risk and risks in excess of the amounts disclosed in the schedule of investments. The notional amounts presented above represent the Fund's total exposure in such contracts, whereas only the variation margin is reflected in the Fund's net assets.
Summary of abbreviations: |
ADR – American Depositary Receipt |
AG – Aktiengesellschaft |
CVA – Certified Dutch Certificate |
ETF – Exchange-Traded Fund |
PIK – Payment-in-kind |
REIT – Real Estate Investment Trust |
S&P – Standard & Poor’s Financial Services LLC |
S.F. – Single Family |
Summary of abbreviations: (continued) |
SOFR01M – Secured Overnight Financing Rate 1 Month |
SOFR03M – Secured Overnight Financing Rate 3 Month |
SPDR – Standard & Poor's Depositary Receipt |
USD – US Dollar |
yr – Year |
Summary of currencies: |
EUR – European Monetary Unit |
NQ- IV930 [1223] 0224 (3377354) 9