SCHEDULE OF INVESTMENTS | ||||
Delaware Ivy Global Growth Fund (in thousands) | JUNE 30, 2021 (UNAUDITED) | |||
COMMON STOCKS | Shares | Value | ||
Brazil | ||||
Consumer Discretionary – 0.4% | ||||
Magazine Luiza S.A. | 1,074 | $4,565 | ||
| ||||
Total Brazil - 0.4% | $4,565 | |||
Canada | ||||
Energy – 1.9% | ||||
Canadian Natural Resources Ltd. | 562 | 20,386 | ||
| ||||
Total Canada - 1.9% | $20,386 | |||
China | ||||
Communication Services – 1.6% | ||||
Tencent Holdings Ltd. | 232 | 17,465 | ||
| ||||
Consumer Discretionary – 2.0% | ||||
Alibaba Group Holding Ltd. ADR(A) | 98 | 22,111 | ||
| ||||
Financials – 1.6% | ||||
Ping An Insurance (Group) Co. of China Ltd., H Shares | 1,792 | 17,552 | ||
| ||||
Total China - 5.2% | $57,128 | |||
France | ||||
Consumer Discretionary – 0.9% | ||||
LVMH Moet Hennessy - Louis Vuitton | 13 | 9,958 | ||
| ||||
Industrials – 5.5% | ||||
Airbus SE | 247 | 31,746 | ||
Schneider Electric S.A. | 186 | 29,242 | ||
| ||||
60,988 | ||||
| ||||
Total France - 6.4% | $70,946 | |||
Germany | ||||
Consumer Discretionary – 0.1% | ||||
AUTO1 Group SE(A) | 17 | 753 | ||
| ||||
Financials – 1.2% | ||||
Deutsche Boerse AG | 77 | 13,356 | ||
| ||||
Information Technology – 1.3% | ||||
Infineon Technologies AG | 369 | 14,797 | ||
| ||||
Total Germany - 2.6% | $28,906 | |||
India | ||||
Energy – 1.3% | ||||
Reliance Industries Ltd. | 511 | 14,522 | ||
| ||||
Total India - 1.3% | $14,522 | |||
Italy | ||||
Consumer Discretionary – 2.5% | ||||
Ferrari N.V. | 133 | 27,402 | ||
| ||||
Total Italy - 2.5% | $27,402 | |||
Japan | ||||
Financials – 1.5% | ||||
ORIX Corp. | 993 | 16,747 | ||
| ||||
Industrials – 1.0% | ||||
Recruit Holdings Co. Ltd. | 227 | 11,187 | ||
| ||||
Total Japan - 2.5% | $27,934 | |||
Netherlands | ||||
Health Care – 0.9% | ||||
Koninklijke Philips Electronics N.V., Ordinary Shares | 196 | 9,697 | ||
|
Total Netherlands - 0.9% | $9,697 | |||
Switzerland | ||||
Health Care – 1.0% | ||||
Alcon, Inc. | 156 | 10,935 | ||
| ||||
Industrials – 2.6% | ||||
Ferguson plc | 205 | 28,478 | ||
| ||||
Total Switzerland - 3.6% | $39,413 | |||
Taiwan | ||||
Information Technology – 2.6% | ||||
Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 234 | 28,138 | ||
| ||||
Total Taiwan - 2.6% | $28,138 | |||
United Kingdom | ||||
Communication Services – 1.8% | ||||
WPP Group plc | 1,474 | 19,864 | ||
| ||||
Consumer Discretionary – 1.7% | ||||
Aptiv plc(A) | 122 | 19,162 | ||
| ||||
Consumer Staples – 2.1% | ||||
Diageo plc | 265 | 12,697 | ||
Unilever plc | 178 | 10,394 | ||
| ||||
23,091 | ||||
| ||||
Health Care – 1.8% | ||||
AstraZeneca plc | 106 | 12,750 | ||
AstraZeneca plc ADR(B) | 121 | 7,225 | ||
| ||||
19,975 | ||||
| ||||
Total United Kingdom - 7.4% | $82,092 | |||
United States | ||||
Communication Services – 4.0% | ||||
Alphabet, Inc., Class A(A) | 6 | 13,703 | ||
Facebook, Inc., Class A(A) | 51 | 17,832 | ||
Pinterest, Inc., Class A(A) | 151 | 11,899 | ||
| ||||
43,434 | ||||
| ||||
Consumer Discretionary – 10.5% | ||||
Amazon.com, Inc.(A) | 15 | 50,708 | ||
Brinker International, Inc.(A) | 92 | 5,665 | ||
Darden Restaurants, Inc. | 180 | 26,301 | ||
Dollar General Corp. | 32 | 6,932 | ||
Skechers USA, Inc.(A) | 518 | 25,832 | ||
| ||||
115,438 | ||||
| ||||
Energy – 1.5% | ||||
ConocoPhillips | 277 | 16,853 | ||
| ||||
Financials – 10.6% | ||||
Citigroup, Inc. | 165 | 11,675 | ||
CME Group, Inc. | 39 | 8,361 | ||
Discover Financial Services | 171 | 20,235 | ||
Goldman Sachs Group, Inc. (The) | 61 | 23,318 | ||
JPMorgan Chase & Co. | 92 | 14,382 | ||
Morgan Stanley | 271 | 24,814 | ||
Pinnacle Financial Partners, Inc. | 154 | 13,626 | ||
| ||||
116,411 | ||||
| ||||
Health Care – 7.0% | ||||
Abbott Laboratories | 94 | 10,940 | ||
HCA Holdings, Inc. | 72 | 14,918 | ||
Johnson & Johnson | 113 | 18,683 | ||
Thermo Fisher Scientific, Inc. | 35 | 17,539 | ||
UnitedHealth Group, Inc. | 36 | 14,318 | ||
| ||||
76,398 | ||||
|
Industrials – 4.9% | ||||
Eaton Corp. | 138 | 20,471 | ||
Northrop Grumman Corp. | 48 | 17,558 | ||
Union Pacific Corp. | 69 | 15,266 | ||
| ||||
53,295 | ||||
| ||||
Information Technology – 22.5% | ||||
Adobe, Inc.(A) | 28 | 16,147 | ||
Ambarella, Inc.(A) | 141 | 15,011 | ||
Apple, Inc. | 277 | 37,904 | ||
Autodesk, Inc.(A) | 20 | 5,863 | ||
Fidelity National Information Services, Inc. | 126 | 17,795 | ||
Intuit, Inc. | 60 | 29,176 | ||
MasterCard, Inc., Class A | 59 | 21,642 | ||
Microsoft Corp. | 155 | 41,983 | ||
PayPal, Inc.(A) | 122 | 35,523 | ||
Visa, Inc., Class A | 113 | 26,411 | ||
| ||||
247,455 | ||||
| ||||
Total United States - 61.0% | $669,284 | |||
TOTAL COMMON STOCKS – 98.3% | $1,080,413 | |||
(Cost: $601,370) | ||||
PREFERRED STOCKS | ||||
Germany | ||||
Consumer Discretionary – 0.9% | ||||
Volkswagen AG, 2.260% | 37 | 9,359 | ||
| ||||
Total Germany - 0.9% | $9,359 | |||
TOTAL PREFERRED STOCKS – 0.9% | $9,359 | |||
(Cost: $10,923) | ||||
SHORT-TERM SECURITIES | ||||
Money Market Funds(C) – 1.3% | ||||
State Street Institutional U.S. Government Money Market Fund - Premier Class 0.030% | 8,333 | 8,333 | ||
Dreyfus Institutional Preferred Government Money Market Fund - Institutional Shares 0.010%(D) | 5,630 | 5,630 | ||
| ||||
13,963 | ||||
| ||||
TOTAL SHORT-TERM | $13,963 | |||
(Cost: $13,963) | ||||
TOTAL INVESTMENT SECURITIES – 100.5% | $1,103,735 | |||
(Cost: $626,256) | ||||
LIABILITIES, NET OF CASH AND OTHER ASSETS – (0.5)% | (5,878) | |||
NET ASSETS – 100.0% | $1,097,857 |
Notes to Schedule of Investments
(A)No dividends were paid during the preceding 12 months.
(B)All or a portion of securities with an aggregate value of $7,186 are on loan.
(C)Rate shown is the annualized 7-day yield at June 30, 2021.
(D)Investment made with cash collateral received from securities on loan.
Each Fund’s investments are reported at fair value. Fair value is defined as the price that each Fund would receive upon selling an asset or would pay upon satisfying a liability in an orderly transaction between market participants at the measurement date.
Accounting standards establish a framework for measuring fair value and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the factors that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.
Reoccurring fair value measurements of Level 3 securities shall include a reconciliation of the beginning to ending balances for reported fair market values. A fair value hierarchy and Level 3 reconciliation, if applicable, have been included in the Notes to Schedule of Investments for each respective Fund.
An individual investment’s fair value measurement is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized as follows:
• Level 1 - Observable inputs such as quoted prices, available in active markets, for identical assets or liabilities.
• Level 2 - Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs.
• Level 3 - Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Board or persons acting at their direction that are used in determining the fair market value of investments.
The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of June 30, 2021:
Level 1 | Level 2 | Level 3 | ||||||||||
Assets | ||||||||||||
Investments in Securities | ||||||||||||
Common Stocks | $1,080,413 | $ | — | $ | — | |||||||
Preferred Stocks | 9,359 | — | — | |||||||||
Short-Term Securities | 13,963 | — | — | |||||||||
Total | $1,103,735 | $ | — | $ | — |
The following acronym is used throughout this schedule:
ADR = American Depositary Receipts
For Federal income tax purposes, cost of investments owned at June 30, 2021 and the related unrealized appreciation (depreciation) were as follows:
Cost | $626,256 | |||
|
| |||
Gross unrealized appreciation | 479,711 | |||
Gross unrealized depreciation | (2,232) | |||
|
| |||
Net unrealized appreciation | $477,479 |