Philadelphia, PA 19106
Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
Class A | $32 | 0.64% |
* | Annualized. |
Fund net assets | $845,614,218% |
Total number of portfolio holdings | $352% |
Total advisory fees paid | $872,431% |
Portfolio turnover rate | $87% |
Corporate Bonds | 35.92% |
US Treasury Obligations | 26.85% |
Non-Agency Asset-Backed Securities | 19.26% |
Agency Mortgage-Backed Securities | 6.01% |
Collateralized Debt Obligations | 5.16% |
Short-Term Investments | 3.48% |
Agency Commercial Mortgage-Backed Securities | 2.50% |
Non-Agency Collateralized Mortgage Obligations | 1.22% |
Agency Collateralized Mortgage Obligations | 0.93% |
Government Agency Obligations | 0.32% |
Sovereign Bonds | 0.05% |
Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
Class C | $70 | 1.39% |
* | Annualized. |
Fund net assets | $845,614,218% |
Total number of portfolio holdings | $352% |
Total advisory fees paid | $872,431% |
Portfolio turnover rate | $87% |
Corporate Bonds | 35.92% |
US Treasury Obligations | 26.85% |
Non-Agency Asset-Backed Securities | 19.26% |
Agency Mortgage-Backed Securities | 6.01% |
Collateralized Debt Obligations | 5.16% |
Short-Term Investments | 3.48% |
Agency Commercial Mortgage-Backed Securities | 2.50% |
Non-Agency Collateralized Mortgage Obligations | 1.22% |
Agency Collateralized Mortgage Obligations | 0.93% |
Government Agency Obligations | 0.32% |
Sovereign Bonds | 0.05% |
Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
Class R | $45 | 0.89% |
* | Annualized. |
Fund net assets | $845,614,218% |
Total number of portfolio holdings | $352% |
Total advisory fees paid | $872,431% |
Portfolio turnover rate | $87% |
Corporate Bonds | 35.92% |
US Treasury Obligations | 26.85% |
Non-Agency Asset-Backed Securities | 19.26% |
Agency Mortgage-Backed Securities | 6.01% |
Collateralized Debt Obligations | 5.16% |
Short-Term Investments | 3.48% |
Agency Commercial Mortgage-Backed Securities | 2.50% |
Non-Agency Collateralized Mortgage Obligations | 1.22% |
Agency Collateralized Mortgage Obligations | 0.93% |
Government Agency Obligations | 0.32% |
Sovereign Bonds | 0.05% |
Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
Institutional Class | $20 | 0.39% |
* | Annualized. |
Fund net assets | $845,614,218% |
Total number of portfolio holdings | $352% |
Total advisory fees paid | $872,431% |
Portfolio turnover rate | $87% |
Corporate Bonds | 35.92% |
US Treasury Obligations | 26.85% |
Non-Agency Asset-Backed Securities | 19.26% |
Agency Mortgage-Backed Securities | 6.01% |
Collateralized Debt Obligations | 5.16% |
Short-Term Investments | 3.48% |
Agency Commercial Mortgage-Backed Securities | 2.50% |
Non-Agency Collateralized Mortgage Obligations | 1.22% |
Agency Collateralized Mortgage Obligations | 0.93% |
Government Agency Obligations | 0.32% |
Sovereign Bonds | 0.05% |
Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
Class R6 | $16 | 0.32% |
* | Annualized. |
Fund net assets | $845,614,218% |
Total number of portfolio holdings | $352% |
Total advisory fees paid | $872,431% |
Portfolio turnover rate | $87% |
Corporate Bonds | 35.92% |
US Treasury Obligations | 26.85% |
Non-Agency Asset-Backed Securities | 19.26% |
Agency Mortgage-Backed Securities | 6.01% |
Collateralized Debt Obligations | 5.16% |
Short-Term Investments | 3.48% |
Agency Commercial Mortgage-Backed Securities | 2.50% |
Non-Agency Collateralized Mortgage Obligations | 1.22% |
Agency Collateralized Mortgage Obligations | 0.93% |
Government Agency Obligations | 0.32% |
Sovereign Bonds | 0.05% |
Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
Class A | $45 | 0.89% |
* | Annualized. |
Fund net assets | $49,074,195% |
Total number of portfolio holdings | $79% |
Total advisory fees paid | $66,077% |
Portfolio turnover rate | $14% |
Local General Obligation Bonds | 21.48% |
Special Tax Revenue Bonds | 18.24% |
Healthcare Revenue Bonds | 15.55% |
Transportation Revenue Bonds | 12.50% |
Education Revenue Bonds | 7.13% |
State General Obligation Bonds | 6.45% |
Water & Sewer Revenue Bonds | 6.30% |
Electric Revenue Bonds | 3.93% |
Pre-Refunded Bonds | 2.88% |
Housing Revenue Bonds | 2.66% |
Industrial Development Revenue/Pollution Control Revenue Bond | 1.76% |
Oregon | 83.02% |
Puerto Rico | 15.33% |
Guam | 0.53% |
Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
Institutional Class | $32 | 0.64% |
* | Annualized. |
Fund net assets | $49,074,195% |
Total number of portfolio holdings | $79% |
Total advisory fees paid | $66,077% |
Portfolio turnover rate | $14% |
Local General Obligation Bonds | 21.48% |
Special Tax Revenue Bonds | 18.24% |
Healthcare Revenue Bonds | 15.55% |
Transportation Revenue Bonds | 12.50% |
Education Revenue Bonds | 7.13% |
State General Obligation Bonds | 6.45% |
Water & Sewer Revenue Bonds | 6.30% |
Electric Revenue Bonds | 3.93% |
Pre-Refunded Bonds | 2.88% |
Housing Revenue Bonds | 2.66% |
Industrial Development Revenue/Pollution Control Revenue Bond | 1.76% |
Oregon | 83.02% |
Puerto Rico | 15.33% |
Guam | 0.53% |
(b) | Not applicable. |
Item 2. Code of Ethics.
Not applicable.
Item 3. Audit Committee Financial Expert.
Not applicable.
Item 4. Principal Accountant Fees and Services.
Not applicable.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
(a) | Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the Financial Statements filed under Item 7 of this form. |
(b) | Not applicable. |
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
(a) | An open-end management investment company registered on Form N-1A [17 CFR 239.15A and 17 CFR 274.11A] must file its most recent annual or semi-annual financial statements required, and for the periods specified, by Regulation S-X. |
The semi-annual financial statements are attached herewith.
(b) | An open-end management investment company registered on Form N-1A [17 CFR 239.15A and 17 CFR 274.11A] must file the information required by Item 13 of Form N-1A. |
The Financial Highlights are attached herewith.
Visit delawarefunds.com/edelivery.
financial advisor.
the investment.
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Delaware Limited-Term Diversified Income Fund | June 30, 2024 (Unaudited) |
Principal amount° | Value (US $) | ||
Agency Collateralized Mortgage Obligations — 0.93% | |||
Fannie Mae Grantor Trust Series 2001-T5 A2 7.00% 6/19/41 • | 11,871 | $ 11,908 | |
Freddie Mac REMIC | |||
Series 4764 PA 3.00% 10/15/45 | 275,019 | 264,301 | |
Series 5092 WG 1.00% 4/25/31 | 3,815,781 | 3,454,450 | |
Freddie Mac Structured Agency Credit Risk REMIC Trust | |||
Series 2021-DNA3 M1 144A 6.085% (SOFR + 0.75%) 10/25/33 #, • | 67,321 | 67,301 | |
Series 2023-HQA3 A1 144A 7.185% (SOFR + 1.85%) 11/25/43 #, • | 1,653,426 | 1,675,880 | |
Freddie Mac Structured Pass Through Certificates | |||
Series T-30 A5 8.61% 12/25/30 ♦, ~ | 2,119 | 1,982 | |
Series T-54 2A 6.50% 2/25/43 ♦ | 453 | 455 | |
Series T-58 2A 6.50% 9/25/43 ♦ | 200,154 | 199,538 | |
GNMA | |||
Series 2004-31 ZB 5.00% 4/20/34 | 739,969 | 728,713 | |
Series 2012-39 PA 2.00% 3/16/42 | 1,168,995 | 1,057,342 | |
Series 2015-151 KC 3.50% 4/20/34 | 441,850 | 420,781 | |
Total Agency Collateralized Mortgage Obligations (cost $8,462,589) | 7,882,651 | ||
Agency Commercial Mortgage-Backed Securities — 2.50% | |||
Freddie Mac Multifamily Structured Pass Through Certificates | |||
Series K729 A2 3.136% 10/25/24 ♦ | 2,436,309 | 2,414,548 | |
Series K734 A1 3.139% 6/25/25 ♦ | 490,509 | 484,058 | |
FREMF Mortgage Trust | |||
Series 2015-KF12 B 144A 12.539% (SOFR + 7.21%, Floor 7.10%) 9/25/22 #, • | 2,284,182 | 2,255,917 | |
Series 2017-K728 C 144A 3.838% 11/25/50 #, • | 910,000 | 901,814 | |
Series 2017-KF33 B 144A 7.989% (SOFR + 2.66%, Floor 2.55%) 6/25/27 #, • | 968,036 | 910,604 | |
Series 2017-KF40 B 144A 8.139% (SOFR + 2.81%, Floor 2.70%) 11/25/27 #, • | 1,447,006 | 1,357,326 | |
Series 2018-K732 B 144A 4.195% 5/25/25 #, • | 985,000 | 965,545 | |
Series 2018-KF47 B 144A 7.439% (SOFR + 2.11%, Floor 2.00%) 5/25/25 #, • | 989,299 | 974,269 | |
Series 2018-KF49 B 144A 7.339% (SOFR + 2.01%, Floor 1.90%) 6/25/25 #, • | 837,687 | 818,932 | |
Series 2019-KF60 B 144A 7.789% (SOFR + 2.46%, Floor 2.35%) 2/25/26 #, • | 2,547,072 | 2,476,371 |
Principal amount° | Value (US $) | ||
Agency Commercial Mortgage-Backed Securities (continued) | |||
FREMF Mortgage Trust | |||
Series 2019-KF61 B 144A 7.639% (SOFR + 2.31%, Floor 2.20%) 4/25/29 #, • | 922,572 | $ 835,562 | |
Series 2019-KF68 B 144A 7.639% (SOFR + 2.31%, Floor 2.20%) 7/25/26 #, • | 1,405,487 | 1,351,275 | |
Series 2019-KF69 B 144A 7.739% (SOFR + 2.41%, Floor 2.30%) 8/25/29 #, • | 1,062,100 | 993,596 | |
Series 2019-KF70 B 144A 7.739% (SOFR + 2.41%, Floor 2.30%) 9/25/29 #, • | 838,987 | 786,101 | |
Series 2019-KF73 B 144A 7.889% (SOFR + 2.56%, Floor 2.45%) 11/25/29 #, • | 1,941,471 | 1,820,084 | |
Series 2020-KF74 B 144A 7.589% (SOFR + 2.26%, Floor 2.15%) 1/25/27 #, • | 872,290 | 839,868 | |
Series 2020-KF75 B 144A 7.689% (SOFR + 2.36%, Floor 2.25%) 12/25/29 #, • | 996,668 | 917,653 | |
Total Agency Commercial Mortgage-Backed Securities (cost $22,104,991) | 21,103,523 | ||
Agency Mortgage-Backed Securities — 6.01% | |||
Fannie Mae 3.50% 10/1/42 | 527,368 | 482,557 | |
Fannie Mae S.F. 15 yr 4.50% 9/1/37 | 56,697 | 55,466 | |
Fannie Mae S.F. 20 yr | |||
4.00% 12/1/31 | 361,239 | 350,284 | |
4.00% 8/1/42 | 163,983 | 152,586 | |
4.00% 9/1/42 | 491,170 | 458,053 | |
5.50% 8/1/43 | 705,199 | 706,489 | |
Fannie Mae S.F. 30 yr | |||
3.00% 8/1/49 | 1,594,586 | 1,386,791 | |
3.00% 10/1/49 | 531,090 | 457,203 | |
3.50% 7/1/47 | 95,406 | 86,921 | |
3.50% 2/1/48 | 144,140 | 129,898 | |
3.50% 11/1/48 | 194,401 | 175,716 | |
3.50% 3/1/50 | 23,884 | 21,485 | |
3.50% 8/1/50 | 41,900 | 37,867 | |
3.50% 9/1/50 | 533,286 | 480,265 | |
3.50% 6/1/51 | 419,342 | 373,986 | |
3.50% 1/1/52 | 173,630 | 153,937 | |
3.50% 9/1/52 | 1,311,510 | 1,172,139 | |
4.00% 6/1/48 | 95,446 | 89,142 | |
4.00% 10/1/48 | 640,551 | 599,983 |
Principal amount° | Value (US $) | ||
Agency Mortgage-Backed Securities (continued) | |||
Fannie Mae S.F. 30 yr | |||
4.00% 9/1/52 | 388,219 | $ 355,647 | |
4.50% 1/1/50 | 2,958,537 | 2,872,666 | |
4.50% 4/1/50 | 1,552,066 | 1,487,749 | |
4.50% 2/1/53 | 266,716 | 251,573 | |
5.00% 7/1/47 | 2,473,943 | 2,446,380 | |
5.00% 5/1/48 | 203,406 | 201,127 | |
5.00% 8/1/49 | 939,229 | 925,459 | |
5.50% 5/1/44 | 1,640,607 | 1,647,208 | |
5.50% 10/1/52 | 1,176,428 | 1,164,819 | |
5.50% 11/1/52 | 991,457 | 985,244 | |
5.50% 12/1/52 | 221,263 | 218,333 | |
5.50% 3/1/53 | 1,909,886 | 1,885,481 | |
6.00% 1/1/42 | 1,159,997 | 1,185,955 | |
6.00% 12/1/52 | 1,422,112 | 1,431,442 | |
Federal Home Loan Mortgage | |||
4.00% 2/28/25 | 980,000 | 972,460 | |
4.20% 8/28/25 | 980,000 | 971,104 | |
Freddie Mac S.F. 15 yr | |||
3.00% 3/1/35 | 312,661 | 291,114 | |
3.50% 1/1/29 | 419,917 | 407,137 | |
Freddie Mac S.F. 20 yr 3.00% 9/1/40 | 197,043 | 175,982 | |
Freddie Mac S.F. 30 yr | |||
3.50% 6/1/47 | 875,577 | 792,506 | |
3.50% 4/1/52 | 1,691,272 | 1,504,799 | |
4.00% 8/1/52 | 423,362 | 390,019 | |
4.00% 9/1/52 | 805,368 | 741,887 | |
4.50% 8/1/48 | 439,114 | 422,190 | |
4.50% 9/1/52 | 3,515,054 | 3,327,091 | |
5.00% 6/1/53 | 3,544,077 | 3,426,832 | |
5.50% 9/1/52 | 2,437,345 | 2,442,518 | |
5.50% 11/1/52 | 971,140 | 963,780 | |
5.50% 3/1/53 | 1,697,139 | 1,687,374 | |
6.00% 1/1/53 | 1,038,584 | 1,055,546 | |
6.00% 3/1/53 | 3,378,442 | 3,392,920 | |
GNMA II S.F. 30 yr | |||
3.00% 1/20/52 | 526,950 | 459,082 | |
5.50% 5/20/53 | 1,650,809 | 1,638,913 |
Principal amount° | Value (US $) | ||
Agency Mortgage-Backed Securities (continued) | |||
GNMA II S.F. 30 yr | |||
6.00% 5/20/53 | 1,328,861 | $ 1,349,309 | |
Total Agency Mortgage-Backed Securities (cost $53,266,685) | 50,842,414 | ||
Collateralized Debt Obligations — 5.16% | |||
Ballyrock CLO Series 2018-1A A1 144A 6.586% (TSFR03M + 1.26%) 4/20/31 #, • | 1,741,368 | 1,742,751 | |
Benefit Street Partners CLO IX Series 2016-9A AR 144A 6.696% (TSFR03M + 1.37%) 7/20/31 #, • | 400,603 | 401,104 | |
BlueMountain CLO XXX Series 2020-30A AR 144A 6.699% (TSFR03M + 1.37%, Floor 1.37%) 4/15/35 #, • | 3,000,000 | 3,000,237 | |
Canyon Capital CLO Series 2019-2A AR 144A 6.77% (TSFR03M + 1.44%, Floor 1.18%) 10/15/34 #, • | 2,800,000 | 2,803,097 | |
Carlyle Global Market Strategies CLO Series 2014-2RA A1 144A 6.634% (TSFR03M + 1.31%) 5/15/31 #, • | 647,051 | 648,315 | |
CBAM Series 2020-13A A 144A 7.016% (TSFR03M + 1.69%, Floor 1.43%) 1/20/34 #, • | 3,000,000 | 2,999,493 | |
Cedar Funding IX CLO Series 2018-9A A1 144A 6.566% (TSFR03M + 1.24%, Floor 0.98%) 4/20/31 #, • | 1,238,966 | 1,239,725 | |
Dryden 77 CLO Series 2020-77A AR 144A 6.707% (TSFR03M + 1.38%, Floor 1.38%) 5/20/34 #, • | 2,600,000 | 2,604,828 | |
Golub Capital Partners CLO 50B-R Series 2020-50A A1R 144A 6.695% (TSFR03M + 1.37%, Floor 1.37%) 4/20/35 #, • | 5,000,000 | 4,998,940 | |
KKR CLO 41 Series 2022-41A A1 144A 6.659% (TSFR03M + 1.33%, Floor 1.33%) 4/15/35 #, • | 5,000,000 | 5,011,445 | |
Magnetite XL Series 2024-40A A1 144A 6.782% (TSFR03M + 1.45%, Floor 1.45%) 7/15/37 #, • | 3,500,000 | 3,500,000 | |
PPM CLO 3 Series 2019-3A AR 144A 6.669% (TSFR03M + 1.35%, Floor 1.09%) 4/17/34 #, • | 3,750,000 | 3,749,029 | |
Sound Point CLO XXV Series 2019-4A A1R 144A 6.604% (TSFR03M + 1.28%, Floor 1.28%) 4/25/33 #, • | 5,000,000 | 5,006,870 | |
TRESTLES CLO V Series 2021-5A A1 144A 6.756% (TSFR03M + 1.43%, Floor 1.17%) 10/20/34 #, • | 2,500,000 | 2,506,015 | |
Venture CLO | |||
Series 2018-34A A 144A 6.82% (TSFR03M + 1.49%, Floor 1.23%) 10/15/31 #, • | 685,909 | 686,340 | |
Series 2018-34A AR 144A 0.001% (TSFR03M + 1.28%, Floor 1.28%) 10/15/31 #, • | 700,000 | 700,000 | |
Principal amount° | Value (US $) | ||
Collateralized Debt Obligations (continued) | |||
Zais CLO 16 Series 2020-16A A1R 144A 7.006% (TSFR03M + 1.68%, Floor 1.68%) 10/20/34 #, • | 2,000,000 | $ 1,999,698 | |
Total Collateralized Debt Obligations (cost $43,462,319) | 43,597,887 |
Corporate Bonds — 35.92% | |||
Banking — 11.04% | |||
Banco Continental 144A 2.75% 12/10/25 # | 200,000 | 190,202 | |
Banco de Credito del Peru 144A 5.85% 1/11/29 # | 200,000 | 202,568 | |
Banco de Credito e Inversiones 144A 3.50% 10/12/27 # | 300,000 | 283,303 | |
Banco Internacional del Peru 144A 3.25% 10/4/26 # | 200,000 | 189,628 | |
Banco Santander 5.588% 8/8/28 | 800,000 | 807,684 | |
Banco Santander Mexico 144A 7.525% 10/1/28 #, μ | 200,000 | 208,061 | |
Bank of America | |||
4.20% 8/26/24 | 3,675,000 | 3,665,925 | |
5.819% 9/15/29 μ | 1,750,000 | 1,786,965 | |
6.204% 11/10/28 μ | 75,000 | 77,263 | |
Bank of Montreal 7.70% 5/26/84 μ | 935,000 | 957,337 | |
Bank of New York Mellon 5.802% 10/25/28 μ | 2,064,000 | 2,103,712 | |
Barclays 7.385% 11/2/28 μ | 550,000 | 579,717 | |
BBVA Bancomer 144A 1.875% 9/18/25 # | 200,000 | 190,956 | |
Citibank | |||
5.438% 4/30/26 | 915,000 | 918,533 | |
5.488% 12/4/26 | 825,000 | 829,803 | |
Citigroup | |||
1.281% 11/3/25 μ | 1,960,000 | 1,929,583 | |
2.014% 1/25/26 μ | 1,600,000 | 1,565,863 | |
5.50% 9/13/25 | 1,900,000 | 1,898,676 | |
Citizens Bank 6.064% 10/24/25 μ | 1,935,000 | 1,934,108 | |
Credicorp 144A 2.75% 6/17/25 # | 200,000 | 194,308 | |
Deutsche Bank | |||
6.72% 1/18/29 μ | 724,000 | 747,436 | |
6.819% 11/20/29 μ | 1,170,000 | 1,217,186 | |
7.146% 7/13/27 μ | 925,000 | 947,708 | |
Fifth Third Bank 5.852% 10/27/25 μ | 3,160,000 | 3,157,512 |
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Banking (continued) | |||
Goldman Sachs Group | |||
3.85% 7/8/24 | 3,190,000 | $ 3,188,813 | |
4.25% 10/21/25 | 3,234,000 | 3,178,728 | |
5.842% (SOFR + 0.49%) 10/21/24 • | 3,535,000 | 3,535,530 | |
6.153% (SOFR + 0.79%) 12/9/26 • | 3,700,000 | 3,704,799 | |
6.181% (SOFR + 0.81%) 3/9/27 • | 4,905,000 | 4,914,988 | |
ICICI Bank 144A 4.00% 3/18/26 # | 200,000 | 195,471 | |
ING Groep 6.083% 9/11/27 μ | 655,000 | 662,563 | |
JPMorgan Chase & Co. | |||
3.875% 9/10/24 | 2,542,000 | 2,532,235 | |
4.08% 4/26/26 μ | 6,515,000 | 6,429,749 | |
5.012% 1/23/30 μ | 1,190,000 | 1,181,111 | |
5.571% 4/22/28 μ | 1,315,000 | 1,325,931 | |
6.241% (SOFR + 0.89%) 4/22/27 • | 955,000 | 959,611 | |
KeyBank | |||
4.15% 8/8/25 | 3,020,000 | 2,962,307 | |
5.85% 11/15/27 | 465,000 | 463,620 | |
KeyCorp 6.613% (SOFR03M + 1.25%) 5/23/25 • | 2,895,000 | 2,884,724 | |
Lloyds Banking Group 5.721% 6/5/30 μ | 870,000 | 877,435 | |
Morgan Stanley | |||
6.138% 10/16/26 μ | 10,465,000 | 10,537,008 | |
6.296% 10/18/28 μ | 1,534,000 | 1,583,256 | |
6.407% 11/1/29 μ | 488,000 | 509,289 | |
Morgan Stanley Bank 5.504% 5/26/28 μ | 1,380,000 | 1,389,706 | |
NBK SPC 144A 1.625% 9/15/27 #, μ | 200,000 | 184,125 | |
PNC Financial Services Group 5.30% 1/21/28 μ | 1,635,000 | 1,633,142 | |
Popular 7.25% 3/13/28 | 675,000 | 693,775 | |
Shinhan Bank 3.875% 3/24/26 ■ | 300,000 | 291,198 | |
State Street 4.993% 3/18/27 | 1,405,000 | 1,403,651 | |
Truist Bank 2.636% 9/17/29 μ | 2,480,000 | 2,426,916 | |
Turkiye Is Bankasi 144A 7.75% 6/12/29 # | 200,000 | 200,356 | |
US Bancorp | |||
4.653% 2/1/29 μ | 84,000 | 82,220 | |
5.384% 1/23/30 μ | 460,000 | 461,325 | |
5.727% 10/21/26 μ | 107,000 | 107,218 | |
6.787% 10/26/27 μ | 1,330,000 | 1,369,750 | |
Wells Fargo & Co. 3.908% 4/25/26 μ | 3,515,000 | 3,462,848 | |
Wells Fargo Bank 5.254% 12/11/26 | 1,410,000 | 1,411,718 | |
93,329,153 |
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Basic Industry — 0.75% | |||
Anglo American Capital 144A 4.00% 9/11/27 # | 200,000 | $ 191,773 | |
Avient 144A 5.75% 5/15/25 # | 1,325,000 | 1,322,578 | |
Celanese US Holdings | |||
6.05% 3/15/25 | 149,000 | 149,217 | |
6.165% 7/15/27 | 1,885,000 | 1,914,019 | |
Newmont 144A 5.30% 3/15/26 # | 2,370,000 | 2,370,211 | |
Sasol Financing USA 4.375% 9/18/26 | 200,000 | 188,595 | |
Suzano Austria 144A 5.75% 7/14/26 # | 200,000 | 200,463 | |
6,336,856 | |||
Brokerage — 0.23% | |||
Jefferies Financial Group | |||
5.875% 7/21/28 | 315,000 | 318,275 | |
6.05% 3/12/25 | 1,430,000 | 1,429,198 | |
XP 144A 6.75% 7/2/29 # | 200,000 | 198,500 | |
1,945,973 | |||
Capital Goods — 2.05% | |||
Amphenol 5.05% 4/5/27 | 670,000 | 669,639 | |
Boeing 2.196% 2/4/26 | 1,490,000 | 1,401,114 | |
Lennox International 1.35% 8/1/25 | 3,925,000 | 3,748,446 | |
Mauser Packaging Solutions Holding 144A 7.875% 4/15/27 # | 4,110,000 | 4,197,301 | |
Parker-Hannifin 4.25% 9/15/27 | 3,875,000 | 3,777,047 | |
Republic Services 0.875% 11/15/25 | 2,200,000 | 2,069,167 | |
RTX 5.75% 11/8/26 | 1,298,000 | 1,312,202 | |
Sisecam UK 144A 8.25% 5/2/29 # | 200,000 | 203,349 | |
17,378,265 | |||
Communications — 3.57% | |||
American Tower 5.20% 2/15/29 | 920,000 | 917,158 | |
AT&T 1.70% 3/25/26 | 2,640,000 | 2,479,207 | |
Charter Communications Operating 6.15% 11/10/26 | 5,530,000 | 5,584,973 | |
Crown Castle Towers 144A 3.663% 5/15/45 # | 2,050,000 | 2,012,686 | |
Netflix 5.875% 2/15/25 | 3,750,000 | 3,756,611 | |
Prosus 144A 3.257% 1/19/27 # | 200,000 | 187,229 | |
Rogers Communications 5.00% 2/15/29 | 1,955,000 | 1,931,297 | |
Sprint Spectrum 144A 4.738% 9/20/29 # | 84,375 | 83,860 | |
T-Mobile USA 3.75% 4/15/27 | 4,010,000 | 3,855,060 | |
Verizon Communications 1.45% 3/20/26 | 2,200,000 | 2,060,599 |
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Communications (continued) | |||
Warnermedia Holdings | |||
3.638% 3/15/25 | 6,180,000 | $ 6,085,343 | |
6.412% 3/15/26 | 1,250,000 | 1,250,078 | |
30,204,101 | |||
Consumer Cyclical — 2.03% | |||
Alsea 144A 7.75% 12/14/26 # | 200,000 | 201,883 | |
Aptiv 2.396% 2/18/25 | 4,125,000 | 4,036,617 | |
Carnival 144A 7.625% 3/1/26 # | 662,000 | 669,010 | |
Ford Motor Credit | |||
2.30% 2/10/25 | 435,000 | 425,384 | |
2.70% 8/10/26 | 1,700,000 | 1,597,246 | |
3.375% 11/13/25 | 4,130,000 | 3,998,699 | |
5.80% 3/5/27 | 1,350,000 | 1,350,574 | |
5.80% 3/8/29 | 980,000 | 977,019 | |
6.798% 11/7/28 | 525,000 | 542,671 | |
Home Depot 4.875% 6/25/27 | 535,000 | 534,061 | |
Hyundai Capital America 144A 5.275% 6/24/27 # | 755,000 | 751,914 | |
VICI Properties 4.95% 2/15/30 | 2,140,000 | 2,066,128 | |
17,151,206 | |||
Consumer Non-Cyclical — 3.28% | |||
AbbVie | |||
2.60% 11/21/24 | 3,625,000 | 3,585,320 | |
4.80% 3/15/29 | 3,955,000 | 3,940,534 | |
Amgen 5.15% 3/2/28 | 3,105,000 | 3,105,109 | |
Bimbo Bakeries USA 144A 6.05% 1/15/29 # | 200,000 | 205,736 | |
Cardinal Health 5.125% 2/15/29 | 1,555,000 | 1,551,657 | |
Coca-Cola Consolidated 5.25% 6/1/29 | 2,135,000 | 2,145,305 | |
McCormick & Co. 0.90% 2/15/26 | 2,975,000 | 2,771,444 | |
Medtronic Global Holdings 4.25% 3/30/28 | 1,775,000 | 1,734,806 | |
Mondelez International 1.50% 5/4/25 | 1,210,000 | 1,169,623 | |
Royalty Pharma 1.20% 9/2/25 | 7,630,000 | 7,248,504 | |
Teva Pharmaceutical Finance Netherlands III 4.75% 5/9/27 | 250,000 | 241,227 | |
27,699,265 | |||
Electric — 2.93% | |||
AEP Texas 5.45% 5/15/29 | 1,240,000 | 1,246,858 | |
AES Andes 144A 6.30% 3/15/29 # | 200,000 | 201,556 | |
Avangrid 3.20% 4/15/25 | 885,000 | 866,716 | |
Colbun 144A 3.95% 10/11/27 # | 200,000 | 191,817 | |
DTE Energy 5.10% 3/1/29 | 1,310,000 | 1,299,744 |
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Electric (continued) | |||
Duke Energy 4.875% 9/16/24 μ, ψ | 790,000 | $ 785,140 | |
Duke Energy Carolinas 3.95% 11/15/28 | 3,400,000 | 3,271,221 | |
Edison International 3.55% 11/15/24 | 3,700,000 | 3,665,755 | |
FirstEnergy Pennsylvania Electric 144A 5.20% 4/1/28 # | 2,300,000 | 2,298,842 | |
National Rural Utilities Cooperative Finance | |||
1.875% 2/7/25 | 4,350,000 | 4,254,847 | |
4.45% 3/13/26 | 1,080,000 | 1,065,559 | |
NextEra Energy Capital Holdings 5.749% 9/1/25 | 245,000 | 245,617 | |
Pacific Gas & Electric 5.55% 5/15/29 | 760,000 | 762,016 | |
PacifiCorp | |||
5.10% 2/15/29 | 335,000 | 334,893 | |
5.45% 2/15/34 | 565,000 | 558,354 | |
Southern 4.85% 6/15/28 | 3,210,000 | 3,177,731 | |
Vistra Operations 144A 5.125% 5/13/25 # | 574,000 | 570,949 | |
24,797,615 | |||
Energy — 2.51% | |||
Diamondback Energy 5.20% 4/18/27 | 640,000 | 640,326 | |
Enbridge | |||
2.50% 2/14/25 | 1,040,000 | 1,019,318 | |
5.25% 4/5/27 | 795,000 | 795,172 | |
Energean Israel Finance 144A 4.875% 3/30/26 # | 200,000 | 188,980 | |
Energy Transfer 5.55% 2/15/28 | 4,440,000 | 4,479,356 | |
Galaxy Pipeline Assets Bidco 144A 1.75% 9/30/27 # | 2,357,040 | 2,209,879 | |
Kinder Morgan 5.00% 2/1/29 | 485,000 | 479,722 | |
MPLX 4.875% 12/1/24 | 1,955,000 | 1,946,907 | |
NuStar Logistics 5.75% 10/1/25 | 1,077,000 | 1,070,945 | |
Occidental Petroleum | |||
5.50% 12/1/25 | 1,247,000 | 1,244,706 | |
5.875% 9/1/25 | 4,560,000 | 4,565,145 | |
Southwestern Energy 5.70% 1/23/25 | 188,000 | 187,845 | |
Targa Resources Partners 5.00% 1/15/28 | 2,445,000 | 2,396,449 | |
21,224,750 | |||
Finance Companies — 1.34% | |||
AerCap Ireland Capital DAC | |||
3.00% 10/29/28 | 1,100,000 | 1,000,031 | |
5.10% 1/19/29 | 3,475,000 | 3,442,635 | |
Air Lease | |||
0.80% 8/18/24 | 1,755,000 | 1,743,453 | |
2.875% 1/15/26 | 875,000 | 839,861 |
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Finance Companies (continued) | |||
Aviation Capital Group | |||
144A 1.95% 1/30/26 # | 3,235,000 | $ 3,045,409 | |
144A 5.375% 7/15/29 # | 1,315,000 | 1,300,086 | |
11,371,475 | |||
Industrials — 0.07% | |||
Bidvest Group UK 144A 3.625% 9/23/26 # | 200,000 | 186,830 | |
CK Hutchison International 23 144A 4.75% 4/21/28 # | 400,000 | 395,060 | |
581,890 | |||
Insurance — 1.58% | |||
Aon North America 5.125% 3/1/27 | 1,070,000 | 1,068,599 | |
Athene Global Funding 144A 0.914% 8/19/24 # | 2,150,000 | 2,135,549 | |
Elevance Health 5.15% 6/15/29 | 515,000 | 516,499 | |
Met Tower Global Funding 144A 3.70% 6/13/25 # | 4,380,000 | 4,309,308 | |
New York Life Global Funding 144A 5.45% 9/18/26 # | 1,850,000 | 1,859,545 | |
UnitedHealth Group | |||
4.25% 1/15/29 | 2,150,000 | 2,094,139 | |
4.90% 4/15/31 | 1,350,000 | 1,337,946 | |
13,321,585 | |||
Natural Gas — 0.41% | |||
Engie | |||
144A 5.25% 4/10/29 # | 925,000 | 923,759 | |
144A 5.625% 4/10/34 # | 870,000 | 866,430 | |
ENN Energy Holdings 144A 4.625% 5/17/27 # | 250,000 | 246,307 | |
Sempra Energy 3.30% 4/1/25 | 1,475,000 | 1,448,967 | |
3,485,463 | |||
Real Estate Investment Trusts — 1.80% | |||
SBA Tower Trust | |||
144A 1.884% 7/15/50 # | 3,222,000 | 3,030,098 | |
144A 2.836% 1/15/50 # | 5,840,000 | 5,737,427 | |
144A 3.869% 10/15/49 #, ~ | 6,500,000 | 6,457,963 | |
15,225,488 | |||
Technology — 1.81% | |||
Baidu 1.72% 4/9/26 | 1,250,000 | 1,174,735 | |
Oracle 5.80% 11/10/25 | 2,355,000 | 2,367,067 | |
Roper Technologies | |||
1.00% 9/15/25 | 3,600,000 | 3,411,580 | |
2.35% 9/15/24 | 4,345,000 | 4,315,241 | |
Sensata Technologies 144A 5.00% 10/1/25 # | 3,720,000 | 3,753,274 |
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Technology (continued) | |||
SK Hynix 144A 1.50% 1/19/26 # | 300,000 | $ 281,716 | |
15,303,613 | |||
Transportation — 0.52% | |||
ERAC USA Finance | |||
144A 4.60% 5/1/28 # | 3,225,000 | 3,175,177 | |
144A 5.00% 2/15/29 # | 670,000 | 668,485 | |
Rumo Luxembourg 144A 5.25% 1/10/28 # | 200,000 | 192,583 | |
TAV Havalimanlari Holding 144A 8.50% 12/7/28 # | 200,000 | 204,950 | |
United Airlines 144A 4.375% 4/15/26 # | 175,000 | 169,254 | |
4,410,449 | |||
Total Corporate Bonds (cost $307,230,057) | 303,767,147 | ||
Government Agency Obligations — 0.32% | |||
BOC Aviation USA 144A 5.25% 1/14/30 # | 200,000 | 199,208 | |
CIMB Bank 144A 2.125% 7/20/27 # | 200,000 | 182,612 | |
DAE Sukuk DIFC 144A 3.75% 2/15/26 # | 200,000 | 192,994 | |
Emirates NBD Bank PJSC 2.625% 2/18/25 ■ | 200,000 | 195,780 | |
Freeport Indonesia 144A 4.763% 4/14/27 # | 200,000 | 196,870 | |
Georgian Railway JSC 4.00% 6/17/28 ■ | 200,000 | 177,927 | |
KazMunayGas National 144A 4.75% 4/19/27 # | 200,000 | 193,640 | |
MEGlobal Canada 144A 5.00% 5/18/25 # | 200,000 | 198,255 | |
MISC Capital Two Labuan 144A 3.75% 4/6/27 # | 200,000 | 191,208 | |
OCP 144A 4.50% 10/22/25 # | 200,000 | 196,372 | |
QatarEnergy Trading 144A 1.375% 9/12/26 # | 200,000 | 184,442 | |
QNB Finance 2.625% 5/12/25 ■ | 250,000 | 243,453 | |
Saudi Arabian Oil 144A 1.625% 11/24/25 # | 200,000 | 189,697 | |
Turk Telekomunikasyon 144A 7.375% 5/20/29 # | 200,000 | 200,856 | |
Total Government Agency Obligations (cost $2,846,749) | 2,743,314 | ||
Non-Agency Asset-Backed Securities — 19.26% | |||
American Express Credit Account Master Trust Series 2023-1 A 4.87% 5/15/28 | 2,500,000 | 2,488,885 | |
ARI Fleet Lease Trust Series 2024-B A2 144A 5.54% 4/15/33 # | 4,000,000 | 4,002,726 | |
Avis Budget Rental Car Funding AESOP Series 2019-2A A 144A 3.35% 9/22/25 # | 415,000 | 413,607 | |
Chase Issuance Trust Series 2024-A1I A 4.62% 1/16/29 | 6,000,000 | 5,944,828 |
Principal amount° | Value (US $) | ||
Non-Agency Asset-Backed Securities (continued) | |||
CNH Equipment Trust Series 2024-A A2 5.19% 7/15/27 | 4,500,000 | $ 4,485,853 | |
Discover Card Execution Note Trust Series 2022-A4 A 5.03% 10/15/27 | 10,050,000 | 10,012,600 | |
Enterprise Fleet Financing | |||
Series 2022-2 A2 144A 4.65% 5/21/29 # | 1,233,797 | 1,224,424 | |
Series 2023-3 A2 144A 6.40% 3/20/30 # | 4,000,000 | 4,045,088 | |
Ford Credit Auto Lease Trust Series 2024-A A3 5.06% 5/15/27 | 3,500,000 | 3,486,008 | |
Ford Credit Auto Owner Trust | |||
Series 2021-A B 0.70% 10/15/26 | 180,000 | 173,505 | |
Series 2022-A B 1.91% 7/15/27 | 5,215,000 | 4,940,748 | |
Series 2024-B A3 5.10% 4/15/29 | 10,500,000 | 10,487,421 | |
Ford Credit Floorplan Master Owner Trust | |||
Series 2020-2 A 1.06% 9/15/27 | 7,600,000 | 7,206,335 | |
Series 2024-1 A1 144A 5.29% 4/15/29 # | 10,000,000 | 10,036,753 | |
GM Financial Automobile Leasing Trust Series 2022-1 B 2.23% 2/20/26 | 4,244,344 | 4,235,386 | |
GM Financial Consumer Automobile Receivables Trust Series 2024-2 A2B 5.723% (SOFR + 0.39%) 3/16/27 • | 2,000,000 | 2,000,516 | |
GMF Floorplan Owner Revolving Trust Series 2024-1A A1 144A 5.13% 3/15/29 # | 4,000,000 | 3,998,325 | |
GreatAmerica Leasing Receivables Funding Series 2024-1 A3 144A 4.98% 1/18/28 # | 2,700,000 | 2,683,233 | |
GTE Auto Receivables Trust Series 2023-1 A2 144A 5.65% 8/17/26 # | 1,699,841 | 1,698,278 | |
Hyundai Auto Lease Securitization Trust | |||
Series 2023-A A3 144A 5.05% 1/15/26 # | 4,500,000 | 4,490,015 | |
Series 2024-A A3 144A 5.02% 3/15/27 # | 4,500,000 | 4,480,982 | |
Mercedes-Benz Auto Lease Trust Series 2024-A A2B 5.753% (SOFR + 0.42%) 2/16/27 • | 2,450,000 | 2,449,999 | |
NextGear Floorplan Master Owner Trust Series 2024-1A A1 144A 6.233% (SOFR + 0.90%, Floor 0.90%) 3/15/29 #, • | 3,000,000 | 3,013,628 | |
Nissan Master Owner Trust Receivables Series 2024-B A 144A 5.05% 2/15/29 # | 4,000,000 | 3,984,336 | |
OCCU Auto Receivables Trust Series 2023-1A A2 144A 6.23% 4/15/27 # | 1,841,944 | 1,845,575 | |
Porsche Financial Auto Securitization Trust Series 2023-2A A2B 144A 5.915% (SOFR + 0.58%) 11/23/26 #, • | 2,554,014 | 2,556,042 | |
Toyota Auto Loan Extended Note Trust Series 2022-1A A 144A 3.82% 4/25/35 # | 8,000,000 | 7,736,172 |
Principal amount° | Value (US $) | ||
Non-Agency Asset-Backed Securities (continued) | |||
Toyota Auto Receivables Owner Trust | |||
Series 2024-A A3 4.83% 10/16/28 | 5,000,000 | $ 4,967,798 | |
Series 2024-B A3 5.33% 1/16/29 | 3,500,000 | 3,513,846 | |
Trafigura Securitisation Finance Series 2021-1A A2 144A 1.08% 1/15/25 # | 3,850,000 | 3,842,038 | |
Verizon Master Trust | |||
Series 2021-2 A 0.99% 4/20/28 | 5,000,000 | 4,928,724 | |
Series 2022-2 A 1.53% 7/20/28 | 6,707,000 | 6,556,902 | |
Series 2022-2 B 1.83% 7/20/28 | 5,215,000 | 5,101,387 | |
Series 2024-3 A1A 5.34% 4/22/30 | 4,000,000 | 4,035,003 | |
Volkswagen Auto Lease Trust | |||
Series 2022-A A3 3.44% 7/21/25 | 1,775,601 | 1,771,427 | |
Series 2024-A A3 5.21% 6/21/27 | 4,000,000 | 3,995,616 | |
Volkswagen Auto Loan Enhanced Trust Series 2023-2 A2B 5.963% (SOFR + 0.63%) 3/22/27 • | 5,998,577 | 6,009,733 | |
World Omni Auto Receivables Trust Series 2022-D A3 5.61% 2/15/28 | 4,000,000 | 4,002,038 | |
Total Non-Agency Asset-Backed Securities (cost $162,994,807) | 162,845,780 | ||
Non-Agency Collateralized Mortgage Obligations — 1.22% | |||
COLT Mortgage Loan Trust Series 2023-3 A1 144A 7.18% 9/25/68 #, ~ | 1,990,735 | 2,018,111 | |
Connecticut Avenue Securities Trust Series 2023-R08 1M1 144A 6.835% (SOFR + 1.50%) 10/25/43 #, • | 1,671,373 | 1,681,912 | |
OBX Trust Series 2023-NQM8 A1 144A 7.045% 9/25/63 #, ~ | 1,991,331 | 2,024,904 | |
Verus Securitization Trust Series 2023-6 A1 144A 6.665% 9/25/68 #, ~ | 4,584,541 | 4,620,219 | |
Total Non-Agency Collateralized Mortgage Obligations (cost $10,237,868) | 10,345,146 | ||
Sovereign Bonds — 0.05%Δ | |||
Hong Kong — 0.02% | |||
Airport Authority 144A 1.75% 1/12/27 # | 200,000 | 185,050 | |
185,050 |
Principal amount° | Value (US $) | ||
Sovereign BondsΔ (continued) | |||
South Korea — 0.03% | |||
Korea Hydro & Nuclear Power 144A 5.00% 7/18/28 # | 200,000 | $ 199,725 | |
199,725 | |||
Total Sovereign Bonds (cost $397,678) | 384,775 | ||
US Treasury Obligations — 26.85% | |||
US Treasury Notes | |||
1.125% 2/15/31 | 2,385,000 | 1,950,949 | |
3.50% 1/31/30 | 1,350,000 | 1,293,100 | |
3.75% 12/31/28 | 3,215,000 | 3,133,495 | |
3.875% 12/31/29 | 1,700,000 | 1,660,023 | |
4.125% 10/31/27 | 1,750,000 | 1,730,654 | |
4.25% 12/31/25 | 10,290,000 | 10,192,928 | |
4.25% 3/31/29 | 7,270,000 | 7,197,158 | |
4.50% 4/15/27 | 13,415,000 | 13,396,659 | |
4.50% 5/31/29 | 2,565,000 | 2,582,835 | |
4.625% 6/30/26 | 18,390,000 | 18,357,315 | |
4.875% 4/30/26 | 17,480,000 | 17,507,996 | |
4.875% 5/31/26 | 147,765,000 | 148,076,695 | |
Total US Treasury Obligations (cost $227,144,668) | 227,079,807 |
Number of shares | |||
Short-Term Investments — 3.48% | |||
Money Market Mutual Funds — 3.48% | |||
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 5.21%) | 7,354,518 | 7,354,518 | |
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 5.21%) | 7,354,518 | 7,354,518 | |
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 5.35%) | 7,354,518 | 7,354,518 |
Number of shares | Value (US $) | ||
Short-Term Investments (continued) | |||
Money Market Mutual Funds (continued) | |||
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 5.22%) | 7,354,518 | $ 7,354,518 | |
Total Short-Term Investments (cost $29,418,072) | 29,418,072 | ||
Total Value of Securities—101.70% (cost $867,566,483) | $860,010,516 |
° | Principal amount shown is stated in USD unless noted that the security is denominated in another currency. |
• | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at June 30, 2024. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. SOFR01M, SOFR03M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
# | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2024, the aggregate value of Rule 144A securities was $195,889,986, which represents 23.17% of the Fund’s net assets. See Note 9 in “Notes to financial statements.” |
♦ | Pass Through Agreement. Security represents the contractual right to receive a proportionate amount of underlying payments due to the counterparty pursuant to various agreements related to the rescheduling of obligations and the exchange of certain notes. |
~ | Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Stated rate in effect at June 30, 2024. |
μ | Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at June 30, 2024. Rate will reset at a future date. |
■ | Regulation S security. Security is offered and sold outside of the United States; therefore, it is exempt from registration with the SEC under Rules 903 and 904 of the Securities Act of 1933. |
ψ | Perpetual security. Maturity date represents next call date. |
Δ | Securities have been classified by country of risk. |
Summary of abbreviations: |
CLO – Collateralized Loan Obligation |
DAC – Designated Activity Company |
DIFC – Dubai International Financial Centre |
FREMF – Freddie Mac Multifamily |
GNMA – Government National Mortgage Association |
JSC – Joint Stock Company |
PJSC – Private Joint Stock Company |
REMIC – Real Estate Mortgage Investment Conduit |
S.F. – Single Family |
SOFR – Secured Overnight Financing Rate |
SOFR01M – Secured Overnight Financing Rate 1 Month |
SOFR03M – Secured Overnight Financing Rate 3 Month |
TSFR03M – 3 Month Term Secured Overnight Financing Rate |
USD – US Dollar |
yr – Year |
Delaware Limited-Term Diversified Income Fund | June 30, 2024 (Unaudited) |
Assets: | |
Investments, at value* | $860,010,516 |
Cash | 438,456 |
Dividends and interest receivable | 5,714,502 |
Receivable for fund shares sold | 958,154 |
Prepaid expenses | 79,456 |
Other assets | 13,529 |
Total Assets | 867,214,613 |
Liabilities: | |
Payable for securities purchased | 19,257,187 |
Payable for fund shares redeemed | 1,821,874 |
Other accrued expenses | 158,004 |
Investment management fees payable to affiliates | 156,294 |
Distribution payable | 109,007 |
Distribution fees payable to affiliates | 98,029 |
Total Liabilities | 21,600,395 |
Total Net Assets | $845,614,218 |
Net Assets Consist of: | |
Paid-in capital | $1,003,662,758 |
Total distributable earnings (loss) | (158,048,540) |
Total Net Assets | $845,614,218 |
Net Asset Value | |
Class A: | |
Net assets | $434,030,799 |
Shares of beneficial interest outstanding, unlimited authorization, no par | 55,673,410 |
Net asset value per share | $7.80 |
Sales charge | 2.75% |
Offering price per share, equal to net asset value per share / (1 - sales charge) | $8.02 |
Class C: | |
Net assets | $9,665,491 |
Shares of beneficial interest outstanding, unlimited authorization, no par | 1,240,766 |
Net asset value per share | $7.79 |
Class R: | |
Net assets | $1,115,890 |
Shares of beneficial interest outstanding, unlimited authorization, no par | 143,145 |
Net asset value per share | $7.80 |
Institutional Class: | |
Net assets | $377,493,291 |
Shares of beneficial interest outstanding, unlimited authorization, no par | 48,428,694 |
Net asset value per share | $7.79 |
Class R6: | |
Net assets | $23,308,747 |
Shares of beneficial interest outstanding, unlimited authorization, no par | 2,991,173 |
Net asset value per share | $7.79 |
*Investments, at cost | $867,566,483 |
Delaware Limited-Term Diversified Income Fund | Six months ended June 30, 2024 (Unaudited) |
Investment Income: | |
Interest | $17,743,525 |
Dividends | 613,261 |
18,356,786 | |
Expenses: | |
Management fees | 1,980,029 |
Distribution expenses — Class A | 521,861 |
Distribution expenses — Class C | 51,516 |
Distribution expenses — Class R | 2,736 |
Dividend disbursing and transfer agent fees and expenses | 392,662 |
Accounting and administration expenses | 65,430 |
Registration fees | 51,415 |
Legal fees | 45,751 |
Audit and tax fees | 40,861 |
Reports and statements to shareholders expenses | 28,387 |
Trustees’ fees | 22,332 |
Custodian fees | 423 |
Other | 54,823 |
3,258,226 | |
Less expenses waived | (1,107,598) |
Less expenses paid indirectly | (698) |
Total operating expenses | 2,149,930 |
Net Investment Income (Loss) | 16,206,856 |
Net Realized and Unrealized Gain (Loss): | |
Net realized gain (loss) on: | |
Investments | $(1,053,250) |
Futures contracts | (931,713) |
Net realized gain (loss) | (1,984,963) |
Net change in unrealized appreciation (depreciation) on: | |
Investments | 1,140,236 |
Foreign currencies | (1,789) |
Futures contracts | (1,572,101) |
Net change in unrealized appreciation (depreciation) | (433,654) |
Net Realized and Unrealized Gain (Loss) | (2,418,617) |
Net Increase (Decrease) in Net Assets Resulting from Operations | $13,788,239 |
Six months ended 6/30/24 (Unaudited) | Year ended 12/31/23 | ||
Increase (Decrease) in Net Assets from Operations: | |||
Net investment income (loss) | $16,206,856 | $17,747,980 | |
Net realized gain (loss) | (1,984,963) | (8,828,556) | |
Net change in unrealized appreciation (depreciation) | (433,654) | 22,796,440 | |
Net increase (decrease) in net assets resulting from operations | 13,788,239 | 31,715,864 | |
Dividends and Distributions to Shareholders from: | |||
Distributable earnings: | |||
Class A | (8,165,421) | (9,324,334) | |
Class C | (162,327) | (262,952) | |
Class R | (20,031) | (26,278) | |
Institutional Class | (7,423,218) | (8,277,385) | |
Class R6 | (480,528) | (677,743) | |
(16,251,525) | (18,568,692) | ||
Capital Share Transactions (See Note 4): | |||
Proceeds from shares sold: | |||
Class A | 36,488,768 | 49,646,562 | |
Class C | 285,850 | 2,066,279 | |
Class R | 56,913 | 59,451 | |
Institutional Class | 93,016,770 | 84,358,626 | |
Class R6 | 4,228,572 | 24,337,430 | |
Net assets from reorganization:1 | |||
Class A | 41,291,534 | 248,424,336 | |
Class C | 418,852 | 6,020,079 | |
Class R | — | 333,903 | |
Institutional Class | 38,761,886 | 191,309,290 | |
Class R6 | 374,627 | 3,657,465 |
Six months ended 6/30/24 (Unaudited) | Year ended 12/31/23 | ||
Capital Share Transactions (continued): | |||
Net asset value of shares issued upon reinvestment of dividends and distributions: | |||
Class A | $7,921,544 | $9,581,740 | |
Class C | 158,314 | 267,381 | |
Class R | 19,859 | 26,648 | |
Institutional Class | 6,919,901 | 7,875,509 | |
Class R6 | 480,088 | 682,560 | |
230,423,478 | 628,647,259 | ||
Cost of shares redeemed: | |||
Class A | (80,593,878) | (100,801,563) | |
Class C | (2,847,604) | (6,199,415) | |
Class R | (49,741) | (86,937) | |
Institutional Class | (93,364,782) | (155,536,333) | |
Class R6 | (4,124,932) | (11,313,172) | |
(180,980,937) | (273,937,420) | ||
Increase in net assets derived from capital share transactions | 49,442,541 | 354,709,839 | |
Net Increase in Net Assets | 46,979,255 | 367,857,011 | |
Net Assets: | |||
Beginning of period | 798,634,963 | 430,777,952 | |
End of period | $845,614,218 | $798,634,963 |
1 | See Note 5 in “Notes to financial statements.” |
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income2 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Return of capital |
Total dividends and distributions |
Net asset value, end of period |
Total return4 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets5 |
Ratio of expenses to average net assets prior to fees waived5 |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets prior to fees waived |
Portfolio turnover |
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
2 | Calculated using average shares outstanding. |
3 | Amount is less than $(0.005) per share. |
4 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect. |
5 | Expense ratios do not include expenses of any investment companies in which the Fund invests. |
Six months ended 6/30/241 (Unaudited) | Year ended | |||||||||
12/31/23 | 12/31/22 | 12/31/21 | 12/31/20 | 12/31/19 | ||||||
$7.83 | $7.71 | $8.25 | $8.44 | $8.27 | $8.14 | |||||
0.15 | 0.26 | 0.13 | 0.07 | 0.11 | 0.21 | |||||
(0.03) | 0.12 | (0.48) | (0.11) | 0.23 | 0.15 | |||||
0.12 | 0.38 | (0.35) | (0.04) | 0.34 | 0.36 | |||||
(0.15) | (0.26) | (0.19) | (0.15) | (0.14) | (0.20) | |||||
— | — | — | —3 | (0.03) | (0.03) | |||||
(0.15) | (0.26) | (0.19) | (0.15) | (0.17) | (0.23) | |||||
$7.80 | $7.83 | $7.71 | $8.25 | $8.44 | $8.27 | |||||
1.57% | 5.08% | (4.26%) | (0.45%) | 4.16% | 4.51% | |||||
$434,031 | $430,219 | $216,299 | $260,162 | $148,185 | $137,798 | |||||
0.64% | 0.61% | 0.53% | 0.54% | 0.54% | 0.54% | |||||
0.92% | 0.95% | 0.96% | 0.95% | 0.96% | 0.96% | |||||
3.90% | 3.31% | 1.71% | 0.89% | 1.32% | 2.58% | |||||
3.62% | 2.97% | 1.28% | 0.48% | 0.90% | 2.16% | |||||
87% | 116% | 110% | 205% | 224% | 123% |
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income2 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Return of capital |
Total dividends and distributions |
Net asset value, end of period |
Total return4 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets5 |
Ratio of expenses to average net assets prior to fees waived5 |
Ratio of net investment income to average net assets |
Ratio of net investment income (loss) to average net assets prior to fees waived |
Portfolio turnover |
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
2 | Calculated using average shares outstanding. |
3 | Amount is less than $(0.005) per share. |
4 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect. |
5 | Expense ratios do not include expenses of any investment companies in which the Fund invests. |
Six months ended 6/30/241 (Unaudited) | Year ended | |||||||||
12/31/23 | 12/31/22 | 12/31/21 | 12/31/20 | 12/31/19 | ||||||
$7.82 | $7.70 | $8.24 | $8.44 | $8.27 | $8.14 | |||||
0.12 | 0.19 | 0.07 | — | 0.04 | 0.14 | |||||
(0.03) | 0.13 | (0.49) | (0.12) | 0.23 | 0.15 | |||||
0.09 | 0.32 | (0.42) | (0.12) | 0.27 | 0.29 | |||||
(0.12) | (0.20) | (0.12) | (0.08) | (0.07) | (0.13) | |||||
— | — | — | —3 | (0.03) | (0.03) | |||||
(0.12) | (0.20) | (0.12) | (0.08) | (0.10) | (0.16) | |||||
$7.79 | $7.82 | $7.70 | $8.24 | $8.44 | $8.27 | |||||
1.19% | 4.27% | (5.08%) | (1.41%) | 3.28% | 3.63% | |||||
$9,665 | $11,692 | $9,339 | $11,355 | $22,565 | $36,977 | |||||
1.39% | 1.39% | 1.38% | 1.39% | 1.39% | 1.39% | |||||
1.67% | 1.70% | 1.71% | 1.70% | 1.71% | 1.71% | |||||
3.15% | 2.53% | 0.86% | 0.04% | 0.47% | 1.73% | |||||
2.87% | 2.22% | 0.53% | (0.27%) | 0.15% | 1.41% | |||||
87% | 116% | 110% | 205% | 224% | 123% |
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income2 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Return of capital |
Total dividends and distributions |
Net asset value, end of period |
Total return4 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets5 |
Ratio of expenses to average net assets prior to fees waived5 |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets prior to fees waived |
Portfolio turnover |
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
2 | Calculated using average shares outstanding. |
3 | Amount is less than $(0.005) per share. |
4 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect. |
5 | Expense ratios do not include expenses of any investment companies in which the Fund invests. |
Six months ended 6/30/241 (Unaudited) | Year ended | |||||||||
12/31/23 | 12/31/22 | 12/31/21 | 12/31/20 | 12/31/19 | ||||||
$7.82 | $7.71 | $8.25 | $8.44 | $8.28 | $8.14 | |||||
0.14 | 0.23 | 0.11 | 0.04 | 0.08 | 0.18 | |||||
(0.02) | 0.12 | (0.49) | (0.11) | 0.22 | 0.16 | |||||
0.12 | 0.35 | (0.38) | (0.07) | 0.30 | 0.34 | |||||
(0.14) | (0.24) | (0.16) | (0.12) | (0.11) | (0.17) | |||||
— | — | — | —3 | (0.03) | (0.03) | |||||
(0.14) | (0.24) | (0.16) | (0.12) | (0.14) | (0.20) | |||||
$7.80 | $7.82 | $7.71 | $8.25 | $8.44 | $8.28 | |||||
1.57% | 4.65% | (4.59%) | (0.80%) | 3.66% | 4.27% | |||||
$1,116 | $1,093 | $743 | $843 | $946 | $1,586 | |||||
0.89% | 0.89% | 0.88% | 0.89% | 0.89% | 0.89% | |||||
1.17% | 1.20% | 1.21% | 1.20% | 1.21% | 1.21% | |||||
3.65% | 3.03% | 1.36% | 0.54% | 0.97% | 2.23% | |||||
3.37% | 2.72% | 1.03% | 0.23% | 0.65% | 1.91% | |||||
87% | 116% | 110% | 205% | 224% | 123% |
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income2 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Return of capital |
Total dividends and distributions |
Net asset value, end of period |
Total return4 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets5 |
Ratio of expenses to average net assets prior to fees waived5 |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets prior to fees waived |
Portfolio turnover |
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
2 | Calculated using average shares outstanding. |
3 | Amount is less than $(0.005) per share. |
4 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect. |
5 | Expense ratios do not include expenses of any investment companies in which the Fund invests. |
Six months ended 6/30/241 (Unaudited) | Year ended | |||||||||
12/31/23 | 12/31/22 | 12/31/21 | 12/31/20 | 12/31/19 | ||||||
$7.83 | $7.71 | $8.25 | $8.44 | $8.27 | $8.14 | |||||
0.16 | 0.27 | 0.15 | 0.09 | 0.12 | 0.23 | |||||
(0.04) | 0.13 | (0.49) | (0.12) | 0.23 | 0.15 | |||||
0.12 | 0.40 | (0.34) | (0.03) | 0.35 | 0.38 | |||||
(0.16) | (0.28) | (0.20) | (0.16) | (0.15) | (0.22) | |||||
— | — | — | —3 | (0.03) | (0.03) | |||||
(0.16) | (0.28) | (0.20) | (0.16) | (0.18) | (0.25) | |||||
$7.79 | $7.83 | $7.71 | $8.25 | $8.44 | $8.27 | |||||
1.57% | 5.31% | (4.12%) | (0.30%) | 4.31% | 4.67% | |||||
$377,493 | $333,210 | $199,497 | $213,457 | $262,775 | $249,667 | |||||
0.39% | 0.39% | 0.38% | 0.39% | 0.39% | 0.39% | |||||
0.67% | 0.70% | 0.71% | 0.70% | 0.71% | 0.71% | |||||
4.15% | 3.53% | 1.86% | 1.04% | 1.47% | 2.73% | |||||
3.87% | 3.22% | 1.53% | 0.73% | 1.15% | 2.41% | |||||
87% | 116% | 110% | 205% | 224% | 123% |
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income2 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Return of capital |
Total dividends and distributions |
Net asset value, end of period |
Total return4 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets5 |
Ratio of expenses to average net assets prior to fees waived5 |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets prior to fees waived |
Portfolio turnover |
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
2 | Calculated using average shares outstanding. |
3 | Amount is less than $(0.005) per share. |
4 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect. |
5 | Expense ratios do not include expenses of any investment companies in which the Fund invests. |
Six months ended 6/30/241 (Unaudited) | Year ended | |||||||||
12/31/23 | 12/31/22 | 12/31/21 | 12/31/20 | 12/31/19 | ||||||
$7.82 | $7.70 | $8.24 | $8.44 | $8.27 | $8.14 | |||||
0.16 | 0.28 | 0.15 | 0.09 | 0.13 | 0.23 | |||||
(0.03) | 0.13 | (0.48) | (0.12) | 0.23 | 0.15 | |||||
0.13 | 0.41 | (0.33) | (0.03) | 0.36 | 0.38 | |||||
(0.16) | (0.29) | (0.21) | (0.17) | (0.16) | (0.22) | |||||
— | — | — | —3 | (0.03) | (0.03) | |||||
(0.16) | (0.29) | (0.21) | (0.17) | (0.19) | (0.25) | |||||
$7.79 | $7.82 | $7.70 | $8.24 | $8.44 | $8.27 | |||||
1.73% | 5.37% | (4.06%) | (0.36%) | 4.38% | 4.74% | |||||
$23,309 | $22,421 | $4,900 | $5,923 | $4,646 | $3,059 | |||||
0.32% | 0.32% | 0.32% | 0.32% | 0.32% | 0.32% | |||||
0.59% | 0.65% | 0.65% | 0.63% | 0.63% | 0.64% | |||||
4.22% | 3.60% | 1.92% | 1.10% | 1.54% | 2.80% | |||||
3.95% | 3.27% | 1.59% | 0.79% | 1.23% | 2.48% | |||||
87% | 116% | 110% | 205% | 224% | 123% |
Delaware Limited-Term Diversified Income Fund | June 30, 2024 (Unaudited) |
Operating expense limitation as a percentage of average daily net assets | |||||||||
Class A | Class C | Class R | Institutional Class | Class R6 | |||||
0.64% | 1.39% | 0.89% | 0.39% | 0.32% |
Purchases other than US government securities | $147,340,896 |
Purchases of US government securities | 556,702,916 |
Sales other than US government securities | 153,191,824 |
Sales of US government securities | 581,733,974 |
Cost of investments | $868,798,922 |
Aggregate unrealized appreciation of investments | $2,519,819 |
Aggregate unrealized depreciation of investments | (11,308,225) |
Net unrealized depreciation of investments | $(8,788,406) |
Loss carryforward character | |||||
Short-term | Long-term | Total | |||
$ 45,129,760 | $99,965,307 | $ 145,095,067 * |
* | A portion of the Fund’s capital loss carryforward is subject to limitations under the Internal Revenue Code and related regulations. |
Level 1 | Level 2 | Total | |||||
Securities | |||||||
Assets: | |||||||
Agency Collateralized Mortgage Obligations | $— | $7,882,651 | $7,882,651 | ||||
Agency Commercial Mortgage-Backed Securities | — | 21,103,523 | 21,103,523 | ||||
Agency Mortgage-Backed Securities | — | 50,842,414 | 50,842,414 | ||||
Collateralized Debt Obligations | — | 43,597,887 | 43,597,887 | ||||
Corporate Bonds | — | 303,767,147 | 303,767,147 | ||||
Government Agency Obligations | — | 2,743,314 | 2,743,314 | ||||
Non-Agency Asset-Backed Securities | — | 162,845,780 | 162,845,780 | ||||
Non-Agency Collateralized Mortgage Obligations | — | 10,345,146 | 10,345,146 | ||||
Sovereign Bonds | — | 384,775 | 384,775 | ||||
US Treasury Obligations | — | 227,079,807 | 227,079,807 | ||||
Short-Term Investments | 29,418,072 | — | 29,418,072 | ||||
Total Value of Securities | $29,418,072 | $830,592,444 | $860,010,516 |
Six months ended | Year ended | ||
6/30/24 | 12/31/23 | ||
Shares sold: | |||
Class A | 4,671,830 | 6,400,453 | |
Class C | 36,744 | 268,208 | |
Class R | 7,302 | 7,679 | |
Institutional Class | 11,932,921 | 10,931,906 | |
Class R6 | 544,164 | 3,136,214 | |
Shares from reorganization:1 | |||
Class A | 5,334,824 | 32,346,919 | |
Class C | 54,115 | 784,886 | |
Class R | — | 43,477 | |
Institutional Class | 5,007,996 | 24,910,064 | |
Class R6 | 48,401 | 476,853 | |
Shares issued upon reinvestment of dividends and distributions: | |||
Class A | 1,016,924 | 1,240,119 | |
Class C | 20,345 | 34,645 | |
Class R | 2,549 | 3,449 | |
Institutional Class | 888,891 | 1,019,577 | |
Class R6 | 61,702 | 88,507 | |
29,628,708 | 81,692,956 | ||
Shares redeemed: | |||
Class A | (10,324,932) | (13,062,921) | |
Class C | (365,714) | (804,856) | |
Class R | (6,381) | (11,275) | |
Institutional Class | (11,982,125) | (20,168,147) | |
Class R6 | (530,569) | (1,470,275) | |
(23,209,721) | (35,517,474) | ||
Net increase | 6,418,987 | 46,175,482 |
1 | See Note 5. |
Exchange Redemptions | Exchange Subscriptions | |||||||||||||||
Class A Shares | Class C Shares | Institutional Class Shares | Class A Shares | Institutional Class Shares | Class R6 Shares | Value | ||||||||||
Six months ended | ||||||||||||||||
6/30/24 | 51,346 | 4,013 | 13,068 | 11,363 | 51,362 | 5,728 | $533,423 | |||||||||
Year ended | ||||||||||||||||
12/31/23 | 72,819 | 7,353 | 52,393 | 15,631 | 74,278 | 42,754 | 1,027,038 |
Acquired Fund I Net Assets | Acquired Fund I Shares Outstanding | Shares Converted to Acquiring Fund | Acquiring Fund Net Assets | Conversion Ratio | |||||
Class A | $246,784,159 | 24,006,241 | 32,346,919 | $192,294,852 | 1.3385 | ||||
Class C | 6.020.079 | 585,611 | 784,886 | 7,917,537 | 1.3403 |
Acquired Fund I Net Assets | Acquired Fund I Shares Outstanding | Shares Converted to Acquiring Fund | Acquiring Fund Net Assets | Conversion Ratio | |||||
Class R | 333,903 | 32,481 | 43,477 | 731,310 | 1.3385 | ||||
Class I/ Institutional Class | 191,309,290 | 18,609,853 | 24,910,064 | 151,854,344 | 1.3385 | ||||
Class R6 | 3,657,465 | 355,785 | 476,853 | 20,905,819 | 1.3403 | ||||
Class Y* | 1,640,177 | 159,550 | — | — | — |
Net investment income | $25,039,362 |
Net realized loss on investments | (16,493,714) |
Net change in unrealized appreciation (depreciation) | 26,268,228 |
Net increase in net assets resulting from operations | $34,813,876 |
Acquired Fund II Net Assets | Acquired Fund II Shares Outstanding | Shares Converted to Acquiring Fund | Acquiring Fund Net Assets | Conversion Ratio | |||||
Class A | $41,291,534 | 8,956,949 | 5,334,824 | $393,285,953 | 0.5956 | ||||
Class C | 418,852 | 90,857 | 54,115 | 9,755,573 | 0.5956 | ||||
Class I/ Institutional Class | 38,761,886 | 8,408,218 | 5,007,996 | 356,847,243 | 0.5956 | ||||
Class R6 | 374,627 | 81,264 | 48,401 | 23,042,422 | 0.5956 |
Net investment income | $18,805,990 |
Net realized loss on investments | (10,155,698) |
Net change in unrealized appreciation (depreciation) | 9,677,832 |
Net increase in net assets resulting from operations | $18,328,124 |
Long Derivative Volume | Short Derivative Volume | ||||
Futures contracts (average notional amount) | 120,198,462 | — |
and use
multi-asset solutions.
deposit-taking institution for the purposes
Municipal fixed income funds
out the convenient options provided by Macquarie Asset Management. We try to make it easy for you to avoid some of the sales charges that you might otherwise have to pay when you withdraw and invest your money with another firm.
exchange all or part of your shares in one Delaware Funds by Macquarie® mutual fund for shares of the same class of another fund without paying a front-end sales charge or a contingent deferred sales charge (CDSC).
or $75 quarterly. If the annual amount you withdraw is less than 12% of your account balance at the time the systematic withdrawal plan is established, the CDSC ordinarily applicable to certain fund classes will be waived. More details are available in your prospectus or at delawarefunds.com/literature.
800 523-1918, weekdays from 8:30am to
6:00pm ET
institutions representatives only
800 362-7500
Delaware Funds by Macquarie
P.O. Box 534437
Pittsburgh, PA 15253-4437
Delaware Funds by Macquarie
Attention: 534437
500 Ross Street, 154-0520
Pittsburgh, PA 15262
Visit delawarefunds.com/edelivery.
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Delaware Tax-Free Oregon Fund | June 30, 2024 (Unaudited) |
Principal amount° | Value (US $) | ||
Municipal Bonds — 98.88% | |||
Education Revenue Bonds — 7.13% | |||
Oregon State Facilities Authority Revenue | |||
(Metro East Web Academy Project) | |||
Series A 144A 5.00% 6/15/39 # | 500,000 | $ 492,230 | |
Series A 144A 5.00% 6/15/49 # | 500,000 | 468,195 | |
(Willamette University Projects) Series A 4.00% 10/1/51 | 500,000 | 425,125 | |
Oregon State University | |||
Series A 4.25% 4/1/52 | 750,000 | 747,698 | |
University of Oregon General Revenue | |||
Series A 3.50% 4/1/52 (BAM) | 1,000,000 | 862,150 | |
Series A 5.00% 4/1/45 | 500,000 | 501,915 | |
3,497,313 | |||
Electric Revenue Bonds — 3.93% | |||
City of Eugene, Oregon Electric Utility System Revenue | |||
5.00% 8/1/49 | 1,000,000 | 1,088,490 | |
Guam Power Authority Revenue | |||
(Tax-Exempt Forward Delivery) Series A 5.00% 10/1/44 | 250,000 | 258,345 | |
Puerto Rico Electric Power Authority Revenue | |||
Series A 6.75% 7/1/36 ‡ | 240,000 | 120,900 | |
Series TT 5.00% 7/1/32 ‡ | 380,000 | 191,425 | |
Series XX 5.25% 7/1/40 ‡ | 535,000 | 269,506 | |
1,928,666 | |||
Healthcare Revenue Bonds — 15.55% | |||
Astoria Hospital Facilities Authority Revenue | |||
(Columbia Memorial Hospital Project) 5.25% 8/1/54 | 750,000 | 794,190 | |
Clackamas County Hospital Facility Authority Revenue | |||
(Rose Villa Project) Series A 5.375% 11/15/55 | 500,000 | 479,865 | |
Oregon Health & Science University Revenue | |||
(Green Bonds) Series A 4.00% 7/1/51 | 1,175,000 | 1,120,210 | |
Oregon State Facilities Authority Revenue | |||
(Samaritan Health Services Project) Series A 5.00% 10/1/40 | 500,000 | 517,010 | |
Salem, Oregon Hospital Facility Authority Revenue | |||
(Capital Manor Project) 4.00% 5/15/47 | 865,000 | 723,979 | |
(Salem Health Projects) | |||
Series A 4.00% 5/15/41 | 870,000 | 850,512 |
Principal amount° | Value (US $) | ||
Municipal Bonds (continued) | |||
Healthcare Revenue Bonds (continued) | |||
Salem, Oregon Hospital Facility Authority Revenue | |||
(Salem Health Projects) | |||
Series A 4.00% 5/15/49 | 810,000 | $ 768,803 | |
Series A 5.00% 5/15/39 | 555,000 | 582,867 | |
Union County, Oregon Hospital Facility Authority Revenue | |||
(Grande Ronde Hospital Project) | |||
5.00% 7/1/40 | 100,000 | 100,782 | |
5.00% 7/1/41 | 535,000 | 538,167 | |
5.00% 7/1/47 | 500,000 | 493,835 | |
Yamhill County, Oregon Hospital Authority Revenue | |||
(Friendsview) Series A 5.00% 11/15/56 | 840,000 | 661,181 | |
7,631,401 | |||
Housing Revenue Bonds — 2.66% | |||
Home Forward Multifamily Housing Revenue | |||
(Gretchen Kafoury Commons) 5.00% 1/1/29 | 300,000 | 300,312 | |
Oregon State Housing & Community Services Department Revenue | |||
(Single-Family Mortgage Program) Series A 4.75% 1/1/49 | 1,000,000 | 1,005,220 | |
1,305,532 | |||
Industrial Development Revenue/Pollution Control Revenue Bond — 1.76% | |||
Children's Trust Fund Revenue, Commonwealth of Puerto Rico | |||
(Tobacco Settlement Asset-Backed) Series A 0.564% 5/15/57 ^ | 12,000,000 | 864,120 | |
864,120 | |||
Local General Obligation Bonds — 21.48% | |||
City of Bend, Oregon | |||
5.00% 6/1/54 | 500,000 | 544,160 | |
City of Boardman, Oregon | |||
(Green Bonds) 2.125% 6/15/45 (BAM) | 500,000 | 315,700 | |
City of Eugene, Oregon | |||
(Parks & Recreation Facility Projects) Series A 5.00% 6/1/42 | 335,000 | 371,207 | |
City of Medford, Oregon | |||
Series A 2.00% 6/1/33 | 350,000 | 290,437 | |
City of Newport, Oregon | |||
Series B 12.101% 6/1/29 (AGC) ^ | 1,225,000 | 1,026,746 |
Principal amount° | Value (US $) | ||
Municipal Bonds (continued) | |||
Local General Obligation Bonds (continued) | |||
City of Portland, Oregon | |||
(Transportation Projects) Series A 3.00% 10/1/33 | 300,000 | $ 288,081 | |
Clackamas & Washington Counties School District No. 3 | |||
Series A 1.779% 6/15/35 ^ | 1,250,000 | 796,612 | |
Columbia County School District No. 502 | |||
5.00% 6/15/36 | 575,000 | 598,644 | |
Deschutes County Administrative School District No. 1 Bend-La Pine | |||
4.00% 6/15/45 | 250,000 | 246,695 | |
Hillsboro School District No. 1J | |||
4.00% 6/15/40 | 775,000 | 778,371 | |
Jackson County School District No. 5 Ashland | |||
4.00% 6/15/37 | 350,000 | 359,013 | |
Linn County Community School District No. 9 Lebanon | |||
5.50% 6/15/27 (NATL) | 1,000,000 | 1,065,710 | |
Multnomah County Oregon School District No. 40 | |||
Series A 5.157% 6/15/51 ^ | 5,000,000 | 1,296,150 | |
Multnomah-Clackamas Counties Centennial School District No. 28JT | |||
4.00% 6/15/38 | 1,050,000 | 1,064,364 | |
Salem-Keizer School District No. 24J | |||
5.00% 6/15/33 | 500,000 | 531,720 | |
Washington & Multnomah Counties School District No 48J Beaverton | |||
Series A 4.478% 6/15/40 ^ | 750,000 | 364,687 | |
Washington-Multnomah Counties Beaverton School District No. 48J | |||
(Current Interest Bonds) Series B 5.00% 6/15/52 | 560,000 | 601,390 | |
10,539,687 | |||
Pre-Refunded Bonds — 2.88% | |||
Marion County School District No. 103 Woodburn | |||
5.00% 6/15/35-25 § | 500,000 | 508,015 | |
Multnomah County Hospital Facility Authority | |||
(Mirabella at South Waterfront Project) Series A 5.40% 10/1/44-24 § | 900,000 | 903,240 | |
1,411,255 | |||
Special Tax Revenue Bonds — 18.24% | |||
Commonwealth of Puerto Rico Revenue | |||
0.01% 11/1/51 • | 1,024,333 | 531,373 |
Principal amount° | Value (US $) | ||
Municipal Bonds (continued) | |||
Special Tax Revenue Bonds (continued) | |||
Commonwealth of Puerto Rico Revenue | |||
(Subordinate) 3.295% 11/1/43 • | 1,143,199 | $ 701,638 | |
GDB Debt Recovery Authority of Puerto Rico Revenue | |||
7.50% 8/20/40 | 1,259,492 | 1,220,625 | |
Oregon State Bond Bank Revenue | |||
(Oregon Business Development Department) Series A 5.00% 1/1/32 | 250,000 | 255,775 | |
Oregon State Department of Administrative Services Lottery Revenue | |||
(Tax-exempt Projects) Series A 5.00% 4/1/44 | 1,000,000 | 1,109,000 | |
Puerto Rico Sales Tax Financing Revenue | |||
(Restructured) | |||
Series A-1 4.75% 7/1/53 | 2,325,000 | 2,301,866 | |
Series A-1 5.563% 7/1/46 ^ | 1,255,000 | 405,830 | |
Series A-1 6.263% 7/1/51 ^ | 1,939,000 | 456,227 | |
Tri-County Metropolitan Transportation District of Oregon Revenue | |||
Series A 5.00% 9/1/38 | 500,000 | 540,340 | |
(Sustainability Bonds) | |||
Series A 3.00% 9/1/37 | 405,000 | 380,194 | |
Series A 4.00% 9/1/41 | 795,000 | 805,733 | |
(Unrefunded) Series A 4.00% 9/1/40 | 245,000 | 245,100 | |
8,953,701 | |||
State General Obligation Bonds — 6.45% | |||
Commonwealth of Puerto Rico | |||
(Restructured) | |||
Series A-1 4.00% 7/1/41 | 250,000 | 233,842 | |
Series A-1 4.00% 7/1/46 | 250,000 | 227,123 | |
Oregon State | |||
(Article XI-M and XI-N Seismic Grant Programs) Series C 5.00% 6/1/41 | 650,000 | 720,915 | |
(Article XI-Q State Projects) | |||
Series A 5.00% 5/1/41 | 500,000 | 559,785 | |
Series A 5.25% 5/1/45 | 1,000,000 | 1,125,810 | |
(Higher Education) Series F 5.00% 8/1/43 | 275,000 | 300,143 | |
3,167,618 |
Principal amount° | Value (US $) | ||
Municipal Bonds (continued) | |||
Transportation Revenue Bonds — 12.50% | |||
Oregon State Department of Transportation Revenue | |||
5.00% 5/15/39 | 500,000 | $ 571,095 | |
(Senior Lien) Series A 5.25% 11/15/47 | 1,000,000 | 1,110,230 | |
(Subordinate) | |||
Series A 4.00% 11/15/38 | 300,000 | 304,350 | |
Series A 5.00% 11/15/35 | 500,000 | 545,905 | |
Series A 5.00% 11/15/39 | 110,000 | 120,898 | |
Series A 5.00% 11/15/40 | 500,000 | 561,185 | |
Port of Portland Oregon Airport Revenue | |||
Series 24B 5.00% 7/1/42 (AMT) | 500,000 | 508,525 | |
Series 28 4.00% 7/1/47 (AMT) | 555,000 | 526,045 | |
Series 28 5.00% 7/1/52 (AMT) | 250,000 | 258,825 | |
(Green Bonds) Series 29 5.50% 7/1/53 (AMT) | 1,500,000 | 1,629,990 | |
6,137,048 | |||
Water & Sewer Revenue Bonds — 6.30% | |||
City of Eugene, Oregon Water Utility System Revenue | |||
5.00% 8/1/41 | 300,000 | 333,033 | |
5.00% 8/1/52 | 500,000 | 538,525 | |
City of Hermiston, Oregon Water & Sewer System Revenue | |||
5.00% 11/1/34 (AGM) | 500,000 | 502,440 | |
City of Portland, Oregon Sewer System Revenue | |||
(Second Lien) | |||
Series A 5.00% 12/1/42 | 1,000,000 | 1,116,170 | |
Series A 5.00% 12/1/47 | 550,000 | 599,869 | |
3,090,037 | |||
Total Municipal Bonds (cost $48,455,173) | 48,526,378 | ||
Principal amount° | Value (US $) | ||
Short-Term Investments — 1.43% | |||
Variable Rate Demand Note — 1.43%¤ | |||
Oregon Facilities Authority Refunding Revenue | |||
(PeaceHealth) Series B 4.95% 8/1/34 (LOC - TD Bank N.A.) | 700,000 | $ 700,000 | |
Total Short-Term Investments (cost $700,000) | 700,000 | ||
Total Value of Securities—100.31% (cost $49,155,173) | $49,226,378 |
° | Principal amount shown is stated in USD unless noted that the security is denominated in another currency. |
# | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2024, the aggregate value of Rule 144A securities was $960,425, which represents 1.96% of the Fund’s net assets. See Note 7 in “Notes to financial statements.” |
‡ | Non-income producing security. Security is currently in default. |
^ | Zero-coupon security. The rate shown is the effective yield at the time of purchase. |
§ | Pre-refunded bonds. Municipal bonds that are generally backed or secured by US Treasury bonds. For pre-refunded bonds, the stated maturity is followed by the year in which the bond will be pre-refunded. See Note 7 in “Notes to financial statements.” |
• | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at June 30, 2024. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. SOFR01M, SOFR03M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
¤ | Tax-exempt obligations that contain a floating or variable interest rate adjustment formula and an unconditional right of demand to receive payment of the unpaid principal balance plus accrued interest upon a short notice period (generally up to 30 days) prior to specified dates either from the issuer or by drawing on a bank letter of credit, a guarantee, or insurance issued with respect to such instrument. Each rate shown is as of June 30, 2024. |
Summary of abbreviations: |
AGC – Insured by Assured Guaranty Corporation |
AGM – Insured by Assured Guaranty Municipal Corporation |
AMT – Subject to Alternative Minimum Tax |
BAM – Insured by Build America Mutual Assurance |
Summary of abbreviations: (continued) |
LOC – Letter of Credit |
N.A. – National Association |
NATL – Insured by National Public Finance Guarantee Corporation |
SOFR – Secured Overnight Financing Rate |
SOFR01M – Secured Overnight Financing Rate 1 Month |
SOFR03M – Secured Overnight Financing Rate 3 Month |
USD – US Dollar |
Delaware Tax–Free Oregon Fund | June 30, 2024 (Unaudited) |
Assets: | |
Investments, at value* | $49,226,378 |
Cash | 181,180 |
Interest receivable | 435,146 |
Prepaid expenses | 13,851 |
Receivable for fund shares sold | 453 |
Other assets | 279 |
Total Assets | 49,857,287 |
Liabilities: | |
Payable for securities purchased | 571,990 |
Payable for fund shares redeemed | 138,557 |
Other accrued expenses | 50,562 |
Investment management fees payable to affiliates | 10,755 |
Distribution fees payable to affiliates | 6,313 |
Distribution payable | 4,915 |
Total Liabilities | 783,092 |
Total Net Assets | $49,074,195 |
Net Assets Consist of: | |
Paid-in capital | $50,136,344 |
Total distributable earnings (loss) | (1,062,149) |
Total Net Assets | $49,074,195 |
Net Asset Value | |
Class A: | |
Net assets | $30,946,508 |
Shares of beneficial interest outstanding, unlimited authorization, no par | 2,506,834 |
Net asset value per share | $12.34 |
Sales charge | 4.50% |
Offering price per share, equal to net asset value per share / (1 - sales charge) | $12.92 |
Institutional Class: | |
Net assets | $18,127,687 |
Shares of beneficial interest outstanding, unlimited authorization, no par | 1,470,568 |
Net asset value per share | $12.33 |
*Investments, at cost | $49,155,173 |
Delaware Tax–Free Oregon Fund | Six months ended June 30, 2024 (Unaudited) |
Investment Income: | |
Interest | $1,005,652 |
Expenses: | |
Management fees | 131,772 |
Distribution expenses — Class A | 39,359 |
Accounting and administration expenses | 24,152 |
Audit and tax fees | 22,521 |
Dividend disbursing and transfer agent fees and expenses | 14,590 |
Reports and statements to shareholders expenses | 10,203 |
Registration fees | 4,212 |
Legal fees | 2,122 |
Trustees’ fees | 1,082 |
Custodian fees | 2 |
Other | 9,196 |
259,211 | |
Less expenses waived | (65,695) |
Less expenses paid indirectly | (46) |
Total operating expenses | 193,470 |
Net Investment Income (Loss) | 812,182 |
Net Realized and Unrealized Gain (Loss): | |
Net realized gain (loss) on investments | (145,898) |
Net change in unrealized appreciation (depreciation) on investments | (33,411) |
Net Realized and Unrealized Gain (Loss) | (179,309) |
Net Increase (Decrease) in Net Assets Resulting from Operations | $632,873 |
Six months ended 6/30/24 (Unaudited) | Year ended 12/31/23 | ||
Increase (Decrease) in Net Assets from Operations: | |||
Net investment income (loss) | $812,182 | $1,553,536 | |
Net realized gain (loss) | (145,898) | (1,676) | |
Net change in unrealized appreciation (depreciation) | (33,411) | 1,207,928 | |
Net increase (decrease) in net assets resulting from operations | 632,873 | 2,759,788 | |
Dividends and Distributions to Shareholders from: | |||
Distributable earnings: | |||
Class A | (520,151) | (1,076,666) | |
Institutional Class | (292,017) | (476,870) | |
(812,168) | (1,553,536) | ||
Capital Share Transactions (See Note 4): | |||
Proceeds from shares sold: | |||
Class A | 523,455 | 2,478,290 | |
Institutional Class | 5,270,458 | 9,809,945 | |
Net asset value of shares issued upon reinvestment of dividends and distributions: | |||
Class A | 487,403 | 993,490 | |
Institutional Class | 292,017 | 476,870 | |
6,573,333 | 13,758,595 | ||
Cost of shares redeemed: | |||
Class A | (2,869,405) | (4,514,681) | |
Institutional Class | (2,523,079) | (6,034,942) | |
(5,392,484) | (10,549,623) | ||
Increase in net assets derived from capital share transactions | 1,180,849 | 3,208,972 | |
Net Increase in Net Assets | 1,001,554 | 4,415,224 | |
Net Assets: | |||
Beginning of period | 48,072,641 | 43,657,417 | |
End of period | $49,074,195 | $48,072,641 |
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income3 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Total dividends and distributions |
Net asset value, end of period |
Total return4 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of expenses to average net assets prior to fees waived |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets prior to fees waived |
Portfolio turnover |
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
2 | On October 4, 2019, Class A shares of First Investors Oregon Tax Exempt Fund were reorganized into Class A shares of Delaware Tax-Free Oregon Fund. The Class A shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Oregon Tax Exempt Fund Class A shares. |
3 | Calculated using average shares outstanding. |
4 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect. |
Six months ended 6/30/241 (Unaudited) | Year ended | |||||||||
12/31/23 | 12/31/22 | 12/31/21 | 12/31/20 | 12/31/192 | ||||||
$12.39 | $12.05 | $13.76 | $13.71 | $13.42 | $13.01 | |||||
0.20 | 0.39 | 0.36 | 0.33 | 0.33 | 0.33 | |||||
(0.05) | 0.34 | (1.71) | 0.05 | 0.29 | 0.42 | |||||
0.15 | 0.73 | (1.35) | 0.38 | 0.62 | 0.75 | |||||
(0.20) | (0.39) | (0.36) | (0.33) | (0.33) | (0.34) | |||||
(0.20) | (0.39) | (0.36) | (0.33) | (0.33) | (0.34) | |||||
$12.34 | $12.39 | $12.05 | $13.76 | $13.71 | $13.42 | |||||
1.25% | 6.26% | (9.86%) | 2.82% | 4.70% | 5.78% | |||||
$30,946 | $32,933 | $33,102 | $36,216 | $38,295 | $43,911 | |||||
0.89% | 0.90% | 0.90% | 0.90% | 0.91% | 0.95% | |||||
1.17% | 1.19% | 1.19% | 1.18% | 1.19% | 1.05% | |||||
3.31% | 3.29% | 2.86% | 2.40% | 2.46% | 2.49% | |||||
3.03% | 3.00% | 2.57% | 2.12% | 2.18% | 2.39% | |||||
14% | 25% | 44% | 12% | 25% | 50% |
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income3 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Total dividends and distributions |
Net asset value, end of period |
Total return4 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets |
Ratio of expenses to average net assets prior to fees waived |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets prior to fees waived |
Portfolio turnover |
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
2 | On October 4, 2019, Advisor Class shares of the predecessor fund First Investors Oregon Tax Exempt Fund were reorganized into Institutional Class shares of Delaware Tax-Free Oregon Fund. The Institutional Class shares’ financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Oregon Tax Exempt Fund Advisor Class shares. |
3 | Calculated using average shares outstanding. |
4 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect. |
Six months ended 6/30/241 (Unaudited) | Year ended | |||||||||
12/31/23 | 12/31/22 | 12/31/21 | 12/31/20 | 12/31/192 | ||||||
$12.37 | $12.03 | $13.73 | $13.69 | $13.40 | $12.99 | |||||
0.22 | 0.42 | 0.39 | 0.36 | 0.37 | 0.37 | |||||
(0.04) | 0.34 | (1.70) | 0.04 | 0.29 | 0.41 | |||||
0.18 | 0.76 | (1.31) | 0.40 | 0.66 | 0.78 | |||||
(0.22) | (0.42) | (0.39) | (0.36) | (0.37) | (0.37) | |||||
(0.22) | (0.42) | (0.39) | (0.36) | (0.37) | (0.37) | |||||
$12.33 | $12.37 | $12.03 | $13.73 | $13.69 | $13.40 | |||||
1.45% | 6.53% | (9.58%) | 3.00% | 4.96% | 6.03% | |||||
$18,128 | $15,140 | $10,555 | $4,949 | $3,559 | $2,953 | |||||
0.64% | 0.65% | 0.65% | 0.65% | 0.66% | 0.70% | |||||
0.92% | 0.94% | 0.94% | 0.93% | 0.94% | 0.78% | |||||
3.56% | 3.54% | 3.14% | 2.65% | 2.71% | 2.76% | |||||
3.28% | 3.25% | 2.85% | 2.37% | 2.43% | 2.68% | |||||
14% | 25% | 44% | 12% | 25% | 50% |
Delaware Tax-Free Oregon Fund | June 30, 2024 (Unaudited) |
Operating expense limitation as a percentage of average daily net assets | |||
Class A | Institutional Class | ||
0.88%* | 0.63%* |
* | Prior to May 1, 2024, the expense limitation for the Fund were as follows for Class A and Institutional Class shares, respectively: 0.90% and 0.65%. |
Purchases | $9,004,021 |
Sales | 6,437,847 |
Cost of investments | $49,155,173 |
Aggregate unrealized appreciation of investments | $1,186,163 |
Aggregate unrealized depreciation of investments | (1,114,958) |
Net unrealized appreciation of investments | $71,205 |
Loss carryforward character | |||||
Short-term | Long-term | Total | |||
$ 644,718 | $321,134 | $ 965,852 |
Level 2 | |
Securities | |
Assets: | |
Municipal Bonds | $48,526,378 |
Short-Term Investments | 700,000 |
Total Value of Securities | $49,226,378 |
Six months ended | Year ended | ||
6/30/24 | 12/31/23 | ||
Shares sold: | |||
Class A | 42,645 | 203,347 | |
Institutional Class | 429,703 | 810,793 |
Six months ended | Year ended | ||
6/30/24 | 12/31/23 | ||
Shares issued upon reinvestment of dividends and distributions: | |||
Class A | 39,665 | 82,879 | |
Institutional Class | 23,814 | 39,881 | |
535,827 | 1,136,900 | ||
Shares redeemed: | |||
Class A | (233,057) | (376,627) | |
Institutional Class | (206,517) | (504,611) | |
(439,574) | (881,238) | ||
Net increase | 96,253 | 255,662 |
Exchange Redemptions | Exchange Subscriptions | ||||||
Class A Shares | Institutional Class Shares | Value | |||||
Year ended | |||||||
12/31/23 | 1,535 | 1,538 | $17,377 |
and use
multi-asset solutions.
deposit-taking institution for the purposes
Municipal fixed income funds
out the convenient options provided by Macquarie Asset Management. We try to make it easy for you to avoid some of the sales charges that you might otherwise have to pay when you withdraw and invest your money with another firm.
exchange all or part of your shares in one Delaware Funds by Macquarie® mutual fund for shares of the same class of another fund without paying a front-end sales charge or a contingent deferred sales charge (CDSC).
or $75 quarterly. If the annual amount you withdraw is less than 12% of your account balance at the time the systematic withdrawal plan is established, the CDSC ordinarily applicable to certain fund classes will be waived. More details are available in your prospectus or at delawarefunds.com/literature.
800 523-1918, weekdays from 8:30am to
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Delaware Funds by Macquarie
P.O. Box 534437
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Delaware Funds by Macquarie
Attention: 534437
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Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.
Item 9. Proxy Disclosures for Open-End Management Investment Companies.
The information is included as part of the material filed under Item 7 of this form.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
The information is included as part of the material filed under Item 7 of this form.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Not applicable.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 15. 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, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.
Item 16. Controls and Procedures.
(a) | The registrant’s principal executive officer and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the Investment Company Act of 1940 (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)) and provide reasonable assurance that the information required to be disclosed by the registrant in its reports or statements filed under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission. |
(b) | There were no significant changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940 (17 CFR 270.30a-3(d)) that occurred during the period covered by the report to stockholders included herein that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 18. Recovery of Erroneously Awarded Compensation.
Not Applicable.
Item 19. Exhibits.
(a)(1) | Not applicable. |
(a)(2) | Not applicable. |
(a)(3) |
(a)(3)(1) | There were no written solicitations to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons. |
(a)(3)(2) | There was no change in the Registrant’s independent public accountant during the period covered by the report. |
(b) |
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.
Name of Registrant: Delaware Group® Limited-Term Government Funds
SHAWN K. LYTLE | ||
By: | Shawn K. Lytle | |
Title: | President and Chief Executive Officer | |
Date: | August 29, 2024 |
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.
SHAWN K. LYTLE | ||
By: | Shawn K. Lytle | |
Title: | President and Chief Executive Officer | |
Date: | August 29, 2024 | |
RICHARD SALUS | ||
By: | Richard Salus | |
Title: | Chief Financial Officer | |
Date: | August 29, 2024 |