SCHEDULE OF INVESTMENTS | ||||
Delaware Ivy Accumulative Fund (in thousands) | SEPTEMBER 30, 2021 (UNAUDITED) | |||
COMMON STOCKS | Shares | Value | ||||||
| ||||||||
Communication Services |
| |||||||
Interactive Home Entertainment – 1.5% |
| |||||||
Take-Two Interactive Software, Inc.(A) | 195 | $30,036 | ||||||
|
| |||||||
Interactive Media & Services – 5.3% |
| |||||||
Facebook, Inc., Class A(A) | 192 | 65,001 | ||||||
Pinterest, Inc., Class A(A) | 752 | 38,312 | ||||||
|
| |||||||
103,313 | ||||||||
|
| |||||||
Movies & Entertainment – 3.0% |
| |||||||
Live Nation, Inc.(A) | 637 | 58,087 | ||||||
|
| |||||||
Total Communication Services - 9.8% |
| 191,436 | ||||||
| ||||||||
Consumer Discretionary |
| |||||||
Internet & Direct Marketing Retail – 6.7% |
| |||||||
Amazon.com, Inc.(A) | 39 | 129,309 | ||||||
|
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Restaurants – 5.8% |
| |||||||
Chipotle Mexican Grill, Inc., Class A(A) | 29 | 51,799 | ||||||
Darden Restaurants, Inc. | 403 | 61,013 | ||||||
|
| |||||||
112,812 | ||||||||
|
| |||||||
Total Consumer Discretionary - 12.5% |
| 242,121 | ||||||
| ||||||||
Financials |
| |||||||
Consumer Finance – 1.2% |
| |||||||
SoFi Technologies, Inc.(A)(B) | 1,525 | 24,217 | ||||||
|
| |||||||
Total Financials - 1.2% |
| 24,217 | ||||||
| ||||||||
Health Care |
| |||||||
Biotechnology – 2.6% |
| |||||||
Genmab A.S. ADR(A) | 581 | 25,382 | ||||||
Natera, Inc.(A) | 235 | 26,242 | ||||||
|
| |||||||
51,624 | ||||||||
|
| |||||||
Health Care Equipment – 7.3% |
| |||||||
DexCom, Inc.(A) | 120 | 65,404 | ||||||
Insulet Corp.(A) | 154 | 43,699 | ||||||
Tandem Diabetes Care, | 268 | 31,994 | ||||||
|
| |||||||
141,097 | ||||||||
|
| |||||||
Health Care Technology – 1.8% |
| |||||||
Inspire Medical Systems, Inc.(A) | 152 | 35,398 | ||||||
|
| |||||||
Life Sciences Tools & Services – 1.4% |
| |||||||
Sartorius Stedim Biotech S.A.(C) | 48 | 26,670 | ||||||
|
| |||||||
Total Health Care - 13.1% |
| 254,789 | ||||||
| ||||||||
Industrials |
| |||||||
Aerospace & Defense – 1.3% |
| |||||||
Spirit AeroSystems Holdings, Inc. | 580 | 25,649 | ||||||
|
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Airlines – 2.1% |
| |||||||
Southwest Airlines Co.(A) | 773 | 39,768 | ||||||
|
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Industrial Machinery – 7.1% |
| |||||||
Ingersoll-Rand, Inc.(A) | 969 | 48,829 | ||||||
Kornit Digital Ltd.(A) | 615 | 89,033 | ||||||
|
| |||||||
137,862 | ||||||||
|
|
Trucking – 2.2% |
| |||||||
Uber Technologies, Inc.(A) | 962 | 43,080 | ||||||
|
| |||||||
Total Industrials - 12.7% |
| 246,359 | ||||||
| ||||||||
Information Technology |
| |||||||
Application Software – 16.6% |
| |||||||
Anaplan, Inc.(A) | 563 | 34,285 | ||||||
Cadence Design Systems, | 300 | 45,432 | ||||||
Five9, Inc.(A) | 329 | 52,553 | ||||||
HubSpot, Inc.(A) | 88 | 59,158 | ||||||
Intuit, Inc. | 112 | 60,501 | ||||||
Q2 Holdings, Inc.(A) | 297 | 23,834 | ||||||
Workday, Inc., Class A(A) | 185 | 46,158 | ||||||
|
| |||||||
321,921 | ||||||||
|
| |||||||
Data Processing & Outsourced Services – 9.5% |
| |||||||
MasterCard, Inc., Class A | 212 | 73,614 | ||||||
PayPal, Inc.(A) | 256 | 66,661 | ||||||
Shift4 Payments, Inc., Class A(A) | 565 | 43,799 | ||||||
|
| |||||||
184,074 | ||||||||
|
| |||||||
Internet Services & Infrastructure – 2.4% |
| |||||||
Twilio, Inc., Class A(A) | 145 | 46,378 | ||||||
|
| |||||||
Semiconductors – 6.1% |
| |||||||
Ambarella, Inc.(A) | 298 | 46,334 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 329 | 36,740 | ||||||
Universal Display Corp. | 210 | 35,979 | ||||||
|
| |||||||
119,053 | ||||||||
|
| |||||||
Systems Software – 10.4% |
| |||||||
Microsoft Corp. | 552 | 155,520 | ||||||
ServiceNow, Inc.(A) | 75 | 46,670 | ||||||
|
| |||||||
202,190 | ||||||||
|
| |||||||
Technology Hardware, Storage & Peripherals – 4.4% |
| |||||||
Apple, Inc. | 601 | �� | 84,973 | |||||
|
| |||||||
Total Information Technology - 49.4% |
| 958,589 | ||||||
| ||||||||
TOTAL COMMON STOCKS – 98.7% |
| $1,917,511 | ||||||
| ||||||||
(Cost: $1,071,850) |
| |||||||
SHORT-TERM SECURITIES | ||||||||
| ||||||||
Money Market Funds(E) - 2.4% |
| |||||||
Dreyfus Institutional Preferred Government Money Market Fund - Institutional Shares, | ||||||||
0.010%(D) | 23,912 | 23,911 | ||||||
State Street Institutional U.S. Government Money Market Fund - Premier Class, | ||||||||
0.030% | 21,804 | 21,804 | ||||||
|
| |||||||
45,715 | ||||||||
|
| |||||||
TOTAL SHORT-TERM SECURITIES – 2.4% |
| $45,715 | ||||||
| ||||||||
(Cost: $45,715) |
| |||||||
TOTAL INVESTMENT SECURITIES – 101.1% |
| $1,963,226 | ||||||
| ||||||||
(Cost: $1,117,565) |
|
LIABILITIES, NET OF CASH AND OTHER ASSETS – (1.1)% | (22,205) | |||||
| ||||||
NET ASSETS – 100.0% | $1,941,021 | |||||
|
Notes to Schedule of Investments
(A)No dividends were paid during the preceding 12 months.
(B)All or a portion of securities with an aggregate value of $23,617 are on loan.
(C)Listed on an exchange outside the United States.
(D)Investment made with cash collateral received from securities on loan.
(E)Rate shown is the annualized 7-day yield at September 30, 2021.
Each Fund’s investments are reported at fair value. Fair value is defined as the price that each Fund would receive upon selling an asset or would pay upon satisfying a liability in an orderly transaction between market participants at the measurement date.
Accounting standards establish a framework for measuring fair value and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the factors that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.
Reoccurring fair value measurements of Level 3 securities shall include a reconciliation of the beginning to ending balances for reported fair market values. A fair value hierarchy and Level 3 reconciliation, if applicable, have been included in the Notes to Schedule of Investments for each respective Fund.
An individual investment’s fair value measurement is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized as follows:
• Level 1 - Observable inputs such as quoted prices, available in active markets, for identical assets or liabilities.
• Level 2 - Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs.
• Level 3 - Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Board or persons acting at their direction that are used in determining the fair market value of investments.
The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of September 30, 2021:
Level 1 | Level 2 | Level 3 | ||||||||||
Assets | ||||||||||||
Investments in Securities | ||||||||||||
Common Stocks | ||||||||||||
Communication Services | $ | 191,436 | $ | — | $ | — | ||||||
Consumer Discretionary | 242,121 | — | — | |||||||||
Financials | 24,217 | — | — | |||||||||
Health Care | 228,119 | 26,670 | — | |||||||||
Industrials | 246,359 | — | — | |||||||||
Information Technology | 958,589 | — | — | |||||||||
Total Common Stocks | $ | 1,890,841 | $ | 26,670 | $ | — | ||||||
Short-Term Securities | 45,715 | — | — | |||||||||
Total | $ | 1,936,556 | $ | 26,670 | $ | — |
The following acronym is used throughout this schedule:
ADR = American Depositary Receipts
For Federal income tax purposes, cost of investments owned at September 30, 2021 and the related unrealized appreciation (depreciation) were as follows: |
| |||
Cost | $1,117,565 | |||
|
| |||
Gross unrealized appreciation | 865,480 | |||
Gross unrealized depreciation | (19,819) | |||
|
| |||
Net unrealized appreciation | $845,661 |