NPORT-EX 2 CC.htm DELAWARE IVY CROSSOVER CREDIT FUND SOI 8

  

   

SCHEDULE OF INVESTMENTS

   
 
   Delaware Ivy Crossover Credit Fund (in thousands)    JUNE 30, 2021 (UNAUDITED)
     
     

 

CORPORATE DEBT
SECURITIES		    Principal      Value  

Communication Services

 

Cable & Satellite – 3.1%

 

Charter Communications Operating LLC and Charter Communications Operating Capital Corp.,
3.900%, 6-1-52

      $650        $664  

Cox Communications, Inc., 3.600%, 6-15-51(A)

      650        685  
        1,349  

Integrated Telecommunication Services – 5.3%

 

AT&T, Inc.:

      

3.650%, 6-1-51

      500        520  

3.300%, 2-1-52

      500        488  

Sprint Corp.,
7.875%, 9-15-23

      500        568  

Verizon Communications, Inc.:

      

2.550%, 3-21-31

      250        256  

2.650%, 11-20-40

      500        482  
        2,314  

Movies & Entertainment – 2.7%

 

Netflix, Inc.,
5.875%, 2-15-25

      1,000        1,158  

Publishing – 1.6%

 

Thomson Reuters Corp.:

      

3.350%, 5-15-26

      500        545  

5.650%, 11-23-43

      125        168  
        713  

Wireless Telecommunication Service – 1.1%

 

T-Mobile USA, Inc.,
2.875%, 2-15-31

      500        497  
Total Communication Services - 13.8%

 

      6,031  

Consumer Discretionary

 

Apparel, Accessories & Luxury Goods – 2.5%

 

PVH Corp.,
4.625%, 7-10-25

      1,000        1,117  

Casinos & Gaming – 1.2%

 

Genting New York LLC and Genny Capital, Inc.,
3.300%, 2-15-26(A)

      500        506  

Homebuilding – 3.7%

 

Lennar Corp.,
4.750%, 11-29-27

      500        578  

NVR, Inc.,
3.000%, 5-15-30

      1,000        1,062  
        1,640  
Total Consumer Discretionary - 7.4%

 

      3,263  

Consumer Staples

 

Food Retail – 1.2%

 

Alimentation Couche-Tard, Inc.,
2.950%, 1-25-30(A)

      500        520  

Tobacco – 2.4%

 

Imperial Brands Finance plc,
3.125%, 7-26-24(A)

      1,000        1,053  
Total Consumer Staples - 3.6%

 

      1,573  

Energy

 

Integrated Oil & Gas – 1.3%

 

National Fuel Gas Co.,
5.500%, 1-15-26

      500        579  

Oil & Gas Exploration & Production – 2.5%

 

Canadian Natural Resources Ltd.,
3.850%, 6-1-27

      500        551  

EQT Corp.:

      

3.000%, 10-1-22(B)

      250        255  

7.875%, 2-1-25(C)

      250        292  
        1,098  

Oil & Gas Storage & Transportation – 6.4%

 

Boardwalk Pipelines L.P. (GTD by Boardwalk Pipeline Partners L.P.),
4.450%, 7-15-27

      500        566  

Cheniere Energy Partners L.P.,
4.000%, 3-1-31(A)

      500        523  

Energy Transfer Operating L.P.,
5.300%, 4-15-47

      250        293  

Midwest Connector Capital Co. LLC,
4.625%, 4-1-29(A)

      500        532  

Sunoco Logistics Partners Operations L.P. (GTD by Energy Transfer Partners L.P.),
4.000%, 10-1-27

      250        275  

Williams Partners L.P.,
4.850%, 3-1-48

      500        609  
        2,798  
Total Energy - 10.2%

 

      4,475  

Financials

 

Asset Management & Custody Banks – 13.1%

 

Apollo Management Holdings L.P.,
2.650%, 6-5-30(A)

      1,000        1,025  

Blue Owl Finance LLC,
3.125%, 6-10-31(A)

      750        746  

Brookfield Finance, Inc. (GTD by Brookfield Asset Management, Inc.),
4.850%, 3-29-29

      1,000        1,179  

JAB Holdings B.V.,
2.200%, 11-23-30(A)

      1,000        973  

KKR Group Finance Co. VIII LLC (GTD by KKR & Co., Inc. and KKR Group Partnership L.P.),
3.500%, 8-25-50(A)

      1,000        1,050  

Owl Rock Capital Corp.,
5.250%, 4-15-24

      700        765  
        5,738  

Consumer Finance – 1.1%

 

General Motors Financial Co., Inc. (GTD by AmeriCredit Financial Services, Inc.),
1.250%, 1-8-26

      500        497  

Diversified Banks – 1.7%

 

Bank of America Corp.,
1.898%, 7-23-31

      750        730  

Multi-Line Insurance – 1.2%

 

Aon Corp. (GTD by Aon plc), 2.800%, 5-15-30

      500        525  

Other Diversified Financial Services – 3.6%

 

Citigroup, Inc.,
5.000%, 3-12-69

      500        524  

JPMorgan Chase & Co.:

      

2.522%, 4-22-31

      500        515  

5.000%, 2-1-69

      500        529  
        1,568  

Specialized Finance – 2.3%

 

LSEGA Financing plc,
2.500%, 4-6-31(A)

      1,000        1,026  
Total Financials - 23.0%

 

      10,084  

Health Care

 

Health Care Facilities – 2.8%

 

HCA, Inc. (GTD by HCA Holdings, Inc.):

      

5.875%, 5-1-23

      400        435  

5.875%, 2-1-29

      250        303  

5.250%, 6-15-49

      375        479  
        1,217  

Health Care Supplies – 1.2%

 

Dentsply Sirona, Inc.,
3.250%, 6-1-30

      500        535  

Managed Health Care – 1.8%

 

Centene Corp.,
2.450%, 7-15-28

      750        761  

Pharmaceuticals – 3.4%

 

Elanco Animal Health, Inc.,
4.912%, 8-27-21(C)

      500        504  

Royalty Pharma plc (GTD by Royalty Pharma Holdings Ltd.):

      

2.200%, 9-2-30(A)

      500        491  

3.300%, 9-2-40(A)

      500        504  
        1,499  
Total Health Care - 9.2%

 

      4,012  

Industrials

 

Aerospace & Defense – 1.8%

 

Boeing Co. (The):

      

2.950%, 2-1-30

      250        256  

3.750%, 2-1-50

      500        517  
        773  

Electrical Components & Equipment – 1.7%

 

Vontier Corp.,
2.400%, 4-1-28(A)

      750        746  

Railroads – 1.3%

 

Kansas City Southern,
4.300%, 5-15-43

      500        582  

Research & Consulting Services – 4.2%

 

CoStar Group, Inc.,
2.800%, 7-15-30(A)

      1,000        1,017  

Verisk Analytics, Inc.:

      

4.125%, 3-15-29

      250        284  

3.625%, 5-15-50

      500        538  
        1,839  
Total Industrials - 9.0%               3,940  
 

Information Technology

 

Application Software – 1.8%

 

Autodesk, Inc.,
2.850%, 1-15-30

      750        792  

Semiconductors – 2.4%

 

Broadcom, Inc.,
3.419%, 4-15-33(A)

      500        525  

Microchip Technology, Inc.,
0.983%, 9-1-24(A)

      500        498  
        1,023  

Systems Software – 1.6%

 

ServiceNow, Inc.,
1.400%, 9-1-30

      750        705  

Technology Hardware, Storage & Peripherals – 1.2%

 

Seagate HDD Cayman (GTD by Seagate Technology plc),
4.750%, 6-1-23

      500        534  
Total Information Technology - 7.0%

 

      3,054  

Real Estate

 

Diversified REITs – 1.2%

 

Spirit Realty L.P. (GTD by Spirit Realty Capital, Inc.):

      

2.100%, 3-15-28

      520        518  

2.700%, 2-15-32

      20        20  
        538  

Industrial REITs – 1.2%

 

Avolon Holdings Funding Ltd.,
3.250%, 2-15-27(A)

      500        516  

Residential REITs – 3.0%

 

American Homes 4 Rent:

      

4.250%, 2-15-28

      690        776  

4.900%, 2-15-29

      435        506  
        1,282  

Specialized REITs – 3.7%

 

Crown Castle International Corp.,
1.050%, 7-15-26

      500        489  

EPR Properties,
4.950%, 4-15-28

      440        476  

VICI Properties L.P. and VICI Note Co., Inc.,
4.625%, 12-1-29(A)

      625        665  
        1,630  
Total Real Estate - 9.1%

 

      3,966  

Utilities

 

Electric Utilities – 1.7%

 

FirstEnergy Corp.,
3.400%, 3-1-50

      750        737  
Total Utilities - 1.7%

 

      737  

TOTAL CORPORATE DEBT SECURITIES – 94.0%

 

    $ 41,135  

(Cost: $39,986)

 

SHORT-TERM
SECURITIES		    Shares          

Money Market Funds(D) - 6.7%

 

State Street Institutional U.S. Government Money Market Fund - Premier Class
0.030%

      2,913        2,913  

TOTAL SHORT-TERM SECURITIES – 6.7%

 

      $2,913  

(Cost: $2,913)

 

TOTAL INVESTMENT SECURITIES – 100.7%

 

    $ 44,048  

(Cost: $42,899)

 

LIABILITIES, NET OF CASH AND     OTHER ASSETS – (0.7)%

 

      (308)  
NET ASSETS – 100.0%

 

    $ 43,740  
 

 

Notes to Schedule of Investments

 

(A)

Securities were purchased pursuant to an exemption from registration available under Rule 144A under the Securities Act of 1933 and may only be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2021 the total value of these securities amounted to $13,601 or 31.1% of net assets.

 

(B)

All or a portion of securities with an aggregate value of $206 are on loan.

 

(C)

Step bond that pays an initial coupon rate for the first period and then a higher or lower coupon rate for the following periods. Interest rate disclosed is that which is in effect at June 30, 2021.

(D)

Rate shown is the annualized 7-day yield at June 30, 2021.

Each Fund’s investments are reported at fair value. Fair value is defined as the price that each Fund would receive upon selling an asset or would pay upon satisfying a liability in an orderly transaction between market participants at the measurement date.

Accounting standards establish a framework for measuring fair value and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the factors that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

Reoccurring fair value measurements of Level 3 securities shall include a reconciliation of the beginning to ending balances for reported fair market values. A fair value hierarchy and Level 3 reconciliation, if applicable, have been included in the Notes to Schedule of Investments for each respective Fund.

An individual investment’s fair value measurement is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized as follows:

• Level 1 - Observable inputs such as quoted prices, available in active markets, for identical assets or liabilities.

• Level 2 - Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs.

• Level 3 - Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Board or persons acting at their direction that are used in determining the fair market value of investments.

The following table is a summary of the valuation of the Fund’s investments by the fair value hierarchy levels as of June 30, 2021:

 

       Level 1        Level 2        Level 3  

Assets

         

Investments in Securities

         

Corporate Debt Securities

    $ —      $ 41,135      $ —  

Short-Term Securities

      2,913        —        —  

Total

    $     2,913      $     41,135      $         —  

The following acronyms are used throughout this schedule:

GTD = Guaranteed

REIT= Real Estate Investment Trust

 

For Federal income tax purposes, cost of investments owned at June 30, 2021 and the related unrealized appreciation (depreciation) were as follows:

 

Cost

      $42,899  
  

 

 

  

Gross unrealized appreciation

      1,241  

Gross unrealized depreciation

      (92)  
  

 

 

  

Net unrealized appreciation

                      $1,149