Schedule of investments
Delaware Ivy High Yield Fund
December 31, 2023 (Unaudited)
Principal amount° | Value (US $) | ||
Corporate Bonds — 96.79% | |||
Automotive — 2.52% | |||
Ford Motor 4.75% 1/15/43 | 220,000 | $ 181,865 | |
Ford Motor Credit | |||
3.375% 11/13/25 | 150,000 | 143,608 | |
4.125% 8/17/27 | 150,000 | 142,133 | |
4.542% 8/1/26 | 165,000 | 159,858 | |
Goodyear Tire & Rubber 5.25% 7/15/31 | 170,000 | 154,454 | |
781,918 | |||
Basic Industry — 8.31% | |||
Arsenal AIC Parent 144A 8.00% 10/1/30 # | 100,000 | 104,461 | |
CP Atlas Buyer 144A 7.00% 12/1/28 # | 77,000 | 67,127 | |
First Quantum Minerals | |||
144A 7.50% 4/1/25 # | 200,000 | 190,881 | |
144A 8.625% 6/1/31 # | 260,000 | 220,675 | |
FMG Resources August 2006 | |||
144A 5.875% 4/15/30 # | 220,000 | 218,290 | |
144A 6.125% 4/15/32 # | 95,000 | 95,816 | |
NOVA Chemicals 144A 8.50% 11/15/28 # | 220,000 | 230,980 | |
Novelis 144A 4.75% 1/30/30 # | 420,000 | 395,663 | |
Olympus Water US Holding 144A 9.75% 11/15/28 # | 200,000 | 212,529 | |
Roller Bearing Co. of America 144A 4.375% 10/15/29 # | 340,000 | 315,071 | |
Standard Industries 144A 3.375% 1/15/31 # | 310,000 | 267,146 | |
Vibrantz Technologies 144A 9.00% 2/15/30 # | 330,000 | 262,093 | |
2,580,732 | |||
Capital Goods — 5.14% | |||
Ardagh Metal Packaging Finance USA 144A 4.00% 9/1/29 # | 200,000 | 169,547 | |
Bombardier | |||
144A 6.00% 2/15/28 # | 206,000 | 200,949 | |
144A 7.50% 2/1/29 # | 115,000 | 117,006 | |
144A 8.75% 11/15/30 # | 60,000 | 63,957 | |
Clydesdale Acquisition Holdings | |||
144A 6.625% 4/15/29 # | 50,000 | 49,214 | |
144A 8.75% 4/15/30 # | 135,000 | 126,033 | |
Mauser Packaging Solutions Holding | |||
144A 7.875% 8/15/26 # | 350,000 | 356,503 | |
144A 9.25% 4/15/27 # | 105,000 | 103,177 | |
Sealed Air 144A 5.00% 4/15/29 # | 140,000 | 135,534 | |
TransDigm 144A 6.875% 12/15/30 # | 265,000 | 273,124 | |
1,595,044 |
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Consumer Goods — 1.17% | |||
Acushnet 144A 7.375% 10/15/28 # | 97,000 | $ 101,260 | |
Cerdia Finanz 144A 10.50% 2/15/27 # | 165,000 | 168,320 | |
Pilgrim's Pride 4.25% 4/15/31 | 105,000 | 94,968 | |
364,548 | |||
Electric — 2.72% | |||
Calpine | |||
144A 4.625% 2/1/29 # | 50,000 | 46,490 | |
144A 5.125% 3/15/28 # | 275,000 | 263,836 | |
Vistra | |||
144A 7.00% 12/15/26 #, μ, ψ | 365,000 | 360,025 | |
144A 8.00% 10/15/26 #, μ, ψ | 175,000 | 174,478 | |
844,829 | |||
Energy — 15.16% | |||
Ascent Resources Utica Holdings 144A 5.875% 6/30/29 # | 270,000 | 251,486 | |
Callon Petroleum | |||
144A 7.50% 6/15/30 # | 125,000 | 126,198 | |
144A 8.00% 8/1/28 # | 405,000 | 414,069 | |
Civitas Resources 144A 8.625% 11/1/30 # | 155,000 | 164,543 | |
CNX Midstream Partners 144A 4.75% 4/15/30 # | 125,000 | 112,411 | |
Energy Transfer 144A 7.375% 2/1/31 # | 160,000 | 168,250 | |
EQM Midstream Partners 144A 4.75% 1/15/31 # | 359,000 | 334,584 | |
Genesis Energy | |||
7.75% 2/1/28 | 200,000 | 200,903 | |
8.00% 1/15/27 | 94,000 | 95,627 | |
8.25% 1/15/29 | 70,000 | 72,089 | |
Hilcorp Energy I | |||
144A 6.00% 4/15/30 # | 350,000 | 339,905 | |
144A 6.00% 2/1/31 # | 30,000 | 29,029 | |
144A 6.25% 4/15/32 # | 138,000 | 132,949 | |
Murphy Oil 6.375% 7/15/28 | 433,000 | 435,391 | |
NuStar Logistics | |||
6.00% 6/1/26 | 157,000 | 156,864 | |
6.375% 10/1/30 | 159,000 | 159,507 | |
Southwestern Energy | |||
5.375% 2/1/29 | 108,000 | 105,500 | |
5.375% 3/15/30 | 269,000 | 262,987 | |
Transocean 144A 8.00% 2/1/27 # | 220,000 | 214,722 | |
USA Compression Partners | |||
6.875% 4/1/26 | 346,000 | 344,920 | |
6.875% 9/1/27 | 60,000 | 59,354 | |
Vital Energy 144A 7.75% 7/31/29 # | 280,000 | 268,010 |
NQ- IV901 [1223] 0224 (3377220) 1
Schedule of investments
Delaware Ivy High Yield Fund (Unaudited)
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Energy (continued) | |||
Weatherford International 144A 8.625% 4/30/30 # | 245,000 | $ 256,016 | |
4,705,314 | |||
Financial Services — 2.84% | |||
AerCap Holdings 5.875% 10/10/79 μ | 399,000 | 394,419 | |
Air Lease 4.65% 6/15/26 μ, ψ | 230,000 | 207,068 | |
Castlelake Aviation Finance DAC 144A 5.00% 4/15/27 # | 297,000 | 279,363 | |
880,850 | |||
Healthcare — 7.30% | |||
AthenaHealth Group 144A 6.50% 2/15/30 # | 160,000 | 145,362 | |
Avantor Funding 144A 3.875% 11/1/29 # | 220,000 | 199,994 | |
Bausch Health 144A 6.125% 2/1/27 # | 335,000 | 226,480 | |
Catalent Pharma Solutions | |||
144A 3.125% 2/15/29 # | 72,000 | 63,090 | |
144A 3.50% 4/1/30 # | 15,000 | 13,065 | |
Cheplapharm Arzneimittel 144A 5.50% 1/15/28 # | 240,000 | 227,199 | |
CHS 144A 5.25% 5/15/30 # | 235,000 | 196,866 | |
DaVita 144A 4.625% 6/1/30 # | 185,000 | 161,667 | |
Legacy LifePoint Health 144A 4.375% 2/15/27 # | 15,000 | 13,865 | |
Medline Borrower | |||
144A 3.875% 4/1/29 # | 208,000 | 188,314 | |
144A 5.25% 10/1/29 # | 262,000 | 247,306 | |
Organon & Co. 144A 5.125% 4/30/31 # | 250,000 | 214,106 | |
Tenet Healthcare | |||
4.375% 1/15/30 | 240,000 | 222,676 | |
6.125% 10/1/28 | 145,000 | 144,717 | |
2,264,707 | |||
Insurance — 5.42% | |||
HUB International 144A 5.625% 12/1/29 # | 495,000 | 472,842 | |
Jones Deslauriers Insurance Management | |||
144A 8.50% 3/15/30 # | 375,000 | 394,273 | |
144A 10.50% 12/15/30 # | 245,000 | 258,614 | |
NFP | |||
144A 6.875% 8/15/28 # | 320,000 | 325,544 | |
144A 7.50% 10/1/30 # | 110,000 | 117,173 | |
USI 144A 7.50% 1/15/32 # | 110,000 | 112,756 | |
1,681,202 |
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Leisure — 7.38% | |||
Boyd Gaming 144A 4.75% 6/15/31 # | 510,000 | $ 468,633 | |
Caesars Entertainment 144A 7.00% 2/15/30 # | 280,000 | 287,297 | |
Carnival | |||
144A 5.75% 3/1/27 # | 152,000 | 148,380 | |
144A 6.00% 5/1/29 # | 305,000 | 293,706 | |
Light & Wonder International 144A 7.25% 11/15/29 # | 275,000 | 281,845 | |
Royal Caribbean Cruises | |||
144A 5.375% 7/15/27 # | 68,000 | 67,357 | |
144A 5.50% 4/1/28 # | 338,000 | 333,905 | |
144A 7.25% 1/15/30 # | 80,000 | 83,601 | |
Scientific Games Holdings 144A 6.625% 3/1/30 # | 345,000 | 326,582 | |
2,291,306 | |||
Media — 11.32% | |||
AMC Networks 4.25% 2/15/29 | 270,000 | 206,282 | |
Arches Buyer 144A 6.125% 12/1/28 # | 315,000 | 272,823 | |
CCO Holdings 144A 4.50% 8/15/30 # | 680,000 | 613,917 | |
CMG Media 144A 8.875% 12/15/27 # | 390,000 | 309,685 | |
CSC Holdings | |||
144A 4.625% 12/1/30 # | 225,000 | 135,758 | |
144A 5.00% 11/15/31 # | 275,000 | 166,683 | |
Cumulus Media New Holdings 144A 6.75% 7/1/26 # | 265,000 | 178,715 | |
Directv Financing 144A 5.875% 8/15/27 # | 395,000 | 371,457 | |
DISH DBS 144A 5.75% 12/1/28 # | 370,000 | 295,806 | |
Gray Escrow II 144A 5.375% 11/15/31 # | 135,000 | 102,006 | |
Gray Television 144A 4.75% 10/15/30 # | 245,000 | 184,709 | |
Nexstar Media 144A 4.75% 11/1/28 # | 180,000 | 166,011 | |
Sirius XM Radio 144A 4.125% 7/1/30 # | 570,000 | 508,664 | |
3,512,516 | |||
Retail — 4.88% | |||
Asbury Automotive Group 4.75% 3/1/30 | 185,000 | 172,905 | |
Bath & Body Works | |||
6.875% 11/1/35 | 215,000 | 218,000 | |
6.95% 3/1/33 | 85,000 | 85,061 | |
LSF9 Atlantis Holdings 144A 7.75% 2/15/26 # | 159,000 | 152,635 | |
Michaels 144A 5.25% 5/1/28 # | 145,000 | 114,743 |
2 NQ- IV901 [1223] 0224 (3377220)
(Unaudited)
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Retail (continued) | |||
Murphy Oil USA | |||
144A 3.75% 2/15/31 # | 75,000 | $ 65,395 | |
4.75% 9/15/29 | 400,000 | 379,440 | |
PetSmart 144A 7.75% 2/15/29 # | 335,000 | 326,172 | |
1,514,351 | |||
Services — 5.13% | |||
CDW 3.569% 12/1/31 | 375,000 | 333,071 | |
GFL Environmental 144A 6.75% 1/15/31 # | 110,000 | 113,469 | |
Prime Security Services Borrower | |||
144A 3.375% 8/31/27 # | 270,000 | 250,512 | |
144A 5.75% 4/15/26 # | 185,000 | 186,119 | |
Staples 144A 7.50% 4/15/26 # | 179,000 | 166,692 | |
United Rentals North America 3.875% 2/15/31 | 185,000 | 168,313 | |
White Cap Buyer 144A 6.875% 10/15/28 # | 223,000 | 216,145 | |
White Cap Parent 144A PIK 8.25% 3/15/26 #, « | 157,000 | 156,476 | |
1,590,797 | |||
Technology & Electronics — 5.59% | |||
Clarios Global 144A 8.50% 5/15/27 # | 255,000 | 256,367 | |
CommScope Technologies 144A 6.00% 6/15/25 # | 175,000 | 142,789 | |
Entegris Escrow 144A 5.95% 6/15/30 # | 365,000 | 363,213 | |
Micron Technology 5.875% 9/15/33 | 170,000 | 176,905 | |
NCR Voyix 144A 5.125% 4/15/29 # | 259,000 | 246,496 | |
Seagate HDD Cayman | |||
5.75% 12/1/34 | 100,000 | 96,213 | |
144A 8.25% 12/15/29 # | 90,000 | 97,134 | |
Sensata Technologies 144A 4.00% 4/15/29 # | 160,000 | 148,868 | |
SS&C Technologies 144A 5.50% 9/30/27 # | 210,000 | 207,135 | |
1,735,120 | |||
Telecommunications — 9.73% | |||
Altice France 144A 5.50% 10/15/29 # | 330,000 | 259,177 | |
Altice France Holding 144A 6.00% 2/15/28 # | 200,000 | 96,241 | |
Connect Finco 144A 6.75% 10/1/26 # | 380,000 | 378,056 | |
Consolidated Communications | |||
144A 5.00% 10/1/28 # | 130,000 | 106,741 | |
144A 6.50% 10/1/28 # | 350,000 | 303,625 | |
Digicel International Finance 144A 8.75% 5/25/24 # | 235,000 | 220,028 |
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Telecommunications (continued) | |||
Frontier Communications Holdings | |||
144A 5.00% 5/1/28 # | 45,000 | $ 41,629 | |
144A 5.875% 10/15/27 # | 365,000 | 352,930 | |
5.875% 11/1/29 | 120,000 | 101,536 | |
144A 6.75% 5/1/29 # | 120,000 | 107,430 | |
144A 8.75% 5/15/30 # | 70,000 | 72,066 | |
Northwest Fiber 144A 4.75% 4/30/27 # | 330,000 | 315,412 | |
Sable International Finance 144A 5.75% 9/7/27 # | 200,000 | 189,108 | |
Vmed O2 UK Financing I 144A 4.75% 7/15/31 # | 240,000 | 214,531 | |
VZ Secured Financing 144A 5.00% 1/15/32 # | 305,000 | 260,759 | |
3,019,269 | |||
Transportation — 2.18% | |||
Air Canada 144A 3.875% 8/15/26 # | 235,000 | 224,665 | |
Azul Secured Finance 144A 11.93% 8/28/28 # | 200,000 | 207,084 | |
Grupo Aeromexico 144A 8.50% 3/17/27 # | 255,000 | 246,327 | |
678,076 | |||
Total Corporate Bonds (cost $30,389,637) | 30,040,579 |
Number of shares | |||
Short-Term Investments — 1.66% | |||
Money Market Mutual Funds — 1.66% | |||
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 5.24%) | 128,566 | 128,566 | |
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 5.25%) | 128,567 | 128,567 | |
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 5.37%) | 128,567 | 128,567 |
NQ- IV901 [1223] 0224 (3377220) 3
Schedule of investments
Delaware Ivy High Yield Fund (Unaudited)
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%) | 128,567 | $ 128,567 | |
Total Short-Term Investments (cost $514,267) | 514,267 | ||
Total Value of Securities—98.45% (cost $30,903,904) | 30,554,846 | ||
Receivables and Other Assets Net of Liabilities—1.55% | 481,110 | ||
Net Assets Applicable to 3,598,938 Shares Outstanding—100.00% | $31,035,956 |
° | Principal amount shown is stated in USD unless noted that the security is denominated in another currency. |
# | 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 $24,363,945, which represents 78.50% 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. |
« | PIK. The first payment of cash and/or principal will be made after December 31, 2023. |
Summary of abbreviations: |
DAC – Designated Activity Company |
PIK – Payment-in-kind |
USD – US Dollar |
4 NQ- IV901 [1223] 0224 (3377220)