Schedule of investments
Delaware Ivy Multi-Asset Income Fund
June 30, 2024 (Unaudited)
Principal amount° | Value (US $) | ||
Agency Mortgage-Backed Securities — 3.89% | |||
Fannie Mae S.F. 15 yr | |||
2.00% 3/1/37 | 42,707 | $ 37,808 | |
2.50% 8/1/36 | 45,645 | 41,287 | |
3.00% 11/1/33 | 13,880 | 13,105 | |
Fannie Mae S.F. 20 yr 4.00% 9/1/42 | 54,944 | 51,240 | |
Fannie Mae S.F. 30 yr | |||
2.00% 3/1/51 | 124,999 | 98,187 | |
2.00% 9/1/51 | 41,117 | 32,278 | |
2.50% 2/1/52 | 97,247 | 80,404 | |
3.00% 1/1/50 | 257,292 | 222,136 | |
3.00% 6/1/52 | 52,423 | 44,963 | |
3.50% 6/1/51 | 252,577 | 225,258 | |
3.50% 6/1/52 | 202,358 | 179,234 | |
4.00% 5/1/51 | 41,706 | 38,769 | |
4.50% 1/1/50 | 113,707 | 110,452 | |
4.50% 10/1/52 | 292,258 | 275,925 | |
4.50% 2/1/53 | 23,314 | 21,991 | |
5.50% 8/1/52 | 118,646 | 117,275 | |
5.50% 11/1/52 | 227,764 | 226,336 | |
6.00% 5/1/53 | 23,000 | 23,197 | |
6.00% 6/1/53 | 96,018 | 96,448 | |
6.00% 9/1/53 | 32,508 | 32,608 | |
Freddie Mac S.F. 20 yr | |||
2.00% 8/1/42 | 119,120 | 100,167 | |
2.50% 3/1/42 | 48,217 | 41,562 | |
2.50% 9/1/42 | 33,239 | 28,667 | |
3.00% 5/1/40 | 252,352 | 226,109 | |
Freddie Mac S.F. 30 yr | |||
2.00% 3/1/52 | 157,758 | 123,595 | |
2.50% 7/1/50 | 317,292 | 262,774 | |
2.50% 5/1/52 | 21,536 | 17,598 | |
4.00% 8/1/52 | 98,107 | 90,380 | |
4.00% 9/1/52 | 42,446 | 38,911 | |
4.50% 10/1/52 | 37,718 | 35,587 | |
5.00% 9/1/52 | 138,989 | 135,437 | |
5.00% 6/1/53 | 171,573 | 165,834 | |
5.50% 9/1/52 | 27,796 | 27,635 | |
5.50% 10/1/52 | 40,679 | 40,208 | |
5.50% 6/1/53 | 9,178 | 9,053 | |
Total Agency Mortgage-Backed Securities (cost $3,514,927) | 3,312,418 | ||
Convertible Bond — 0.96% | |||
New Cotai PIK 5.00% exercise price $0.40, maturity date 2/2/27 π | 383,301 | 817,660 | |
Total Convertible Bond (cost $375,639) | 817,660 |
Principalamount° | Value (US $) | ||
Corporate Bonds — 29.84% | |||
Banking — 2.27% | |||
Bank of America | |||
5.819% 9/15/29 μ | 15,000 | $ 15,317 | |
6.204% 11/10/28 μ | 95,000 | 97,866 | |
Bank of Montreal 7.70% 5/26/84 μ | 200,000 | 204,778 | |
Bank of New York Mellon 4.70% 9/20/25 μ, ψ | 40,000 | 39,395 | |
Barclays 9.625% 12/15/29 μ, ψ | 200,000 | 217,318 | |
Citigroup 5.61% 9/29/26 μ | 25,000 | 24,993 | |
Deutsche Bank | |||
6.00% 10/30/25 μ, ψ | 200,000 | 190,308 | |
6.72% 1/18/29 μ | 150,000 | 154,856 | |
Fifth Third Bancorp 6.361% 10/27/28 μ | 43,000 | 43,953 | |
Goldman Sachs Group | |||
5.727% 4/25/30 μ | 30,000 | 30,539 | |
5.851% 4/25/35 μ | 35,000 | 35,866 | |
6.484% 10/24/29 μ | 30,000 | 31,327 | |
Huntington Bancshares 6.208% 8/21/29 μ | 25,000 | 25,532 | |
JPMorgan Chase & Co. | |||
5.012% 1/23/30 μ | 170,000 | 168,730 | |
5.571% 4/22/28 μ | 40,000 | 40,332 | |
5.766% 4/22/35 μ | 40,000 | 41,056 | |
6.254% 10/23/34 μ | 27,000 | 28,651 | |
KeyBank 5.85% 11/15/27 | 30,000 | 29,911 | |
Morgan Stanley | |||
5.831% 4/19/35 μ | 50,000 | 51,273 | |
6.296% 10/18/28 μ | 33,000 | 34,060 | |
6.407% 11/1/29 μ | 70,000 | 73,054 | |
6.627% 11/1/34 μ | 55,000 | 59,424 | |
PNC Financial Services Group | |||
5.676% 1/22/35 μ | 35,000 | 35,202 | |
6.875% 10/20/34 μ | 35,000 | 38,163 | |
State Street 4.993% 3/18/27 | 45,000 | 44,957 | |
SVB Financial Group 4.57% 4/29/33 ‡ | 74,000 | 44,518 | |
US Bancorp | |||
4.653% 2/1/29 μ | 56,000 | 54,813 | |
5.384% 1/23/30 μ | 15,000 | 15,043 | |
5.678% 1/23/35 μ | 35,000 | 35,148 | |
6.787% 10/26/27 μ | 25,000 | 25,747 | |
1,932,130 | |||
Basic Industry — 1.45% | |||
Cleveland-Cliffs 144A 7.00% 3/15/32 # | 165,000 | 163,338 |
NQ- IV930 [0624] 0824 (3775160) 1
Schedule of investments
Delaware Ivy Multi-Asset Income Fund (Unaudited)
Principalamount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Basic Industry (continued) | |||
FMG Resources August 2006 144A 5.875% 4/15/30 # | 285,000 | $ 278,724 | |
Freeport-McMoRan 5.45% 3/15/43 | 90,000 | 85,550 | |
LYB International Finance III | |||
3.625% 4/1/51 | 40,000 | 27,535 | |
5.50% 3/1/34 | 100,000 | 98,985 | |
NOVA Chemicals 144A 8.50% 11/15/28 # | 35,000 | 37,183 | |
Novelis 144A 4.75% 1/30/30 # | 295,000 | 273,959 | |
Olympus Water US Holding 144A 9.75% 11/15/28 # | 200,000 | 211,844 | |
Sherwin-Williams 3.30% 5/15/50 | 90,000 | 61,370 | |
1,238,488 | |||
Brokerage — 0.10% | |||
Jefferies Financial Group | |||
5.875% 7/21/28 | 36,000 | 36,374 | |
6.05% 3/12/25 | 50,000 | 49,972 | |
86,346 | |||
Capital Goods — 3.33% | |||
Amphenol | |||
2.20% 9/15/31 | 15,000 | 12,321 | |
5.05% 4/5/27 | 20,000 | 19,989 | |
5.25% 4/5/34 | 10,000 | 9,972 | |
Ardagh Metal Packaging Finance USA 144A 3.25% 9/1/28 # | 150,000 | 131,961 | |
Bombardier | |||
144A 6.00% 2/15/28 # | 130,000 | 128,651 | |
144A 7.25% 7/1/31 # | 60,000 | 61,678 | |
144A 7.50% 2/1/29 # | 134,000 | 139,001 | |
144A 8.75% 11/15/30 # | 55,000 | 59,512 | |
Clydesdale Acquisition Holdings 144A 8.75% 4/15/30 # | 115,000 | 112,700 | |
CP Atlas Buyer 144A 7.00% 12/1/28 # | 135,000 | 115,555 | |
Esab 144A 6.25% 4/15/29 # | 125,000 | 125,906 | |
GFL Environmental 144A 6.75% 1/15/31 # | 90,000 | 91,929 | |
Mauser Packaging Solutions Holding | |||
144A 7.875% 4/15/27 # | 175,000 | 178,717 | |
144A 9.25% 4/15/27 # | 65,000 | 65,122 | |
Northrop Grumman 5.20% 6/1/54 | 65,000 | 60,912 | |
Roller Bearing Co. of America 144A 4.375% 10/15/29 # | 255,000 | 234,979 |
Principalamount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Capital Goods (continued) | |||
Sealed Air | |||
144A 5.00% 4/15/29 # | 160,000 | $ 152,414 | |
144A 6.50% 7/15/32 # | 45,000 | 44,785 | |
Standard Industries | |||
144A 3.375% 1/15/31 # | 225,000 | 189,815 | |
144A 4.375% 7/15/30 # | 30,000 | 27,131 | |
144A 4.75% 1/15/28 # | 28,000 | 26,669 | |
Teledyne Technologies 2.25% 4/1/28 | 25,000 | 22,481 | |
TransDigm | |||
144A 6.625% 3/1/32 # | 55,000 | 55,622 | |
144A 6.875% 12/15/30 # | 170,000 | 173,688 | |
Wesco Aircraft Holdings 144A 8.50% 11/15/24 #, ‡ | 492,000 | 159,900 | |
White Cap Buyer 144A 6.875% 10/15/28 # | 245,000 | 236,631 | |
White Cap Parent 144A PIK 8.25% 3/15/26 #, > | 143,000 | 143,128 | |
Wrangler Holdco 144A 6.625% 4/1/32 # | 50,000 | 49,819 | |
2,830,988 | |||
Communications — 5.03% | |||
Advantage Sales & Marketing 144A 6.50% 11/15/28 # | 116,000 | 105,059 | |
AMC Networks 4.25% 2/15/29 | 165,000 | 111,496 | |
American Tower | |||
2.30% 9/15/31 | 30,000 | 24,489 | |
5.20% 2/15/29 | 75,000 | 74,768 | |
5.45% 2/15/34 | 40,000 | 39,667 | |
AT&T 3.50% 9/15/53 | 60,000 | 40,762 | |
CCO Holdings | |||
144A 4.50% 8/15/30 # | 336,000 | 284,705 | |
144A 5.375% 6/1/29 # | 175,000 | 159,371 | |
Charter Communications Operating 3.85% 4/1/61 | 55,000 | 32,149 | |
CMG Media 144A 8.875% 12/15/27 # | 230,000 | 131,753 | |
Comcast | |||
3.375% 8/15/25 | 125,000 | 122,544 | |
4.55% 1/15/29 | 25,000 | 24,613 | |
Connect Finco 144A 6.75% 10/1/26 # | 200,000 | 193,202 | |
Consolidated Communications | |||
144A 5.00% 10/1/28 # | 2,000 | 1,656 | |
144A 6.50% 10/1/28 # | 350,000 | 299,987 | |
CSC Holdings | |||
144A 5.00% 11/15/31 # | 254,000 | 92,287 | |
144A 5.375% 2/1/28 # | 285,000 | 216,847 | |
144A 5.75% 1/15/30 # | 202,000 | 76,412 | |
2 NQ- IV930 [0624] 0824 (3775160)
(Unaudited)
Principalamount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Communications (continued) | |||
Cumulus Media New Holdings 144A 8.00% 7/1/29 # | 399,800 | $ 170,759 | |
Directv Financing 144A 5.875% 8/15/27 # | 238,000 | 224,058 | |
Frontier Communications Holdings | |||
144A 5.875% 10/15/27 # | 127,000 | 124,115 | |
5.875% 11/1/29 | 60,847 | 53,072 | |
144A 6.00% 1/15/30 # | 152,000 | 132,456 | |
144A 6.75% 5/1/29 # | 99,000 | 90,907 | |
Gray Television | |||
144A 4.75% 10/15/30 # | 15,000 | 9,015 | |
144A 5.375% 11/15/31 # | 340,000 | 193,017 | |
Iliad Holding 144A 8.50% 4/15/31 # | 200,000 | 202,712 | |
Matterhorn Telecom 3.125% 9/15/26 ■ | EUR | 69,000 | 72,068 |
Rogers Communications | |||
5.00% 2/15/29 | 60,000 | 59,273 | |
5.30% 2/15/34 | 65,000 | 63,805 | |
Sable International Finance 144A 5.75% 9/7/27 # | 240,000 | 230,635 | |
Sirius XM Radio 144A 4.125% 7/1/30 # | 240,000 | 205,186 | |
Sprint Capital 6.875% 11/15/28 | 30,000 | 31,825 | |
T-Mobile USA 5.75% 1/15/34 | 75,000 | 77,133 | |
Verizon Communications | |||
2.875% 11/20/50 | 35,000 | 22,036 | |
5.50% 2/23/54 | 65,000 | 63,676 | |
Vmed O2 UK Financing I 144A 4.75% 7/15/31 # | 265,000 | 223,856 | |
4,281,371 | |||
Consumer Cyclical — 4.59% | |||
Allison Transmission 144A 5.875% 6/1/29 # | 120,000 | 118,447 | |
Arches Buyer 144A 6.125% 12/1/28 # | 74,000 | 61,462 | |
Asbury Automotive Group | |||
144A 4.625% 11/15/29 # | 3,000 | 2,776 | |
4.75% 3/1/30 | 170,830 | 158,512 | |
Bath & Body Works 6.875% 11/1/35 | 270,000 | 272,576 | |
Boyd Gaming 144A 4.75% 6/15/31 # | 275,000 | 249,425 | |
Caesars Entertainment | |||
144A 6.50% 2/15/32 # | 85,000 | 85,473 | |
144A 7.00% 2/15/30 # | 275,000 | 281,134 |
Principalamount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Consumer Cyclical (continued) | |||
Carnival | |||
144A 5.75% 3/1/27 # | 71,000 | $ 70,187 | |
144A 6.00% 5/1/29 # | 335,000 | 331,129 | |
Clarios Global 144A 8.50% 5/15/27 # | 175,000 | 176,315 | |
Garrett Motion Holdings 144A 7.75% 5/31/32 # | 125,000 | 126,782 | |
General Motors | |||
5.40% 4/1/48 | 41,000 | 36,715 | |
5.95% 4/1/49 | 14,000 | 13,597 | |
General Motors Financial | |||
5.60% 6/18/31 | 15,000 | 14,893 | |
5.95% 4/4/34 | 15,000 | 15,019 | |
Home Depot | |||
4.85% 6/25/31 | 10,000 | 9,924 | |
4.875% 6/25/27 | 15,000 | 14,974 | |
4.95% 6/25/34 | 35,000 | 34,649 | |
Hyundai Capital America | |||
144A 5.275% 6/24/27 # | 20,000 | 19,918 | |
144A 5.40% 6/24/31 # | 20,000 | 19,839 | |
Light & Wonder International 144A 7.25% 11/15/29 # | 240,000 | 245,300 | |
Murphy Oil USA 4.75% 9/15/29 | 45,000 | 42,693 | |
PetSmart 144A 7.75% 2/15/29 # | 340,000 | 331,440 | |
Royal Caribbean Cruises | |||
144A 5.50% 4/1/28 # | 239,000 | 236,114 | |
144A 7.25% 1/15/30 # | 70,000 | 72,524 | |
Scientific Games Holdings 144A 6.625% 3/1/30 # | 300,000 | 292,646 | |
Six Flags Entertainment 144A 6.625% 5/1/32 # | 120,000 | 122,024 | |
Staples 144A 10.75% 9/1/29 # | 120,000 | 114,189 | |
VICI Properties 4.95% 2/15/30 | 75,000 | 72,411 | |
Victra Holdings 144A 7.75% 2/15/26 # | 141,000 | 140,357 | |
Wand NewCo 3 144A 7.625% 1/30/32 # | 115,000 | 118,868 | |
3,902,312 | |||
Consumer Non-Cyclical — 2.64% | |||
AbbVie | |||
4.95% 3/15/31 | 90,000 | 89,796 | |
5.35% 3/15/44 | 25,000 | 24,730 | |
Acushnet 144A 7.375% 10/15/28 # | 84,000 | 87,117 | |
Amgen 5.15% 3/2/28 | 30,000 | 30,001 | |
Bunge Limited Finance 2.75% 5/14/31 | 65,000 | 55,631 |
NQ- IV930 [0624] 0824 (3775160) 3
Schedule of investments
Delaware Ivy Multi-Asset Income Fund (Unaudited)
Principalamount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Consumer Non-Cyclical (continued) | |||
Cardinal Health 5.125% 2/15/29 | 55,000 | $ 54,882 | |
CHS 144A 5.25% 5/15/30 # | 210,000 | 173,337 | |
DaVita | |||
144A 3.75% 2/15/31 # | 115,000 | 98,207 | |
144A 4.625% 6/1/30 # | 70,000 | 63,313 | |
Fiesta Purchaser 144A 7.875% 3/1/31 # | 142,000 | 146,853 | |
Gilead Sciences 5.55% 10/15/53 | 40,000 | 39,967 | |
HCA | |||
3.50% 7/15/51 | 42,000 | 28,099 | |
5.45% 4/1/31 | 30,000 | 29,987 | |
6.00% 4/1/54 | 85,000 | 84,042 | |
Legacy LifePoint Health 144A 4.375% 2/15/27 # | 95,000 | 90,828 | |
MajorDrive Holdings IV 144A 6.375% 6/1/29 # | 239,000 | 225,246 | |
Medline Borrower | |||
144A 3.875% 4/1/29 # | 139,000 | 128,111 | |
144A 5.25% 10/1/29 # | 200,000 | 191,020 | |
Royalty Pharma 3.35% 9/2/51 | 175,000 | 112,161 | |
Surgery Center Holdings 144A 7.25% 4/15/32 # | 130,000 | 131,480 | |
Tenet Healthcare | |||
4.375% 1/15/30 | 215,000 | 199,466 | |
6.125% 10/1/28 | 135,000 | 134,427 | |
Zoetis 5.40% 11/14/25 | 25,000 | 24,990 | |
2,243,691 | |||
Electric — 1.77% | |||
Berkshire Hathaway Energy 2.85% 5/15/51 | 35,000 | 21,357 | |
Calpine | |||
144A 5.00% 2/1/31 # | 180,000 | 168,107 | |
144A 5.125% 3/15/28 # | 170,000 | 163,625 | |
Constellation Energy Generation 5.75% 3/15/54 | 45,000 | 43,650 | |
DTE Energy 5.10% 3/1/29 | 45,000 | 44,648 | |
Duke Energy Carolinas 4.95% 1/15/33 | 110,000 | 108,182 | |
NextEra Energy Capital Holdings | |||
5.55% 3/15/54 | 60,000 | 57,461 | |
5.749% 9/1/25 | 20,000 | 20,050 | |
Oglethorpe Power | |||
3.75% 8/1/50 | 35,000 | 24,845 | |
6.20% 12/1/53 | 10,000 | 10,270 | |
Pacific Gas & Electric | |||
3.30% 8/1/40 | 40,000 | 28,520 | |
4.95% 7/1/50 | 175,000 | 144,724 |
Principalamount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Electric (continued) | |||
PacifiCorp | |||
5.10% 2/15/29 | 10,000 | $ 9,997 | |
5.45% 2/15/34 | 5,000 | 4,941 | |
5.80% 1/15/55 | 5,000 | 4,845 | |
Southern California Edison 5.20% 6/1/34 | 105,000 | 102,567 | |
Vistra 144A 7.00% 12/15/26 #, μ, ψ | 380,000 | 377,061 | |
Vistra Operations | |||
144A 4.30% 7/15/29 # | 109,000 | 103,054 | |
144A 6.95% 10/15/33 # | 65,000 | 69,615 | |
1,507,519 | |||
Energy — 3.54% | |||
Ascent Resources Utica Holdings 144A 5.875% 6/30/29 # | 219,000 | 214,185 | |
BP Capital Markets America 5.227% 11/17/34 | 25,000 | 24,823 | |
Cheniere Energy Partners | |||
4.50% 10/1/29 | 95,000 | 90,560 | |
144A 5.75% 8/15/34 # | 45,000 | 45,207 | |
Civitas Resources 144A 8.625% 11/1/30 # | 130,000 | 139,494 | |
Diamondback Energy | |||
5.20% 4/18/27 | 20,000 | 20,010 | |
5.40% 4/18/34 | 88,000 | 87,157 | |
5.75% 4/18/54 | 94,000 | 91,191 | |
Enbridge 5.75% 7/15/80 μ | 15,000 | 14,178 | |
Energy Transfer | |||
5.75% 2/15/33 | 135,000 | 136,475 | |
5.95% 5/15/54 | 60,000 | 58,464 | |
Genesis Energy | |||
7.75% 2/1/28 | 95,000 | 96,086 | |
7.875% 5/15/32 | 30,000 | 30,307 | |
Hilcorp Energy I | |||
144A 6.00% 2/1/31 # | 25,000 | 23,955 | |
144A 6.25% 4/15/32 # | 250,000 | 240,608 | |
Kinder Morgan | |||
5.00% 2/1/29 | 15,000 | 14,837 | |
5.20% 6/1/33 | 20,000 | 19,417 | |
Kodiak Gas Services 144A 7.25% 2/15/29 # | 60,000 | 61,552 | |
Nabors Industries 144A 9.125% 1/31/30 # | 90,000 | 93,311 | |
NGL Energy Operating 144A 8.375% 2/15/32 # | 125,000 | 127,024 | |
NuStar Logistics 6.00% 6/1/26 | 146,000 | 145,868 | |
Occidental Petroleum 6.125% 1/1/31 | 123,000 | 125,971 |
4 NQ- IV930 [0624] 0824 (3775160)
(Unaudited)
Principalamount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Energy (continued) | |||
ONEOK | |||
5.65% 11/1/28 | 20,000 | $ 20,308 | |
6.05% 9/1/33 | 17,000 | 17,511 | |
Sunoco 144A 7.25% 5/1/32 # | 70,000 | 72,457 | |
Targa Resources Partners 5.00% 1/15/28 | 20,000 | 19,603 | |
Transocean | |||
144A 8.00% 2/1/27 # | 168,000 | 167,551 | |
144A 8.50% 5/15/31 # | 120,000 | 120,147 | |
USA Compression Partners | |||
6.875% 9/1/27 | 200,000 | 200,588 | |
144A 7.125% 3/15/29 # | 25,000 | 25,211 | |
Venture Global LNG 144A 8.375% 6/1/31 # | 175,000 | 181,646 | |
Vital Energy 144A 7.875% 4/15/32 # | 50,000 | 50,866 | |
Weatherford International 144A 8.625% 4/30/30 # | 225,000 | 233,342 | |
3,009,910 | |||
Finance Companies — 0.87% | |||
AerCap Holdings 5.875% 10/10/79 μ | 225,000 | 224,103 | |
AerCap Ireland Capital DAC 3.65% 7/21/27 | 150,000 | 142,434 | |
Air Lease 4.65% 6/15/26 μ, ψ | 130,000 | 123,723 | |
Aviation Capital Group | |||
144A 3.50% 11/1/27 # | 105,000 | 98,340 | |
144A 5.375% 7/15/29 # | 35,000 | 34,603 | |
Fortress Transportation and Infrastructure Investors 144A 7.00% 6/15/32 # | 120,000 | 121,807 | |
745,010 | |||
Insurance — 2.14% | |||
Aon 2.90% 8/23/51 | 25,000 | 15,274 | |
Aon North America | |||
5.30% 3/1/31 | 70,000 | 69,832 | |
5.75% 3/1/54 | 10,000 | 9,789 | |
Ardonagh Finco 144A 7.75% 2/15/31 # | 200,000 | 197,878 | |
Athene Global Funding 144A 1.985% 8/19/28 # | 30,000 | 26,130 | |
Athene Holding 6.25% 4/1/54 | 20,000 | 20,030 | |
Elevance Health | |||
5.15% 6/15/29 | 50,000 | 50,146 | |
5.375% 6/15/34 | 57,000 | 57,292 | |
Howden UK Refinance | |||
144A 7.25% 2/15/31 # | 200,000 | 198,660 | |
144A 8.125% 2/15/32 # | 200,000 | 198,864 |
Principalamount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Insurance (continued) | |||
HUB International | |||
144A 5.625% 12/1/29 # | 130,000 | $ 123,065 | |
144A 7.375% 1/31/32 # | 120,000 | 121,765 | |
Jones Deslauriers Insurance Management | |||
144A 8.50% 3/15/30 # | 205,000 | 213,979 | |
144A 10.50% 12/15/30 # | 155,000 | 166,599 | |
New York Life Global Funding 144A 5.45% 9/18/26 # | 60,000 | 60,310 | |
Panther Escrow Issuer 144A 7.125% 6/1/31 # | 125,000 | 126,525 | |
UnitedHealth Group | |||
4.90% 4/15/31 | 40,000 | 39,643 | |
5.375% 4/15/54 | 35,000 | 34,025 | |
USI 144A 7.50% 1/15/32 # | 90,000 | 91,520 | |
1,821,326 | |||
Real Estate Investment Trusts — 0.09% | |||
Extra Space Storage 5.40% 2/1/34 | 75,000 | 73,462 | |
73,462 | |||
Technology — 1.81% | |||
Block 144A 6.50% 5/15/32 # | 90,000 | 91,318 | |
CDW | |||
2.67% 12/1/26 | 145,000 | 135,800 | |
3.276% 12/1/28 | 45,000 | 40,932 | |
Cloud Software Group 144A 6.50% 3/31/29 # | 205,000 | 197,017 | |
CommScope Technologies 144A 6.00% 6/15/25 # | 97,000 | 79,151 | |
Entegris | |||
144A 4.75% 4/15/29 # | 75,000 | 71,815 | |
144A 5.95% 6/15/30 # | 175,000 | 173,376 | |
NCR Voyix 144A 5.00% 10/1/28 # | 228,000 | 215,469 | |
Oracle | |||
3.60% 4/1/50 | 77,000 | 53,941 | |
4.65% 5/6/30 | 70,000 | 68,619 | |
Seagate HDD Cayman | |||
5.75% 12/1/34 | 88,000 | 85,502 | |
8.25% 12/15/29 | 80,000 | 85,864 | |
UKG 144A 6.875% 2/1/31 # | 200,000 | 202,648 | |
Zebra Technologies 144A 6.50% 6/1/32 # | 35,000 | 35,420 | |
1,536,872 | |||
Transportation — 0.21% | |||
Burlington Northern Santa Fe 2.875% 6/15/52 | 25,000 | 15,810 |
NQ- IV930 [0624] 0824 (3775160) 5
Schedule of investments
Delaware Ivy Multi-Asset Income Fund (Unaudited)
Principalamount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Transportation (continued) | |||
ERAC USA Finance | |||
144A 4.90% 5/1/33 # | 15,000 | $ 14,605 | |
144A 5.00% 2/15/29 # | 25,000 | 24,943 | |
Genesee & Wyoming 144A 6.25% 4/15/32 # | 125,000 | 124,688 | |
180,046 | |||
Total Corporate Bonds (cost $26,192,370) | 25,389,471 | ||
Non-Agency Commercial Mortgage-Backed Securities — 1.03% | |||
BANK | |||
Series 2019-BN21 A5 2.851% 10/17/52 | 100,000 | 87,644 | |
Series 2020-BN26 A4 2.403% 3/15/63 | 220,000 | 187,490 | |
Series 2021-BN32 A5 2.643% 4/15/54 | 250,000 | 212,264 | |
Benchmark Mortgage Trust | |||
Series 2020-B17 A5 2.289% 3/15/53 | 225,000 | 188,127 | |
Series 2022-B33 A5 3.458% 3/15/55 | 225,000 | 198,034 | |
Total Non-Agency Commercial Mortgage-Backed Securities (cost $906,375) | 873,559 | ||
Loan Agreements — 0.48% | |||
Basic Industry — 0.23% | |||
Foresight Energy Operating Tranche A 13.435% (SOFR03M + 8.10%) 6/30/27 • | 208,367 | 197,949 | |
197,949 | |||
Communications — 0.25% | |||
MLN US HoldCo | |||
1st Lien 12.127% (SOFR03M + 6.80%) 10/18/27 • | 871,480 | 168,849 | |
Tranche B 14.677% (SOFR03M + 9.35%) 10/18/27 • | 376,000 | 39,950 | |
208,799 | |||
Total Loan Agreements (cost $1,380,104) | 406,748 | ||
US Treasury Obligations — 0.37% | |||
US Treasury Bonds | |||
2.25% 8/15/46 | 30,000 | 20,004 |
Principalamount° | Value (US $) | ||
US Treasury Obligations (continued) | |||
US Treasury Bonds | |||
4.625% 5/15/44 | 35,000 | $ 34,940 | |
US Treasury Floating Rate Note 5.46% (USBMMY3M + 0.15%) 4/30/26 • | 110,000 | 110,021 | |
US Treasury Notes | |||
4.00% 2/15/34 | 135,000 | 131,066 | |
4.50% 5/31/31 | 15,000 | 15,246 | |
Total US Treasury Obligations (cost $311,667) | 311,277 |
Number of shares | |||
Common Stocks — 52.44% | |||
Basic Industry — 0.96% | |||
Foresight Energy † | 31,163 | 820,215 | |
Westmoreland Coal †, π | 145 | 254 | |
820,469 | |||
Biotechnology — 0.01% | |||
Endo † | 250 | 7,062 | |
7,062 | |||
Consumer Discretionary — 3.95% | |||
adidas | 1,525 | 364,203 | |
Amadeus IT Group | 10,027 | 667,285 | |
H & M Hennes & Mauritz Class B | 23,237 | 367,552 | |
Kering | 743 | 269,350 | |
LVMH Moet Hennessy Louis Vuitton | 482 | 368,359 | |
NIKE Class B | 1,015 | 76,501 | |
Sodexo | 6,147 | 552,983 | |
Studio City International Holdings †, π | 60,131 | 351,766 | |
Studio City International Holdings ADR † | 28,486 | 166,643 | |
Swatch Group | 846 | 173,305 | |
3,357,947 | |||
Consumer Non-Cyclical — 2.45% | |||
Henry Schein † | 7,751 | 496,839 | |
Ingredion | 4,351 | 499,060 | |
Lamb Weston Holdings | 6,625 | 557,030 | |
Pfizer | 18,995 | 531,480 | |
2,084,409 | |||
Consumer Staples — 7.30% | |||
Anheuser-Busch InBev | 8,054 | 466,808 | |
Bunge Global | 2,398 | 256,035 | |
Clorox | 2,984 | 407,227 |
6 NQ- IV930 [0624] 0824 (3775160)
(Unaudited)
Number of shares | Value (US $) | ||
Common Stocks (continued) | |||
Consumer Staples (continued) | |||
Danone | 7,668 | $ 468,744 | |
Diageo | 24,979 | 786,083 | |
Endo 144A #, † | 74 | 2,072 | |
Essity Class B | 10,919 | 279,594 | |
Estee Lauder Class A | 4,571 | 486,354 | |
Kao | 9,600 | 389,275 | |
Koninklijke Ahold Delhaize | 31,112 | 919,282 | |
Nestle | 8,007 | 817,410 | |
Unilever | 16,908 | 928,674 | |
6,207,558 | |||
Energy — 4.39% | |||
ARC Resources | 4,571 | 81,560 | |
Chesapeake Energy | 2,419 | 198,818 | |
Chord Energy | 1,466 | 245,819 | |
Enbridge | 10,317 | 367,039 | |
Granite Ridge Resources | 23,676 | 149,869 | |
Kimbell Royalty Partners | 30,109 | 492,583 | |
Parex Resources | 5,120 | 82,037 | |
Permian Resources | 14,881 | 240,328 | |
Schlumberger | 8,193 | 386,546 | |
Shell | 16,578 | 593,900 | |
TC Energy | 9,352 | 354,515 | |
Tourmaline Oil | 3,661 | 166,050 | |
Unit | 5,587 | 203,926 | |
Valero Energy | 1,091 | 171,025 | |
3,734,015 | |||
Financial Services — 0.32% | |||
New Cotai =, †, π | 318,315 | 271,612 | |
271,612 | |||
Financials — 0.93% | |||
Visa Class A | 3,027 | 794,497 | |
794,497 | |||
Healthcare — 2.40% | |||
Merck & Co. | 3,616 | 447,661 | |
Novo Nordisk Class B | 2,861 | 413,134 | |
Roche Holding | 1,973 | 547,903 | |
Smith & Nephew | 50,827 | 630,039 | |
2,038,737 | |||
Home Builders — 0.07% | |||
Lifestyle Communities | 3,360 | 27,861 | |
Sekisui House | 1,500 | 33,219 | |
61,080 | |||
Industrials — 6.09% | |||
Athens International Airport | 41,672 | 350,335 | |
Atlas Arteria | 106,223 | 362,102 | |
CCR | 160,360 | 333,049 | |
DSV | 1,206 | 184,782 |
Number of shares | Value (US $) | ||
Common Stocks (continued) | |||
Industrials (continued) | |||
Enav 144A # | 89,773 | $ 358,227 | |
Intertek Group | 6,752 | 409,178 | |
Knorr-Bremse | 5,153 | 393,476 | |
Kone Class B | 6,214 | 306,724 | |
Makita | 10,800 | 293,477 | |
Otis Worldwide | 3,896 | 375,029 | |
Pluxee † | 4,981 | 139,735 | |
Sacyr | 99,079 | 349,522 | |
Securitas Class B | 59,316 | 588,739 | |
Sunrun † | 6,175 | 73,235 | |
Transurban Group | 42,808 | 354,109 | |
Vinci | 2,935 | 309,232 | |
5,180,951 | |||
Materials — 6.30% | |||
Air Liquide | 3,493 | 603,321 | |
Air Products and Chemicals | 343 | 88,511 | |
Alcoa | 7,177 | 285,501 | |
Anglo American | 18,472 | 584,229 | |
CF Industries Holdings | 3,836 | 284,324 | |
Corteva | 7,484 | 403,687 | |
CRH | 5,287 | 394,047 | |
Endeavour Mining | 14,541 | 309,908 | |
ERO Copper † | 10,161 | 217,176 | |
Glencore | 58,666 | 334,534 | |
Hudbay Minerals | 32,688 | 295,827 | |
Metallus † | 1,914 | 38,797 | |
Newmont | 14,200 | 594,554 | |
Nutrien | 8,278 | 421,433 | |
Sylvamo | 2,037 | 139,738 | |
West Fraser Timber | 1,642 | 126,110 | |
Wheaton Precious Metals | 4,563 | 239,193 | |
5,360,890 | |||
Real Estate — 0.42% | |||
Crown Castle | 3,656 | 357,191 | |
357,191 | |||
Real Estate Operating Companies/Developer — 0.43% | |||
Lendlease | 6,420 | 23,170 | |
Mitsubishi Estate | 13,000 | 203,617 | |
Sumitomo Realty & Development | 4,700 | 137,912 | |
364,699 | |||
REIT Diversified — 1.10% | |||
Charter Hall Group | 10,650 | 79,430 | |
DigitalBridge Group | 6,360 | 87,132 | |
Fastighets Balder Class B † | 4,720 | 32,339 | |
Inmobiliaria Colonial Socimi | 6,670 | 38,788 | |
Land Securities Group | 6,930 | 54,269 | |
Mapletree Logistics Trust | 78,700 | 74,869 |
NQ- IV930 [0624] 0824 (3775160) 7
Schedule of investments
Delaware Ivy Multi-Asset Income Fund (Unaudited)
Number of shares | Value (US $) | ||
Common Stocks (continued) | |||
REIT Diversified (continued) | |||
Shaftesbury Capital | 13,911 | $ 24,478 | |
Sun Hung Kai Properties | 4,500 | 38,926 | |
United Urban Investment | 75 | 66,614 | |
VICI Properties | 14,050 | 402,392 | |
Wharf Real Estate Investment | 15,000 | 39,762 | |
938,999 | |||
REIT Healthcare — 1.17% | |||
Alexandria Real Estate Equities | 2,250 | 263,183 | |
American Healthcare REIT | 4,710 | 68,813 | |
Welltower | 6,330 | 659,902 | |
991,898 | |||
REIT Industrial — 1.31% | |||
First Industrial Realty Trust | 3,160 | 150,132 | |
Goodman Group | 11,240 | 260,563 | |
Mitsubishi Estate Logistics REIT Investment | 20 | 47,362 | |
Nippon Prologis REIT | 60 | 93,604 | |
Prologis | 3,520 | 395,331 | |
Segro | 8,480 | 96,283 | |
Warehouses De Pauw CVA | 2,590 | 70,176 | |
1,113,451 | |||
REIT Information Technology — 1.48% | |||
American Tower | 820 | 159,392 | |
Digital Realty Trust | 1,890 | 287,375 | |
Equinix | 940 | 711,204 | |
Keppel REIT | 75,800 | 100,619 | |
1,258,590 | |||
REIT Lodging — 0.26% | |||
Hoshino Resorts REIT REIT | 15 | 48,574 | |
Ryman Hospitality Properties | 990 | 98,861 | |
Sunstone Hotel Investors | 7,090 | 74,161 | |
221,596 | |||
REIT Mall — 0.16% | |||
Simon Property Group | 910 | 138,138 | |
138,138 | |||
REIT Manufactured Housing — 0.37% | |||
Equity LifeStyle Properties | 1,610 | 104,859 | |
Sun Communities | 1,760 | 211,799 | |
316,658 | |||
REIT Multifamily — 1.28% | |||
Advance Residence Investment | 35 | 71,244 | |
American Homes 4 Rent Class A | 4,980 | 185,057 | |
AvalonBay Communities | 1,420 | 293,784 |
Number of shares | Value (US $) | ||
Common Stocks (continued) | |||
REIT Multifamily (continued) | |||
Boardwalk Real Estate Investment Trust | 1,050 | $ 54,094 | |
CapitaLand Ascott Trust | 1,904 | 1,229 | |
Equity Residential | 2,790 | 193,459 | |
InterRent Real Estate Investment Trust | 5,200 | 45,270 | |
LEG Immobilien | 690 | 56,353 | |
UNITE Group | 6,640 | 74,871 | |
Vonovia | 4,120 | 117,147 | |
1,092,508 | |||
REIT Office — 0.52% | |||
Castellum † | 2,790 | 34,062 | |
Derwent London | 980 | 27,997 | |
Fabege | 2,590 | 20,685 | |
Gecina | 500 | 46,024 | |
Kilroy Realty | 3,530 | 110,030 | |
Merlin Properties Socimi | 7,470 | 83,200 | |
Nippon Building Fund | 22 | 76,984 | |
Tokyu REIT | 30 | 29,126 | |
Wihlborgs Fastigheter | 1,980 | 18,289 | |
446,397 | |||
REIT Retail — 0.22% | |||
Frasers Centrepoint Trust | 58,000 | 91,106 | |
Link REIT | 25,123 | 97,641 | |
188,747 | |||
REIT Self-Storage — 0.44% | |||
Big Yellow Group | 5,010 | 74,351 | |
National Storage REIT | 27,890 | 42,792 | |
Public Storage | 890 | 256,009 | |
373,152 | |||
REIT Shopping Center — 0.60% | |||
Agree Realty | 2,940 | 182,104 | |
Federal Realty Investment Trust | 1,210 | 122,174 | |
Kite Realty Group Trust | 9,180 | 205,448 | |
509,726 | |||
REIT Specialty — 0.41% | |||
CBRE Group Class A † | 480 | 42,773 | |
Corp Inmobiliaria Vesta ADR | 2,130 | 63,878 | |
Invitation Homes | 6,710 | 240,822 | |
347,473 | |||
Retail — 0.07% | |||
True Religion Apparel †, π | 2 | 62,048 | |
62,048 | |||
Technology — 1.82% | |||
Accenture Class A | 675 | 204,802 |
8 NQ- IV930 [0624] 0824 (3775160)
(Unaudited)
Number of shares | Value (US $) | ||
Common Stocks (continued) | |||
Technology (continued) | |||
Cellnex Telecom 144A # | 13,860 | $ 450,793 | |
Helios Towers † | 27,852 | 40,982 | |
NEXTDC † | 6,970 | 81,974 | |
SAP | 3,804 | 772,084 | |
1,550,635 | |||
Utilities — 5.21% | |||
APA Group | 39,116 | 208,493 | |
EDP Renovaveis | 23,283 | 325,401 | |
Enel | 50,605 | 351,945 | |
Essential Utilities | 9,977 | 372,441 | |
National Grid | 33,021 | 368,414 | |
Orsted 144A #, † | 6,183 | 329,043 | |
Pennon Group | 49,008 | 355,289 | |
Severn Trent | 12,167 | 366,051 | |
Snam | 76,834 | 339,921 | |
SSE | 15,703 | 355,219 | |
Terna - Rete Elettrica Nazionale | 44,648 | 345,134 | |
United Utilities Group | 28,615 | 355,428 | |
Xcel Energy | 6,684 | 356,993 | |
4,429,772 | |||
Total Common Stocks (cost $44,710,973) | 44,620,905 | ||
Preferred Stocks — 0.77% | |||
Henkel AG & Co. 2.22% ω | 7,286 | 649,361 | |
True Religion Apparel 6.25% =, ω, π | 2 | 10,280 | |
Total Preferred Stocks (cost $617,043) | 659,641 | ||
Exchange-Traded Funds — 7.84% | |||
Vanguard Global ex-U.S. Real Estate ETF | 430 | 17,445 | |
Vanguard High Dividend Yield ETF | 33,727 | 4,000,022 | |
Vanguard International High Dividend Yield ETF | 38,788 | 2,658,142 | |
Total Exchange-Traded Funds (cost $6,225,152) | 6,675,609 | ||
Short-Term Investments — 1.47% | |||
Money Market Mutual Funds — 1.47% | |||
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 5.21%) | 312,231 | 312,231 | |
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 5.21%) | 312,231 | 312,231 |
Number of shares | Value (US $) | ||
Short-Term Investments (continued) | |||
Money Market Mutual Funds (continued) | |||
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 5.35%) | 312,231 | $ 312,231 | |
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 5.22%) | 312,231 | 312,231 | |
Total Short-Term Investments (cost $1,248,924) | 1,248,924 | ||
Total Value of Securities—99.09% (cost $85,483,174) | 84,316,212 | ||
Receivables and Other Assets Net of Liabilities—0.91%★ | 772,502 | ||
Net Assets Applicable to 9,115,770 Shares Outstanding—100.00% | $85,088,714 |
° | Principal amount shown is stated in USD unless noted that the security is denominated in another currency. |
π | Restricted security. These investments are in securities not registered under the Securities Act of 1933, as amended, and have certain restrictions on resale which may limit their liquidity. At June 30, 2024, the aggregate value of restricted securities was $1,513,620, which represented 1.78% of the Fund’s net assets. See table table on the next page for additional details on restricted securities. |
μ | Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at June 30, 2024. 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 June 30, 2024, the aggregate value of Rule 144A securities was $18,418,865, which represents 21.65% of the Fund’s net assets. |
> | PIK. 100% of the income received was in the form of cash. |
■ | Regulation S security. Security is offered and sold outside of the United States; therefore, it is exempt from registration with the SEC under Rules 903 and 904 of the Securities Act of 1933. |
NQ- IV930 [0624] 0824 (3775160) 9
Schedule of investments
Delaware Ivy Multi-Asset Income Fund (Unaudited)
• | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at June 30, 2024. 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. |
= | The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security. |
ω | Perpetual security with no stated maturity date. |
★ | Includes $6,864 cash collateral held at broker for futures contracts as of June 30, 2024. |
Restricted Securities | ||||||
Investments | Date of Acquisition | Cost | Value | |||
New Cotai PIK | 2/7/22 | $375,639 | $817,660 | |||
New Cotai | 2/9/20 | 2,791,169 | 271,612 | |||
Studio City International Holdings | 8/5/20 | 364,276 | 351,766 | |||
True Religion Apparel | 10/19/20 | 89,641 | 62,049 | |||
True Religion Apparel | 10/19/20 | 33,831 | 10,280 | |||
Westmoreland Coal | 3/15/19 | 109 | 254 | |||
Total | $3,654,665 | $1,513,621 |
The following futures contracts were outstanding at June 30, 2024:
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 | |||||||
2 | US Treasury 2 yr Notes | $408,437 | $407,317 | 9/30/24 | $1,120 | $— | $(47) | ||||||
2 | US Treasury Long Bonds | 236,625 | 239,607 | 9/19/24 | — | (2,982) | (2,000) | ||||||
(2) | US Treasury Ultra Bonds | (250,688) | (246,479) | 9/19/24 | — | (4,209) | 3,313 | ||||||
Total Futures Contracts | $400,445 | $1,120 | $(7,191) | $1,266 |
The use of futures contracts involves elements of market risk and risks in excess of the amounts disclosed in the financial statements. 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 |
DAC – Designated Activity Company |
ETF – Exchange-Traded Fund |
PIK – Payment-in-kind |
REIT – Real Estate Investment Trust |
S.F. – Single Family |
Summary of abbreviations: (continued) |
SOFR03M – Secured Overnight Financing Rate 3 Month |
USBMMY3M – US Treasury 3 Month Bill Money Market Yield |
USD – US Dollar |
yr – Year |
Summary of currencies: |
EUR – European Monetary Unit |
10 NQ- IV930 [0624] 0824 (3775160)