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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-10431
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InvestEd Portfolios
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(Exact name of registrant as specified in charter)
100 Independence, 610 Market Street, Philadelphia, PA 19106-2354
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(Address of principal executive offices) (Zip code)
David F. Connor, Esq., 100 Independence, 610 Market Street, Philadelphia, PA 19106-2354
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(Name and address of agent for service)
Registrant’s telephone number, including area code: (800) 523-1918
Date of fiscal year end: December 31
Date of reporting period: December 31, 2021
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ITEM 1. REPORTS TO STOCKHOLDERS.
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INVESTED 529 PLAN |
Annual Report
DECEMBER 31, 2021 |
Ticker | ||||
InvestEd 90 Portfolio | WAGPX | |||
InvestEd 80 Portfolio | WAAJX | |||
InvestEd 70 Portfolio | WAGRX | |||
InvestEd 60 Portfolio | WBLAX | |||
InvestEd 50 Portfolio | WAAHX | |||
InvestEd 40 Portfolio | WICAX | |||
InvestEd 30 Portfolio | WAAGX | |||
InvestEd 20 Portfolio | WICPX | |||
InvestEd 10 Portfolio | WAAFX | |||
InvestEd 0 Portfolio | WFXPX |
Carefully consider the Portfolios’ investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Portfolios’ prospectus, which may be obtained by visiting www.ivyinvestments.com or calling 1-888-923-3355. Investors should read the prospectus carefully before investing. You can obtain shareholder reports and prospectuses online instead of in the mail. Visit www.ivyinvestments.com/go-paperless-with-eDelivery for more information.
IVY INVESTMENTS® refers to the investment management and investment advisory services offered by Macquarie Investment Management Business Trust (MIMBT) through its various series.
On December 2, 2020, Waddell & Reed Financial, Inc. (“WDR”), the parent company of Ivy Investment Management Company, the investment adviser of the InvestEd Portfolios, and Macquarie Management Holdings, Inc., the U.S. holding company for Macquarie Group Limited’s U.S. asset management business (“Macquarie”), announced that they had entered into an agreement whereby Macquarie would acquire the investment management business of WDR (the “Transaction”).
The Transaction closed on April 30, 2021. The InvestEd Portfolios, as part of Delaware Funds by Macquarie, are now managed by Delaware Management Company, a series of Macquarie Investment Management Business Trust, and distributed by Delaware Distributors, L.P.
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Macquarie Investment Management (MIM) is a global asset manager with offices in the United States, Europe, Asia, and Australia. As active managers, we prioritize autonomy and accountability at the investment team level in pursuit of opportunities that matter for clients. Delaware Funds is one of the longest-standing mutual fund families, with more than 80 years in existence.
If you are interested in learning more about creating an investment plan, contact your financial advisor.
You can learn more about Delaware Funds or obtain a prospectus at www.ivyinvestments.com/reports/invested.
To view your shareholder statement online, go to www.ivyinvestments.com, log in to your account, and select “Statements,” or to view a mutual fund fee and expense calculator, visit https://tools.finra.org/fund_analyzer/.
Macquarie Asset Management (MAM) offers a diverse range of products including securities investment management, infrastructure and real asset management, and fund and equity-based structured products. MIM is the marketing name for certain companies comprising the asset management division of Macquarie Group. This includes the following investment advisers: Macquarie Investment Management Business Trust (MIMBT), Macquarie Funds Management Hong Kong Limited, Macquarie Investment Management Austria Kapitalanlage AG, Macquarie Investment Management Global Limited, Macquarie Investment Management Europe Limited, and Macquarie Investment Management Europe S.A.
The Funds are distributed by Delaware Distributors, L.P. (DDLP), an affiliate of MIMBT and Macquarie Group Limited.
None of the entities noted in this document is an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia) and the obligations of these entities do not represent deposits or other liabilities of Macquarie Bank Limited ABN 46 008 583 542 (Macquarie Bank). Macquarie Bank does not guarantee or otherwise provide assurance in respect of the obligations of these entities. In addition, if this document relates to an investment (a) each investor is subject to investment risk including possible delays in repayment and loss of income and principal invested and (b) none of Macquarie Bank or any other Macquarie Group company guarantees any particular rate of return on or the performance of the investment, nor do they guarantee repayment of capital in respect of the investment.
The Funds are governed by US laws and regulations. Unless otherwise noted, views expressed herein are current as of December 31, 2021, and subject to change for events occurring after such date. The Funds are not FDIC insured and are not guaranteed. It is possible to lose the principal amount invested.
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CONTENTS | INVESTED PORTFOLIOS |
Advisory services provided by Delaware Management Company, a series of MIMBT, a US registered investment advisor. All third-party marks cited are the property of their respective owners.
© 2022 Macquarie Management Holdings, Inc.
This report is submitted for the general information of the shareholders of InvestEd Portfolios. It is not authorized for distribution to prospective investors in the Portfolios unless preceded or accompanied by a current InvestEd Portfolios prospectus along with the InvestEd Program Overview and Ivy InvestEd 529 Plan Account Application.
Non-residents of Arizona or taxpayers of states other than Arizona should consider participating in the 529 plan(s) available in their state of residence, as such plan(s) may offer more favorable state income tax or other benefits than those offered under the Ivy InvestEd 529 Plan. Please consult your CPA or other tax advisor regarding your personal tax situation.
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MANAGEMENT DISCUSSION | INVESTED PORTFOLIOS |
(UNAUDITED)
On September 13, 2021, the Board of Trustees of the InvestEd Portfolios approved the appointment of Macquarie Investment Management Austria Kapitalanlage AG (MIMAK) as a sub-advisor. In addition, Stefan Löwenthal and Jürgen Wurzer of MIMAK were appointed as additional portfolio managers to manage the Fund with Aaron D. Young of Delaware Management Company. All changes took effect on November 15, 2021.
Below, Stefan Löwenthal, Jürgen Wurzer, and Aaron Young, portfolio managers of the InvestEd Portfolios, discuss positioning, performance and results for the fiscal year ended December 31, 2021.
Fiscal Year Performance
For the 12 Months Ended December 31, 2021 | ||||
InvestEd 0 Portfolio | ||||
Including Sales Charge | -3.39% | |||
Without Sales Charge | -0.88% | |||
Blended Benchmark(s) | ||||
75% Bloomberg 1-3 Year Gov/Credit Index + 25% Bloomberg US Universal Index | -0.63% | |||
75% Bloomberg US Gov/Credit 1-5 Year Index + 25% Bloomberg US Universal Index | -1.00% | |||
InvestEd 10 Portfolio | ||||
Including Sales Charge | -1.20% | |||
Without Sales Charge | 1.34% | |||
Blended Benchmark(s) | ||||
45% Bloomberg US Universal Index + 45% Bloomberg 1-3 Year Gov/Credit Index + 8% Russell 3000 Index + 2% MSCI ACWI ex USA IMI Index | 1.36% | |||
InvestEd 20 Portfolio | ||||
Including Sales Charge | 0.81% | |||
Without Sales Charge | 3.44% | |||
Blended Benchmark(s) | ||||
46% Bloomberg US Universal Index + 34% Bloomberg 1-3 Year Gov/Credit Index + 15% Russell 3000 Index + 5% MSCI ACWI ex USA IMI Index | 3.33% | |||
InvestEd 30 Portfolio | ||||
Including Sales Charge | 2.61% | |||
Without Sales Charge | 5.19% | |||
Blended Benchmark(s) | ||||
48% Bloomberg US Universal Index + 22% Bloomberg 1-3 Year Gov/Credit Index + 20% Russell 3000 Index + 10% MSCI ACWI ex USA IMI Index | 5.02% | |||
InvestEd 40 Portfolio | ||||
Including Sales Charge | 4.65% | |||
Without Sales Charge | 7.38% | |||
Blended Benchmark(s) | ||||
46% Bloomberg US Universal Index + 27% Russell 3000 Index + 14% Bloomberg 1-3 Year Gov/Credit Index + 13% MSCI ACWI ex USA IMI Index | 7.06% | |||
InvestEd 50 Portfolio | ||||
Including Sales Charge | 6.72% | |||
Without Sales Charge | 9.46% | |||
Blended Benchmark(s) | ||||
39% Bloomberg US Universal Index + 34% Russell 3000 Index + 16% MSCI ACWI ex USA IMI Index + 11% Bloomberg 1-3 Year Gov/Credit Index | 9.17% | |||
InvestEd 60 Portfolio | ||||
Including Sales Charge | 8.78% | |||
Without Sales Charge | 11.62% | |||
Blended Benchmark(s) | ||||
40% Russell 3000 Index + 31% Bloomberg US Universal Index + 20% MSCI ACWI ex USA IMI Index + 9% Bloomberg 1-3 Year Gov/Credit Index | 11.15% |
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InvestEd 70 Portfolio | ||||
Including Sales Charge | 10.73% | |||
Without Sales Charge | 13.59% | |||
Blended Benchmark(s) | ||||
46% Russell 3000 Index + 24% Bloomberg US Universal Index + 24% MSCI ACWI ex USA IMI Index + 6% Bloomberg 1-3 Year Gov/Credit Index | 13.14% | |||
InvestEd 80 Portfolio | ||||
Including Sales Charge | 12.66% | |||
Without Sales Charge | 15.58% | |||
Blended Benchmark(s) | ||||
52% Russell 3000 Index + 28% MSCI ACWI ex USA IMI Index + 16% Bloomberg US Universal Index + 4% Bloomberg 1-3 Year Gov/Credit Index | 15.17% | |||
InvestEd 90 Portfolio | ||||
Including Sales Charge | 14.56% | |||
Without Sales Charge | 17.48% | |||
Blended Benchmark(s) | ||||
57% Russell 3000 Index + 33% MSCI ACWI ex USA IMI Index + 8% Bloomberg US Universal Index + 2% Bloomberg 1-3 Year Gov/Credit Index | 17.05% | |||
Benchmarks | ||||
Bloomberg 1-3 Year US Gov/Credit Index (generally reflects the performance of securities representing the bond market with greater than one and less than three years until maturity) | -0.47% | |||
Bloomberg 1-5 Year US Gov/Credit Index (generally reflects the performance of securities representing the bond market with greater than one and less than five years until maturity) | -0.97% | |||
Bloomberg US Universal Index (generally reflects the performance of USD-denominated, taxable bonds that are rated either investment grade or high-yield.) | -1.10% | |||
MSCI ACWI ex USA IMI Index (generally reflects the performance of large-, mid- and small-capitalization stocks across developed and emerging markets, excluding the US.) | 8.53% | |||
MSCI ACWI ex USA NR USD Index (generally reflects the performance of large- and mid-capitalization stocks across developed and emerging markets, excluding the US.) | 7.82% | |||
Russell 3000 Index (generally reflects the performance of large-capitalization US. stocks) | 25.66% |
For additional performance information for each Portfolio, please see the Comparison of Change in Value of a $10,000 Investment and the Average Annual Total Return information for each Portfolio found in this report.
Please note that the Portfolio returns include applicable investment fees and expense, whereas the index returns do not include any such fees. Because each Portfolio typically invests in a variety of mutual funds that invest in multiple asset classes, we compare each Portfolio’s results to multiple benchmark indexes. The performance discussed below is at net asset value.
Year in review
Global economic activity continued its astounding rebound from the pandemic shock and exceeded expectations in the first half of the measurement period. However, it was not entirely a quiet ride. Equity volatility increased during the third quarter of 2021 as growth slowed and fiscal stimulus expectations were disappointed. Amidst this growth slowdown, “stagflation” concerns grew as inflation increased, largely driven by supply chain issues, bottlenecks, and shortages. Despite this volatility, the market climbed higher through the fourth quarter of 2021 as growth remained robust and many potential risk factors were avoided. The US circumvented a debt crisis at the last moment, per the usual script, and simultaneously avoided significant tax hikes, which at one point seemed a quite likely threat to corporate profits and potentially consumption. And although the market did not get the entirety of the fiscal stimulus package once promised, that may have been a positive in terms of not creating additional inflationary pressures.
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The evolution of the pandemic continues to have a significant influence on risk appetite in financial markets and despite worrying mutations in the virus and continued spread of cases, the vaccines remain a robust tool in response to the crisis. Vaccine approvals were recently extended to younger age groups and the rollout of booster shots enhanced protection for older demographics. Each subsequent wave of COVID-19 infections has inflicted less severe human, economic, and market damage as vaccines remain highly effective in reducing severe outcomes and populations have increasing resilience from both prior infections and inoculations.
Following the dramatic surge in economic activity from the depths of the crisis, monetary policy is now shifting, globally. Many central banks have already hiked policy rates and are either discussing or actively in the process of tapering quantitative easing (QE) purchases and discussing plans to actively reduce assets held on balance sheets. In the US, The Federal Reserve Bank (Fed) has begun tapering its QE program and although tapering is not tightening, per se, the Fed has guided market expectations for several interest rate hikes in 2022.
All said, economic activity and corporate earnings have remained robust; inflationary pressures in supply chains have eased (although others like labor and housing are rising); and central banks are gradually normalizing monetary policy as the global economy moves past the extreme shock of the pandemic and returns to a more normal regime where extreme policy stimulus is no longer prudent nor desirable.
Equity markets vastly outperformed fixed income with developed markets outperforming emerging markets and the US significantly outperforming other developed markets. China was a distinct outlier, with significant underperformance because of its stringent “zero COVID-19” policy and various disruptive regulatory actions in technology and property sectors. Energy, along with other cyclical sectors outperformed defensive sectors such as staples, utilities, and telecommunications. Fixed-income markets were more challenging. Investment grade returns were primarily driven by duration exposures as expectations for tighter central bank monetary policy lifted interest rates and credit spreads did little to offset that headwind. The high yield bond market outperformed investment grade due to lower interest-rate sensitivity and a more significant narrowing of credit spreads in these riskier assets. From a currency perspective, US dollar (USD) strength was the dominant theme with many non-USD linked emerging markets currencies exhibiting significant weakness.
The mixed asset InvestEd Portfolios (InvestEd 10 Portfolio through InvestEd 90 Portfolio) finished the measurement period with positive returns and competitive performance when compared to their blended benchmark indexes. Unfortunately, the fixed income-only portfolio (InvestEd 0 Portfolio) experienced a negative return due to higher interest rates, which resulted in price declines for bonds. The broad strength across equities was reflected by the portfolios’ benchmarks. The US equity benchmark return exceeded 25% and the international equity benchmark return exceeded 8.5%. Fixed income returns were slightly negative on the fiscal year as interest rates rose. The short-term fixed income benchmark return declined -0.5% and the long-term fixed income benchmark return declined -1.1% on the fiscal year. On a relative basis, portfolio returns met or exceeded those of the benchmarks in all three asset classes of US equities, international equities, and fixed income. The performance of the portfolios reflects the mix of returns in the underlying funds during the measurement period and their allocation weightings. The most significant detractors to relative performance were exposure to mid-cap and small-cap equity funds, emerging markets, and government securities, all of which underperformed their respective broader asset class benchmarks. However, these headwinds were more than offset (in all but the fixed income-only portfolio, InvestEd 0 Portfolio) by a combination of active manager outperformance in the small- and mid-cap strategies as well as positive contributions from many other underlying funds in the portfolios. During the measurement period, the InvestEd Portfolios undertook modest changes in the weightings of underlying funds in an effort to manage exposures commensurate with the investment objectives of the portfolios.
Outlook
In the coming year, we believe the global economy is likely to continue transitioning from unsustainably high growth to a slower and more sustainable level, supported by moderate corporate earnings growth and buffered by strong consumer and corporate balance sheets.
Inflationary forces are expected to be manageable as transitory pressures abate. However, the future path of inflation data and the Fed’s response function to it will be critical to engineering a soft landing. Labor force participation rates and productivity dynamics will be pivotal in determining what level of growth can be sustained without forcing excessively tight monetary policy.
Of course, the pandemic remains a key risk factor. Although higher rates of vaccination and natural immunity may be approaching critical mass in many geographies, which hopefully mitigates the risk of overwhelming health care systems.
With tapering commencing and tightening soon on the way, the market will be forced to reckon with higher discount rates, which have already proven to be a headwind for equity valuations. However, recessions and market corrections do not typically begin at the start of rate-hike cycles but rather only when earnings decline. And although the rate of earnings
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growth is slowing, it remains positive. Additionally, the consensus currently expects the fed funds rate to remain lower than pre-crisis, 2019 levels for the next two years.
However, we think equity valuations remain a risk factor as many measures significantly exceed historical averages and have likely peaked, given the shift in monetary policy. Equity multiples typically decline during tightening cycles, but the asset class has the potential to still produce positive returns if inflation remains moderate and interest rates stay relatively low as earnings growth exceeds multiple contraction.
Given this balanced outlook, we believe the InvestEd Portfolios are positioned with anticipated total risk exposures near benchmark levels. Equity allocations are approximately neutral with respect to geography, industry, and styles so that the most significant driver of relative performance should the underlying active managers’ ability to add value through security selection.
Significant Event: On December 2, 2020, Waddell & Reed Financial, Inc., the parent company of Ivy Investment Management Company, the investment adviser of the InvestEd Portfolios, and Macquarie Management Holdings, Inc., the US holding company for Macquarie Group Limited’s US asset management business (“Macquarie”), announced that they had entered into an agreement whereby Macquarie would acquire the investment management business of Waddell & Reed Financial, Inc. (the “Transaction”). The Transaction closed on April 30, 2021. The InvestEd Portfolios, as part of Delaware Funds by Macquarie, are now managed by Delaware Management Company and distributed by Delaware Distributors, L.P.
Past performance is not a guarantee of future results. As with any mutual fund, the value of each Portfolio’s shares will change, and you could lose money on your investment. These and other risks are more fully described in the Portfolios’ prospectus.
The ability of a Portfolio to meet its investment objective depends both on the allocation of its assets among the underlying funds and the ability of those funds to meet their respective investment objectives. Each Portfolio’s share price will likely change daily based on the performance of the underlying funds in which it invests. In general, a Portfolio is subject to the same risks as those of the underlying funds it holds.
The opinions expressed in this report are those of the portfolio managers and are current only through the end of the period of the report as stated on the cover. The portfolio managers’ views are subject to change at any time based on market and other conditions, and no forecasts can be guaranteed.
The indexes noted are unmanaged and include reinvested dividends. One cannot invest directly in an index, nor is an index representative of any of the InvestEd Portfolios.
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COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT | INVESTED PORTFOLIOS |
(UNAUDITED)
^ | Blended index is computed using a combination of 57% Russell 3000 Index + 33% MSCI ACWI ex U.S.A. IMI Index + 8% Bloomberg U.S. Universal Index + 2% Bloomberg 1-3 Year U.S.Gov/Credit Index. |
^ | Blended index is computed using a combination of 52% Russell 3000 Index + 28% MSCI ACWI ex U.S.A. IMI Index + 16% Bloomberg U.S. Universal Index + 4% Bloomberg 1-3 Year U.S. Gov/Credit Index. |
See footnotes on page 13.
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COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT | INVESTED PORTFOLIOS |
(UNAUDITED)
^ | Blended index is computed using a combination of 46% Russell 3000 Index + 24% MSCI ACWI ex U.S.A. IMI Index + 24% Bloomberg U.S. Universal Index + 6% Bloomberg 1-3 Year U.S.Gov/Credit Index. |
^ | Blended index is computed using a combination of 40% Russell 3000 Index + 31% Bloomberg U.S. Universal Index + 20% MSCI ACWI ex U.S.A. IMI Index + 9% Bloomberg 1-3 Year U.S. Gov/Credit Index. |
See footnotes on page 13.
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COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT | INVESTED PORTFOLIOS |
(UNAUDITED)
^ | Blended index is computed using a combination of 39% Bloomberg U.S. Universal Index + 34% Russell 3000 Index + 16% MSCI ACWI ex U.S.A. IMI Index + 11% Bloomberg 1-3 Year U.S. Gov/Credit Index. |
^ | Blended index is computed using a combination of 46% Bloomberg U.S. Universal Index + 27% Russell 3000 Index + 14% Bloomberg 1-3 Year U.S. Gov/Credit Index + 13% MSCI ACWI ex U.S.A. IMI Index. |
See footnotes on page 13.
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COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT | INVESTED PORTFOLIOS |
(UNAUDITED)
^ | Blended index is computed using a combination of 48% Bloomberg U.S. Universal Index + 22% Bloomberg 1-3 Year U.S.Gov/Credit Index + 20% Russell 3000 Index + 10% MSCI ACWI ex U.S.A. IMI Index. |
^ | Blended index is computed using a combination of 46% Bloomberg U.S. Universal Index + 34% Bloomberg 1-3 Year U.S.Gov/Credit Index + 15% Russell 3000 Index + 5% MSCI ACWI ex U.S.A. IMI Index. |
See footnotes on page 13.
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COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT | INVESTED PORTFOLIOS |
(UNAUDITED)
^ | Blended index is computed using a combination of 45% Bloomberg U.S. Universal Index + 45% Bloomberg 1-3 Year U.S.Gov/Credit Index + 8% Russell 3000 Index + 2% MSCI ACWI ex U.S.A. IMI Index. |
^ | Blended index is computed using a combination of 75% Bloomberg 1-3 Year U.S.Gov/Credit Index + 25% Bloomberg U.S. Universal Index. |
See footnotes on page 13.
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COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT | INVESTED PORTFOLIOS |
(UNAUDITED)
(1) | The value of the investment in the Portfolio is impacted by the ongoing expenses of the Portfolio and assumes reinvestment of dividends and distributions. |
Average Annual Total Return(2) | InvestEd 90 Portfolio | InvestEd 80 Portfolio | InvestEd 70 Portfolio | InvestEd 60 Portfolio | InvestEd 50 Portfolio | |||||||||||||||
1-year period ended 12-31-21 | 14.56% | 12.66% | 10.73% | 8.78% | 6.72% | |||||||||||||||
5-year period ended 12-31-21 | — | — | 11.85% | 10.02% | — | |||||||||||||||
10-year period ended 12-31-21 | — | — | 10.44% | 8.55% | — | |||||||||||||||
Since inception of Portfolio(3) through 12-31-21 | 11.85% | 16.11% | — | — | 9.13% |
Average Annual Total Return(2) | InvestEd 40 Portfolio | InvestEd 30 Portfolio | InvestEd 20 Portfolio | InvestEd 10 Portfolio | InvestEd 0 Portfolio | |||||||||||||||
1-year period ended 12-31-21 | 4.65% | 2.61% | 0.81% | -1.20% | -3.39% | |||||||||||||||
5-year period ended 12-31-21 | 6.89% | — | — | — | — | |||||||||||||||
10-year period ended 12-31-21 | 5.90% | — | — | — | — | |||||||||||||||
Since inception of Portfolio(3) through 12-31-21 | — | 4.41% | 4.35% | -0.03% | 1.26% |
(2) | Data quoted is past performance and is based on a deduction of the maximum applicable sales load for each of the periods. Current performance may be lower or higher. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost. Please visit www.ivyinvestments.com for each Portfolio’s most recent month-end performance. Shares carry a maximum front-end sales load of 2.50%. |
(3) | 9-18-17 InvestEd 90 Portfolio, 9-1-20 InvestEd 80 Portfolio, 9-1-20 InvestEd 50 Portfolio, 9-1-20 InvestEd 30 Portfolio, 9-18-17 InvestEd 20 Portfolio, 9-1-20 InvestEd 10 Portfolio and 9-18-17 InvestEd 0 Portfolio (the date on which shares were first acquired by shareholders). |
Past performance is not necessarily indicative of future performance. Indexes are unmanaged. The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or on the redemption of Portfolio shares. Performance results may include the effect of expense reduction arrangements for some or all of the periods shown. If those arrangements had not been in place, the performance results for those periods would have been lower.
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ILLUSTRATION OF PORTFOLIO EXPENSES | INVESTED PORTFOLIOS |
(UNAUDITED)
Expense Example
As a shareholder of a Portfolio, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and exchange fees; and (2) ongoing costs, including management fees, distribution and service fees, and other Portfolio expenses. The following table is intended to help you understand your ongoing costs (in dollars) of investing in a Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds. As a shareholder in the underlying Delaware Ivy Funds, your Portfolio will indirectly bear its pro rata share of the expenses incurred by the underlying funds. These expenses are not included in a Portfolio’s annualized expense ratio or the expenses paid during the period. These expenses are, however, included in the effective expenses paid during the period. The example is based on an investment of $1,000 invested at the beginning of the period and held for the six-month period ended December 31, 2021.
Actual Expenses
The first section in the following table provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, a $7,500 account value divided by $1,000 = 7. 5), then multiply the result by the number in the first section under the heading entitled “Expenses Paid during Period” to estimate the expenses you paid on your account during this period. There may be additional fees charged to holders of certain accounts that are not included in the expenses shown in the table. You should consider the additional fees that were charged to your Portfolio account over the six-month period when you estimate the total ongoing expenses paid over the period and the impact of these fees on your ending account value as such additional expenses are not reflected in the information provided in the expense table. Additional fees have the effect of reducing investment returns.
Hypothetical Example for Comparison Purposes
The second section in the following table provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of five percent per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this five percent hypothetical example with the five percent hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), or exchange fees. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Actual(1) | Hypothetical(2) | Annualized Expense Ratio Based on the Six-Month Period | ||||||||||||||||||||||||||
Portfolio | Beginning Account Value 6-30-21 | Ending Account Value 12-31-21 | Expenses Paid During Period* | Beginning Account Value 6-30-21 | Ending Account Value 12-31-21 | Expenses Paid During Period* | ||||||||||||||||||||||
InvestEd 0 Portfolio | $ | 1,000 | $ | 994.00 | $ | 1.30 | $ | 1,000 | $ | 1,023.95 | $ | 1.32 | 0.25% | |||||||||||||||
InvestEd 10 Portfolio | $ | 1,000 | $ | 1,003.50 | $ | 1.30 | $ | 1,000 | $ | 1,023.95 | $ | 1.32 | 0.25% | |||||||||||||||
InvestEd 20 Portfolio | $ | 1,000 | $ | 1,009.90 | $ | 1.31 | $ | 1,000 | $ | 1,023.95 | $ | 1.32 | 0.25% | |||||||||||||||
InvestEd 30 Portfolio | $ | 1,000 | $ | 1,013.70 | $ | 1.31 | $ | 1,000 | $ | 1,023.95 | $ | 1.32 | 0.25% | |||||||||||||||
InvestEd 40 Portfolio | $ | 1,000 | $ | 1,021.40 | $ | 1.31 | $ | 1,000 | $ | 1,023.95 | $ | 1.32 | 0.25% | |||||||||||||||
InvestEd 50 Portfolio | $ | 1,000 | $ | 1,027.30 | $ | 1.32 | $ | 1,000 | $ | 1,023.95 | $ | 1.32 | 0.25% | |||||||||||||||
InvestEd 60 Portfolio | $ | 1,000 | $ | 1,032.60 | $ | 1.32 | $ | 1,000 | $ | 1,023.95 | $ | 1.32 | 0.25% | |||||||||||||||
InvestEd 70 Portfolio | $ | 1,000 | $ | 1,038.00 | $ | 1.32 | $ | 1,000 | $ | 1,023.95 | $ | 1.32 | 0.25% | |||||||||||||||
InvestEd 80 Portfolio | $ | 1,000 | $ | 1,043.10 | $ | 1.33 | $ | 1,000 | $ | 1,023.95 | $ | 1.32 | 0.25% | |||||||||||||||
InvestEd 90 Portfolio | $ | 1,000 | $ | 1,046.80 | $ | 1.33 | $ | 1,000 | $ | 1,023.95 | $ | 1.32 | 0.25% |
* | Portfolio expenses are equal to the Portfolio’s annualized expense ratio (provided in the table), multiplied by the average account value over the period, multiplied by 184 days in the six-month period ended December 31, 2021, and divided by 365. |
(1) | This section uses the Portfolio’s actual total return and actual Portfolio expenses. It is a guide to the actual expenses paid by the Portfolio in the period. The “Ending Account Value” shown is computed using the Portfolio’s actual return and the “Expenses Paid During Period” column shows the dollar amount that would have been paid by an investor who started with $1,000 in the Portfolio. A shareholder may use the information here, together with the dollar amount invested, to estimate the expenses that were paid over the period. For every thousand dollars a shareholder has invested, the expenses are listed in the last column of this section. |
14 | ANNUAL REPORT | 2021 |
Table of Contents
ILLUSTRATION OF PORTFOLIO EXPENSES | INVESTED PORTFOLIOS |
(UNAUDITED)
(2) | This section uses a hypothetical five percent annual return and actual Portfolio expenses. It helps to compare the Portfolio’s ongoing costs with other mutual funds. A shareholder can compare the Portfolio’s ongoing costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other Portfolios. |
The above illustration is based on ongoing costs only and does not include any transactional costs, such as sales loads or exchange fees.
2021 | ANNUAL REPORT | 15 |
Table of Contents
PORTFOLIO HIGHLIGHTS | INVESTED PORTFOLIOS |
ALL DATA IS AS OF DECEMBER 31, 2021 (UNAUDITED)
InvestEd 90 Portfolio – Asset Allocation
Affiliated Mutual Funds | 84.0% | |||
Delaware Ivy Large Cap Growth Fund, Class R6 | 13.5% | |||
Delaware Ivy Core Equity Fund, Class R6 | 13.4% | |||
Delaware Ivy International Core Equity Fund, Class R6 | 10.8% | |||
Delaware Ivy Systematic Emerging Markets Equity Fund, Class R6 | 8.6% | |||
Delaware Ivy Mid Cap Growth Fund, Class R6 | 6.5% | |||
Delaware Ivy S&P 500 Dividend Aristocrats Index Fund, Class R6 | 5.2% | |||
Delaware Ivy Value Fund, Class R6 | 4.7% | |||
Delaware Ivy Government Securities Fund, Class R6 | 4.0% | |||
Delaware Ivy International Small Cap Fund, Class R6 | 2.9% | |||
Delaware Ivy International Value Fund, Class R6 | 2.9% | |||
Delaware Ivy Securian Core Bond Fund, Class R6 | 2.3% | |||
Delaware Ivy Mid Cap Income Opportunities Fund, Class R6 | 2.1% | |||
Delaware Ivy Limited-Term Bond Fund, Class R6 | 2.0% | |||
Delaware Ivy Small Cap Growth Fund, Class R6 | 1.9% | |||
Delaware Ivy LaSalle Global Real Estate Fund, Class R6 | 1.5% | |||
Delaware Ivy Corporate Bond Fund, Class R6 | 0.7% | |||
Delaware Ivy Crossover Credit Fund, Class R6 | 0.5% | |||
Delaware Ivy High Income Fund, Class R6 | 0.3% | |||
Delaware Ivy Global Bond Fund, Class R6 | 0.2% | |||
Investment Funds | 15.5% | |||
Registered Investment Companies | 15.5% | |||
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+ | 0.5% |
InvestEd 80 Portfolio – Asset Allocation
Affiliated Mutual Funds | 84.9% | |||
Delaware Ivy Large Cap Growth Fund, Class R6 | 12.3% | |||
Delaware Ivy Core Equity Fund, Class R6 | 12.2% | |||
Delaware Ivy International Core Equity Fund, Class R6 | 9.0% | |||
Delaware Ivy Government Securities Fund, Class R6 | 8.2% | |||
Delaware Ivy Systematic Emerging Markets Equity Fund, Class R6 | 7.2% | |||
Delaware Ivy Mid Cap Growth Fund, Class R6 | 5.9% | |||
Delaware Ivy Securian Core Bond Fund, Class R6 | 5.0% | |||
Delaware Ivy S&P 500 Dividend Aristocrats Index Fund, Class R6 | 4.6% | |||
Delaware Ivy Value Fund, Class R6 | 4.3% | |||
Delaware Ivy Limited-Term Bond Fund, Class R6 | 4.0% | |||
Delaware Ivy International Small Cap Fund, Class R6 | 2.4% | |||
Delaware Ivy International Value Fund, Class R6 | 2.4% | |||
Delaware Ivy Mid Cap Income Opportunities Fund, Class R6 | 1.8% | |||
Delaware Ivy Small Cap Growth Fund, Class R6 | 1.6% | |||
Delaware Ivy LaSalle Global Real Estate Fund, Class R6 | 1.3% | |||
Delaware Ivy Corporate Bond Fund, Class R6 | 1.2% | |||
Delaware Ivy Crossover Credit Fund, Class R6 | 0.7% | |||
Delaware Ivy Global Bond Fund, Class R6 | 0.5% | |||
Delaware Ivy High Income Fund, Class R6 | 0.3% | |||
Investment Funds | 14.4% | |||
Registered Investment Companies | 14.4% | |||
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+ | 0.7% |
16 | ANNUAL REPORT | 2021 |
Table of Contents
PORTFOLIO HIGHLIGHTS | INVESTED PORTFOLIOS |
ALL DATA IS AS OF DECEMBER 31, 2021 (UNAUDITED)
InvestEd 70 Portfolio – Asset Allocation
Affiliated Mutual Funds | 87.5% | |||
Delaware Ivy Government Securities Fund, Class R6 | 12.5% | |||
Delaware Ivy Large Cap Growth Fund, Class R6 | 11.0% | |||
Delaware Ivy Core Equity Fund, Class R6 | 10.8% | |||
Delaware Ivy International Core Equity Fund, Class R6 | 7.9% | |||
Delaware Ivy Securian Core Bond Fund, Class R6 | 7.5% | |||
Delaware Ivy Systematic Emerging Markets Equity Fund, Class R6 | 6.2% | |||
Delaware Ivy Limited-Term Bond Fund, Class R6 | 6.0% | |||
Delaware Ivy Mid Cap Growth Fund, Class R6 | 5.2% | |||
Delaware Ivy S&P 500 Dividend Aristocrats Index Fund, Class R6 | 4.1% | |||
Delaware Ivy Value Fund, Class R6 | 3.8% | |||
Delaware Ivy International Small Cap Fund, Class R6 | 2.1% | |||
Delaware Ivy Corporate Bond Fund, Class R6 | 2.0% | |||
Delaware Ivy International Value Fund, Class R6 | 2.0% | |||
Delaware Ivy Mid Cap Income Opportunities Fund, Class R6 | 1.7% | |||
Delaware Ivy Small Cap Growth Fund, Class R6 | 1.5% | |||
Delaware Ivy LaSalle Global Real Estate Fund, Class R6 | 1.2% | |||
Delaware Ivy Crossover Credit Fund, Class R6 | 1.0% | |||
Delaware Ivy Global Bond Fund, Class R6 | 0.7% | |||
Delaware Ivy High Income Fund, Class R6 | 0.3% | |||
Investment Funds | 12.3% | |||
Registered Investment Companies | 12.3% | |||
Liabilities (Net of Cash and Other Assets), and Cash Equivalents+ | 0.2% |
InvestEd 60 Portfolio – Asset Allocation
Affiliated Mutual Funds | 89.1% | |||
Delaware Ivy Government Securities Fund, Class R6 | 15.5% | |||
Delaware Ivy Large Cap Growth Fund, Class R6 | 9.5% | |||
Delaware Ivy Core Equity Fund, Class R6 | 9.4% | |||
Delaware Ivy Securian Core Bond Fund, Class R6 | 9.0% | |||
Delaware Ivy Limited-Term Bond Fund, Class R6 | 9.0% | |||
Delaware Ivy International Core Equity Fund, Class R6 | 6.6% | |||
Delaware Ivy Systematic Emerging Markets Equity Fund, Class R6 | 5.2% | |||
Delaware Ivy Mid Cap Growth Fund, Class R6 | 4.5% | |||
Delaware Ivy S&P 500 Dividend Aristocrats Index Fund, Class R6 | 3.6% | |||
Delaware Ivy Corporate Bond Fund, Class R6 | 3.5% | |||
Delaware Ivy Value Fund, Class R6 | 3.3% | |||
Delaware Ivy International Small Cap Fund, Class R6 | 1.7% | |||
Delaware Ivy International Value Fund, Class R6 | 1.7% | |||
Delaware Ivy Crossover Credit Fund, Class R6 | 1.5% | |||
Delaware Ivy Mid Cap Income Opportunities Fund, Class R6 | 1.4% | |||
Delaware Ivy Small Cap Growth Fund, Class R6 | 1.3% | |||
Delaware Ivy Global Bond Fund, Class R6 | 1.0% | |||
Delaware Ivy LaSalle Global Real Estate Fund, Class R6 | 0.9% | |||
Delaware Ivy High Income Fund, Class R6 | 0.5% | |||
Investment Funds | 10.7% | |||
Registered Investment Companies | 10.7% | |||
Liabilities (Net of Cash and Other Assets), and Cash Equivalents+ | 0.2% |
2021 | ANNUAL REPORT | 17 |
Table of Contents
PORTFOLIO HIGHLIGHTS | INVESTED PORTFOLIOS |
ALL DATA IS AS OF DECEMBER 31, 2021 (UNAUDITED)
InvestEd 50 Portfolio – Asset Allocation
Affiliated Mutual Funds | 90.8% | |||
Delaware Ivy Government Securities Fund, Class R6 | 20.0% | |||
Delaware Ivy Limited-Term Bond Fund, Class R6 | 11.0% | |||
Delaware Ivy Securian Core Bond Fund, Class R6 | 10.0% | |||
Delaware Ivy Large Cap Growth Fund, Class R6 | 8.1% | |||
Delaware Ivy Core Equity Fund, Class R6 | 8.0% | |||
Delaware Ivy International Core Equity Fund, Class R6 | 5.3% | |||
Delaware Ivy Corporate Bond Fund, Class R6 | 4.7% | |||
Delaware Ivy Systematic Emerging Markets Equity Fund, Class R6 | 4.1% | |||
Delaware Ivy Mid Cap Growth Fund, Class R6 | 3.9% | |||
Delaware Ivy S&P 500 Dividend Aristocrats Index Fund, Class R6 | 3.1% | |||
Delaware Ivy Value Fund, Class R6 | 2.8% | |||
Delaware Ivy Crossover Credit Fund, Class R6 | 2.2% | |||
Delaware Ivy International Small Cap Fund, Class R6 | 1.3% | |||
Delaware Ivy International Value Fund, Class R6 | 1.3% | |||
Delaware Ivy Global Bond Fund, Class R6 | 1.2% | |||
Delaware Ivy Mid Cap Income Opportunities Fund, Class R6 | 1.2% | |||
Delaware Ivy Small Cap Growth Fund, Class R6 | 1.0% | |||
Delaware Ivy High Income Fund, Class R6 | 0.8% | |||
Delaware Ivy LaSalle Global Real Estate Fund, Class R6 | 0.8% | |||
Investment Funds | 8.9% | |||
Registered Investment Companies | 8.9% | |||
Liabilities (Net of Cash and Other Assets), and Cash Equivalents+ | 0.3% |
InvestEd 40 Portfolio – Asset Allocation
Affiliated Mutual Funds | 92.6% | |||
Delaware Ivy Government Securities Fund, Class R6 | 25.0% | |||
Delaware Ivy Limited-Term Bond Fund, Class R6 | 13.9% | |||
Delaware Ivy Securian Core Bond Fund, Class R6 | 11.2% | |||
Delaware Ivy Large Cap Growth Fund, Class R6 | 6.4% | |||
Delaware Ivy Core Equity Fund, Class R6 | 6.4% | |||
Delaware Ivy Corporate Bond Fund, Class R6 | 5.0% | |||
Delaware Ivy International Core Equity Fund, Class R6 | 4.3% | |||
Delaware Ivy Systematic Emerging Markets Equity Fund, Class R6 | 3.3% | |||
Delaware Ivy Mid Cap Growth Fund, Class R6 | 3.0% | |||
Delaware Ivy S&P 500 Dividend Aristocrats Index Fund, Class R6 | 2.5% | |||
Delaware Ivy Crossover Credit Fund, Class R6 | 2.5% | |||
Delaware Ivy Value Fund, Class R6 | 2.3% | |||
Delaware Ivy Global Bond Fund, Class R6 | 1.5% | |||
Delaware Ivy International Small Cap Fund, Class R6 | 1.1% | |||
Delaware Ivy International Value Fund, Class R6 | 1.1% | |||
Delaware Ivy Mid Cap Income Opportunities Fund, Class R6 | 0.9% | |||
Delaware Ivy High Income Fund, Class R6 | 0.8% | |||
Delaware Ivy Small Cap Growth Fund, Class R6 | 0.8% | |||
Delaware Ivy LaSalle Global Real Estate Fund, Class R6 | 0.6% | |||
Investment Funds | 7.2% | |||
Registered Investment Companies | 7.2% | |||
Liabilities (Net of Cash and Other Assets), and Cash Equivalents+ | 0.2% |
18 | ANNUAL REPORT | 2021 |
Table of Contents
PORTFOLIO HIGHLIGHTS | INVESTED PORTFOLIOS |
ALL DATA IS AS OF DECEMBER 31, 2021 (UNAUDITED)
InvestEd 30 Portfolio – Asset Allocation
Affiliated Mutual Funds | 94.5% | |||
Delaware Ivy Government Securities Fund, Class R6 | 26.0% | |||
Delaware Ivy Limited-Term Bond Fund, Class R6 | 22.0% | |||
Delaware Ivy Securian Core Bond Fund, Class R6 | 13.5% | |||
Delaware Ivy Large Cap Growth Fund, Class R6 | 4.8% | |||
Delaware Ivy Corporate Bond Fund, Class R6 | 4.8% | |||
Delaware Ivy Core Equity Fund, Class R6 | 4.7% | |||
Delaware Ivy International Core Equity Fund, Class R6 | 3.2% | |||
Delaware Ivy Systematic Emerging Markets Equity Fund, Class R6 | 2.6% | |||
Delaware Ivy Mid Cap Growth Fund, Class R6 | 2.3% | |||
Delaware Ivy Crossover Credit Fund, Class R6 | 2.0% | |||
Delaware Ivy S&P 500 Dividend Aristocrats Index Fund, Class R6 | 1.8% | |||
Delaware Ivy Value Fund, Class R6 | 1.7% | |||
Delaware Ivy Global Bond Fund, Class R6 | 1.3% | |||
Delaware Ivy International Small Cap Fund, Class R6 | 0.8% | |||
Delaware Ivy International Value Fund, Class R6 | 0.8% | |||
Delaware Ivy Mid Cap Income Opportunities Fund, Class R6 | 0.6% | |||
Delaware Ivy Small Cap Growth Fund, Class R6 | 0.6% | |||
Delaware Ivy High Income Fund, Class R6 | 0.5% | |||
Delaware Ivy LaSalle Global Real Estate Fund, Class R6 | 0.5% | |||
Investment Funds | 5.3% | |||
Registered Investment Companies | 5.3% | |||
Liabilities (Net of Cash and Other Assets), and Cash Equivalents+ | 0.2% |
InvestEd 20 Portfolio – Asset Allocation
Affiliated Mutual Funds | 95.9% | |||
Delaware Ivy Limited-Term Bond Fund, Class R6 | 33.8% | |||
Delaware Ivy Government Securities Fund, Class R6 | 25.9% | |||
Delaware Ivy Securian Core Bond Fund, Class R6 | 13.4% | |||
Delaware Ivy Corporate Bond Fund, Class R6 | 4.5% | |||
Delaware Ivy Large Cap Growth Fund, Class R6 | 3.6% | |||
Delaware Ivy Core Equity Fund, Class R6 | 3.5% | |||
Delaware Ivy Mid Cap Growth Fund, Class R6 | 1.7% | |||
Delaware Ivy International Core Equity Fund, Class R6 | 1.6% | |||
Delaware Ivy Systematic Emerging Markets Equity Fund, Class R6 | 1.3% | |||
Delaware Ivy S&P 500 Dividend Aristocrats Index Fund, Class R6 | 1.3% | |||
Delaware Ivy Value Fund, Class R6 | 1.3% | |||
Delaware Ivy Global Bond Fund, Class R6 | 1.0% | |||
Delaware Ivy Crossover Credit Fund, Class R6 | 0.7% | |||
Delaware Ivy Mid Cap Income Opportunities Fund, Class R6 | 0.5% | |||
Delaware Ivy Small Cap Growth Fund, Class R6 | 0.5% | |||
Delaware Ivy International Small Cap Fund, Class R6 | 0.4% | |||
Delaware Ivy International Value Fund, Class R6 | 0.4% | |||
Delaware Ivy LaSalle Global Real Estate Fund, Class R6 | 0.3% | |||
Delaware Ivy High Income Fund, Class R6 | 0.2% | |||
Investment Funds | 3.9% | |||
Registered Investment Companies | 3.9% | |||
Liabilities (Net of Cash and Other Assets), and Cash Equivalents+ | 0.2% |
2021 | ANNUAL REPORT | 19 |
Table of Contents
PORTFOLIO HIGHLIGHTS | INVESTED PORTFOLIOS |
ALL DATA IS AS OF DECEMBER 31, 2021 (UNAUDITED)
InvestEd 10 Portfolio – Asset Allocation
Affiliated Mutual Funds | 97.8% | |||
Delaware Ivy Limited-Term Bond Fund, Class R6 | 44.8% | |||
Delaware Ivy Government Securities Fund, Class R6 | 27.0% | |||
Delaware Ivy Securian Core Bond Fund, Class R6 | 12.5% | |||
Delaware Ivy Corporate Bond Fund, Class R6 | 4.5% | |||
Delaware Ivy Core Equity Fund, Class R6 | 1.9% | |||
Delaware Ivy Large Cap Growth Fund, Class R6 | 1.9% | |||
Delaware Ivy Global Bond Fund, Class R6 | 1.0% | |||
Delaware Ivy Mid Cap Growth Fund, Class R6 | 0.9% | |||
Delaware Ivy S&P 500 Dividend Aristocrats Index Fund, Class R6 | 0.8% | |||
Delaware Ivy Value Fund, Class R6 | 0.6% | |||
Delaware Ivy International Core Equity Fund, Class R6 | 0.6% | |||
Delaware Ivy Systematic Emerging Markets Equity Fund, Class R6 | 0.5% | |||
Delaware Ivy Mid Cap Income Opportunities Fund, Class R6 | 0.3% | |||
Delaware Ivy Small Cap Growth Fund, Class R6 | 0.2% | |||
Delaware Ivy International Value Fund, Class R6 | 0.1% | |||
Delaware Ivy International Small Cap Fund, Class R6 | 0.1% | |||
Delaware Ivy LaSalle Global Real Estate Fund, Class R6 | 0.1% | |||
Investment Funds | 2.0% | |||
Registered Investment Companies | 2.0% | |||
Cash and Other Assets (Net of Liabilities), and Cash Equivalents+ | 0.2% |
InvestEd 0 Portfolio – Asset Allocation
Affiliated Mutual Funds | 99.6% | |||
Delaware Ivy Limited-Term Bond Fund, Class R6 | 74.6% | |||
Delaware Ivy Government Securities Fund, Class R6 | 23.2% | |||
Delaware Ivy Securian Core Bond Fund, Class R6 | 1.0% | |||
Delaware Ivy Corporate Bond Fund, Class R6 | 0.8% | |||
Liabilities (Net of Cash and Other Assets), and Cash Equivalents+ | 0.4% |
The percentages of investments in the underlying funds may not currently be within the target allocation ranges disclosed in the Portfolios’ prospectus due to market movements; these percentages are expected to change over time, and deviation from the target allocation ranges due to market movements is permitted by the prospectus.
+ Cash equivalents are defined as highly liquid securities with maturities of less than three months. Cash equivalents may include U.S. Government Treasury bills, bank certificates of deposit, bankers’ acceptances, corporate commercial paper and other money market instruments.
20 | ANNUAL REPORT | 2021 |
Table of Contents
SCHEDULE OF INVESTMENTS | INVESTED PORTFOLIOS (in thousands) |
DECEMBER 31, 2021
InvestEd 90 Portfolio
INVESTMENT FUNDS | Shares | Value | ||||||
Registered Investment Companies – 15.5% |
| |||||||
iShares Core MSCI EAFE ETF | 11 | $ | 823 | |||||
iShares Core S&P 500 ETF | 3 | 1,541 | ||||||
|
| |||||||
2,364 | ||||||||
|
| |||||||
TOTAL INVESTMENT FUNDS – 15.5% | $ | 2,364 | ||||||
(Cost: $1,885) | ||||||||
AFFILIATED MUTUAL FUNDS | ||||||||
Delaware Ivy Core Equity Fund, Class R6 | 90 | 2,038 | ||||||
Delaware Ivy Corporate Bond Fund, Class R6 | 18 | 114 | ||||||
Delaware Ivy Crossover Credit Fund, Class R6 | 7 | 76 | ||||||
Delaware Ivy Global Bond Fund, Class R6 | 4 | 38 | ||||||
Delaware Ivy Government Securities Fund, Class R6 | 110 | 610 | ||||||
Delaware Ivy High Income Fund, Class R6 | 6 | 39 | ||||||
Delaware Ivy International Core Equity Fund, Class R6 | 79 | 1,648 | ||||||
Delaware Ivy International Small Cap Fund, Class R6 | 34 | 444 | ||||||
Delaware Ivy International Value Fund, Class R6 | 24 | 441 | ||||||
Delaware Ivy Large Cap Growth Fund, Class R6 | 55 | 2,061 | ||||||
Delaware Ivy LaSalle Global Real Estate Fund, Class R6 | 19 | 236 | ||||||
Delaware Ivy Limited-Term Bond Fund, Class R6 | 28 | 304 | ||||||
Delaware Ivy Mid Cap Growth Fund, Class R6 | 23 | 985 | ||||||
Delaware Ivy Mid Cap Income Opportunities Fund, Class R6 | 16 | 314 | ||||||
Delaware Ivy S&P 500 Dividend Aristocrats Index Fund, Class R6 | 51 | 790 | ||||||
Delaware Ivy Securian Core Bond Fund, Class R6 | 32 | 343 | ||||||
Delaware Ivy Small Cap Growth Fund, Class R6 | 11 | 283 | ||||||
Delaware Ivy Systematic Emerging Markets Equity Fund, Class R6 | 48 | 1,302 | ||||||
Delaware Ivy Value Fund, Class R6 | 26 | 719 | ||||||
|
| |||||||
TOTAL AFFILIATED MUTUAL FUNDS – 84.0% |
| $ | 12,785 | |||||
(Cost: $11,976) |
SHORT-TERM SECURITIES | Shares | Value | ||||||
Money Market Funds (A) – 0.4% |
| |||||||
State Street Institutional U.S. Government Money Market Fund – Premier Class, | 60 | $ | 60 | |||||
|
| |||||||
TOTAL SHORT-TERM SECURITIES – 0.4% |
| $ | 60 | |||||
(Cost: $60) | ||||||||
TOTAL INVESTMENT SECURITIES – 99.9% |
| $ | 15,209 | |||||
(Cost: $13,921) | ||||||||
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.1% | 8 | |||||||
NET ASSETS – 100.0% | $ | 15,217 |
Notes to Schedule of Investments
(A) | Rate shown is the annualized 7-day yield at December 31, 2021. |
The following table is a summary of the valuation of the Portfolio’s investments by the fair value hierarchy levels as of December 31, 2021. See Note 3 to the Financial Statements for further information regarding fair value measurement.
Level 1 | Level 2 | Level 3 | ||||||||||
Assets | ||||||||||||
Investments in Securities | ||||||||||||
Investment Funds | $ | 2,364 | $ | — | $ | — | ||||||
Affiliated Mutual Funds | 12,785 | — | — | |||||||||
Short-Term Securities | 60 | — | — | |||||||||
|
| |||||||||||
Total | $ | 15,209 | $ | — | $ | — | ||||||
|
|
InvestEd 80 Portfolio
INVESTMENT FUNDS | Shares | Value | ||||||
Registered Investment Companies – 14.4% |
| |||||||
iShares Core MSCI EAFE ETF | 10 | $ | 781 | |||||
iShares Core S&P 500 ETF | 3 | 1,563 | ||||||
|
| |||||||
2,344 | ||||||||
|
| |||||||
TOTAL INVESTMENT FUNDS – 14.4% |
| $ | 2,344 | |||||
(Cost: $1,830) | ||||||||
AFFILIATED MUTUAL FUNDS | ||||||||
Delaware Ivy Core Equity Fund, Class R6 | 87 | 1,981 | ||||||
Delaware Ivy Corporate Bond Fund, Class R6 | 32 | 203 | ||||||
Delaware Ivy Crossover Credit Fund, Class R6 | 12 | 122 | ||||||
Delaware Ivy Global Bond Fund, Class R6 | 8 | 81 | ||||||
Delaware Ivy Government Securities Fund, Class R6 | 240 | 1,338 | ||||||
Delaware Ivy High Income Fund, Class R6 | 6 | 41 | ||||||
Delaware Ivy International Core Equity Fund, Class R6 | 70 | 1,471 | ||||||
Delaware Ivy International Small Cap Fund, Class R6 | 30 | 392 | ||||||
Delaware Ivy International Value Fund, Class R6 | 21 | 390 | ||||||
Delaware Ivy Large Cap Growth Fund, Class R6 | 54 | 2,005 | ||||||
Delaware Ivy LaSalle Global Real Estate Fund, Class R6 | 17 | 209 | ||||||
Delaware Ivy Limited-Term Bond Fund, Class R6 | 59 | 647 | ||||||
Delaware Ivy Mid Cap Growth Fund, Class R6 | 23 | 967 | ||||||
Delaware Ivy Mid Cap Income Opportunities Fund, Class R6 | 15 | 292 | ||||||
Delaware Ivy S&P 500 Dividend Aristocrats Index Fund, Class R6 | 49 | 756 | ||||||
Delaware Ivy Securian Core Bond Fund, Class R6 | 75 | 810 | ||||||
Delaware Ivy Small Cap Growth Fund, Class R6 | 10 | 262 | ||||||
Delaware Ivy Systematic Emerging Markets Equity Fund, Class R6 | 43 | 1,170 | ||||||
Delaware Ivy Value Fund, Class R6 | 25 | 702 | ||||||
|
| |||||||
TOTAL AFFILIATED MUTUAL FUNDS – 84.9% |
| $ | 13,839 | |||||
(Cost: $12,983) |
2021 | ANNUAL REPORT | 21 |
Table of Contents
SCHEDULE OF INVESTMENTS | INVESTED PORTFOLIOS (in thousands) |
DECEMBER 31, 2021
SHORT-TERM SECURITIES | Shares | Value | ||||||
Money Market Funds (A) – 0.7% |
| |||||||
State Street Institutional U.S. Government Money Market Fund – Premier Class, | 107 | $ | 107 | |||||
|
| |||||||
TOTAL SHORT-TERM SECURITIES – 0.7% |
| $ | 107 | |||||
(Cost: $107) | ||||||||
TOTAL INVESTMENT SECURITIES – 100.0% |
| $ | 16,290 | |||||
(Cost: $14,920) | ||||||||
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.0% |
| 5 | ||||||
NET ASSETS – 100.0% |
| $ | 16,295 |
Notes to Schedule of Investments
(A) | Rate shown is the annualized 7-day yield at December 31, 2021. |
The following table is a summary of the valuation of the Portfolio’s investments by the fair value hierarchy levels as of December 31, 2021. See Note 3 to the Financial Statements for further information regarding fair value measurement.
Level 1 | Level 2 | Level 3 | ||||||||||
Assets | ||||||||||||
Investments in Securities | ||||||||||||
Investment Funds | $ | 2,344 | $ | — | $ | — | ||||||
Affiliated Mutual Funds | 13,839 | — | — | |||||||||
Short-Term Securities | 107 | — | — | |||||||||
|
| |||||||||||
Total | $ | 16,290 | $ | — | $ | — | ||||||
|
|
InvestEd 70 Portfolio
INVESTMENT FUNDS | Shares | Value | ||||||
Registered Investment Companies – 12.3% |
| |||||||
iShares Core MSCI EAFE ETF | 64 | $ | 4,781 | |||||
iShares Core S&P 500 ETF | 21 | 10,004 | ||||||
|
| |||||||
14,785 | ||||||||
|
| |||||||
TOTAL INVESTMENT FUNDS – 12.3% |
| $ | 14,785 | |||||
(Cost: $11,472) | ||||||||
AFFILIATED MUTUAL FUNDS | ||||||||
Delaware Ivy Core Equity Fund, Class R6 | 573 | 12,979 | ||||||
Delaware Ivy Corporate Bond Fund, Class R6 | 381 | 2,398 | ||||||
Delaware Ivy Crossover Credit Fund, Class R6 | 116 | 1,201 | ||||||
Delaware Ivy Global Bond Fund, Class R6 | 89 | 898 | ||||||
Delaware Ivy Government Securities Fund, Class R6 | 2,692 | 14,996 | ||||||
Delaware Ivy High Income Fund, Class R6 | 43 | 305 | ||||||
Delaware Ivy International Core Equity Fund, Class R6 | 449 | 9,412 | ||||||
Delaware Ivy International Small Cap Fund, Class R6 | 187 | 2,466 | ||||||
Delaware Ivy International Value Fund, Class R6 | 131 | 2,450 | ||||||
Delaware Ivy Large Cap Growth Fund, Class R6 | 352 | 13,138 | ||||||
Delaware Ivy LaSalle Global Real Estate Fund, Class R6 | 110 | 1,389 | ||||||
Delaware Ivy Limited-Term Bond Fund, Class R6 | 657 | 7,180 | ||||||
Delaware Ivy Mid Cap Growth Fund, Class R6 | 147 | 6,279 | ||||||
Delaware Ivy Mid Cap Income Opportunities Fund, Class R6 | 100 | 2,009 | ||||||
Delaware Ivy S&P 500 Dividend Aristocrats Index Fund, Class R6 | 321 | 4,969 | ||||||
Delaware Ivy Securian Core Bond Fund, Class R6 | 829 | 8,986 | ||||||
Delaware Ivy Small Cap Growth Fund, Class R6 | 70 | 1,804 | ||||||
Delaware Ivy Systematic Emerging Markets Equity Fund, Class R6 | 272 | 7,375 | ||||||
Delaware Ivy Value Fund, Class R6 | 165 | 4,583 | ||||||
|
| |||||||
TOTAL AFFILIATED MUTUAL FUNDS – 87.5% |
| $ | 104,817 | |||||
(Cost: $93,014) |
SHORT-TERM SECURITIES | Shares | Value | ||||||
Money Market Funds (A) – 0.2% |
| |||||||
State Street Institutional U.S. Government Money Market Fund – Premier Class, | 201 | $ | 201 | |||||
|
| |||||||
TOTAL SHORT-TERM SECURITIES – 0.2% |
| $ | 201 | |||||
(Cost: $201) | ||||||||
TOTAL INVESTMENT SECURITIES – 100.0% |
| $ | 119,803 | |||||
(Cost: $104,687) | ||||||||
LIABILITIES, NET OF CASH AND OTHER ASSETS – 0.0% |
| (42 | ) | |||||
NET ASSETS – 100.0% |
| $ | 119,761 |
Notes to Schedule of Investments
(A) | Rate shown is the annualized 7-day yield at December 31, 2021. |
The following table is a summary of the valuation of the Portfolio’s investments by the fair value hierarchy levels as of December 31, 2021. See Note 3 to the Financial Statements for further information regarding fair value measurement.
Level 1 | Level 2 | Level 3 | ||||||||||
Assets | ||||||||||||
Investments in Securities | ||||||||||||
Investment Funds | $ | 14,785 | $ | — | $ | — | ||||||
Affiliated Mutual Funds | 104,817 | — | — | |||||||||
Short-Term Securities | 201 | — | — | |||||||||
|
| |||||||||||
Total | $ | 119,803 | $ | — | $ | — | ||||||
|
|
22 | ANNUAL REPORT | 2021 |
Table of Contents
SCHEDULE OF INVESTMENTS | INVESTED PORTFOLIOS (in thousands) |
DECEMBER 31, 2021
InvestEd 60 Portfolio
INVESTMENT FUNDS | Shares | Value | ||||||
Registered Investment Companies – 10.7% |
| |||||||
iShares Core MSCI EAFE ETF | 28 | $ | 2,090 | |||||
iShares Core S&P 500 ETF | 10 | 4,597 | ||||||
|
| |||||||
6,687 | ||||||||
|
| |||||||
TOTAL INVESTMENT FUNDS – 10.7% | $ | 6,687 | ||||||
(Cost: $5,166) | ||||||||
AFFILIATED MUTUAL FUNDS | ||||||||
Delaware Ivy Core Equity Fund, Class R6 | 260 | 5,881 | ||||||
Delaware Ivy Corporate Bond Fund, Class R6 | 347 | 2,185 | ||||||
Delaware Ivy Crossover Credit Fund, Class R6 | 91 | 937 | ||||||
Delaware Ivy Global Bond Fund, Class R6 | 62 | 623 | ||||||
Delaware Ivy Government Securities Fund, Class R6 | 1,737 | 9,678 | ||||||
Delaware Ivy High Income Fund, Class R6 | 45 | 317 | ||||||
Delaware Ivy International Core Equity Fund, Class R6 | 197 | 4,131 | ||||||
Delaware Ivy International Small Cap Fund, Class R6 | 80 | 1,056 | ||||||
Delaware Ivy International Value Fund, Class R6 | 56 | 1,049 | ||||||
Delaware Ivy Large Cap Growth Fund, Class R6 | 160 | 5,954 | ||||||
Delaware Ivy LaSalle Global Real Estate Fund, Class R6 | 45 | 562 | ||||||
Delaware Ivy Limited-Term Bond Fund, Class R6 | 513 | 5,604 | ||||||
Delaware Ivy Mid Cap Growth Fund, Class R6 | 66 | 2,811 | ||||||
Delaware Ivy Mid Cap Income Opportunities Fund, Class R6 | 44 | 885 | ||||||
Delaware Ivy S&P 500 Dividend Aristocrats Index Fund, Class R6 | 146 | 2,263 | ||||||
Delaware Ivy Securian Core Bond Fund, Class R6 | 518 | 5,612 | ||||||
Delaware Ivy Small Cap Growth Fund, Class R6 | 31 | 793 | ||||||
Delaware Ivy Systematic Emerging Markets Equity Fund, Class R6 | 120 | 3,246 | ||||||
Delaware Ivy Value Fund, Class R6 | 74 | 2,067 | ||||||
|
| |||||||
TOTAL AFFILIATED MUTUAL FUNDS – 89.1% |
| $ | 55,654 | |||||
(Cost: $50,764) |
SHORT-TERM SECURITIES | Shares | Value | ||||||
Money Market Funds (A) – 0.2% |
| |||||||
State Street Institutional U.S. Government Money Market Fund – Premier Class, | 141 | $ | 141 | |||||
|
| |||||||
TOTAL SHORT-TERM SECURITIES – 0.2% |
| $ | 141 | |||||
(Cost: $141) | ||||||||
TOTAL INVESTMENT SECURITIES – 100.0% |
| $ | 62,482 | |||||
(Cost: $56,071) | ||||||||
LIABILITIES, NET OF CASH AND OTHER ASSETS – 0.0% |
| (30 | ) | |||||
NET ASSETS – 100.0% | $ | 62,452 |
Notes to Schedule of Investments
(A) | Rate shown is the annualized 7-day yield at December 31, 2021. |
The following table is a summary of the valuation of the Portfolio’s investments by the fair value hierarchy levels as of December 31, 2021. See Note 3 to the Financial Statements for further information regarding fair value measurement.
Level 1 | Level 2 | Level 3 | ||||||||||
Assets | ||||||||||||
Investments in Securities | ||||||||||||
Investment Funds | $ | 6,687 | $ | — | $ | — | ||||||
Affiliated Mutual Funds | 55,654 | — | — | |||||||||
Short-Term Securities | 141 | — | — | |||||||||
|
| |||||||||||
Total | $ | 62,482 | $ | — | $ | — | ||||||
|
|
InvestEd 50 Portfolio
INVESTMENT FUNDS | Shares | Value | ||||||
Registered Investment Companies – 8.9% |
| |||||||
iShares Core MSCI EAFE ETF | 13 | $ | 941 | |||||
iShares Core S&P 500 ETF | 5 | 2,271 | ||||||
|
| |||||||
3,212 | ||||||||
|
| |||||||
TOTAL INVESTMENT FUNDS – 8.9% |
| $ | 3,212 | |||||
(Cost: $2,510) | ||||||||
AFFILIATED MUTUAL FUNDS | ||||||||
Delaware Ivy Core Equity Fund, Class R6 | 127 | 2,885 | ||||||
Delaware Ivy Corporate Bond Fund, Class R6 | 271 | 1,709 | ||||||
Delaware Ivy Crossover Credit Fund, Class R6 | 78 | 810 | ||||||
Delaware Ivy Global Bond Fund, Class R6 | 44 | 449 | ||||||
Delaware Ivy Government Securities Fund, Class R6 | 1,292 | 7,196 | ||||||
Delaware Ivy High Income Fund, Class R6 | 39 | 274 | ||||||
Delaware Ivy International Core Equity Fund, Class R6 | 91 | 1,898 | ||||||
Delaware Ivy International Small Cap Fund, Class R6 | 36 | 479 | ||||||
Delaware Ivy International Value Fund, Class R6 | 26 | 476 | ||||||
Delaware Ivy Large Cap Growth Fund, Class R6 | 78 | 2,920 | ||||||
Delaware Ivy LaSalle Global Real Estate Fund, Class R6 | 22 | 278 | ||||||
Delaware Ivy Limited-Term Bond Fund, Class R6 | 361 | 3,948 | ||||||
Delaware Ivy Mid Cap Growth Fund, Class R6 | 33 | 1,402 | ||||||
Delaware Ivy Mid Cap Income Opportunities Fund, Class R6 | 21 | 417 | ||||||
Delaware Ivy S&P 500 Dividend Aristocrats Index Fund, Class R6 | 72 | 1,117 | ||||||
Delaware Ivy Securian Core Bond Fund, Class R6 | 332 | 3,594 | ||||||
Delaware Ivy Small Cap Growth Fund, Class R6 | 15 | 375 | ||||||
Delaware Ivy Systematic Emerging Markets Equity Fund, Class R6 | 55 | 1,490 | ||||||
Delaware Ivy Value Fund, Class R6 | 36 | 1,008 | ||||||
|
| |||||||
TOTAL AFFILIATED MUTUAL FUNDS – 90.8% |
| $ | 32,725 | |||||
(Cost: $31,702) |
2021 | ANNUAL REPORT | �� | 23 |
Table of Contents
SCHEDULE OF INVESTMENTS | INVESTED PORTFOLIOS (in thousands) |
DECEMBER 31, 2021
SHORT-TERM SECURITIES | Shares | Value | ||||||
Money Market Funds (A) – 0.3% |
| |||||||
State Street Institutional U.S. Government Money Market Fund – Premier Class, | 113 | $ | 113 | |||||
|
| |||||||
TOTAL SHORT-TERM SECURITIES – 0.3% |
| $ | 113 | |||||
(Cost: $113) | ||||||||
TOTAL INVESTMENT SECURITIES – 100.0% |
| $ | 36,050 | |||||
(Cost: $34,325) | ||||||||
LIABILITIES, NET OF CASH AND OTHER ASSETS – 0.0% |
| (15 | ) | |||||
NET ASSETS – 100.0% |
| $ | 36,035 |
Notes to Schedule of Investments
(A) | Rate shown is the annualized 7-day yield at December 31, 2021. |
The following table is a summary of the valuation of the Portfolio’s investments by the fair value hierarchy levels as of December 31, 2021. See Note 3 to the Financial Statements for further information regarding fair value measurement.
Level 1 | Level 2 | Level 3 | ||||||||||
Assets | ||||||||||||
Investments in Securities | ||||||||||||
Investment Funds | $ | 3,212 | $ | — | $ | — | ||||||
Affiliated Mutual Funds | 32,725 | — | — | |||||||||
Short-Term Securities | 113 | — | — | |||||||||
|
| |||||||||||
Total | $ | 36,050 | $ | — | $ | — | ||||||
|
|
InvestEd 40 Portfolio
INVESTMENT FUNDS | Shares | Value | ||||||
Registered Investment Companies – 7.2% |
| |||||||
iShares Core MSCI EAFE ETF | 17 | $ | 1,275 | |||||
iShares Core S&P 500 ETF | 6 | 2,840 | ||||||
|
| |||||||
4,115 | ||||||||
|
| |||||||
TOTAL INVESTMENT FUNDS – 7.2% |
| $ | 4,115 | |||||
(Cost: $3,248) | ||||||||
AFFILIATED MUTUAL FUNDS | ||||||||
Delaware Ivy Core Equity Fund, Class R6 | 161 | 3,638 | ||||||
Delaware Ivy Corporate Bond Fund, Class R6 | 454 | 2,858 | ||||||
Delaware Ivy Crossover Credit Fund, Class R6 | 139 | 1,431 | ||||||
Delaware Ivy Global Bond Fund, Class R6 | 85 | 856 | ||||||
Delaware Ivy Government Securities Fund, Class R6 | 2,566 | 14,293 | ||||||
Delaware Ivy High Income Fund, Class R6 | 62 | 436 | ||||||
Delaware Ivy International Core Equity Fund, Class R6 | 117 | 2,451 | ||||||
Delaware Ivy International Small Cap Fund, Class R6 | 47 | 621 | ||||||
Delaware Ivy International Value Fund, Class R6 | 33 | 617 | ||||||
Delaware Ivy Large Cap Growth Fund, Class R6 | 99 | 3,683 | ||||||
Delaware Ivy LaSalle Global Real Estate Fund, Class R6 | 29 | 367 | ||||||
Delaware Ivy Limited-Term Bond Fund, Class R6 | 730 | 7,982 | ||||||
Delaware Ivy Mid Cap Growth Fund, Class R6 | 41 | 1,739 | ||||||
Delaware Ivy Mid Cap Income Opportunities Fund, Class R6 | 26 | 516 | ||||||
Delaware Ivy S&P 500 Dividend Aristocrats Index Fund, Class R6 | 91 | 1,406 | ||||||
Delaware Ivy Securian Core Bond Fund, Class R6 | 593 | 6,424 | ||||||
Delaware Ivy Small Cap Growth Fund, Class R6 | 18 | 462 | ||||||
Delaware Ivy Systematic Emerging Markets Equity Fund, Class R6 | 70 | 1,892 | ||||||
Delaware Ivy Value Fund, Class R6 | 47 | 1,310 | ||||||
|
| |||||||
TOTAL AFFILIATED MUTUAL FUNDS – 92.6% |
| $ | 52,982 | |||||
(Cost: $50,208) |
SHORT-TERM SECURITIES | Shares | Value | ||||||
Money Market Funds (A) – 0.2% |
| |||||||
State Street Institutional U.S. Government Money Market Fund – Premier Class, | 127 | $ | 127 | |||||
|
| |||||||
TOTAL SHORT-TERM SECURITIES – 0.2% |
| $ | 127 | |||||
(Cost: $127) | ||||||||
TOTAL INVESTMENT SECURITIES – 100.0% |
| $ | 57,224 | |||||
(Cost: $53,583) | ||||||||
LIABILITIES, NET OF CASH AND OTHER ASSETS – 0.0% |
| (12 | ) | |||||
NET ASSETS – 100.0% |
| $ | 57,212 |
Notes to Schedule of Investments
(A) | Rate shown is the annualized 7-day yield at December 31, 2021. |
The following table is a summary of the valuation of the Portfolio’s investments by the fair value hierarchy levels as of December 31, 2021. See Note 3 to the Financial Statements for further information regarding fair value measurement.
Level 1 | Level 2 | Level 3 | ||||||||||
Assets | ||||||||||||
Investments in Securities | ||||||||||||
Investment Funds | $ | 4,115 | $ | — | $ | — | ||||||
Affiliated Mutual Funds | 52,982 | — | — | |||||||||
Short-Term Securities | 127 | — | — | |||||||||
|
| |||||||||||
Total | $ | 57,224 | $ | — | $ | — | ||||||
|
|
24 | ANNUAL REPORT | 2021 |
Table of Contents
SCHEDULE OF INVESTMENTS | INVESTED PORTFOLIOS (in thousands) |
DECEMBER 31, 2021
InvestEd 30 Portfolio
INVESTMENT FUNDS | Shares | Value | ||||||
Registered Investment Companies – 5.3% |
| |||||||
iShares Core MSCI EAFE ETF | 10 | $ | 778 | |||||
iShares Core S&P 500 ETF | 4 | 1,773 | ||||||
|
| |||||||
2,551 | ||||||||
|
| |||||||
TOTAL INVESTMENT FUNDS – 5.3% |
| $ | 2,551 | |||||
(Cost: $1,969) | ||||||||
AFFILIATED MUTUAL FUNDS | ||||||||
Delaware Ivy Core Equity Fund, Class R6 | 101 | 2,279 | ||||||
Delaware Ivy Corporate Bond Fund, Class R6 | 365 | 2,299 | ||||||
Delaware Ivy Crossover Credit Fund, Class R6 | 94 | 969 | ||||||
Delaware Ivy Global Bond Fund, Class R6 | 60 | 604 | ||||||
Delaware Ivy Government Securities Fund, Class R6 | 2,260 | 12,585 | ||||||
Delaware Ivy High Income Fund, Class R6 | 35 | 246 | ||||||
Delaware Ivy International Core Equity Fund, Class R6 | 74 | 1,545 | ||||||
Delaware Ivy International Small Cap Fund, Class R6 | 31 | 410 | ||||||
Delaware Ivy International Value Fund, Class R6 | 22 | 408 | ||||||
Delaware Ivy Large Cap Growth Fund, Class R6 | 62 | 2,306 | ||||||
Delaware Ivy LaSalle Global Real Estate Fund, Class R6 | 20 | 249 | ||||||
Delaware Ivy Limited-Term Bond Fund, Class R6 | 972 | 10,622 | ||||||
Delaware Ivy Mid Cap Growth Fund, Class R6 | 26 | 1,121 | ||||||
Delaware Ivy Mid Cap Income Opportunities Fund, Class R6 | 15 | 312 | ||||||
Delaware Ivy S&P 500 Dividend Aristocrats Index Fund, Class R6 | 57 | 877 | ||||||
Delaware Ivy Securian Core Bond Fund, Class R6 | 602 | 6,527 | ||||||
Delaware Ivy Small Cap Growth Fund, Class R6 | 11 | 281 | ||||||
Delaware Ivy Systematic Emerging Markets Equity Fund, Class R6 | 47 | 1,260 | ||||||
Delaware Ivy Value Fund, Class R6 | 29 | 801 | ||||||
|
| |||||||
TOTAL AFFILIATED MUTUAL FUNDS – 94.5% |
| $ | 45,701 | |||||
(Cost: $45,458) |
SHORT-TERM SECURITIES | Shares | Value | ||||||
Money Market Funds (A) – 0.2% |
| |||||||
State Street Institutional U.S. Government Money Market Fund – Premier Class, | 111 | $ | 111 | |||||
|
| |||||||
TOTAL SHORT-TERM SECURITIES – 0.2% |
| $ | 111 | |||||
(Cost: $111) | ||||||||
TOTAL INVESTMENT SECURITIES – 100.0% |
| $ | 48,363 | |||||
(Cost: $47,538) | ||||||||
LIABILITIES, NET OF CASH AND OTHER ASSETS – 0.0% |
| (5 | ) | |||||
NET ASSETS – 100.0% |
| $ | 48,358 |
Notes to Schedule of Investments
(A) | Rate shown is the annualized 7-day yield at December 31, 2021. |
The following table is a summary of the valuation of the Portfolio’s investments by the fair value hierarchy levels as of December 31, 2021. See Note 3 to the Financial Statements for further information regarding fair value measurement.
Level 1 | Level 2 | Level 3 | ||||||||||
Assets | ||||||||||||
Investments in Securities | ||||||||||||
Investment Funds | $ | 2,551 | $ | — | $ | — | ||||||
Affiliated Mutual Funds | 45,701 | — | — | |||||||||
Short-Term Securities | 111 | — | — | |||||||||
|
| |||||||||||
Total | $ | 48,363 | $ | — | $ | — | ||||||
|
|
InvestEd 20 Portfolio
INVESTMENT FUNDS | Shares | Value | ||||||
Registered Investment Companies – 3.9% |
| |||||||
iShares Core MSCI EAFE ETF | 8 | $ | 593 | |||||
iShares Core S&P 500 ETF | 4 | 1,735 | ||||||
|
| |||||||
2,328 | ||||||||
|
| |||||||
TOTAL INVESTMENT FUNDS – 3.9% |
| $ | 2,328 | |||||
(Cost: $1,788) | ||||||||
AFFILIATED MUTUAL FUNDS | ||||||||
Delaware Ivy Core Equity Fund, Class R6 | 94 | 2,119 | ||||||
Delaware Ivy Corporate Bond Fund, Class R6 | 425 | 2,674 | ||||||
Delaware Ivy Crossover Credit Fund, Class R6 | 43 | 446 | ||||||
Delaware Ivy Global Bond Fund, Class R6 | 59 | 593 | ||||||
Delaware Ivy Government Securities Fund, Class R6 | 2,775 | 15,455 | ||||||
Delaware Ivy High Income Fund, Class R6 | 21 | 151 | ||||||
Delaware Ivy International Core Equity Fund, Class R6 | 45 | 946 | ||||||
Delaware Ivy International Small Cap Fund, Class R6 | 16 | 215 | ||||||
Delaware Ivy International Value Fund, Class R6 | 11 | 214 | ||||||
Delaware Ivy Large Cap Growth Fund, Class R6 | 58 | 2,146 | ||||||
Delaware Ivy LaSalle Global Real Estate Fund, Class R6 | 12 | 153 | ||||||
Delaware Ivy Limited-Term Bond Fund, Class R6 | 1,844 | 20,155 | ||||||
Delaware Ivy Mid Cap Growth Fund, Class R6 | 24 | 1,012 | ||||||
Delaware Ivy Mid Cap Income Opportunities Fund, Class R6 | 15 | 306 | ||||||
Delaware Ivy S&P 500 Dividend Aristocrats Index Fund, Class R6 | 50 | 770 | ||||||
Delaware Ivy Securian Core Bond Fund, Class R6 | 739 | 8,015 | ||||||
Delaware Ivy Small Cap Growth Fund, Class R6 | 11 | 274 | ||||||
Delaware Ivy Systematic Emerging Markets Equity Fund, Class R6 | 29 | 772 | ||||||
Delaware Ivy Value Fund, Class R6 | 27 | 757 | ||||||
|
| |||||||
TOTAL AFFILIATED MUTUAL FUNDS – 95.9% |
| $ | 57,173 | |||||
(Cost: $55,883) |
2021 | ANNUAL REPORT | 25 |
Table of Contents
SCHEDULE OF INVESTMENTS | INVESTED PORTFOLIOS (in thousands) |
DECEMBER 31, 2021
SHORT-TERM SECURITIES | Shares | Value | ||||||
Money Market Funds (A) – 0.2% |
| |||||||
State Street Institutional U.S. Government Money Market Fund – Premier Class, | 119 | $ | 119 | |||||
|
| |||||||
TOTAL SHORT-TERM SECURITIES – 0.2% |
| $ | 119 | |||||
(Cost: $119) | ||||||||
TOTAL INVESTMENT SECURITIES – 100.0% |
| $ | 59,620 | |||||
(Cost: $57,790) | ||||||||
LIABILITIES, NET OF CASH AND OTHER ASSETS – 0.0% |
| (3 | ) | |||||
NET ASSETS – 100.0% | $ | 59,617 |
Notes to Schedule of Investments
(A) | Rate shown is the annualized 7-day yield at December 31, 2021. |
The following table is a summary of the valuation of the Portfolio’s investments by the fair value hierarchy levels as of December 31, 2021. See Note 3 to the Financial Statements for further information regarding fair value measurement.
Level 1 | Level 2 | Level 3 | ||||||||||
Assets | ||||||||||||
Investments in Securities | ||||||||||||
Investment Funds | $ | 2,328 | $ | — | $ | — | ||||||
Affiliated Mutual Funds | 57,173 | — | — | |||||||||
Short-Term Securities | 119 | — | — | |||||||||
|
| |||||||||||
Total | $ | 59,620 | $ | — | $ | — | ||||||
|
|
InvestEd 10 Portfolio
INVESTMENT FUNDS | Shares | Value | ||||||
Registered Investment Companies – 2.0% |
| |||||||
iShares Core MSCI EAFE ETF | 3 | $ | 236 | |||||
iShares Core S&P 500 ETF | 2 | 752 | ||||||
|
| |||||||
988 | ||||||||
|
| |||||||
TOTAL INVESTMENT FUNDS – 2.0% |
| $ | 988 | |||||
(Cost: $758) |
| |||||||
AFFILIATED MUTUAL FUNDS | ||||||||
Delaware Ivy Core Equity Fund, Class R6 | 42 | 953 | ||||||
Delaware Ivy Corporate Bond Fund, Class R6 | 356 | 2,245 | ||||||
Delaware Ivy Global Bond Fund, Class R6 | 49 | 498 | ||||||
Delaware Ivy Government Securities Fund, Class R6 | 2,419 | 13,475 | ||||||
Delaware Ivy International Core Equity Fund, Class R6 | 15 | 306 | ||||||
Delaware Ivy International Small Cap Fund, Class R6 | 5 | 60 | ||||||
Delaware Ivy International Value Fund, Class R6 | 3 | 60 | ||||||
Delaware Ivy Large Cap Growth Fund, Class R6 | 26 | 964 | ||||||
Delaware Ivy LaSalle Global Real Estate Fund, Class R6 | 5 | 64 | ||||||
Delaware Ivy Limited-Term Bond Fund, Class R6 | 2,049 | 22,399 | ||||||
Delaware Ivy Mid Cap Growth Fund, Class R6 | 10 | 426 | ||||||
Delaware Ivy Mid Cap Income Opportunities Fund, Class R6 | 6 | 129 | ||||||
Delaware Ivy S&P 500 Dividend Aristocrats Index Fund, Class R6 | 25 | 387 | ||||||
Delaware Ivy Securian Core Bond Fund, Class R6 | 575 | 6,231 | ||||||
Delaware Ivy Small Cap Growth Fund, Class R6 | 4 | 116 | ||||||
Delaware Ivy Systematic Emerging Markets Equity Fund, Class R6 | 9 | 236 | ||||||
Delaware Ivy Value Fund, Class R6 | 11 | 318 | ||||||
TOTAL AFFILIATED MUTUAL FUNDS – 97.8% |
| $ | 48,867 | |||||
(Cost: $49,767) |
SHORT-TERM SECURITIES | Shares | Value | ||||||
Money Market Funds (A) – 0.2% |
| |||||||
State Street Institutional U.S. Government Money Market Fund – Premier Class, | 91 | $ | 91 | |||||
|
| |||||||
TOTAL SHORT-TERM SECURITIES – 0.2% |
| $ | 91 | |||||
(Cost: $91) | ||||||||
TOTAL INVESTMENT SECURITIES – 100.0% |
| $ | 49,946 | |||||
(Cost: $50,616) | ||||||||
CASH AND OTHER ASSETS, NET OF LIABILITIES – 0.0% |
| 9 | ||||||
NET ASSETS – 100.0% |
| $ | 49,955 |
Notes to Schedule of Investments
(A) | Rate shown is the annualized 7-day yield at December 31, 2021. |
The following table is a summary of the valuation of the Portfolio’s investments by the fair value hierarchy levels as of December 31, 2021. See Note 3 to the Financial Statements for further information regarding fair value measurement.
Level 1 | Level 2 | Level 3 | ||||||||||
Assets | ||||||||||||
Investments in Securities | ||||||||||||
Investment Funds | $ | 988 | $ | — | $ | — | ||||||
Affiliated Mutual Funds | 48,867 | — | — | |||||||||
Short-Term Securities | 91 | — | — | |||||||||
|
| |||||||||||
Total | $ | 49,946 | $ | — | $ | — | ||||||
|
|
26 | ANNUAL REPORT | 2021 |
Table of Contents
SCHEDULE OF INVESTMENTS | INVESTED PORTFOLIOS (in thousands) |
DECEMBER 31, 2021
InvestEd 0 Portfolio
AFFILIATED MUTUAL FUNDS | Shares | Value | ||||||
Delaware Ivy Corporate Bond Fund, Class R6 | 58 | $ | 367 | |||||
Delaware Ivy Government Securities Fund, Class R6 | 2,045 | 11,391 | ||||||
Delaware Ivy Limited-Term Bond Fund, Class R6 | 3,352 | 36,642 | ||||||
Delaware Ivy Securian Core Bond Fund, Class R6 | 45 | 489 | ||||||
|
| |||||||
TOTAL AFFILIATED MUTUAL FUNDS – 99.6% |
| $ | 48,889 | |||||
(Cost: $49,712) | ||||||||
SHORT-TERM SECURITIES | ||||||||
Money Market Funds (A) – 0.4% |
| |||||||
State Street Institutional U.S. Government Money Market Fund – Premier Class, | 210 | 210 | ||||||
|
| |||||||
TOTAL SHORT-TERM SECURITIES – 0.4% |
| $ | 210 | |||||
(Cost: $210) | ||||||||
TOTAL INVESTMENT SECURITIES – 100.0% |
| $ | 49,099 | |||||
(Cost: $49,922) | ||||||||
LIABILITIES, NET OF CASH AND OTHER ASSETS – 0.0% |
| (10 | ) | |||||
NET ASSETS – 100.0% |
| $ | 49,089 |
Notes to Schedule of Investments
(A) | Rate shown is the annualized 7-day yield at December 31, 2021. |
The following table is a summary of the valuation of the Portfolio’s investments by the fair value hierarchy levels as of December 31, 2021. See Note 3 to the Financial Statements for further information regarding fair value measurement.
Level 1 | Level 2 | Level 3 | ||||||||||
Assets | ||||||||||||
Investments in Securities | ||||||||||||
Affiliated Mutual Funds | $ | 48,889 | $ | — | $ | — | ||||||
Short-Term Securities | 210 | — | — | |||||||||
|
| |||||||||||
Total | $ | 49,099 | $ | — | $ | — | ||||||
|
|
See accompanying Notes to Financial Statements.
2021 | ANNUAL REPORT | 27 |
Table of Contents
STATEMENTS OF ASSETS AND LIABILITIES | INVESTED PORTFOLIOS |
AS OF DECEMBER 31, 2021
(In thousands, except per share amounts) | InvestEd 90 Portfolio | InvestEd 80 Portfolio | InvestEd 70 | InvestEd 60 Portfolio | InvestEd 50 Portfolio | InvestEd 40 Portfolio | ||||||||||||||||||
ASSETS |
| |||||||||||||||||||||||
Investments in affiliated mutual funds at value+ | $ | 12,785 | $ | 13,839 | $ | 104,817 | $ | 55,654 | $ | 32,725 | $ | 52,982 | ||||||||||||
Investments in unaffiliated securities at value+ | 2,424 | 2,451 | 14,986 | 6,828 | 3,325 | 4,242 | ||||||||||||||||||
Investments at Value | 15,209 | 16,290 | 119,803 | 62,482 | 36,050 | 57,224 | ||||||||||||||||||
Investment securities sold receivable | — | — | — | — | 38 | — | ||||||||||||||||||
Dividends and interest receivable | 1 | 1 | 7 | 3 | 2 | 2 | ||||||||||||||||||
Capital shares sold receivable | 10 | 7 | 31 | 17 | 1 | 20 | ||||||||||||||||||
Receivable from affiliates | — | * | — | 4 | 2 | — | 1 | |||||||||||||||||
Total Assets | 15,220 | 16,298 | 119,845 | 62,504 | 36,091 | 57,247 | ||||||||||||||||||
LIABILITIES | ||||||||||||||||||||||||
Investment securities purchased payable | — | — | 36 | 39 | — | — | ||||||||||||||||||
Capital shares redeemed payable | — | — | 24 | — | 48 | 23 | ||||||||||||||||||
Other liabilities | 3 | 3 | 24 | 13 | 8 | 12 | ||||||||||||||||||
Total Liabilities | 3 | 3 | 84 | 52 | 56 | 35 | ||||||||||||||||||
Total Net Assets | $ | 15,217 | $ | 16,295 | $ | 119,761 | $ | 62,452 | $ | 36,035 | $ | 57,212 | ||||||||||||
NET ASSETS | ||||||||||||||||||||||||
Capital paid in (shares authorized – unlimited) | $ | 12,146 | $ | 13,068 | $ | 93,454 | $ | 49,294 | $ | 31,849 | $ | 49,105 | ||||||||||||
Total Distributable Earnings | 3,071 | 3,227 | 26,307 | 13,158 | 4,186 | 8,107 | ||||||||||||||||||
Total Net Assets | $ | 15,217 | $ | 16,295 | $ | 119,761 | $ | 62,452 | $ | 36,035 | $ | 57,212 | ||||||||||||
CAPITAL SHARES OUTSTANDING | 1,387 | 1,342 | 9,134 | 5,519 | 3,196 | 4,895 | ||||||||||||||||||
NET ASSET VALUE PER SHARE | $ | 10.97 | $ | 12.14 | $ | 13.11 | $ | 11.32 | $ | 11.27 | $ | 11.69 | ||||||||||||
+COST | ||||||||||||||||||||||||
Investments in affiliated mutual funds at cost | $ | 11,976 | $ | 12,983 | $ | 93,014 | $ | 50,764 | $ | 31,702 | $ | 50,208 | ||||||||||||
Investments in unaffiliated securities at cost | 1,945 | 1,937 | 11,673 | 5,307 | 2,623 | 3,375 |
* Not shown due to rounding.
See Accompanying Notes to Financial Statements.
28 | ANNUAL REPORT | 2021 |
Table of Contents
STATEMENTS OF ASSETS AND LIABILITIES | INVESTED PORTFOLIOS |
AS OF DECEMBER 31, 2021
(In thousands, except per share amounts) | InvestEd 30 Portfolio | InvestEd 20 Portfolio | InvestEd 10 Portfolio | InvestEd 0 Portfolio | ||||||||||||
ASSETS |
| |||||||||||||||
Investments in affiliated mutual funds at value+ | $ | 45,701 | $ | 57,173 | $ | 48,867 | $ | 48,889 | ||||||||
Investments in unaffiliated securities at value+ | 2,662 | 2,447 | 1,079 | 210 | ||||||||||||
Investments at Value | 48,363 | 59,620 | 49,946 | 49,099 | ||||||||||||
Investment securities sold receivable | — | — | 34 | 88 | ||||||||||||
Dividends and interest receivable | 1 | 1 | — | * | — | * | ||||||||||
Capital shares sold receivable | 14 | 15 | 16 | 1 | ||||||||||||
Total Assets | 48,378 | 59,636 | 49,996 | 49,188 | ||||||||||||
LIABILITIES | ||||||||||||||||
Capital shares redeemed payable | 10 | 6 | 31 | 89 | ||||||||||||
Other liabilities | 10 | 13 | 10 | 10 | ||||||||||||
Total Liabilities | 20 | 19 | 41 | 99 | ||||||||||||
Total Net Assets | $ | 48,358 | $ | 59,617 | $ | 49,955 | $ | 49,089 | ||||||||
NET ASSETS | ||||||||||||||||
Capital paid in (shares authorized – unlimited) | $ | 45,298 | $ | 54,628 | $ | 49,278 | $ | 49,099 | ||||||||
Total Distributable Earnings (Loss) | 3,060 | 4,989 | 677 | (10 | ) | |||||||||||
Total Net Assets | $ | 48,358 | $ | 59,617 | $ | 49,955 | $ | 49,089 | ||||||||
CAPITAL SHARES OUTSTANDING | 4,535 | 6,073 | 4,932 | 4,950 | ||||||||||||
NET ASSET VALUE PER SHARE | $ | 10.66 | $ | 9.82 | $ | 10.13 | $ | 9.92 | ||||||||
+COST | ||||||||||||||||
Investments in affiliated mutual funds at cost | $ | 45,458 | $ | 55,883 | $ | 49,767 | $ | 49,712 | ||||||||
Investments in unaffiliated securities at cost | 2,080 | 1,907 | 849 | 210 |
* Not shown due to rounding.
See Accompanying Notes to Financial Statements.
2021 | ANNUAL REPORT | 29 |
Table of Contents
STATEMENTS OF OPERATIONS | INVESTED PORTFOLIOS |
FOR THE YEAR ENDED DECEMBER 31, 2021
(In thousands) | InvestEd 90 Portfolio | InvestEd 80 Portfolio | InvestEd 70 Portfolio | InvestEd 60 Portfolio | InvestEd 50 Portfolio | InvestEd 40 Portfolio | ||||||||||||||||||
INVESTMENT INCOME |
| |||||||||||||||||||||||
Dividends from unaffiliated securities | $ | 45 | $ | 46 | $ | 291 | $ | 135 | $ | 60 | $ | 79 | ||||||||||||
Dividends from affiliated mutual funds | 335 | 359 | 2,609 | 1,367 | 764 | 1,181 | ||||||||||||||||||
Interest from unaffiliated securities | — | * | — | * | 1 | 1 | — | * | — | * | ||||||||||||||
Total Investment Income | 380 | 405 | 2,901 | 1,503 | 824 | 1,260 | ||||||||||||||||||
EXPENSES | ||||||||||||||||||||||||
Distribution and service fees | 35 | 41 | 298 | 164 | 89 | 144 | ||||||||||||||||||
Net Investment Income | 345 | 364 | 2,603 | 1,339 | 735 | 1,116 | ||||||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||||||||||
Investments in unaffiliated securities | 32 | 78 | 453 | 290 | 108 | 175 | ||||||||||||||||||
Investments in affiliated mutual funds | 914 | 925 | 4,822 | 3,605 | 849 | 2,196 | ||||||||||||||||||
Distributions of realized capital gains from affiliated mutual funds | 506 | 500 | 3,344 | 1,535 | 773 | 1,000 | ||||||||||||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||||||||||
Investments in unaffiliated securities | 359 | 354 | 2,315 | 1,053 | 489 | 597 | ||||||||||||||||||
Investments in affiliated mutual funds | 37 | 197 | 1,631 | (603 | ) | 297 | (1,022 | ) | ||||||||||||||||
Net Realized and Unrealized Gain | 1,848 | 2,054 | 12,565 | 5,880 | 2,516 | 2,946 | ||||||||||||||||||
Net Increase in Net Assets Resulting from Operations | $ | 2,193 | $ | 2,418 | $ | 15,168 | $ | 7,219 | $ | 3,251 | $ | 4,062 |
* Not shown due to rounding.
See Accompanying Notes to Financial Statements.
30 | ANNUAL REPORT | 2021 |
Table of Contents
STATEMENTS OF OPERATIONS | INVESTED PORTFOLIOS |
FOR THE YEAR ENDED DECEMBER 31, 2021
(In thousands) | InvestEd 30 Portfolio | InvestEd 20 Portfolio | InvestEd 10 Portfolio | InvestEd 0 Portfolio | ||||||||||||
INVESTMENT INCOME |
| |||||||||||||||
Dividends from unaffiliated securities | $ | 49 | $ | 42 | $ | 18 | $ | — | ||||||||
Dividends from affiliated mutual funds | 927 | 1,101 | 831 | 659 | ||||||||||||
Interest from unaffiliated securities | — | * | — | * | 1 | 1 | ||||||||||
Total Investment Income | 976 | 1,143 | 850 | 660 | ||||||||||||
EXPENSES | ||||||||||||||||
Distribution and service fees | 117 | 154 | 124 | 119 | ||||||||||||
Net Investment Income | 859 | 989 | 726 | 541 | ||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||
Investments in unaffiliated securities | 96 | 90 | 35 | — | ||||||||||||
Investments in affiliated mutual funds | 640 | 1,496 | 303 | 266 | ||||||||||||
Distributions of realized capital gains from affiliated mutual funds | 648 | 593 | 288 | 9 | ||||||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments in unaffiliated securities | 403 | 377 | 165 | — | * | |||||||||||
Investments in affiliated mutual funds | (234 | ) | (1,477 | ) | (816 | ) | (1,225 | ) | ||||||||
Net Realized and Unrealized Gain (Loss) | 1,553 | 1,079 | (25 | ) | (950 | ) | ||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 2,412 | $ | 2,068 | $ | 701 | $ | (409 | ) |
* Not shown due to rounding.
See Accompanying Notes to Financial Statements.
2021 | ANNUAL REPORT | 31 |
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS | INVESTED PORTFOLIOS |
InvestEd 90 Portfolio | InvestEd 80 Portfolio | InvestEd 70 Portfolio | ||||||||||||||||||||||
(In thousands) | Year ended 12-31-21 | Year ended 12-31-20 | Year ended 12-31-21 | Period from 9-1-20 to 12-31-20 | Year ended 12-31-21 | Year ended 12-31-20 | ||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||
Operations: | ||||||||||||||||||||||||
Net investment income | $ | 345 | $ | 133 | $ | 364 | $ | 139 | $ | 2,603 | $ | 1,508 | ||||||||||||
Net realized gain on investments | 1,452 | 2,464 | 1,503 | 322 | 8,619 | 6,720 | ||||||||||||||||||
Net change in unrealized appreciation (depreciation) | 396 | (602 | ) | 551 | 819 | 3,946 | 6,694 | |||||||||||||||||
Net Increase in Net Assets Resulting from Operations | 2,193 | 1,995 | 2,418 | 1,280 | 15,168 | 14,922 | ||||||||||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||||||
Accumulated earnings | ||||||||||||||||||||||||
(combined net investment income and net realized gains) | (2,607 | ) | (1,547 | ) | (480 | ) | — | (8,183 | ) | (6,162 | ) | |||||||||||||
Total Distributions to Shareholders | (2,607 | ) | (1,547 | ) | (480 | ) | — | (8,183 | ) | (6,162 | ) | |||||||||||||
Capital Share Transactions | 3,948 | (21,120 | ) | (2,238 | ) | 15,315 | (1,737 | ) | (10,537 | ) | ||||||||||||||
Net Increase (Decrease) in Net Assets | 3,534 | (20,672 | ) | (300 | ) | 16,595 | 5,248 | (1,777 | ) | |||||||||||||||
Net Assets, Beginning of Period | 11,683 | 32,355 | 16,595 | — | 114,513 | 116,290 | ||||||||||||||||||
Net Assets, End of Period | $ | 15,217 | $ | 11,683 | $ | 16,295 | $ | 16,595 | $ | 119,761 | $ | 114,513 | ||||||||||||
InvestEd 60 Portfolio | InvestEd 50 Portfolio | InvestEd 40 Portfolio | ||||||||||||||||||||||
(In thousands) | Year ended 12-31-21 | Year ended 12-31-20 | Year ended 12-31-21 | Period from 9-1-20 to 12-31-20 | Year ended 12-31-21 | Year ended 12-31-20 | ||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||
Operations: | ||||||||||||||||||||||||
Net investment income | $ | 1,339 | $ | 1,070 | $ | 735 | $ | 315 | $ | 1,116 | $ | 1,162 | ||||||||||||
Net realized gain on investments | 5,430 | 4,382 | 1,730 | 451 | 3,371 | 3,676 | ||||||||||||||||||
Net change in unrealized appreciation (depreciation) | 450 | 3,009 | 786 | 939 | (425 | ) | 1,722 | |||||||||||||||||
Net Increase in Net Assets Resulting from Operations | 7,219 | 8,461 | 3,251 | 1,705 | 4,062 | 6,560 | ||||||||||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||||||
Accumulated earnings | ||||||||||||||||||||||||
(combined net investment income and net realized gains) | (5,437 | ) | (4,000 | ) | (790 | ) | — | (4,825 | ) | (2,814 | ) | |||||||||||||
Total Distributions to Shareholders | (5,437 | ) | (4,000 | ) | (790 | ) | — | (4,825 | ) | (2,814 | ) | |||||||||||||
Capital Share Transactions | (3,767 | ) | (23,445 | ) | (1,289 | ) | 33,158 | 2,009 | (28,288 | ) | ||||||||||||||
Net Increase (Decrease) in Net Assets | (1,985 | ) | (18,984 | ) | 1,172 | 34,863 | 1,246 | (24,542 | ) | |||||||||||||||
Net Assets, Beginning of Period | 64,437 | 83,421 | 34,863 | — | 55,966 | 80,508 | ||||||||||||||||||
Net Assets, End of Period | $ | 62,452 | $ | 64,437 | $ | 36,035 | $ | 34,863 | $ | 57,212 | $ | 55,966 |
See Accompanying Notes to Financial Statements.
32 | ANNUAL REPORT | 2021 |
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS | INVESTED PORTFOLIOS |
InvestEd 30 Portfolio | InvestEd 20 Portfolio | InvestEd 10 Portfolio | ||||||||||||||||||||||
(In thousands) | Year ended 12-31-21 | Period from 9-1-20 to 12-31-20 | Year ended 12-31-21 | Year ended 12-31-20 | Year ended 12-31-21 | Period from 9-1-20 to 12-31-20 | ||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||
Operations: | ||||||||||||||||||||||||
Net investment income | $ | 859 | $ | 437 | $ | 989 | $ | 1,565 | $ | 726 | $ | 373 | ||||||||||||
Net realized gain on investments | 1,384 | 437 | 2,179 | 5,278 | 626 | 211 | ||||||||||||||||||
Net change in unrealized appreciation (depreciation) | 169 | 656 | (1,100 | ) | 260 | (651 | ) | (19 | ) | |||||||||||||||
Net Increase in Net Assets Resulting from Operations | 2,412 | 1,530 | 2,068 | 7,103 | 701 | 565 | ||||||||||||||||||
Distributions to Shareholders From: | ||||||||||||||||||||||||
Accumulated earnings | ||||||||||||||||||||||||
(combined net investment income and net realized gains) | (911 | ) | — | (6,834 | ) | (3,828 | ) | (617 | ) | — | ||||||||||||||
Total Distributions to Shareholders | (911 | ) | — | (6,834 | ) | (3,828 | ) | (617 | ) | — | ||||||||||||||
Capital Share Transactions | (570 | ) | 45,897 | 1,407 | (53,008 | ) | 2,589 | 46,717 | ||||||||||||||||
Net Increase (Decrease) in Net Assets | 931 | 47,427 | (3,359 | ) | (49,733 | ) | 2,673 | 47,282 | ||||||||||||||||
Net Assets, Beginning of Period | 47,427 | — | 62,976 | 112,709 | 47,282 | — | ||||||||||||||||||
Net Assets, End of Period | $ | 48,358 | $ | 47,427 | $ | 59,617 | $ | 62,976 | $ | 49,955 | $ | 47,282 |
InvestEd 0 Portfolio | ||||||||
(In thousands) | Year ended 12-31-21 | Year ended 12-31-20 | ||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||
Operations: | ||||||||
Net investment income | $ | 541 | $ | 850 | ||||
Net realized gain on investments | 275 | 1,082 | ||||||
Net change in unrealized appreciation (depreciation) | (1,225 | ) | 175 | |||||
Net Increase (Decrease) in Net Assets Resulting from Operations | (409 | ) | 2,107 | |||||
Distributions to Shareholders From: | ||||||||
Accumulated earnings | ||||||||
(combined net investment income and net realized gains) | (1,921 | ) | (1,103 | ) | ||||
Total Distributions to Shareholders | (1,921 | ) | (1,103 | ) | ||||
Capital Share Transactions | 7,037 | (8,599 | ) | |||||
Net Increase (Decrease) in Net Assets | 4,707 | (7,595 | ) | |||||
Net Assets, Beginning of Period | 44,382 | 51,977 | ||||||
Net Assets, End of Period | $ | 49,089 | $ | 44,382 |
See Accompanying Notes to Financial Statements.
2021 | ANNUAL REPORT | 33 |
Table of Contents
FINANCIAL HIGHLIGHTS | INVESTED PORTFOLIOS |
FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD
Net Asset Value, Beginning of Period | Net Investment Income(1) | Net Realized and Unrealized Gain (Loss) on Investments | Total from Investment Operations | Distributions From Net Investment Income | Distributions From Net Realized Gains | Total Distributions | ||||||||||||||||||||||
InvestEd 90 Portfolio | ||||||||||||||||||||||||||||
Year ended 12-31-2021 | $ | 11.36 | $ | 0.31 | $ | 1.62 | $ | 1.93 | $ | (0.12 | ) | $ | (2.20 | ) | $ | (2.32 | ) | |||||||||||
Year ended 12-31-2020 | 11.40 | 0.10 | 1.67 | 1.77 | (0.59 | ) | (1.22 | ) | (1.81 | ) | ||||||||||||||||||
Year ended 12-31-2019 | 9.56 | 0.21 | 2.13 | 2.34 | (0.12 | ) | (0.38 | ) | (0.50 | ) | ||||||||||||||||||
Year ended 12-31-2018 | 10.54 | 0.17 | (0.93 | ) | (0.76 | ) | (0.06 | ) | (0.16 | ) | (0.22 | ) | ||||||||||||||||
Year ended 12-31-2017(4) | 10.00 | 0.08 | 0.46 | 0.54 | — | — | — | |||||||||||||||||||||
InvestEd 80 Portfolio | ||||||||||||||||||||||||||||
Year ended 12-31-2021 | 10.83 | 0.26 | 1.42 | 1.68 | (0.11 | ) | (0.26 | ) | (0.37 | ) | ||||||||||||||||||
Year ended 12-31-2020(5) | 10.00 | 0.09 | 0.74 | 0.83 | — | — | — | |||||||||||||||||||||
InvestEd 70 Portfolio | ||||||||||||||||||||||||||||
Year ended 12-31-2021 | 12.40 | 0.29 | 1.38 | 1.67 | (0.18 | ) | (0.78 | ) | (0.96 | ) | ||||||||||||||||||
Year ended 12-31-2020 | 11.53 | 0.15 | 1.42 | 1.57 | (0.24 | ) | (0.46 | ) | (0.70 | ) | ||||||||||||||||||
Year ended 12-31-2019 | 10.19 | 0.20 | 1.95 | 2.15 | (0.22 | ) | (0.59 | ) | (0.81 | ) | ||||||||||||||||||
Year ended 12-31-2018 | 12.61 | 0.20 | (0.93 | ) | (0.73 | ) | (0.12 | ) | (1.57 | ) | (1.69 | ) | ||||||||||||||||
Year ended 12-31-2017 | 10.80 | 0.10 | 2.26 | 2.36 | (0.01 | ) | (0.54 | ) | (0.55 | ) | ||||||||||||||||||
InvestEd 60 Portfolio | ||||||||||||||||||||||||||||
Year ended 12-31-2021 | 11.12 | 0.24 | 1.03 | 1.27 | (0.21 | ) | (0.86 | ) | (1.07 | ) | ||||||||||||||||||
Year ended 12-31-2020 | 10.53 | 0.15 | 1.18 | 1.33 | (0.29 | ) | (0.45 | ) | (0.74 | ) | ||||||||||||||||||
Year ended 12-31-2019 | 9.38 | 0.20 | 1.48 | 1.68 | (0.19 | ) | (0.34 | ) | (0.53 | ) | ||||||||||||||||||
Year ended 12-31-2018 | 11.65 | 0.21 | (0.72 | ) | (0.51 | ) | (0.18 | ) | (1.58 | ) | (1.76 | ) | ||||||||||||||||
Year ended 12-31-2017 | 10.76 | 0.10 | 1.68 | 1.78 | (0.13 | ) | (0.76 | ) | (0.89 | ) | ||||||||||||||||||
InvestEd 50 Portfolio | ||||||||||||||||||||||||||||
Year ended 12-31-2021 | 10.53 | 0.23 | 0.76 | 0.99 | (0.11 | ) | (0.14 | ) | (0.25 | ) | ||||||||||||||||||
Year ended 12-31-2020(5) | 10.00 | 0.10 | 0.43 | 0.53 | — | — | — | |||||||||||||||||||||
InvestEd 40 Portfolio | ||||||||||||||||||||||||||||
Year ended 12-31-2021 | 11.90 | 0.24 | 0.63 | 0.87 | (0.26 | ) | (0.82 | ) | (1.08 | ) | ||||||||||||||||||
Year ended 12-31-2020 | 11.37 | 0.19 | 0.97 | 1.16 | (0.36 | ) | (0.27 | ) | (0.63 | ) | ||||||||||||||||||
Year ended 12-31-2019 | 10.19 | 0.23 | 1.19 | 1.42 | (0.24 | ) | — | (0.24 | ) | |||||||||||||||||||
Year ended 12-31-2018 | 10.68 | 0.21 | (0.48 | ) | (0.27 | ) | (0.22 | ) | — | (0.22 | ) | |||||||||||||||||
Year ended 12-31-2017 | 10.16 | 0.15 | 0.75 | 0.90 | (0.14 | ) | (0.24 | ) | (0.38 | ) |
* Not shown due to rounding.
(1) | Based on average weekly shares outstanding. |
(2) | Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable. Total returns for periods less than one year are not annualized. |
(3) | Does not include expenses of underlying Delaware Ivy Funds in which the Portfolios invest. |
(4) | For the period from September 18, 2017 (commencement of operations of the Portfolio) through December 31, 2017. |
(5) | For the period from September 1, 2020 (commencement of operations of the Portfolio) through December 31, 2020. |
(6) | Annualized. |
34 | ANNUAL REPORT | 2021 |
Table of Contents
Net Asset Value, End of Period | Total Return(2) | Net Assets, End of Period (in millions) | Ratio of Expenses to Average Net Assets Including Expense Waiver(3) | Ratio of Net Investment Income to Average Net Assets Including Expense Waiver(3) | Portfolio Turnover Rate | |||||||||||||||||||
InvestEd 90 Portfolio | ||||||||||||||||||||||||
Year ended 12-31-2021 | $ | 10.97 | 17.45 | % | $ | 15 | 0.25 | % | 2.49 | % | 33 | % | ||||||||||||
Year ended 12-31-2020 | 11.36 | 15.87 | 12 | 0.25 | 0.87 | 65 | ||||||||||||||||||
Year ended 12-31-2019 | 11.40 | 24.52 | 32 | 0.25 | 1.89 | 10 | ||||||||||||||||||
Year ended 12-31-2018 | 9.56 | -7.21 | 21 | 0.25 | 1.57 | 23 | ||||||||||||||||||
Year ended 12-31-2017(4) | 10.54 | 5.40 | 17 | 0.25 | (6) | 2.71 | (6) | 17 | ||||||||||||||||
InvestEd 80 Portfolio | ||||||||||||||||||||||||
Year ended 12-31-2021 | 12.14 | 15.61 | 16 | 0.25 | 2.20 | 35 | ||||||||||||||||||
Year ended 12-31-2020(5) | 10.83 | 8.30 | 17 | 0.25 | (6) | 2.65 | (6) | 9 | ||||||||||||||||
InvestEd 70 Portfolio | ||||||||||||||||||||||||
Year ended 12-31-2021 | 13.11 | 13.58 | 120 | 0.25 | 2.19 | 18 | ||||||||||||||||||
Year ended 12-31-2020 | 12.40 | 13.71 | 115 | 0.25 | 1.29 | 56 | ||||||||||||||||||
Year ended 12-31-2019 | 11.53 | 21.21 | 116 | 0.25 | 1.78 | 16 | ||||||||||||||||||
Year ended 12-31-2018 | 10.19 | -5.85 | 115 | 0.25 | 1.59 | 34 | ||||||||||||||||||
Year ended 12-31-2017 | 12.61 | 21.84 | 137 | 0.25 | 0.84 | 116 | ||||||||||||||||||
InvestEd 60 Portfolio | ||||||||||||||||||||||||
Year ended 12-31-2021 | 11.32 | 11.58 | 62 | 0.25 | 2.04 | 25 | ||||||||||||||||||
Year ended 12-31-2020 | 11.12 | 12.66 | 64 | 0.25 | 1.45 | 40 | ||||||||||||||||||
Year ended 12-31-2019 | 10.53 | 18.00 | 83 | 0.25 | 1.93 | 18 | ||||||||||||||||||
Year ended 12-31-2018 | 9.38 | -4.41 | 76 | 0.25 | 1.79 | 39 | ||||||||||||||||||
Year ended 12-31-2017 | 11.65 | 16.60 | 82 | 0.25 | 0.86 | 73 | ||||||||||||||||||
InvestEd 50 Portfolio | ||||||||||||||||||||||||
Year ended 12-31-2021 | 11.27 | 9.43 | 36 | 0.25 | 2.05 | 31 | ||||||||||||||||||
Year ended 12-31-2020(5) | 10.53 | 5.30 | 35 | 0.25 | (6) | 2.94 | (6) | 2 | ||||||||||||||||
InvestEd 40 Portfolio | ||||||||||||||||||||||||
Year ended 12-31-2021 | 11.69 | 7.40 | 57 | 0.25 | 1.94 | 29 | ||||||||||||||||||
Year ended 12-31-2020 | 11.90 | 10.29 | 56 | 0.25 | 1.67 | 35 | ||||||||||||||||||
Year ended 12-31-2019 | 11.37 | 13.92 | 81 | 0.25 | 2.05 | 16 | ||||||||||||||||||
Year ended 12-31-2018 | 10.19 | -2.52 | 75 | 0.25 | 1.98 | 43 | ||||||||||||||||||
Year ended 12-31-2017 | 10.68 | 8.82 | 88 | 0.25 | 1.45 | 110 |
2021 | ANNUAL REPORT | 35 |
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FINANCIAL HIGHLIGHTS | INVESTED PORTFOLIOS |
FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD
Net Asset Value, Beginning of Period | Net Investment Income(1) | Net Realized and Unrealized Gain (Loss) on Investments | Total from Investment Operations | Distributions From Net Investment Income | Distributions From Net Realized Gains | Total Distributions | ||||||||||||||||||||||
InvestEd 30 Portfolio | ||||||||||||||||||||||||||||
Year ended 12-31-2021 | $ | 10.33 | $ | 0.19 | $ | 0.35 | $ | 0.54 | $ | (0.11 | ) | $ | (0.10 | ) | $ | (0.21 | ) | |||||||||||
Year ended 12-31-2020(4) | 10.00 | 0.09 | 0.24 | 0.33 | — | — | — | |||||||||||||||||||||
InvestEd 20 Portfolio | ||||||||||||||||||||||||||||
Year ended 12-31-2021 | 10.73 | 0.17 | 0.19 | 0.36 | (0.29 | ) | (0.98 | ) | (1.27 | ) | ||||||||||||||||||
Year ended 12-31-2020 | 10.63 | 0.18 | 0.61 | 0.79 | (0.40 | ) | (0.29 | ) | (0.69 | ) | ||||||||||||||||||
Year ended 12-31-2019 | 9.90 | 0.22 | 0.81 | 1.03 | (0.20 | ) | (0.10 | ) | (0.30 | ) | ||||||||||||||||||
Year ended 12-31-2018 | 10.16 | 0.21 | (0.35 | ) | (0.14 | ) | (0.07 | ) | (0.05 | ) | (0.12 | ) | ||||||||||||||||
Year ended 12-31-2017(5) | 10.00 | 0.07 | 0.09 | 0.16 | — | — | — | |||||||||||||||||||||
InvestEd 10 Portfolio | ||||||||||||||||||||||||||||
Year ended 12-31-2021 | 10.12 | 0.15 | (0.02 | ) | 0.13 | (0.08 | ) | (0.04 | ) | (0.12 | ) | |||||||||||||||||
Year ended 12-31-2020(4) | 10.00 | 0.08 | 0.04 | 0.12 | — | — | — | |||||||||||||||||||||
InvestEd 0 Portfolio | ||||||||||||||||||||||||||||
Year ended 12-31-2021 | 10.41 | 0.12 | (0.21 | ) | (0.09 | ) | (0.18 | ) | (0.22 | ) | (0.40 | ) | ||||||||||||||||
Year ended 12-31-2020 | 10.27 | 0.17 | 0.24 | 0.41 | (0.25 | ) | (0.02 | ) | (0.27 | ) | ||||||||||||||||||
Year ended 12-31-2019 | 10.01 | 0.21 | 0.23 | 0.44 | (0.18 | ) | — | (0.18 | ) | |||||||||||||||||||
Year ended 12-31-2018 | 10.00 | 0.20 | (0.13 | ) | 0.07 | (0.06 | ) | — | (0.06 | ) | ||||||||||||||||||
Year ended 12-31-2017(5) | 10.00 | 0.06 | (0.06 | ) | 0.00 | * | — | — | — |
(1) | Based on average weekly shares outstanding |
(2) | Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable. Total returns for periods less than one year are not annualized. |
(3) | Does not include expenses of underlying Delaware Ivy Funds in which the Portfolios invest. |
(4) | For the period from September 1, 2020 (commencement of operations of the Portfolio) through December 31, 2020. |
(5) | For the period from September 18, 2017 (commencement of operations of the Portfolio) through December 31, 2017. |
(6) | Annualized. |
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Net Asset Value, End of Period | Total Return(2) | Net Assets, End of Period (in millions) | Ratio of Expenses to Average Net Assets Including Expense Waiver(3) | Ratio of Net Investment Income to Average Net Assets Including Expense Waiver(3) | Portfolio Turnover Rate | |||||||||||||||||||
InvestEd 30 Portfolio | ||||||||||||||||||||||||
Year ended 12-31-2021 | $ | 10.66 | 5.20 | % | $ | 48 | 0.25 | % | 1.83 | % | 28 | % | ||||||||||||
Year ended 12-31-2020(4) | 10.33 | 3.30 | 47 | 0.25 | (6) | 2.78 | (6) | 7 | ||||||||||||||||
InvestEd 20 Portfolio | ||||||||||||||||||||||||
Year ended 12-31-2021 | 9.82 | 3.46 | 60 | 0.25 | 1.60 | 22 | ||||||||||||||||||
Year ended 12-31-2020 | 10.73 | 7.49 | 63 | 0.25 | 1.65 | 28 | ||||||||||||||||||
Year ended 12-31-2019 | 10.63 | 10.47 | 113 | 0.25 | 2.06 | 14 | ||||||||||||||||||
Year ended 12-31-2018 | 9.90 | -1.32 | 100 | 0.25 | 2.08 | 42 | ||||||||||||||||||
Year ended 12-31-2017(5) | 10.16 | 1.60 | 97 | 0.25 | (6) | 2.40 | (6) | 19 | ||||||||||||||||
InvestEd 10 Portfolio | ||||||||||||||||||||||||
Year ended 12-31-2021 | 10.13 | 1.32 | 50 | 0.25 | 1.46 | 35 | ||||||||||||||||||
Year ended 12-31-2020(4) | 10.12 | 1.20 | 47 | 0.25 | (6) | 2.39 | (6) | 6 | ||||||||||||||||
InvestEd 0 Portfolio | ||||||||||||||||||||||||
Year ended 12-31-2021 | 9.92 | -0.90 | 49 | 0.25 | 1.14 | 43 | ||||||||||||||||||
Year ended 12-31-2020 | 10.41 | 3.91 | 44 | 0.25 | 1.63 | 69 | ||||||||||||||||||
Year ended 12-31-2019 | 10.27 | 4.39 | 52 | 0.25 | 2.08 | 27 | ||||||||||||||||||
Year ended 12-31-2018 | 10.01 | 0.68 | 47 | 0.25 | 1.99 | 75 | ||||||||||||||||||
Year ended 12-31-2017(5) | 10.00 | — | 44 | 0.25 | (6) | 1.96 | (6) | 23 |
See Accompanying Notes to Financial Statements.
2021 | ANNUAL REPORT | 37 |
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NOTES TO FINANCIAL STATEMENTS | INVESTED PORTFOLIOS |
DECEMBER 31, 2021
1. | ORGANIZATION |
The Ivy InvestEd 529 Plan (“InvestEd Plan”) was established under the Arizona Family College Savings Program (the “Program”). InvestEd Portfolios, a Delaware statutory trust (the “Trust”), is registered under the Investment Company Act of 1940 as an open-end management investment company. InvestEd 90 Portfolio, InvestEd 80 Portfolio, InvestEd 70 Portfolio, InvestEd 60 Portfolio, InvestEd 50 Portfolio, InvestEd 40 Portfolio, InvestEd 30 Portfolio, InvestEd 20 Portfolio, InvestEd 10 Portfolio and InvestEd 0 Portfolio (each, a “Portfolio”) are series of the Trust. The Portfolios are investment options of the InvestEd Plan. The assets belonging to each Portfolio are held separately by the transfer agent for the underlying funds and the custodian. The capital shares of each Portfolio represent a pro rata beneficial interest in the principal, net income and realized and unrealized capital gains or losses of its respective investments and other assets.
2. | SIGNIFICANT ACCOUNTING POLICIES |
The following is a summary of significant accounting policies consistently followed by each Portfolio.
Security Transactions and Related Investment Income. Security transactions are accounted for on the trade date (date the order to buy or sell is executed). Securities gains and losses are calculated on the identified cost basis. Dividend income is recorded on the ex-dividend date. Interest income is recorded on the accrual basis. Income or short-term capital gain distributions received from registered investment companies, if any, are recorded as dividend income. Long-term capital gain distributions received from registered investment companies, if any, are recorded as realized gains.
Income Taxes. It is the policy of each Portfolio to distribute all of its taxable income and capital gains to its shareholders and to otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. In addition, each Portfolio intends to pay distributions as required to avoid imposition of excise tax. Accordingly, no provision has been made for Federal income taxes. The Portfolios file income tax returns in U.S. federal and applicable state jurisdictions. The Portfolios’ tax returns are subject to examination by the relevant taxing authority until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax returns. Management of the Trust periodically reviews all tax positions to assess whether it is more likely than not that the position would be sustained upon examination by the relevant tax authority based on the technical merits of each position. As of the date of these financial statements, management believes that no liability for unrecognized tax positions is required.
Dividends and Distributions to Shareholders. Dividends and distributions to shareholders are recorded by each Portfolio on the business day following record date. Net investment income dividends and capital gains distributions are determined in accordance with income tax regulations, which may differ from accounting principles generally accepted in the United States of America (“U.S. GAAP”). If the total dividends and distributions made in any tax year exceed net investment income and accumulated realized capital gains, a portion of the total distribution may be treated as a return of capital for tax purposes.
Concentration of Market and Credit Risk. Because the Portfolio invests substantially all of its assets in Delaware Ivy Funds mutual funds (“Underlying Funds”), the risks associated with investing in the Portfolios are closely related to the risks associated with the securities and other investments held by the Underlying Funds.
In the normal course of business, the Underlying Funds may invest in securities and enter into transactions where risks exist due to fluctuations in the market (market risk) or failure of the issuer of a security to meet all its obligations (issuer credit risk). The value of securities held by the Underlying Funds may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Underlying Funds; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency and interest rate and price fluctuations. Similar to issuer credit risk, the Underlying Funds may be exposed to counterparty credit risk, or the risk that an entity with which the Underlying Funds have unsettled or open transactions may fail to or be unable to perform on its commitments. The Underlying Funds manage counterparty credit risk by entering into transactions only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Underlying Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties.
Certain Underlying Funds may hold high-yield or non-investment-grade bonds, that may be subject to a greater degree of credit risk. Credit risk relates to the ability of the issuer to meet interest or principal payments or both as they become due. The Underlying Funds may acquire securities in default and are not obligated to dispose of securities whose issuers subsequently default.
Certain Underlying Funds may enter into financial instrument transactions (such as swaps, futures, options and other derivatives) that may have off-balance sheet market risk. Off-balance sheet market risk exists when the maximum potential loss on a particular financial instrument is greater than the value of such financial instrument.
38 | ANNUAL REPORT | 2021 |
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If an Underlying Fund invests directly in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in financial derivatives that provide exposure to foreign currencies, it will be subject to the risk that those currencies will decline in value relative to the base currency of the Underlying Funds, or, in the case of hedging positions, that the Underlying Fund’s base currency will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad.
There is a risk that changes related to the use of the London Interbank Offered Rate (“LIBOR”) or similar interbank offered rates (“IBORs,” such as the Euro Overnight Index Average (“EONIA”)) could have adverse impacts on financial instruments that reference LIBOR or a similar rate. While some instruments may contemplate a scenario where LIBOR or a similar rate is no longer available by providing for an alternative rate setting methodology, not all instruments have such fallback provisions and the effectiveness of replacement rates is uncertain. The abandonment of LIBOR and similar rates could affect the value and liquidity of instruments that reference such rates, especially those that do not have fallback provisions. The use of alternative reference rate products may impact investment strategy performance.
The global outbreak of COVID-19 (commonly referred to as “coronavirus”) has disrupted economic markets and resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, and lower consumer demand, as well as general concern and uncertainty. The impact of COVID-19, and other infectious illness outbreaks that may arise in the future, could adversely affect the economies of many nations or the entire global economy, individual issuers and capital markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illnesses in emerging market countries may be greater due to generally less established healthcare systems. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The duration of the COVID-19 outbreak and its effects cannot be determined with certainty.
Indemnification. The Trust’s organizational documents provide current and former Trustees and Officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Trust. In the normal course of business, the Trust may also enter into contracts that provide general indemnification. The Trust’s maximum exposure under these arrangements is unknown and is dependent on future claims that may be made against the Trust. The risk of material loss from such claims is considered remote.
Basis of Preparation. Each Portfolio is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 (“ASC 946”). The accompanying financial statements were prepared in accordance with U.S. GAAP, including but not limited to ASC 946. U.S. GAAP requires the use of estimates made by management. Management believes that estimates and valuations are appropriate; however, actual results may differ from those estimates, and the valuations reflected in the accompanying financial statements may differ from the value ultimately realized upon sale or maturity.
Subsequent Events. Management has determined that no material events or transactions occurred subsequent to December 31, 2021, that would require recognition or disclosure in the Portfolios’ financial statements.
3. | INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS |
Investments in affiliated mutual funds within the Delaware Ivy Funds family are valued at their Net Asset Value (“NAV”) as reported by the Underlying Funds. Short-term debt securities are valued at amortized cost, which approximates value.
Fair value is defined as the price that each Portfolio 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.
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.
2021 | ANNUAL REPORT | 39 |
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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 its direction that are used in determining the fair value of investments.
A description of the valuation techniques applied to the Portfolios’ major classes of assets and liabilities measured at fair value on a recurring basis follows:
Equity Securities. Investments in registered open-end investment management companies are valued based upon the NAV of such investments and are categorized as Level 1 of the fair value hierarchy.
Short-term Investments. Short-term investments having a maturity of 60 days or less are valued based on quotes that are obtained from an independent pricing service authorized by the Board. These investments are categorized as Level 1 of the fair value hierarchy.
4. | INVESTMENT MANAGEMENT AND PAYMENTS TO AFFILIATED PERSONS ($ amounts in thousands) |
Under a Distribution and Service Plan for each Portfolio’s shares adopted by the Trust pursuant to Rule 12b–1 under the Investment Company Act of 1940, each Portfolio pays a distribution and/or service fee to DDLP effective April 30, 2021 and paid IDI prior to April 30, 2021 in an amount not to exceed 0.25% of each Portfolio’s average annual net assets. The fee is paid to compensate DDLP/IDI for amounts it expends in connection with the distribution of the shares and/or provision of personal services to Portfolio shareholders and/or maintenance of shareholder accounts. All other Portfolio expenses were borne by Ivy Investment Management Company (“IICO”), an affiliate of IDI through April 30, 2021. Effective April 30, 2021, all other Portfolio expenses are borne by Delaware Management Company (“DMC”).
IICO served as each Portfolio’s investment adviser through April 30, 2021. Effective April 30, 2021, DMC serves as each Portfolio’s investment adviser. The Portfolios pay no management fees; however, IICO/DMC receives management fees from the underlying Delaware Ivy Funds. Each Portfolio pays advisory fees to IICO/DMC indirectly, as shareholders in the Underlying Funds. Likewise, each Portfolio indirectly pays other expenses related to the daily operations of the Underlying Funds.
As principal underwriter for each Portfolio’s shares, DDLP effective April 30, 2021 and IDI prior to April 30, 2021 receives sales commissions (which are not an expense of the Portfolios) for each Portfolio’s shares. A contingent deferred sales charge (“CDSC”) may be assessed against a shareholder’s redemption amount and paid to DDLP/IDI. During the year ended December 31, 2021, DDLP/IDI received the following amounts in sales commissions and CDSCs:
Gross Sales Commissions | CDSC | Commissions Paid(1) | ||||||||||
InvestEd 90 Portfolio | $ | 24 | $ | — | * | $ | 13 | |||||
InvestEd 80 Portfolio | 16 | — | * | 7 | ||||||||
InvestEd 70 Portfolio | 38 | 1 | 18 | |||||||||
InvestEd 60 Portfolio | 27 | — | * | 17 | ||||||||
InvestEd 50 Portfolio | 15 | — | * | 11 | ||||||||
InvestEd 40 Portfolio | 19 | — | * | 9 | ||||||||
InvestEd 30 Portfolio | 15 | — | * | 8 | ||||||||
InvestEd 20 Portfolio | 17 | — | * | 11 | ||||||||
InvestEd 10 Portfolio | 10 | — | * | 5 | ||||||||
InvestEd 0 Portfolio | 11 | — | * | 5 |
* | Not shown due to rounding |
(1) | DDLP/IDI reallowed/paid this portion of the sales charge to financial advisors and selling broker dealers. |
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5. | INVESTMENT SECURITIES TRANSACTIONS ($ amounts in thousands) |
For the year ended December 31, 2021, the cost of purchases and the proceeds from maturities and sales of investments securities, other than U.S. Government and short-term securities, were as follows:
Purchases | Sales | |||||||
InvestEd 90 Portfolio | $ | 6,678 | $ | 4,481 | ||||
InvestEd 80 Portfolio | 5,794 | 7,658 | ||||||
InvestEd 70 Portfolio | 21,386 | 25,389 | ||||||
InvestEd 60 Portfolio | 16,532 | 22,742 | ||||||
InvestEd 50 Portfolio | 10,858 | 11,415 | ||||||
InvestEd 40 Portfolio | 16,589 | 17,304 | ||||||
InvestEd 30 Portfolio | 13,202 | 13,175 | ||||||
InvestEd 20 Portfolio | 13,379 | 17,235 | ||||||
InvestEd 10 Portfolio | 20,436 | 17,450 | ||||||
InvestEd 0 Portfolio | 25,658 | 19,985 |
6. | CAPITAL SHARE TRANSACTIONS (All amounts in thousands) |
The Trust has authorized an unlimited number of no par value shares of beneficial interest. Transactions in shares of beneficial interest were as follows:
InvestEd 90 Portfolio | InvestEd 80 Portfolio | |||||||||||||||||||||||||||||||
Year ended 12-31-21 | Year ended 12-31-20 | Year ended 12-31-21 | Period from 9-1-20 to 12-31-20 | |||||||||||||||||||||||||||||
Shares | Value | Shares | Value | Shares | Value | Shares | Value | |||||||||||||||||||||||||
Shares issued from sale of shares | 402 | $ | 4,950 | 567 | $ | 6,383 | 550 | $ | 6,514 | 1,738 | $ | 17,416 | ||||||||||||||||||||
Shares issued in reinvestment of distributions to shareholders | 243 | 2,608 | 139 | 1,547 | 40 | 480 | — | — | ||||||||||||||||||||||||
Shares redeemed | (286 | ) | (3,610 | ) | (2,517 | ) | (29,050 | ) | (780 | ) | (9,232 | ) | (206 | ) | (2,101 | ) | ||||||||||||||||
Net increase (decrease) | 359 | $ | 3,948 | (1,811 | ) | $ | (21,120 | ) | (190 | ) | $ | (2,238 | ) | 1,532 | $ | 15,315 |
InvestEd 70 Portfolio | InvestEd 60 Portfolio | |||||||||||||||||||||||||||||||
Year ended 12-31-21 | Year ended 12-31-20 | Year ended 12-31-21 | Year ended 12-31-20 | |||||||||||||||||||||||||||||
Shares | Value | Shares | Value | Shares | Value | Shares | Value | |||||||||||||||||||||||||
Shares issued from sale of shares | 1,334 | $ | 17,843 | 2,740 | $ | 31,524 | 1,469 | $ | 17,425 | 2,900 | $ | 31,236 | ||||||||||||||||||||
Shares issued in reinvestment of distributions to shareholders | 635 | 8,180 | 504 | 6,162 | 488 | 5,435 | 364 | 4,000 | ||||||||||||||||||||||||
Shares redeemed | (2,071 | ) | (27,760 | ) | (4,097 | ) | (48,223 | ) | (2,231 | ) | (26,627 | ) | (5,390 | ) | (58,681 | ) | ||||||||||||||||
Net (decrease) | (102 | ) | $ | (1,737 | ) | (853 | ) | $ | (10,537 | ) | (274 | ) | $ | (3,767 | ) | (2,126 | ) | $ | (23,445 | ) |
InvestEd 50 Portfolio | InvestEd 40 Portfolio | |||||||||||||||||||||||||||||||
Year ended 12-31-21 | Period from 9-1-20 to 12-31-20 | Year ended 12-31-21 | Year ended 12-31-20 | |||||||||||||||||||||||||||||
Shares | Value | Shares | Value | Shares | Value | Shares | Value | |||||||||||||||||||||||||
Shares issued from sale of shares | 1,855 | $ | 20,668 | 3,759 | $ | 37,691 | 2,068 | $ | 25,672 | 2,016 | $ | 23,168 | ||||||||||||||||||||
Shares issued in reinvestment of distributions to shareholders | 71 | 789 | — | — | 417 | 4,825 | 238 | 2,814 | ||||||||||||||||||||||||
Shares redeemed | (2,041 | ) | (22,746 | ) | (448 | ) | (4,533 | ) | (2,293 | ) | (28,488 | ) | (4,631 | ) | (54,270 | ) | ||||||||||||||||
Net increase (decrease) | (115 | ) | $ | (1,289 | ) | 3,311 | $ | 33,158 | 192 | $ | 2,009 | (2,377 | ) | $ | (28,288 | ) |
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InvestEd 30 Portfolio | InvestEd 20 Portfolio | |||||||||||||||||||||||||||||||
Year ended 12-31-21 | Period from 9-1-20 to 12-31-20 | Year ended 12-31-21 | Year ended 12-31-20 | |||||||||||||||||||||||||||||
Shares | Value | Shares | Value | Shares | Value | Shares | Value | |||||||||||||||||||||||||
Shares issued from sale of shares | 2,509 | $ | 26,754 | 5,422 | $ | 54,270 | 2,803 | $ | 30,644 | 2,919 | $ | 31,630 | ||||||||||||||||||||
Shares issued in reinvestment of distributions to shareholders | 86 | 911 | — | — | 700 | 6,834 | 358 | 3,828 | ||||||||||||||||||||||||
Shares redeemed | (2,651 | ) | (28,235 | ) | (831 | ) | (8,373 | ) | (3,300 | ) | (36,071 | ) | (8,014 | ) | (88,466 | ) | ||||||||||||||||
Net increase (decrease) | (56 | ) | $ | (570 | ) | 4,591 | $ | 45,897 | 203 | $ | 1,407 | (4,737 | ) | $ | (53,008 | ) |
InvestEd 10 Portfolio | InvestEd 0 Portfolio | |||||||||||||||||||||||||||||||
Year ended 12-31-21 | Period from 9-1-20 to 12-31-20 | Year ended 12-31-21 | Year ended 12-31-20 | |||||||||||||||||||||||||||||
Shares | Value | Shares | Value | Shares | Value | Shares | Value | |||||||||||||||||||||||||
Shares issued from sale of shares | 3,389 | $ | 34,531 | 5,432 | $ | 54,322 | 2,021 | $ | 20,945 | 2,348 | $ | 24,689 | ||||||||||||||||||||
Shares issued in reinvestment of distributions to shareholders | 61 | 617 | — | — | 194 | 1,920 | 106 | 1,103 | ||||||||||||||||||||||||
Shares redeemed | (3,190 | ) | (32,559 | ) | (760 | ) | (7,605 | ) | (1,530 | ) | (15,828 | ) | (3,251 | ) | (34,391 | ) | ||||||||||||||||
Net increase (decrease) | 260 | $ | 2,589 | 4,672 | $ | 46,717 | 685 | $ | 7,037 | (797 | ) | $ | (8,599 | ) |
7. | INTERFUND LENDING PROGRAM |
Pursuant to an exemptive order issued by the SEC (“Order”), the Delaware Ivy Funds, Delaware Ivy Variable Insurance Portfolios and InvestEd Portfolios (collectively, the “Funds” only for purposes of this footnote 7) have the ability to lend money to, and borrow money from, each other pursuant to a master interfund lending agreement (“Interfund Lending Program”). Under the Interfund Lending Program, the Funds may lend or borrow money for temporary purposes directly to or from one another (each an “Interfund Loan”), subject to meeting the conditions of the Order. The interest rate to be charged on an Interfund Loan is the average of the overnight repurchase agreement rate and the short-term bank loan rate. The Funds have not utilized the Interfund Lending Program from the period January 1, 2021 to December 31, 2021. Additionally, no interfund loans are outstanding as of December 31, 2021.
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8. | AFFILIATED COMPANY TRANSACTIONS (All amounts in thousands) |
A summary of the transactions in affiliated companies during the year ended December 31, 2021 follows:
12-31-20 Value | Gross Additions | Gross Reductions | Realized Gain/(Loss) | Net Change in Unrealized Appreciation/ (Depreciation) | 12-31-21 Value | Distributions Received | Capital Gain Distributions | |||||||||||||||||||||||||
InvestEd 90 Portfolio | ||||||||||||||||||||||||||||||||
Delaware Ivy Core Equity Fund, Class R6 | $ | 1,434 | $ | 988 | $ | 635 | $ | 208 | $ | 43 | $ | 2,038 | $ | 53 | $ | 150 | ||||||||||||||||
Delaware Ivy Corporate Bond Fund, Class R6 | 54 | 93 | 28 | 1 | (6 | ) | 114 | 3 | 2 | |||||||||||||||||||||||
Delaware Ivy Crossover Credit Fund, Class R6 | 28 | 71 | 19 | — | * | (4 | ) | 76 | 3 | 2 | ||||||||||||||||||||||
Delaware Ivy Global Bond Fund, Class R6 | 27 | 22 | 9 | — | * | (2 | ) | 38 | 1 | — | ||||||||||||||||||||||
Delaware Ivy Government Securities Fund, Class R6 | 580 | 298 | 251 | 3 | (20 | ) | 610 | 8 | — | |||||||||||||||||||||||
Delaware Ivy High Income Fund, Class R6 | 29 | 20 | 10 | — | * | — | 39 | 2 | — | |||||||||||||||||||||||
Delaware Ivy International Core Equity Fund, Class R6 | 1,298 | 643 | 446 | 40 | 113 | 1,648 | 44 | — | ||||||||||||||||||||||||
Delaware Ivy International Small Cap Fund, Class R6 | 365 | 240 | 135 | 29 | (55 | ) | 444 | 32 | 36 | |||||||||||||||||||||||
Delaware Ivy International Value Fund, Class R6 | 379 | 189 | 157 | 37 | (7 | ) | 441 | 12 | — | |||||||||||||||||||||||
Delaware Ivy Large Cap Growth Fund, Class R6 | 1,550 | 873 | 686 | 198 | 126 | 2,061 | 59 | 109 | ||||||||||||||||||||||||
Delaware Ivy LaSalle Global Real Estate Fund, Class R6 | 175 | 95 | 78 | 9 | 35 | 236 | 8 | — | ||||||||||||||||||||||||
Delaware Ivy Limited-Term Bond Fund, Class R6 | 134 | 250 | 76 | 1 | (5 | ) | 304 | 4 | — | |||||||||||||||||||||||
Delaware Ivy Mid Cap Growth Fund, Class R6 | 795 | 482 | 331 | 115 | (76 | ) | 985 | 15 | 86 | |||||||||||||||||||||||
Delaware Ivy Mid Cap Income Opportunities Fund, Class R6 | 242 | 115 | 95 | 19 | 33 | 314 | 6 | 4 | ||||||||||||||||||||||||
Delaware Ivy ProShares Russell 2000 Dividend Growers Index Fund, Class R6 | 107 | 44 | 165 | 9 | 5 | — | 1 | — | ||||||||||||||||||||||||
Delaware Ivy S&P 500 Dividend Aristocrats Index Fund, Class R6 | 550 | 357 | 213 | 36 | 60 | 790 | 31 | 25 | ||||||||||||||||||||||||
Delaware Ivy Securian Core Bond Fund, Class R6 | 216 | 219 | 85 | 1 | (8 | ) | 343 | 7 | 1 | |||||||||||||||||||||||
Delaware Ivy Small Cap Growth Fund, Class R6 | 274 | 183 | 136 | 33 | (71 | ) | 283 | 7 | 46 | |||||||||||||||||||||||
Delaware Ivy Systematic Emerging Markets Equity Fund, Class R6 | 1,110 | 702 | 441 | 123 | (192 | ) | 1,302 | 12 | — | |||||||||||||||||||||||
Delaware Ivy Value Fund, Class R6 | 456 | 480 | 337 | 52 | 68 | 719 | 27 | 45 | ||||||||||||||||||||||||
$ | 9,803 | $ | 914 | $ | 37 | $ | 12,785 | $ | 335 | $ | 506 |
2021 | ANNUAL REPORT | 43 |
Table of Contents
12-31-20 Value | Gross Additions | Gross Reductions | Realized Gain/(Loss) | Net Change in Unrealized Appreciation/ (Depreciation) | 12-31-21 Value | Distributions Received | Capital Gain Distributions | |||||||||||||||||||||||||
InvestEd 80 Portfolio | ||||||||||||||||||||||||||||||||
Delaware Ivy Core Equity Fund, Class R6 | $ | 1,891 | $ | 722 | $ | 935 | $ | 167 | $ | 136 | $ | 1,981 | $ | 52 | $ | 148 | ||||||||||||||||
Delaware Ivy Corporate Bond Fund, Class R6 | 194 | 101 | 80 | — | * | (12 | ) | 203 | 6 | 4 | ||||||||||||||||||||||
Delaware Ivy Crossover Credit Fund, Class R6 | 40 | 135 | 46 | — | * | (7 | ) | 122 | 5 | 3 | ||||||||||||||||||||||
Delaware Ivy Global Bond Fund, Class R6 | 78 | 38 | 32 | — | * | (3 | ) | 81 | 2 | — | ||||||||||||||||||||||
Delaware Ivy Government Securities Fund, Class R6 | 1,741 | 504 | 864 | (8 | ) | (35 | ) | 1,338 | 19 | — | ||||||||||||||||||||||
Delaware Ivy High Income Fund, Class R6 | 41 | 16 | 16 | 1 | (1 | ) | 41 | 3 | — | |||||||||||||||||||||||
Delaware Ivy International Core Equity Fund, Class R6 | 1,567 | 392 | 658 | 113 | 57 | 1,471 | 40 | — | ||||||||||||||||||||||||
Delaware Ivy International Small Cap Fund, Class R6 | 439 | 164 | 197 | 40 | (54 | ) | 392 | 29 | 33 | |||||||||||||||||||||||
Delaware Ivy International Value Fund, Class R6 | 456 | 118 | 222 | 51 | (13 | ) | 390 | 10 | — | |||||||||||||||||||||||
Delaware Ivy Large Cap Growth Fund, Class R6 | 1,978 | 648 | 977 | 93 | 263 | 2,005 | 59 | 108 | ||||||||||||||||||||||||
Delaware Ivy LaSalle Global Real Estate Fund, Class R6 | 209 | 60 | 104 | 18 | 26 | 209 | 7 | — | ||||||||||||||||||||||||
Delaware Ivy Limited-Term Bond Fund, Class R6 | 345 | 562 | 250 | — | * | (10 | ) | 647 | 9 | — | ||||||||||||||||||||||
Delaware Ivy Mid Cap Growth Fund, Class R6 | 1,035 | 375 | 498 | 69 | (14 | ) | 967 | 15 | 86 | |||||||||||||||||||||||
Delaware Ivy Mid Cap Income Opportunities Fund, Class R6 | 327 | 75 | 173 | 38 | 25 | 292 | 6 | 4 | ||||||||||||||||||||||||
Delaware Ivy ProShares Russell 2000 Dividend Growers Index Fund, Class R6 | 155 | 35 | 208 | 37 | (19 | ) | — | 2 | — | |||||||||||||||||||||||
Delaware Ivy S&P 500 Dividend Aristocrats Index Fund, Class R6 | 749 | 229 | 339 | 47 | 70 | 756 | 31 | 24 | ||||||||||||||||||||||||
Delaware Ivy Securian Core Bond Fund, Class R6 | 621 | 524 | 316 | — | * | (19 | ) | 810 | 19 | 2 | ||||||||||||||||||||||
Delaware Ivy Small Cap Growth Fund, Class R6 | 349 | 138 | 194 | 37 | (68 | ) | 262 | 7 | 43 | |||||||||||||||||||||||
Delaware Ivy Systematic Emerging Markets Equity Fund, Class R6 | 1,357 | 494 | 637 | 112 | (156 | ) | 1,170 | 11 | — | |||||||||||||||||||||||
Delaware Ivy Value Fund, Class R6 | 613 | 395 | 447 | 110 | 31 | 702 | 27 | 45 | ||||||||||||||||||||||||
$ | 14,185 | $ | 925 | $ | 197 | $ | 13,839 | $ | 359 | $ | 500 |
44 | ANNUAL REPORT | 2021 |
Table of Contents
12-31-20 Value | Gross Additions | Gross Reductions | Realized Gain/(Loss) | Net Change in Unrealized Appreciation/ (Depreciation) | 12-31-21 Value | Distributions Received | Capital Gain Distributions | |||||||||||||||||||||||||
InvestEd 70 Portfolio | ||||||||||||||||||||||||||||||||
Delaware Ivy Core Equity Fund, Class R6 | $ | 11,473 | $ | 2,527 | $ | 2,855 | $ | 988 | $ | 846 | $ | 12,979 | $ | 344 | $ | 981 | ||||||||||||||||
Delaware Ivy Corporate Bond Fund, Class R6 | 1,898 | 898 | 266 | 11 | (143 | ) | 2,398 | 72 | 53 | |||||||||||||||||||||||
Delaware Ivy Crossover Credit Fund, Class R6 | 276 | 1,116 | 129 | 2 | (64 | ) | 1,201 | 51 | 27 | |||||||||||||||||||||||
Delaware Ivy Global Bond Fund, Class R6 | 820 | 208 | 99 | 5 | (36 | ) | 898 | 25 | — | |||||||||||||||||||||||
Delaware Ivy Government Securities Fund, Class R6 | 15,845 | 2,464 | 2,868 | 132 | (577 | ) | 14,996 | 204 | — | |||||||||||||||||||||||
Delaware Ivy High Income Fund, Class R6 | 287 | 55 | 37 | — | * | — | 305 | 20 | — | |||||||||||||||||||||||
Delaware Ivy International Core Equity Fund, Class R6 | 9,456 | 686 | 1,759 | 75 | 954 | 9,412 | 260 | — | ||||||||||||||||||||||||
Delaware Ivy International Small Cap Fund, Class R6 | 2,607 | 533 | 567 | 109 | (216 | ) | 2,466 | 186 | 207 | |||||||||||||||||||||||
Delaware Ivy International Value Fund, Class R6 | 2,705 | 245 | 719 | 154 | 65 | 2,450 | 66 | — | ||||||||||||||||||||||||
Delaware Ivy Large Cap Growth Fund, Class R6 | 12,454 | 1,558 | 3,233 | 1,220 | 1,139 | 13,138 | 389 | 711 | ||||||||||||||||||||||||
Delaware Ivy LaSalle Global Real Estate Fund, Class R6 | 1,312 | 114 | 325 | 32 | 256 | 1,389 | 48 | — | ||||||||||||||||||||||||
Delaware Ivy Limited-Term Bond Fund, Class R6 | 6,420 | 1,697 | 821 | 10 | (126 | ) | 7,180 | 97 | — | |||||||||||||||||||||||
Delaware Ivy Mid Cap Growth Fund, Class R6 | 6,457 | 1,118 | 1,641 | 725 | (380 | ) | 6,279 | 98 | 563 | |||||||||||||||||||||||
Delaware Ivy Mid Cap Income Opportunities Fund, Class R6 | 1,974 | 139 | 485 | 96 | 285 | 2,009 | 42 | 27 | ||||||||||||||||||||||||
Delaware Ivy ProShares Russell 2000 Dividend Growers Index Fund, Class R6 | 925 | 92 | 1,124 | 73 | 34 | — | 9 | — | ||||||||||||||||||||||||
Delaware Ivy S&P 500 Dividend Aristocrats Index Fund, Class R6 | 4,647 | 612 | 1,011 | 210 | 511 | 4,969 | 206 | 161 | ||||||||||||||||||||||||
Delaware Ivy Securian Core Bond Fund, Class R6 | 6,506 | 3,682 | 998 | 40 | (244 | ) | 8,986 | 202 | 18 | |||||||||||||||||||||||
Delaware Ivy Small Cap Growth Fund, Class R6 | 2,111 | 535 | 605 | 180 | (417 | ) | 1,804 | 46 | 299 | |||||||||||||||||||||||
Delaware Ivy Systematic Emerging Markets Equity Fund, Class R6 | 8,067 | 1,497 | 1,877 | 548 | (860 | ) | 7,375 | 71 | — | |||||||||||||||||||||||
Delaware Ivy Value Fund, Class R6 | 3,662 | 1,429 | 1,324 | 212 | 604 | 4,583 | 173 | 297 | ||||||||||||||||||||||||
$ | 99,902 | $ | 4,822 | $ | 1,631 | $ | 104,817 | $ | 2,609 | $ | 3,344 |
2021 | ANNUAL REPORT | 45 |
Table of Contents
12-31-20 Value | Gross Additions | Gross Reductions | Realized Gain/(Loss) | Net Change in Unrealized Appreciation/ (Depreciation) | 12-31-21 Value | Distributions Received | Capital Gain Distributions | |||||||||||||||||||||||||
InvestEd 60 Portfolio | ||||||||||||||||||||||||||||||||
Delaware Ivy Core Equity Fund, Class R6 | $ | 5,704 | $ | 1,352 | $ | 2,106 | $ | 735 | $ | 196 | $ | 5,881 | $ | 156 | $ | 443 | ||||||||||||||||
Delaware Ivy Corporate Bond Fund, Class R6 | 1,539 | 1,235 | 467 | 16 | (138 | ) | 2,185 | 68 | 48 | |||||||||||||||||||||||
Delaware Ivy Crossover Credit Fund, Class R6 | 313 | 872 | 198 | 1 | (51 | ) | 937 | 41 | 21 | |||||||||||||||||||||||
Delaware Ivy Global Bond Fund, Class R6 | 621 | 160 | 135 | 6 | (29 | ) | 623 | 19 | — | |||||||||||||||||||||||
Delaware Ivy Government Securities Fund, Class R6 | 13,933 | 1,911 | 5,845 | 308 | (629 | ) | 9,678 | 141 | — | |||||||||||||||||||||||
Delaware Ivy High Income Fund, Class R6 | 326 | 66 | 75 | (1 | ) | 1 | 317 | 22 | — | |||||||||||||||||||||||
Delaware Ivy International Core Equity Fund, Class R6 | 4,538 | 464 | 1,371 | 71 | 429 | 4,131 | 114 | — | ||||||||||||||||||||||||
Delaware Ivy International Small Cap Fund, Class R6 | 1,221 | 266 | 398 | 80 | (113 | ) | 1,056 | 79 | 89 | |||||||||||||||||||||||
Delaware Ivy International Value Fund, Class R6 | 1,269 | 143 | 471 | 106 | 2 | 1,049 | 28 | — | ||||||||||||||||||||||||
Delaware Ivy Large Cap Growth Fund, Class R6 | 6,144 | 883 | 2,253 | 865 | 315 | 5,954 | 176 | 322 | ||||||||||||||||||||||||
Delaware Ivy LaSalle Global Real Estate Fund, Class R6 | 580 | 60 | 203 | 20 | 105 | 562 | 20 | — | ||||||||||||||||||||||||
Delaware Ivy Limited-Term Bond Fund, Class R6 | 2,582 | 4,323 | 1,207 | 9 | (103 | ) | 5,604 | 78 | — | |||||||||||||||||||||||
Delaware Ivy Mid Cap Growth Fund, Class R6 | 3,236 | 533 | 1,157 | 473 | (274 | ) | 2,811 | 44 | 251 | |||||||||||||||||||||||
Delaware Ivy Mid Cap Income Opportunities Fund, Class R6 | 950 | 96 | 342 | 73 | 108 | 885 | 19 | 12 | ||||||||||||||||||||||||
Delaware Ivy ProShares Russell 2000 Dividend Growers Index Fund, Class R6 | 439 | 50 | 540 | 49 | 2 | — | 4 | — | ||||||||||||||||||||||||
Delaware Ivy S&P 500 Dividend Aristocrats Index Fund, Class R6 | 2,313 | 370 | 778 | 171 | 187 | 2,263 | 95 | 73 | ||||||||||||||||||||||||
Delaware Ivy Securian Core Bond Fund, Class R6 | 4,924 | 2,037 | 1,213 | 27 | (163 | ) | 5,612 | 134 | 11 | |||||||||||||||||||||||
Delaware Ivy Small Cap Growth Fund, Class R6 | 1,017 | 265 | 392 | 116 | (213 | ) | 793 | 20 | 131 | |||||||||||||||||||||||
Delaware Ivy Systematic Emerging Markets Equity Fund, Class R6 | 3,885 | 781 | 1,289 | 363 | (494 | ) | 3,246 | 31 | — | |||||||||||||||||||||||
Delaware Ivy Value Fund, Class R6 | 1,737 | 665 | 711 | 117 | 259 | 2,067 | 78 | 134 | ||||||||||||||||||||||||
$ | 57,271 | $ | 3,605 | $ | (603 | ) | $ | 55,654 | $ | 1,367 | $ | 1,535 |
46 | ANNUAL REPORT | 2021 |
Table of Contents
12-31-20 Value | Gross Additions | Gross Reductions | Realized Gain/(Loss) | Net Change in Unrealized Appreciation/ (Depreciation) | 12-31-21 Value | Distributions Received | Capital Gain Distributions | |||||||||||||||||||||||||
InvestEd 50 Portfolio | ||||||||||||||||||||||||||||||||
Delaware Ivy Core Equity Fund, Class R6 | $ | 2,676 | $ | 739 | $ | 949 | $ | 164 | $ | 255 | $ | 2,885 | $ | 76 | $ | 218 | ||||||||||||||||
Delaware Ivy Corporate Bond Fund, Class R6 | 1,097 | 983 | 278 | 1 | (94 | ) | 1,709 | 51 | 38 | |||||||||||||||||||||||
Delaware Ivy Crossover Credit Fund, Class R6 | 257 | 725 | 130 | 1 | (43 | ) | 810 | 34 | 18 | |||||||||||||||||||||||
Delaware Ivy Global Bond Fund, Class R6 | 425 | 114 | 74 | — | * | (16 | ) | 449 | 13 | — | ||||||||||||||||||||||
Delaware Ivy Government Securities Fund, Class R6 | 9,546 | 1,524 | 3,650 | (36 | ) | (188 | ) | 7,196 | 100 | — | ||||||||||||||||||||||
Delaware Ivy High Income Fund, Class R6 | 267 | 63 | 57 | 5 | (4 | ) | 274 | 18 | — | |||||||||||||||||||||||
Delaware Ivy International Core Equity Fund, Class R6 | 1,972 | 271 | 561 | 94 | 122 | 1,898 | 52 | — | ||||||||||||||||||||||||
Delaware Ivy International Small Cap Fund, Class R6 | 522 | 136 | 160 | 32 | (51 | ) | 479 | 36 | 40 | |||||||||||||||||||||||
Delaware Ivy International Value Fund, Class R6 | 542 | 77 | 188 | 42 | 3 | 476 | 13 | — | ||||||||||||||||||||||||
Delaware Ivy Large Cap Growth Fund, Class R6 | 2,873 | 575 | 1,043 | 99 | 416 | 2,920 | 86 | 158 | ||||||||||||||||||||||||
Delaware Ivy LaSalle Global Real Estate Fund, Class R6 | 271 | 38 | 90 | 17 | 42 | 278 | 10 | — | ||||||||||||||||||||||||
Delaware Ivy Limited-Term Bond Fund, Class R6 | 1,666 | 2,996 | 651 | (1 | ) | (62 | ) | 3,948 | 52 | — | ||||||||||||||||||||||
Delaware Ivy Mid Cap Growth Fund, Class R6 | 1,478 | 357 | 509 | 66 | 10 | 1,402 | 22 | 125 | ||||||||||||||||||||||||
Delaware Ivy Mid Cap Income Opportunities Fund, Class R6 | 424 | 60 | 147 | 30 | 50 | 417 | 9 | 6 | ||||||||||||||||||||||||
Delaware Ivy ProShares Russell 2000 Dividend Growers Index Fund, Class R6 | 191 | 29 | 243 | 46 | (23 | ) | — | 2 | — | |||||||||||||||||||||||
Delaware Ivy S&P 500 Dividend Aristocrats Index Fund, Class R6 | 1,082 | 221 | 352 | 47 | 119 | 1,117 | 46 | 36 | ||||||||||||||||||||||||
Delaware Ivy Securian Core Bond Fund, Class R6 | 3,375 | 902 | 597 | — | * | (86 | ) | 3,594 | 82 | 7 | ||||||||||||||||||||||
Delaware Ivy Small Cap Growth Fund, Class R6 | 502 | 136 | 220 | 42 | (85 | ) | 375 | 10 | 62 | |||||||||||||||||||||||
Delaware Ivy Systematic Emerging Markets Equity Fund, Class R6 | 1,683 | 377 | 511 | 95 | (154 | ) | 1,490 | 14 | — | |||||||||||||||||||||||
Delaware Ivy Value Fund, Class R6 | 851 | 379 | 413 | 105 | 86 | 1,008 | 38 | 65 | ||||||||||||||||||||||||
$ | 31,700 | $ | 849 | $ | 297 | $ | 32,725 | $ | 764 | $ | 773 |
2021 | ANNUAL REPORT | 47 |
Table of Contents
12-31-20 Value | Gross Additions | Gross Reductions | Realized Gain/(Loss) | Net Change in Unrealized Appreciation/ (Depreciation) | 12-31-21 Value | Distributions Received | Capital Gain Distributions | |||||||||||||||||||||||||
InvestEd 40 Portfolio | ||||||||||||||||||||||||||||||||
Delaware Ivy Core Equity Fund, Class R6 | $ | 3,474 | $ | 873 | $ | 1,259 | $ | 423 | $ | 127 | $ | 3,638 | $ | 96 | $ | 274 | ||||||||||||||||
Delaware Ivy Corporate Bond Fund, Class R6 | 2,052 | 1,369 | 406 | 14 | (171 | ) | 2,858 | 86 | 63 | |||||||||||||||||||||||
Delaware Ivy Crossover Credit Fund, Class R6 | 417 | 1,278 | 190 | 2 | (76 | ) | 1,431 | 61 | 32 | |||||||||||||||||||||||
Delaware Ivy Global Bond Fund, Class R6 | 828 | 186 | 126 | 5 | (37 | ) | 856 | 24 | — | |||||||||||||||||||||||
Delaware Ivy Government Securities Fund, Class R6 | 18,660 | 2,611 | 6,528 | 338 | (788 | ) | 14,293 | 199 | — | |||||||||||||||||||||||
Delaware Ivy High Income Fund, Class R6 | 434 | 93 | 91 | (1 | ) | 1 | 436 | 30 | — | |||||||||||||||||||||||
Delaware Ivy International Core Equity Fund, Class R6 | 2,609 | 319 | 754 | 31 | 246 | 2,451 | 67 | — | ||||||||||||||||||||||||
Delaware Ivy International Small Cap Fund, Class R6 | 696 | 167 | 217 | 41 | (66 | ) | 621 | 47 | 52 | |||||||||||||||||||||||
Delaware Ivy International Value Fund, Class R6 | 722 | 88 | 251 | 54 | 4 | 617 | 17 | — | ||||||||||||||||||||||||
Delaware Ivy Large Cap Growth Fund, Class R6 | 3,690 | 641 | 1,336 | 491 | 197 | 3,683 | 109 | 199 | ||||||||||||||||||||||||
Delaware Ivy LaSalle Global Real Estate Fund, Class R6 | 368 | 46 | 123 | 10 | 66 | 367 | 13 | — | ||||||||||||||||||||||||
Delaware Ivy Limited-Term Bond Fund, Class R6 | 3,917 | 5,319 | 1,123 | 5 | (136 | ) | 7,982 | 107 | — | |||||||||||||||||||||||
Delaware Ivy Mid Cap Growth Fund, Class R6 | 1,938 | 374 | 686 | 254 | (141 | ) | 1,739 | 27 | 155 | |||||||||||||||||||||||
Delaware Ivy Mid Cap Income Opportunities Fund, Class R6 | 613 | 70 | 281 | 60 | 54 | 516 | 11 | 7 | ||||||||||||||||||||||||
Delaware Ivy ProShares Russell 2000 Dividend Growers Index Fund, Class R6 | 233 | 32 | 292 | 25 | 2 | — | 2 | — | ||||||||||||||||||||||||
Delaware Ivy S&P 500 Dividend Aristocrats Index Fund, Class R6 | 1,319 | 327 | 438 | 90 | 108 | 1,406 | 58 | 45 | ||||||||||||||||||||||||
Delaware Ivy Securian Core Bond Fund, Class R6 | 6,019 | 1,510 | 949 | 14 | (170 | ) | 6,424 | 148 | 13 | |||||||||||||||||||||||
Delaware Ivy Small Cap Growth Fund, Class R6 | 655 | 157 | 299 | 90 | (141 | ) | 462 | 12 | 76 | |||||||||||||||||||||||
Delaware Ivy Systematic Emerging Markets Equity Fund, Class R6 | 2,191 | 423 | 648 | 189 | (263 | ) | 1,892 | 18 | — | |||||||||||||||||||||||
Delaware Ivy Value Fund, Class R6 | 1,078 | 398 | 389 | 61 | 162 | 1,310 | 49 | 84 | ||||||||||||||||||||||||
$ | 51,913 | $ | 2,196 | $ | (1,022 | ) | $ | 52,982 | $ | 1,181 | $ | 1,000 |
48 | ANNUAL REPORT | 2021 |
Table of Contents
12-31-20 Value | Gross Additions | Gross Reductions | Realized Gain/(Loss) | Net Change in Unrealized Appreciation/ (Depreciation) | 12-31-21 Value | Distributions Received | Capital Gain Distributions | |||||||||||||||||||||||||
InvestEd 30 Portfolio | ||||||||||||||||||||||||||||||||
Delaware Ivy Core Equity Fund, Class R6 | $ | 2,230 | $ | 542 | $ | 828 | $ | 140 | $ | 195 | $ | 2,279 | $ | 60 | $ | 172 | ||||||||||||||||
Delaware Ivy Corporate Bond Fund, Class R6 | 1,755 | 986 | 315 | — | * | (127 | ) | 2,299 | 68 | 51 | ||||||||||||||||||||||
Delaware Ivy Crossover Credit Fund, Class R6 | 238 | 917 | 135 | — | * | (51 | ) | 969 | 41 | 22 | ||||||||||||||||||||||
Delaware Ivy Global Bond Fund, Class R6 | 590 | 116 | 81 | — | * | (21 | ) | 604 | 17 | — | ||||||||||||||||||||||
Delaware Ivy Government Securities Fund, Class R6 | 15,948 | 2,178 | 5,157 | (66 | ) | (318 | ) | 12,585 | 170 | — | ||||||||||||||||||||||
Delaware Ivy High Income Fund, Class R6 | 247 | 50 | 52 | 4 | (3 | ) | 246 | 16 | — | |||||||||||||||||||||||
Delaware Ivy International Core Equity Fund, Class R6 | 1,660 | 219 | 510 | 83 | 93 | 1,545 | 43 | — | ||||||||||||||||||||||||
Delaware Ivy International Small Cap Fund, Class R6 | 463 | 112 | 150 | 29 | (44 | ) | 410 | 31 | 34 | |||||||||||||||||||||||
Delaware Ivy International Value Fund, Class R6 | 482 | 59 | 173 | 38 | 2 | 408 | 11 | — | ||||||||||||||||||||||||
Delaware Ivy Large Cap Growth Fund, Class R6 | 2,337 | 475 | 899 | 69 | 324 | 2,306 | 68 | 125 | ||||||||||||||||||||||||
Delaware Ivy LaSalle Global Real Estate Fund, Class R6 | 252 | 33 | 88 | 15 | 37 | 249 | 8 | — | ||||||||||||||||||||||||
Delaware Ivy Limited-Term Bond Fund, Class R6 | 8,193 | 4,056 | 1,461 | (1 | ) | (165 | ) | 10,622 | 140 | — | ||||||||||||||||||||||
Delaware Ivy Mid Cap Growth Fund, Class R6 | 1,195 | 249 | 378 | 45 | 10 | 1,121 | 17 | 100 | ||||||||||||||||||||||||
Delaware Ivy Mid Cap Income Opportunities Fund, Class R6 | 328 | 45 | 122 | 25 | 36 | 312 | 7 | 4 | ||||||||||||||||||||||||
Delaware Ivy ProShares Russell 2000 Dividend Growers Index Fund, Class R6 | 133 | 14 | 162 | 32 | (17 | ) | — | 1 | — | |||||||||||||||||||||||
Delaware Ivy S&P 500 Dividend Aristocrats Index Fund, Class R6 | 879 | 173 | 301 | 38 | 88 | 877 | 36 | 28 | ||||||||||||||||||||||||
Delaware Ivy Securian Core Bond Fund, Class R6 | 5,262 | 2,300 | 883 | (2 | ) | (150 | ) | 6,527 | 144 | 13 | ||||||||||||||||||||||
Delaware Ivy Small Cap Growth Fund, Class R6 | 351 | 95 | 130 | 25 | (60 | ) | 281 | 7 | 47 | |||||||||||||||||||||||
Delaware Ivy Systematic Emerging Markets Equity Fund, Class R6 | 1,476 | 270 | 443 | 84 | (127 | ) | 1,260 | 12 | — | |||||||||||||||||||||||
Delaware Ivy Value Fund, Class R6 | 660 | 314 | 319 | 82 | 64 | 801 | 30 | 52 | ||||||||||||||||||||||||
$ | 44,679 | $ | 640 | $ | (234 | ) | $ | 45,701 | $ | 927 | $ | 648 |
2021 | ANNUAL REPORT | 49 |
Table of Contents
12-31-20 Value | Gross Additions | Gross Reductions | Realized Gain/(Loss) | Net Change in Unrealized Appreciation/ (Depreciation) | 12-31-21 Value | Distributions Received | Capital Gain Distributions | |||||||||||||||||||||||||
InvestEd 20 Portfolio | ||||||||||||||||||||||||||||||||
Delaware Ivy Core Equity Fund, Class R6 | $ | 2,156 | $ | 510 | $ | 875 | $ | 291 | $ | 37 | $ | 2,119 | $ | 56 | $ | 160 | ||||||||||||||||
Delaware Ivy Corporate Bond Fund, Class R6 | 2,352 | 903 | 426 | 13 | (168 | ) | 2,674 | 83 | 59 | |||||||||||||||||||||||
Delaware Ivy Crossover Credit Fund, Class R6 | 159 | 382 | 71 | — | * | (24 | ) | 446 | 19 | 10 | ||||||||||||||||||||||
Delaware Ivy Global Bond Fund, Class R6 | 632 | 76 | 92 | 4 | (27 | ) | 593 | 18 | — | |||||||||||||||||||||||
Delaware Ivy Government Securities Fund, Class R6 | 21,400 | 1,826 | 7,258 | 334 | (847 | ) | 15,455 | 224 | — | |||||||||||||||||||||||
Delaware Ivy High Income Fund, Class R6 | 167 | 24 | 40 | — | * | — | 151 | 11 | — | |||||||||||||||||||||||
Delaware Ivy International Core Equity Fund, Class R6 | 1,110 | 94 | 374 | 17 | 99 | 946 | 26 | — | ||||||||||||||||||||||||
Delaware Ivy International Small Cap Fund, Class R6 | 266 | 50 | 94 | 18 | (25 | ) | 215 | 16 | 18 | |||||||||||||||||||||||
Delaware Ivy International Value Fund, Class R6 | 275 | 21 | 105 | 23 | — | 214 | 6 | — | ||||||||||||||||||||||||
Delaware Ivy Large Cap Growth Fund, Class R6 | 2,353 | 303 | 928 | 276 | 142 | 2,146 | 63 | 116 | ||||||||||||||||||||||||
Delaware Ivy LaSalle Global Real Estate Fund, Class R6 | 168 | 14 | 63 | 5 | 29 | 153 | 5 | — | ||||||||||||||||||||||||
Delaware Ivy Limited-Term Bond Fund, Class R6 | 18,574 | 5,104 | 3,180 | 48 | (391 | ) | 20,155 | 286 | — | |||||||||||||||||||||||
Delaware Ivy Mid Cap Growth Fund, Class R6 | 1,243 | 187 | 491 | 173 | (100 | ) | 1,012 | 16 | 91 | |||||||||||||||||||||||
Delaware Ivy Mid Cap Income Opportunities Fund, Class R6 | 350 | 32 | 140 | 28 | 36 | 306 | 7 | 4 | ||||||||||||||||||||||||
Delaware Ivy ProShares Russell 2000 Dividend Growers Index Fund, Class R6 | 178 | 16 | 214 | 17 | 3 | — | 2 | — | ||||||||||||||||||||||||
Delaware Ivy S&P 500 Dividend Aristocrats Index Fund, Class R6 | 838 | 122 | 312 | 61 | 61 | 770 | 32 | 25 | ||||||||||||||||||||||||
Delaware Ivy Securian Core Bond Fund, Class R6 | 6,116 | 3,328 | 1,234 | 15 | (210 | ) | 8,015 | 189 | 16 | |||||||||||||||||||||||
Delaware Ivy Small Cap Growth Fund, Class R6 | 375 | 80 | 149 | 44 | (76 | ) | 274 | 7 | 45 | |||||||||||||||||||||||
Delaware Ivy Systematic Emerging Markets Equity Fund, Class R6 | 985 | 126 | 313 | 91 | (117 | ) | 772 | 7 | — | |||||||||||||||||||||||
Delaware Ivy Value Fund, Class R6 | 704 | 180 | 266 | 38 | 101 | 757 | 28 | 49 | ||||||||||||||||||||||||
$ | 60,401 | $ | 1,496 | $ | (1,477 | ) | $ | 57,173 | $ | 1,101 | $ | 593 |
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12-31-20 Value | Gross Additions | Gross Reductions | Realized Gain/(Loss) | Net Change in Unrealized Appreciation/ (Depreciation) | 12-31-21 Value | Distributions Received | Capital Gain Distributions | |||||||||||||||||||||||||
InvestEd 10 Portfolio | ||||||||||||||||||||||||||||||||
Delaware Ivy Core Equity Fund, Class R6 | $ | 880 | $ | 426 | $ | 489 | $ | 86 | $ | 50 | $ | 953 | $ | 26 | $ | 73 | ||||||||||||||||
Delaware Ivy Corporate Bond Fund, Class R6 | 2,615 | 808 | 1,051 | (12 | ) | (115 | ) | 2,245 | 70 | 50 | ||||||||||||||||||||||
Delaware Ivy Global Bond Fund, Class R6 | 479 | 166 | 129 | — | * | (18 | ) | 498 | 14 | — | ||||||||||||||||||||||
Delaware Ivy Government Securities Fund, Class R6 | 16,210 | 4,451 | 6,791 | (43 | ) | (352 | ) | 13,475 | 186 | — | ||||||||||||||||||||||
Delaware Ivy International Core Equity Fund, Class R6 | 324 | 101 | 154 | 26 | 9 | 306 | 8 | — | ||||||||||||||||||||||||
Delaware Ivy International Small Cap Fund, Class R6 | 67 | 28 | 32 | 6 | (9 | ) | 60 | 5 | 5 | |||||||||||||||||||||||
Delaware Ivy International Value Fund, Class R6 | 70 | 20 | 36 | 8 | (2 | ) | 60 | 2 | — | |||||||||||||||||||||||
Delaware Ivy Large Cap Growth Fund, Class R6 | 951 | 351 | 518 | 53 | 127 | 964 | 29 | 53 | ||||||||||||||||||||||||
Delaware Ivy LaSalle Global Real Estate Fund, Class R6 | 64 | 19 | 33 | 6 | 8 | 64 | 2 | — | ||||||||||||||||||||||||
Delaware Ivy Limited-Term Bond Fund, Class R6 | 19,462 | 8,844 | 5,548 | (1 | ) | �� | (358 | ) | 22,399 | 304 | — | |||||||||||||||||||||
Delaware Ivy Mid Cap Growth Fund, Class R6 | 472 | 178 | 252 | 36 | (8 | ) | 426 | 7 | 39 | |||||||||||||||||||||||
Delaware Ivy Mid Cap Income Opportunities Fund, Class R6 | 133 | 42 | 71 | 15 | 10 | 129 | 3 | 2 | ||||||||||||||||||||||||
Delaware Ivy ProShares Russell 2000 Dividend Growers Index Fund, Class R6 | 68 | 17 | 93 | 16 | (8 | ) | — | 1 | — | |||||||||||||||||||||||
Delaware Ivy S&P 500 Dividend Aristocrats Index Fund, Class R6 | 382 | 146 | 197 | 26 | 30 | 387 | 16 | 13 | ||||||||||||||||||||||||
Delaware Ivy Securian Core Bond Fund, Class R6 | 3,327 | 4,543 | 1,512 | 11 | (138 | ) | 6,231 | 141 | 12 | |||||||||||||||||||||||
Delaware Ivy Small Cap Growth Fund, Class R6 | 142 | 62 | 73 | 14 | (29 | ) | 116 | 3 | 20 | |||||||||||||||||||||||
Delaware Ivy Systematic Emerging Markets Equity Fund, Class R6 | 272 | 92 | 118 | 21 | (31 | ) | 236 | 2 | — | |||||||||||||||||||||||
Delaware Ivy Value Fund, Class R6 | 267 | 140 | 142 | 35 | 18 | 318 | 12 | 21 | ||||||||||||||||||||||||
$ | 46,185 | $ | 303 | $ | (816 | ) | $ | 48,867 | $ | 831 | $ | 288 |
12-31-20 Value | Gross Additions | Gross Reductions | Realized Gain/(Loss) | Net Change in Unrealized Depreciation | 12-31-21 Value | Distributions Received | Capital Gain Distributions | |||||||||||||||||||||||||
InvestEd 0 Portfolio | ||||||||||||||||||||||||||||||||
Delaware Ivy Corporate Bond Fund, Class R6 | $ | 225 | $ | 272 | $ | 110 | $ | 1 | $ | (21 | ) | $ | 367 | $ | 11 | $ | 8 | |||||||||||||||
Delaware Ivy Government Securities Fund, Class R6 | 16,101 | 4,888 | 9,255 | 112 | (455 | ) | 11,391 | 155 | — | |||||||||||||||||||||||
Delaware Ivy Limited-Term Bond Fund, Class R6 | 27,511 | 20,193 | 10,477 | 153 | (738 | ) | 36,642 | 482 | — | |||||||||||||||||||||||
Delaware Ivy Securian Core Bond Fund, Class R6 | 338 | 305 | 143 | — | * | (11 | ) | 489 | 11 | 1 | ||||||||||||||||||||||
$ | 44,175 | $ | 266 | $ | (1,225 | ) | $ | 48,889 | $ | 659 | $ | 9 |
* | Not shown due to rounding. |
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9. | OTHER FUND INFORMATION |
At a meeting held on January 12, 2021, the Trustees, upon recommendation of the Audit Committee, selected PricewaterhouseCoopers LLP (“PwC”), contingent on PwC finalizing their independence assessment, to serve as the independent registered public accounting firm for the Trust for the fiscal year ending December 31, 2021. PwC affirmed their independence as an independent registered public accounting firm on February 18, 2021. During the fiscal year ended December 31, 2020, Deloitte & Touche LLP’s (“Deloitte”) audit report on the financial statements of each Portfolio in the Trust did not contain any adverse opinion or disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope, or accounting principles. In addition, there were no disagreements between the Trust and Deloitte on accounting principles, financial statements disclosures or audit scope, which, if not resolved to the satisfaction of Deloitte, would have caused them to make reference to the disagreement in their reports. Neither the Trust nor anyone on its behalf has consulted with PwC at any time prior to their selection with respect to the application of accounting principles to a specified transaction, either completed or proposed or the type of audit opinion that might be rendered on each Portfolio’s financial statements.
10. | FEDERAL INCOME TAX MATTERS ($ amounts in thousands) |
For Federal income tax purposes, cost of investments owned at December 31, 2021 and the related unrealized appreciation (depreciation) were as follows:
Portfolio | Cost of Investments | Gross Appreciation | Gross Depreciation | Net Unrealized Appreciation (Depreciation) | ||||||||||||
InvestEd 90 Portfolio | $ | 13,928 | $ | 1,372 | $ | 91 | $ | 1,281 | ||||||||
InvestEd 80 Portfolio | 14,926 | 1,508 | 144 | 1,364 | ||||||||||||
InvestEd 70 Portfolio | 104,706 | 15,512 | 415 | 15,097 | ||||||||||||
InvestEd 60 Portfolio | 56,086 | 6,723 | 327 | 6,396 | ||||||||||||
InvestEd 50 Portfolio | 34,329 | 2,410 | 689 | 1,721 | ||||||||||||
InvestEd 40 Portfolio | 53,595 | 3,992 | 363 | 3,629 | ||||||||||||
InvestEd 30 Portfolio | 47,542 | 1,954 | 1,133 | 821 | ||||||||||||
InvestEd 20 Portfolio | 57,794 | 2,187 | 361 | 1,826 | ||||||||||||
InvestEd 10 Portfolio | 50,626 | 597 | 1,277 | (680 | ) | |||||||||||
InvestEd 0 Portfolio | 49,925 | — | 826 | (826 | ) |
For Federal income tax purposes, the Portfolios’ undistributed earnings and profit for the year ended December 31, 2021 and the post-October and late-year ordinary activity updated with information available through the date of this report were as follows:
Portfolio | Undistributed Ordinary Income | Undistributed Long-Term Capital Gains | Tax Return of Capital | Post- October Capital Losses Deferred | Late- Year Ordinary Losses Deferred | |||||||||||||||
InvestEd 90 Portfolio | $ | 534 | $ | 1,256 | $ | — | $ | — | $ | — | ||||||||||
InvestEd 80 Portfolio | 1,007 | 855 | — | — | — | |||||||||||||||
InvestEd 70 Portfolio | 3,348 | 7,862 | — | — | — | |||||||||||||||
InvestEd 60 Portfolio | 1,915 | 4,848 | — | — | — | |||||||||||||||
InvestEd 50 Portfolio | 1,386 | 1,079 | — | — | — | |||||||||||||||
InvestEd 40 Portfolio | 1,423 | 3,055 | — | — | — | |||||||||||||||
InvestEd 30 Portfolio | 1,371 | 868 | — | — | — | |||||||||||||||
InvestEd 20 Portfolio | 1,235 | 1,929 | — | — | — | |||||||||||||||
InvestEd 10 Portfolio | 938 | 419 | — | — | — | |||||||||||||||
InvestEd 0 Portfolio | 539 | 277 | — | — | — |
Internal Revenue Code regulations permit each Portfolio to elect to defer into its next fiscal year capital losses and certain specified ordinary items incurred between each November 1 and the end of its fiscal year. Each Portfolio is also permitted to defer into its next fiscal certain ordinary losses that are generated between January 1 and the end of its fiscal year.
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The tax character of dividends and distributions paid during the two fiscal years ended December 31, 2021 and 2020 were as follows:
December 31, 2021 | December 31, 2020 | |||||||||||||||
Portfolio | Distributed Ordinary Income(1) | Distributed Long-Term Capital Gains | Distributed Ordinary Income(1) | Distributed Long-Term Capital Gains | ||||||||||||
InvestEd 90 Portfolio | $ | 678 | $ | 1,930 | $ | 677 | $ | 870 | ||||||||
InvestEd 80 Portfolio | 184 | 296 | — | — | ||||||||||||
InvestEd 70 Portfolio | 2,543 | 5,640 | 2,512 | 3,650 | ||||||||||||
InvestEd 60 Portfolio | 1,798 | 3,639 | 1,862 | 2,138 | ||||||||||||
InvestEd 50 Portfolio | 347 | 442 | — | — | ||||||||||||
InvestEd 40 Portfolio | 1,863 | 2,962 | 1,809 | 1,005 | ||||||||||||
InvestEd 30 Portfolio | 508 | 403 | — | — | ||||||||||||
InvestEd 20 Portfolio | 2,411 | 4,423 | 2,573 | 1,255 | ||||||||||||
InvestEd 10 Portfolio | 412 | 205 | — | — | ||||||||||||
InvestEd 0 Portfolio | 1,003 | 918 | 1,099 | 3 |
(1) | Includes short-term capital gains distributed, if any. |
Dividends from net investment income and short-term capital gains are treated as ordinary income dividends for federal income tax purposes.
Net investment income dividends and capital gains distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. These differences are due to differing treatments for items such as deferral of wash sales, post-October losses, late-year ordinary losses, foreign currency transactions, net operating losses, income from passive foreign investment companies (PFICs) and partnership transactions.
2021 | ANNUAL REPORT | 53 |
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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM | INVESTED PORTFOLIOS |
To the Board of Trustees of InvestEd Portfolios and Shareholders of InvestEd 90 Portfolio, InvestEd 80 Portfolio, InvestEd 70 Portfolio, InvestEd 60 Portfolio, InvestEd 50 Portfolio, InvestEd 40 Portfolio, InvestEd 30 Portfolio, InvestEd 20 Portfolio, InvestEd 10 Portfolio and InvestEd 0 Portfolio
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of InvestEd 90 Portfolio, InvestEd 80 Portfolio, InvestEd 70 Portfolio, InvestEd 60 Portfolio, InvestEd 50 Portfolio, InvestEd 40 Portfolio, InvestEd 30 Portfolio, InvestEd 20 Portfolio, InvestEd 10 Portfolio and InvestEd 0 Portfolio (constituting InvestEd Portfolios, hereafter collectively referred to as the “Portfolios”) as of December 31, 2021, the related statements of operations and changes in net assets, including the related notes, and the financial highlights for the year ended December 31, 2021 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Portfolios as of December 31, 2021, and the results of each of their operations, changes in each of their net assets, and each of the financial highlights for the year ended December 31, 2021 in conformity with accounting principles generally accepted in the United States of America.
The financial statements of the Portfolios as of and for the periods ended December 31, 2020 and the financial highlights for each of the periods ended on or prior to December 31, 2020 (not presented herein, other than the statements of changes in net assets and the financial highlights) were audited by other auditors whose report dated February 12, 2021 expressed an unqualified opinion on those financial statements and financial highlights.
Basis for Opinions
These financial statements are the responsibility of the Portfolios’ management. Our responsibility is to express an opinion on the Portfolios’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Portfolios in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2021 by correspondence with the custodian and transfer agents. We believe that our audits provide a reasonable basis for our opinions.
/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
February 17, 2022
We have served as the auditor of one or more investment companies in Delaware Funds by Macquarie® since 2010.
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INCOME TAX INFORMATION | INVESTED PORTFOLIOS |
AMOUNTS NOT ROUNDED (UNAUDITED)
The following information is provided solely to satisfy the requirements set forth by the Internal Revenue Code.
The Portfolios hereby designate the following amounts as distributions of long-term capital gains:
InvestEd 90 Portfolio | $ | 1,929,853 | ||
InvestEd 80 Portfolio | 296,481 | |||
InvestEd 70 Portfolio | 5,639,514 | |||
InvestEd 60 Portfolio | 3,638,567 | |||
InvestEd 50 Portfolio | 442,341 | |||
InvestEd 40 Portfolio | 2,962,220 | |||
InvestEd 30 Portfolio | 402,840 | |||
InvestEd 20 Portfolio | 4,423,075 | |||
InvestEd 10 Portfolio | 205,395 | |||
InvestEd 0 Portfolio | 917,770 |
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BOARD OF TRUSTEES / DIRECTORS AND OFFICERS ADDENDUM | INVESTED PORTFOLIOS |
(UNAUDITED)
INTERESTED TRUSTEE
NAME, ADDRESS, AND BIRTH DATE | POSITION(S) HELD WITH THE FUND | LENGTH OF TIME SERVED | PRINCIPAL OCCUPATION(S) DURING THE PAST FIVE YEARS | NUMBER OF PORTFOLIOS IN FUND COMPLEX OVERSEEN BY TRUSTEE OR | OTHER DIRECTORSHIPS HELD BY TRUSTEE OR OFFICER | |||||
Interested Trustee | ||||||||||
Shawn K. Lytle1 February 1970 | President, Chief Executive Officer, and Trustee | President and Chief Executive Officer since August 2015
Trustee since September 2015 | Global Head of Macquarie Investment Management2 (January 2019-Present); Head of Americas of Macquarie Group (December 2017-Present); Deputy Global Head of Macquarie Investment Management (2017-2019); Head of Macquarie Investment Management Americas (2015-2017) | 150 | Trustee – UBS Relationship Funds, SMA Relationship Trust, and UBS Funds (May 2010- April 2015) | |||||
INDEPENDENT TRUSTEES | ||||||||||
Jerome D. Abernathy3 July 1959 | Trustee | Since January 2019 | Managing Member, Stonebrook Capital Management, LLC (financial technology: macro factors and databases) (January 1993-Present) | 150 | None | |||||
Thomas L. Bennett3 October 1947 | Chair and Trustee | Trustee since March 2005
Chair since March 2015 | Private Investor (March 2004-Present) | 150 | None | |||||
Ann D. Borowiec3 November 1958 | Trustee | Since March 2015 | Chief Executive Officer, Private Wealth Management (2011-2013) and Market Manager, New Jersey Private Bank (2005-2011) – J.P. Morgan Chase & Co. | 150 | Director – Banco Santander International (October 2016-December 2019)
Director – Santander Bank, N.A. (December 2016- December 2019) | |||||
Joseph W. Chow3 January 1953 | Trustee | Since January 2013 | Private Investor (April 2011-Present) | 150 | Director and Audit Committee Member – Hercules Technology Growth Capital, Inc. (July 2004-July 2014) | |||||
H. Jeffrey Dobbs May 1955 | Trustee | Since April 2019 | Global Sector Chairman, Industrial Manufacturing, KPMG LLP (2010-2015) | 150 | Director, Valparaiso University (2012-Present)
Director, TechAccel LLC (2015-Present) (Tech R&D)
Board Member, Kansas City Repertory Theatre (2015-Present)
Board Member, PatientsVoices, Inc. (healthcare) (2018-Present)
Kansas City Campus for Animal Care (2018-Present)
Director, National Association of Manufacturers (2010-2015)
Director, The Children’s Center (2003-2015)
Director, Metropolitan Affairs Coalition (2003-2015)
Director, Michigan Roundtable for Diversity and Inclusion (2003-2015)
Trustee, Ivy Funds Complex (2019-2021) |
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NAME, ADDRESS, AND BIRTH DATE | POSITION(S) HELD WITH THE FUND | LENGTH OF TIME SERVED | PRINCIPAL OCCUPATION(S) DURING THE PAST FIVE YEARS | NUMBER OF PORTFOLIOS IN FUND COMPLEX OVERSEEN BY TRUSTEE OR | OTHER DIRECTORSHIPS HELD BY TRUSTEE OR OFFICER | |||||
John A. Fry3 May 1960 | Trustee | Since January 2001 | President – Drexel University (August 2010-Present) President – Franklin & Marshall College (July 2002-June 2010) | 150 | Director; Compensation Committee and Governance Committee Member – Community Health Systems (May 2004-Present)
Director – Drexel Morgan & Co. (2015- 2019)
Director and Audit Committee Member – vTv Therapeutics Inc. (2017-Present)
Director and Audit Committee Member – FS Credit Real Estate Income Trust, Inc. (2018-Present)
Director – Federal Reserve Bank of Philadelphia (January 2020-Present) | |||||
Joseph Harroz, Jr. January 1967 | Trustee | Since November 1998 | President (2020-Present), Interim President (2019-2020), Vice President (2010-2019) and Dean (2010-2019), College of Law, University of Oklahoma; Managing Member, Harroz Investments, LLC, (commercial enterprises) (1998-2019); Managing Member, St. Clair, LLC (commercial enterprises) (2019-Present) | 150 | Director, OU Medicine, Inc. (2020 – present); Director and Shareholder, Valliance Bank (2007-Present)
Director, Foundation Healthcare (formerly Graymark HealthCare) (2008-2017)
Trustee, the Mewbourne Family Support Organization (2006-Present) (non-profit)
Independent Director, LSQ Manager, Inc. (real estate) (2007-2016)
Director, Oklahoma Foundation for Excellence (non-profit) (2008-Present)
Trustee, Ivy Funds Complex (1998-2021) | |||||
Sandra A.J. Lawrence September 1957 | Trustee | Since April 2019 | Chief Administrative Officer, Children’s Mercy Hospitals and Clinics (2016-2019); CFO, Children’s Mercy Hospitals and Clinics (2005-2016) | 150 | Director, Hall Family Foundation (1993-Present)
Director, Westar Energy (utility) (2004-2018)
Trustee, Nelson-Atkins Museum of Art (non-profit) (2021-Present) (2007-2020)
Director, Turn the Page KC (non-profit) (2012-2016)
Director, Kansas Metropolitan Business and Healthcare Coalition (non-profit) (2017-2019)
Director, National Association of Corporate Directors (non-profit) National Board (2022-Present); Regional Board (2017-2021)
Director, American Shared Hospital Services (medical device) (2017-2021)
Director, Evergy, Inc., Kansas City Power & Light Company, KCP&L Greater Missouri Operations Company, Westar Energy, Inc. and Kansas Gas and Electric Company (related utility companies) (2018-Present)
Director, Stowers (research) (2018)
Co-Chair, Women Corporate Directors (director education) (2018-2020)
Trustee, Ivy Funds Complex (2019-2021)
Director, Brixmor Property Group Inc. (2021-Present)
Director, Sera Prognostics Inc. (biotechnology) (2021-Present)
Director, Recology (resource recovery) (2021-Present) |
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NAME, ADDRESS, AND BIRTH DATE | POSITION(S) HELD WITH THE FUND | LENGTH OF TIME SERVED | PRINCIPAL OCCUPATION(S) DURING THE PAST FIVE YEARS | NUMBER OF PORTFOLIOS IN FUND COMPLEX OVERSEEN BY TRUSTEE OR | OTHER DIRECTORSHIPS HELD BY TRUSTEE OR OFFICER | |||||
Frances A. Sevilla-Sacasa3 January 1956 | Trustee | Since September 2011 | Private Investor (January 2017-Present)
Chief Executive Officer – Banco Itaú International (April 2012-December 2016)
Executive Advisor to Dean (August 2011-March 2012) and Interim Dean (January 2011-July 2011) – University of Miami School of Business Administration
President — U.S. Trust, Bank of America Private Wealth Management (Private Banking) (July 2007-December 2008) | 150 | Trust Manager and Audit Committee Chair – Camden Property Trust (August 2011-Present)
Director; Audit & Compensation Committee Member – Callon Petroleum Company (December 2019-Present)
Director; Audit Committee Member – New Senior Investment Group Inc. (January 2021-September 2021)
Director; Audit Committee Member – Carrizo Oil & Gas, Inc. (March 2018- December 2019) | |||||
Thomas K. Whitford3 March 1956 | Trustee | Since January 2013 | Vice Chairman (2010-April 2013) – PNC Financial Services Group | 150 | Director – HSBC North America Holdings Inc. (December 2013-Present)
Director – HSBC USA Inc. (July 2014-Present)
Director – HSBC Bank USA, National Association (July 2014-March 2017)
Director – HSBC Finance Corporation (December 2013-April 2018) | |||||
Christianna Wood3 August 1959 | Trustee | Since January 2019 | Chief Executive Officer and President – Gore Creek Capital, Ltd. (August 2009-Present) | 150 | Director; Finance Committee and Audit Committee Member – H&R Block Corporation (July 2008-Present)
Director; Investments Committee, Capital and Finance Committee and Audit Committee Member – Grange Insurance (2013-Present)
Trustee; Chair of Nominating and Governance Committee and Member of Audit Committee – The Merger Fund (2013-October 2021), The Merger Fund VL (2013-October 2021), WCM Alternatives: Event-Driven Fund (2013-October 2021), and WCM Alternatives: Credit Event Fund (December 2017-October 2021)
Director; Chair of Governance Committee and Audit Committee Member – International Securities Exchange (2010-2016) | |||||
Janet L. Yeomans3 July 1948 | Trustee | Since April 1999 | Vice President and Treasurer (January 2006-July 2012) Vice President – Mergers & Acquisitions (January 2003-January 2006), and Vice President and Treasurer (July 1995-January 2003) – 3M Company | 150 | Director; Personnel and Compensation Committee Chair; Member of Nominating, Investments, and Audit Committees for various periods throughout directorship – Okabena Company (2009-2017) |
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OFFICERS
POSITION(S) HELD WITH THE TRUST | LENGTH OF TIME SERVED | PRINCIPAL OCCUPATION(S) DURING THE PAST FIVE YEARS | ||||
David F. Connor4 December 1963 | Senior Vice President, General Counsel, and Secretary | Senior Vice President, General Counsel, and Secretary since April 2021 | David F. Connor has served in various capacities at different times at Macquarie Investment Management. | |||
Daniel V. Geatens4 October 1972 | Senior Vice President and Treasurer | Senior Vice President and Treasurer since April 2021 | Daniel V. Geatens has served in various capacities at different times at Macquarie Investment Management. | |||
Richard Salus October 1963 | Senior Vice President and Chief Financial Officer | Senior Vice President and Chief Financial Officer since April 2021 | Richard Salus has served in various capacities at different times at Macquarie Investment Management. |
1 | Shawn K. Lytle is considered to be an “Interested Trustee” because he is an executive officer of the Manager. Mr. Lytle was appointed as Trustee of the Trust effective April 30, 2021. |
2 | Macquarie Investment Management is the marketing name for certain companies comprising the asset management division of Macquarie Group, including the Funds’ Manager, principal underwriter, and transfer agent. |
3 | Messrs. Abernathy, Bennett, Chow, Fry, Whitford, and Mss. Borowiec, Sevilla-Sacasa, Wood, Yeomans were appointed as Trustees of the Trust effective April 30, 2021. |
4 | David F. Connor and Daniel V. Geatens serve in similar capacities for the six portfolios of the Optimum Fund Trust, which have the same investment manager and principal underwriter as the Funds. Mr. Geatens also serves as the Chief Financial Officer of the Optimum Fund Trust, and he is the Chief Financial Officer and Treasurer for Macquarie Global Infrastructure Total Return Fund Inc., which has the same investment manager as the Funds. |
The Statement of Additional Information for the Portfolios includes additional information about the Trustees and Officers and is available, without charge, upon request by calling 888-923-3355.
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ANNUAL PRIVACY NOTICE | INVESTED PORTFOLIOS |
(UNAUDITED)
FACTS | What does InvestEd Portfolios do with your personal information? | |
Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share and protect your personal information. Please read this notice carefully to understand what we do. | |
What? | The types of personal information we collect and share depend on the product or service you have with us. The information can include: | |
• Social Security Number and income, | ||
• Assets and transaction history, and | ||
• Checking account information and wire transfer instructions. | ||
When you are no longer our customer, we continue to share your information as described in this notice. | ||
How? | All financial companies need to share customers’ personal information to conduct everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information, the reasons InvestEd Portfolios chooses to share, and whether you can limit this sharing. |
Reasons we can share your personal information | Does InvestEd Portfolios share? | Can you limit this sharing? | ||
For our everyday business purposes – such as to process your transactions, maintain your accounts, respond to court orders and legal investigations or report to credit bureaus | Yes | No | ||
For our marketing purposes – to offer our products and services to you | Yes | No | ||
For joint marketing with other financial companies | No | We don’t share | ||
For our affiliates’ everyday business purposes – information about your transactions and experiences | Yes | No | ||
For our affiliates everyday business purposes – information about your creditworthiness | No | We don’t share | ||
For our affiliates to market to you | No | We don’t share | ||
For non-affiliates to market to you | No | We don’t share |
Questions? | Call 1(800) 777-6472 with questions about this notice. Client service representatives are available Monday through Friday from 7:30 am to 5:00 pm CST. You may also go to www.ivyinvestments.com/privacy_policy.
| |
If we serve you through an investment professional, such as a registered representative of a broker-dealer or an investment adviser representative (each, a “financial advisor”), please contact them directly. Specific internet addresses, mailing addresses and telephone numbers are listed on your statements and other correspondence. |
Who we are | ||
Who is providing this notice? | InvestEd Portfolios | |
What we do | ||
How does InvestEd Portfolios protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. | |
How does InvestEd Portfolios collect my personal information? | We collect your personal information, for example, when you: | |
• Give us your contact information or other personal information, | ||
• Open an account, or | ||
• Make deposits to an account or withdrawals from an account. | ||
We also collect your personal information from our affiliates. | ||
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Why can’t I limit all sharing? | Federal law gives you the right to limit only: | |
• Sharing for affiliates’ everyday business purposes – information about your creditworthiness, | ||
• Affiliates from using your information to market to you, and | ||
• Sharing for non-affiliates to market to you. | ||
State laws and individual companies may give you additional rights to limit sharing. | ||
Definitions | ||
Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies. | |
• Affiliates of Ivy Funds include Waddell & Reed Services Company, Ivy Distributors, Inc., and Ivy Investment Management Company. | ||
Non-affiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies. | |
• Ivy Funds does not share your personal information with non-affiliates so they can market to you. | ||
Joint marketing | A formal agreement between non-affiliated financial companies that together market financial products or services to you. | |
• Ivy Funds does not jointly market. | ||
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Other important information | ||
If you own shares of InvestEd Portfolios in the name of a third party, such as a bank or a broker-dealer, the third party’s privacy policy may apply to you in addition to ours.
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If you are working with a financial advisor, and the financial advisor leaves their firm and joins another non-affiliated broker-dealer or registered investment adviser, then the financial advisor may be permitted to use limited information to contact you. The information that the financial advisor may use is comprised of your name, address, email address, telephone number and account title. |
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PROXY VOTING INFORMATION | INVESTED PORTFOLIOS |
(UNAUDITED)
Proxy Voting Guidelines
A description of the policies and procedures the underlying Delaware Ivy Funds uses to determine how to vote proxies relating to portfolio securities is available (i) without charge, upon request, by calling 1.888.923.3355 and (ii) on the Securities and Exchange Commission’s (“SEC”) website at www.sec.gov.
Proxy Voting Records
Information regarding how the InvestEd Portfolios and the underlying funds, as applicable, voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on Form N-PX at www.ivyinvestments.com and on the SEC’s website at www.sec.gov.
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QUARTERLY PORTFOLIO SCHEDULE INFORMATION | INVESTED PORTFOLIOS |
(UNAUDITED)
Portfolio holdings can be found on the Trust’s website at www.ivyinvestments.com. Alternatively, a complete schedule of portfolio holdings of each Portfolio for the first and third quarters of each fiscal year is filed with the SEC and can be found as an exhibit to the Trust’s Form N-PORT. These holdings may be viewed in the following ways:
• | On the SEC’s website at www.sec.gov. |
• | For review and copy at the SEC’s Public Reference Room in Washington, DC. Information on the operations of the Public Reference Room may be obtained by calling 1.800.SEC.0330. |
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HOUSEHOLDING NOTICE | INVESTED PORTFOLIOS |
If you currently receive one copy of the shareholder reports and prospectus for your household (even if more than one person in your household owns shares of the Portfolios) and you would prefer to receive separate shareholder reports and prospectuses for each account holder living at your address, you can do either of the following:
• | Call us at 888.923.3355. |
• | Write to us at the following address: WI Services Company, P.O. Box 219722, Kansas City, Missouri 64121-9722.. |
• | Please list each account for which you would like to receive separate shareholder reports and prospectus mailings. We will resume sending separate documents within 30 days of receiving your request. |
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INVESTED PORTFOLIOS |
InvestEd 90 Portfolio
InvestEd 80 Portfolio
InvestEd 70 Portfolio
InvestEd 60 Portfolio
InvestEd 50 Portfolio
InvestEd 40 Portfolio
InvestEd 30 Portfolio
InvestEd 20 Portfolio
InvestEd 10 Portfolio
InvestEd 0 Portfolio
1.888.923.3355
Visit us online at www.ivyinvestments.com
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ANN-INVESTED (12/21)
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ITEM 2. CODE OF ETHICS
(a) | As of December 31, 2021, the Registrant has adopted a code of ethics (the “Code”), as defined in Item 2 of Form N-CSR, that applies to the Principal Executive Officer and Principal Financial Officer or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. A copy of this code of ethics is filed as an exhibit to this Form N-CSR. |
(b) | There have been no amendments, during the period covered by this report, to a provision of the Code that applies to the registrant’s Principal Executive Officer, Principal Financial Officer, Principal Accounting Officer or Controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the Code. |
(c) | During the period covered by this report, the registrant did not grant any waivers, including an implicit waiver, from a provision of the Code that applies to the registrant’s Principal Executive Officer, Principal Financial Officer, Principal Accounting Officer or Controller, or persons performing similar functions, regardless of whether those individuals were employed by the registrant or a third party, that related to one or more of the items set forth in paragraph (b) of this item’s instructions. |
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT
The Board of Trustees of the Registrant has determined that each of H. Jeffrey Dobbs, John A. Fry, Sandra A.J. Lawrence and Frances A. Sevilla-Sacasa (Chair) is an audit committee financial expert, as defined in Item 3 of Form N-CSR, serving on its audit committee. Each of Mr. Dobbs, Mr. Fry, Ms. Lawrence and Ms. Sevilla-Sacasa is independent for purposes of Item 3 of Form N-CSR. Under applicable securities laws, a person who is determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liability that are greater than the duties, obligations, and liability imposed on such person as a member of the audit committee and board of trustees in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of trustees.
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ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) | Audit Fees |
The aggregate fees billed for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for each of the last two fiscal years are as follows:
2020 | $89,000 | |||||||
2021 | 135,000 |
(b) | Audit-Related Fees |
The aggregate fees billed for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s annual financial statements and are not reported under paragraph (a) of this Item are as follows:
2020 | $12,000 | |||||||
2021 | 0 |
These fees are related to the review of Form N-1A.
(c) | Tax Fees |
The aggregate fees billed for professional services rendered by the principal accountant for tax compliance, tax advice and tax planning are as follows:
2020 | $26,880 | |||||||
2021 | 0 |
These fees are related to the review of the registrant’s tax returns.
(d) | All Other Fees |
The aggregate fees billed for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this item are as follows:
2020 | $16,348 | |||||||
2021 | 28,407 |
These fees are related to the review of internal control.
(e) (1) | Registrant’s audit committee considers with the principal accountants all audit services to be provided by the principal accountants and pre-approves all such audit services. |
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The audit committee shall pre-approve all non-audit services to be provided by the principal accountants to the registrant; provided that the pre-approval requirement does not apply to non-audit services that (i) were not identified as such at the time of the pre-approval and (ii) do not aggregate more than 5% of total fees paid to the principal accountants by the registrant during the fiscal year in which the services are provided, if the audit committee approves the provision of such non-audit services prior to the completion of the audit.
The audit committee shall pre-approve all non-audit services to be provided by the principal accountants to the investment adviser (not including any subadvisor whose role is primarily portfolio management and is subcontracted and overseen by the investment advisor) or any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant if the engagement relates directly to the operations or financial reporting of the registrant; provided that the pre-approval requirement does not apply to non-audit services that (i) were not identified as such at the time of the pre-approval and (ii) do not aggregate more than 5% of total fees paid to the principal accountants by the registrant for all services and by the registrant’s investment adviser for non-audit services if the engagement relates directly to the operations or financial reporting of the registrant during the fiscal year in which those services are provided, if the audit committee approves the provision of such non-audit services prior to the completion of the audit.
(e) (2) | None of the services described in each of paragraphs (b) through (d) of this Item were approved by the audit committee pursuant to the waiver provisions of paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. |
(f) | Not applicable |
(g) | $55,228 and $28,407 are the aggregate non-audit fees billed in each of the last two fiscal years for services rendered by the principal accountant to the registrant. $53,250 and $34,900 are the aggregate non-audit fees billed in each of the last two fiscal years for services rendered by the principal accountant to the investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant. |
(h) | Not Applicable. |
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
Not applicable.
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ITEM 6. SCHEDULE OF INVESTMENTS.
(a) | See Item 1 Shareholder Report. |
(b) | Not Applicable. |
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES
Not applicable.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANIES AND AFFILIATED PURCHASERS
Not applicable.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s board of trustees.
ITEM 11. CONTROLS AND PROCEDURES.
(a) | The Registrant’s Principal Executive Officer and Principal Financial Officer, or persons performing similar functions, based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, have concluded that such controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) are effective and adequately designed to ensure that information required to be disclosed by the Registrant in its reports that it files or submits is accumulated and communicated to the Registrant’s management, including the Principal Executive Officer and Principal Financial Officer, or persons performing similar functions, as appropriate, to allow timely decisions regarding required disclosure. |
(b) | There were no significant changes in the registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940, as amended) that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
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Not applicable.
ITEM 13. EXHIBITS.
(a)(1) The Code described in Item 2 of this Form N-CSR.
Attached hereto as Exhibit 99.CODE.
Attached hereto as Exhibit 99.CERT.
Attached hereto as Exhibit 99.906CERT.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
INVESTED PORTFOLIOS | ||
(Registrant) | ||
By: | /s/David F. Connor | |
David F. Connor, Secretary | ||
Date: | March 3, 2022 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/Shawn K. Lytle | |
Shawn K. Lytle, Principal Executive Officer | ||
Date: | March 3, 2022 | |
By: | /s/Richard Salus | |
Richard Salus, Principal Financial Officer | ||
Date: | March 3, 2022 |