Ivy Funds NPORT-P Delaware Ivy Smid Cap Core Fund (Dec 2021 report)

SCHEDULE OF INVESTMENTS
Delaware Ivy Smid Cap Core Fund (in thousands)	DECEMBER 31, 2021 (UNAUDITED)

COMMON STOCKS	Shares	Value
Communication Services
Interactive Media & Services – 1.6%
TripAdvisor, Inc.(A)	402	$10,956
Total Communication Services - 1.6%		10,956
Consumer Discretionary
Apparel Retail – 1.5%
Boot Barn Holdings, Inc.(A)	88	10,838
Auto Parts & Equipment – 1.7%
Dana Holding Corp.	291	6,647
Visteon Corp.(A)	49	5,454
		12,101
Automotive Retail – 2.7%
Murphy USA, Inc.	97	19,317
Footwear – 4.0%
Skechers USA, Inc.(A)	646	28,039
Homebuilding – 3.1%
TopBuild Corp.(A)	79	21,770
Internet & Direct Marketing Retail – 2.5%
Shutterstock, Inc.	159	17,595
Total Consumer Discretionary - 15.5%		109,660
Consumer Staples
Personal Products – 1.2%
BellRing Brands, Inc., Class A(A)	295	8,420
Total Consumer Staples - 1.2%		8,420
Energy
Oil & Gas Equipment & Services – 0.7%
Liberty Oilfield Services, Inc., Class A(A)	506	4,907
Oil & Gas Exploration & Production – 3.5%
Chesapeake Energy Corp.	163	10,526
Coterra Energy, Inc.	657	12,483
Diamondback Energy, Inc.	20	2,132
		25,141
Oil & Gas Refining & Marketing – 0.5%
Green Plains, Inc.(A)	96	3,348
Total Energy - 4.7%		33,396
Financials
Investment Banking & Brokerage – 4.1%
LPL Investment Holdings, Inc.	181	28,978
Regional Banks – 9.1%
BankUnited, Inc.	405	17,123
Pinnacle Financial Partners, Inc.	296	28,306
United Community Banks, Inc.	471	16,914
Webster Financial Corp.	38	2,145
		64,488
Thrifts & Mortgage Finance ��� 2.6%
Essent Group Ltd.	398	18,130
Total Financials - 15.8%		111,596

Health Care
Biotechnology – 3.3%
Biohaven Pharmaceutical Holding Co. Ltd.(A)	39	5,414
Halozyme Therapeutics, Inc.(A)	452	18,167
		23,581
Health Care Equipment – 4.6%
Cryoport, Inc.(A)	182	10,781
Envista Holdings Corp.(A)	426	19,176
Shockwave Medical, Inc.(A)	16	2,783
		32,740
Health Care Facilities – 1.1%
Encompass Health Corp.	115	7,503
Health Care Supplies – 0.7%
Sientra, Inc.(A)	1,357	4,980
Health Care Technology – 0.7%
Tabula Rasa HealthCare, Inc.(A)	334	5,006
Life Sciences Tools & Services – 0.5%
Maravai LifeSciences Holdings, Inc., Class A(A)	75	3,146
Pharmaceuticals – 1.3%
Pacira Pharmaceuticals, Inc.(A)	150	9,047
Total Health Care - 12.2%		86,003
Industrials
Agricultural & Farm Machinery – 1.6%
AGCO Corp.	98	11,370
Construction & Engineering – 3.2%
Valmont Industries, Inc.	90	22,446
Construction Machinery & Heavy Trucks – 0.4%
Federal Signal Corp.(A)	66	2,865
Electrical Components & Equipment – 5.5%
Regal Rexnord Corp.	229	38,906
Environmental & Facilities Services – 1.0%
Clean Harbors, Inc.(A)	70	6,976
Industrial Machinery – 2.8%
Kornit Digital Ltd.(A)	132	20,044
Marine – 1.8%
Kirby Corp.(A)	212	12,573
Research & Consulting Services – 2.0%
ICF International, Inc.	137	14,008
Trading Companies & Distributors – 3.6%
Beacon Roofing Supply, Inc.(A)	211	12,127
Triton International Ltd.	222	13,378
		25,505
Trucking – 2.2%
Knight Transportation, Inc.	257	15,633
Total Industrials - 24.1%		170,326

Information Technology
Application Software – 1.7%
Q2 Holdings, Inc.(A)	127	10,101
Sprout Social, Inc., Class A(A)	22	2,012
		12,113
Data Processing & Outsourced Services – 2.6%
EVERTEC, Inc.	368	18,414
Electronic Components – 1.2%
Knowles Corp.(A)	357	8,339
Internet Services & Infrastructure – 1.4%
Switch, Inc., Class A	353	10,120
Semiconductor Equipment – 1.4%
Brooks Automation, Inc.	99	10,167
Semiconductors – 1.7%
Allegro MicroSystems, Inc.(A)	325	11,770
Systems Software – 2.6%
Varonis Systems, Inc.(A)	377	18,374
Total Information Technology - 12.6%		89,297
Materials
Commodity Chemicals – 2.4%
Cabot Corp.	305	17,161
Diversified Chemicals – 1.4%
Huntsman Corp.	274	9,552
Specialty Chemicals – 3.9%
Element Solutions, Inc.	924	22,434
Minerals Technologies, Inc.(A)	73	5,354
		27,788
Total Materials - 7.7%		54,501
Real Estate
Specialized REITs – 2.7%
National Storage Affiliates Trust	277	19,185
Total Real Estate - 2.7%		19,185
TOTAL COMMON STOCKS – 98.1%		$693,340
(Cost: $522,601)
SHORT-TERM SECURITIES
Money Market Funds(B) - 1.9%
State Street Institutional U.S. Government Money Market Fund - Premier Class, 0.030%	13,595	13,595
TOTAL SHORT-TERM SECURITIES – 1.9%		$13,595
(Cost: $13,595)
TOTAL INVESTMENT SECURITIES – 100.0%		$706,935
(Cost: $536,196)

CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.0%		180
NET ASSETS – 100.0%	$	707,115

Notes to Schedule of Investments

(A) No dividends were paid during the preceding 12 months.

(B) Rate shown is the annualized 7-day yield at December 31, 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 December 31, 2021:

		Level 1		Level 2		Level 3
Assets
Investments in Securities
Common Stocks	$	693,340	$	—	$	—
Short-Term Securities		13,595		—		—
Total	$	706,935	$	—	$	—

The following acronym is used throughout this schedule:

REIT = Real Estate Investment Trust

For Federal income tax purposes, cost of investments owned at December 31, 2021 and the related unrealized appreciation (depreciation) were as follows:
Cost	$536,196
Gross unrealized appreciation	190,160
Gross unrealized depreciation	(19,421)
Net unrealized appreciation	$170,739