NPORT-EX 2 AIV0040DEL123122.htm
Schedule of investments
Delaware Ivy Municipal Bond Fund 
December 31, 2022 (Unaudited)
    Principal
amount° 		Value (US $)
Municipal Bonds — 97.68%
Corporate Revenue Bonds — 11.94%
Buckeye Ohio Tobacco
Settlement Financing Authority 		     
Series A-2 3.00% 6/1/48       6,110,000 $  4,307,366
Series A-2 4.00% 6/1/48       4,010,000    3,436,490
Series B-2 5.00% 6/1/55       1,500,000    1,303,920
Chandler, Arizona Industrial
Development Authority Revenue 		     
(Intel Corporation Project)
 5.00% 9/1/42   		    2,000,000    2,087,720
Florida Development Finance
Surface Transportation Facilities Revenue 		     
(Brightline Passenger Rail Project)
Series B 144A 7.375% 1/1/49 (AMT) # 		    4,360,000    3,815,000
George L Smith II Congress
Center Authority 		     
Series A 2.375% 1/1/31       1,000,000      862,980
George L Smith II World
Congress Center Authority 		     
(Convention Center Hotel 1st Tier)
Series A 4.00% 1/1/54   		    2,000,000    1,545,200
Indiana Finance Authority
Exempt Facility Revenue 		     
(Polyflow Indiana Project - Green Bond)
144A 7.00% 3/1/39 (AMT) # 		    2,680,000    2,012,305
Iowa Finance Authority
Midwestern Disaster Area Revenue  		     
 5.00% 12/1/50       2,140,000    1,999,680
New York City Industrial
Development Agency 		     
 0.000% 3/1/25  ^     3,175,000    2,946,464
 0.000% 3/1/26  ^     3,185,000    2,851,626
 0.000% 3/1/27  ^     3,000,000    2,582,400
New York Counties Tobacco
Trust V 		     
Series 4B 144A 0.00% 6/1/60  #, ^   402,200,000  13,686,866
   43,438,017
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Education Revenue Bonds — 4.71%
Arizona Industrial Development
Authority Revenue 		     
(Leman Academy Of Excellence Projects)
Series A 4.50% 7/1/54   		    1,320,000 $  1,151,080
California Educational Facilities
Authority 		     
Series U-7 5.00% 6/1/46       6,500,000    7,449,650
Series V-1 5.00% 5/1/49       3,100,000    3,542,866
California Municipal Finance
Authority 		     
Series A 5.00% 6/1/36       1,000,000    1,021,950
Clifton Higher Education Finance
Revenue 		     
Series A 4.25% 12/1/34       3,000,000    2,942,670
Utah Charter School Finance
Authority 		     
 5.00% 4/15/37       1,000,000   1,025,090
   17,133,306
Electric Revenue Bonds — 5.71%
Illinois Municipal Electric Agency      
Series A 5.00% 2/1/32       3,695,000    3,833,895
Missouri Joint Municipal Electric
Utility Commission 		     
Series A 5.00% 12/1/36       5,650,000    5,808,030
Series A 5.00% 12/1/37       1,000,000    1,026,810
Modesto Irrigation District      
Series A 5.00% 10/1/36       4,270,000    4,483,286
Omaha Public Power District
Nebraska City Station Unit 2 		     
Series A 5.00% 2/1/41       1,000,000    1,041,540
Puerto Rico Electric Power
Authority Revenue 		     
Series AAA 5.25% 7/1/25  ‡       225,000      165,375
Series WW 5.00% 7/1/28  ‡       510,000      373,575
Series XX 4.75% 7/1/26  ‡       185,000      134,819
Series ZZ 4.75% 7/1/27  ‡       145,000      105,669
Series ZZ 5.25% 7/1/24  ‡       315,000      231,525
Utility Debt Securitization
Authority 		     
Series TE 5.00% 12/15/31       3,500,000   3,565,450
   20,769,974
Healthcare Revenue Bonds — 11.41%
Brookhaven Development
Authority 		     
Series A 4.00% 7/1/44       1,000,000      961,260
NQ-IV004 [12/22] 2/23 (2741185)    1
Schedule of investments
Delaware Ivy Municipal Bond Fund   (Unaudited)
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)
Colorado Health Facilities
Authority Revenue 		     
Series A-2 4.00% 8/1/49       1,015,000 $    852,590
Hamilton County Ohio Hospital
Facilities Revenue 		     
Series CC 5.00% 11/15/49       6,460,000    6,869,564
Hawaii Department of Budget &
Finance Special Purpose Revenue 		     
Series A 5.00% 7/1/35         500,000      517,705
Hillsborough County Industrial
Development Authority Revenue 		     
Series A 3.50% 8/1/55       5,000,000    3,814,300
Illinois Finance Authority
Revenue Bonds 		     
(NorthShore – Edward-Elmhurst Health Credit Group)
Series A 5.00% 8/15/51   		    3,985,000    4,184,170
Lake County Port & Economic
Development Authority 		     
Series A 144A 6.75% 12/1/52  #, ‡     1,300,000      325,000
Maricopa County Industrial
Development Authority 		     
Series A 4.00% 1/1/38       5,000,000    4,852,150
New Hope Cultural Education
Facilities Finance Texas Senior Living Revenue 		     
Series A-2 6.50% 1/1/31       9,865,000    8,832,233
(Sanctuary LTC Project)
Series A-1 5.50% 1/1/57   		    3,500,000    2,531,830
Pennsylvania Economic
Development Financing Authority First Mortgage Revenue 		     
(Tapestry Moon Senior Housing Project)      
Series A 144A 6.50% 12/1/38  #, ‡     3,285,000    1,252,406
Series A 144A 6.75% 12/1/53  #, ‡     3,765,000    1,435,407
Washington Health Care
Facilities Authority 		     
Series D 5.00% 10/1/38       5,000,000   5,070,450
   41,499,065
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Housing Revenue Bonds — 1.17%
Nebraska Investment Finance
Authority 		     
Series A 2.35% 9/1/35       2,500,000 $  2,163,225
New York City Housing
Development MultiFamily Revenue 		     
Series A-1-B 2.05% 11/1/31         520,000      452,218
Series A-1-B 2.15% 11/1/32         970,000      829,592
North Carolina Housing Finance
Agency 		     
Series 44 2.55% 7/1/35         930,000     792,388
    4,237,423
Lease Revenue Bonds — 8.39%
Fayette County School District
Finance 		     
 5.00% 6/1/46 (BAM)      2,000,000    2,147,380
 5.00% 6/1/47 (BAM)      2,870,000    3,061,946
Metropolitan Pier &
Exposition Authority Illinois Revenue 		     
Series B 0.00% 12/15/54 (BAM) ^    25,445,000    5,100,959
Michigan State Building Authority      
Series I 5.00% 4/15/34       2,500,000    2,626,525
New Jersey State Transportation
Trust Fund Authority 		     
Series AA 4.00% 6/15/50 (BAM)      4,210,000    3,702,021
New Jersey Transportation Trust
Fund Authority 		     
(Transportation System)
Series A 0.00% 12/15/39  ^ 		   12,890,000    5,566,933
New York City Transitional
Finance Authority Building Aid Revenue 		     
Series S-3A 5.00% 7/15/36       2,000,000    2,151,860
New York Liberty Development      
Series A 3.00% 11/15/51 (BAM)      6,425,000    4,656,519
Regional Transportation District      
 5.00% 6/1/35       1,435,000   1,487,521
   30,501,664
Local General Obligation Bonds — 5.35%
Alamo Community College
District 		     
 5.00% 8/15/38       5,000,000    5,352,200
 
2    NQ-IV004 [12/22] 2/23 (2741185)
(Unaudited)
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Local General Obligation Bonds (continued)
Lincoln Consolidated School
District 		     
Series A 5.00% 5/1/35 (AGM)        500,000 $    531,040
Mida Golf and Equestrian Center
Public Infrastructure District 		     
144A 4.50% 6/1/51  #     2,500,000    1,869,025
144A 4.625% 6/1/57  #     2,000,000    1,473,960
New York      
Series G 5.00% 8/1/30       1,000,000    1,022,090
Palomar Health      
Series A 0.000% 8/1/31  ^     3,315,000    2,416,171
Series A 0.000% 8/1/32  ^     5,000,000    3,483,200
Series A 0.000% 8/1/33  ^     5,000,000   3,327,400
   19,475,086
Pre-Refunded/Escrowed to Maturity Bonds — 2.51%
Central Texas Turnpike System      
1st Tier 0.00% 8/15/26  ^     1,340,000    1,206,992
Metropolitan Washington Airports
Authority Dulles Toll Road Revenue 		     
Series C 6.50% 10/1/41-26  §     7,000,000   7,933,660
    9,140,652
Special Tax Revenue Bonds — 21.68%
City of Detroit, Michigan      
Series B 5.109% 6/15/34  ‡, •     3,132,110    2,818,899
Commonwealth of Puerto Rico      
(Subordinate)
Series C 3.357% 11/1/43  •, ^ 		   25,841,510   11,337,963
GDB Debt Recovery Authority of
Puerto Rico 		     
 7.50% 8/20/40      20,200,766   16,918,142
Matching Fund Special Purpose
Securitization 		     
Series A 5.00% 10/1/39       3,130,000    3,139,327
New York City Transitional
Finance Authority Future Tax Secured Revenue 		     
Series A-2 5.00% 8/1/37       5,000,000    5,342,400
New York Convention Center
Development Revenue 		     
 5.00% 11/15/34       2,000,000    2,048,440
New York State Dormitory
Authority 		     
Series B 5.00% 2/15/38       5,000,000    5,176,800
Puerto Rico Sales Tax Financing
Revenue 		     
Series A-1 0.000% 7/1/46  ^    26,435,000    6,546,363
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)
Puerto Rico Sales Tax Financing
Revenue 		     
Series A-1 0.000% 7/1/51  ^    64,384,000 $ 11,670,244
(Restructured)      
Series A-1 4.75% 7/1/53       3,730,000    3,306,421
Series A-1 5.00% 7/1/58       5,750,000    5,234,973
Series A-2 4.329% 7/1/40       2,340,000    2,113,792
Regional Transportation Authority      
Series A 6.00% 7/1/24       3,080,000   3,217,645
   78,871,409
State General Obligation Bonds — 2.22%
California State      
(Various Purpose)
 5.00% 4/1/37   		    5,000,000    5,020,650
Illinois State      
Series A 5.50% 3/1/47       3,000,000   3,071,250
    8,091,900
Transportation Revenue Bonds — 17.22%
Central Texas Turnpike System      
Series A 0.000% 8/15/26  ^    15,000,000   13,424,700
Series B 5.00% 8/15/37       1,000,000    1,022,330
Chicago O'Hare International
Airport 		     
Series A 5.00% 1/1/38 (AMT)        605,000      627,185
Series B 5.00% 1/1/34       1,000,000    1,032,490
Series D 5.25% 1/1/37       2,500,000    2,632,950
Foothill-Eastern Transportation
Corridor Agency Revenue 		     
(Senior Lien)
Series A 4.00% 1/15/46   		    2,000,000    1,852,120
Illinois State Toll Highway
Authority 		     
Series A 5.00% 1/1/35       2,000,000    2,002,560
Series B 5.00% 1/1/37       1,500,000    1,552,095
Metropolitan Transportation
Authority 		     
Series C 5.00% 11/15/36       2,625,000    2,649,780
Series C-1 5.00% 11/15/35       2,500,000    2,534,700
Miami-Dade County Florida
Aviation Revenue 		     
Series A 4.00% 10/1/44 (AMT)      1,500,000    1,341,405
Monroe County Airport Revenue      
 5.00% 10/1/42 (AMT)      1,505,000    1,531,503
 5.00% 10/1/52 (AMT)      2,445,000    2,439,450
 5.25% 10/1/47 (AMT)      1,100,000    1,126,521
North Carolina Turnpike Authority      
Series B 0.00% 1/1/34  ^    10,000,000    6,380,000
 
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Schedule of investments
Delaware Ivy Municipal Bond Fund   (Unaudited)
    Principal
amount° 		Value (US $)
Municipal Bonds (continued)
Transportation Revenue Bonds (continued)
North Texas Tollway Authority      
1st Tier 0.00% 1/1/30  ^    12,000,000 $  9,322,440
Pennsylvania Turnpike
Commission 		     
 5.00% 6/1/38       1,000,000    1,027,740
Series C 6.25% 6/1/33 (AGM)      4,000,000    4,460,760
Port of Portland Oregon Airport
Revenue 		     
Series 23 5.00% 7/1/33       3,500,000    3,639,160
Port of Seattle      
Series B 5.00% 3/1/35       2,000,000   2,049,840
   62,649,729
Water & Sewer Revenue Bonds — 5.37%
Los Angeles California
Wastewater System Revenue 		     
Series A 5.00% 6/1/35       1,000,000    1,048,390
Series D 5.00% 6/1/34       2,500,000    2,633,150
New York City Municipal Water
Finance Authority 		     
Series HH 5.00% 6/15/37      10,000,000   10,425,100
Texas Water Development Board      
Series B 5.00% 10/15/38       5,000,000   5,416,600
   19,523,240
Total Municipal Bonds
(cost $373,943,600) 		355,331,465
    Number of
shares 		 
Short-Term Investments — 1.57%
Money Market Mutual Funds — 0.31%
State Street Institutional US Government Money Market Fund – Premier Class (seven-day effective yield 2.86%)     1,123,886   1,123,886
    1,123,886
    Principal
amount° 		 
Variable Rate Demand Notes — 1.26%¤
Los Angeles Department Of
Water And Power Revenue 		     
Subseries B-3 0.35% 7/1/34 (SPA - Barclays Bank)       200,000     200,000
New York City Municipal Water
Finance Authority 		     
Series BB 1.05% 6/15/33 (SPA - Bank of America N.A)       400,000     400,000
    Principal
amount° 		Value (US $)
Variable Rate Demand Notes (continued)
State Of Oregon Oregon
Facilities Authority Refunding Revenue 		     
(PeaceHealth) Series B 1.05% 8/1/34
(LOC - TD Bank N.A.) 		    3,000,000 $  3,000,000
University of North Carolina at
Chapel Hill 		     
Series B 1.05% 2/15/31
(SPA - TD Bank N.A.) 		    1,000,000   1,000,000
    4,600,000
Total Short-Term Investments
(cost $5,723,886) 		  5,723,886
Total Value of Securities—99.25%
(cost $379,667,486) 		    361,055,351
Receivables and Other Assets Net of Liabilities—0.75%       2,731,291
Net Assets Applicable to 36,574,041 Shares Outstanding—100.00%     $363,786,642
° 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, 2022, the aggregate value of Rule 144A securities was $25,869,969, which represents 7.11% of the Fund's net assets.
^ Zero-coupon security. The rate shown is the effective yield at the time of purchase.
‡ Non-income producing security. Security is currently in default.
§ Pre-refunded bonds. Municipal bonds that are generally backed or secured by US Treasury bonds. For pre-refunded bonds, the stated maturity is followed by the year in which the bond will be pre-refunded. See Note 8 in “Notes to financial statements.”
• Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at December 31, 2022. 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. LIBOR03M, LIBOR06M, 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.
 
4    NQ-IV004 [12/22] 2/23 (2741185)
(Unaudited)
¤ Tax-exempt obligations that contain a floating or variable interest rate adjustment formula and an unconditional right of demand to receive payment of the unpaid principal balance plus accrued interest upon a short notice period (generally up to 30 days) prior to specified dates either from the issuer or by drawing on a bank letter of credit, a guarantee, or insurance issued with respect to such instrument. Each rate shown is as of December 31, 2022.
Summary of abbreviations: 
AGM – Insured by Assured Guaranty Municipal Corporation
AMT – Subject to Alternative Minimum Tax
BAM – Insured by Build America Mutual Assurance
Summary of abbreviations:  (continued)
ICE – Intercontinental Exchange, Inc.
LIBOR – London Interbank Offered Rate
LIBOR03M – ICE LIBOR USD 3 Month
LIBOR06M – ICE LIBOR USD 6 Month
LOC – Letter of Credit
N.A. – National Association
SPA – Stand-by Purchase Agreement
USD – US Dollar
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