UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number: | 811-04413 | |
Exact name of registrant as specified in charter: | Delaware Group® Equity Funds IV | |
Address of principal executive offices: | 610 Market Street | |
Philadelphia, PA 19106 | ||
Name and address of agent for service: | David F. Connor, Esq. | |
610 Market Street | ||
Philadelphia, PA 19106 | ||
Registrant’s telephone number, including area code: | (800) 523-1918 | |
Date of fiscal year end: | September 30 | |
Date of reporting period: | September 30, 2020 |
Item 1. Reports to Stockholders
Visit delawarefunds.com/edelivery.
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Delaware Equity Income Fund (Institutional Class shares) | 1-year return | -7.72% |
Delaware Equity Income Fund (Class A shares) | 1-year return | -7.89% |
Russell 1000® Value Index (benchmark) | 1-year return | -5.03% |
stocks continued to rally strongly even in the face of persistent economic challenges.
higher-than-expected organic sales growth. Conagra also made further progress on reducing leverage associated with its 2018 acquisition of Pinnacle Foods and declared a large dividend increase when it announced earnings results for its most recent
fiscal quarter.
long-term performance.
(the “Agreement”), the transfer of all assets and liabilities of each First Investors Fund to a corresponding, newly formed fund in the Delaware Funds® by Macquarie family of funds. The Transaction closed on October 4, 2019.
Delaware Growth and Income Fund (Institutional Class shares) | 1-year return | -7.68% |
Delaware Growth and Income Fund (Class A shares) | 1-year return | -7.99% |
Russell 1000® Value Index (benchmark) | 1-year return | -5.03% |
economic challenges.
page 42.
fiscal quarter.
long-term performance.
(the “Agreement”), the transfer of all assets and liabilities of each First Investors Fund to a corresponding, newly formed fund in the Delaware Funds® by Macquarie family of funds. The Transaction closed on October 4, 2019.
Delaware Growth Equity Fund (Institutional Class shares) | 1-year return | +25.88% |
Delaware Growth Equity Fund (Class A shares) | 1-year return | +25.53% |
Russell 1000® Growth Index (benchmark) | 1-year return | +37.53% |
October 4, 2019.
March 23 through September 30, 2020, the Russell 1000 Growth Index gained 66%. While the Fund’s positioning may have helped dampen downside volatility, it proved too defensive for what has been a dramatic rise by growth stocks.
-10.5%. Banks are currently facing a dual challenge of a low interest rate environment - which impairs bank profitability - and rising nonperforming laon costs. However, we believe banks are better positioned to deal with the current economic crisis as capital levels are 40% higher than in the global financial crisis. Plus, the Federal Reserve learned valuable lessons from the global financial crisis and is broadening its "tool kit" to help support the economy and
financial markets.
high-quality earnings and reasonable valuations. A continued recovery from the recession of early 2020 should, in our view, provide a good foundation for earnings growth by the companies that make up the Fund’s portfolio. Accordingly, we continue to believe our focus on what we view as high-quality companies whose earnings we think have the potential to exceed market expectations is the key to generating excess returns over the long term.
Delaware Opportunity Fund (Institutional Class shares) | 1-year return | -13.04% |
Delaware Opportunity Fund (Class A shares) | 1-year return | -13.31% |
Russell Midcap® Value Index (benchmark) | 1-year return | -7.30% |
(the “Agreement”), the transfer of all assets and liabilities of each First Investors Fund to a corresponding, newly formed fund in the Delaware Funds® by Macquarie family of funds. The Transaction closed on October 4, 2019.
Delaware Special Situations Fund (Institutional Class shares) | 1-year return | -20.67% |
Delaware Special Situations Fund (Class A shares) | 1-year return | -20.91% |
Russell 2000® Value Index (primary benchmark) | 1-year return | -14.88% |
(the “Agreement”), the transfer of all assets and liabilities of each First Investors Fund to a corresponding, newly formed fund in the Delaware Funds® by Macquarie family of funds. The Transaction closed on October 4, 2019.
Delaware Global Equity Fund (Institutional Class shares) | 1-year return | +4.24% |
Delaware Global Equity Fund (Class A shares) | 1-year return | +3.89% |
MSCI World Index (benchmark) (gross) | 1-year return | +10.41% |
MSCI World Index (benchmark) (net) | 1-year return | +10.99% |
The Clorox Co., a global manufacturer and marketer of consumer and professional products; and Japanese power-tools manufacturer Makita Corp.
Holdings Co. Ltd.; and French food services and facilities management company Sodexo S.A.
Delaware International Fund (Institutional Class shares) | 1-year return | +0.52%* |
Delaware International Fund (Class A shares) | 1-year return | +0.29%* |
MSCI EAFE Index (gross) (benchmark) | 1-year return | +0.49% |
MSCI EAFE Index (net) (benchmark) | 1-year return | +0.93% |
long-term business owners. Our research is focused on how well we think a company can deploy its capital and redeploy retained earnings. Therefore, the Fund’s portfolio is built bottom-up (stock-by-stock) by selecting company stocks based on quantitative insights and qualitative assessments.
COVID-19 outbreak, Ahold Delhaize enjoyed a bumper first half of the year, firing on all cylinders. Ahold Delhaize delivered double-digit growth rates in the first half, with sales jumping 14%. Online sales spiked as social distancing and stay-at-home shopping led to a substantial rise in consumers' buying their groceries online.
food-products corporation Danone S.A.; food services and facilities management company Sodexo S.A.; and multinational telecommunications corporation Orange S.A.
Delaware Floating Rate II Fund (Institutional Class shares) | 1-year return | +1.17% |
Delaware Floating Rate II Fund (Class A shares) | 1-year return | +1.00% |
S&P/LSTA (Loan Syndications and Trading Association) Leveraged Loan Index (benchmark) | 1-year return | +1.06% |
Reserve in summer 2019 were expected to continue to stimulate
the economy.
This was also generally true for the telecommunications and healthcare sectors.
weakest-performing sector and biggest detractor, as oil and gas prices declined significantly. The Fund started the fiscal period overweight energy companies, which significantly detracted from overall relative performance. Additionally, we had weak security selection within that sector. Poorly performing holdings included
five-year high. Forecasts also reflect above-average default rates for the upcoming year. By credit quality, we continue to prefer the
BB-rated quality sector, with a focus on more economically defensive industries. We believe this approach to positioning seeks to enable the Fund to carry a competitive yield while also somewhat
protecting against fundamental volatility from the changing economic environment.
(the “Agreement”), the transfer of all assets and liabilities of each First Investors Fund to a corresponding, newly formed fund in the Delaware Funds® by Macquarie family of funds. The Transaction closed on October 4, 2019.
Delaware Fund for Income (Institutional Class shares) | 1-year return | +3.20% |
Delaware Fund for Income (Class A shares) | 1-year return | +2.95% |
ICE BofA US High Yield Constrained Index (benchmark) | 1-year return | +2.22% |
had begun.
sub-investment-grade credit. This was unprecedented, and some investors interpreted it as a promise to potentially backstop the entire sector, if needed. As the economy reopened during the summer, high yield spreads fell by roughly 550 basis points to stand a mere 100 basis points above their pre-coronavirus level seen in January.
(10-year) on March 31, 2020. At these levels, the relatively sound fundamentals of companies in the top tier of the high yield universe seemed to represent favorable value for investors. Issuing companies also benefited as low rates and tightening spreads encouraged them to build cash reserves and refinance existing debt.
CCC-rated bonds led the rebound. As the fiscal year ended,
however, leadership reverted to BB-rated names as investors anticipated a long, slow, and possibly incomplete recovery from the pandemic recession.
risk-averse investors. The Fund’s position in mining company
Freeport-McMoRan Inc. also outperformed on soaring gold and
copper prices.
(the “Agreement”), the transfer of all assets and liabilities of each First Investors Fund to a corresponding, newly formed fund in the Delaware Funds® by Macquarie family of funds. The Transaction closed on October 4, 2019.
Delaware Government Cash Management Fund (Class A shares) | 1-year return | +0.51% |
ICE BofA US 3-Month Treasury Bill Index (benchmark) | 1-year return | +1.10% |
September 30, 2020, the emergence of the coronavirus pandemic unsettled investors and markets, inducing the US Federal Reserve to create a zero interest rate environment to support the economy and capital markets.
October 2019 to 0.10% on September 30, 2020, a 1.60-percentage-point compression of yield during the fiscal year. That reflected the Fed’s rate cuts of 0.25 percentage points in October 2019 and then, in March amid the market dislocation, two sharp cuts totaling 1.50 percentage points that helped restore investor confidence. In addition, the US government provided several fiscal-stimulus packages, including the $2.2 trillion Coronavirus Aid, Relief, and Economic Security Act (CARES Act) in late March.
(the “Agreement”), the transfer of all assets and liabilities of each First Investors Fund to a corresponding, newly formed fund in the Delaware Funds® by Macquarie family of funds. The Transaction closed on October 4, 2019.
Delaware International Opportunities Bond Fund (Institutional Class shares) | 1-year return | +3.65% |
Delaware International Opportunities Bond Fund (Class A shares) | 1-year return | +3.39% |
J.P. Morgan Government Bond Index (GBI) Broad ex-US Index (primary benchmark) | 1-year return | +5.44% |
FTSE World Government Bond Index ex-US (secondary benchmark) | 1-year return | +5.60% |
(the “Agreement”), the transfer of all assets and liabilities of each First Investors Fund to a corresponding, newly formed fund in the Delaware Funds® by Macquarie family of funds. The Transaction closed on October 4, 2019.
Delaware Investment Grade Fund (Institutional Class shares) | 1-year return | +8.02% |
Delaware Investment Grade Fund (Class A shares) | 1-year return | +7.74% |
Bloomberg Barclays US Corporate Investment Grade Index (benchmark) | 1-year return | +7.90% |
BNP Paribas S.A., a French bank. We reduced our position during the downturn, failing to benefit from an ensuing rebound.
(the “Agreement”), the transfer of all assets and liabilities of each First Investors Fund to a corresponding, newly formed fund in the Delaware Funds® by Macquarie family of funds. The Transaction closed on October 4, 2019.
Delaware Limited Duration Bond Fund (Institutional Class shares) | 1-year return | +3.80% |
Delaware Limited Duration Bond Fund (Class A shares) | 1-year return | +3.56% |
Bloomberg Barclays 1-3 Year US Government/Credit Index (benchmark) | 1-year return | +3.73% |
of principal.
Phase 1 – Jubilation (October 2019–February 2020); Phase 2 – Fear and Panic (March 2020); and Phase 3 – Rapid Relief (April 2020–
re-risk back more heavily into corporate credit including a modest allocation to high yield. As such, the continued progress in spread tightening, exhibited in risk assets from the massive government support programs, has provided a strong resurgence in performance.
(the “Agreement”), the transfer of all assets and liabilities of each First Investors Fund to a corresponding, newly formed fund in the Delaware Funds® by Macquarie family of funds. The Transaction closed on October 4, 2019.
Delaware Strategic Income II Fund (Institutional Class shares) | 1-year return | +5.06% |
Delaware Strategic Income II Fund (Class A shares) | 1-year return | +4.89% |
Bloomberg Barclays US Aggregate Index (benchmark) | 1-year return | +6.98% |
(the “Agreement”), the transfer of all assets and liabilities of each First Investors Fund to a corresponding, newly formed fund in the Delaware Funds® by Macquarie family of funds. The Transaction closed on October 4, 2019.
Delaware Covered Call Strategy Fund (Institutional Class shares) | 1-year return | -5.54% |
Delaware Covered Call Strategy Fund (Class A shares) | 1-year return | -5.75% |
CBOE S&P 500 BuyWrite Index (benchmark) | 1-year return | -5.66% |
October 4, 2019.
Growth Index, returned 30.64%, since momentum and growth stocks continued to dominate the market.
six months, implied volatility and option prices have remained elevated. As a result, we have continued the trend of writing medium to longer-term call options to “lock-in” the high implied volatility levels for longer. At the end of the fiscal year, the average expiration of the Fund’s call options was 2.6 months, versus the benchmark’s average expiration of only 0.6 months for its passively managed call options. Overall, as we manage the active option writing strategy in the Fund, we continue to closely monitor implied volatility opportunities that we think have the potential to add further excess return versus the benchmark’s rules-based index options. We continue to believe large-cap stocks should offer the best risk-reward potential, especially when combined with call premiums that could help stabilize returns and offer downside protection. We view pairing a growth stock portfolio with a covered call portfolio for stability as an opportune way to position equity exposure in the current
market environment.
Delaware Hedged U.S. Equity Opportunities Fund (Institutional Class shares) | 1-year return | +11.28% |
Delaware Hedged U.S. Equity Opportunities Fund (Class A shares) | 1-year return | +10.91% |
Russell 3000® Index (primary benchmark) | 1-year return | +15.01% |
70% Russell 3000 / 30% ICE BofA US 3-Month Treasury Bill Index (secondary benchmark) | 1-year return | +12.04% |
ICE BofA US 3-Month Treasury Bill Index (secondary benchmark) | 1-year return | +1.10% |
October 4, 2019.
page 93.
risk-return profiles.
Instrument | Ending allocation | Performance effect |
Futures | -18% (notional exposure) | Negative |
Options | -5% (notional exposure) | Neutral |
Foreign currency exchange forwards | 3% (market value) | Neutral |
Delaware Premium Income Fund (Institutional Class shares) | 1-year return | -4.05% |
Delaware Premium Income Fund (Class A shares) | 1-year return | -4.24% |
CBOE S&P 500 BuyWrite Index (benchmark) | 1-year return | -5.66% |
October 4, 2019.
BuyWrite Index. The Fund’s Institutional Class shares fell 4.05%. The Fund’s Class A shares dropped 4.24% at net asset value and 9.76% at maximum offer price (both figures reflect all distributions reinvested). For the same period, the benchmark declined 5.66%. For complete, annualized performance of Delaware Premium Income Fund, please see the table on page 96.
one-month, at-the-money index option on the S&P 500 Index. While both are at above-average levels, the in-the-money, single-stock call options provided more attractive implied volatility levels than the benchmark’s index options.
Delaware Total Return Fund (Institutional Class shares) | 1-year return | -4.29% |
Delaware Total Return Fund (Class A shares) | 1-year return | -4.48% |
S&P 500® Index (primary benchmark) | 1-year return | +15.15% |
S&P 500 Index (primary benchmark) | 1-year return | +13.49% |
Bloomberg Barclays US Aggregate Index (secondary benchmark) | 1-year return | +6.98% |
mid-cycle bounce in growth for at least the first two months of 2020.
market concern.
12-month period. When US growth sectors outperform value sectors, the Fund tends to struggle in comparison with its peers. Additionally, the Fund’s allocation to international and real estate equities, both of which underperformed the broad equity market, detracted
from performance.
(the “Agreement”), the transfer of all assets and liabilities of each First Investors Fund to a corresponding, newly formed fund in the Delaware Funds® by Macquarie family of funds. The Transaction closed on October 4, 2019.
Fund and benchmark performance1,2 | Average annual total returns through September 30, 2020 | |||
1 year | 5 year | 10 year | Lifetime | |
Class A (Est. February 22, 1993) | ||||
Excluding sales charge | -7.89% | +5.90% | +7.76% | — |
Including sales charge | -13.18% | +4.65% | +7.12% | — |
Institutional Class (Est. April 1, 2013) | ||||
Excluding sales charge | -7.72% | +6.21% | — | +6.51% |
Including sales charge | -7.72% | +6.21% | — | +6.51% |
Class R6 (Est. April 1, 2013) | ||||
Excluding sales charge | -7.54% | +6.33% | — | +6.63% |
Including sales charge | -7.54% | +6.33% | — | +6.63% |
Russell 1000 Value Index | -5.03% | +7.66% | — | +7.85%* |
*The benchmark lifetime return is for Institutional Class share comparison only and is calculated using the month end prior to the Fund’s Institutional Class inception date. |
(12b-1) fee.
Fund expense ratios | Class A | Institutional Class | Class R6 |
Total annual operating expenses (without fee waivers) | 1.12% | 0.87% | 0.86% |
Net expenses (including fee waivers, if any) | 1.12% | 0.85% | 0.81% |
Type of waiver | Contractual | Contractual | Contractual |
For period beginning September 30, 2010 through September 30, 2020 | Starting value | Ending value | |
Russell 1000 Value Index | $10,000 | $25,814 | |
Delaware Equity Income Fund — Class A shares | $9,425 | $19,888 |
For period beginning April 1, 2013 through September 30, 2020 | Starting value | Ending value | |
Russell 1000 Value Index | $10,000 | $17,626 | |
Delaware Equity Income Fund — Institutional Class shares | $10,000 | $16,042 |
Nasdaq symbols | CUSIPs | |
Class A | FIUTX | 24611D409 |
Institutional Class | FIUUX | 24611D508 |
Class R6 | FIUVX | 24611D607 |
Fund and benchmark performance1,2 | Average annual total returns through September 30, 2020 | |||
1 year | 5 year | 10 year | Lifetime | |
Class A (Est. October 4, 1993) | ||||
Excluding sales charge | -7.99% | +5.70% | +8.98% | — |
Including sales charge | -13.28% | +4.45% | +8.34% | — |
Institutional Class (Est. April 1, 2013) | ||||
Excluding sales charge | -7.68% | +6.06% | — | +6.82% |
Including sales charge | -7.68% | +6.06% | — | +6.82% |
Class R6 (Est. April 1, 2013) | ||||
Excluding sales charge | -7.63% | +6.12% | — | +6.88% |
Including sales charge | -7.63% | +6.12% | — | +6.88% |
Russell 1000 Value Index | -5.03% | +7.66% | — | +7.85%* |
*The benchmark lifetime return is for Institutional Class share comparison only and is calculated using the month end prior to the Fund’s Institutional Class inception date. |
Fund shares.
(12b-1) fee.
Fund expense ratios | Class A | Institutional Class | Class R6 |
Total annual operating expenses (without fee waivers) | 1.05% | 0.80% | 0.79% |
Net expenses (including fee waivers, if any) | 1.05% | 0.80% | 0.75% |
Type of waiver | Contractual | Contractual | Contractual |
For period beginning September 30, 2010 through September 30, 2020 | Starting value | Ending value | |
Russell 1000 Value Index | $10,000 | $25,814 | |
Delaware Growth and Income Fund — Class A shares | $9,425 | $22,276 |
For period beginning April 1, 2013 through September 30, 2020 | Starting value | Ending value | |
Russell 1000 Value Index | $10,000 | $17,626 | |
Delaware Growth and Income Fund — Institutional Class shares | $10,000 | $16,406 |
through 45.
Nasdaq symbols | CUSIPs | |
Class A | FGINX | 24611D870 |
Institutional Class | FGIPX | 24611D862 |
Class R6 | FGIQX | 24611D854 |
Fund and benchmark performance1,2 | Average annual total returns through September 30, 2020 | |||
1 year | 5 year | 10 year | Lifetime | |
Class A (Est. October 25, 2000) | ||||
Excluding sales charge | +25.53% | +13.96% | +14.48% | — |
Including sales charge | +18.28% | +12.62% | +13.81% | — |
Institutional Class (Est. April 1, 2013) | ||||
Excluding sales charge | +25.88% | +14.36% | — | +14.24% |
Including sales charge | +25.88% | +14.36% | — | +14.24% |
Class R6 (Est. April 1, 2013) | ||||
Excluding sales charge | +25.97% | +14.43% | — | +14.35% |
Including sales charge | +25.97% | +14.43% | — | +14.35% |
Russell 1000 Growth Index | +37.53% | +20.10% | — | +17.77%* |
*The benchmark lifetime return is for Institutional Class share comparison only and is calculated using the month end prior to the Fund’s Institutional Class inception date. |
(12b-1) fee.
Fund expense ratios | Class A | Institutional Class | Class R6 |
Total annual operating expenses (without fee waivers) | 1.12% | 0.87% | 0.84% |
Net expenses (including fee waivers, if any) | 1.12% | 0.86% | 0.79% |
Type of waiver | Contractual | Contractual | Contractual |
For period beginning September 30, 2010 through September 30, 2020 | Starting value | Ending value | |
Russell 1000 Growth Index | $10,000 | $49,120 | |
Delaware Growth Equity Fund — Class A shares | $9,425 | $36,459 |
For period beginning April 1, 2013 through September 30, 2020 | Starting value | Ending value | |
Russell 1000 Growth Index | $10,000 | $33,894 | |
Delaware Growth Equity Fund — Institutional Class shares | $10,000 | $27,141 |
through 49.
Nasdaq symbols | CUSIPs | |
Class A | FICGX | 24611D714 |
Institutional Class | FICHX | 24611D698 |
Class R6 | FICIX | 24611D680 |
Fund and benchmark performance1,2 | Average annual total returns through September 30, 2020 | |||
1 year | 5 year | 10 year | Lifetime | |
Class A (Est. August 24, 1992) | ||||
Excluding sales charge | -13.31% | +3.17% | +8.76% | — |
Including sales charge | -18.30% | +1.96% | +8.12% | — |
Institutional Class (Est. April 1, 2013) | ||||
Excluding sales charge | -13.04% | +3.50% | — | +6.04% |
Including sales charge | -13.04% | +3.50% | — | +6.04% |
Class R6 (Est. April 1, 2013) | ||||
Excluding sales charge | -12.93% | +3.61% | — | +6.18% |
Including sales charge | -12.93% | +3.61% | — | +6.18% |
Russell Midcap Value Index | -7.30% | +6.38% | — | +7.22%* |
*The benchmark lifetime return is for Institutional Class share comparison only and is calculated using the month end prior to the Fund’s Institutional Class inception date. |
Fund expense ratios | Class A | Institutional Class | Class R6 |
Total annual operating expenses (without fee waivers) | 1.23% | 0.98% | 0.96% |
Net expenses (including fee waivers, if any) | 1.21% | 0.90% | 0.78% |
Type of waiver | Contractual | Contractual | Contractual |
For period beginning September 30, 2010 through September 30, 2020 | Starting value | Ending value | |
Russell Midcap Value Index | $10,000 | $25,271 | |
Delaware Opportunity Fund — Class A shares | $9,425 | $21,830 |
For period beginning April 1, 2013 through September 30, 2020 | Starting value | Ending value | |
Russell Midcap Value Index | $10,000 | $16,868 | |
Delaware Opportunity Fund — Institutional Class shares | $10,000 | $15,523 |
through 53.
Nasdaq symbols | CUSIPs | |
Class A | FIUSX | 24611D771 |
Institutional Class | FIVUX | 24611D763 |
Class R6 | FIVVX | 24611D755 |
Fund and benchmark performance1,2 | Average annual total returns through September 30, 2020 | |||
1 year | 5 year | 10 year | Lifetime | |
Class A (Est. September 18, 1990) | ||||
Excluding sales charge | -20.91% | +0.38% | +5.74% | — |
Including sales charge | -25.45% | -0.81% | +5.12% | — |
Institutional Class (Est. April 1, 2013) | ||||
Excluding sales charge | -20.67% | +0.70% | — | +3.25% |
Including sales charge | -20.67% | +0.70% | — | +3.25% |
Class R6 (Est. April 1, 2013) | ||||
Excluding sales charge | -20.57% | +0.81% | — | +3.40% |
Including sales charge | -20.57% | +0.81% | — | +3.40% |
Russell 2000 Value Index | -14.88% | +4.11% | — | +4.40%* |
*The benchmark lifetime return is for Institutional Class share comparison only and is calculated using the month end prior to the Fund’s Institutional Class inception date. |
Fund expense ratios | Class A | Institutional Class | Class R6 |
Total annual operating expenses (without fee waivers) | 1.28% | 1.03% | 1.02% |
Net expenses (including fee waivers, if any) | 1.27% | 1.02% | 0.87% |
Type of waiver | Contractual | Contractual | Contractual |
For period beginning September 30, 2010 through September 30, 2020 | Starting value | Ending value | |
Russell 2000 Value Index | $10,000 | $19,846 | |
Delaware Special Situations Fund — Class A shares | $9,425 | $16,476 |
For period beginning April 1, 2013 through September 30, 2020 | Starting value | Ending value | |
Russell 2000 Value Index | $10,000 | $13,814 | |
Delaware Special Situations Fund — Institutional Class shares | $10,000 | $12,709 |
through 57.
Nasdaq symbols | CUSIPs | |
Class A | FISSX | 24611D672 |
Institutional Class | FISTX | 24611D664 |
Class R6 | FISUX | 24611D656 |
Fund and benchmark performance1,2 | Average annual total returns through September 30, 2020 | |||
1 year | 5 year | 10 year | Lifetime | |
Class A (Est. November 16, 1981) | ||||
Excluding sales charge | +3.89% | +7.22% | +7.53% | — |
Including sales charge | -2.11% | +5.97% | +6.90% | — |
Institutional Class (Est. April 1, 2013) | ||||
Excluding sales charge | +4.24% | +7.60% | — | +7.94% |
Including sales charge | +4.24% | +7.60% | — | +7.94% |
Class R6 (Est. April 1, 2013) | ||||
Excluding sales charge | +4.32% | +7.67% | — | +8.04% |
Including sales charge | +4.32% | +7.67% | — | +8.04% |
MSCI World Index (gross) | +10.41% | +10.48% | — | +8.99%* |
MSCI World Index (net) | +10.99% | +11.10% | — | +9.61%* |
*The benchmark lifetime return is for Institutional Class share comparison only and is calculated using the month end prior to the Fund’s Institutional Class inception date. |
Fund expense ratios | Class A | Institutional Class | Class R6 |
Total annual operating expenses (without fee waivers) | 1.41% | 1.16% | 1.12% |
Net expenses (including fee waivers, if any) | 1.41% | 1.07% | 1.02% |
Type of waiver | Contractual | Contractual | Contractual |
For period beginning September 30, 2010 through September 30, 2020 | Starting value | Ending value | |
MSCI World Index (gross) | $10,000 | $25,907 | |
MSCI World Index (net) | $10,000 | $24,500 | |
Delaware Global Equity Fund — Class A shares | $9,425 | $19,497 |
For period beginning April 1, 2013 through September 30, 2020 | Starting value | Ending value | |
MSCI World Index (gross) | $10,000 | $19,894 | |
MSCI World Index (net) | $10,000 | $19,078 | |
Delaware Global Equity Fund — Institutional Class shares | $10,000 | $17,737 |
through 61.
Nasdaq symbols | CUSIPs | |
Class A | FIISX | 24611D706 |
Institutional Class | FIITX | 24611D805 |
Class R6 | FIIUX | 24611D888 |
Fund and benchmark performance1,2 | Average annual total returns through September 30, 2020 | |||
1 year | 5 year | 10 year | Lifetime | |
Class A (Est. June 27, 2006) | ||||
Excluding sales charge | +0.29%* | +6.47% | +5.85% | — |
Including sales charge | -5.48% | +5.22% | +5.23% | — |
Institutional Class (Est. April 1, 2013) | ||||
Excluding sales charge | +0.52%* | +6.86% | — | +4.54% |
Including sales charge | +0.52% | +6.86% | — | +4.54% |
Class R6 (Est. April 1, 2013) | ||||
Excluding sales charge | +0.63%* | +6.96% | — | +4.69% |
Including sales charge | +0.63% | +6.96% | — | +4.69% |
MSCI EAFE Index (gross) | +0.49% | +5.26% | — | +4.18%** |
MSCI EAFE Index (net) | +0.93% | +5.77% | — | +4.68%** |
*Total return for the report period presented in the table differs from the return in “Financial highlights.” The total return presented in the above table is calculated based on the net asset value (NAV) at which shareholder transactions were processed. The total return presented in “Financial highlights” is calculated in the same manner but also takes into account certain adjustments that are necessary under US generally accepted accounting principles (US GAAP) required in the annual report. |
**The benchmark lifetime return is for Institutional Class share comparison only and is calculated using the month end prior to the Fund’s Institutional Class inception date. |
Fund expense ratios | Class A | Institutional Class | Class R6 |
Total annual operating expenses (without fee waivers) | 1.37% | 1.12% | 1.08% |
Net expenses (including fee waivers, if any) | 1.37% | 1.12% | 1.08% |
Type of waiver | Contractual | Contractual | Contractual |
For period beginning September 30, 2010 through September 30, 2020 | Starting value | Ending value | |
Delaware International Fund — Class A shares | $9,425 | $16,645 | |
MSCI EAFE Index (gross) | $10,000 | $16,456 | |
MSCI EAFE Index (net) | $10,000 | $15,705 |
For period beginning April 1, 2013 through September 30, 2020 | Starting value | Ending value | |
MSCI EAFE Index (gross) | $10,000 | $14,090 | |
Delaware International Fund — Institutional Class shares | $10,000 | $13,953 | |
MSCI EAFE Index (net) | $10,000 | $13,595 |
MSCI EAFE Index as of April 1, 2013.
through 65.
Nasdaq symbols | CUSIPs | |
Class A | FIINX | 24611D813 |
Institutional Class | FIIPX | 24611D797 |
Class R6 | FIIQX | 24611D789 |
Fund and benchmark performance1,2 | Average annual total returns through September 30, 2020 | |||
1 year | 5 year | 10 year | Lifetime | |
Class A (Est. October 21, 2013) | ||||
Excluding sales charge | +1.00% | +2.93% | — | +2.26% |
Including sales charge | -1.57% | +2.40% | — | +1.88% |
Institutional Class (Est. October 21, 2013) | ||||
Excluding sales charge | +1.17% | +3.10% | — | +2.46% |
Including sales charge | +1.17% | +3.10% | — | +2.46% |
Class R6 (Est. October 21, 2013) | ||||
Excluding sales charge | +1.33% | +3.34% | — | +2.67% |
Including sales charge | +1.33% | +3.34% | — | +2.67% |
S&P/LSTA Leveraged Loan Index | +1.06% | +4.01% | — | +3.47%* |
*The benchmark lifetime return is for Institutional Class share comparison only and is calculated using the month end prior to the Fund’s Institutional Class inception date. |
Fund expense ratios | Class A | Institutional Class | Class R6 |
Total annual operating expenses (without fee waivers) | 1.25% | 1.00% | 0.96% |
Net expenses (including fee waivers, if any) | 1.05% | 0.89% | 0.74% |
Type of waiver | Contractual | Contractual | Contractual |
For period beginning October 21, 2013 through September 30, 2020 | Starting value | Ending value | |
S&P/LSTA Leveraged Loan Index | $10,000 | $12,719 | |
Delaware Floating Rate II Fund — Institutional Class shares | $10,000 | $11,838 | |
Delaware Floating Rate II Fund — Class A shares | $9,750 | $11,380 |
October 4, 2019. The returns shown for periods after
October 4, 2019 reflect the performance, expenses, and sales charges of the Fund. The “Performance of a $10,000 investment” graph for Class A shares assumes $10,000 invested in Class A shares of the Fund on October 21, 2013, and includes the effect of a 2.50% front-end sales charge and the reinvestment of all distributions
through 68.
Nasdaq symbols | CUSIPs | |
Class A | FRFDX | 24611D615 |
Institutional Class | FRFEX | 24611D599 |
Class R6 | FRNFX | 24611D581 |
Fund and benchmark performance1,2 | Average annual total returns through September 30, 2020 | |||
1 year | 5 year | 10 year | Lifetime | |
Class A (Est. January 1, 1971) | ||||
Excluding sales charge | +2.95% | +5.27% | +5.21% | — |
Including sales charge | -1.08% | +4.41% | +4.80% | — |
Institutional Class (Est. April 1, 2013) | ||||
Excluding sales charge | +3.20% | +5.35% | — | +3.95% |
Including sales charge | +3.20% | +5.35% | — | +3.95% |
Class R6 (Est. April 1, 2013) | ||||
Excluding sales charge | +3.34% | +5.69% | — | +4.29% |
Including sales charge | +3.34% | +5.69% | — | +4.29% |
ICE BofA US High Yield Constrained Index | +2.22% | +6.60% | — | +4.94%* |
*The benchmark lifetime return is for Institutional Class share comparison only and is calculated using the month end prior to the Fund’s Institutional Class inception date. |
Fund shares.
(12b-1) fee.
Fund expense ratios | Class A | Institutional Class | Class R6 |
Total annual operating expenses (without fee waivers) | 1.15% | 0.90% | 0.89% |
Net expenses (including fee waivers, if any) | 1.15% | 0.90% | 0.80% |
Type of waiver | Contractual | Contractual | Contractual |
For period beginning September 30, 2010 through September 30, 2020 | Starting value | Ending value | |
ICE BofA US High Yield Constrained Index | $10,000 | $18,364 | |
Delaware Fund for Income — Class A shares | $9,600 | $15,974 |
For period beginning April 1, 2013 through September 30, 2020 | Starting value | Ending value | |
ICE BofA US High Yield Constrained Index | $10,000 | $14,359 | |
Delaware Fund for Income — Institutional Class shares | $10,000 | $13,373 |
October 4, 2019. The returns shown for periods after
October 4, 2019 reflect the performance, expenses, and sales charges of the Fund. The “Performance of a $10,000 investment” graph for Class A shares assumes $10,000 invested in Class A shares of the Fund on September 30, 2010, and includes the effect of a 4.00%
through 72.
Nasdaq symbols | CUSIPs | |
Class A | FIFIX | 24611D573 |
Institutional Class | FIFKX | 24611D565 |
Class R6 | FIFLX | 24611D557 |
Fund and benchmark performance1,2 | Average annual total returns through September 30, 2020 | |||
1 year | 3 year | 5 year | 10 year | |
Class A (Est. October 16, 1978) | ||||
Excluding sales charge | +0.51% | +1.07% | +0.65% | +0.33% |
Including sales charge | +0.51% | +1.07% | +0.65% | +0.33% |
ICE BofA US 3-Month Treasury Bill Index | +1.10% | +1.69% | +1.20% | +0.64% |
Fund shares.
per share.
October 4, 2019 to September 30, 2020. *Please see the most recent prospectus and any applicable supplement(s) for additional information on these fee waivers and/or reimbursements. Please see the “Financial highlights” section in this report for the most recent expense ratios.
Fund expense ratios | Class A |
Total annual operating expenses (without fee waivers) | 0.84% |
Net expenses (including fee waivers, if any) | 0.55% |
Type of waiver | Contractual |
For period beginning September 30, 2010 through September 30, 2020 | Starting value | Ending value | |
ICE BofA US 3-Month Treasury Bill Index | $10,000 | $10,654 | |
Delaware Government Cash Management Fund — Class A shares | $10,000 | $10,331 |
through 74.
Nasdaq symbol | CUSIP | |
Class A | FICXX | 24611D540 |
Fund and benchmark performance1,2 | Average annual total returns through September 30, 2020 | |||
1 year | 5 year | 10 year | Lifetime | |
Class A (Est. August 17, 2012) | ||||
Excluding sales charge | +3.39% | +2.17% | — | +0.62% |
Including sales charge | -0.78% | +1.34% | — | +0.11% |
Institutional Class (Est. April 1, 2013) | ||||
Excluding sales charge | +3.65% | +2.49% | — | +0.37% |
Including sales charge | +3.65% | +2.49% | — | +0.37% |
Class R6 (Est. April 1, 2013) | ||||
Excluding sales charge | +3.91% | +2.65% | — | +0.55% |
Including sales charge | +3.91% | +2.65% | — | +0.55% |
J.P. Morgan Government Bond Index (GBI) Broad ex-US | +5.44% | +3.86% | — | +1.64%* |
FTSE World Government Bond Index ex-US | +5.68% | +3.89% | — | +0.86%* |
*The benchmark lifetime return is for Institutional Class share comparison only and is calculated using the month end prior to the Fund’s Institutional Class inception date. |
Fund shares.
(12b-1) fee.
Fund expense ratios | Class A | Institutional Class | Class R6 |
Total annual operating expenses (without fee waivers) | 1.53% | 1.28% | 1.17% |
Net expenses (including fee waivers, if any) | 1.39% | 1.09% | 0.94% |
Type of waiver | Contractual | Contractual | Contractual |
For period beginning August 17, 2012 through September 30, 2020 | Starting value | Ending value | |
J.P. Morgan Government Bond Index (GBI) Broad ex-US | $10,000 | $10,837 | |
FTSE World Government Bond Index ex-US | $10,000 | $10,713 | |
Delaware International Opportunities Bond Fund — Class A shares | $9,600 | $10,092 |
For period beginning April 1, 2013 through September 30, 2020 | Starting value | Ending value | |
J.P. Morgan Government Bond Index (GBI) Broad ex-US | $10,000 | $11,298 | |
FTSE World Government Bond Index ex-US | $10,000 | $11,197 | |
Delaware International Opportunities Bond Fund — Institutional Class shares | $10,000 | $10,283 |
October 4, 2019. The returns shown for periods after
October 4, 2019 reflect the performance, expenses, and sales charges of the Fund. The “Performance of a $10,000 investment” graph for Class A shares assumes $10,000 invested in Class A shares of the
through 78.
Nasdaq symbols | CUSIPs | |
Class A | FIOBX | 24611D524 |
Institutional Class | FIODX | 24611D516 |
Class R6 | FIOEX | 24611D490 |
Fund and benchmark performance1,2 | Average annual total returns through September 30, 2020 | |||
1 year | 5 year | 10 year | Lifetime | |
Class A (Est. February 19, 1991) | ||||
Excluding sales charge | +7.74% | +5.00% | +4.38% | — |
Including sales charge | +3.46% | +4.15% | +3.95% | — |
Institutional Class (Est. April 1, 2013) | ||||
Excluding sales charge | +8.02% | +5.33% | — | +4.14% |
Including sales charge | +8.02% | +5.33% | — | +4.14% |
Class R6 (Est. April 1, 2013) | ||||
Excluding sales charge | +8.10% | +5.43% | — | +4.27% |
Including sales charge | +8.10% | +5.43% | — | +4.27% |
Bloomberg Barclays US Corporate Investment Grade Index | +7.90% | +5.98% | — | +4.73%* |
*The benchmark lifetime return is for Institutional Class share comparison only and is calculated using the month end prior to the Fund’s Institutional Class inception date. |
(12b-1) fee.
Fund expense ratios | Class A | Institutional Class | Class R6 |
Total annual operating expenses (without fee waivers) | 1.05% | 0.80% | 0.78% |
Net expenses (including fee waivers, if any) | 1.03% | 0.74% | 0.66% |
Type of waiver | Contractual | Contractual | Contractual |
For period beginning September 30, 2010 through September 30, 2020 | Starting value | Ending value | |
Bloomberg Barclays US Corporate Investment Grade Index | $10,000 | $16,513 | |
Delaware Investment Grade Fund — Class A shares | $9,600 | $14,734 |
For period beginning April 1, 2013 through September 30, 2020 | Starting value | Ending value | |
Bloomberg Barclays US Corporate Investment Grade Index | $10,000 | $14,146 | |
Delaware Investment Grade Fund — Institutional Class shares | $10,000 | $13,551 |
October 4, 2019 reflect the performance, expense, and sales charges of the Fund.The “Performance of a $10,000 investment” graph for Class A shares assumes $10,000 invested in Class A shares of the Fund on September 30, 2010, and includes the effect of a 4.00% front-end sales charge and the reinvestment of all distributions. The
by market value, and is often used to represent performance of the US stock market.
Nasdaq symbols | CUSIPs | |
Class A | FIIGX | 24611D482 |
Institutional Class | FIIJX | 24611D474 |
Class R6 | FIIKX | 24611D466 |
Fund and benchmark performance1,2 | Average annual total returns through September 30, 2020 | |||
1 year | 5 year | 10 year | Lifetime | |
Class A (Est. May 19, 2014) | ||||
Excluding sales charge | +3.56% | +1.75% | — | +1.40% |
Including sales charge | +0.96% | +1.24% | — | +0.99% |
Institutional Class (Est. May 19, 2014) | ||||
Excluding sales charge | +3.80% | +2.03% | — | +1.71% |
Including sales charge | +3.80% | +2.03% | — | +1.71% |
Class R6 (Est. May 19, 2014) | ||||
Excluding sales charge | +4.06% | +2.20% | — | +1.89% |
Including sales charge | +4.06% | +2.20% | — | +1.89% |
Bloomberg Barclays 1-3 Year US Government/Credit Index | +3.73% | +2.09% | — | +1.84%* |
*The benchmark lifetime return is for Institutional Class share comparison only and is calculated using the month end prior to the Fund’s Institutional Class inception date. |
Fund shares.
(12b-1) fee.
instruments that reference them and could affect investment
strategy performance.
Fund expense ratios | Class A | Institutional Class | Class R6 |
Total annual operating expenses (without fee waivers) | 1.10% | 0.85% | 0.82% |
Net expenses (including fee waivers, if any) | 0.74% | 0.51% | 0.36% |
Type of waiver | Contractual | Contractual | Contractual |
For period beginning May 19, 2014 through September 30, 2020 | Starting value | Ending value | |
Bloomberg Barclays 1-3 Year US Government/Credit Index | $10,000 | $11,231 | |
Delaware Limited Duration Bond Fund — Institutional Class shares | $10,000 | $11,143 | |
Delaware Limited Duration Bond Fund — Class A shares | $9,750 | $10,649 |
October 4, 2019. The returns shown for periods after
October 4, 2019 reflect the performance, expenses, and sales charges of the Fund. The “Performance of a $10,000 investment” graph for Class A shares assumes $10,000 invested in Class A shares of the Fund on September 30, 2010, and includes the effect of a 2.50% front-end sales charge and the reinvestment of all distributions. The graph also assumes $10,000 invested in the Bloomberg Barclays 1-3 Year US Government/Credit Index as of May 19, 2014.
all distributions.
through 85.
Nasdaq symbols | CUSIPs | |
Class A | FLDKX | 24611D458 |
Institutional Class | FLDLX | 24611D441 |
Class R6 | FLDMX | 24611D433 |
Fund and benchmark performance1,2 | Average annual total returns through September 30, 2020 | |||
1 year | 5 year | 10 year | Lifetime | |
Class A (Est. April 3, 2013) | ||||
Excluding sales charge | +4.89% | +3.75% | — | +2.65% |
Including sales charge | +0.68% | +2.90% | — | +2.08% |
Institutional Class (Est. April 3, 2013) | ||||
Excluding sales charge | +5.06% | +4.11% | — | +2.99% |
Including sales charge | +5.06% | +4.11% | — | +2.99% |
Bloomberg Barclays US Aggregate Index | +6.98% | +4.18% | — | +3.45% |
(12b-1) fee.
Fund expense ratios | Class A | Institutional Class |
Total annual operating expenses (without fee waivers) | 1.11% | 0.86% |
Net expenses (including fee waivers, if any) | 1.11% | 0.86% |
Type of waiver | Contractual | Contractual |
For period beginning April 3, 2013 through September 30, 2020 | Starting value | Ending value | |
Bloomberg Barclays US Aggregate Index | $10,000 | $12,893 | |
Delaware Strategic Income II Fund — Institutional Class shares | $10,000 | $12,473 | |
Delaware Strategic Income II Fund — Class A shares | $9,600 | $11,670 |
October 4, 2019. The returns shown for periods after
October 4, 2019 reflect the performance, expenses, and sales charges of the Fund. The “Performance of a $10,000 investment” graph for Class A shares assumes $10,000 invested in Class A shares of the Fund on April 3, 2013, and includes the effect of a 4.00% front-end sales charge and the reinvestment of all distributions. The graph also assumes $10,000 invested in the Bloomberg Barclays US Aggregate Index as of April 3, 2013.
Nasdaq symbols | CUSIPs | |
Class A | FSIFX | 24611D425 |
Institutional Class | FSIHX | 24611D417 |
Fund and benchmark performance1,2 | Average annual total returns through September 30, 2020 | ||
1 year | 3 year | Lifetime | |
Class A (Est. April 1, 2016) | |||
Excluding sales charge | -5.75% | +0.54% | +3.22% |
Including sales charge | -11.17% | -1.42% | +1.87% |
Institutional Class (Est. April 1, 2016) | |||
Excluding sales charge | -5.54% | +0.80% | +3.52% |
Including sales charge | -5.54% | +0.80% | +3.52% |
Class R6 (Est. April 1, 2016) | |||
Excluding sales charge | -5.30% | +0.97% | +3.70% |
Including sales charge | -5.30% | +0.97% | +3.70% |
CBOE S&P 500 BuyWrite Index | -5.66% | +0.79% | +4.41%* |
*The benchmark lifetime return is for Institutional Class share comparison only and is calculated using the month end prior to the Fund’s Institutional Class inception date. |
(12b-1) fee.
Fund expense ratios | Class A | Institutional Class | Class R6 |
Total annual operating expenses (without fee waivers) | 1.33% | 1.08% | 1.04% |
Net expenses (including fee waivers, if any) | 1.31% | 1.08% | 0.88% |
Type of waiver | Contractual | Contractual | Contractual |
For period beginning April 1, 2016 through September 30, 2020 | Starting value | Ending value | |
S&P 500 Index | $10,000 | $17,864 | |
CBOE S&P 500 BuyWrite Index | $10,000 | $12,143 | |
Delaware Covered Call Strategy Fund — Institutional Class shares | $10,000 | $11,682 | |
Delaware Covered Call Strategy Fund — Class A shares | $9,425 | $10,868 |
stock market.
Nasdaq symbols | CUSIPs | |
Class A | FRCCX | 24611D102 |
Institutional Class | FRCDX | 24611D201 |
Class R6 | FRCEX | 24611D300 |
Fund and benchmark performance1,2 | Average annual total returns through September 30, 2020 | ||
1 year | 3 year | Lifetime | |
Class A (Est. August 1, 2016) | |||
Excluding sales charge | +10.91% | +9.08% | +8.38% |
Including sales charge | +4.57% | +6.94% | +6.85% |
Institutional Class (Est. August 1, 2016) | |||
Excluding sales charge | +11.28% | +9.42% | +8.72% |
Including sales charge | +11.28% | +9.42% | +8.72% |
Class R6 (Est. August 1, 2016) | |||
Excluding sales charge | +11.41% | +9.58% | +8.86% |
Including sales charge | +11.41% | +9.58% | +8.86% |
Russell 3000 Index (primary benchmark) | +15.01% | +11.65% | +12.91%* |
70% Russell 3000 / 30% ICE BofA US 3-Month Treasury Bill Index (secondary benchmark) | +12.04% | +9.19% | +9.79%* |
ICE BofA US 3-Month Treasury Bill Index (secondary benchmark) | +1.10% | +1.69% | +1.39%* |
*The benchmark lifetime return is for Institutional Class share comparison only and is calculated using the month end prior to the Fund’s Institutional Class inception date. |
Fund shares.
(12b-1) fee.
exhibit greater risk and higher volatility than larger, more
established companies.
Fund expense ratios | Class A | Institutional Class | Class R6 |
Total annual operating expenses (without fee waivers) | 1.90% | 1.65% | 1.55% |
Net expenses (including fee waivers, if any) | 1.64% | 1.30% | 1.20% |
Type of waiver | Contractual | Contractual | Contractual |
For period beginning August 1, 2016 through September 30, 2020 | Starting value | Ending value | |
Russell 3000 Index (primary benchmark) | $10,000 | $16,588 | |
70% Russell 3000 / 30% ICE BofA US 3-Month Treasury Bill Index (secondary benchmark) | $10,000 | $14,759 | |
Delaware Hedged U.S. Equity Opportunities Fund — Institutional Class shares | $10,000 | $14,164 | |
Delaware Hedged U.S. Equity Opportunities Fund — Class A shares | $9,425 | $13,176 | |
ICE BofA US 3-Month Treasury Bill Index (secondary benchmark) | $10,000 | $10,592 |
front-end sales charge (for Class A shares) and the reinvestment of all distributions. The graph does not reflect the deduction of taxes the shareholders would pay on Fund distributions or redemptions of Fund shares. Expense limitations were in effect for some or all of the periods shown. Performance would have been lower had expense limitations not been in effect. Expenses are listed in the “Fund expense ratios” table on page 94. Please note additional details on pages 93 through 95.
Nasdaq symbols | CUSIPs | |
Class A | FHEJX | 24611D847 |
Institutional Class | FHEKX | 24611D839 |
Class R6 | FHELX | 24611D821 |
Fund and benchmark performance1,2 | Average annual total returns through September 30, 2020 | |||
1 year | 5 year | 10 year | Lifetime | |
Class A (Est. April 2, 2018) | ||||
Excluding sales charge | -4.24% | — | — | +0.39% |
Including sales charge | -9.76% | — | — | -1.96% |
Institutional Class (Est. April 2, 2018) | ||||
Excluding sales charge | -4.05% | — | — | +0.66% |
Including sales charge | -4.05% | — | — | +0.66% |
Class R6 (Est. April 2, 2018) | ||||
Excluding sales charge | -3.95% | — | — | +0.82% |
Including sales charge | -3.95% | — | — | +0.82% |
CBOE S&P 500 BuyWrite Index | -5.66% | — | — | +0.48%* |
*The benchmark lifetime return is for Institutional Class share comparison only and is calculated using the month end prior to the Fund’s Institutional Class inception date. |
(12b-1) fee.
non-corporate shareholders at a lower rate.
of cash.
of cash.
Fund expense ratios | Class A | Institutional Class | Class R6 |
Total annual operating expenses (without fee waivers) | 1.42% | 1.17% | 1.11% |
Net expenses (including fee waivers, if any) | 1.30% | 1.05% | 0.90% |
Type of waiver | Contractual | Contractual | Contractual |
For period beginning April 2, 2018 through September 30, 2020 | Starting value | Ending value | |
Delaware Premium Income Fund — Institutional Class shares | $10,000 | $10,165 | |
CBOE S&P 500 BuyWrite Index | $10,000 | $10,120 | |
Delaware Premium Income Fund — Class A shares | $9,425 | $9,518 |
S&P 500 Index call options.
stock market.
bond market.
Nasdaq symbols | CUSIPs | |
Class A | FPIKX | 24611D748 |
Institutional Class | FPILX | 24611D730 |
Class R6 | FPIMX | 24611D722 |
Fund and benchmark performance1,2 | Average annual total returns through September 30, 2020 | |||
1 year | 5 year | 10 year | Lifetime | |
Class A (Est. April 24, 1990) | ||||
Excluding sales charge | -4.48% | +4.26% | +6.38% | — |
Including sales charge | -9.97% | +3.04% | +5.75% | — |
Institutional Class (Est. April 1, 2013) | ||||
Excluding sales charge | -4.29% | +4.60% | — | +4.89% |
Including sales charge | -4.29% | +4.60% | — | +4.89% |
Class R6 (Est. April 1, 2013) | ||||
Excluding sales charge | -4.17% | +4.70% | — | +4.99% |
Including sales charge | -4.17% | +4.70% | — | +4.99% |
S&P 500 Index (primary benchmark) | +15.15% | +14.15% | +13.74% | +12.98%* |
60% S&P 500 Index / 40% Bloomberg Barclays US Aggregate Index (secondary benchmark) | +13.49% | +10.56% | +9.94% | +9.45%* |
Bloomberg Barclays US Aggregate Index (secondary benchmark) | +6.98% | +4.18% | +3.64% | +3.45%* |
*The benchmark lifetime return is for Institutional Class share comparison only and is calculated using the month end prior to the Fund’s Institutional Class inception date. |
Fund shares.
(12b-1) fee.
exhibit greater risk and higher volatility than larger, more
established companies.
instruments that reference them and could affect investment
strategy performance.
Fund expense ratios | Class A | Institutional Class | Class R6 |
Total annual operating expenses (without fee waivers) | 1.12% | 0.87% | 0.86% |
Net expenses (including fee waivers, if any) | 1.12% | 0.87% | 0.79% |
Type of waiver | Contractual | Contractual | Contractual |
For period beginning September 30, 2010 through September 30, 2020 | Starting value | Ending value | |
S&P 500 Index (primary benchmark) | $10,000 | $36,245 | |
60% S&P 500 Index / 40% Bloomberg Barclays US Aggregate Index (secondary benchmark) | $10,000 | $25,804 | |
Delaware Total Return Fund — Class A shares | $9,425 | $17,491 | |
Bloomberg Barclays US Aggregate Index (secondary benchmark) | $10,000 | $14,291 |
For period beginning April 1, 2013 through September 30, 2020 | Starting value | Ending value | |
S&P 500 Index (primary benchmark) | $10,000 | $24,977 | |
60% S&P 500 Index / 40% Bloomberg Barclays US Aggregate Index (secondary benchmark) | $10,000 | $19,690 | |
Delaware Total Return Fund — Institutional Class shares | $10,000 | $14,305 | |
Bloomberg Barclays US Aggregate Index (secondary benchmark) | $10,000 | $12,899 |
Nasdaq symbols | CUSIPs | |
Class A | FITRX | 24611D649 |
Institutional Class | FITUX | 24611D631 |
Class R6 | FITVX | 24611D623 |
Expense analysis of an investment of $1,000
Beginning Account Value 4/1/20 | Ending Account Value 9/30/20 | Annualized Expense Ratio | Expenses Paid During Period 4/1/20 to 9/30/20* | |
Actual Fund return† | ||||
Class A | $1,000.00 | $1,180.80 | 1.16% | $6.32 |
Institutional Class | 1,000.00 | 1,181.40 | 0.86% | 4.69 |
Class R6 | 1,000.00 | 1,183.10 | 0.82% | 4.48 |
Hypothetical 5% return (5% return before expenses) | ||||
Class A | $1,000.00 | $1,019.20 | 1.16% | $5.86 |
Institutional Class | 1,000.00 | 1,020.70 | 0.86% | 4.34 |
Class R6 | 1,000.00 | 1,020.90 | 0.82% | 4.14 |
Expense analysis of an investment of $1,000
Beginning Account Value 4/1/20 | Ending Account Value 9/30/20 | Annualized Expense Ratio | Expenses Paid During Period 4/1/20 to 9/30/20* | |
Actual Fund return† | ||||
Class A | $1,000.00 | $1,178.40 | 1.11% | $6.05 |
Institutional Class | 1,000.00 | 1,180.60 | 0.85% | 4.63 |
Class R6 | 1,000.00 | 1,181.50 | 0.76% | 4.14 |
Hypothetical 5% return (5% return before expenses) | ||||
Class A | $1,000.00 | $1,019.45 | 1.11% | $5.60 |
Institutional Class | 1,000.00 | 1,020.75 | 0.85% | 4.29 |
Class R6 | 1,000.00 | 1,021.20 | 0.76% | 3.84 |
Expense analysis of an investment of $1,000
Beginning Account Value 4/1/20 | Ending Account Value 9/30/20 | Annualized Expense Ratio | Expenses Paid During Period 4/1/20 to 9/30/20* | |
Actual Fund return† | ||||
Class A | $1,000.00 | $1,352.10 | 1.12% | $6.59 |
Institutional Class | 1,000.00 | 1,354.30 | 0.85% | 5.00 |
Class R6 | 1,000.00 | 1,354.70 | 0.78% | 4.59 |
Hypothetical 5% return (5% return before expenses) | ||||
Class A | $1,000.00 | $1,019.40 | 1.12% | $5.65 |
Institutional Class | 1,000.00 | 1,020.75 | 0.85% | 4.29 |
Class R6 | 1,000.00 | 1,021.10 | 0.78% | 3.94 |
Expense analysis of an investment of $1,000
Beginning Account Value 4/1/20 | Ending Account Value 9/30/20 | Annualized Expense Ratio | Expenses Paid During Period 4/1/20 to 9/30/20* | |
Actual Fund return† | ||||
Class A | $1,000.00 | $1,253.20 | 1.20% | $6.76 |
Institutional Class | 1,000.00 | 1,255.50 | 0.92% | 5.19 |
Class R6 | 1,000.00 | 1,256.00 | 0.79% | 4.46 |
Hypothetical 5% return (5% return before expenses) | ||||
Class A | $1,000.00 | $1,019.00 | 1.20% | $6.06 |
Institutional Class | 1,000.00 | 1,020.40 | 0.92% | 4.65 |
Class R6 | 1,000.00 | 1,021.05 | 0.79% | 3.99 |
Expense analysis of an investment of $1,000
Beginning Account Value 4/1/20 | Ending Account Value 9/30/20 | Annualized Expense Ratio | Expenses Paid During Period 4/1/20 to 9/30/20* | |
Actual Fund return† | ||||
Class A | $1,000.00 | $1,178.80 | 1.27% | $6.92 |
Institutional Class | 1,000.00 | 1,180.40 | 1.06% | 5.78 |
Class R6 | 1,000.00 | 1,181.50 | 0.87% | 4.74 |
Hypothetical 5% return (5% return before expenses) | ||||
Class A | $1,000.00 | $1,018.65 | 1.27% | $6.41 |
Institutional Class | 1,000.00 | 1,019.70 | 1.06% | 5.35 |
Class R6 | 1,000.00 | 1,020.65 | 0.87% | 4.39 |
Expense analysis of an investment of $1,000
Beginning Account Value 4/1/20 | Ending Account Value 9/30/20 | Annualized Expense Ratio | Expenses Paid During Period 4/1/20 to 9/30/20* | |
Actual Fund return† | ||||
Class A | $1,000.00 | $1,166.10 | 1.40% | $7.58 |
Institutional Class | 1,000.00 | 1,167.50 | 1.08% | 5.85 |
Class R6 | 1,000.00 | 1,169.20 | 1.03% | 5.59 |
Hypothetical 5% return (5% return before expenses) | ||||
Class A | $1,000.00 | $1,018.00 | 1.40% | $7.06 |
Institutional Class | 1,000.00 | 1,019.60 | 1.08% | 5.45 |
Class R6 | 1,000.00 | 1,019.85 | 1.03% | 5.20 |
Expense analysis of an investment of $1,000
Beginning Account Value 4/1/20 | Ending Account Value 9/30/20 | Annualized Expense Ratio | Expenses Paid During Period 4/1/20 to 9/30/20* | |
Actual Fund return† | ||||
Class A | $1,000.00 | $1,165.70 | 1.41% | $7.63 |
Institutional Class | 1,000.00 | 1,167.10 | 1.17% | 6.34 |
Class R6 | 1,000.00 | 1,167.10 | 1.09% | 5.91 |
Hypothetical 5% return (5% return before expenses) | ||||
Class A | $1,000.00 | $1,017.95 | 1.41% | $7.11 |
Institutional Class | 1,000.00 | 1,019.15 | 1.17% | 5.91 |
Class R6 | 1,000.00 | 1,019.55 | 1.09% | 5.50 |
Expense analysis of an investment of $1,000
Beginning Account Value 4/1/20 | Ending Account Value 9/30/20 | Annualized Expense Ratio | Expenses Paid During Period 4/1/20 to 9/30/20* | |
Actual Fund return† | ||||
Class A | $1,000.00 | $1,108.60 | 1.05% | $5.54 |
Institutional Class | 1,000.00 | 1,109.70 | 0.90% | 4.75 |
Class R6 | 1,000.00 | 1,109.00 | 0.76% | 4.01 |
Hypothetical 5% return (5% return before expenses) | ||||
Class A | $1,000.00 | $1,019.75 | 1.05% | $5.30 |
Institutional Class | 1,000.00 | 1,020.50 | 0.90% | 4.55 |
Class R6 | 1,000.00 | 1,021.20 | 0.76% | 3.84 |
Expense analysis of an investment of $1,000
Beginning Account Value 4/1/20 | Ending Account Value 9/30/20 | Annualized Expense Ratio | Expenses Paid During Period 4/1/20 to 9/30/20* | |
Actual Fund return† | ||||
Class A | $1,000.00 | $1,144.20 | 1.14% | $6.11 |
Institutional Class | 1,000.00 | 1,146.70 | 0.85% | 4.56 |
Class R6 | 1,000.00 | 1,145.70 | 0.86% | 4.61 |
Hypothetical 5% return (5% return before expenses) | ||||
Class A | $1,000.00 | $1,019.30 | 1.14% | $5.76 |
Institutional Class | 1,000.00 | 1,020.75 | 0.85% | 4.29 |
Class R6 | 1,000.00 | 1,020.70 | 0.86% | 4.34 |
Expense analysis of an investment of $1,000
Beginning Account Value 4/1/20 | Ending Account Value 9/30/20 | Annualized Expense Ratio | Expenses Paid During Period 4/1/20 to 9/30/20* | |
Actual Fund return† | ||||
Class A | $1,000.00 | $1,000.20 | 0.06% | $0.30 |
Hypothetical 5% return (5% return before expenses) | ||||
Class A | $1,000.00 | $1,024.70 | 0.06% | $0.30 |
Expense analysis of an investment of $1,000
Beginning Account Value 4/1/20 | Ending Account Value 9/30/20 | Annualized Expense Ratio | Expenses Paid During Period 4/1/20 to 9/30/20* | |
Actual Fund return† | ||||
Class A | $1,000.00 | $1,065.40 | 1.37% | $7.07 |
Institutional Class | 1,000.00 | 1,067.40 | 1.08% | 5.58 |
Class R6 | 1,000.00 | 1,068.90 | 1.00% | 5.17 |
Hypothetical 5% return (5% return before expenses) | ||||
Class A | $1,000.00 | $1,018.15 | 1.37% | $6.91 |
Institutional Class | 1,000.00 | 1,019.60 | 1.08% | 5.45 |
Class R6 | 1,000.00 | 1,020.00 | 1.00% | 5.05 |
Expense analysis of an investment of $1,000
Beginning Account Value 4/1/20 | Ending Account Value 9/30/20 | Annualized Expense Ratio | Expenses Paid During Period 4/1/20 to 9/30/20* | |
Actual Fund return† | ||||
Class A | $1,000.00 | $1,135.20 | 1.00% | $5.34 |
Institutional Class | 1,000.00 | 1,137.30 | 0.78% | 4.17 |
Class R6 | 1,000.00 | 1,136.80 | 0.71% | 3.79 |
Hypothetical 5% return (5% return before expenses) | ||||
Class A | $1,000.00 | $1,020.00 | 1.00% | $5.05 |
Institutional Class | 1,000.00 | 1,021.10 | 0.78% | 3.94 |
Class R6 | 1,000.00 | 1,021.45 | 0.71% | 3.59 |
Expense analysis of an investment of $1,000
Beginning Account Value 4/1/20 | Ending Account Value 9/30/20 | Annualized Expense Ratio | Expenses Paid During Period 4/1/20 to 9/30/20* | |
Actual Fund return† | ||||
Class A | $1,000.00 | $1,036.30 | 0.74% | $3.77 |
Institutional Class | 1,000.00 | 1,037.40 | 0.51% | 2.60 |
Class R6 | 1,000.00 | 1,038.10 | 0.35% | 1.78 |
Hypothetical 5% return (5% return before expenses) | ||||
Class A | $1,000.00 | $1,021.30 | 0.74% | $3.74 |
Institutional Class | 1,000.00 | 1,022.45 | 0.51% | 2.58 |
Class R6 | 1,000.00 | 1,023.25 | 0.35% | 1.77 |
Expense analysis of an investment of $1,000
Beginning Account Value 4/1/20 | Ending Account Value 9/30/20 | Annualized Expense Ratio | Expenses Paid During Period 4/1/20 to 9/30/20* | |
Actual Fund return† | ||||
Class A | $1,000.00 | $1,169.00 | 1.16% | $6.29 |
Institutional Class | 1,000.00 | 1,169.30 | 0.91% | 4.94 |
Hypothetical 5% return (5% return before expenses) | ||||
Class A | $1,000.00 | $1,019.20 | 1.16% | $5.86 |
Institutional Class | 1,000.00 | 1,020.45 | 0.91% | 4.60 |
Expense analysis of an investment of $1,000
Beginning Account Value 4/1/20 | Ending Account Value 9/30/20 | Annualized Expense Ratio | Expenses Paid During Period 4/1/20 to 9/30/20* | |
Actual Fund return† | ||||
Class A | $1,000.00 | $1,190.80 | 1.31% | $7.17 |
Institutional Class | 1,000.00 | 1,191.40 | 1.10% | 6.03 |
Class R6 | 1,000.00 | 1,193.80 | 0.89% | 4.88 |
Hypothetical 5% return (5% return before expenses) | ||||
Class A | $1,000.00 | $1,018.45 | 1.31% | $6.61 |
Institutional Class | 1,000.00 | 1,019.50 | 1.10% | 5.55 |
Class R6 | 1,000.00 | 1,020.55 | 0.89% | 4.50 |
Expense analysis of an investment of $1,000
Beginning Account Value 4/1/20 | Ending Account Value 9/30/20 | Annualized Expense Ratio | Expenses Paid During Period 4/1/20 to 9/30/20* | |
Actual Fund return† | ||||
Class A | $1,000.00 | $1,227.30 | 1.65% | $9.19 |
Institutional Class | 1,000.00 | 1,228.10 | 1.31% | 7.30 |
Class R6 | 1,000.00 | 1,230.50 | 1.22% | 6.80 |
Hypothetical 5% return (5% return before expenses) | ||||
Class A | $1,000.00 | $1,016.75 | 1.65% | $8.32 |
Institutional Class | 1,000.00 | 1,018.45 | 1.31% | 6.61 |
Class R6 | 1,000.00 | 1,018.90 | 1.22% | 6.16 |
Expense analysis of an investment of $1,000
Beginning Account Value 4/1/20 | Ending Account Value 9/30/20 | Annualized Expense Ratio | Expenses Paid During Period 4/1/20 to 9/30/20* | |
Actual Fund return† | ||||
Class A | $1,000.00 | $1,153.20 | 1.30% | $7.00 |
Institutional Class | 1,000.00 | 1,155.70 | 1.05% | 5.66 |
Class R6 | 1,000.00 | 1,155.90 | 0.90% | 4.85 |
Hypothetical 5% return (5% return before expenses) | ||||
Class A | $1,000.00 | $1,018.50 | 1.30% | $6.56 |
Institutional Class | 1,000.00 | 1,019.75 | 1.05% | 5.30 |
Class R6 | 1,000.00 | 1,020.50 | 0.90% | 4.55 |
Expense analysis of an investment of $1,000
Beginning Account Value 4/1/20 | Ending Account Value 9/30/20 | Annualized Expense Ratio | Expenses Paid During Period 4/1/20 to 9/30/20* | |
Actual Fund return† | ||||
Class A | $1,000.00 | $1,153.80 | 1.15% | $6.19 |
Institutional Class | 1,000.00 | 1,154.40 | 0.90% | 4.85 |
Class R6 | 1,000.00 | 1,155.40 | 0.80% | 4.31 |
Hypothetical 5% return (5% return before expenses) | ||||
Class A | $1,000.00 | $1,019.25 | 1.15% | $5.81 |
Institutional Class | 1,000.00 | 1,020.50 | 0.90% | 4.55 |
Class R6 | 1,000.00 | 1,021.00 | 0.80% | 4.04 |
* | “Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). |
† | Because actual returns reflect only the most recent six-month period, the returns shown may differ significantly from fiscal year returns. |
Security type / sector | Percentage of net assets |
Common Stock | 98.73% |
Communication Services | 12.16% |
Consumer Discretionary | 6.19% |
Consumer Staples | 9.33% |
Energy | 2.61% |
Financials | 15.02% |
Healthcare | 18.28% |
Industrials | 8.70% |
Information Technology | 18.03% |
Materials | 3.09% |
Real Estate | 2.60% |
Utilities | 2.72% |
Short-Term Investments | 1.02% |
Total Value of Securities | 99.75% |
Receivables and Other Assets Net of Liabilities | 0.25% |
Total Net Assets | 100.00% |
Top 10 equity holdings | Percentage of net assets |
Lowe's | 3.18% |
Johnson & Johnson | 3.18% |
Cognizant Technology Solutions Class A | 3.16% |
Allstate | 3.15% |
Mondelez International Class A | 3.14% |
Caterpillar | 3.13% |
Comcast Class A | 3.13% |
Pfizer | 3.13% |
Merck & Co. | 3.12% |
Broadcom | 3.10% |
Security type / sector | Percentage of net assets |
Common Stock | 98.69% |
Communication Services | 11.90% |
Consumer Discretionary | 6.06% |
Consumer Staples | 9.29% |
Energy | 2.55% |
Financials | 15.04% |
Healthcare | 18.54% |
Industrials | 9.07% |
Information Technology | 17.68% |
Materials | 3.09% |
Real Estate | 2.68% |
Utilities | 2.79% |
Short-Term Investments | 0.89% |
Total Value of Securities | 99.58% |
Receivables and Other Assets Net of Liabilities | 0.42% |
Total Net Assets | 100.00% |
Top 10 equity holdings | Percentage of net assets |
Merck & Co. | 3.28% |
Mondelez International Class A | 3.25% |
Comcast Class A | 3.20% |
Oracle | 3.16% |
Verizon Communications | 3.13% |
CVS Health | 3.13% |
Truist Financial | 3.13% |
Johnson & Johnson | 3.12% |
Cognizant Technology Solutions Class A | 3.11% |
DuPont de Nemours | 3.09% |
Security type / sector | Percentage of net assets |
Common Stock♦ | 98.87% |
Communication Services | 6.70% |
Consumer Discretionary | 17.23% |
Consumer Staples | 5.33% |
Energy | 0.57% |
Financials | 5.96% |
Healthcare | 16.22% |
Industrials | 9.02% |
Information Technology* | 37.84% |
Short-Term Investments | 1.33% |
Total Value of Securities | 100.20% |
Liabilities Net of Receivables and Other Assets | (0.20%) |
Total Net Assets | 100.00% |
♦Narrow industries are utilized for compliance purposes for diversification whereas broad sectors are used for financial reporting. |
*To monitor compliance with the Fund’s concentration guidelines as described in the Fund’s prospectus and Statement of Additional Information, the Information Technology sector (as disclosed herein for financial reporting purposes) is subdivided into a variety of “industries” (in accordance with the requirements of the Investment Company Act of 1940, as amended). The Information Technology sector consisted of commercial services, computers, office/business equipment, semiconductors, and software. As of September 30, 2020, such amounts, as a percentage of total net assets were 4.63%, 11.72%, 2.83%, 3.46%, and 15.20%, respectively. The percentage in any such single industry will comply with the Fund’s concentration policy even if the percentage in the Information Technology sector for financial reporting purposes may exceed 25%. |
Top 10 equity holdings | Percentage of net assets |
Apple | 5.84% |
Microsoft | 4.73% |
PayPal Holdings | 4.63% |
Amazon.com | 4.56% |
Cadence Design Systems | 4.30% |
Adobe | 3.86% |
Facebook Class A | 3.51% |
NVIDIA | 3.46% |
EPAM Systems | 3.32% |
Alphabet Class A | 3.19% |
Security type / sector | Percentage of net assets |
Common Stock | 99.04% |
Basic Industry | 8.69% |
Business Services | 1.40% |
Capital Spending | 10.35% |
Consumer Cyclical | 5.67% |
Consumer Services | 9.55% |
Consumer Staples | 3.75% |
Energy | 3.30% |
Financial Services | 17.09% |
Healthcare | 6.10% |
Real Estate Investment Trusts | 8.96% |
Technology | 13.02% |
Transportation | 3.22% |
Utilities | 7.94% |
Short-Term Investments | 0.48% |
Total Value of Securities | 99.52% |
Receivables and Other Assets Net of Liabilities | 0.48% |
Total Net Assets | 100.00% |
Top 10 equity holdings | Percentage of net assets |
Synopsys | 2.78% |
Teradyne | 2.04% |
Raymond James Financial | 1.93% |
DR Horton | 1.89% |
Quanta Services | 1.84% |
Berry Global Group | 1.82% |
Huntsman | 1.81% |
Stanley Black & Decker | 1.79% |
ITT | 1.77% |
East West Bancorp | 1.76% |
Security type / sector | Percentage of net assets |
Common Stock | 99.35% |
Basic Industry | 7.61% |
Business Services | 1.67% |
Capital Spending | 9.09% |
Consumer Cyclical | 4.91% |
Consumer Services | 10.56% |
Consumer Staples | 4.12% |
Energy | 3.01% |
Financial Services | 24.57% |
Healthcare | 4.05% |
Real Estate Investment Trusts | 9.32% |
Technology | 12.18% |
Transportation | 3.59% |
Utilities | 4.67% |
Short-Term Investments | 0.72% |
Total Value of Securities | 100.07% |
Liabilities Net of Receivables and Other Assets | (0.07%) |
Total Net Assets | 100.00% |
Top 10 equity holdings | Percentage of net assets |
East West Bancorp | 2.50% |
Berry Global Group | 2.17% |
ITT | 2.01% |
MasTec | 2.00% |
Stifel Financial | 1.94% |
Louisiana-Pacific | 1.83% |
Meritage Homes | 1.68% |
Teradyne | 1.66% |
Altra Industrial Motion | 1.50% |
Webster Financial | 1.49% |
Security type / country | Percentage of net assets |
Common Stock by Country | 99.59% |
Denmark | 4.59% |
France | 15.14% |
Germany | 6.68% |
Ireland | 1.05% |
Japan | 12.68% |
Netherlands | 4.71% |
Sweden | 4.89% |
Switzerland | 11.72% |
United Kingdom | 7.65% |
United States | 30.48% |
Exchange-Traded Fund | 0.10% |
Total Value of Securities | 99.69% |
Receivables and Other Assets Net of Liabilities | 0.31% |
Total Net Assets | 100.00% |
Common stock by sector♦ | Percentage of net assets |
Communication Services | 4.60% |
Consumer Discretionary | 12.78% |
Consumer Staples* | 47.78% |
Healthcare | 19.50% |
Industrials | 10.51% |
Materials | 4.42% |
Total | 99.59% |
♦ | Narrow industries are utilized for compliance purposes for diversification whereas broad sectors are used for financial reporting. |
* | To monitor compliance with the Fund’s concentration guidelines as described in the Fund’s prospectus and Statement of Additional Information, the Consumer Staples and Food sector (as disclosed herein for financial reporting purposes) is subdivided into a variety of “industries” (in accordance with the requirements of the Investment Company Act of 1940, as amended). The Consumer Staples sector consisted of beverages, cosmetics/personal care, food, household products/wares, and retail. As of September 30, 2020, such amounts, as a percentage of total net assets were 5.35%, 0.88%, 34.14%, 6.10%, and 1.31%, respectively. The Food sector consisted of Food-Confectionery, Food-Dairy Products, Food-Meat Products, Food-Misc/Diversified, Food-Retail. As of September 30, 2020, such amounts, as a percentage of total net assets were 1.37%, 4.24%, 2.09%, 18.84%, and 7.60%, respectively. The percentage in any such single industry will comply with the Fund’s concentration policy even if the percentage in the Consumer Staples and Food sector for financial reporting purposes may exceed 25%. |
Security type / country | Percentage of net assets |
Common Stock by Country | 98.74% |
Denmark | 6.89% |
France | 21.10% |
Germany | 9.72% |
Ireland | 1.54% |
Japan | 18.77% |
Netherlands | 5.45% |
Sweden | 6.89% |
Switzerland | 17.03% |
United Kingdom | 11.35% |
Exchange-Traded Funds | 1.08% |
Total Value of Securities | 99.82% |
Receivables and Other Assets Net of Liabilities | 0.18% |
Total Net Assets | 100.00% |
Common stock by sector♦ | Percentage of net assets |
Communication Services | 10.02% |
Consumer Discretionary | 14.08% |
Consumer Staples* | 35.60% |
Healthcare | 19.64% |
Industrials | 12.86% |
Materials | 6.54% |
Total | 98.74% |
♦ | Narrow industries are utilized for compliance purposes for diversification whereas broad sectors are used for financial reporting. |
* | To monitor compliance with the Fund’s concentration guidelines as described in the Fund’s prospectus and Statement of Additional Information, the Consumer Staples sector (as disclosed herein for financial reporting purposes) is subdivided into a variety of “industries” (in accordance with the requirements of the Investment Company Act of 1940, as amended). The Consumer Staples sector consisted of beverages, cosmetics/personal care, food, and retail. As of September 30, 2020, such amounts, as a percentage of total net assets were 8.79%, 1.68%, 23.17%, and 1.96%, respectively. The percentage in any such single industry will comply with the Fund’s concentration policy even if the percentage in the Consumer Staples sector for financial reporting purposes may exceed 25%. |
Security type / sector | Percentage of net assets |
Convertible Bond | 0.31% |
Corporate Bonds | 5.78% |
Banking | 0.34% |
Capital Goods | 0.57% |
Communications | 0.74% |
Consumer Cyclical | 0.92% |
Financial Services | 0.34% |
Healthcare | 0.84% |
Insurance | 0.33% |
Media | 0.21% |
Technology | 0.68% |
Transportation | 0.81% |
Loan Agreements | 94.64% |
Short-Term Investments | 0.79% |
Total Value of Securities | 101.52% |
Liabilities Net of Receivables and Other Assets | (1.52%) |
Total Net Assets | 100.00% |
Security type / sector | Percentage of net assets |
Convertible Bond | 0.13% |
Corporate Bonds | 88.48% |
Banking | 2.97% |
Basic Industry | 9.78% |
Capital Goods | 6.55% |
Communications | 11.31% |
Consumer Cyclical | 6.73% |
Consumer Non-Cyclical | 4.06% |
Energy | 11.50% |
Financial Services | 2.91% |
Healthcare | 7.14% |
Insurance | 2.14% |
Media | 6.53% |
Real Estate | 1.92% |
Services | 5.18% |
Technology & Electronics | 4.70% |
Transportation | 2.48% |
Utilities | 2.58% |
Loan Agreements | 8.24% |
Short-Term Investments | 2.45% |
Total Value of Securities | 99.30% |
Receivables and Other Assets Net of Liabilities | 0.70% |
Total Net Assets | 100.00% |
Security type / sector | Percentage of net assets |
Short-Term Investments | 97.77% |
Total Value of Securities | 97.77% |
Receivables and Other Assets Net of Liabilities | 2.23% |
Total Net Assets | 100.00% |
Security type / sector | Percentage of net assets |
Corporate Bonds | 8.79% |
Banking | 7.78% |
Electric | 1.01% |
Sovereign Bonds | 69.84% |
Australia | 4.21% |
Austria | 1.20% |
Belgium | 2.33% |
Canada | 1.23% |
Denmark | 0.71% |
Finland | 0.34% |
France | 7.54% |
Germany | 4.22% |
Ireland | 0.38% |
Italy | 7.07% |
Japan | 13.87% |
Mexico | 3.06% |
Netherlands | 2.04% |
New Zealand | 3.84% |
Poland | 2.12% |
Portugal | 0.76% |
Spain | 5.18% |
United Kingdom | 9.74% |
Supranational Banks | 7.08% |
Regional Bonds | 12.67% |
US Treasury Obligation | 0.28% |
Short-Term Investments | 0.26% |
Total Value of Securities | 98.92% |
Receivables and Other Assets Net of Liabilities | 1.08% |
Total Net Assets | 100.00% |
Security type / sector | Percentage of net assets |
Convertible Bonds | 0.79% |
Corporate Bonds | 97.17% |
Banking | 18.60% |
Basic Industry | 4.59% |
Brokerage | 1.42% |
Capital Goods | 2.93% |
Communications | 15.94% |
Consumer Cyclical | 3.43% |
Consumer Non-Cyclical | 7.98% |
Electric | 10.41% |
Energy | 12.52% |
Finance Companies | 4.21% |
Insurance | 2.38% |
Natural Gas | 0.30% |
Real Estate Investment Trusts | 0.82% |
Technology | 9.47% |
Transportation | 1.27% |
Utilities | 0.90% |
Loan Agreements | 0.30% |
Preferred Stock | 0.70% |
Short-Term Investments | 1.11% |
Total Value of Securities | 100.07% |
Liabilities Net of Receivables and Other Assets | (0.07%) |
Total Net Assets | 100.00% |
Security type / sector | Percentage of net assets |
Agency Commercial Mortgage-Backed Security | 1.77% |
Agency Mortgage-Backed Securities | 11.29% |
Collateralized Debt Obligations | 2.07% |
Corporate Bonds | 44.26% |
Banking | 16.54% |
Basic Industry | 3.02% |
Brokerage | 0.22% |
Capital Goods | 3.21% |
Communications | 2.78% |
Consumer Cyclical | 2.17% |
Consumer Non-Cyclical | 3.35% |
Electric | 4.83% |
Energy | 2.95% |
Finance Companies | 3.06% |
Insurance | 0.28% |
Natural Gas | 0.09% |
Technology | 1.18% |
Transportation | 0.58% |
Non-Agency Asset-Backed Securities | 20.53% |
US Treasury Obligations | 19.70% |
Short-Term Investments | 0.48% |
Total Value of Securities | 100.10% |
Liabilities Net of Receivables and Other Assets | (0.10%) |
Total Net Assets | 100.00% |
Security type / sector | Percentage of net assets |
Agency Collateralized Mortgage Obligations | 8.95% |
Agency Commercial Mortgage-Backed Security | 1.05% |
Collateralized Debt Obligations | 2.10% |
Convertible Bonds | 1.72% |
Corporate Bonds | 55.65% |
Banking | 8.78% |
Basic Industry | 9.64% |
Brokerage | 1.42% |
Capital Goods | 3.07% |
Communications | 4.90% |
Consumer Cyclical | 5.71% |
Consumer Non-Cyclical | 2.81% |
Energy | 7.33% |
Finance Companies | 0.55% |
Insurance | 2.70% |
Natural Gas | 0.09% |
Real Estate | 1.05% |
Technology | 1.47% |
Transportation | 3.04% |
Utilities | 3.09% |
Non-Agency Collateralized Mortgage Obligations | 11.26% |
Non-Agency Commercial Mortgage-Backed Securities | 5.65% |
Loan Agreements | 4.55% |
Security type / sector | Percentage of net assets |
Sovereign Bonds | 5.67% |
Brazil | 0.54% |
Egypt | 1.12% |
El Salvador | 0.51% |
Honduras | 0.49% |
Ivory Coast | 0.54% |
Mongolia | 0.67% |
Paraguay | 0.58% |
Senegal | 0.54% |
Uzbekistan | 0.68% |
Supranational Bank | 0.64% |
Preferred Stock | 0.32% |
Short-Term Investments | 3.64% |
Total Value of Securities | 101.20% |
Liabilities Net of Receivables and Other Assets | (1.20%) |
Total Net Assets | 100.00% |
Security type / sector | Percentage of net assets |
Common Stock♦ | 102.04% |
Communication Services | 11.16% |
Consumer Discretionary | 10.53% |
Consumer Staples | 9.16% |
Energy | 2.79% |
Financials | 8.03% |
Healthcare | 11.08% |
Industrials | 8.76% |
Information Technology* | 35.93% |
Materials | 2.12% |
Utilities | 2.48% |
Short-Term Investments | 1.59% |
Total Value of Securities Before Options Written | 103.63% |
Options Written | (3.44%) |
Liabilities Net of Receivables and Other Assets | (0.19%) |
Total Net Assets | 100.00% |
♦Narrow industries are utilized for compliance purposes for diversification whereas broad sectors are used for financial reporting. |
*To monitor compliance with the Fund’s concentration guidelines as described in the Fund’s prospectus and Statement of Additional Information, the Information Technology sector (as disclosed herein for financial reporting purposes) is subdivided into a variety of “industries” (in accordance with the requirements of the Investment Company Act of 1940, as amended). The Information Technology sector consisted of computers, diversified financial services, semiconductors, software, and telecommunications. As of September 30, 2020, such amounts, as a percentage of total net assets were 8.79%, 6.95%, 8.79%, 8.43% and 2.97%, respectively. The percentage in any such single industry will comply with the Fund’s concentration policy even if the percentage in the Information Technology sector for financial reporting purposes may exceed 25%. |
Top 10 equity holdings | Percentage of net assets |
Apple | 8.79% |
Microsoft | 8.43% |
Home Depot | 6.24% |
BlackRock | 4.52% |
Broadcom | 4.47% |
Facebook Class A | 4.41% |
Costco Wholesale | 4.40% |
Medtronic | 4.38% |
Texas Instruments | 4.33% |
Mastercard Class A | 4.32% |
Security type / sector | Percentage of net assets |
Common Stock | 95.76% |
Communication Services | 6.35% |
Consumer Discretionary | 14.92% |
Consumer Staples | 7.77% |
Energy | 0.48% |
Financials | 9.50% |
Healthcare | 15.34% |
Industrials | 12.38% |
Information Technology | 20.72% |
Materials | 3.18% |
Real Estate | 3.47% |
Utilities | 1.65% |
Exchange-Traded Fund | 0.05% |
Options Purchased | 1.18% |
Short-Term Investments | 2.33% |
Total Value of Securities Before Options Written | 99.32% |
Options Written | (0.58%) |
Receivables and Other Assets Net of Liabilities | 1.26% |
Total Net Assets | 100.00% |
Top 10 equity holdings | Percentage of net assets |
Apple | 3.34% |
Amazon.com | 2.28% |
McDonald's | 2.05% |
Microsoft | 1.96% |
TJX | 1.87% |
Johnson & Johnson | 1.27% |
NIKE Class B | 1.23% |
NVIDIA | 1.22% |
Medtronic | 1.16% |
Coca-Cola | 1.12% |
Security type / sector | Percentage of net assets |
Common Stock♦ | 117.34% |
Communication Services | 10.06% |
Consumer Discretionary | 13.09% |
Consumer Staples | 8.96% |
Energy | 5.23% |
Financials | 15.51% |
Healthcare | 13.95% |
Industrials | 13.36% |
Information Technology* | 29.84% |
Materials | 4.11% |
Utilities | 3.23% |
Short-Term Investments | 0.21% |
Total Value of Securities Before Options Written | 117.55% |
Options Written | (19.06%) |
Receivables and Other Assets Net of Liabilities | 1.51% |
Total Net Assets | 100.00% |
♦Narrow industries are utilized for compliance purposes for diversification whereas broad sectors are used for financial reporting. |
*To monitor compliance with the Fund’s concentration guidelines as described in the Fund’s prospectus and Statement of Additional Information, the Information Technology sector (as disclosed herein for financial reporting purposes) is subdivided into a variety of “industries” (in accordance with the requirements of the Investment Company Act of 1940, as amended). The Information Technology sector consisted of commercial services, computers, office/business equipment, semiconductors, and software. As of September 30, 2020, such amounts, as a percentage of total net assets were 4.63%, 11.72%, 2.83%, 3.46%, and 15.20%, respectively. The percentage in any such single industry will comply with the Fund’s concentration policy even if the percentage in the Information Technology sector for financial reporting purposes may exceed 25%. |
Top 10 equity holdings | Percentage of net assets |
Broadcom | 7.08% |
Whirlpool | 5.49% |
Lockheed Martin | 5.19% |
BlackRock | 5.00% |
Amgen | 4.86% |
Cisco Systems | 4.76% |
Corning | 4.74% |
Philip Morris International | 4.71% |
Verizon Communications | 4.69% |
Home Depot | 4.54% |
Security type / sector | Percentage of net assets |
Agency Mortgage-Backed Securities | 0.60% |
Collateralized Debt Obligations | 0.18% |
Convertible Bonds | 9.62% |
Corporate Bonds | 16.00% |
Banking | 0.86% |
Basic Industry | 1.37% |
Brokerage | 0.05% |
Capital Goods | 1.07% |
Communications | 1.61% |
Consumer Cyclical | 1.52% |
Consumer Non-Cyclical | 1.05% |
Energy | 1.74% |
Financials | 0.68% |
Healthcare | 1.27% |
Insurance | 0.29% |
Media | 1.57% |
Real Estate Investment Trusts | 0.19% |
Services | 0.97% |
Technology | 0.45% |
Transportation | 0.36% |
Utilities | 0.95% |
Municipal Bonds | 5.09% |
Non-Agency Commercial Mortgage-Backed Securities | 0.59% |
Loan Agreements | 0.14% |
Sovereign Bonds | 1.46% |
Azerbaijan | 0.09% |
Czechia | 0.07% |
Dominican Republic | 0.05% |
Egypt | 0.04% |
Gabon | 0.03% |
Georgia | 0.06% |
Guatemala | 0.06% |
Honduras | 0.04% |
Indonesia | 0.08% |
Israel | 0.06% |
Ivory Coast | 0.02% |
Security type / sector | Percentage of net assets |
Kenya | 0.04% |
Mongolia | 0.05% |
Morocco | 0.02% |
North Macedonia | 0.02% |
Panama | 0.04% |
Paraguay | 0.14% |
Peru | 0.13% |
Poland | 0.03% |
Republic of Vietnam | 0.05% |
Romania | 0.04% |
Senegal | 0.04% |
Serbia | 0.06% |
Ukraine | 0.10% |
Uruguay | 0.03% |
Uzbekistan | 0.07% |
Supranational Banks | 0.13% |
US Treasury Obligations | 0.54% |
Common Stock | 51.54% |
Communication Services | 5.63% |
Consumer Discretionary | 3.23% |
Consumer Staples | 5.58% |
Energy | 1.07% |
Financials | 6.29% |
Healthcare | 8.58% |
Industrials | 4.23% |
Information Technology | 7.54% |
Materials | 1.58% |
REIT Diversified | 0.15% |
REIT Healthcare | 0.56% |
REIT Hotel | 0.36% |
REIT Industrial | 0.63% |
REIT Information Technology | 0.87% |
REIT Mall | 0.21% |
REIT Manufactured Housing | 0.32% |
REIT Multifamily | 2.13% |
REIT Office | 0.63% |
REIT Self-Storage | 0.29% |
REIT Shopping Center | 0.17% |
Security type / sector | Percentage of net assets |
REIT Single Tenant | 0.14% |
REIT Specialty | 0.17% |
Utilities | 1.18% |
Convertible Preferred Stock | 3.17% |
Preferred Stock | 0.15% |
Exchange-Traded Funds | 8.39% |
Limited Liability Corporation | 1.24% |
Short-Term Investments | 1.34% |
Total Value of Securities | 100.18% |
Liabilities Net of Receivables and Other Assets | (0.18%) |
Total Net Assets | 100.00% |
Top 10 equity holdings | Percentage of net assets |
Caterpillar | 1.37% |
Verizon Communications | 1.37% |
Archer-Daniels-Midland | 1.37% |
Mondelez International Class A | 1.35% |
Merck & Co. | 1.35% |
Lowe's | 1.34% |
Pfizer | 1.34% |
Broadcom | 1.34% |
Marsh & McLennan | 1.34% |
Johnson & Johnson | 1.33% |
Number of shares | Value (US $) | ||
Common Stock — 98.73% | |||
Communication Services — 12.16% | |||
AT&T | 306,600 | $8,741,166 | |
Comcast Class A | 207,388 | 9,593,769 | |
Verizon Communications | 158,600 | 9,435,114 | |
Walt Disney | 76,577 | 9,501,674 | |
37,271,723 | |||
Consumer Discretionary — 6.19% | |||
Dollar Tree † | 100,900 | 9,216,206 | |
Lowe's | 58,800 | 9,752,568 | |
18,968,774 | |||
Consumer Staples — 9.33% | |||
Archer-Daniels-Midland | 204,400 | 9,502,556 | |
Conagra Brands | 264,700 | 9,452,437 | |
Mondelez International Class A | 167,700 | 9,634,365 | |
28,589,358 | |||
Energy — 2.61% | |||
ConocoPhillips | 243,820 | 8,007,049 | |
8,007,049 | |||
Financials — 15.02% | |||
Allstate | 102,700 | 9,668,178 | |
American International Group | 311,500 | 8,575,595 | |
Bank of New York Mellon | 268,000 | 9,203,120 | |
Marsh & McLennan | 82,700 | 9,485,690 | |
Truist Financial | 239,200 | 9,101,560 | |
46,034,143 | |||
Healthcare — 18.28% | |||
Abbott Laboratories | 8,298 | 903,071 | |
Cardinal Health | 180,900 | 8,493,255 | |
Cigna | 50,600 | 8,572,146 | |
CVS Health | 157,000 | 9,168,800 | |
Johnson & Johnson | 65,400 | 9,736,752 | |
Merck & Co. | 115,400 | 9,572,430 | |
Pfizer | 261,200 | 9,586,040 | |
56,032,494 | |||
Industrials — 8.70% | |||
Caterpillar | 64,326 | 9,594,223 | |
Northrop Grumman | 29,200 | 9,212,308 | |
Raytheon Technologies | 136,352 | 7,845,694 | |
26,652,225 | |||
Information Technology — 18.03% | |||
Broadcom | 26,100 | 9,508,752 | |
Cisco Systems | 219,200 | 8,634,288 |
Number of shares | Value (US $) | ||
Common Stock (continued) | |||
Information Technology (continued) | |||
Cognizant Technology Solutions Class A | 139,652 | $9,694,642 | |
Intel | 178,100 | 9,222,018 | |
Motorola Solutions | 55,690 | 8,732,749 | |
Oracle | 158,900 | 9,486,330 | |
55,278,779 | |||
Materials — 3.09% | |||
DuPont de Nemours | 170,800 | 9,475,984 | |
9,475,984 | |||
Real Estate — 2.60% | |||
Equity Residential | 155,000 | 7,956,150 | |
7,956,150 | |||
Utilities — 2.72% | |||
Edison International | 164,200 | 8,347,928 | |
8,347,928 | |||
Total Common Stock (cost $307,057,243) | 302,614,607 | ||
Short-Term Investments — 1.02% | |||
Money Market Mutual Funds — 1.02% | |||
BlackRock FedFund – Institutional Shares (seven-day effective yield 0.00%) | 782,461 | 782,461 | |
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 0.01%) | 782,461 | 782,461 | |
GS Financial Square Government Fund – Institutional Shares (seven-day effective yield 0.00%) | 782,461 | 782,461 | |
Morgan Stanley Government Portfolio – Institutional Share Class (seven-day effective yield 0.00%) | 782,461 | 782,461 | |
Total Short-Term Investments (cost $3,129,844) | 3,129,844 | ||
Total Value of Securities—99.75% (cost $310,187,087) | $305,744,451 |
† | Non-income producing security. |
Summary of abbreviations: |
GS – Goldman Sachs |
Number of shares | Value (US $) | ||
Common Stock — 98.69% | |||
Communication Services — 11.90% | |||
AT&T | 992,400 | $28,293,324 | |
Comcast Class A | 712,480 | 32,959,325 | |
Verizon Communications | 542,900 | 32,297,121 | |
Walt Disney | 234,709 | 29,122,692 | |
122,672,462 | |||
Consumer Discretionary — 6.06% | |||
Dollar Tree † | 341,400 | 31,183,476 | |
Lowe's | 188,300 | 31,231,438 | |
62,414,914 | |||
Consumer Staples — 9.29% | |||
Archer-Daniels-Midland | 673,100 | 31,292,419 | |
Conagra Brands | 867,200 | 30,967,712 | |
Mondelez International Class A | 583,600 | 33,527,820 | |
95,787,951 | |||
Energy — 2.55% | |||
ConocoPhillips | 801,600 | 26,324,544 | |
26,324,544 | |||
Financials — 15.04% | |||
Allstate | 328,400 | 30,915,576 | |
American International Group | 1,090,400 | 30,018,712 | |
Bank of New York Mellon | 874,100 | 30,016,594 | |
Marsh & McLennan | 277,400 | 31,817,780 | |
Truist Financial | 847,000 | 32,228,350 | |
154,997,012 | |||
Healthcare — 18.54% | |||
Abbott Laboratories | 27,312 | 2,972,365 | |
Cardinal Health | 598,900 | 28,118,355 | |
Cigna | 177,000 | 29,985,570 | |
CVS Health | 552,000 | 32,236,800 | |
Johnson & Johnson | 215,800 | 32,128,304 | |
Merck & Co. | 407,900 | 33,835,305 | |
Pfizer | 866,800 | 31,811,560 | |
191,088,259 | |||
Industrials — 9.07% | |||
Caterpillar | 212,114 | 31,636,803 | |
Northrop Grumman | 98,900 | 31,201,961 | |
Raytheon Technologies | 532,401 | 30,634,353 | |
93,473,117 | |||
Information Technology — 17.68% | |||
Broadcom | 85,700 | 31,222,224 | |
Cisco Systems | 734,900 | 28,947,711 |
Number of shares | Value (US $) | ||
Common Stock (continued) | |||
Information Technology (continued) | |||
Cognizant Technology Solutions Class A | 462,385 | $32,098,767 | |
Intel | 546,300 | 28,287,414 | |
Motorola Solutions | 185,253 | 29,049,523 | |
Oracle | 545,600 | 32,572,320 | |
182,177,959 | |||
Materials — 3.09% | |||
DuPont de Nemours | 573,600 | 31,823,328 | |
31,823,328 | |||
Real Estate — 2.68% | |||
Equity Residential | 537,000 | 27,564,210 | |
27,564,210 | |||
Utilities — 2.79% | |||
Edison International | 565,300 | 28,739,852 | |
28,739,852 | |||
Total Common Stock (cost $1,030,862,844) | 1,017,063,608 | ||
Short-Term Investments — 0.89% | |||
Money Market Mutual Funds — 0.89% | |||
BlackRock FedFund – Institutional Shares (seven-day effective yield 0.00%) | 2,309,610 | 2,309,610 | |
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 0.01%) | 2,309,611 | 2,309,611 | |
GS Financial Square Government Fund – Institutional Shares (seven-day effective yield 0.00%) | 2,309,610 | 2,309,610 | |
Morgan Stanley Government Portfolio – Institutional Share Class (seven-day effective yield 0.00%) | 2,309,610 | 2,309,610 | |
Total Short-Term Investments (cost $9,238,441) | 9,238,441 | ||
Total Value of Securities—99.58% (cost $1,040,101,285) | $1,026,302,049 |
† | Non-income producing security. |
Summary of abbreviations: |
GS – Goldman Sachs |
Number of shares | Value (US $) | ||
Common Stock — 98.87%♦ | |||
Communication Services — 6.70% | |||
Alphabet Class A † | 13,010 | $19,067,456 | |
Facebook Class A † | 80,200 | 21,004,380 | |
40,071,836 | |||
Consumer Discretionary — 17.23% | |||
Amazon.com † | 8,650 | 27,236,515 | |
AutoZone † | 10,800 | 12,718,512 | |
Deckers Outdoor † | 81,000 | 17,820,810 | |
Lowe's | 93,500 | 15,507,910 | |
Target | 103,691 | 16,323,037 | |
Tempur Sealy International † | 150,000 | 13,378,500 | |
102,985,284 | |||
Consumer Staples — 5.33% | |||
Procter & Gamble | 91,312 | 12,691,455 | |
TreeHouse Foods † | 153,000 | 6,201,090 | |
Walmart | 92,712 | 12,971,336 | |
31,863,881 | |||
Energy — 0.57% | |||
Chevron | 47,300 | 3,405,600 | |
3,405,600 | |||
Financials — 5.96% | |||
Allstate | 140,600 | 13,236,084 | |
Ameriprise Financial | 76,600 | 11,804,826 | |
JPMorgan Chase & Co. | 110,100 | 10,599,327 | |
35,640,237 | |||
Healthcare — 16.22% | |||
AbbVie | 132,000 | 11,561,880 | |
Bristol Myers Squibb | 205,500 | 12,389,595 | |
Centene † | 245,140 | 14,299,016 | |
Eli Lilly and Co. | 115,572 | 17,106,968 | |
Hologic † | 241,000 | 16,019,270 | |
Horizon Therapeutics † | 192,600 | 14,961,168 | |
Merck & Co. | 128,200 | 10,634,190 | |
96,972,087 | |||
Industrials — 9.02% | |||
Dover | 130,700 | 14,160,038 | |
EMCOR Group | 146,900 | 9,946,599 | |
Parker-Hannifin | 79,800 | 16,146,732 | |
Rockwell Automation | 61,900 | 13,660,092 | |
53,913,461 | |||
Information Technology — 37.84% | |||
Adobe † | 47,100 | 23,099,253 | |
Akamai Technologies † | 125,079 | 13,826,233 | |
Apple | 301,608 | 34,929,222 |
Number of shares | Value (US $) | ||
Common Stock♦ (continued) | |||
Information Technology (continued) | |||
Cadence Design Systems † | 240,750 | $25,671,173 | |
EPAM Systems † | 61,393 | 19,847,129 | |
Fortinet † | 129,980 | 15,312,944 | |
Microsoft | 134,550 | 28,299,901 | |
NVIDIA | 38,200 | 20,674,604 | |
PayPal Holdings † | 140,340 | 27,651,190 | |
Zebra Technologies Class A † | 66,977 | 16,909,013 | |
226,220,662 | |||
Total Common Stock (cost $400,308,452) | 591,073,048 | ||
Short-Term Investments — 1.33% | |||
Money Market Mutual Funds — 1.33% | |||
BlackRock FedFund – Institutional Shares (seven-day effective yield 0.00%) | 1,995,225 | 1,995,225 | |
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 0.01%) | 1,995,227 | 1,995,227 | |
GS Financial Square Government Fund – Institutional Shares (seven-day effective yield 0.00%) | 1,995,228 | 1,995,228 | |
Morgan Stanley Government Portfolio – Institutional Share Class (seven-day effective yield 0.00%) | 1,995,227 | 1,995,227 | |
Total Short-Term Investments (cost $7,980,907) | 7,980,907 | ||
Total Value of Securities—100.20% (cost $408,289,359) | $599,053,955 |
♦ | Narrow industries are utilized for compliance purposes for diversification whereas broad sectors are used for financial reporting. |
† | Non-income producing security. |
Summary of abbreviations: |
GS – Goldman Sachs |
Number of shares | Value (US $) | ||
Common Stock — 99.04% | |||
Basic Industry — 8.69% | |||
Axalta Coating Systems † | 136,600 | $3,028,422 | |
Berry Global Group † | 227,000 | 10,968,640 | |
Celanese | 59,800 | 6,425,510 | |
Crown Holdings † | 70,800 | 5,441,688 | |
Graphic Packaging Holding | 646,500 | 9,109,185 | |
Huntsman | 492,000 | 10,927,320 | |
Newmont | 102,400 | 6,497,280 | |
52,398,045 | |||
Business Services — 1.40% | |||
Brink's | 108,300 | 4,450,047 | |
ManpowerGroup | 54,600 | 4,003,818 | |
8,453,865 | |||
Capital Spending — 10.35% | |||
AECOM † | 175,300 | 7,334,552 | |
Allison Transmission Holdings | 121,600 | 4,273,024 | |
AMETEK | 30,900 | 3,071,460 | |
Gates Industrial † | 379,500 | 4,220,040 | |
HD Supply Holdings † | 153,800 | 6,342,712 | |
ITT | 180,904 | 10,682,381 | |
KBR | 470,100 | 10,511,436 | |
Quanta Services | 210,400 | 11,121,744 | |
United Rentals † | 27,800 | 4,851,100 | |
62,408,449 | |||
Consumer Cyclical — 5.67% | |||
BorgWarner | 130,000 | 5,036,200 | |
DR Horton | 151,000 | 11,420,130 | |
Johnson Controls International | 169,300 | 6,915,905 | |
Stanley Black & Decker | 66,600 | 10,802,520 | |
34,174,755 | |||
Consumer Services — 9.55% | |||
AutoZone † | 4,000 | 4,710,560 | |
Cable One | 3,150 | 5,939,105 | |
Darden Restaurants | 76,300 | 7,686,462 | |
Dollar Tree † | 69,100 | 6,311,594 | |
Hasbro | 71,300 | 5,897,936 | |
Marriott International Class A | 105,200 | 9,739,416 | |
PVH | 32,600 | 1,944,264 | |
Ross Stores | 49,600 | 4,628,672 | |
VF | 95,400 | 6,701,850 | |
ViacomCBS Class B | 145,000 | 4,061,450 | |
57,621,309 |
Number of shares | Value (US $) | ||
Common Stock (continued) | |||
Consumer Staples — 3.75% | |||
Campbell Soup | 71,800 | $3,472,966 | |
Conagra Brands | 162,700 | 5,810,017 | |
Kellogg | 86,100 | 5,561,199 | |
Tyson Foods Class A | 71,700 | 4,264,716 | |
US Foods Holding † | 157,900 | 3,508,538 | |
22,617,436 | |||
Energy — 3.30% | |||
Cabot Oil & Gas | 234,700 | 4,074,392 | |
Hess | 214,100 | 8,763,113 | |
Marathon Oil | 923,800 | 3,778,342 | |
Valero Energy | 75,400 | 3,266,328 | |
19,882,175 | |||
Financial Services — 17.09% | |||
Affiliated Managers Group | 56,200 | 3,842,956 | |
Allstate | 92,100 | 8,670,294 | |
American Financial Group | 100,800 | 6,751,584 | |
Assurant | 59,800 | 7,254,338 | |
Comerica | 172,000 | 6,579,000 | |
East West Bancorp | 323,400 | 10,588,116 | |
First Hawaiian | 63,433 | 917,875 | |
Globe Life | 80,000 | 6,392,000 | |
Hancock Whitney | 232,765 | 4,378,310 | |
Hartford Financial Services Group | 201,200 | 7,416,232 | |
KeyCorp | 727,200 | 8,675,496 | |
Raymond James Financial | 159,900 | 11,634,324 | |
Reinsurance Group of America | 71,900 | 6,844,161 | |
Synchrony Financial | 379,700 | 9,936,749 | |
Synovus Financial | 149,156 | 3,157,633 | |
103,039,068 | |||
Healthcare — 6.10% | |||
AmerisourceBergen | 69,300 | 6,716,556 | |
Quest Diagnostics | 73,400 | 8,403,566 | |
Service Corp. International | 118,000 | 4,977,240 | |
STERIS | 39,900 | 7,029,981 | |
Zimmer Biomet Holdings | 71,100 | 9,679,554 | |
36,806,897 | |||
Real Estate Investment Trusts — 8.96% | |||
Apartment Investment and Management Class A | 193,500 | 6,524,820 | |
Brandywine Realty Trust | 494,400 | 5,112,096 | |
Host Hotels & Resorts | 481,500 | 5,195,385 | |
Kimco Realty | 425,300 | 4,788,878 | |
Life Storage | 92,700 | 9,758,529 |
Number of shares | Value (US $) | ||
Common Stock (continued) | |||
Real Estate Investment Trusts (continued) | |||
MGM Growth Properties Class A | 232,100 | $6,494,158 | |
Outfront Media | 306,800 | 4,463,940 | |
VEREIT | 1,125,600 | 7,316,400 | |
Welltower | 79,300 | 4,368,637 | |
54,022,843 | |||
Technology — 13.02% | |||
Agilent Technologies | 93,900 | 9,478,266 | |
Avnet | 185,200 | 4,785,568 | |
Citrix Systems | 19,800 | 2,726,658 | |
Fiserv † | 36,500 | 3,761,325 | |
Flex † | 652,300 | 7,266,622 | |
Keysight Technologies † | 81,800 | 8,080,204 | |
ON Semiconductor † | 188,700 | 4,092,903 | |
Qorvo † | 55,900 | 7,211,659 | |
Synopsys † | 78,400 | 16,776,032 | |
Teradyne | 155,000 | 12,316,300 | |
Western Digital | 56,300 | 2,057,765 | |
78,553,302 | |||
Transportation — 3.22% | |||
CSX | 41,700 | 3,238,839 | |
JB Hunt Transport Services | 36,900 | 4,663,422 | |
Kirby † | 94,300 | 3,410,831 | |
Southwest Airlines | 215,700 | 8,088,750 | |
19,401,842 | |||
Utilities — 7.94% | |||
CMS Energy | 152,900 | 9,389,589 | |
Edison International | 104,700 | 5,322,948 | |
MDU Resources Group | 193,000 | 4,342,500 | |
NRG Energy | 204,300 | 6,280,182 | |
Public Service Enterprise Group | 180,900 | 9,933,219 | |
WEC Energy Group | 76,700 | 7,432,230 | |
Xcel Energy | 75,500 | 5,210,255 | |
47,910,923 | |||
Total Common Stock (cost $633,207,816) | 597,290,909 | ||
Short-Term Investments — 0.48% | |||
Money Market Mutual Funds — 0.48% | |||
BlackRock FedFund – Institutional Shares (seven-day effective yield 0.00%) | 713,293 | 713,293 |
Number of shares | Value (US $) | ||
Short-Term Investments (continued) | |||
Money Market Mutual Funds (continued) | |||
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 0.01%) | 713,294 | $713,294 | |
GS Financial Square Government Fund – Institutional Shares (seven-day effective yield 0.00%) | 713,294 | 713,294 | |
Morgan Stanley Government Portfolio – Institutional Share Class (seven-day effective yield 0.00%) | 713,293 | 713,293 | |
Total Short-Term Investments (cost $2,853,174) | 2,853,174 | ||
Total Value of Securities—99.52% (cost $636,060,990) | $600,144,083 |
† | Non-income producing security. |
Summary of abbreviations: |
GS – Goldman Sachs |
Number of shares | Value (US $) | ||
Common Stock — 99.35% | |||
Basic Industry — 7.61% | |||
Arconic † | 99,400 | $1,893,570 | |
Ashland Global Holdings | 31,000 | 2,198,520 | |
Berry Global Group † | 126,000 | 6,088,320 | |
HB Fuller | 75,300 | 3,447,234 | |
Huntsman | 115,400 | 2,563,034 | |
Louisiana-Pacific | 173,300 | 5,114,083 | |
21,304,761 | |||
Business Services — 1.67% | |||
Deluxe | 34,100 | 877,393 | |
PAE † | 91,200 | 775,200 | |
WESCO International † | 68,500 | 3,015,370 | |
4,667,963 | |||
Capital Spending — 9.09% | |||
Altra Industrial Motion | 113,700 | 4,203,489 | |
Atkore International Group † | 90,400 | 2,054,792 | |
H&E Equipment Services | 60,500 | 1,189,430 | |
ITT | 95,027 | 5,611,345 | |
KBR | 84,420 | 1,887,631 | |
MasTec † | 132,400 | 5,587,280 | |
Primoris Services | 101,300 | 1,827,452 | |
Rexnord | 103,200 | 3,079,488 | |
25,440,907 | |||
Consumer Cyclical — 4.91% | |||
Adient † | 42,765 | 741,118 | |
Barnes Group | 64,200 | 2,294,508 | |
KB Home | 92,600 | 3,554,914 | |
Knoll | 109,600 | 1,321,776 | |
Meritage Homes † | 42,500 | 4,691,575 | |
Standard Motor Products | 25,300 | 1,129,645 | |
13,733,536 | |||
Consumer Services — 10.56% | |||
Aaron's | 43,300 | 2,452,945 | |
Acushnet Holdings | 48,300 | 1,623,363 | |
Asbury Automotive Group † | 27,300 | 2,660,385 | |
Cable One | 1,550 | 2,922,416 | |
Choice Hotels International † | 41,000 | 3,524,360 | |
Cracker Barrel Old Country Store | 25,900 | 2,969,694 | |
Steven Madden | 95,200 | 1,856,400 | |
TEGNA | 200,300 | 2,353,525 | |
Texas Roadhouse † | 43,300 | 2,632,207 |
Number of shares | Value (US $) | ||
Common Stock (continued) | |||
Consumer Services (continued) | |||
UniFirst | 21,700 | $4,109,329 | |
Wolverine World Wide | 94,839 | 2,450,640 | |
29,555,264 | |||
Consumer Staples — 4.12% | |||
Core-Mark Holding | 67,200 | 1,944,096 | |
J & J Snack Foods | 23,000 | 2,998,970 | |
Performance Food Group † | 56,300 | 1,949,106 | |
Scotts Miracle-Gro | 15,200 | 2,324,232 | |
Spectrum Brands Holdings | 40,500 | 2,314,980 | |
11,531,384 | |||
Energy — 3.01% | |||
CNX Resources † | 267,700 | 2,527,088 | |
Delek US Holdings | 110,400 | 1,228,752 | |
Dril-Quip † | 50,200 | 1,242,952 | |
Helix Energy Solutions Group † | 302,900 | 729,989 | |
Patterson-UTI Energy | 281,600 | 802,560 | |
WPX Energy † | 386,000 | 1,891,400 | |
8,422,741 | |||
Financial Services — 24.57% | |||
American Equity Investment Life Holding | 181,300 | 3,986,787 | |
Bank of NT Butterfield & Son | 80,600 | 1,795,768 | |
East West Bancorp | 213,600 | 6,993,264 | |
First Financial Bancorp | 182,500 | 2,190,913 | |
First Hawaiian | 41,422 | 599,376 | |
First Interstate BancSystem Class A | 76,000 | 2,420,600 | |
First Midwest Bancorp | 203,400 | 2,192,652 | |
FNB | 528,500 | 3,583,230 | |
Great Western Bancorp | 158,100 | 1,968,345 | |
Hancock Whitney | 183,800 | 3,457,278 | |
Hanover Insurance Group | 42,800 | 3,988,104 | |
Kemper | 39,800 | 2,659,834 | |
NBT Bancorp | 43,800 | 1,174,716 | |
Prosperity Bancshares | 49,300 | 2,555,219 | |
S&T Bancorp | 63,700 | 1,126,853 | |
Sandy Spring Bancorp | 49,800 | 1,149,384 | |
Selective Insurance Group | 79,600 | 4,098,604 | |
Stifel Financial | 107,100 | 5,414,976 | |
Synovus Financial | 72,177 | 1,527,987 | |
Umpqua Holdings | 340,000 | 3,610,800 | |
Valley National Bancorp | 436,800 | 2,992,080 | |
Webster Financial | 157,400 | 4,156,934 |
Number of shares | Value (US $) | ||
Common Stock (continued) | |||
Financial Services (continued) | |||
WesBanco | 81,500 | $1,740,840 | |
Western Alliance Bancorp | 106,700 | 3,373,854 | |
68,758,398 | |||
Healthcare — 4.05% | |||
Avanos Medical † | 77,300 | 2,567,906 | |
Catalent † | 21,500 | 1,841,690 | |
Integer Holdings † | 40,400 | 2,384,004 | |
Integra LifeSciences Holdings † | 49,500 | 2,337,390 | |
Service Corp. International | 52,300 | 2,206,014 | |
11,337,004 | |||
Real Estate Investment Trusts — 9.32% | |||
Brandywine Realty Trust | 300,500 | 3,107,170 | |
Independence Realty Trust | 135,100 | 1,565,809 | |
Kite Realty Group Trust | 95,157 | 1,101,918 | |
Lexington Realty Trust | 337,600 | 3,527,920 | |
Life Storage | 34,600 | 3,642,342 | |
National Health Investors | 40,100 | 2,416,827 | |
Outfront Media | 203,800 | 2,965,290 | |
RPT Realty † | 195,100 | 1,061,344 | |
Spirit Realty Capital | 94,100 | 3,175,875 | |
STAG Industrial | 57,151 | 1,742,534 | |
Summit Hotel Properties | 231,300 | 1,198,134 | |
Washington Real Estate Investment Trust | 29,000 | 583,770 | |
26,088,933 | |||
Technology — 12.18% | |||
Cirrus Logic † | 46,000 | 3,102,700 | |
Coherent † | 16,700 | 1,852,531 | |
Diodes † | 34,700 | 1,958,815 | |
Flex † | 354,241 | 3,946,245 | |
NCR † | 41,651 | 922,153 | |
NetScout Systems † | 82,500 | 1,800,975 | |
ON Semiconductor † | 156,700 | 3,398,823 | |
SYNNEX † | 23,700 | 3,319,422 | |
Teradyne | 58,500 | 4,648,410 | |
Tower Semiconductor † | 147,300 | 2,683,806 | |
TTM Technologies † | 240,300 | 2,741,823 | |
Viavi Solutions † | 218,400 | 2,561,832 | |
Vishay Intertechnology | 72,800 | 1,133,496 | |
34,071,031 | |||
Transportation — 3.59% | |||
Kirby † | 50,900 | 1,841,053 | |
Saia † | 23,500 | 2,964,290 |
Number of shares | Value (US $) | ||
Common Stock (continued) | |||
Transportation (continued) | |||
SkyWest | 44,400 | $1,325,784 | |
Werner Enterprises | 92,900 | 3,900,871 | |
10,031,998 | |||
Utilities — 4.67% | |||
ALLETE | 41,000 | 2,121,340 | |
Black Hills | 58,200 | 3,113,118 | |
PNM Resources | 75,500 | 3,120,415 | |
South Jersey Industries | 74,500 | 1,435,615 | |
Southwest Gas Holdings | 51,700 | 3,262,270 | |
13,052,758 | |||
Total Common Stock (cost $331,965,887) | 277,996,678 | ||
Short-Term Investments — 0.72% | |||
Money Market Mutual Funds — 0.72% | |||
BlackRock FedFund – Institutional Shares (seven-day effective yield 0.00%) | 503,189 | 503,189 | |
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 0.01%) | 503,190 | 503,190 | |
GS Financial Square Government Fund – Institutional Shares (seven-day effective yield 0.00%) | 503,189 | 503,189 | |
Morgan Stanley Government Portfolio – Institutional Share Class (seven-day effective yield 0.00%) | 503,190 | 503,190 | |
Total Short-Term Investments (cost $2,012,758) | 2,012,758 | ||
Total Value of Securities—100.07% (cost $333,978,645) | $280,009,436 |
† | Non-income producing security. |
Summary of abbreviations: |
GS – Goldman Sachs |
Number of shares | Value (US $) | ||
Common Stock – 99.59%Δ | |||
Denmark − 4.59% | |||
Novo Nordisk Class B | 192,210 | $13,317,190 | |
13,317,190 | |||
France − 15.14% | |||
Air Liquide | 80,830 | 12,812,342 | |
Danone † | 189,800 | 12,294,305 | |
Orange | 490,260 | 5,106,332 | |
Publicis Groupe | 221,030 | 7,123,790 | |
Sodexo | 92,050 | 6,561,674 | |
43,898,443 | |||
Germany − 6.68% | |||
adidas AG † | 22,490 | 7,262,971 | |
Fresenius Medical Care AG & Co. | 143,270 | 12,111,579 | |
19,374,550 | |||
Ireland − 1.05% | |||
Kerry Group Class A | 23,740 | 3,040,754 | |
3,040,754 | |||
Japan − 12.68% | |||
Asahi Group Holdings | 125,300 | 4,367,034 | |
Kao | 33,900 | 2,544,899 | |
KDDI | 327,100 | 8,227,074 | |
Kirin Holdings | 113,000 | 2,122,434 | |
Lawson | 79,600 | 3,795,536 | |
Makita | 93,500 | 4,474,844 | |
Secom | 31,100 | 2,846,133 | |
Seven & i Holdings | 269,300 | 8,367,180 | |
36,745,134 | |||
Netherlands − 4.71% | |||
Koninklijke Ahold Delhaize | 462,290 | 13,664,337 | |
13,664,337 | |||
Sweden − 4.89% | |||
Hennes & Mauritz Class B | 267,550 | 4,609,340 | |
Securitas Class B † | 626,000 | 9,569,602 | |
14,178,942 | |||
Switzerland − 11.72% | |||
Nestle | 107,180 | 12,755,710 |
Number of shares | Value (US $) | ||
Common StockΔ (continued) | |||
Switzerland (continued) | |||
Roche Holding | 41,660 | $14,270,240 | |
Swatch Group | 29,740 | 6,931,959 | |
33,957,909 | |||
United Kingdom − 7.65% | |||
Diageo | 262,810 | 9,027,186 | |
G4S † | 3,331,280 | 8,592,091 | |
Next | 59,560 | 4,566,297 | |
22,185,574 | |||
United States − 30.48% | |||
Clorox | 12,420 | 2,610,311 | |
Conagra Brands | 233,190 | 8,327,215 | |
General Mills | 196,240 | 12,104,083 | |
Hormel Foods | 123,650 | 6,045,248 | |
Ingredion | 97,460 | 7,375,773 | |
Kimberly-Clark | 102,150 | 15,083,469 | |
Lamb Weston Holdings | 166,170 | 11,012,086 | |
Merck & Co. | 130,560 | 10,829,952 | |
Mondelez International Class A | 69,020 | 3,965,199 | |
Parker-Hannifin | 24,740 | 5,005,892 | |
Pfizer | 163,030 | 5,983,201 | |
88,342,429 | |||
Total Common Stock (cost $279,900,165) | 288,705,262 | ||
Exchange-Traded Fund – 0.10% | |||
Vanguard S&P 500 ETF | 940 | 289,191 | |
Total Exchange-Traded Fund (cost $301,678) | 289,191 | ||
Total Value of Securities−99.69% (cost $280,201,843) | $288,994,453 |
Δ | Securities have been classified by country of origin. Aggregate classification by business sector has been presented on page 118 in “Security type / country and sector allocations.” |
† | Non-income producing security. |
Foreign Currency Exchange Contracts | ||||||||||||
Counterparty | Currency to Receive (Deliver) | In Exchange For | Settlement Date | Unrealized Appreciation | Unrealized Depreciation | |||||||
BNYM | CHF | (57,858) | USD | 62,785 | 10/1/20 | $— | $(34) | |||||
BNYM | DKK | (375,512) | USD | 59,063 | 10/1/20 | — | (74) | |||||
BNYM | EUR | (128,353) | USD | 150,330 | 10/1/20 | — | (160) | |||||
BNYM | GBP | (36,152) | USD | 46,424 | 10/1/20 | — | (226) | |||||
BNYM | JPY | (9,573,711) | USD | 90,525 | 10/1/20 | — | (250) | |||||
BNYM | SEK | (513,171) | USD | 56,982 | 10/1/20 | — | (318) | |||||
Total Foreign Currency Exchange Contracts | $— | $(1,062) |
Summary of abbreviations: |
AG – Aktiengesellschaft |
BNYM – Bank of New York Mellon |
CHF – Swiss Franc |
DKK – Danish Krone |
ETF – Exchange-Traded Fund |
EUR – European Monetary Unit |
GBP – British Pound Sterling |
JPY – Japanese Yen |
S&P – Standard & Poor’s Financial Services LLC |
SEK – Swedish Krona |
USD – US Dollar |
Number of shares | Value (US $) | ||
Common Stock – 98.74%Δ | |||
Denmark − 6.89% | |||
Novo Nordisk Class B | 288,710 | $20,003,153 | |
20,003,153 | |||
France − 21.10% | |||
Air Liquide | 119,920 | 19,008,487 | |
Danone | 239,370 | 15,505,205 | |
Orange | 777,050 | 8,093,410 | |
Publicis Groupe | 325,870 | 10,502,780 | |
Sodexo | 114,530 | 8,164,134 | |
61,274,016 | |||
Germany − 9.72% | |||
adidas AG † | 33,880 | 10,941,283 | |
Fresenius Medical Care AG & Co. | 204,370 | 17,276,774 | |
28,218,057 | |||
Ireland − 1.54% | |||
Kerry Group Class A | 34,770 | 4,453,539 | |
4,453,539 | |||
Japan − 18.77% | |||
Asahi Group Holdings | 210,000 | 7,319,051 | |
Kao | 65,100 | 4,887,107 | |
KDDI | 416,800 | 10,483,169 | |
Kirin Holdings | 174,600 | 3,279,443 | |
Lawson | 119,500 | 5,698,072 | |
Makita | 123,800 | 5,924,981 | |
Secom | 48,600 | 4,447,654 | |
Seven & i Holdings | 401,400 | 12,471,541 | |
54,511,018 | |||
Netherlands − 5.45% | |||
Koninklijke Ahold Delhaize | 535,330 | 15,823,249 | |
15,823,249 |
Number of shares | Value (US $) | ||
Common StockΔ (continued) | |||
Sweden − 6.89% | |||
Hennes & Mauritz Class B | 354,610 | $6,109,206 | |
Securitas Class B † | 909,450 | 13,902,674 | |
20,011,880 | |||
Switzerland − 17.03% | |||
Nestle | 159,780 | 19,015,744 | |
Roche Holding | 57,660 | 19,750,888 | |
Swatch Group | 45,780 | 10,670,648 | |
49,437,280 | |||
United Kingdom − 11.35% | |||
Diageo | 433,790 | 14,900,130 | |
G4S † | 5,062,160 | 13,056,405 | |
Next | 65,350 | 5,010,199 | |
32,966,734 | |||
Total Common Stock (cost $286,554,537) | 286,698,926 | ||
Exchange-Traded Funds – 1.08% | |||
iShares MSCI EAFE ETF | 5,960 | 379,354 | |
Vanguard FTSE Developed Markets ETF | 67,650 | 2,766,885 | |
Total Exchange-Traded Funds (cost $3,054,623) | 3,146,239 | ||
Total Value of Securities−99.82% (cost $289,609,160) | $289,845,165 |
Δ | Securities have been classified by country of origin. Aggregate classification by business sector has been presented on page 119 in “Security type / country and sector allocations.” |
† | Non-income producing security. |
Foreign Currency Exchange Contracts | ||||||||||||
Counterparty | Currency to Receive (Deliver) | In Exchange For | Settlement Date | Unrealized Appreciation | Unrealized Depreciation | |||||||
BNYM | CHF | (124,895) | USD | 135,531 | 10/1/20 | $— | $(73) | |||||
BNYM | DKK | (282,738) | USD | 44,471 | 10/1/20 | — | (56) | |||||
BNYM | EUR | (224,736) | USD | 263,218 | 10/1/20 | — | (280) | |||||
BNYM | JPY | (10,203,697) | USD | 96,482 | 10/1/20 | — | (267) | |||||
BNYM | SEK | (525,721) | USD | 58,376 | 10/1/20 | — | (326) | |||||
Total Foreign Currency Exchange Contracts | $— | $(1,002) |
Summary of abbreviations: |
AG – Aktiengesellschaft |
BNYM – Bank of New York Mellon |
CHF – Swiss Franc |
DKK – Danish Krone |
EAFE – Europe, Australasia and Far East |
ETF – Exchange-Traded Fund |
EUR – European Monetary Unit |
FTSE – Financial Times Stock Exchange |
JPY – Japanese Yen |
MSCI – Morgan Stanley Capital International |
SEK – Swedish Krona |
USD – US Dollar |
Principal amount° | Value (US $) | ||
Convertible Bond — 0.31% | |||
Cheniere Energy PIK 144A 4.875% exercise price $93.64, maturity date 5/28/21 #, > | 180,290 | $181,081 | |
Total Convertible Bond (cost $181,830) | 181,081 | ||
Corporate Bonds — 5.78% | |||
Banking — 0.34% | |||
Barclays 6.125% μ, ψ | 200,000 | 203,227 | |
203,227 | |||
Capital Goods — 0.57% | |||
Bombardier 144A 7.875% 4/15/27 # | 125,000 | 94,996 | |
TransDigm 5.50% 11/15/27 | 250,000 | 240,738 | |
335,734 | |||
Communications — 0.74% | |||
Cincinnati Bell 144A 7.00% 7/15/24 # | 223,000 | 230,249 | |
Frontier Communications 144A 8.00% 4/1/27 #, ‡ | 33,000 | 32,938 | |
Level 3 Financing 144A 4.25% 7/1/28 # | 175,000 | 177,856 | |
441,043 | |||
Consumer Cyclical — 0.92% | |||
Ford Motor 8.50% 4/21/23 | 500,000 | 545,798 | |
545,798 | |||
Financial Services — 0.34% | |||
NFP 144A 7.00% 5/15/25 # | 190,000 | 202,231 | |
202,231 | |||
Healthcare — 0.84% | |||
CHS 144A 8.125% 6/30/24 # | 45,000 | 32,962 | |
Ortho-Clinical Diagnostics 144A 7.375% 6/1/25 # | 160,000 | 162,700 | |
Surgery Center Holdings 144A 10.00% 4/15/27 # | 150,000 | 160,031 | |
Tenet Healthcare 6.875% 11/15/31 | 142,000 | 139,666 | |
495,359 |
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Insurance — 0.33% | |||
HUB International 144A 7.00% 5/1/26 # | 190,000 | $197,078 | |
197,078 | |||
Media — 0.21% | |||
Clear Channel Worldwide Holdings 9.25% 2/15/24 | 125,000 | 121,501 | |
121,501 | |||
Technology — 0.68% | |||
Banff Merger Sub 144A 9.75% 9/1/26 # | 215,000 | 227,577 | |
Boxer Parent 144A 9.125% 3/1/26 # | 165,000 | 175,519 | |
403,096 | |||
Transportation — 0.81% | |||
DAE Funding 144A 5.75% 11/15/23 # | 91,000 | 92,024 | |
Delta Air Lines 144A 7.00% 5/1/25 # | 350,000 | 384,767 | |
476,791 | |||
Total Corporate Bonds (cost $3,216,370) | 3,421,858 | ||
Loan Agreements — 94.64% | |||
A&V Holdings Midco 6.375% (LIBOR03M + 5.375%) 3/10/27 • | 320,886 | 296,820 | |
Acrisure Tranche B 3.647% (LIBOR01M + 3.50%) 2/15/27 • | 408,895 | 396,044 | |
American Airlines Tranche B 2.152% (LIBOR01M + 2.00%) 12/14/23 • | 480,629 | 397,596 | |
Applied Systems 2nd Lien 8.00% (LIBOR03M + 7.00%) 9/19/25 • | 1,500,000 | 1,524,375 | |
Apro 5.00% (LIBOR01M + 4.00%) 11/14/26 • | 664,161 | 657,519 | |
AssuredPartners | |||
3.647% (LIBOR01M + 3.50%) 2/12/27 • | 614,647 | 597,898 | |
5.50% (LIBOR01M + 4.50%) 2/12/27 • | 223,875 | 223,875 | |
AthenaHealth Tranche B 1st Lien 4.75% (LIBOR03M + 4.50%) 2/11/26 • | 492,500 | 486,959 |
Principal amount° | Value (US $) | ||
Loan Agreements (continued) | |||
Bausch Health 3.151% (LIBOR01M + 3.00%) 6/2/25 • | 600,494 | $589,735 | |
Berry Global Tranche Y 2.156% (LIBOR01M + 2.00%) 7/1/26 • | 396,737 | 385,468 | |
Blue Ribbon 1st Lien 5.00% (LIBOR01M + 4.00%) 11/15/21 • | 1,039,000 | 964,971 | |
Boxer Parent 4.397% (LIBOR01M + 4.25%) 10/2/25 • | 620,545 | 604,023 | |
BW Gas & Convenience Holdings 6.40% (LIBOR01M + 6.25%) 11/18/24 • | 614,057 | 617,511 | |
Caesars Resort Collection Tranche B-1 4.688% (LIBOR01M + 4.50%) 7/21/25 • | 388,000 | 376,637 | |
Camelot US Acquisition I TBD 10/31/26 X | 175,000 | 174,599 | |
Camelot US Acquisition l 3.15% (LIBOR01M + 3.00%) 10/30/26 • | 1,032,200 | 1,018,438 | |
Carnival 8.50% (LIBOR01M + 7.50%) 6/30/25 • | 635,408 | 644,409 | |
CenturyLink Tranche B 2.397% (LIBOR01M + 2.25%) 3/15/27 • | 935,927 | 900,914 | |
Chemours Tranche B-2 1.93% (LIBOR01M + 1.75%) 4/3/25 • | 223,055 | 215,805 | |
CityCenter Holdings 3.00% (LIBOR01M + 2.25%) 4/18/24 • | 373,072 | 359,128 | |
Connect US Finco 5.50% (LIBOR01M + 4.50%) 12/12/26 • | 656,700 | 638,230 | |
Conservice Midco 1st Lien 4.47% (LIBOR03M + 4.25%) 5/13/27 • | 340,000 | 337,025 | |
Consolidated Communications 4.00% (LIBOR01M + 3.00%) 10/5/23 • | 1,131,209 | 1,124,280 | |
Consolidated Communications TBD 9/15/27 X | 1,125,000 | 1,115,625 |
Principal amount° | Value (US $) | ||
Loan Agreements (continued) | |||
Coral US Co-Borrower Tranche B-5 2.397% (LIBOR01M + 2.25%) 1/31/28 • | 390,000 | $377,513 | |
Core & Main 3.75% (LIBOR03M + 2.75%) 8/1/24 • | 541,192 | 531,721 | |
CSC Holdings 2.402% (LIBOR01M + 2.25%) 7/17/25 • | 332,262 | 322,295 | |
Cumulus Media New Holdings 4.75% (LIBOR06M + 3.75%) 3/31/26 • | 791,504 | 751,929 | |
Delta Air Lines 5.75% (LIBOR03M + 4.75%) 4/27/23 • | 124,688 | 124,673 | |
Dun & Bradstreet Tranche B 3.895% (LIBOR01M + 3.75%) 2/6/26 • | 547,250 | 542,872 | |
EFS Cogen Holdings I TBD 9/24/27 X | 1,050,000 | 1,048,031 | |
Ensemble RCM 4.011% (LIBOR03M + 3.75%) 8/1/26 • | 921,468 | 913,405 | |
Epicor Software 2nd Lien 8.75% (LIBOR01M + 7.75%) 7/31/28 • | 635,000 | 654,050 | |
Epicor Software Tranche B 5.25% (LIBOR01M + 4.25%) 7/30/27 • | 645,000 | 643,468 | |
Frontier Communications Tranche B-1 6.00% (LIBOR03M + 2.75%) 6/17/24 • | 1,038,591 | 1,025,609 | |
Garda World Security Tranche B 1st Lien 4.90% (LIBOR01M + 4.75%) 10/30/26 • | 423,678 | 421,824 | |
Genesee & Wyoming 2.22% (LIBOR03M + 2.00%) 12/30/26 • | 335,315 | 330,516 | |
Global Medical Response TBD 9/24/25 X | 915,000 | 896,318 | |
Graham Packaging 4.50% (LIBOR01M + 3.75%) 8/4/27 • | 1,025,000 | 1,021,396 | |
Hamilton Projects Acquiror 5.75% (LIBOR03M + 4.75%) 6/17/27 • | 831,915 | 828,795 |
Principal amount° | Value (US $) | ||
Loan Agreements (continued) | |||
Heartland Dental 3.647% (LIBOR01M + 3.50%) 4/30/25 • | 924,295 | $855,261 | |
HUB International 5.00% (LIBOR03M + 4.00%) 4/25/25 • | 493,756 | 493,228 | |
Informatica 2nd Lien 7.125% (LIBOR03M + 7.125%) 2/14/25 • | 1,085,000 | 1,105,344 | |
Ingersoll-Rand Services Tranche B-1 1.897% (LIBOR01M + 1.75%) 2/28/27 • | 646,750 | 626,943 | |
JBS USA LUX 2.147% (LIBOR01M + 2.00%) 5/1/26 • | 1,001,152 | 979,252 | |
LCPR Loan Financing 5.152% (LIBOR01M + 5.00%) 10/15/26 • | 637,000 | 638,593 | |
Logmein 1st Lien 4.906% (LIBOR03M + 4.75%) 8/31/27 • | 1,010,000 | 978,016 | |
Merrill Communications Tranche B 1st Lien 6.195% (LIBOR03M + 5.00%) 10/5/26 • | 1,091,750 | 1,074,691 | |
Milano Acquisition TBD 8/17/27 X | 950,000 | 942,281 | |
Mileage Plus Holdings 6.25% (LIBOR03M + 5.25%) 6/20/27 • | 553,000 | 563,066 | |
Numericable US Tranche B-11 2.897% (LIBOR01M + 2.75%) 7/31/25 • | 756,757 | 721,993 | |
Numericable US Tranche B-13 4.152% (LIBOR01M + 4.00%) 8/14/26 • | 349,125 | 339,786 | |
Ortho-Clinical Diagnostics 3.406% (LIBOR01M + 3.25%) 6/30/25 • | 633,630 | 608,549 | |
PG&E 5.50% (LIBOR03M + 4.50%) 6/23/25 • | 1,182,037 | 1,163,322 | |
PQ 4.00% (LIBOR03M + 3.00%) 2/7/27 • | 174,563 | 174,301 | |
PQ Tranche B 2.511% (LIBOR03M + 2.25%) 2/8/27 • | 700,000 | 686,700 |
Principal amount° | Value (US $) | ||
Loan Agreements (continued) | |||
Prime Security Services Borrower Tranche B-1 4.25% (LIBOR01M + 3.25%) 9/23/26 • | 412,745 | $409,539 | |
Quikrete Holdings 1st Lien 2.647% (LIBOR01M + 2.50%) 2/1/27 • | 731,473 | 715,815 | |
Reynolds Group Holdings TBD 2/3/26 X | 1,000,000 | 986,250 | |
Russell Investments US Institutional Holdco 3.75% (LIBOR06M + 2.75%) 6/1/23 • | 112,452 | 111,878 | |
Ryan Specialty Group 4.00% (LIBOR01M + 3.25%) 9/1/27 • | 475,000 | 472,625 | |
Scientific Games International Tranche B-5 3.471% (LIBOR01M + 2.75%) 8/14/24 • | 911,327 | 862,001 | |
Sinclair Televison Group Tranche B-2 2.65% (LIBOR01M + 2.50%) 9/30/26 • | 717,750 | 702,857 | |
Solenis International 1st Lien 4.256% (LIBOR03M + 4.00%) 6/26/25 • | 744,289 | 726,923 | |
Solenis International 2nd Lien 8.756% (LIBOR03M + 8.50%) 6/26/26 • | 400,000 | 375,500 | |
Spirit Aerosystems Tranche B 1st Lien TBD 1/30/25 X | 890,000 | 892,225 | |
SS&C Technologies Tranche B-5 1.897% (LIBOR01M + 1.75%) 4/16/25 • | 489,813 | 475,609 | |
Stars Group Holdings 3.72% (LIBOR03M + 3.50%) 7/10/25 • | 606,480 | 607,364 | |
Surf Holdings 1st Lien 3.75% (LIBOR03M + 3.50%) 3/5/27 • | 918,154 | 899,463 | |
Surgery Center Holdings 4.25% (LIBOR01M + 3.25%) 9/2/24 • | 290,756 | 275,803 | |
Terrier Media Buyer 4.397% (LIBOR01M + 4.25%) 12/17/26 • | 955,777 | 934,512 |
Principal amount° | Value (US $) | ||
Loan Agreements (continued) | |||
Titan Acquisition 3.361% (LIBOR03M + 3.00%) 3/28/25 • | 461,589 | $437,355 | |
T-Mobile USA 3.178% (LIBOR01M + 3.00%) 4/1/27 • | 1,172,062 | 1,172,585 | |
Tosca Services 1st Lien 5.25% (LIBOR01M + 4.25%) 8/18/27 • | 680,000 | 681,062 | |
Transdigm Tranche F 2.397% (LIBOR01M + 2.25%) 12/9/25 • | 849,097 | 805,581 | |
Ultimate Software Group 2nd Lien 7.50% (LIBOR03M + 6.75%) 5/3/27 • | 1,377,000 | 1,409,704 | |
USI 4.22% (LIBOR03M + 4.00%) 12/2/26 • | 893,250 | 889,789 | |
Verscend Holding Tranche B 4.646% (LIBOR01M + 4.50%) 8/27/25 • | 1,026,813 | 1,021,251 | |
Vertical Midco Tranche B 4.567% (LIBOR06M + 4.25%) 7/30/27 • | 1,000,000 | 993,839 | |
Vistra Operations 1.897% (LIBOR01M + 1.75%) 12/31/25 • | 1,038,863 | 1,025,228 | |
Windstream Services 7.25% (LIBOR01M + 6.25%) 8/11/27 • | 1,132,162 | 1,098,905 | |
Total Loan Agreements (cost $55,838,890) | 56,017,288 |
Number of shares | |||
Short-Term Investments — 0.79% | |||
Money Market Mutual Funds — 0.79% | |||
BlackRock FedFund – Institutional Shares (seven-day effective yield 0.00%) | 116,604 | 116,604 | |
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 0.01%) | 116,605 | 116,605 |
Number of shares | Value (US $) | ||
Short-Term Investments (continued) | |||
Money Market Mutual Funds (continued) | |||
GS Financial Square Government Fund – Institutional Shares (seven-day effective yield 0.00%) | 116,605 | $116,605 | |
Morgan Stanley Government Portfolio – Institutional Share Class (seven-day effective yield 0.00%) | 116,605 | 116,605 | |
Total Short-Term Investments (cost $466,419) | 466,419 | ||
Total Value of Securities—101.52% (cost $59,703,509) | $60,086,646 |
° | 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 September 30, 2020, the aggregate value of Rule 144A securities was $2,352,009, which represents 3.97% of the Fund net assets. See Note 11 in “Notes to financial statements.” |
> | PIK. 100% of the income received was in the form of par. |
μ | Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at September 30, 2020. Rate will reset at a future date. |
ψ | No contractual maturity date. |
‡ | Non-income producing security. Security is currently in default. |
• | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at September 30, 2020. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their description above. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M, 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 description above. |
X | This loan will settle after September 30, 2020, at which time the interest rate, based on the LIBOR and the agreed upon spread on trade date, will be reflected. |
Summary of abbreviations: |
GS – Goldman Sachs |
ICE – Intercontinental Exchange, Inc. |
LIBOR – London interbank offered rate |
LIBOR01M – ICE LIBOR USD 1 Month |
LIBOR03M – ICE LIBOR USD 3 Month |
LIBOR06M – ICE LIBOR USD 6 Month |
PIK – Payment-in-kind |
TBD – To be determined |
Principal amount° | Value (US $) | ||
Convertible Bond — 0.13% | |||
PDC Energy 1.125% exercise price $85.39, maturity date 9/15/21 | 575,000 | $551,049 | |
Total Convertible Bond (cost $553,337) | 551,049 | ||
Corporate Bonds — 88.48% | |||
Banking — 2.97% | |||
Barclays 6.125% μ, ψ | 2,125,000 | 2,159,291 | |
Deutsche Bank 6.00% μ, ψ | 1,600,000 | 1,384,000 | |
Natwest Group 8.625% μ, ψ | 3,215,000 | 3,302,512 | |
Popular 6.125% 9/14/23 | 5,405,000 | 5,721,976 | |
12,567,779 | |||
Basic Industry — 9.78% | |||
Allegheny Technologies | |||
5.875% 12/1/27 | 825,000 | 794,331 | |
7.875% 8/15/23 | 2,480,000 | 2,542,533 | |
Avient 144A 5.75% 5/15/25 # | 3,047,000 | 3,233,629 | |
Blue Cube Spinco 10.00% 10/15/25 | 775,000 | 821,016 | |
Boise Cascade 144A 4.875% 7/1/30 # | 2,046,000 | 2,199,450 | |
Cemex 144A 7.375% 6/5/27 # | 1,195,000 | 1,292,864 | |
First Quantum Minerals | |||
144A 6.875% 10/15/27 # | 1,070,000 | 1,032,068 | |
144A 7.25% 4/1/23 # | 1,750,000 | 1,750,481 | |
144A 7.50% 4/1/25 # | 2,005,000 | 1,985,672 | |
Freeport-McMoRan 5.45% 3/15/43 | 4,440,000 | 4,937,813 | |
Hudbay Minerals | |||
144A 6.125% 4/1/29 # | 970,000 | 963,937 | |
144A 7.625% 1/15/25 # | 550,000 | 560,692 | |
Joseph T Ryerson & Son 144A 8.50% 8/1/28 # | 765,000 | 807,075 | |
Kraton Polymers 144A 7.00% 4/15/25 # | 2,275,000 | 2,324,766 | |
M/I Homes 4.95% 2/1/28 | 2,781,000 | 2,873,121 | |
Mattamy Group | |||
144A 4.625% 3/1/30 # | 655,000 | 664,380 | |
144A 5.25% 12/15/27 # | 1,870,000 | 1,927,269 |
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Basic Industry (continued) | |||
New Gold | |||
144A 6.375% 5/15/25 # | 490,000 | $506,844 | |
144A 7.50% 7/15/27 # | 775,000 | 828,281 | |
Novelis | |||
144A 4.75% 1/30/30 # | 560,000 | 547,672 | |
144A 5.875% 9/30/26 # | 897,000 | 922,789 | |
Olin 5.00% 2/1/30 | 1,090,000 | 1,027,123 | |
PowerTeam Services 144A 9.033% 12/4/25 # | 2,780,000 | 2,941,587 | |
Tronox 144A 6.50% 4/15/26 # | 1,580,000 | 1,582,962 | |
WESCO Distribution 144A 7.25% 6/15/28 # | 1,350,000 | 1,481,058 | |
WR Grace & Co. 144A 4.875% 6/15/27 # | 775,000 | 801,796 | |
41,351,209 | |||
Capital Goods — 6.55% | |||
ARD Finance PIK 144A 6.50% 6/30/27 #, > | 1,975,000 | 1,967,199 | |
Ardagh Packaging Finance 144A 5.25% 8/15/27 # | 1,350,000 | 1,377,000 | |
Berry Global | |||
144A 4.875% 7/15/26 # | 1,325,000 | 1,390,978 | |
144A 5.625% 7/15/27 # | 1,550,000 | 1,628,469 | |
Bombardier | |||
144A 7.50% 12/1/24 # | 1,950,000 | 1,501,500 | |
144A 7.875% 4/15/27 # | 530,000 | 402,784 | |
Griffon 5.75% 3/1/28 | 2,280,000 | 2,385,404 | |
Mauser Packaging Solutions Holding 144A 5.50% 4/15/24 # | 792,000 | 795,960 | |
Reynolds Group Issuer 144A 4.00% 10/15/27 # | 4,320,000 | 4,353,264 | |
Spirit AeroSystems 144A 5.50% 1/15/25 # | 1,849,000 | 1,864,023 | |
Terex 144A 5.625% 2/1/25 # | 1,185,000 | 1,176,113 | |
Titan Acquisition 144A 7.75% 4/15/26 # | 800,000 | 798,000 |
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Capital Goods (continued) | |||
TransDigm | |||
5.50% 11/15/27 | 2,425,000 | $2,335,154 | |
144A 6.25% 3/15/26 # | 3,200,000 | 3,359,376 | |
144A 8.00% 12/15/25 # | 405,000 | 440,843 | |
Vertical Holdco 144A 7.625% 7/15/28 # | 835,000 | 884,056 | |
Vertical US Newco 144A 5.25% 7/15/27 # | 495,000 | 515,364 | |
Welbilt 9.50% 2/15/24 | 518,000 | 531,921 | |
27,707,408 | |||
Communications — 11.31% | |||
Altice Financing 144A 5.00% 1/15/28 # | 1,445,000 | 1,405,356 | |
Altice France Holding | |||
144A 6.00% 2/15/28 # | 4,085,000 | 3,903,810 | |
144A 10.50% 5/15/27 # | 2,500,000 | 2,782,813 | |
C&W Senior Financing 144A 6.875% 9/15/27 # | 2,771,000 | 2,885,512 | |
Cablevision Lightpath | |||
144A 3.875% 9/15/27 # | 1,460,000 | 1,462,738 | |
144A 5.625% 9/15/28 # | 765,000 | 778,751 | |
CenturyLink 144A 5.125% 12/15/26 # | 3,520,000 | 3,621,534 | |
Cincinnati Bell 144A 7.00% 7/15/24 # | 1,450,000 | 1,497,132 | |
Connect Finco 144A 6.75% 10/1/26 # | 4,865,000 | 4,887,865 | |
Frontier Communications 144A 8.00% 4/1/27 #, ‡ | 720,000 | 718,650 | |
LCPR Senior Secured Financing 144A 6.75% 10/15/27 # | 1,375,000 | 1,438,594 | |
Level 3 Financing 144A 4.25% 7/1/28 # | 2,385,000 | 2,423,923 | |
Qwest 7.25% 9/15/25 | 1,575,000 | 1,810,646 | |
Sprint | |||
7.625% 3/1/26 | 1,325,000 | 1,603,118 | |
7.875% 9/15/23 | 4,915,000 | 5,640,577 | |
Sprint Capital 8.75% 3/15/32 | 815,000 | 1,193,820 | |
T-Mobile USA 6.00% 4/15/24 | 1,875,000 | 1,916,606 |
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Communications (continued) | |||
Vodafone Group 7.00% 4/4/79 μ | 1,595,000 | $1,895,236 | |
Windstream Escrow 144A 7.75% 8/15/28 # | 2,395,000 | 2,359,075 | |
Zayo Group Holdings 144A 6.125% 3/1/28 # | 3,500,000 | 3,613,155 | |
47,838,911 | |||
Consumer Cyclical — 6.73% | |||
Adient Global Holdings 144A 4.875% 8/15/26 # | 260,000 | 248,138 | |
Allison Transmission 144A 5.875% 6/1/29 # | 1,810,000 | 1,959,986 | |
Boyd Gaming 4.75% 12/1/27 | 2,260,000 | 2,222,281 | |
Caesars Entertainment | |||
144A 6.25% 7/1/25 # | 1,290,000 | 1,346,444 | |
144A 8.125% 7/1/27 # | 2,245,000 | 2,382,630 | |
Ford Motor | |||
8.50% 4/21/23 | 1,580,000 | 1,724,720 | |
9.00% 4/22/25 | 490,000 | 562,420 | |
Ford Motor Credit | |||
3.37% 11/17/23 | 1,205,000 | 1,189,184 | |
4.125% 8/17/27 | 1,115,000 | 1,086,428 | |
4.542% 8/1/26 | 1,205,000 | 1,201,843 | |
5.584% 3/18/24 | 1,085,000 | 1,130,122 | |
5.875% 8/2/21 | 1,005,000 | 1,025,728 | |
General Motors Financial 5.70% μ, ψ | 775,000 | 779,844 | |
L Brands | |||
144A 6.875% 7/1/25 # | 1,515,000 | 1,638,488 | |
144A 9.375% 7/1/25 # | 890,000 | 1,022,387 | |
MGM Resorts International | |||
5.75% 6/15/25 | 1,310,000 | 1,376,384 | |
6.00% 3/15/23 | 1,200,000 | 1,247,136 | |
Scientific Games International | |||
144A 8.25% 3/15/26 # | 1,723,000 | 1,806,074 | |
144A 8.625% 7/1/25 # | 1,010,000 | 1,055,803 | |
Stars Group Holdings 144A 7.00% 7/15/26 # | 825,000 | 878,109 | |
Station Casinos 144A 5.00% 10/1/25 # | 1,065,000 | 1,049,478 | |
William Carter 144A 5.50% 5/15/25 # | 1,455,000 | 1,526,841 | |
28,460,468 |
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Consumer Non-Cyclical — 4.06% | |||
Energizer Holdings 144A 4.375% 3/31/29 # | 1,705,000 | $1,726,312 | |
JBS USA LUX | |||
144A 5.50% 1/15/30 # | 3,475,000 | 3,792,094 | |
144A 5.875% 7/15/24 # | 289,000 | 294,990 | |
Kraft Heinz Foods | |||
5.00% 7/15/35 | 1,055,000 | 1,216,331 | |
5.20% 7/15/45 | 1,765,000 | 1,931,541 | |
Pilgrim's Pride 144A 5.875% 9/30/27 # | 2,325,000 | 2,403,469 | |
Post Holdings | |||
144A 5.50% 12/15/29 # | 1,325,000 | 1,419,439 | |
144A 5.75% 3/1/27 # | 1,150,000 | 1,212,175 | |
Spectrum Brands | |||
144A 5.00% 10/1/29 # | 2,455,000 | 2,553,200 | |
144A 5.50% 7/15/30 # | 575,000 | 607,703 | |
17,157,254 | |||
Energy — 11.50% | |||
Apache | |||
4.625% 11/15/25 | 775,000 | 740,125 | |
4.875% 11/15/27 | 855,000 | 809,578 | |
Cheniere Energy Partners 4.50% 10/1/29 | 3,830,000 | 3,933,372 | |
CNX Resources 144A 7.25% 3/14/27 # | 1,233,000 | 1,259,226 | |
Continental Resources 5.00% 9/15/22 | 2,270,000 | 2,256,675 | |
Crestwood Midstream Partners 6.25% 4/1/23 | 2,175,000 | 2,131,968 | |
DCP Midstream Operating | |||
3.875% 3/15/23 | 1,100,000 | 1,090,870 | |
5.125% 5/15/29 | 925,000 | 912,688 | |
EQM Midstream Partners 144A 6.50% 7/1/27 # | 1,535,000 | 1,629,303 | |
Genesis Energy 6.50% 10/1/25 | 1,600,000 | 1,375,000 | |
Murphy Oil 5.875% 12/1/27 | 3,395,000 | 2,902,657 | |
NuStar Logistics | |||
5.625% 4/28/27 | 1,650,000 | 1,633,500 | |
6.00% 6/1/26 | 1,650,000 | 1,657,483 | |
6.375% 10/1/30 | 1,880,000 | 1,955,200 |
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Energy (continued) | |||
Occidental Petroleum | |||
2.70% 2/15/23 | 2,138,000 | $1,961,615 | |
3.00% 2/15/27 | 1,240,000 | 976,735 | |
3.50% 8/15/29 | 1,165,000 | 895,186 | |
6.625% 9/1/30 | 1,555,000 | 1,437,403 | |
PDC Energy | |||
5.75% 5/15/26 | 2,150,000 | 2,010,250 | |
6.125% 9/15/24 | 2,173,000 | 2,075,215 | |
Precision Drilling 144A 7.125% 1/15/26 # | 950,000 | 614,403 | |
Southwestern Energy | |||
7.50% 4/1/26 | 600,000 | 588,000 | |
7.75% 10/1/27 | 2,415,000 | 2,348,346 | |
Sunoco 4.875% 1/15/23 | 1,975,000 | 1,992,074 | |
Targa Resources Partners | |||
5.375% 2/1/27 | 1,415,000 | 1,426,228 | |
6.50% 7/15/27 | 2,465,000 | 2,575,925 | |
Western Midstream Operating 4.75% 8/15/28 | 2,215,000 | 2,139,823 | |
WPX Energy | |||
5.25% 10/15/27 | 2,525,000 | 2,567,142 | |
5.875% 6/15/28 | 725,000 | 758,546 | |
48,654,536 | |||
Financial Services — 2.91% | |||
AerCap Holdings 5.875% 10/10/79 μ | 1,405,000 | 1,079,609 | |
AerCap Ireland Capital DAC 6.50% 7/15/25 | 2,080,000 | 2,248,261 | |
Ally Financial 8.00% 11/1/31 | 2,135,000 | 2,929,321 | |
Credit Suisse Group 144A 7.50% #, μ, ψ | 1,525,000 | 1,668,922 | |
DAE Funding | |||
144A 4.50% 8/1/22 # | 570,000 | 565,012 | |
144A 5.75% 11/15/23 # | 3,782,000 | 3,824,547 | |
12,315,672 | |||
Healthcare — 7.14% | |||
Bausch Health 144A 6.25% 2/15/29 # | 3,095,000 | 3,187,850 | |
CHS | |||
144A 8.00% 3/15/26 # | 2,350,000 | 2,309,786 | |
144A 8.125% 6/30/24 # | 815,000 | 596,988 | |
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Healthcare (continued) | |||
Encompass Health 4.75% 2/1/30 | 3,015,000 | $3,063,933 | |
Hadrian Merger Sub 144A 8.50% 5/1/26 # | 2,326,000 | 2,322,651 | |
HCA | |||
5.375% 2/1/25 | 1,305,000 | 1,430,913 | |
5.875% 2/1/29 | 1,595,000 | 1,860,894 | |
Jaguar Holding II | |||
144A 4.625% 6/15/25 # | 1,075,000 | 1,109,002 | |
144A 5.00% 6/15/28 # | 1,960,000 | 2,048,200 | |
Ortho-Clinical Diagnostics 144A 7.375% 6/1/25 # | 2,190,000 | 2,226,956 | |
Surgery Center Holdings 144A 10.00% 4/15/27 # | 2,015,000 | 2,149,753 | |
Tenet Healthcare | |||
144A 6.125% 10/1/28 # | 2,195,000 | 2,141,497 | |
6.75% 6/15/23 | 1,170,000 | 1,229,670 | |
6.875% 11/15/31 | 2,015,000 | 1,981,873 | |
Verscend Escrow 144A 9.75% 8/15/26 # | 2,345,000 | 2,555,558 | |
30,215,524 | |||
Insurance — 2.14% | |||
GTCR AP Finance 144A 8.00% 5/15/27 # | 702,000 | 746,314 | |
HUB International 144A 7.00% 5/1/26 # | 4,239,000 | 4,396,924 | |
USI 144A 6.875% 5/1/25 # | 3,854,000 | 3,914,180 | |
9,057,418 | |||
Media — 6.53% | |||
CCO Holdings | |||
144A 4.50% 8/15/30 # | 4,750,000 | 4,993,675 | |
144A 5.375% 6/1/29 # | 2,165,000 | 2,348,787 | |
Clear Channel Worldwide Holdings 9.25% 2/15/24 | 1,691,000 | 1,643,660 | |
CSC Holdings 144A 4.625% 12/1/30 # | 5,055,000 | 5,085,911 | |
Cumulus Media New Holdings 144A 6.75% 7/1/26 # | 2,465,000 | 2,287,729 | |
Gray Television 144A 7.00% 5/15/27 # | 2,435,000 | 2,642,919 | |
Netflix 144A 4.875% 6/15/30 # | 1,155,000 | 1,318,866 |
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Media (continued) | |||
Nexstar Broadcasting | |||
144A 4.75% 11/1/28 # | 1,540,000 | $1,574,650 | |
144A 5.625% 7/15/27 # | 1,615,000 | 1,696,582 | |
Sirius XM Radio 144A 4.125% 7/1/30 # | 1,950,000 | 2,000,778 | |
Terrier Media Buyer 144A 8.875% 12/15/27 # | 2,010,000 | 2,028,844 | |
27,622,401 | |||
Real Estate — 1.92% | |||
HAT Holdings I | |||
144A 3.75% 9/15/30 # | 1,625,000 | 1,637,188 | |
144A 5.25% 7/15/24 # | 950,000 | 991,848 | |
144A 6.00% 4/15/25 # | 380,000 | 405,289 | |
Iron Mountain | |||
144A 5.25% 3/15/28 # | 2,050,000 | 2,138,406 | |
144A 5.25% 7/15/30 # | 1,360,000 | 1,420,350 | |
MGM Growth Properties Operating Partnership 5.75% 2/1/27 | 1,420,000 | 1,532,272 | |
8,125,353 | |||
Services — 5.18% | |||
Clean Harbors 144A 5.125% 7/15/29 # | 1,365,000 | 1,484,854 | |
Covanta Holding 5.00% 9/1/30 | 3,330,000 | 3,365,131 | |
Gartner 144A 4.50% 7/1/28 # | 1,740,000 | 1,825,173 | |
GFL Environmental 144A 4.25% 6/1/25 # | 1,205,000 | 1,219,309 | |
Prime Security Services Borrower | |||
144A 5.75% 4/15/26 # | 2,360,000 | 2,528,964 | |
144A 6.25% 1/15/28 # | 2,950,000 | 2,991,034 | |
Sabre GLBL | |||
144A 7.375% 9/1/25 # | 1,545,000 | 1,562,768 | |
144A 9.25% 4/15/25 # | 1,310,000 | 1,444,203 | |
Tms International Holding 144A 7.25% 8/15/25 # | 1,440,000 | 1,351,800 | |
United Rentals North America 5.25% 1/15/30 | 3,805,000 | 4,159,341 | |
21,932,577 | |||
Technology & Electronics — 4.70% | |||
Banff Merger Sub 144A 9.75% 9/1/26 # | 2,422,000 | 2,563,687 | |
Black Knight InfoServ 144A 3.625% 9/1/28 # | 1,855,000 | 1,878,188 |
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Technology & Electronics (continued) | |||
BY Crown Parent 144A 4.25% 1/31/26 # | 1,835,000 | $1,870,553 | |
Camelot Finance 144A 4.50% 11/1/26 # | 2,105,000 | 2,157,288 | |
CommScope Technologies 144A 5.00% 3/15/27 # | 1,930,000 | 1,856,419 | |
Microchip Technology 144A 4.25% 9/1/25 # | 3,085,000 | 3,204,355 | |
Open Text Holdings 144A 4.125% 2/15/30 # | 2,962,000 | 3,051,689 | |
SS&C Technologies 144A 5.50% 9/30/27 # | 3,100,000 | 3,298,307 | |
19,880,486 | |||
Transportation — 2.48% | |||
Delta Air Lines | |||
144A 7.00% 5/1/25 # | 2,055,000 | 2,259,133 | |
7.375% 1/15/26 | 1,975,000 | 2,073,178 | |
Mileage Plus Holdings 144A 6.50% 6/20/27 # | 1,385,000 | 1,445,594 | |
Southwest Airlines 5.125% 6/15/27 | 1,170,000 | 1,276,852 | |
Spirit Loyalty Cayman 144A 8.00% 9/20/25 # | 970,000 | 1,028,947 | |
Stena International 144A 6.125% 2/1/25 # | 770,000 | 742,569 | |
VistaJet Malta Finance 144A 10.50% 6/1/24 # | 1,755,000 | 1,650,928 | |
10,477,201 | |||
Utilities — 2.58% | |||
Calpine | |||
144A 4.625% 2/1/29 # | 390,000 | 390,244 | |
144A 5.00% 2/1/31 # | 2,240,000 | 2,287,432 | |
PG&E 5.25% 7/1/30 | 4,240,000 | 4,107,500 | |
Vistra Operations | |||
144A 5.00% 7/31/27 # | 1,175,000 | 1,235,219 | |
144A 5.50% 9/1/26 # | 225,000 | 235,125 | |
144A 5.625% 2/15/27 # | 2,525,000 | 2,668,066 | |
10,923,586 | |||
Total Corporate Bonds (cost $367,670,023) | 374,287,783 | ||
Loan Agreements — 8.24% | |||
Air Medical Group Holdings 4.25% (LIBOR03M + 3.25%) 4/28/22 • | 1,799,205 | 1,795,268 |
Principal amount° | Value (US $) | ||
Loan Agreements (continued) | |||
Applied Systems 2nd Lien 8.00% (LIBOR03M + 7.00%) 9/19/25 • | 3,139,000 | $3,190,009 | |
Apro 5.00% (LIBOR01M + 4.00%) 11/14/26 • | 989,176 | 979,284 | |
Blue Ribbon 1st Lien 5.00% (LIBOR01M + 4.00%) 11/15/21 • | 524,000 | 486,665 | |
Boxer Parent 4.397% (LIBOR01M + 4.25%) 10/2/25 • | 634,491 | 617,598 | |
BW Gas & Convenience Holdings 6.40% (LIBOR01M + 6.25%) 11/18/24 • | 2,145,391 | 2,157,459 | |
BWay Holding 3.523% (LIBOR03M + 3.25%) 4/3/24 • | 1,402,751 | 1,327,790 | |
Carnival 8.50% (LIBOR01M + 7.50%) 6/30/25 • | 1,281,787 | 1,299,947 | |
Endo International 5.00% (LIBOR06M + 4.25%) 4/29/24 • | 1,132,075 | 1,084,973 | |
Epicor Software 2nd Lien 8.75% (LIBOR01M + 7.75%) 7/31/28 • | 1,616,600 | 1,665,098 | |
Granite US Holdings Tranche B 5.47% (LIBOR03M + 5.25%) 9/30/26 • | 2,209,278 | 2,098,814 | |
Hamilton Projects Acquiror 5.75% (LIBOR03M + 4.75%) 6/17/27 • | 2,194,500 | 2,186,271 | |
Informatica 2nd Lien 7.125% (LIBOR03M + 7.125%) 2/14/25 • | 2,398,000 | 2,442,963 | |
LCPR Loan Financing 5.152% (LIBOR01M + 5.00%) 10/15/26 • | 975,000 | 977,438 | |
Logmein 1st Lien 4.906% (LIBOR03M + 4.75%) 8/31/27 • | 1,575,000 | 1,525,124 | |
Merrill Communications Tranche B 1st Lien 6.195% (LIBOR03M + 5.00%) 10/5/26 • | 1,632,662 | 1,607,152 | |
Stars Group Holdings 3.72% (LIBOR03M + 3.50%) 7/10/25 • | 1,263,253 | 1,265,095 |
Principal amount° | Value (US $) | ||
Loan Agreements (continued) | |||
Surgery Center Holdings 4.25% (LIBOR01M + 3.25%) 9/2/24 • | 1,121,926 | $1,064,227 | |
Terrier Media Buyer 4.397% (LIBOR01M + 4.25%) 12/17/26 • | 2,334,360 | 2,282,420 | |
Ultimate Software Group 2nd Lien 7.50% (LIBOR03M + 6.75%) 5/3/27 • | 2,998,998 | 3,070,224 | |
Verscend Holding Tranche B 4.647% (LIBOR01M + 4.50%) 8/27/25 • | 1,742,214 | 1,732,776 | |
Total Loan Agreements (cost $34,400,988) | 34,856,595 |
Number of shares | |||
Short-Term Investments — 2.45% | |||
Money Market Mutual Funds — 2.45% | |||
BlackRock FedFund – Institutional Shares (seven-day effective yield 0.00%) | 2,589,111 | 2,589,111 | |
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 0.01%) | 2,589,111 | 2,589,111 | |
GS Financial Square Government Fund – Institutional Shares (seven-day effective yield 0.00%) | 2,589,112 | 2,589,112 | |
Morgan Stanley Government Portfolio – Institutional Share Class (seven-day effective yield 0.00%) | 2,589,111 | 2,589,111 | |
Total Short-Term Investments (cost $10,356,445) | 10,356,445 | ||
Total Value of Securities—99.30% (cost $412,980,793) | $420,051,872 |
° | Principal amount shown is stated in USD unless noted that the security is denominated in another currency. |
μ | Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at September 30, 2020. Rate will reset at a future date. |
ψ | No contractual maturity date. |
# | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At September 30, 2020, the aggregate value of Rule 144A securities was $233,583,611, which represents 55.22% of the Fund net assets. See Note 11 in “Notes to financial statements.” |
> | PIK. 100% of the income received was in the form of cash. |
‡ | Non-income producing security. Security is currently in default. |
• | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at September 30, 2020. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their description above. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M, 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 description above. |
Summary of abbreviations: |
DAC – Designated Activity Company |
GS – Goldman Sachs |
ICE – Intercontinental Exchange, Inc. |
LIBOR – London interbank offered rate |
LIBOR01M – ICE LIBOR USD 1 Month |
LIBOR03M – ICE LIBOR USD 3 Month |
LIBOR06M – ICE LIBOR USD 6 Month |
PIK – Payment-in-kind |
USD – US Dollar |
Principal amount° | Value (US $) | ||
Short-Term Investments — 97.77% | |||
Discount Note — 45.34%~ | |||
Federal Home Loan Bank | |||
0.03% 10/5/20 | 2,500,000 | $2,499,992 | |
0.068% 10/2/20 | 5,710,000 | 5,709,989 | |
0.07% 10/9/20 | 7,850,000 | 7,849,878 | |
0.073% 10/14/20 | 7,500,000 | 7,499,803 | |
0.075% 10/7/20 | 4,700,000 | 4,699,941 | |
0.075% 10/16/20 | 3,500,000 | 3,499,891 | |
0.075% 10/20/20 | 2,700,000 | 2,699,893 | |
0.075% 10/28/20 | 5,100,000 | 5,099,713 | |
0.079% 10/23/20 | 8,000,000 | 7,999,613 | |
0.087% 10/8/20 | 8,730,000 | 8,729,852 | |
56,288,565 | |||
US Treasury Obligations — 52.43% | |||
US Treasury Bill | |||
0.057% 10/1/20 | 14,800,000 | 14,800,000 | |
0.063% 10/27/20 | 4,000,000 | 3,999,818 | |
0.068% 10/15/20 | 10,000,000 | 9,999,738 | |
0.068% 10/22/20 | 8,000,000 | 7,999,683 | |
0.07% 10/13/20 | 15,900,000 | 15,899,628 | |
0.075% 10/20/20 | 12,400,000 | 12,399,512 | |
65,098,379 | |||
Total Short-Term Investments (cost $121,386,944) | 121,386,944 | ||
Total Value of Securities—97.77% (cost $121,386,944) | $121,386,944 |
° | Principal amount shown is stated in USD unless noted that the security is denominated in another currency. |
~ | The rate shown is the effective yield at the time of purchase. |
Summary of abbreviations: |
USD – US Dollar |
Principal amount° | Value (US $) | ||
Corporate Bonds — 8.79% | |||
Banking — 7.78% | |||
Development Bank of Japan 0.235% 10/13/27 | JPY | 100,000,000 | $955,974 |
Kreditanstalt Fuer Wiederaufbau 0.000% 12/15/22 | EUR | 1,505,000 | 1,789,164 |
2,745,138 | |||
Electric — 1.01% | |||
Israel Electric 144A 5.00% 11/12/24 # | 315,000 | 355,523 | |
355,523 | |||
Total Corporate Bonds (cost $2,627,647) | 3,100,661 | ||
Sovereign BondsΔ — 69.84% | |||
Australia — 4.21% | |||
Australia Government Bonds | |||
2.25% 11/21/22 | AUD | 520,000 | 388,983 |
2.75% 11/21/29 | AUD | 665,000 | 560,257 |
3.00% 3/21/47 | AUD | 580,000 | 537,563 |
1,486,803 | |||
Austria — 1.20% | |||
Republic of Austria Government Bond | |||
144A 1.50% 2/20/47 # | EUR | 265,000 | 422,769 |
422,769 | |||
Belgium — 2.33% | |||
Kingdom of Belgium Government Bonds | |||
144A 1.45% 6/22/37 # | EUR | 400,000 | 577,938 |
144A 4.25% 3/28/41 # | EUR | 115,000 | 244,136 |
822,074 | |||
Canada — 1.23% | |||
Canadian Government Bond | |||
2.50% 6/1/24 | CAD | 535,000 | 434,441 |
434,441 | |||
Denmark — 0.71% | |||
Denmark Government Bond | |||
0.50% 11/15/27 | DKK | 1,475,000 | 249,248 |
249,248 |
Principal amount° | Value (US $) | ||
Sovereign Bonds (continued) | |||
Finland — 0.34% | |||
Finland Government Bond | |||
144A 1.375% 4/15/47 # | EUR | 75,000 | $118,851 |
118,851 | |||
France — 7.54% | |||
French Republic Government Bond OAT | |||
144A 1.25% 5/25/36 # | EUR | 1,900,000 | 2,660,074 |
2,660,074 | |||
Germany — 4.22% | |||
Bundesrepublik Deutschland Bundesanleihe | |||
0.000% 8/15/29 | EUR | 155,000 | 191,397 |
0.000% 8/15/50 | EUR | 420,000 | 506,667 |
0.50% 2/15/25 | EUR | 320,000 | 395,930 |
Deutsche Bundesrepublik Inflation Linked Bond 0.50% 4/15/30 | EUR | 285,641 | 393,594 |
1,487,588 | |||
Ireland — 0.38% | |||
Ireland Government Bond | |||
1.35% 3/18/31 | EUR | 100,000 | 135,767 |
135,767 | |||
Italy — 7.07% | |||
Italy Buoni Poliennali Del Tesoro | |||
1.75% 7/1/24 | EUR | 250,000 | 311,393 |
3.00% 8/1/29 | EUR | 820,000 | 1,149,196 |
144A 3.85% 9/1/49 # | EUR | 595,000 | 1,033,639 |
2,494,228 | |||
Japan — 13.87% | |||
Japan Finance 0.911% 7/19/23 | JPY | 181,700,000 | 1,766,959 |
Japan Government Thirty Year Bond 0.40% 9/20/49 | JPY | 195,900,000 | 1,769,214 |
Tokyo Metropolitan Government 0.475% 9/19/25 | JPY | 140,000,000 | 1,357,566 |
4,893,739 | |||
Mexico — 3.06% | |||
Mexican Bonos | |||
8.00% 9/5/24 | MXN | 7,500,000 | 377,284 |
8.00% 11/7/47 | MXN | 6,000,000 | 300,121 |
8.50% 5/31/29 | MXN | 7,500,000 | 401,394 |
1,078,799 |
Principal amount° | Value (US $) | ||
Sovereign Bonds (continued) | |||
Netherlands — 2.04% | |||
Netherlands Government Bonds | |||
144A 0.25% 7/15/29 # | EUR | 380,000 | $474,464 |
144A 2.75% 1/15/47 # | EUR | 120,000 | 246,963 |
721,427 | |||
New Zealand — 3.84% | |||
New Zealand Government Bonds | |||
3.00% 4/20/29 | NZD | 445,000 | 359,521 |
6.00% 5/15/21 | NZD | 1,450,000 | 993,784 |
1,353,305 | |||
Poland — 2.12% | |||
Republic of Poland Government Bond | |||
2.25% 4/25/22 | PLN | 2,800,000 | 750,019 |
750,019 | |||
Portugal — 0.76% | |||
Portugal Obrigacoes do Tesouro | |||
144A 2.25% 4/18/34 # | EUR | 185,000 | 266,711 |
266,711 | |||
Spain — 5.18% | |||
Spain Government Bonds | |||
144A 0.60% 10/31/29 # | EUR | 815,000 | 995,491 |
144A 1.50% 4/30/27 # | EUR | 200,000 | 259,518 |
144A 2.70% 10/31/48 # | EUR | 345,000 | 571,786 |
1,826,795 | |||
United Kingdom — 9.74% | |||
United Kingdom Gilt | |||
0.625% 6/7/25 | GBP | 295,000 | 392,720 |
0.875% 10/22/29 | GBP | 1,135,000 | 1,556,228 |
1.75% 1/22/49 | GBP | 920,000 | 1,485,978 |
3,434,926 | |||
Total Sovereign Bonds (cost $23,440,972) | 24,637,564 | ||
Supranational Banks — 7.08% | |||
European Investment Bank | |||
0.375% 5/15/26 | EUR | 1,125,000 | 1,389,629 |
Principal amount° | Value (US $) | ||
Supranational Banks (continued) | |||
European Investment Bank | |||
0.875% 1/30/25 | SEK | 2,000,000 | $230,448 |
International Bank for Reconstruction and Development 0.50% 6/21/35 | EUR | 700,000 | 878,648 |
Total Supranational Banks (cost $2,323,264) | 2,498,725 | ||
Regional BondsΔ — 12.67% | |||
Japan Finance Organization For Municipalities 0.205% 5/28/27 | JPY | 190,000,000 | 1,814,426 |
Province of Alberta Canada 2.20% 6/1/26 | CAD | 1,120,000 | 902,031 |
Province of British Columbia Canada 2.20% 6/18/30 | CAD | 1,025,000 | 837,097 |
Province of Quebec Canada 2.30% 9/1/29 | CAD | 1,110,000 | 915,217 |
Total Regional BondsΔ (cost $4,277,037) | 4,468,771 | ||
US Treasury Obligation — 0.28% | |||
US Treasury Floating Rate Notes 0.209% (USBMMY3M + 0.114%) 4/30/22 • | 100,000 | 100,117 | |
Total US Treasury Obligation (cost $100,114) | 100,117 |
Number of shares | |||
Short-Term Investments — 0.26% | |||
Money Market Mutual Funds — 0.26% | |||
BlackRock FedFund – Institutional Shares (seven-day effective yield 0.00%) | 22,844 | 22,844 | |
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 0.01%) | 22,844 | 22,844 |
Number of shares | Value (US $) | ||
Short-Term Investments (continued) | |||
Money Market Mutual Funds (continued) | |||
GS Financial Square Government Fund – Institutional Shares (seven-day effective yield 0.00%) | 22,845 | $22,845 | |
Morgan Stanley Government Portfolio – Institutional Share Class (seven-day effective yield 0.00%) | 22,844 | 22,844 | |
Total Short-Term Investments (cost $91,377) | 91,377 | ||
Total Value of Securities—98.92% (cost $32,860,411) | $34,897,215 |
° | 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 September 30, 2020, the aggregate value of Rule 144A securities was $8,227,863, which represents 23.32% of the Fund net assets. See Note 11 in “Notes to financial statements.” |
Δ | Securities have been classified by country of origin. |
• | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at September 30, 2020. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their description above. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M, 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 description above. |
Foreign Currency Exchange Contracts | ||||||||||||
Counterparty | Currency to Receive (Deliver) | In Exchange For | Settlement Date | Unrealized Appreciation | Unrealized Depreciation | |||||||
BNYM | CAD | (6,750) | USD | 5,053 | 10/1/20 | $— | $(16) | |||||
BNYM | EUR | (3,960) | USD | 4,643 | 10/1/20 | 1 | — | |||||
JPMCB | JPY | 391,783,167 | USD | (3,715,718) | 1/15/21 | 5,370 | — | |||||
TD | AUD | (1,496,003) | USD | 1,064,974 | 1/15/21 | — | (6,863) | |||||
TD | CAD | (2,953,500) | USD | 2,240,750 | 1/15/21 | 21,477 | — | |||||
TD | EUR | 720,000 | USD | (856,771) | 1/15/21 | — | (10,389) | |||||
TD | NZD | (2,078,289) | USD | 1,384,787 | 1/15/21 | 10,035 | — | |||||
Total Foreign Currency Exchange Contracts | $36,883 | $(17,268) |
Futures Contracts | |||||||||||||
Contracts to Buy (Sell) | Notional Amount | Notional Cost (Proceeds) | Expiration Date | Value/ Unrealized Appreciation | Value/ Unrealized Depreciation | Variation Margin Due from (Due to) Brokers | |||||||
3 | JPN 10 yr Bond | $4,326,838 | $4,318,877 | 12/14/20 | $7,961 | $— | $— | ||||||
(36) | Euro-BOBL | (5,705,282) | (5,697,611) | 12/8/20 | — | (7,671) | 4,657 | ||||||
(15) | CAN 10yr Bond | (1,710,150) | (1,710,454) | 12/18/20 | 304 | — | 5,042 | ||||||
Total Futures Contracts | $(3,089,188) | $8,265 | $(7,671) | $9,699 |
Summary of abbreviations: |
AUD – Australian Dollar |
BNYM – Bank of New York Mellon |
BOBL – Bundesobligationen |
CAD – Canadian Dollar |
DKK – Danish Krone |
EUR – European Monetary Unit |
GBP – British Pound Sterling |
GS – Goldman Sachs |
ICE – Intercontinental Exchange, Inc. |
JPMCB – JPMorgan Chase Bank |
JPY – Japanese Yen |
LIBOR – London interbank offered rate |
LIBOR03M – ICE LIBOR USD 3 Month |
LIBOR06M – ICE LIBOR USD 6 Month |
MXN – Mexican Peso |
NZD – New Zealand Dollar |
OAT – Obligations Assimilables du Tresor |
PLN – Polish Zloty |
SEK – Swedish Krona |
TD – TD Bank |
USBMMY3M – US Treasury 3 Month Bill Money Market Yield |
USD – US Dollar |
yr – Year |
Principal amount° | Value (US $) | ||
Convertible Bonds — 0.79% | |||
Cheniere Energy PIK 144A 4.875% exercise price $93.64, maturity date 5/28/21 #, > | 1,044,862 | $1,049,449 | |
PDC Energy 1.125% exercise price $85.39, maturity date 9/15/21 | 1,110,000 | 1,063,765 | |
Total Convertible Bonds (cost $2,112,491) | 2,113,214 | ||
Corporate Bonds — 97.17% | |||
Banking — 18.60% | |||
Ally Financial 1.45% 10/2/23 | 2,070,000 | 2,066,351 | |
Bank of America | |||
1.898% 7/23/31 μ | 1,260,000 | 1,258,374 | |
2.676% 6/19/41 μ | 3,235,000 | 3,317,168 | |
Bank of New York Mellon 4.70% μ, ψ | 1,395,000 | 1,483,582 | |
Barclays 5.20% 5/12/26 | 2,748,000 | 3,054,759 | |
BBVA USA | |||
2.875% 6/29/22 | 1,095,000 | 1,128,675 | |
3.875% 4/10/25 | 1,290,000 | 1,384,690 | |
Citigroup 2.572% 6/3/31 μ | 2,430,000 | 2,559,621 | |
Citizens Financial Group | |||
2.85% 7/27/26 | 1,965,000 | 2,170,396 | |
5.65% μ, ψ | 810,000 | 846,750 | |
Credit Suisse Group | |||
144A 2.593% 9/11/25 #, μ | 795,000 | 830,037 | |
144A 5.10% #, μ, ψ | 1,010,000 | 975,912 | |
144A 5.25% #, μ, ψ | 640,000 | 642,880 | |
144A 6.375% #, μ, ψ | 1,195,000 | 1,278,154 | |
Deutsche Bank | |||
2.222% 9/18/24 μ | 280,000 | 282,039 | |
3.547% 9/18/31 μ | 350,000 | 352,441 | |
Goldman Sachs Group 3.50% 4/1/25 | 1,585,000 | 1,751,332 | |
JPMorgan Chase & Co. | |||
2.956% 5/13/31 μ | 260,000 | 278,618 | |
3.109% 4/22/41 μ | 1,105,000 | 1,208,808 | |
4.023% 12/5/24 μ | 2,535,000 | 2,789,877 | |
Morgan Stanley | |||
1.463% (LIBOR03M + 1.22%) 5/8/24 • | 1,135,000 | 1,148,269 | |
5.00% 11/24/25 | 1,715,000 | 2,013,958 |
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Banking (continued) | |||
Natwest Group | |||
2.359% 5/22/24 μ | 780,000 | $800,990 | |
3.754% 11/1/29 μ | 705,000 | 730,195 | |
8.625% μ, ψ | 1,180,000 | 1,212,120 | |
PNC Bank 4.05% 7/26/28 | 1,010,000 | 1,181,549 | |
Santander UK 144A 5.00% 11/7/23 # | 345,000 | 377,330 | |
SVB Financial Group 3.125% 6/5/30 | 805,000 | 900,825 | |
Truist Bank 2.636% 9/17/29 μ | 2,620,000 | 2,719,039 | |
Truist Financial 4.95% μ, ψ | 1,355,000 | 1,429,525 | |
UBS 7.625% 8/17/22 | 1,125,000 | 1,253,187 | |
UBS Group 6.875% μ, ψ | 1,335,000 | 1,356,045 | |
US Bancorp 3.00% 7/30/29 | 4,385,000 | 4,873,007 | |
49,656,503 | |||
Basic Industry — 4.59% | |||
BHP Billiton Finance USA 144A 6.25% 10/19/75 #, μ | 3,090,000 | 3,091,035 | |
Dow Chemical 2.10% 11/15/30 | 755,000 | 744,429 | |
Georgia-Pacific 144A 2.10% 4/30/27 # | 565,000 | 593,498 | |
Graphic Packaging International 144A 3.50% 3/1/29 # | 625,000 | 630,078 | |
Newmont | |||
2.25% 10/1/30 | 910,000 | 940,932 | |
2.80% 10/1/29 | 2,750,000 | 2,983,060 | |
Nutrien 2.95% 5/13/30 | 840,000 | 921,084 | |
Nutrition & Biosciences | |||
144A 2.30% 11/1/30 # | 990,000 | 997,685 | |
144A 3.268% 11/15/40 # | 395,000 | 398,087 | |
Steel Dynamics | |||
2.40% 6/15/25 | 295,000 | 308,068 | |
2.80% 12/15/24 | 510,000 | 539,413 | |
WR Grace & Co. 144A 4.875% 6/15/27 # | 115,000 | 118,976 | |
12,266,345 | |||
Brokerage — 1.42% | |||
Charles Schwab 5.375% μ, ψ | 915,000 | 993,736 | |
Intercontinental Exchange 2.65% 9/15/40 | 985,000 | 986,773 |
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Brokerage (continued) | |||
Jefferies Group | |||
2.75% 10/15/32 | 510,000 | $504,737 | |
4.15% 1/23/30 | 580,000 | 654,349 | |
6.50% 1/20/43 | 515,000 | 653,342 | |
3,792,937 | |||
Capital Goods — 2.93% | |||
Ball 2.875% 8/15/30 | 1,035,000 | 1,024,650 | |
Berry Global 144A 4.875% 7/15/26 # | 335,000 | 351,681 | |
CCL Industries 144A 3.05% 6/1/30 # | 590,000 | 630,623 | |
General Electric 3.625% 5/1/30 | 1,975,000 | 2,053,839 | |
GFL Environmental 144A 5.125% 12/15/26 # | 475,000 | 494,641 | |
Otis Worldwide | |||
3.112% 2/15/40 | 840,000 | 901,608 | |
3.362% 2/15/50 | 245,000 | 270,852 | |
Reynolds Group Issuer 144A 4.00% 10/15/27 # | 635,000 | 639,890 | |
Waste Connections 2.60% 2/1/30 | 1,345,000 | 1,449,703 | |
7,817,487 | |||
Communications — 15.94% | |||
Altice France 144A 5.125% 1/15/29 # | 750,000 | 749,756 | |
AMC Networks 4.75% 8/1/25 | 875,000 | 905,800 | |
American Tower | |||
1.875% 10/15/30 | 1,155,000 | 1,139,081 | |
3.375% 5/15/24 | 2,435,000 | 2,637,832 | |
AT&T | |||
2.30% 6/1/27 | 630,000 | 662,263 | |
3.10% 2/1/43 | 595,000 | 583,705 | |
3.50% 6/1/41 | 1,292,000 | 1,364,747 | |
3.65% 6/1/51 | 540,000 | 548,012 | |
4.35% 3/1/29 | 782,000 | 919,166 | |
Charter Communications Operating 3.70% 4/1/51 | 1,220,000 | 1,213,436 | |
Comcast | |||
3.20% 7/15/36 | 2,398,000 | 2,667,905 | |
3.75% 4/1/40 | 522,000 | 611,493 | |
Crown Castle International | |||
2.25% 1/15/31 | 490,000 | 494,937 | |
5.25% 1/15/23 | 1,635,000 | 1,797,460 | |
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Communications (continued) | |||
CSC Holdings 144A 4.125% 12/1/30 # | 1,140,000 | $1,163,085 | |
Deutsche Telekom 144A 3.625% 1/21/50 # | 1,345,000 | 1,494,372 | |
Discovery Communications | |||
144A 4.00% 9/15/55 # | 1,027,047 | 1,038,598 | |
5.20% 9/20/47 | 30,000 | 36,021 | |
Level 3 Financing | |||
144A 3.625% 1/15/29 # | 350,000 | 346,281 | |
144A 4.25% 7/1/28 # | 800,000 | 813,056 | |
Time Warner Cable 7.30% 7/1/38 | 1,825,000 | 2,585,051 | |
Time Warner Entertainment 8.375% 3/15/23 | 1,650,000 | 1,940,280 | |
T-Mobile USA | |||
144A 2.55% 2/15/31 # | 1,885,000 | 1,955,367 | |
144A 3.00% 2/15/41 # | 1,335,000 | 1,321,303 | |
144A 4.375% 4/15/40 # | 855,000 | 1,003,060 | |
Verizon Communications | |||
3.15% 3/22/30 | 370,000 | 418,849 | |
4.50% 8/10/33 | 4,290,000 | 5,428,337 | |
ViacomCBS | |||
4.375% 3/15/43 | 2,815,000 | 2,992,212 | |
4.95% 1/15/31 | 605,000 | 725,262 | |
Virgin Media Secured Finance 144A 5.50% 5/15/29 # | 1,023,000 | 1,099,766 | |
Vodafone Group | |||
4.25% 9/17/50 | 695,000 | 808,556 | |
4.875% 6/19/49 | 870,000 | 1,084,079 | |
42,549,128 | |||
Consumer Cyclical — 3.43% | |||
Amazon.com 2.50% 6/3/50 | 2,180,000 | 2,226,570 | |
Best Buy 1.95% 10/1/30 | 820,000 | 816,326 | |
Dollar Tree 4.00% 5/15/25 | 715,000 | 807,531 | |
Ford Motor 8.50% 4/21/23 | 1,225,000 | 1,337,204 | |
General Motors | |||
5.40% 10/2/23 | 515,000 | 568,245 | |
6.125% 10/1/25 | 515,000 | 599,036 | |
6.25% 10/2/43 | 734,000 | 869,473 |
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Consumer Cyclical (continued) | |||
General Motors Financial | |||
5.20% 3/20/23 | 970,000 | $1,053,092 | |
5.70% μ, ψ | 465,000 | 467,906 | |
Prime Security Services Borrower 144A 3.375% 8/31/27 # | 440,000 | 423,775 | |
9,169,158 | |||
Consumer Non-Cyclical — 7.98% | |||
AbbVie 144A 2.95% 11/21/26 # | 3,250,000 | 3,545,195 | |
Anheuser-Busch InBev Worldwide | |||
4.15% 1/23/25 | 370,000 | 418,145 | |
4.50% 6/1/50 | 990,000 | 1,192,925 | |
BAT Capital 2.259% 3/25/28 | 570,000 | 572,349 | |
BAT International Finance 1.668% 3/25/26 | 710,000 | 713,157 | |
Biogen | |||
2.25% 5/1/30 | 1,400,000 | 1,431,518 | |
3.15% 5/1/50 | 1,455,000 | 1,440,561 | |
CVS Health | |||
2.70% 8/21/40 | 335,000 | 321,889 | |
3.25% 8/15/29 | 725,000 | 804,246 | |
4.78% 3/25/38 | 2,100,000 | 2,547,591 | |
Energizer Holdings 144A 4.375% 3/31/29 # | 562,000 | 569,025 | |
Lamb Weston Holdings 144A 4.625% 11/1/24 # | 117,000 | 122,265 | |
Perrigo Finance Unlimited 4.375% 3/15/26 | 1,600,000 | 1,793,998 | |
Regeneron Pharmaceuticals 1.75% 9/15/30 | 595,000 | 581,156 | |
Royalty Pharma | |||
144A 1.20% 9/2/25 # | 715,000 | 713,586 | |
144A 1.75% 9/2/27 # | 820,000 | 820,616 | |
Takeda Pharmaceutical | |||
2.05% 3/31/30 | 735,000 | 746,267 | |
3.025% 7/9/40 | 725,000 | 752,152 | |
3.175% 7/9/50 | 725,000 | 746,382 | |
Teleflex 144A 4.25% 6/1/28 # | 705,000 | 730,556 | |
Upjohn 144A 4.00% 6/22/50 # | 685,000 | 733,115 | |
21,296,694 |
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Electric — 10.41% | |||
CenterPoint Energy 2.95% 3/1/30 | 960,000 | $1,053,279 | |
CMS Energy 4.75% 6/1/50 μ | 940,000 | 997,935 | |
Dominion Energy 4.65% μ, ψ | 1,835,000 | 1,860,963 | |
Duke Energy 4.875% μ, ψ | 1,335,000 | 1,413,949 | |
Edison International | |||
3.125% 11/15/22 | 985,000 | 1,016,569 | |
4.95% 4/15/25 | 650,000 | 712,784 | |
Entergy Mississippi 3.85% 6/1/49 | 280,000 | 338,351 | |
Entergy Texas 3.55% 9/30/49 | 665,000 | 749,590 | |
Evergy Kansas Central 3.45% 4/15/50 | 705,000 | 800,838 | |
Eversource Energy 1.65% 8/15/30 | 545,000 | 543,962 | |
FirstEnergy Transmission 144A 4.55% 4/1/49 # | 1,445,000 | 1,697,908 | |
IPALCO Enterprises 144A 4.25% 5/1/30 # | 730,000 | 828,659 | |
Liberty Utilities Finance GP 1 144A 2.05% 9/15/30 # | 865,000 | 854,787 | |
Louisville Gas and Electric 4.25% 4/1/49 | 1,985,000 | 2,490,454 | |
National Rural Utilities Cooperative Finance 5.25% 4/20/46 μ | 480,000 | 519,262 | |
NRG Energy | |||
144A 3.75% 6/15/24 # | 650,000 | 694,746 | |
144A 4.45% 6/15/29 # | 1,040,000 | 1,149,106 | |
Oglethorpe Power 144A 3.75% 8/1/50 # | 1,025,000 | 1,023,158 | |
Pacific Gas and Electric | |||
2.10% 8/1/27 | 885,000 | 861,393 | |
2.50% 2/1/31 | 545,000 | 520,552 | |
3.30% 8/1/40 | 230,000 | 211,111 | |
4.60% 6/15/43 | 435,000 | 437,783 | |
San Diego Gas & Electric 3.32% 4/15/50 | 595,000 | 651,483 | |
Southern 4.00% 1/15/51 μ | 1,370,000 | 1,375,353 | |
Southern California Edison | |||
3.65% 2/1/50 | 750,000 | 783,405 | |
4.875% 3/1/49 | 1,160,000 | 1,405,658 |
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Electric (continued) | |||
Vistra Operations | |||
144A 3.55% 7/15/24 # | 1,510,000 | $1,609,316 | |
144A 3.70% 1/30/27 # | 845,000 | 888,714 | |
144A 4.30% 7/15/29 # | 290,000 | 316,219 | |
27,807,287 | |||
Energy — 12.52% | |||
BP Capital Markets 4.875% μ, ψ | 1,110,000 | 1,190,475 | |
Cheniere Corpus Christi Holdings 7.00% 6/30/24 | 1,545,000 | 1,780,851 | |
Continental Resources 5.00% 9/15/22 | 1,939,000 | 1,927,618 | |
Enbridge 5.75% 7/15/80 μ | 955,000 | 990,772 | |
Energy Transfer Operating | |||
6.25% 4/15/49 | 1,565,000 | 1,614,760 | |
7.125% μ, ψ | 1,630,000 | 1,289,738 | |
Enterprise Products Operating | |||
2.80% 1/31/30 | 922,000 | 978,436 | |
3.20% 2/15/52 | 1,680,000 | 1,528,868 | |
HollyFrontier | |||
2.625% 10/1/23 | 680,000 | 682,266 | |
4.50% 10/1/30 | 680,000 | 659,618 | |
Marathon Oil 4.40% 7/15/27 | 2,000,000 | 1,990,922 | |
MPLX | |||
1.75% 3/1/26 | 345,000 | 344,836 | |
4.125% 3/1/27 | 3,340,000 | 3,692,717 | |
5.50% 2/15/49 | 745,000 | 834,887 | |
Noble Energy 4.20% 10/15/49 | 1,365,000 | 1,636,356 | |
NuStar Logistics 5.625% 4/28/27 | 859,000 | 850,410 | |
ONEOK 7.50% 9/1/23 | 1,640,000 | 1,881,328 | |
Pioneer Natural Resources 1.90% 8/15/30 | 1,780,000 | 1,675,229 | |
Sabine Pass Liquefaction 5.75% 5/15/24 | 1,815,000 | 2,056,237 | |
Schlumberger Investment 2.65% 6/26/30 | 1,380,000 | 1,399,440 | |
Shell International Finance 3.25% 4/6/50 | 875,000 | 922,763 | |
Targa Resources Partners 144A 4.875% 2/1/31 # | 855,000 | 829,607 |
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Energy (continued) | |||
Tennessee Gas Pipeline 144A 2.90% 3/1/30 # | 1,120,000 | $1,161,595 | |
Total Capital International 2.986% 6/29/41 | 1,440,000 | 1,505,828 | |
33,425,557 | |||
Finance Companies — 4.21% | |||
AerCap Ireland Capital DAC | |||
3.65% 7/21/27 | 500,000 | 458,314 | |
4.50% 9/15/23 | 1,080,000 | 1,113,700 | |
4.625% 10/15/27 | 500,000 | 485,629 | |
6.50% 7/15/25 | 450,000 | 486,402 | |
Air Lease | |||
2.875% 1/15/26 | 1,135,000 | 1,117,015 | |
3.00% 2/1/30 | 1,545,000 | 1,440,928 | |
3.375% 7/1/25 | 500,000 | 511,014 | |
Aviation Capital Group | |||
144A 3.50% 11/1/27 # | 2,700,000 | 2,419,444 | |
144A 5.50% 12/15/24 # | 1,730,000 | 1,786,229 | |
Avolon Holdings Funding | |||
144A 3.25% 2/15/27 # | 435,000 | 388,969 | |
144A 3.95% 7/1/24 # | 1,075,000 | 1,022,019 | |
11,229,663 | |||
Insurance — 2.38% | |||
Brighthouse Financial 4.70% 6/22/47 | 1,965,000 | 1,883,258 | |
Brown & Brown 2.375% 3/15/31 | 465,000 | 470,213 | |
Centene | |||
3.375% 2/15/30 | 915,000 | 950,744 | |
4.625% 12/15/29 | 640,000 | 691,171 | |
Equitable Financial Life Global Funding 144A 1.40% 8/27/27 # | 720,000 | 722,967 | |
Equitable Holdings 4.95% μ, ψ | 315,000 | 322,088 | |
MetLife 3.85% μ, ψ | 350,000 | 349,562 | |
Prudential Financial 3.70% 10/1/50 μ | 940,000 | 960,257 | |
6,350,260 | |||
Natural Gas — 0.30% | |||
Sempra Energy 4.875% μ, ψ | 790,000 | 813,700 | |
813,700 |
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Real Estate Investment Trusts — 0.82% | |||
CubeSmart 3.00% 2/15/30 | 2,050,000 | $2,202,596 | |
2,202,596 | |||
Technology — 9.47% | |||
Alphabet | |||
1.90% 8/15/40 | 670,000 | 644,982 | |
2.05% 8/15/50 | 700,000 | 654,081 | |
Broadcom 4.15% 11/15/30 | 1,300,000 | 1,462,487 | |
Citrix Systems 3.30% 3/1/30 | 1,335,000 | 1,428,211 | |
CoStar Group 144A 2.80% 7/15/30 # | 865,000 | 897,180 | |
Fiserv | |||
2.65% 6/1/30 | 870,000 | 937,902 | |
3.20% 7/1/26 | 1,825,000 | 2,029,786 | |
Gartner 144A 3.75% 10/1/30 # | 181,000 | 183,430 | |
Global Payments 2.65% 2/15/25 | 3,005,000 | 3,190,434 | |
HP | |||
2.20% 6/17/25 | 1,050,000 | 1,101,629 | |
3.00% 6/17/27 | 785,000 | 849,464 | |
Iron Mountain 144A 5.25% 7/15/30 # | 877,000 | 915,917 | |
KLA 3.30% 3/1/50 | 2,980,000 | 3,137,885 | |
Lam Research 2.875% 6/15/50 | 1,015,000 | 1,053,590 | |
Microchip Technology | |||
3.922% 6/1/21 | 435,000 | 444,563 | |
4.333% 6/1/23 | 3,110,000 | 3,352,034 | |
NXP | |||
144A 2.70% 5/1/25 # | 140,000 | 148,374 | |
144A 3.40% 5/1/30 # | 270,000 | 296,192 | |
144A 4.30% 6/18/29 # | 241,000 | 278,426 | |
PayPal Holdings 2.65% 10/1/26 | 600,000 | 655,075 | |
ServiceNow 1.40% 9/1/30 | 750,000 | 730,933 | |
SS&C Technologies 144A 5.50% 9/30/27 # | 836,000 | 889,479 | |
25,282,054 | |||
Transportation — 1.27% | |||
Delta Air Lines | |||
144A 7.00% 5/1/25 # | 215,000 | 236,357 | |
7.375% 1/15/26 | 690,000 | 724,300 |
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Transportation (continued) | |||
Southwest Airlines | |||
5.125% 6/15/27 | 1,460,000 | $1,593,337 | |
5.25% 5/4/25 | 760,000 | 838,058 | |
3,392,052 | |||
Utilities — 0.90% | |||
Essential Utilities | |||
2.704% 4/15/30 | 535,000 | 573,238 | |
3.351% 4/15/50 | 520,000 | 557,126 | |
4.276% 5/1/49 | 1,033,000 | 1,277,921 | |
2,408,285 | |||
Total Corporate Bonds (cost $251,725,982) | 259,459,706 | ||
Loan Agreements — 0.30% | |||
Zayo Group Holdings 3.147% LIBOR01M + 3.00% 3/9/27 • | 810,925 | 788,858 | |
Total Loan Agreements (cost $809,039) | 788,858 |
Number of shares | |||
Preferred Stock — 0.70% | |||
Morgan Stanley 4.085% (LIBOR03M + 3.81%) • | 1,905,000 | 1,872,826 | |
Total Preferred Stock (cost $1,933,575) | 1,872,826 | ||
Short-Term Investments — 1.11% | |||
Money Market Mutual Funds — 1.11% | |||
BlackRock FedFund – Institutional Shares (seven-day effective yield 0.00%) | 742,243 | 742,243 | |
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 0.01%) | 742,242 | 742,242 |
Number of shares | Value (US $) | ||
Short-Term Investments (continued) | |||
Money Market Mutual Funds (continued) | |||
GS Financial Square Government Fund – Institutional Shares (seven-day effective yield 0.00%) | 742,242 | $742,242 | |
Morgan Stanley Government Portfolio – Institutional Share Class (seven-day effective yield 0.00%) | 742,242 | 742,242 | |
Total Short-Term Investments (cost $2,968,969) | 2,968,969 | ||
Total Value of Securities—100.07% (cost $259,550,056) | $267,203,573 |
° | 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 September 30, 2020, the aggregate value of Rule 144A securities was $52,981,531, which represents 19.84% of the Fund net assets. See Note 11 in “Notes to financial statements.” |
> | PIK. 100% of the income received was in the form of par. |
μ | Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at September 30, 2020. Rate will reset at a future date. |
ψ | No contractual maturity date. |
• | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at September 30, 2020. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their description above. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M, 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 description above. |
Futures Contracts | |||||||||||
Contracts to Buy (Sell) | Notional Amount | Notional Cost (Proceeds) | Expiration Date | Value/ Unrealized Appreciation | Variation Margin Due from (Due to) Brokers | ||||||
105 | US Treasury 10 yr Notes | $14,650,781 | $14,635,454 | 12/21/20 | $15,327 | $(26,250) |
Summary of abbreviations: |
DAC – Designated Activity Company |
GS – Goldman Sachs |
ICE – Intercontinental Exchange, Inc. |
LIBOR – London interbank offered rate |
LIBOR01M – ICE LIBOR USD 1 Month |
LIBOR03M – ICE LIBOR USD 3 Month |
LIBOR06M – ICE LIBOR USD 6 Month |
PIK – Payment-in-kind |
Summary of abbreviations: (continued) |
USD – US Dollar |
yr – Year |
Principal amount° | Value (US $) | ||
Agency Commercial Mortgage-Backed Security — 1.77% | |||
Freddie Mac Multifamily Structured Pass Through Certificates Series K734 A1 3.139% 6/25/25 ♦ | 2,933,540 | $3,161,785 | |
Total Agency Commercial Mortgage-Backed Security (cost $2,992,208) | 3,161,785 | ||
Agency Mortgage-Backed Securities — 11.29% | |||
Fannie Mae S.F. 30 yr | |||
4.50% 2/1/44 | 1,522,165 | 1,743,292 | |
4.50% 4/1/44 | 1,749,289 | 2,003,426 | |
4.50% 11/1/44 | 1,825,847 | 2,058,612 | |
4.50% 10/1/45 | 4,121,261 | 4,621,161 | |
5.00% 7/1/47 | 3,955,000 | 4,550,558 | |
5.00% 5/1/48 | 2,738,951 | 3,035,492 | |
5.50% 5/1/44 | 108,029 | 127,151 | |
Freddie Mac S.F. 30 yr | |||
4.50% 7/1/45 | 349,730 | 392,796 | |
5.00% 8/1/48 | 1,480,721 | 1,627,918 | |
Total Agency Mortgage-Backed Securities (cost $19,671,456) | 20,160,406 | ||
Collateralized Debt Obligations — 2.07% | |||
Cedar Funding IX CLO Series 2018-9A A1 144A 1.252% (LIBOR03M + 0.98%, Floor 0.98%) 4/20/31 #, • | 925,000 | 913,803 | |
Octagon Investment Partners 33 Series 2017-1A A1 144A 1.462% (LIBOR03M + 1.19%) 1/20/31 #, • | 300,000 | 298,380 | |
Octagon Investment Partners 48 Series 2020-3A A 144A 1.732% (LIBOR03M + 1.50%, Floor 1.50%) 10/20/31 #, • | 900,000 | 900,000 |
Principal amount° | Value (US $) | ||
Collateralized Debt Obligations (continued) | |||
Sound Point CLO XXI Series 2018-3A A1A 144A 1.425% (LIBOR03M + 1.18%, Floor 1.18%) 10/26/31 #, • | 900,000 | $892,160 | |
Venture 34 CLO Series 2018-34A A 144A 1.505% (LIBOR03M + 1.23%, Floor 1.23%) 10/15/31 #, • | 700,000 | 691,515 | |
Total Collateralized Debt Obligations (cost $3,695,501) | 3,695,858 | ||
Corporate Bonds — 44.26% | |||
Banking — 16.54% | |||
Ally Financial 5.75% 11/20/25 | 740,000 | 831,997 | |
Banco Santander 3.50% 4/11/22 | 1,200,000 | 1,244,938 | |
Bank of America 3.458% 3/15/25 μ | 1,500,000 | 1,626,999 | |
Bank of Montreal 1.85% 5/1/25 | 260,000 | 271,427 | |
Barclays Bank 1.70% 5/12/22 | 240,000 | 244,019 | |
Citizens Financial Group 2.85% 7/27/26 | 920,000 | 1,016,165 | |
Credit Agricole 144A 1.907% 6/16/26 #, μ | 280,000 | 286,747 | |
DNB Boligkreditt 144A 2.50% 3/28/22 # | 4,500,000 | 4,640,426 | |
Goldman Sachs Group | |||
3.50% 4/1/25 | 135,000 | 149,167 | |
5.75% 1/24/22 | 4,000,000 | 4,271,098 | |
Huntington National Bank | |||
2.50% 8/7/22 | 285,000 | 295,395 | |
3.125% 4/1/22 | 910,000 | 945,130 | |
JPMorgan Chase & Co. | |||
4.023% 12/5/24 μ | 3,410,000 | 3,752,853 | |
4.60% μ, ψ | 130,000 | 127,563 | |
KeyBank | |||
2.40% 6/9/22 | 250,000 | 258,333 | |
3.18% 5/22/22 | 655,000 | 682,437 |
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Banking (continued) | |||
Morgan Stanley | |||
1.463% (LIBOR03M + 1.22%) 5/8/24 • | 1,290,000 | $1,305,081 | |
2.188% 4/28/26 μ | 310,000 | 324,996 | |
2.75% 5/19/22 | 120,000 | 124,405 | |
3.622% 4/1/31 μ | 230,000 | 263,256 | |
3.737% 4/24/24 μ | 350,000 | 376,866 | |
PNC Bank 2.70% 11/1/22 | 455,000 | 475,488 | |
Regions Financial | |||
2.75% 8/14/22 | 300,000 | 312,063 | |
3.80% 8/14/23 | 235,000 | 254,979 | |
Truist Bank 2.636% 9/17/29 μ | 1,015,000 | 1,053,368 | |
Truist Financial 2.70% 1/27/22 | 1,650,000 | 1,698,821 | |
UBS 144A 1.75% 4/21/22 # | 200,000 | 203,693 | |
UBS Group | |||
144A 2.65% 2/1/22 # | 580,000 | 596,788 | |
144A 3.00% 4/15/21 # | 1,605,000 | 1,627,744 | |
US Bank 3.40% 7/24/23 | 250,000 | 270,181 | |
29,532,423 | |||
Basic Industry — 3.02% | |||
Avient 144A 5.75% 5/15/25 # | 688,000 | 730,140 | |
DuPont de Nemours 2.169% 5/1/23 | 710,000 | 717,054 | |
First Quantum Minerals 144A 7.50% 4/1/25 # | 500,000 | 495,180 | |
Georgia-Pacific | |||
144A 1.75% 9/30/25 # | 215,000 | 224,267 | |
144A 5.40% 11/1/20 # | 2,587,000 | 2,597,214 | |
Kraton Polymers 144A 7.00% 4/15/25 # | 443,000 | 452,691 | |
LYB International Finance III 2.875% 5/1/25 | 170,000 | 182,355 | |
5,398,901 | |||
Brokerage — 0.22% | |||
National Securities Clearing 144A 1.20% 4/23/23 # | 390,000 | 397,111 | |
397,111 | |||
Capital Goods — 3.21% | |||
General Dynamics 3.00% 5/11/21 | 930,000 | 945,654 | |
General Electric 3.45% 5/1/27 | 185,000 | 195,831 |
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Capital Goods (continued) | |||
GFL Environmental 144A 3.75% 8/1/25 # | 250,000 | $249,844 | |
L3Harris Technologies 3.85% 6/15/23 | 225,000 | 243,736 | |
Mauser Packaging Solutions Holding 144A 5.50% 4/15/24 # | 771,000 | 774,855 | |
Otis Worldwide 2.056% 4/5/25 | 425,000 | 447,066 | |
Roper Technologies 2.35% 9/15/24 | 2,050,000 | 2,169,884 | |
Spirit AeroSystems 144A 5.50% 1/15/25 # | 250,000 | 252,031 | |
WESCO Distribution 144A 7.125% 6/15/25 # | 421,000 | 459,153 | |
5,738,054 | |||
Communications — 2.78% | |||
Consolidated Communications 6.50% 10/1/22 | 500,000 | 500,662 | |
Crown Castle International 5.25% 1/15/23 | 675,000 | 742,071 | |
Fox 4.03% 1/25/24 | 2,985,000 | 3,288,821 | |
T-Mobile USA | |||
144A 1.50% 2/15/26 # | 185,000 | 185,750 | |
144A 3.50% 4/15/25 # | 220,000 | 241,608 | |
4,958,912 | |||
Consumer Cyclical — 2.17% | |||
Ford Motor 8.50% 4/21/23 | 703,000 | 767,391 | |
General Motors Financial | |||
3.45% 4/10/22 | 960,000 | 987,144 | |
4.15% 6/19/23 | 575,000 | 609,674 | |
MGM Resorts International 5.75% 6/15/25 | 500,000 | 525,337 | |
Prime Security Services Borrower 144A 5.25% 4/15/24 # | 679,000 | 712,526 | |
VF 2.40% 4/23/25 | 250,000 | 265,419 | |
3,867,491 | |||
Consumer Non-Cyclical — 3.35% | |||
AbbVie 144A 2.60% 11/21/24 # | 710,000 | 753,675 | |
Anheuser-Busch InBev Worldwide 4.15% 1/23/25 | 2,435,000 | 2,751,846 |
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Consumer Non-Cyclical (continued) | |||
CVS Health | |||
3.35% 3/9/21 | 635,000 | $643,342 | |
3.70% 3/9/23 | 238,000 | 255,022 | |
Diageo Capital 1.375% 9/29/25 | 365,000 | 374,251 | |
Mondelez International 2.125% 4/13/23 | 245,000 | 254,431 | |
Royalty Pharma | |||
144A 1.20% 9/2/25 # | 220,000 | 219,565 | |
144A 1.75% 9/2/27 # | 145,000 | 145,109 | |
Tenet Healthcare 5.125% 5/1/25 | 449,000 | 450,010 | |
Upjohn | |||
144A 1.65% 6/22/25 # | 75,000 | 76,877 | |
144A 2.30% 6/22/27 # | 60,000 | 62,054 | |
5,986,182 | |||
Electric — 4.83% | |||
Avangrid 3.20% 4/15/25 | 380,000 | 418,588 | |
Cleveland Electric Illuminating 5.50% 8/15/24 | 1,150,000 | 1,332,646 | |
Duke Energy | |||
1.80% 9/1/21 | 1,065,000 | 1,078,143 | |
4.875% μ, ψ | 460,000 | 487,203 | |
Entergy 4.00% 7/15/22 | 845,000 | 891,503 | |
Entergy Louisiana 4.05% 9/1/23 | 905,000 | 990,909 | |
ITC Holdings 2.70% 11/15/22 | 1,755,000 | 1,831,617 | |
NRG Energy 144A 3.75% 6/15/24 # | 690,000 | 737,499 | |
Pacific Gas and Electric 2.10% 8/1/27 | 115,000 | 111,932 | |
Vistra Operations 144A 3.55% 7/15/24 # | 705,000 | 751,369 | |
8,631,409 | |||
Energy — 2.95% | |||
Continental Resources 3.80% 6/1/24 | 476,000 | 442,494 | |
Marathon Oil 2.80% 11/1/22 | 545,000 | 558,437 | |
MPLX 1.75% 3/1/26 | 150,000 | 149,929 | |
NuStar Logistics 5.75% 10/1/25 | 442,000 | 457,603 | |
Occidental Petroleum 2.70% 2/15/23 | 504,000 | 462,420 | |
ONEOK 7.50% 9/1/23 | 1,330,000 | 1,525,711 |
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Energy (continued) | |||
Sabine Pass Liquefaction 5.75% 5/15/24 | 585,000 | $662,754 | |
Schlumberger Holdings 144A 3.75% 5/1/24 # | 930,000 | 1,010,409 | |
5,269,757 | |||
Finance Companies — 3.06% | |||
AerCap Ireland Capital 3.15% 2/15/24 | 760,000 | 754,202 | |
Aviation Capital Group 144A 2.875% 1/20/22 # | 485,000 | 481,393 | |
Avolon Holdings Funding 144A 3.95% 7/1/24 # | 3,285,000 | 3,123,100 | |
DAE Funding 144A 5.75% 11/15/23 # | 500,000 | 505,625 | |
GE Capital Funding 144A 3.45% 5/15/25 # | 365,000 | 390,984 | |
USAA Capital 144A 1.50% 5/1/23 # | 200,000 | 205,216 | |
5,460,520 | |||
Insurance — 0.28% | |||
Equitable Holdings 3.90% 4/20/23 | 465,000 | 499,824 | |
499,824 | |||
Natural Gas — 0.09% | |||
NiSource 0.95% 8/15/25 | 165,000 | 165,068 | |
165,068 | |||
Technology — 1.18% | |||
Broadcom | |||
3.15% 11/15/25 | 200,000 | 215,966 | |
4.70% 4/15/25 | 125,000 | 142,156 | |
Global Payments 2.65% 2/15/25 | 430,000 | 456,535 | |
International Business Machines 3.00% 5/15/24 | 390,000 | 422,861 | |
Microchip Technology | |||
3.922% 6/1/21 | 145,000 | 148,188 | |
4.333% 6/1/23 | 615,000 | 662,862 | |
NXP 144A 2.70% 5/1/25 # | 45,000 | 47,692 | |
2,096,260 |
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Transportation — 0.58% | |||
Delta Air Lines 144A 7.00% 5/1/25 # | 936,000 | $1,028,977 | |
1,028,977 | |||
Total Corporate Bonds (cost $77,072,142) | 79,030,889 | ||
Non-Agency Asset-Backed Securities — 20.53% | |||
Americredit Automobile Receivables Trust Series 2019-1 B 3.13% 2/18/25 | 1,200,000 | 1,245,591 | |
ARI Fleet Lease Trust Series 2019-A A2B 144A 0.632% (LIBOR01M + 0.48%) 11/15/27 #, • | 3,623,976 | 3,625,176 | |
BMW Vehicle Lease Trust Series 2018-1 A3 3.26% 7/20/21 | 441,483 | 443,566 | |
CarMax Auto Owner Trust | |||
Series 2018-2 B 3.37% 10/16/23 | 1,850,000 | 1,927,882 | |
Series 2019-2 A3 2.68% 3/15/24 | 2,000,000 | 2,055,164 | |
Citibank Credit Card Issuance Trust Series 2018-A1 A1 2.49% 1/20/23 | 6,030,000 | 6,071,137 | |
Ford Credit Auto Owner Trust Series 2017-2 A 144A 2.36% 3/15/29 # | 2,000,000 | 2,071,493 | |
GM Financial Automobile Leasing Trust | |||
Series 2018-2 B 3.31% 4/20/22 | 1,400,000 | 1,402,129 | |
Series 2018-3 A3 3.18% 6/21/21 | 475,832 | 476,690 | |
Hertz Vehicle Financing II Series 2017-1A A 144A 2.96% 10/25/21 # | 585,642 | 588,519 | |
John Deere Owner Trust Series 2019-A A3 2.91% 7/17/23 | 8,000,000 | 8,180,034 | |
Kubota Credit Owner Trust Series 2018-1A A3 144A 3.10% 8/15/22 # | 2,333,304 | 2,367,046 |
Principal amount° | Value (US $) | ||
Non-Agency Asset-Backed Securities (continued) | |||
Mercedes-Benz Auto Lease Trust Series 2019-B A2 2.01% 12/15/21 | 1,146,126 | $1,150,483 | |
Nissan Auto Receivables Owner Trust Series 2019-B A3 2.50% 11/15/23 | 2,000,000 | 2,049,503 | |
Tesla Auto Lease Trust Series 2018-B A 144A 3.71% 8/20/21 # | 2,967,376 | 2,995,237 | |
Total Non-Agency Asset-Backed Securities (cost $36,161,240) | 36,649,650 | ||
US Treasury Obligations — 19.70% | |||
US Treasury Bond 1.375% 8/15/50 | 35,000 | 34,251 | |
US Treasury Floating Rate Notes 0.249% (USBMMY3M + 0.15%) 1/31/22 • | 12,000,000 | 12,021,235 | |
US Treasury Notes | |||
0.25% 7/31/25 | 16,990,000 | 16,975,399 | |
0.625% 8/15/30 | 3,345,000 | 3,325,923 | |
1.625% 12/31/21 | 2,770,000 | 2,821,180 | |
Total US Treasury Obligations (cost $35,078,276) | 35,177,988 |
Number of shares | |||
Short-Term Investments — 0.48% | |||
Money Market Mutual Funds — 0.48% | |||
BlackRock FedFund – Institutional Shares (seven-day effective yield 0.00%) | 213,130 | 213,130 | |
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 0.01%) | 213,131 | 213,131 |
Number of shares | Value (US $) | ||
Short-Term Investments (continued) | |||
Money Market Mutual Funds (continued) | |||
GS Financial Square Government Fund – Institutional Shares (seven-day effective yield 0.00%) | 213,131 | $213,131 | |
Morgan Stanley Government Portfolio – Institutional Share Class (seven-day effective yield 0.00%) | 213,131 | 213,131 | |
Total Short-Term Investments (cost $852,523) | 852,523 | ||
Total Value of Securities—100.10% (cost $175,523,346) | $178,729,099 |
° | Principal amount shown is stated in USD unless noted that the security is denominated in another currency. |
♦ | 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. |
# | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At September 30, 2020, the aggregate value of Rule 144A securities was $40,010,641, which represents 22.41% of the Fund net assets. See Note 11 in “Notes to financial statements.” |
• | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at September 30, 2020. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their description above. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M, 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 description above. |
μ | Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at September 30, 2020. Rate will reset at a future date. |
ψ | No contractual maturity date. |
Summary of abbreviations: |
CLO – Collateralized Loan Obligation |
GS – Goldman Sachs |
ICE – Intercontinental Exchange, Inc. |
LIBOR – London interbank offered rate |
LIBOR01M – ICE LIBOR USD 1 Month |
LIBOR03M – ICE LIBOR USD 3 Month |
LIBOR06M – ICE LIBOR USD 6 Month |
S.F. – Single Family |
USBMMY3M – US Treasury 3 Month Bill Money Market Yield |
USD – US Dollar |
yr – Year |
Principal amount° | Value (US $) | ||
Agency Collateralized Mortgage Obligations — 8.95% | |||
Fannie Mae Connecticut Avenue Securities | |||
Series 2018-C03 1M2 2.298% (LIBOR01M + 2.15%, Floor 2.15%) 10/25/30 • | 1,006,652 | $987,294 | |
Series 2018-C05 1M2 2.498% (LIBOR01M + 2.35%, Floor 2.35%) 1/25/31 • | 1,070,962 | 1,050,459 | |
Freddie Mac Structured Agency Credit Risk Debt Notes Series 2018-HQA1 M2 2.448% (LIBOR01M + 2.30%) 9/25/30 • | 1,073,820 | 1,056,259 | |
Freddie Mac Structured Agency Credit Risk REMIC Trust | |||
Series 2019-HQA4 M2 144A 2.198% (LIBOR01M + 2.05%) 11/25/49 #, • | 1,411,243 | 1,392,789 | |
Series 2020-DNA2 M2 144A 1.998% (LIBOR01M + 1.85%, Floor 1.85%) 2/25/50 #, • | 2,000,000 | 1,947,073 | |
Series 2020-HQA2 M2 144A 3.248% (LIBOR01M + 3.10%) 3/25/50 #, • | 2,500,000 | 2,462,412 | |
Total Agency Collateralized Mortgage Obligations (cost $9,088,141) | 8,896,286 | ||
Agency Commercial Mortgage-Backed Security — 1.05% | |||
FREMF Mortgage Trust Series 2015-K721 B 144A 3.681% 11/25/47 #, • | 1,000,000 | 1,040,039 | |
Total Agency Commercial Mortgage-Backed Security (cost $1,043,438) | 1,040,039 | ||
Principal amount° | Value (US $) | ||
Collateralized Debt Obligations — 2.10% | |||
Cedar Funding IX CLO Series 2018-9A A1 144A 1.252% (LIBOR03M + 0.98%, Floor 0.98%) 4/20/31 #, • | 500,000 | $493,948 | |
Octagon Investment Partners 33 Series 2017-1A A1 144A 1.462% (LIBOR03M + 1.19%) 1/20/31 #, • | 500,000 | 497,299 | |
Octagon Investment Partners 48 Series 2020-3A A 144A 1.732% (LIBOR03M + 1.50%, Floor 1.50%) 10/20/31 #, • | 300,000 | 300,000 | |
Sound Point CLO XXI Series 2018-3A A1A 144A 1.425% (LIBOR03M + 1.18%, Floor 1.18%) 10/26/31 #, • | 500,000 | 495,644 | |
Venture 34 CLO Series 2018-34A A 144A 1.505% (LIBOR03M + 1.23%, Floor 1.23%) 10/15/31 #, • | 300,000 | 296,364 | |
Total Collateralized Debt Obligations (cost $2,081,675) | 2,083,255 | ||
Convertible Bonds — 1.72% | |||
Boingo Wireless 1.00% exercise price $42.32, maturity date 10/1/23 | 1,079,000 | 948,142 | |
Cheniere Energy 4.25% exercise price $138.38, maturity date 3/15/45 | 1,046,000 | 758,626 | |
Total Convertible Bonds (cost $1,752,886) | 1,706,768 | ||
Corporate Bonds — 55.65% | |||
Banking — 8.78% | |||
Ally Financial 5.75% 11/20/25 | 190,000 | 213,621 | |
Banco Mercantil del Norte 144A 8.375% #, μ, ψ | 500,000 | 523,250 | |
Banistmo 144A 4.25% 7/31/27 # | 800,000 | 814,608 |
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Banking (continued) | |||
Bank of America 5.125% μ, ψ | 510,000 | $525,275 | |
Bank of New York Mellon 4.70% μ, ψ | 120,000 | 127,620 | |
Barclays 5.20% 5/12/26 | 202,000 | 224,549 | |
BBVA Bancomer 144A 6.75% 9/30/22 # | 667,000 | 719,860 | |
Citizens Financial Group 5.65% μ, ψ | 85,000 | 88,856 | |
Credit Suisse Group 144A 6.25% #, μ, ψ | 1,050,000 | 1,128,054 | |
Deutsche Bank | |||
2.222% 9/18/24 μ | 150,000 | 151,092 | |
3.547% 9/18/31 μ | 150,000 | 151,046 | |
JPMorgan Chase & Co. 5.00% μ, ψ | 255,000 | 254,780 | |
Natwest Group 8.625% μ, ψ | 1,150,000 | 1,181,303 | |
Popular 6.125% 9/14/23 | 1,301,000 | 1,377,297 | |
Truist Financial 4.95% μ, ψ | 95,000 | 100,225 | |
UBS Group 6.875% μ, ψ | 565,000 | 573,907 | |
USB Capital IX 3.50% (LIBOR03M + 1.02%) ψ, • | 600,000 | 562,953 | |
8,718,296 | |||
Basic Industry — 9.64% | |||
AngloGold Ashanti Holdings 3.75% 10/1/30 | 500,000 | 510,969 | |
Avient 144A 5.75% 5/15/25 # | 84,000 | 89,145 | |
BHP Billiton Finance USA 144A 6.25% 10/19/75 #, μ | 1,130,000 | 1,130,379 | |
CSN Islands XI 144A 6.75% 1/28/28 # | 655,000 | 630,077 | |
First Quantum Minerals | |||
144A 6.875% 10/15/27 # | 800,000 | 771,640 | |
144A 7.50% 4/1/25 # | 200,000 | 198,072 | |
Freeport-McMoRan 5.45% 3/15/43 | 1,626,000 | 1,808,307 | |
Gold Fields Orogen Holdings BVI 144A 6.125% 5/15/29 # | 568,000 | 663,140 | |
GUSAP III 144A 4.25% 1/21/30 # | 1,180,000 | 1,230,445 |
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Basic Industry (continued) | |||
Hudbay Minerals 144A 7.625% 1/15/25 # | 393,000 | $400,640 | |
Methanex 5.25% 12/15/29 | 665,000 | 658,766 | |
Metinvest 144A 7.65% 10/1/27 # | 260,000 | 253,797 | |
Novolipetsk Steel Via Steel Funding DAC 144A 4.00% 9/21/24 # | 564,000 | 600,449 | |
Suzano Austria 3.75% 1/15/31 | 365,000 | 366,351 | |
Vedanta Holdings Mauritius II 144A 13.00% 8/21/23 # | 260,000 | 268,012 | |
9,580,189 | |||
Brokerage — 1.42% | |||
Charles Schwab 5.375% μ, ψ | 90,000 | 97,744 | |
Jefferies Group 6.50% 1/20/43 | 1,035,000 | 1,313,027 | |
1,410,771 | |||
Capital Goods — 3.07% | |||
Boise Cascade 144A 4.875% 7/1/30 # | 156,000 | 167,700 | |
General Electric 3.625% 5/1/30 | 280,000 | 291,177 | |
GFL Environmental 144A 3.75% 8/1/25 # | 54,000 | 53,966 | |
Grupo Cementos de Chihuahua 144A 5.25% 6/23/24 # | 565,000 | 588,959 | |
Mauser Packaging Solutions Holding 144A 5.50% 4/15/24 # | 160,000 | 160,800 | |
Reynolds Group Issuer 144A 4.00% 10/15/27 # | 360,000 | 362,772 | |
Spirit AeroSystems 144A 5.50% 1/15/25 # | 321,000 | 323,608 | |
Standard Industries | |||
144A 3.375% 1/15/31 # | 94,000 | 92,954 | |
144A 5.00% 2/15/27 # | 19,000 | 19,815 | |
TransDigm 144A 6.25% 3/15/26 # | 165,000 | 173,218 | |
Turkiye Sise ve Cam Fabrikalari 144A 6.95% 3/14/26 # | 500,000 | 510,380 |
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Capital Goods (continued) | |||
United Rentals North America | |||
3.875% 2/15/31 | 146,000 | $148,464 | |
4.00% 7/15/30 | 32,000 | 32,760 | |
WESCO Distribution 144A 7.25% 6/15/28 # | 115,000 | 126,164 | |
3,052,737 | |||
Communications — 4.90% | |||
Altice Financing 144A 5.00% 1/15/28 # | 635,000 | 617,579 | |
AMC Networks 4.75% 8/1/25 | 537,000 | 555,902 | |
Charter Communications Operating 4.80% 3/1/50 | 90,000 | 103,375 | |
Clear Channel Worldwide Holdings 9.25% 2/15/24 | 50,000 | 48,600 | |
LCPR Senior Secured Financing 144A 6.75% 10/15/27 # | 340,000 | 355,725 | |
Netflix 144A 3.625% 6/15/25 # | 160,000 | 167,440 | |
Nexstar Broadcasting 144A 4.75% 11/1/28 # | 170,000 | 173,825 | |
Sirius XM Radio 144A 4.625% 7/15/24 # | 147,000 | 152,237 | |
Sprint 7.875% 9/15/23 | 570,000 | 654,146 | |
Terrier Media Buyer 144A 8.875% 12/15/27 # | 105,000 | 105,984 | |
Time Warner Cable 7.30% 7/1/38 | 480,000 | 679,904 | |
Turkcell Iletisim Hizmetleri 144A 5.80% 4/11/28 # | 545,000 | 532,781 | |
Vmed O2 UK Financing I 144A 4.25% 1/31/31 # | 200,000 | 204,375 | |
Windstream Escrow 144A 7.75% 8/15/28 # | 525,000 | 517,125 | |
4,868,998 | |||
Consumer Cyclical — 5.71% | |||
Allison Transmission 144A 5.875% 6/1/29 # | 495,000 | 536,018 | |
Caesars Entertainment 144A 6.25% 7/1/25 # | 130,000 | 135,688 | |
Ford Motor Credit 4.542% 8/1/26 | 200,000 | 199,476 |
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Consumer Cyclical (continued) | |||
Future Retail 144A 5.60% 1/22/25 # | 630,000 | $535,500 | |
General Motors 6.125% 10/1/25 | 55,000 | 63,975 | |
General Motors Financial | |||
2.20% 4/1/24 | EUR | 450,000 | 543,265 |
5.70% μ, ψ | 55,000 | 55,344 | |
HTA Group 144A 7.00% 12/18/25 # | 540,000 | 567,675 | |
JSM Global 144A 4.75% 10/20/30 # | 500,000 | 500,255 | |
L Brands 144A 9.375% 7/1/25 # | 160,000 | 183,800 | |
M/I Homes 5.625% 8/1/25 | 644,000 | 668,887 | |
MGM Resorts International 5.75% 6/15/25 | 110,000 | 115,574 | |
Prime Security Services Borrower 144A 5.75% 4/15/26 # | 991,000 | 1,061,951 | |
Scientific Games International 144A 8.25% 3/15/26 # | 480,000 | 503,143 | |
5,670,551 | |||
Consumer Non-Cyclical — 2.81% | |||
Aramark Services 144A 5.00% 2/1/28 # | 105,000 | 105,960 | |
Bausch Health | |||
144A 5.50% 11/1/25 # | 120,000 | 122,970 | |
144A 6.25% 2/15/29 # | 134,000 | 138,020 | |
CHS 144A 8.125% 6/30/24 # | 230,000 | 168,475 | |
Encompass Health | |||
4.50% 2/1/28 | 70,000 | 70,468 | |
4.75% 2/1/30 | 49,000 | 49,795 | |
Energizer Holdings 144A 4.375% 3/31/29 # | 103,000 | 104,288 | |
MHP 144A 6.95% 4/3/26 # | 566,000 | 570,392 | |
Pilgrim's Pride 144A 5.875% 9/30/27 # | 113,000 | 116,814 | |
Post Holdings 144A 4.625% 4/15/30 # | 70,000 | 72,100 | |
Rede D'or Finance 144A 4.50% 1/22/30 # | 765,000 | 725,794 |
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Consumer Non-Cyclical (continued) | |||
Tenet Healthcare | |||
5.125% 5/1/25 | 180,000 | $180,405 | |
144A 6.125% 10/1/28 # | 105,000 | 102,441 | |
6.875% 11/15/31 | 270,000 | 265,561 | |
2,793,483 | |||
Energy — 7.33% | |||
Continental Resources 5.00% 9/15/22 | 765,000 | 760,509 | |
Energy Transfer Operating 7.125% μ, ψ | 545,000 | 431,231 | |
Enterprise Products Operating 3.20% 2/15/52 | 320,000 | 291,213 | |
Grupo Energia Bogota 144A 4.875% 5/15/30 # | 300,000 | 335,775 | |
KazMunayGas National JSC 144A 6.375% 10/24/48 # | 459,000 | 587,520 | |
KazTransGas JSC 144A 4.375% 9/26/27 # | 570,000 | 616,107 | |
Lukoil Securities 144A 3.875% 5/6/30 # | 620,000 | 656,456 | |
Marathon Oil 4.40% 7/15/27 | 760,000 | 756,550 | |
MPLX 5.50% 2/15/49 | 295,000 | 330,593 | |
NuStar Logistics 6.375% 10/1/30 | 90,000 | 93,600 | |
Oleoducto Central 144A 4.00% 7/14/27 # | 530,000 | 550,803 | |
PDC Energy 5.75% 5/15/26 | 100,000 | 93,500 | |
Petrobras Global Finance 5.60% 1/3/31 | 410,000 | 438,325 | |
Petroleos Mexicanos 6.50% 1/23/29 | 563,000 | 504,589 | |
Southwestern Energy 7.75% 10/1/27 | 855,000 | 831,402 | |
7,278,173 | |||
Finance Companies — 0.55% | |||
Aviation Capital Group 144A 5.50% 12/15/24 # | 525,000 | 542,064 | |
542,064 | |||
Insurance — 2.70% | |||
AssuredPartners 144A 7.00% 8/15/25 # | 674,000 | 688,602 |
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Insurance (continued) | |||
Brighthouse Financial | |||
4.70% 6/22/47 | 595,000 | $570,249 | |
5.625% 5/15/30 | 70,000 | 81,842 | |
HUB International 144A 7.00% 5/1/26 # | 514,000 | 533,149 | |
MetLife 3.85% μ, ψ | 130,000 | 129,837 | |
USI 144A 6.875% 5/1/25 # | 665,000 | 675,384 | |
2,679,063 | |||
Natural Gas — 0.09% | |||
Sempra Energy 4.875% μ, ψ | 85,000 | 87,550 | |
87,550 | |||
Real Estate — 1.05% | |||
Aroundtown 2.00% 11/2/26 | EUR | 400,000 | 496,936 |
Iron Mountain 144A 5.25% 7/15/30 # | 525,000 | 548,297 | |
1,045,233 | |||
Technology — 1.47% | |||
Black Knight InfoServ 144A 3.625% 9/1/28 # | 24,000 | 24,300 | |
Broadcom 4.15% 11/15/30 | 45,000 | 50,624 | |
CDK Global 5.875% 6/15/26 | 60,000 | 62,689 | |
CommScope Technologies 144A 5.00% 3/15/27 # | 1,270,000 | 1,221,581 | |
Gartner 144A 3.75% 10/1/30 # | 105,000 | 106,410 | |
1,465,604 | |||
Transportation — 3.04% | |||
Aerovias de Mexico 144A 7.00% 2/5/25 #, ‡ | 625,000 | 153,125 | |
ASG Finance Designated Activity 144A 7.875% 12/3/24 # | 645,000 | 467,657 | |
Delta Air Lines 144A 7.00% 5/1/25 # | 1,020,000 | 1,121,321 | |
Grupo Aeromexico DIP 0.01% 12/31/21 = | 40,000 | 40,000 | |
Mileage Plus Holdings 144A 6.50% 6/20/27 # | 450,000 | 469,688 | |
Rutas 2 and 7 Finance 144A 3.241% 9/30/36 #, ^ | 705,000 | 502,313 |
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Transportation (continued) | |||
Southwest Airlines | |||
5.125% 6/15/27 | 160,000 | $174,612 | |
5.25% 5/4/25 | 80,000 | 88,217 | |
3,016,933 | |||
Utilities — 3.09% | |||
Calpine | |||
144A 5.00% 2/1/31 # | 105,000 | 107,223 | |
144A 5.125% 3/15/28 # | 201,000 | 208,319 | |
144A 5.25% 6/1/26 # | 1,288,000 | 1,342,025 | |
Duke Energy 4.875% μ, ψ | 410,000 | 434,247 | |
NRG Energy 144A 4.45% 6/15/29 # | 485,000 | 535,881 | |
Pacific Gas and Electric 3.30% 8/1/40 | 68,000 | 62,416 | |
PG&E 5.25% 7/1/30 | 210,000 | 203,438 | |
Vistra Operations 144A 5.50% 9/1/26 # | 165,000 | 172,425 | |
3,065,974 | |||
Total Corporate Bonds (cost $54,092,385) | 55,275,619 | ||
Non-Agency Collateralized Mortgage Obligations — 11.26% | |||
Connecticut Avenue Securities Trust | |||
Series 2019-R07 1M2 144A 2.248% (LIBOR01M + 2.10%) 10/25/39 #, • | 1,250,659 | 1,243,793 | |
Series 2020-R01 1M2 144A 2.198% (LIBOR01M + 2.05%, Floor 2.05%) 1/25/40 #, • | 1,500,000 | 1,469,750 | |
GS Mortgage-Backed Securities Trust Series 2020-PJ1 A1 144A 3.50% 5/25/50 #, • | 1,144,047 | 1,163,874 | |
JPMorgan Mortgage Trust Series 2020-2 A3 144A 3.50% 7/25/50 #, • | 1,583,989 | 1,633,150 | |
Sequoia Mortgage Trust | |||
Series 2014-1 B3 144A 3.916% 4/25/44 #, • | 1,256,552 | 1,292,819 | |
Series 2017-5 B2 144A 3.825% 8/25/47 #, • | 1,386,183 | 1,451,643 |
Principal amount° | Value (US $) | ||
Non-Agency Collateralized Mortgage Obligations (continued) | |||
Sequoia Mortgage Trust | |||
Series 2017-6 B2 144A 3.743% 9/25/47 #, • | 1,387,563 | $1,459,952 | |
Series 2017-7 B2 144A 3.736% 10/25/47 #, • | 1,393,185 | 1,466,593 | |
Total Non-Agency Collateralized Mortgage Obligations (cost $11,175,290) | 11,181,574 | ||
Non-Agency Commercial Mortgage-Backed Securities — 5.65% | |||
DB-JPM Mortgage Trust | |||
Series 2016-C1 B 4.195% 5/10/49 • | 1,000,000 | 1,060,799 | |
Series 2020-C9 B 2.567% 9/15/53 | 1,250,000 | 1,295,624 | |
GS Mortgage Securities Trust | |||
Series 2017-GS6 B 3.869% 5/10/50 | 1,500,000 | 1,661,042 | |
Series 2020-GC47 B 3.571% 5/12/53 • | 1,500,000 | 1,596,797 | |
Total Non-Agency Commercial Mortgage-Backed Securities (cost $5,564,460) | 5,614,262 | ||
Loan Agreements — 4.55% | |||
Acrisure Tranche B 3.647% (LIBOR01M + 3.50%) 2/15/27 • | 223,466 | 216,443 | |
Applied Systems 2nd Lien 8.00% (LIBOR03M + 7.00%) 9/19/25 • | 325,000 | 330,281 | |
AssuredPartners 3.647% (LIBOR01M + 3.50%) 2/12/27 • | 336,522 | 327,352 | |
AthenaHealth Tranche B 1st Lien 4.75% (LIBOR03M + 4.50%) 2/11/26 • | 336,583 | 332,796 | |
Blue Ribbon 1st Lien 5.00% (LIBOR01M + 4.00%) 11/15/21 • | 150,000 | 139,313 | |
Buckeye Partners 2.897% (LIBOR01M + 2.75%) 11/1/26 • | 221,537 | 217,937 | |
BWay Holding 3.523% (LIBOR03M + 3.25%) 4/3/24 • | 207,852 | 196,745 |
Principal amount° | Value (US $) | ||
Loan Agreements (continued) | |||
Connect US Finco 5.50% (LIBOR01M + 4.50%) 12/12/26 • | 208,950 | $203,073 | |
Frontier Communications Tranche B-1 6.00% (LIBOR03M + 2.75%) 6/17/24 • | 788,104 | 778,253 | |
Gentiva Health Services Tranche B 3.438% (LIBOR01M + 3.25%) 7/2/25 • | 267,972 | 262,947 | |
Global Medical Response TBD 9/24/25 X | 150,000 | 146,937 | |
Hamilton Projects Acquiror 5.75% (LIBOR03M + 4.75%) 6/17/27 • | 558,600 | 556,505 | |
Informatica 2nd Lien 7.125% (LIBOR03M + 7.125%) 2/14/25 • | 77,000 | 78,444 | |
Stars Group Holdings 3.72% (LIBOR03M + 3.50%) 7/10/25 • | 113,809 | 113,975 | |
Terrier Media Buyer 4.397% (LIBOR01M + 4.25%) 12/17/26 • | 37,715 | 36,876 | |
Ultimate Software Group 1st Lien 3.897% (LIBOR01M + 3.75%) 5/4/26 • | 312,662 | 310,635 | |
Verscend Holding Tranche B 4.647% (LIBOR01M + 4.50%) 8/27/25 • | 272,221 | 270,746 | |
Total Loan Agreements (cost $4,513,448) | 4,519,258 | ||
Sovereign Bonds — 5.67% | |||
Brazil — 0.54% | |||
Brazilian Government International Bond | |||
4.75% 1/14/50 | 550,000 | 535,499 | |
535,499 | |||
Egypt — 1.12% | |||
Egypt Government International Bond | |||
144A 5.75% 5/29/24 # | 517,000 | 529,872 | |
144A 7.60% 3/1/29 # | 564,000 | 580,005 | |
1,109,877 |
Principal amount° | Value (US $) | ||
Sovereign Bonds (continued) | |||
El Salvador — 0.51% | |||
El Salvador Government International Bond | |||
144A 7.65% 6/15/35 # | 584,000 | $506,036 | |
506,036 | |||
Honduras — 0.49% | |||
Honduras Government International Bond | |||
144A 5.625% 6/24/30 # | 456,000 | 489,972 | |
489,972 | |||
Ivory Coast — 0.54% | |||
Ivory Coast Government International Bond | |||
144A 6.125% 6/15/33 # | 574,000 | 539,239 | |
539,239 | |||
Mongolia — 0.67% | |||
Mongolia Government International Bond | |||
144A 5.625% 5/1/23 # | 647,000 | 667,231 | |
667,231 | |||
Paraguay — 0.58% | |||
Paraguay Government International Bond | |||
144A 4.95% 4/28/31 # | 500,000 | 578,250 | |
578,250 | |||
Senegal — 0.54% | |||
Senegal Government International Bond | |||
144A 6.75% 3/13/48 # | 564,000 | 536,158 | |
536,158 | |||
Uzbekistan — 0.68% | |||
Republic of Uzbekistan Bond | |||
144A 4.75% 2/20/24 # | 636,000 | 670,979 | |
670,979 | |||
Total Sovereign Bonds (cost $5,505,412) | 5,633,241 | ||
Supranational Bank — 0.64% | |||
Banque Ouest Africaine de Developpement 144A 4.70% 10/22/31 # | 605,000 | 636,012 | |
Total Supranational Bank (cost $636,460) | 636,012 |
Number of shares | Value (US $) | ||
Preferred Stock — 0.32% | |||
Morgan Stanley 4.085% (LIBOR03M + 3.81%) • | 325,000 | $319,511 | |
Total Preferred Stock (cost $330,242) | 319,511 | ||
Short-Term Investments — 3.64% | |||
Money Market Mutual Funds — 3.64% | |||
BlackRock FedFund – Institutional Shares (seven-day effective yield 0.00%) | 902,667 | 902,667 | |
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 0.01%) | 902,667 | 902,667 | |
GS Financial Square Government Fund – Institutional Shares (seven-day effective yield 0.00%) | 902,667 | 902,667 | |
Morgan Stanley Government Portfolio – Institutional Share Class (seven-day effective yield 0.00%) | 902,667 | 902,667 | |
Total Short-Term Investments (cost $3,610,668) | 3,610,668 | ||
Total Value of Securities—101.20% (cost $99,394,505) | $100,516,493 |
° | 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 September 30, 2020. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their description above. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M, 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 description above. |
# | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At September 30, 2020, the aggregate value of Rule 144A securities was $59,087,580, which represents 59.49% of the Fund net assets. See Note 11 in “Notes to financial statements.” |
μ | Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at September 30, 2020. Rate will reset at a future date. |
ψ | No contractual maturity date. |
‡ | Non-income producing security. Security is currently in default. |
= | The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in “Notes to financial statements.” |
^ | Zero-coupon security. The rate shown is the effective yield at the time of purchase. |
X | This loan will settle after September 30, 2020, at which time the interest rate, based on the LIBOR and the agreed upon spread on trade date, will be reflected. |
Borrower | Principal Amount | Cost | Value | Unrealized Appreciation (Depreciation) | ||||
Grupo Aeromexico DIP2 0.01% 12/31/21 | $230,000 | $230,000 | $230,000 | $— | ||||
Grupo Aeromexico DIP1 0.01% 12/31/21 | 40,000 | 40,000 | 40,000 | — |
Foreign Currency Exchange Contracts | ||||||||||||
Counterparty | Currency to Receive (Deliver) | In Exchange For | Settlement Date | Unrealized Appreciation | Unrealized Depreciation | |||||||
TD | EUR | (905,000) | USD | 1,076,914 | 1/15/21 | $13,058 | $— |
Futures Contracts | |||||||||||
Contracts to Buy (Sell) | Notional Amount | Notional Cost (Proceeds) | Expiration Date | Value/ Unrealized Depreciation | Variation Margin Due from (Due to) Brokers | ||||||
15 | US Treasury 10 yr Ultra Notes | $2,398,828 | $2,401,443 | 12/21/20 | $(2,615) | $(7,031) | |||||
(7) | US Treasury 10 yr Notes | (976,719) | (975,677) | 12/21/20 | (1,042) | 1,750 | |||||
Total Futures Contracts | $1,425,766 | $(3,657) | $(5,281) |
Summary of abbreviations: |
CLO – Collateralized Loan Obligation |
DAC – Designated Activity Company |
DIP – Debtor in Possession |
EUR – European Monetary Unit |
FREMF – Freddie Mac Multifamily |
GS – Goldman Sachs |
ICE – Intercontinental Exchange, Inc. |
JPM – JPMorgan |
JSC – Joint Stock Company |
LIBOR – London interbank offered rate |
LIBOR01M – ICE LIBOR USD 1 Month |
LIBOR03M – ICE LIBOR USD 3 Month |
LIBOR06M – ICE LIBOR USD 6 Month |
REMIC – Real Estate Mortgage Investment Conduit |
TBD – To be determined |
TD – TD Bank |
USD – US Dollar |
yr – Year |
Number of shares | Value (US $) | ||
Common Stock♦ — 102.04% | |||
Communication Services — 11.16% | |||
Alphabet Class A ~, † | 4,600 | $6,741,760 | |
AT&T ~ | 61,300 | 1,747,663 | |
Facebook Class A ~, † | 26,900 | 7,045,110 | |
Verizon Communications ~ | 38,400 | 2,284,416 | |
17,818,949 | |||
Consumer Discretionary — 10.53% | |||
Booking Holdings ~, † | 1,800 | 3,079,224 | |
Home Depot ~ | 35,900 | 9,969,789 | |
Whirlpool ~ | 20,500 | 3,769,745 | |
16,818,758 | |||
Consumer Staples — 9.16% | |||
Costco Wholesale ~ | 19,800 | 7,029,000 | |
Mondelez International Class A ~ | 66,300 | 3,808,935 | |
Sysco ~ | 60,900 | 3,789,198 | |
14,627,133 | |||
Energy — 2.79% | |||
Chevron ~ | 61,800 | 4,449,600 | |
4,449,600 | |||
Financials — 8.03% | |||
BlackRock ~ | 12,800 | 7,213,440 | |
Blackstone Group Class A ~ | 107,400 | 5,606,280 | |
12,819,720 | |||
Healthcare — 11.08% | |||
Bristol Myers Squibb ~ | 89,300 | 5,383,897 | |
Medtronic ~ | 67,300 | 6,993,816 | |
Merck & Co. ~ | 64,000 | 5,308,800 | |
17,686,513 | |||
Industrials — 8.76% | |||
Boeing ~ | 32,200 | 5,321,372 | |
Lockheed Martin ~ | 14,700 | 5,634,216 | |
Raytheon Technologies ~ | 52,800 | 3,038,112 | |
13,993,700 | |||
Information Technology — 35.93% | |||
Apple ~ | 121,200 | 14,036,172 | |
Broadcom ~ | 19,600 | 7,140,672 | |
Corning ~ | 146,100 | 4,735,101 | |
Mastercard Class A ~ | 20,400 | 6,898,668 | |
Microsoft ~ | 64,000 | 13,461,120 | |
Texas Instruments ~ | 48,400 | 6,911,036 | |
Visa Class A ~ | 21,000 | 4,199,370 | |
57,382,139 |
Number of shares | Value (US $) | ||
Common Stock (continued) | |||
Materials — 2.12% | |||
PPG Industries ~ | 27,700 | $3,381,616 | |
3,381,616 | |||
Utilities — 2.48% | |||
NextEra Energy ~ | 14,300 | 3,969,108 | |
3,969,108 | |||
Total Common Stock♦ (cost $123,840,317) | 162,947,236 | ||
Short-Term Investments — 1.59% | |||
Money Market Mutual Funds — 1.59% | |||
BlackRock FedFund – Institutional Shares (seven-day effective yield 0.00%) | 635,408 | 635,408 | |
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 0.01%) | 635,409 | 635,409 | |
GS Financial Square Government Fund – Institutional Shares (seven-day effective yield 0.00%) | 635,409 | 635,409 | |
Morgan Stanley Government Portfolio – Institutional Share Class (seven-day effective yield 0.00%) | 635,408 | 635,408 | |
Total Short-Term Investments (cost $2,541,634) | 2,541,634 | ||
Total Value of Securities Before Options Written—103.63% (cost $126,381,951) | 165,488,870 |
Number of contracts | |||
Options Written — (3.44%) | |||
Equity Call Options — (3.44%) | |||
Alphabet strike price $1,680, expiration date 1/15/21, notional amount $(7,728,000) | (46) | (164,680) | |
Apple strike price $130, expiration date 1/15/21, notional amount $(8,424,000) | (648) | (341,820) |
Number of contracts | Value (US $) | ||
Options Written (continued) | |||
Equity Call Options — (continued) | |||
Apple strike price $140, expiration date 1/15/21, notional amount $(7,896,000) | (564) | $(173,430) | |
AT&T strike price $34, expiration date 1/15/21, notional amount $(2,084,200) | (613) | (6,437) | |
BlackRock strike price $565, expiration date 10/16/20, notional amount $(7,232,000) | (128) | (186,880) | |
Blackstone Group strike price $55, expiration date 11/20/20, notional amount $(1,848,000) | (336) | (48,720) | |
Blackstone Group strike price $60, expiration date 1/15/21, notional amount $(4,428,000) | (738) | (78,597) | |
Boeing strike price $200, expiration date 10/16/20, notional amount $(2,480,000) | (124) | (11,036) | |
Boeing strike price $200, expiration date 11/20/20, notional amount $(3,960,000) | (198) | (101,475) | |
Booking Holdings strike price $2,000, expiration date 1/15/21, notional amount $(3,600,000) | (18) | (91,620) | |
Bristol Myers Squibb strike price $62.50, expiration date 12/18/20, notional amount $(3,768,750) | (603) | (114,269) | |
Bristol Myers Squibb strike price $65, expiration date 10/16/20, notional amount $(1,885,000) | (290) | (2,465) | |
Broadcom strike price $380, expiration date 1/15/21, notional amount $(7,448,000) | (196) | (427,280) |
Number of contracts | Value (US $) | ||
Options Written (continued) | |||
Equity Call Options — (continued) | |||
Chevron strike price $90, expiration date 12/18/20, notional amount $(5,562,000) | (618) | $(33,990) | |
Corning strike price $33, expiration date 11/20/20, notional amount $(4,821,300) | (1,461) | (234,490) | |
Costco Wholesale strike price $360, expiration date 1/15/21, notional amount $(7,128,000) | (198) | (345,510) | |
Facebook strike price $325, expiration date 1/15/21, notional amount $(8,742,500) | (269) | (139,207) | |
Home Depot strike price $290, expiration date 11/20/20, notional amount $(10,411,000) | (359) | (273,737) | |
Lockheed Martin strike price $420, expiration date 1/15/21, notional amount $(6,174,000) | (147) | (111,720) | |
Mastercard strike price $340, expiration date 1/15/21, notional amount $(6,936,000) | (204) | (487,050) | |
Medtronic strike price $100, expiration date 1/15/21, notional amount $(6,730,000) | (673) | (575,415) | |
Merck & Co. strike price $85, expiration date 10/16/20, notional amount $(5,440,000) | (640) | (41,600) | |
Microsoft strike price $225, expiration date 10/16/20, notional amount $(7,177,500) | (319) | (23,606) | |
Microsoft strike price $250, expiration date 1/15/21, notional amount $(8,025,000) | (321) | (114,757) |
Number of contracts | Value (US $) | ||
Options Written (continued) | |||
Equity Call Options — (continued) | |||
Mondelez International strike price $60, expiration date 10/16/20, notional amount $(3,978,000) | (663) | $(10,940) | |
NextEra Energy strike price $300, expiration date 12/18/20, notional amount $(4,290,000) | (143) | (91,520) | |
PPG Industries strike price $130, expiration date 11/20/20, notional amount $(3,601,000) | (277) | (66,480) | |
Raytheon Technologies strike price $70, expiration date 12/18/20, notional amount $(3,696,000) | (528) | (36,696) | |
Sysco strike price $60, expiration date 11/20/20, notional amount $(3,654,000) | (609) | (313,635) | |
Texas Instruments strike price $150, expiration date 11/20/20, notional amount $(7,260,000) | (484) | (212,960) | |
Verizon Communications strike price $62.50, expiration date 11/20/20, notional amount $(2,400,000) | (384) | (19,968) |
Number of contracts | Value (US $) | ||
Options Written (continued) | |||
Equity Call Options — (continued) | |||
Visa strike price $220, expiration date 1/15/21, notional amount $(4,620,000) | (210) | $(105,000) | |
Whirlpool strike price $135, expiration date 1/15/21, notional amount $(742,500) | (55) | (281,875) | |
Whirlpool strike price $195, expiration date 3/19/21, notional amount $(2,925,000) | (150) | (231,000) | |
Total Options Written (premium received $8,066,174) | (5,499,865) |
♦ | Narrow industries are utilized for compliance purposes for diversification whereas broad sectors are used for financial reporting. |
~ | All or portion of the security has been pledged as collateral with outstanding options written. |
† | Non-income producing security. |
Summary of abbreviations: |
GS – Goldman Sachs |
Number of shares | Value (US $) | ||
Common Stock — 95.76% | |||
Communication Services — 6.35% | |||
Activision Blizzard | 3,088 | $249,974 | |
Alphabet Class A † | 314 | 460,199 | |
Alphabet Class C † | 247 | 362,991 | |
AT&T | 3,257 | 92,857 | |
Charter Communications Class A † | 210 | 131,111 | |
Comcast Class A | 6,935 | 320,813 | |
Electronic Arts † | 1,364 | 177,879 | |
Facebook Class A † | 2,779 | 727,820 | |
Liberty Broadband Class C † | 891 | 127,297 | |
Live Nation Entertainment † | 626 | 33,729 | |
Match Group † | 2,581 | 285,588 | |
Omnicom Group | 1,658 | 82,071 | |
Pinterest Class A † | 7,585 | 314,853 | |
Roku † | 1,620 | 305,856 | |
Snap Class A † | 12,750 | 332,903 | |
Spotify Technology † | 944 | 228,986 | |
T-Mobile US † | 2,541 | 290,589 | |
Twitter † | 800 | 35,600 | |
Verizon Communications | 3,227 | 191,974 | |
4,753,090 | |||
Consumer Discretionary — 14.92% | |||
Alibaba Group Holding ADR † | 1,061 | 311,913 | |
Amazon.com † | 543 | 1,709,760 | |
Aramark | 5,221 | 138,095 | |
AutoZone † | 109 | 128,363 | |
Booking Holdings † | 195 | 333,583 | |
CarMax † | 2,166 | 199,077 | |
Carter's | 3,277 | 283,723 | |
Chewy Class A † | 4,427 | 242,732 | |
Choice Hotels International | 2,684 | 230,717 | |
Compass Group | 17,456 | 262,220 | |
Dollar General | 658 | 137,930 | |
Dollar Tree † | 1,884 | 172,084 | |
DraftKings Class A † | 5,277 | 310,499 | |
General Motors | 5,459 | 161,532 | |
Las Vegas Sands | 1,504 | 70,177 | |
Lennar Class A | 1,582 | 129,218 | |
Lowe's | 2,353 | 390,268 | |
McDonald's | 6,992 | 1,534,674 | |
NIKE Class B | 7,339 | 921,338 | |
NVR † | 99 | 404,229 |
Number of shares | Value (US $) | ||
Common Stock (continued) | |||
Consumer Discretionary (continued) | |||
Peloton Interactive Class A † | 3,132 | $310,820 | |
Penn National Gaming † | 2,520 | 183,204 | |
Polaris | 1,451 | 136,887 | |
Steven Madden | 9,206 | 179,517 | |
Thor Industries | 1,931 | 183,947 | |
TJX | 25,218 | 1,403,382 | |
VF | 5,768 | 405,202 | |
Wyndham Hotels & Resorts | 3,547 | 179,123 | |
Yum! Brands | 1,391 | 126,998 | |
11,181,212 | |||
Consumer Staples — 7.77% | |||
Archer-Daniels-Midland | 1,579 | 73,408 | |
Campbell Soup | 1,022 | 49,434 | |
Clorox | 563 | 118,326 | |
Coca-Cola | 16,967 | 837,661 | |
Colgate-Palmolive | 10,124 | 781,067 | |
Constellation Brands Class A | 1,570 | 297,531 | |
Diageo | 19,248 | 661,144 | |
General Mills | 1,947 | 120,091 | |
Hershey | 613 | 87,867 | |
Hormel Foods | 2,518 | 123,105 | |
Kellogg | 1,665 | 107,542 | |
Keurig Dr Pepper | 6,922 | 191,047 | |
Monster Beverage † | 6,973 | 559,235 | |
PepsiCo | 5,074 | 703,256 | |
Philip Morris International | 3,187 | 238,993 | |
Procter & Gamble | 2,433 | 338,163 | |
Sysco | 1,762 | 109,632 | |
Tyson Foods Class A | 2,429 | 144,477 | |
US Foods Holding † | 7,393 | 164,272 | |
Walmart | 840 | 117,524 | |
5,823,775 | |||
Energy — 0.48% | |||
Canadian Natural Resources | 6,372 | 102,016 | |
Concho Resources | 1,461 | 64,459 | |
Diamondback Energy | 4,328 | 130,360 | |
Halliburton | 2,846 | 34,294 | |
Tenaris ADR | 2,712 | 26,713 | |
357,842 | |||
Financials — 9.50% | |||
Alleghany | 98 | 51,004 | |
American Express | 7,355 | 737,339 |
Number of shares | Value (US $) | ||
Common Stock (continued) | |||
Financials (continued) | |||
Assurant | 1,295 | $157,096 | |
Athene Holding Class A † | 3,169 | 108,000 | |
Atlantic Union Bankshares | 1,994 | 42,612 | |
Bank of America | 5,548 | 133,651 | |
Bank OZK | 2,901 | 61,849 | |
Berkshire Hathaway Class B † | 1,653 | 351,990 | |
Blackstone Group Class A | 2,591 | 135,250 | |
Charles Schwab | 8,592 | 311,288 | |
Chubb | 6,058 | 703,455 | |
Churchill Capital III Class A † | 13,819 | 141,645 | |
CME Group | 313 | 52,368 | |
CNO Financial Group | 15,999 | 256,624 | |
Credit Acceptance † | 556 | 188,284 | |
Equitable Holdings | 3,009 | 54,884 | |
First Citizens BancShares Class A | 141 | 44,948 | |
First Republic Bank | 1,247 | 135,998 | |
Hanover Insurance Group | 1,410 | 131,384 | |
Intercontinental Exchange | 1,278 | 127,864 | |
Kemper | 1,801 | 120,361 | |
LPL Financial Holdings | 877 | 67,240 | |
M&T Bank | 3,739 | 344,324 | |
Markel † | 352 | 342,742 | |
Marsh & McLennan | 3,877 | 444,692 | |
MetLife | 4,350 | 161,689 | |
Moody's | 407 | 117,969 | |
PNC Financial Services Group | 1,838 | 202,015 | |
Progressive | 2,619 | 247,941 | |
Raymond James Financial | 2,499 | 181,827 | |
SLM | 10,967 | 88,723 | |
TD Ameritrade Holding | 3,522 | 137,886 | |
Unum Group | 2,412 | 40,594 | |
Voya Financial | 5,246 | 251,441 | |
Western Alliance Bancorp | 4,400 | 139,128 | |
White Mountains Insurance Group | 118 | 91,922 | |
Zions Bancorp | 7,194 | 210,209 | |
7,118,236 | |||
Healthcare — 15.34% | |||
Abbott Laboratories | 1,266 | 137,779 | |
ABIOMED † | 821 | 227,466 | |
Acadia Healthcare † | 3,631 | 107,042 | |
Agilent Technologies | 828 | 83,578 | |
Align Technology † | 936 | 306,409 |
Number of shares | Value (US $) | ||
Common Stock (continued) | |||
Healthcare (continued) | |||
Alnylam Pharmaceuticals † | 1,716 | $249,850 | |
Anthem | 232 | 62,313 | |
AstraZeneca ADR | 4,008 | 219,638 | |
Baxter International | 4,918 | 395,506 | |
Bristol Myers Squibb | 2,719 | 163,929 | |
Centene † | 4,924 | 287,217 | |
Cerner | 1,742 | 125,929 | |
ChemoCentryx † | 5,215 | 285,782 | |
CVS Health | 3,926 | 229,278 | |
Danaher | 3,439 | 740,520 | |
DENTSPLY SIRONA | 3,089 | 135,082 | |
DexCom † | 740 | 305,050 | |
Elanco Animal Health † | 5,325 | 148,727 | |
Eli Lilly and Co. | 271 | 40,113 | |
Encompass Health | 2,648 | 172,067 | |
Exact Sciences † | 3,548 | 361,719 | |
Galapagos ADR † | 1,382 | 196,120 | |
Hill-Rom Holdings | 1,127 | 94,116 | |
Insulet † | 2,600 | 615,134 | |
Intuitive Surgical † | 712 | 505,192 | |
Johnson & Johnson | 6,406 | 953,725 | |
Laboratory Corp. of America Holdings † | 612 | 115,221 | |
Medtronic | 8,384 | 871,265 | |
Merck & Co. | 1,548 | 128,407 | |
Mettler-Toledo International † | 273 | 263,650 | |
Molina Healthcare † | 586 | 107,261 | |
Pfizer | 3,350 | 122,945 | |
PTC Therapeutics † | 6,218 | 290,691 | |
Quest Diagnostics | 1,015 | 116,207 | |
Regeneron Pharmaceuticals † | 452 | 253,021 | |
Seattle Genetics † | 1,427 | 279,250 | |
Teleflex | 685 | 233,188 | |
Thermo Fisher Scientific | 1,021 | 450,792 | |
UnitedHealth Group | 2,669 | 832,114 | |
Veeva Systems Class A † | 995 | 279,784 | |
11,493,077 | |||
Industrials — 12.38% | |||
A O Smith | 972 | 51,322 | |
Airbus † | 631 | 45,764 | |
AMERCO | 495 | 176,210 | |
Canadian National Railway | 6,276 | 668,394 | |
CH Robinson Worldwide | 1,325 | 135,402 | |
Cintas | 1,245 | 414,373 |
Number of shares | Value (US $) | ||
Common Stock (continued) | |||
Industrials (continued) | |||
Clean Harbors † | 3,234 | $181,201 | |
Colfax † | 5,608 | 175,867 | |
Copart † | 6,594 | 693,425 | |
CoStar Group † | 650 | 551,531 | |
Deere & Co. | 1,716 | 380,317 | |
Expeditors International of Washington | 3,697 | 334,652 | |
Fastenal | 3,601 | 162,369 | |
FedEx | 1,390 | 349,613 | |
Fortive | 4,464 | 340,201 | |
IDEX | 1,778 | 324,325 | |
Ingersoll Rand † | 5,421 | 192,988 | |
JELD-WEN Holding † | 6,792 | 153,499 | |
Kennametal | 4,642 | 134,339 | |
L3Harris Technologies | 285 | 48,404 | |
Lennox International | 1,171 | 319,226 | |
Lockheed Martin | 1,260 | 482,933 | |
Middleby † | 915 | 82,085 | |
Northrop Grumman | 1,683 | 530,970 | |
PACCAR | 2,879 | 245,521 | |
Pentair | 990 | 45,312 | |
Raytheon Technologies | 1,915 | 110,189 | |
Republic Services | 1,353 | 126,303 | |
Sanwa Holdings | 7,643 | 81,041 | |
Southwest Airlines | 2,275 | 85,313 | |
SPX FLOW † | 4,265 | 182,627 | |
Trane Technologies | 1,514 | 183,573 | |
Uber Technologies † | 8,843 | 322,593 | |
Union Pacific | 3,211 | 632,150 | |
United Parcel Service Class B | 751 | 125,139 | |
Verisk Analytics Class A | 9 | 1,668 | |
Westinghouse Air Brake Technologies | 3,331 | 206,122 | |
9,276,961 | |||
Information Technology — 20.72% | |||
Accenture Class A | 2,338 | 528,365 | |
Adobe † | 287 | 140,753 | |
Advanced Micro Devices † | 5,486 | 449,797 | |
Amdocs | 3,300 | 189,453 | |
ANSYS † | 171 | 55,956 | |
Apple | 21,621 | 2,503,928 | |
Black Knight † | 4,389 | 382,062 | |
Broadcom | 382 | 139,170 | |
CDK Global | 2,764 | 120,483 | |
CDW | 2,307 | 275,756 | |
Cisco Systems | 6,219 | 244,966 |
Number of shares | Value (US $) | ||
Common Stock (continued) | |||
Information Technology (continued) | |||
Citrix Systems | 929 | $127,933 | |
Coherent † | 513 | 56,907 | |
Constellation Software | 269 | 298,915 | |
F5 Networks † | 385 | 47,266 | |
Fair Isaac † | 427 | 181,637 | |
Fleetcor Technologies † | 1,697 | 404,056 | |
FLIR Systems | 1,355 | 48,577 | |
Genpact | 9,986 | 388,955 | |
Global Payments | 508 | 90,211 | |
GoDaddy Class A † | 7,010 | 532,550 | |
Guidewire Software † | 1,850 | 192,900 | |
HP | 3,126 | 59,363 | |
Intel | 3,478 | 180,091 | |
International Business Machines | 1,044 | 127,023 | |
KLA | 458 | 88,733 | |
Leidos Holdings | 3,380 | 301,327 | |
Lumentum Holdings † | 3,819 | 286,921 | |
Marvell Technology Group | 6,301 | 250,150 | |
Micron Technology † | 1,395 | 65,509 | |
Microsoft | 6,972 | 1,466,421 | |
MKS Instruments | 1,512 | 165,156 | |
Motorola Solutions | 491 | 76,994 | |
NVIDIA | 1,692 | 915,744 | |
Oracle | 2,339 | 139,638 | |
Paychex | 1,703 | 135,848 | |
Paycom Software † | 83 | 25,838 | |
PayPal Holdings † | 3,311 | 652,366 | |
RingCentral Class A † | 739 | 202,937 | |
Samsung Electronics GDR | 115 | 126,427 | |
ServiceNow † | 446 | 216,310 | |
Splunk † | 2,032 | 382,280 | |
Square Class A † | 3,505 | 569,738 | |
Tyler Technologies † | 384 | 133,847 | |
VeriSign † | 885 | 181,292 | |
Visa Class A | 1,463 | 292,556 | |
VMware Class A † | 628 | 90,225 | |
Western Digital | 1,094 | 39,986 | |
Western Union | 5,156 | 110,493 | |
WEX † | 1,752 | 243,475 | |
Workday Class A † | 2,778 | 597,631 | |
15,524,915 | |||
Materials — 3.18% | |||
Ball | 2,216 | 184,194 | |
Celanese | 2,968 | 318,912 | |
CRH | 1,784 | 64,339 | |
Ecolab | 2,111 | 421,862 |
Number of shares | Value (US $) | ||
Common Stock (continued) | |||
Materials (continued) | |||
FMC | 3,476 | $368,143 | |
Linde | 2,478 | 590,086 | |
Nutrien | 1,105 | 43,327 | |
Reliance Steel & Aluminum | 1,295 | 132,142 | |
Sherwin-Williams | 366 | 255,007 | |
2,378,012 | |||
Real Estate — 3.47% | |||
Alexandria Real Estate Equities | 1,425 | 228,000 | |
American Tower | 1,534 | 370,814 | |
Americold Realty Trust | 3,584 | 128,128 | |
Camden Property Trust | 987 | 87,823 | |
Digital Realty Trust | 424 | 62,226 | |
Equinix | 405 | 307,853 | |
Gaming and Leisure Properties | 5,579 | 206,019 | |
Highwoods Properties | 4,236 | 142,203 | |
Life Storage | 1,357 | 142,851 | |
Prologis | 566 | 56,951 | |
Public Storage | 2,508 | 558,582 | |
Realty Income | 304 | 18,468 | |
STORE Capital | 4,915 | 134,818 | |
VICI Properties | 6,716 | 156,953 | |
2,601,689 | |||
Utilities — 1.65% | |||
Alliant Energy | 1,179 | 60,895 | |
CMS Energy | 1,301 | 79,894 | |
Consolidated Edison | 2,331 | 181,352 | |
Duke Energy | 929 | 82,272 | |
Exelon | 4,450 | 159,132 | |
Iberdrola ADR | 2,258 | 111,749 | |
NextEra Energy | 56 | 15,543 | |
Pinnacle West Capital | 1,540 | 114,807 | |
UGI | 5,456 | 179,939 | |
WEC Energy Group | 1,387 | 134,400 | |
Xcel Energy | 1,677 | 115,730 | |
1,235,713 | |||
Total Common Stock (cost $62,005,969) | 71,744,522 | ||
Exchange-Traded Fund — 0.05% | |||
iShares Russell 1000 Growth ETF | 186 | 40,342 | |
Total Exchange-Traded Fund (cost $39,953) | 40,342 |
Number of contracts | Value (US $) | ||
Options Purchased — 1.18% | |||
Options on Indices — 1.18% | |||
S&P 500 Index strike price $3,150, expiration date 3/19/21, notional amount $7,560,000 | 24 | $414,360 | |
S&P 500 Index strike price $3,100, expiration date 12/18/20, notional amount $15,500,000 | 50 | 466,500 | |
Options Purchased (cost $791,896) | 880,860 |
Number of shares | |||
Short-Term Investments — 2.33% | |||
Money Market Mutual Funds — 2.33% | |||
BlackRock FedFund – Institutional Shares (seven-day effective yield 0.00%) | 435,615 | 435,615 | |
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 0.01%) | 435,615 | 435,615 | |
GS Financial Square Government Fund – Institutional Shares (seven-day effective yield 0.00%) | 435,615 | 435,615 | |
Morgan Stanley Government Portfolio – Institutional Share Class (seven-day effective yield 0.00%) | 435,615 | 435,615 | |
Total Short-Term Investments (cost $1,742,460) | 1,742,460 | ||
Total Value of Securities Before Options Written—99.32% (cost $64,580,278) | 74,408,184 |
Number of contracts | Value (US $) | ||
Options Written — (0.58%) | |||
Options on Indices — (0.58%) | |||
S&P 500 Index strike price $2,775, expiration date 12/18/20, notional amount $(13,875,000) | (50) | $(179,000) | |
S&P 500 Index strike price $2,875, expiration date 3/19/21, notional amount $(6,900,000) | (24) | (251,400) | |
Total Options Written (premium received $444,604) | (430,400) |
† | Non-income producing security. |
Foreign Currency Exchange Contracts | ||||||||||||
Counterparty | Currency to Receive (Deliver) | In Exchange For | Settlement Date | Unrealized Appreciation | Unrealized Depreciation | |||||||
BNP | CAD | (1,590,000) | USD | 1,217,260 | 12/16/20 | $22,724 | $— | |||||
BNP | GBP | 2,332 | USD | (3,010) | 10/2/20 | — | — | |||||
BNYM | CAD | (13,220) | USD | 9,884 | 10/1/20 | — | (43) | |||||
BNYM | GBP | (4,720) | USD | 6,102 | 10/1/20 | 11 | — | |||||
JPMCB | GBP | (954,000) | USD | 1,253,715 | 12/16/20 | 22,067 | — | |||||
Total Foreign Currency Exchange Contracts | $44,802 | $(43) |
Futures Contracts | |||||||||||||
Contracts to Buy (Sell) | Notional Amount | Notional Cost (Proceeds) | Expiration Date | Value/ Unrealized Appreciation | Value/ Unrealized Depreciation | Variation Margin Due from (Due to) Brokers | |||||||
(8) | S&P/TSX 60 Index | $(1,155,345) | $(1,155,948) | 12/17/20 | $603 | $— | $7,530 | ||||||
(7) | MSCI Emerging Markets Index | (380,975) | (384,250) | 12/18/20 | 3,275 | — | (6,090) | ||||||
(6) | MSCI EAFE Index | (555,960) | (571,052) | 12/18/20 | 15,092 | — | 3,150 | ||||||
(16) | FTSE 100 Index | (1,206,013) | (1,238,607) | 12/18/20 | 32,594 | — | 6,193 | ||||||
(36) | E-mini S&P MidCap 400 Index | (6,681,240) | (6,660,594) | 12/18/20 | — | (20,646) | (44,280) | ||||||
(23) | E-mini S&P 500 Index | (3,854,800) | (3,821,931) | 12/18/20 | — | (32,869) | (21,045) | ||||||
Total Futures Contracts | $(13,832,382) | $51,564 | $(53,515) | $(54,542) |
Summary of abbreviations: |
ADR – American Depositary Receipt |
BNP – BNP Paribas |
BNYM – Bank of New York Mellon |
CAD – Canadian Dollar |
EAFE – Europe, Australasia and Far East |
ETF – Exchange-Traded Fund |
FTSE – Financial Times Stock Exchange |
GBP – British Pound Sterling |
GDR – Global Depositary Receipt |
GS – Goldman Sachs |
JPMCB – JPMorgan Chase Bank |
MSCI – Morgan Stanley Capital International |
S&P – Standard & Poor’s Financial Services LLC |
TD – TD Bank |
TSX – Toronto Stock Exchange |
USD – US Dollar |
Number of shares | Value (US $) | ||
Common Stock♦ — 117.34% | |||
Communication Services — 10.06% | |||
Comcast Class A ~ | 43,100 | $1,993,806 | |
Verizon Communications ~ | 50,600 | 3,010,194 | |
ViacomCBS Class B ~ | 52,100 | 1,459,321 | |
6,463,321 | |||
Consumer Discretionary — 13.09% | |||
Home Depot ~ | 10,500 | 2,915,955 | |
TJX ~ | 35,300 | 1,964,445 | |
Whirlpool ~ | 19,200 | 3,530,688 | |
8,411,088 | |||
Consumer Staples — 8.96% | |||
Constellation Brands Class A ~ | 14,400 | 2,728,944 | |
Philip Morris International ~ | 40,400 | 3,029,596 | |
5,758,540 | |||
Energy — 5.23% | |||
Chevron ~ | 28,200 | 2,030,400 | |
ConocoPhillips ~ | 40,600 | 1,333,304 | |
3,363,704 | |||
Financials — 15.51% | |||
American Express ~ | 9,300 | 932,325 | |
Bank of America ~ | 97,200 | 2,341,548 | |
BlackRock ~ | 5,700 | 3,212,235 | |
Discover Financial Services ~ | 16,000 | 924,480 | |
JPMorgan Chase & Co. ~ | 8,600 | 827,922 | |
Travelers ~ | 16,000 | 1,731,040 | |
9,969,550 | |||
Healthcare — 13.95% | |||
Amgen ~ | 12,300 | 3,126,168 | |
Bristol Myers Squibb ~ | 30,600 | 1,844,874 | |
Merck & Co. ~ | 19,900 | 1,650,705 | |
Pfizer ~ | 63,900 | 2,345,130 | |
8,966,877 | |||
Industrials — 13.36% | |||
Boeing ~ | 7,500 | 1,239,450 | |
CSX ~ | 30,200 | 2,345,634 | |
Honeywell International ~ | 4,900 | 806,589 | |
Lockheed Martin ~ | 8,700 | 3,334,536 | |
Raytheon Technologies ~ | 15,000 | 863,100 | |
8,589,309 | |||
Information Technology — 29.84% | |||
Apple ~ | 14,800 | 1,713,988 | |
Broadcom ~ | 12,500 | 4,554,000 |
Number of shares | Value (US $) | ||
Common Stock (continued) | |||
Information Technology (continued) | |||
Cisco Systems ~ | 77,600 | $3,056,664 | |
Corning ~ | 94,100 | 3,049,781 | |
International Business Machines ~ | 7,400 | 900,358 | |
Microsoft ~ | 11,700 | 2,460,861 | |
Oracle ~ | 48,100 | 2,871,570 | |
Texas Instruments ~ | 4,000 | 571,160 | |
19,178,382 | |||
Materials — 4.11% | |||
DuPont de Nemours ~ | 21,400 | 1,187,272 | |
Nucor ~ | 32,500 | 1,457,950 | |
2,645,222 | |||
Utilities — 3.23% | |||
Exelon ~ | 58,000 | 2,074,080 | |
2,074,080 | |||
Total Common Stock♦ (cost $76,445,056) | 75,420,073 | ||
Short-Term Investments — 0.21% | |||
Money Market Mutual Funds — 0.21% | |||
BlackRock FedFund – Institutional Shares (seven-day effective yield 0.00%) | 34,344 | 34,344 | |
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 0.01%) | 34,344 | 34,344 | |
GS Financial Square Government Fund – Institutional Shares (seven-day effective yield 0.00%) | 34,345 | 34,345 | |
Morgan Stanley Government Portfolio – Institutional Share Class (seven-day effective yield 0.00%) | 34,344 | 34,344 | |
Total Short-Term Investments (cost $137,377) | 137,377 | ||
Total Value of Securities Before Options Written—117.55% (cost $76,582,433) | 75,557,450 |
Number of contracts | Value (US $) | ||
Options Written — (19.06%) | |||
Equity Call Options — (19.06%) | |||
American Express strike price $90, expiration date 4/16/21, notional amount $(837,000) | (93) | $(152,287) | |
Amgen strike price $210, expiration date 1/15/21, notional amount $(2,583,000) | (123) | (588,862) | |
Apple strike price $95, expiration date 3/19/21, notional amount $(1,406,000) | (148) | (373,330) | |
Bank of America strike price $25, expiration date 1/15/21, notional amount $(2,430,000) | (972) | (158,436) | |
BlackRock strike price $480, expiration date 6/18/21, notional amount $(2,112,000) | (44) | (475,640) | |
BlackRock strike price $520, expiration date 6/18/21, notional amount $(676,000) | (13) | (102,765) | |
Boeing strike price $175, expiration date 1/15/21, notional amount $(962,500) | (55) | (93,500) | |
Boeing strike price $200, expiration date 1/15/21, notional amount $(400,000) | (20) | (19,650) | |
Bristol-Myers Squibb strike price $52.50, expiration date 1/15/21, notional amount $(1,606,500) | (306) | (270,045) | |
Broadcom strike price $280, expiration date 6/18/21, notional amount $(3,500,000) | (125) | (1,200,625) | |
Chevron strike price $77.50, expiration date 1/15/21, notional amount $(1,976,250) | (255) | (87,975) |
Number of contracts | Value (US $) | ||
Options Written (continued) | |||
Equity Call Options — (continued) | |||
Chevron strike price $100, expiration date 1/15/21, notional amount $(270,000) | (27) | $(1,094) | |
Cisco Systems strike price $35, expiration date 6/18/21, notional amount $(2,264,500) | (647) | (397,905) | |
Cisco Systems strike price $40, expiration date 1/15/21, notional amount $(516,000) | (129) | (27,348) | |
Comcast strike price $35, expiration date 1/15/21, notional amount $(966,000) | (276) | (322,920) | |
Comcast strike price $37.50, expiration date 1/15/21, notional amount $(581,250) | (155) | (142,988) | |
ConocoPhillips strike price $35, expiration date 1/15/21, notional amount $(983,500) | (281) | (65,895) | |
ConocoPhillips strike price $40, expiration date 1/15/21, notional amount $(500,000) | (125) | (13,813) | |
Constellation Brands strike price $155, expiration date 1/15/21, notional amount $(403,000) | (26) | (100,360) | |
Constellation Brands strike price $165, expiration date 1/15/21, notional amount $(1,947,000) | (118) | (357,540) | |
Corning strike price $28, expiration date 2/19/21, notional amount $(1,540,000) | (550) | (309,375) | |
Corning strike price $29, expiration date 2/19/21, notional amount $(1,133,900) | (391) | (200,387) |
Number of contracts | Value (US $) | ||
Options Written (continued) | |||
Equity Call Options — (continued) | |||
CSX strike price $67.50, expiration date 6/18/21, notional amount $(2,038,500) | (302) | $(444,695) | |
Discover Financial Services strike price $47.50, expiration date 1/15/21, notional amount $(351,500) | (74) | (92,500) | |
Discover Financial Services strike price $50, expiration date 1/15/21, notional amount $(430,000) | (86) | (95,030) | |
DuPont de Nemours strike price $52.50, expiration date 1/15/21, notional amount $(1,123,500) | (214) | (134,820) | |
Exelon strike price $32, expiration date 4/16/21, notional amount $(1,856,000) | (580) | (298,700) | |
Home Depot strike price $245, expiration date 6/18/21, notional amount $(2,572,500) | (105) | (474,337) | |
Honeywell International strike price $145, expiration date 3/19/21, notional amount $(710,500) | (49) | (127,645) | |
International Business Machines strike price $105, expiration date 6/18/21, notional amount $(556,500) | (53) | (108,120) | |
International Business Machines strike price $115, expiration date 1/15/21, notional amount $(241,500) | (21) | (23,730) |
Number of contracts | Value (US $) | ||
Options Written (continued) | |||
Equity Call Options — (continued) | |||
JPMorgan Chase & Co. strike price $100, expiration date 1/15/21, notional amount $(10,000) | (1) | $(540) | |
JPMorgan Chase & Co. strike price $105, expiration date 1/15/21, notional amount $(892,500) | (85) | (31,025) | |
Lockheed Martin strike price $365, expiration date 1/15/21, notional amount $(3,175,500) | (87) | (300,585) | |
Merck & Co. strike price $75, expiration date 6/18/21, notional amount $(1,492,500) | (199) | (223,875) | |
Microsoft strike price $160, expiration date 6/18/21, notional amount $(1,072,000) | (67) | (372,520) | |
Microsoft strike price $190, expiration date 1/15/21, notional amount $(950,000) | (50) | (138,875) | |
Nucor strike price $40, expiration date 4/16/21, notional amount $(1,300,000) | (325) | (242,125) | |
Oracle strike price $47, expiration date 1/15/21, notional amount $(1,245,500) | (265) | (348,475) | |
Oracle strike price $50, expiration date 1/15/21, notional amount $(1,080,000) | (216) | (227,340) | |
Pfizer strike price $32, expiration date 6/18/21, notional amount $(339,200) | (106) | (60,950) |
Number of contracts | Value (US $) | ||
Options Written (continued) | |||
Equity Call Options — (continued) | |||
Pfizer strike price $33, expiration date 1/15/21, notional amount $(732,600) | (222) | $(98,235) | |
Pfizer strike price $35, expiration date 1/15/21, notional amount $(1,088,500) | (311) | (95,633) | |
Philip Morris International strike price $72.50, expiration date 1/15/21, notional amount $(2,929,000) | (404) | (238,360) | |
Raytheon Technologies strike price $65, expiration date 1/15/21, notional amount $(975,000) | (150) | (30,525) | |
Texas Instruments strike price $115, expiration date 6/18/21, notional amount $(460,000) | (40) | (128,700) | |
TJX strike price $42.50, expiration date 1/15/21, notional amount $(1,015,750) | (239) | (340,575) | |
TJX strike price $50, expiration date 1/15/21, notional amount $(570,000) | (114) | (94,050) | |
Travelers strike price $95, expiration date 1/15/21, notional amount $(1,520,000) | (160) | (255,200) | |
Verizon Communications strike price $52.50, expiration date 1/15/21, notional amount $(2,656,500) | (506) | (363,055) |
Number of contracts | Value (US $) | ||
Options Written (continued) | |||
Equity Call Options — (continued) | |||
ViacomCBS strike price $20, expiration date 1/15/21, notional amount $(1,042,000) | (521) | $(451,967) | |
Whirlpool strike price $140, expiration date 3/19/21, notional amount $(2,688,000) | (192) | (948,480) | |
Total Options Written (premium received $13,317,636) | (12,253,407) |
♦ | Narrow industries are utilized for compliance purposes for diversification whereas broad sectors are used for financial reporting. |
~ | All or portion of the security has been pledged as collateral with outstanding options written. |
Summary of abbreviations: |
GS – Goldman Sachs |
Principal amount° | Value (US $) | ||
Agency Mortgage-Backed Securities — 0.60% | |||
Fannie Mae S.F. 30 yr | |||
4.00% 3/1/47 | 540,923 | $583,517 | |
4.50% 9/1/40 | 271,015 | 304,951 | |
5.00% 7/1/47 | 159,000 | 182,943 | |
5.50% 5/1/33 | 39,401 | 45,498 | |
5.50% 10/1/33 | 60,267 | 71,000 | |
5.50% 12/1/34 | 74,130 | 87,282 | |
5.50% 9/1/35 | 40,135 | 46,626 | |
5.50% 1/1/37 | 55,932 | 64,759 | |
5.50% 10/1/39 | 90,214 | 104,338 | |
6.00% 5/1/36 | 55,477 | 62,253 | |
6.00% 6/1/37 | 14,986 | 17,616 | |
6.00% 7/1/37 | 20,974 | 24,659 | |
6.00% 8/1/37 | 19,132 | 22,389 | |
6.00% 10/1/40 | 179,611 | 211,219 | |
6.50% 11/1/33 | 93,934 | 107,070 | |
6.50% 6/1/36 | 37,592 | 43,433 | |
7.00% 3/1/32 | 172,154 | 196,696 | |
7.00% 8/1/32 | 89,080 | 92,548 | |
Freddie Mac S.F. 30 yr | |||
4.50% 10/1/40 | 441,190 | 500,129 | |
5.50% 5/1/38 | 137,328 | 159,034 | |
5.50% 9/1/39 | 99,802 | 115,530 | |
5.50% 10/1/39 | 211,078 | 235,939 | |
Total Agency Mortgage-Backed Securities (cost $3,087,442) | 3,279,429 | ||
Collateralized Debt Obligations — 0.18% | |||
Octagon Investment Partners 144A 1.412% ((LIBOR03M + 1.14%)) 1/20/30 #, • | 1,000,000 | 994,730 | |
Total Collateralized Debt Obligations (cost $998,948) | 994,730 | ||
Convertible Bonds — 9.62% | |||
Capital Goods — 0.54% | |||
Aerojet Rocketdyne Holdings 2.25% exercise price $26.00, maturity date 12/15/23 | 282,000 | 448,556 |
Principal amount° | Value (US $) | ||
Convertible Bonds (continued) | |||
Capital Goods (continued) | |||
Chart Industries 144A 1.00% exercise price $58.73, maturity date 11/15/24 # | 1,691,000 | $2,352,140 | |
Middleby 144A 1.00% exercise price $128.62, maturity date 9/1/25 # | 160,000 | 158,000 | |
2,958,696 | |||
Communications — 1.50% | |||
DISH Network 3.375% exercise price $65.18, maturity date 8/15/26 | 1,857,000 | 1,709,362 | |
GCI Liberty 144A 1.75% exercise price $370.52, maturity date 9/30/46 # | 1,206,000 | 2,072,511 | |
InterDigital 2.00% exercise price $81.29, maturity date 6/1/24 | 2,157,000 | 2,232,948 | |
Liberty Media 2.25% exercise price $33.41, maturity date 9/30/46 | 4,788,000 | 2,253,233 | |
8,268,054 | |||
Consumer Non-Cyclical — 2.24% | |||
BioMarin Pharmaceutical 0.599% exercise price $124.67, maturity date 8/1/24 | 1,762,000 | 1,853,365 | |
Chefs' Warehouse 144A 1.875% exercise price $44.20, maturity date 12/1/24 # | 1,662,000 | 1,323,061 | |
Coherus Biosciences 144A 1.50% exercise price $19.26, maturity date 4/15/26 # | 167,000 | 196,541 | |
Collegium Pharmaceutical 2.625% exercise price $29.19, maturity date 2/15/26 | 1,018,000 | 1,012,910 | |
FTI Consulting 2.00% exercise price $101.37, maturity date 8/15/23 | 610,000 | 750,328 | |
Integra LifeSciences Holdings 144A 0.50% exercise price $73.67, maturity date 8/15/25 # | 1,651,000 | 1,553,491 | |
Jazz Investments I 144A 2.00% exercise price $155.81, maturity date 6/15/26 # | 1,068,000 | 1,252,538 |
Principal amount° | Value (US $) | ||
Convertible Bonds (continued) | |||
Consumer Non-Cyclical (continued) | |||
Paratek Pharmaceuticals 4.75% exercise price $15.90, maturity date 5/1/24 | 2,298,000 | $1,888,969 | |
Team 5.00% exercise price $21.70, maturity date 8/1/23 | 2,422,000 | 2,035,755 | |
Tricida 144A 3.50% exercise price $33.23, maturity date 5/15/27 # | 853,000 | 517,153 | |
12,384,111 | |||
Energy — 1.44% | |||
Cheniere Energy 4.25% exercise price $138.38, maturity date 3/15/45 | 4,457,000 | 3,232,501 | |
Helix Energy Solutions Group 6.75% exercise price $6.97, maturity date 2/15/26 | 2,099,000 | 1,727,455 | |
PDC Energy 1.125% exercise price $85.39, maturity date 9/15/21 | 3,100,000 | 2,970,875 | |
7,930,831 | |||
Real Estate Investment Trusts — 0.42% | |||
Blackstone Mortgage Trust 4.75% exercise price $36.23, maturity date 3/15/23 | 2,464,000 | 2,346,068 | |
2,346,068 | |||
Technology — 3.10% | |||
Boingo Wireless 1.00% exercise price $42.32, maturity date 10/1/23 | 3,615,000 | 3,176,583 | |
Knowles 3.25% exercise price $18.43, maturity date 11/1/21 | 932,000 | 998,813 | |
Ligand Pharmaceuticals 0.75% exercise price $248.48, maturity date 5/15/23 | 1,332,000 | 1,211,248 | |
Microchip Technology 1.625% exercise price $94.91, maturity date 2/15/27 | 1,022,000 | 1,577,119 | |
ON Semiconductor 1.625% exercise price $20.72, maturity date 10/15/23 | 819,000 | 1,083,639 |
Principal amount° | Value (US $) | ||
Convertible Bonds (continued) | |||
Technology (continued) | |||
Palo Alto Networks 0.75% exercise price $266.35, maturity date 7/1/23 | 1,231,000 | $1,390,773 | |
Pluralsight 0.375% exercise price $38.76, maturity date 3/1/24 | 2,801,000 | 2,487,288 | |
Quotient Technology 1.75% exercise price $17.36, maturity date 12/1/22 | 2,421,000 | 2,324,948 | |
Retrophin 2.50% exercise price $38.80, maturity date 9/15/25 | 2,142,000 | 1,831,311 | |
Synaptics 0.50% exercise price $73.02, maturity date 6/15/22 | 819,000 | 1,014,972 | |
17,096,694 | |||
Utilities — 0.38% | |||
NRG Energy 2.75% exercise price $46.64, maturity date 6/1/48 | 2,008,000 | 2,089,798 | |
2,089,798 | |||
Total Convertible Bonds (cost $54,248,942) | 53,074,252 | ||
Corporate Bonds — 16.00% | |||
Banking — 0.86% | |||
Banco de Credito del Peru 144A 2.70% 1/11/25 # | 302,000 | 314,760 | |
Banco Nacional de Panama 144A 2.50% 8/11/30 # | 205,000 | 203,104 | |
Bank of America | |||
1.898% 7/23/31 μ | 165,000 | 164,787 | |
2.676% 6/19/41 μ | 45,000 | 46,143 | |
Bank of Montreal 1.85% 5/1/25 | 20,000 | 20,879 | |
Bank of New York Mellon 4.70% μ, ψ | 20,000 | 21,270 | |
BBVA Bancomer 144A 1.875% 9/18/25 # | 200,000 | 195,650 | |
Citizens Financial Group 5.65% μ, ψ | 20,000 | 20,907 | |
Corp. Financiera de Desarrollo 144A 2.40% 9/28/27 # | 200,000 | 202,100 | |
Development Bank of Mongolia 144A 7.25% 10/23/23 # | 265,000 | 278,270 |
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Banking (continued) | |||
Goldman Sachs Group | |||
2.60% 2/7/30 | 25,000 | $26,433 | |
3.50% 4/1/25 | 10,000 | 11,049 | |
JPMorgan Chase & Co. | |||
2.522% 4/22/31 μ | 25,000 | 26,678 | |
3.109% 4/22/41 μ | 15,000 | 16,409 | |
3.109% 4/22/51 μ | 20,000 | 21,290 | |
4.023% 12/5/24 μ | 150,000 | 165,082 | |
4.60% μ, ψ | 30,000 | 29,438 | |
5.00% μ, ψ | 70,000 | 69,940 | |
Morgan Stanley | |||
1.463% (LIBOR03M + 1.22%) 5/8/24 • | 90,000 | 91,052 | |
3.622% 4/1/31 μ | 20,000 | 22,892 | |
5.00% 11/24/25 | 165,000 | 193,763 | |
Natwest Group 8.625% μ, ψ | 910,000 | 934,770 | |
PNC Financial Services Group 2.60% 7/23/26 | 220,000 | 240,479 | |
Popular 6.125% 9/14/23 | 935,000 | 989,833 | |
Truist Bank 2.636% 9/17/29 μ | 275,000 | 285,395 | |
Truist Financial 4.95% μ, ψ | 25,000 | 26,375 | |
US Bancorp 1.45% 5/12/25 | 30,000 | 30,989 | |
USB Capital IX 3.50% (LIBOR03M + 1.02%) ψ, • | 85,000 | 79,752 | |
Wells Fargo & Co. 3.068% 4/30/41 μ | 15,000 | 15,632 | |
4,745,121 | |||
Basic Industry — 1.37% | |||
Allegheny Technologies 7.875% 8/15/23 | 75,000 | 76,891 | |
Avient 144A 5.75% 5/15/25 # | 204,000 | 216,495 | |
Boise Cascade 144A 4.875% 7/1/30 # | 329,000 | 353,675 | |
Chemours 7.00% 5/15/25 | 121,000 | 121,726 | |
Freeport-McMoRan | |||
4.55% 11/14/24 | 345,000 | 369,255 | |
5.45% 3/15/43 | 580,000 | 645,030 | |
Georgia-Pacific | |||
144A 1.75% 9/30/25 # | 20,000 | 20,862 | |
144A 2.10% 4/30/27 # | 15,000 | 15,757 | |
144A 2.30% 4/30/30 # | 35,000 | 37,190 |
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Basic Industry (continued) | |||
Hudbay Minerals | |||
144A 7.25% 1/15/23 # | 175,000 | $178,378 | |
144A 7.625% 1/15/25 # | 25,000 | 25,486 | |
Koppers 144A 6.00% 2/15/25 # | 50,000 | 50,813 | |
Lennar 5.00% 6/15/27 | 195,000 | 218,887 | |
Methanex 5.25% 12/15/29 | 130,000 | 128,781 | |
Minera Mexico 144A 4.50% 1/26/50 # | 307,000 | 336,011 | |
Newmont | |||
2.25% 10/1/30 | 140,000 | 144,759 | |
2.80% 10/1/29 | 100,000 | 108,475 | |
Novelis 144A 4.75% 1/30/30 # | 105,000 | 102,688 | |
OCP 144A 4.50% 10/22/25 # | 200,000 | 211,727 | |
Olin | |||
5.00% 2/1/30 | 245,000 | 230,867 | |
5.125% 9/15/27 | 785,000 | 778,622 | |
PowerTeam Services 144A 9.033% 12/4/25 # | 730,000 | 772,431 | |
PulteGroup 5.00% 1/15/27 | 185,000 | 209,628 | |
Standard Industries 144A 4.75% 1/15/28 # | 350,000 | 364,000 | |
Steel Dynamics 5.00% 12/15/26 | 890,000 | 951,274 | |
Tronox 144A 6.50% 4/15/26 # | 795,000 | 796,491 | |
Vale Overseas 3.75% 7/8/30 | 100,000 | 103,000 | |
7,569,199 | |||
Brokerage — 0.05% | |||
Charles Schwab 5.375% μ, ψ | 25,000 | 27,151 | |
Jefferies Group 4.15% 1/23/30 | 230,000 | 259,484 | |
286,635 | |||
Capital Goods — 1.07% | |||
Amphenol 2.05% 3/1/25 | 15,000 | 15,759 | |
Ardagh Packaging Finance 144A 5.25% 8/15/27 # | 765,000 | 780,300 | |
Berry Global 144A 5.625% 7/15/27 # | 50,000 | 52,531 | |
Bombardier 144A 6.00% 10/15/22 # | 425,000 | 394,719 |
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Capital Goods (continued) | |||
Colfax 144A 6.00% 2/15/24 # | 25,000 | $26,042 | |
Crown Americas 4.25% 9/30/26 | 775,000 | 805,516 | |
Mauser Packaging Solutions Holding 144A 5.50% 4/15/24 # | 970,000 | 974,850 | |
Otis Worldwide | |||
2.056% 4/5/25 | 20,000 | 21,038 | |
2.565% 2/15/30 | 30,000 | 32,273 | |
3.112% 2/15/40 | 26,000 | 27,907 | |
3.362% 2/15/50 | 4,000 | 4,422 | |
Reynolds Group Issuer | |||
144A 4.00% 10/15/27 # | 750,000 | 755,775 | |
144A 5.125% 7/15/23 # | 175,000 | 177,275 | |
Roper Technologies 2.35% 9/15/24 | 195,000 | 206,404 | |
TransDigm 144A 6.25% 3/15/26 # | 790,000 | 829,346 | |
Vertical US Newco 144A 5.25% 7/15/27 # | 760,000 | 791,266 | |
5,895,423 | |||
Communications — 1.61% | |||
Altice Financing 144A 5.00% 1/15/28 # | 200,000 | 194,513 | |
Altice France 144A 7.375% 5/1/26 # | 980,000 | 1,027,971 | |
Altice France Holding 144A 6.00% 2/15/28 # | 770,000 | 735,847 | |
AT&T | |||
2.30% 6/1/27 | 15,000 | 15,768 | |
3.10% 2/1/43 | 15,000 | 14,715 | |
3.50% 6/1/41 | 105,000 | 110,912 | |
3.65% 6/1/51 | 40,000 | 40,594 | |
4.35% 3/1/29 | 83,000 | 97,559 | |
CenturyLink 144A 5.125% 12/15/26 # | 725,000 | 745,913 | |
Charter Communications Operating | |||
4.80% 3/1/50 | 70,000 | 80,402 | |
5.05% 3/30/29 | 165,000 | 197,927 | |
Colombia Telecomunicaciones 144A 4.95% 7/17/30 # | 200,000 | 208,250 |
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Communications (continued) | |||
Comcast | |||
3.20% 7/15/36 | 190,000 | $211,385 | |
3.75% 4/1/40 | 10,000 | 11,715 | |
Hughes Satellite Systems 6.625% 8/1/26 | 25,000 | 27,144 | |
Level 3 Financing 144A 4.25% 7/1/28 # | 670,000 | 680,934 | |
Ooredoo International Finance 144A 5.00% 10/19/25 # | 267,000 | 312,915 | |
Qwest 7.25% 9/15/25 | 75,000 | 86,221 | |
Sprint | |||
7.125% 6/15/24 | 815,000 | 938,774 | |
7.625% 3/1/26 | 50,000 | 60,495 | |
7.875% 9/15/23 | 125,000 | 143,453 | |
Time Warner Cable 7.30% 7/1/38 | 110,000 | 155,811 | |
Time Warner Entertainment 8.375% 3/15/23 | 55,000 | 64,676 | |
T-Mobile USA | |||
144A 1.50% 2/15/26 # | 15,000 | 15,061 | |
144A 3.00% 2/15/41 # | 10,000 | 9,897 | |
144A 3.50% 4/15/25 # | 20,000 | 21,964 | |
144A 3.75% 4/15/27 # | 20,000 | 22,411 | |
144A 3.875% 4/15/30 # | 75,000 | 85,371 | |
144A 4.375% 4/15/40 # | 15,000 | 17,598 | |
6.00% 3/1/23 | 175,000 | 175,674 | |
Verizon Communications | |||
3.15% 3/22/30 | 10,000 | 11,320 | |
4.00% 3/22/50 | 5,000 | 6,175 | |
4.50% 8/10/33 | 180,000 | 227,762 | |
ViacomCBS | |||
4.375% 3/15/43 | 270,000 | 286,997 | |
4.95% 1/15/31 | 15,000 | 17,982 | |
Vodafone Group | |||
4.25% 9/17/50 | 115,000 | 133,790 | |
4.875% 6/19/49 | 130,000 | 161,989 | |
Zayo Group Holdings | |||
144A 4.00% 3/1/27 # | 745,000 | 734,220 | |
144A 6.125% 3/1/28 # | 750,000 | 774,248 | |
8,866,353 | |||
Consumer Cyclical — 1.52% | |||
Allison Transmission 144A 5.875% 6/1/29 # | 765,000 | 828,392 |
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Consumer Cyclical (continued) | |||
Amazon.com | |||
1.20% 6/3/27 | 15,000 | $15,223 | |
1.50% 6/3/30 | 20,000 | 20,473 | |
2.50% 6/3/50 | 30,000 | 30,641 | |
Boyd Gaming 6.00% 8/15/26 | 750,000 | 776,107 | |
Caesars Entertainment 144A 6.25% 7/1/25 # | 750,000 | 782,816 | |
Ford Motor 9.00% 4/22/25 | 345,000 | 395,989 | |
Ford Motor Credit 4.542% 8/1/26 | 770,000 | 767,983 | |
General Motors | |||
5.40% 10/2/23 | 15,000 | 16,551 | |
6.125% 10/1/25 | 15,000 | 17,448 | |
General Motors Financial | |||
4.35% 4/9/25 | 110,000 | 119,498 | |
5.20% 3/20/23 | 25,000 | 27,141 | |
5.25% 3/1/26 | 165,000 | 185,806 | |
Hilton Worldwide Finance 4.875% 4/1/27 | 965,000 | 982,177 | |
Home Depot | |||
2.70% 4/15/30 | 15,000 | 16,730 | |
3.35% 4/15/50 | 15,000 | 17,387 | |
Hutama Karya Persero 144A 3.75% 5/11/30 # | 200,000 | 217,547 | |
L Brands 144A 6.875% 7/1/25 # | 730,000 | 789,502 | |
Lowe's 4.55% 4/5/49 | 160,000 | 206,506 | |
Mastercard | |||
3.30% 3/26/27 | 10,000 | 11,448 | |
3.85% 3/26/50 | 5,000 | 6,326 | |
MGM Resorts International | |||
5.75% 6/15/25 | 76,000 | 79,851 | |
6.00% 3/15/23 | 50,000 | 51,964 | |
Murphy Oil USA 4.75% 9/15/29 | 1,143,000 | 1,219,941 | |
Scientific Games International 144A 8.25% 3/15/26 # | 292,000 | 306,079 | |
Stars Group Holdings 144A 7.00% 7/15/26 # | 50,000 | 53,219 | |
William Carter 144A 5.625% 3/15/27 # | 355,000 | 371,419 | |
Wynn Las Vegas 144A 5.50% 3/1/25 # | 50,000 | 48,094 | |
8,362,258 |
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Consumer Non-Cyclical — 1.05% | |||
AbbVie | |||
144A 2.60% 11/21/24 # | 30,000 | $31,845 | |
144A 2.95% 11/21/26 # | 25,000 | 27,271 | |
144A 4.05% 11/21/39 # | 10,000 | 11,452 | |
144A 4.25% 11/21/49 # | 30,000 | 35,622 | |
Amgen 2.20% 2/21/27 | 10,000 | 10,571 | |
Anheuser-Busch InBev Worldwide 3.65% 2/1/26 | 145,000 | 162,243 | |
BAT Capital 2.259% 3/25/28 | 15,000 | 15,062 | |
BAT International Finance 1.668% 3/25/26 | 20,000 | 20,089 | |
Biogen | |||
2.25% 5/1/30 | 35,000 | 35,788 | |
3.15% 5/1/50 | 35,000 | 34,653 | |
Cott Holdings 144A 5.50% 4/1/25 # | 466,000 | 478,233 | |
CVS Health | |||
1.30% 8/21/27 | 10,000 | 9,863 | |
3.25% 8/15/29 | 280,000 | 310,605 | |
3.75% 4/1/30 | 15,000 | 17,181 | |
Gilead Sciences 4.15% 3/1/47 | 30,000 | 36,724 | |
JBS USA LUX 144A 6.50% 4/15/29 # | 1,077,000 | 1,196,784 | |
Kraft Heinz Foods 5.20% 7/15/45 | 710,000 | 776,994 | |
Pilgrim's Pride 144A 5.875% 9/30/27 # | 875,000 | 904,531 | |
Post Holdings | |||
144A 5.50% 12/15/29 # | 1,188,000 | 1,272,675 | |
144A 5.75% 3/1/27 # | 175,000 | 184,461 | |
Regeneron Pharmaceuticals 1.75% 9/15/30 | 15,000 | 14,651 | |
Royalty Pharma | |||
144A 1.20% 9/2/25 # | 20,000 | 19,960 | |
144A 1.75% 9/2/27 # | 15,000 | 15,011 | |
Stryker 1.95% 6/15/30 | 25,000 | 25,512 |
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Consumer Non-Cyclical (continued) | |||
Upjohn | |||
144A 1.65% 6/22/25 # | 5,000 | $5,125 | |
144A 2.30% 6/22/27 # | 5,000 | 5,171 | |
144A 2.70% 6/22/30 # | 115,000 | 119,184 | |
144A 4.00% 6/22/50 # | 10,000 | 10,702 | |
5,787,963 | |||
Energy — 1.74% | |||
ChampionX 6.375% 5/1/26 | 50,000 | 47,938 | |
Cheniere Corpus Christi Holdings 7.00% 6/30/24 | 235,000 | 270,874 | |
Cheniere Energy Partners 4.50% 10/1/29 | 547,000 | 561,764 | |
Chevron 2.236% 5/11/30 | 20,000 | 21,253 | |
CNX Resources 144A 7.25% 3/14/27 # | 87,000 | 88,850 | |
Crestwood Midstream Partners | |||
144A 5.625% 5/1/27 # | 390,000 | 349,350 | |
6.25% 4/1/23 | 80,000 | 78,417 | |
DCP Midstream Operating | |||
3.875% 3/15/23 | 50,000 | 49,585 | |
5.125% 5/15/29 | 25,000 | 24,667 | |
Energy Transfer Operating | |||
5.25% 4/15/29 | 165,000 | 177,665 | |
6.25% 4/15/49 | 55,000 | 56,749 | |
EQM Midstream Partners 144A 6.50% 7/1/27 # | 715,000 | 758,926 | |
Equinor 1.75% 1/22/26 | 15,000 | 15,569 | |
Genesis Energy 6.50% 10/1/25 | 50,000 | 42,969 | |
Grupo Energia Bogota 144A 4.875% 5/15/30 # | 575,000 | 643,569 | |
Israel Electric 144A 4.25% 8/14/28 # | 498,000 | 567,969 | |
KazTransGas JSC 144A 4.375% 9/26/27 # | 579,000 | 625,835 | |
Lukoil Securities 144A 3.875% 5/6/30 # | 265,000 | 280,582 | |
Marathon Oil 4.40% 7/15/27 | 275,000 | 273,752 |
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Energy (continued) | |||
MPLX | |||
1.75% 3/1/26 | 15,000 | $14,993 | |
2.65% 8/15/30 | 15,000 | 14,742 | |
4.00% 3/15/28 | 35,000 | 38,238 | |
4.80% 2/15/29 | 150,000 | 172,314 | |
5.50% 2/15/49 | 90,000 | 100,859 | |
Murphy Oil 5.875% 12/1/27 | 513,000 | 438,605 | |
Noble Energy | |||
3.25% 10/15/29 | 130,000 | 144,041 | |
4.95% 8/15/47 | 65,000 | 85,467 | |
NuStar Logistics 5.625% 4/28/27 | 405,000 | 400,950 | |
Occidental Petroleum 3.50% 8/15/29 | 900,000 | 691,560 | |
Oleoducto Central 144A 4.00% 7/14/27 # | 200,000 | 207,850 | |
Petrobras Global Finance 6.75% 6/3/50 | 250,000 | 271,105 | |
Sinopec Group Overseas Development 2018 144A 2.50% 8/8/24 # | 898,000 | 938,082 | |
Southwestern Energy 7.75% 10/1/27 | 499,000 | 485,228 | |
Sunoco 4.875% 1/15/23 | 75,000 | 75,648 | |
Targa Resources Partners 5.375% 2/1/27 | 310,000 | 312,460 | |
Tengizchevroil Finance Co International 144A 2.625% 8/15/25 # | 200,000 | 201,150 | |
USA Compression Partners 6.875% 9/1/27 | 50,000 | 49,666 | |
9,579,241 | |||
Financials — 0.68% | |||
AerCap Global Aviation Trust 144A 6.50% 6/15/45 #, μ | 425,000 | 362,631 | |
Air Lease | |||
2.875% 1/15/26 | 30,000 | 29,525 | |
3.00% 2/1/30 | 45,000 | 41,969 | |
3.375% 7/1/25 | 15,000 | 15,330 | |
Ally Financial | |||
5.75% 11/20/25 | 1,275,000 | 1,433,508 | |
8.00% 11/1/31 | 50,000 | 68,602 | |
Avolon Holdings Funding | |||
144A 3.25% 2/15/27 # | 10,000 | 8,942 | |
144A 3.95% 7/1/24 # | 75,000 | 71,304 | |
Banco del Estado de Chile 144A 2.704% 1/9/25 # | 280,000 | 294,878 |
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Financials (continued) | |||
Bank of Georgia 144A 6.00% 7/26/23 # | 255,000 | $266,526 | |
E*TRADE Financial 5.875% μ, ψ | 940,000 | 1,023,937 | |
Icahn Enterprises 6.25% 5/15/26 | 100,000 | 104,484 | |
3,721,636 | |||
Healthcare — 1.27% | |||
Bausch Health 144A 5.50% 11/1/25 # | 1,080,000 | 1,106,730 | |
Centene | |||
3.375% 2/15/30 | 530,000 | 550,704 | |
4.625% 12/15/29 | 360,000 | 388,784 | |
144A 5.375% 8/15/26 # | 830,000 | 881,709 | |
CHS 144A 6.625% 2/15/25 # | 305,000 | 295,789 | |
Encompass Health | |||
4.75% 2/1/30 | 950,000 | 965,418 | |
5.75% 11/1/24 | 101,000 | 101,341 | |
Hadrian Merger Sub 144A 8.50% 5/1/26 # | 410,000 | 409,410 | |
HCA | |||
5.375% 2/1/25 | 595,000 | 652,409 | |
5.875% 2/1/29 | 350,000 | 408,347 | |
Hill-Rom Holdings 144A 4.375% 9/15/27 # | 400,000 | 415,155 | |
Tenet Healthcare | |||
144A 6.125% 10/1/28 # | 420,000 | 409,762 | |
8.125% 4/1/22 | 360,000 | 400,464 | |
6,986,022 | |||
Insurance — 0.29% | |||
Brighthouse Financial 5.625% 5/15/30 | 15,000 | 17,538 | |
GTCR AP Finance 144A 8.00% 5/15/27 # | 16,000 | 17,010 | |
HUB International 144A 7.00% 5/1/26 # | 725,000 | 752,010 | |
USI 144A 6.875% 5/1/25 # | 825,000 | 837,882 | |
1,624,440 | |||
Media — 1.57% | |||
AMC Networks | |||
4.75% 8/1/25 | 929,000 | 961,701 | |
5.00% 4/1/24 | 100,000 | 102,375 |
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Media (continued) | |||
CCO Holdings | |||
144A 5.375% 6/1/29 # | 565,000 | $612,963 | |
144A 5.875% 5/1/27 # | 975,000 | 1,024,627 | |
Clear Channel Worldwide Holdings 9.25% 2/15/24 | 42,000 | 40,824 | |
CSC Holdings 144A 3.375% 2/15/31 # | 700,000 | 678,650 | |
DISH DBS 5.00% 3/15/23 | 175,000 | 178,719 | |
Gray Television | |||
144A 5.875% 7/15/26 # | 175,000 | 181,891 | |
144A 7.00% 5/15/27 # | 600,000 | 651,232 | |
Lamar Media 5.75% 2/1/26 | 840,000 | 868,791 | |
Midcontinent Communications 144A 5.375% 8/15/27 # | 75,000 | 77,329 | |
Netflix | |||
5.875% 2/15/25 | 75,000 | 84,702 | |
5.875% 11/15/28 | 700,000 | 836,493 | |
Sinclair Television Group | |||
144A 5.125% 2/15/27 # | 565,000 | 525,563 | |
144A 5.625% 8/1/24 # | 75,000 | 74,766 | |
Sirius XM Radio | |||
144A 4.625% 7/15/24 # | 75,000 | 77,672 | |
144A 5.00% 8/1/27 # | 305,000 | 319,041 | |
144A 5.50% 7/1/29 # | 925,000 | 996,294 | |
Terrier Media Buyer 144A 8.875% 12/15/27 # | 370,000 | 373,469 | |
8,667,102 | |||
Real Estate Investment Trusts — 0.19% | |||
American Tower 1.875% 10/15/30 | 30,000 | 29,587 | |
Crown Castle International 5.25% 1/15/23 | 225,000 | 247,357 | |
HAT Holdings I 144A 3.75% 9/15/30 # | 25,000 | 25,187 | |
Iron Mountain 144A 5.25% 3/15/28 # | 530,000 | 552,856 | |
Ladder Capital Finance Holdings 144A 5.25% 10/1/25 # | 175,000 | 162,422 | |
MGM Growth Properties Operating Partnership 5.75% 2/1/27 | 50,000 | 53,953 | |
1,071,362 |
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Services — 0.97% | |||
Aramark Services 144A 5.00% 2/1/28 # | 800,000 | $807,316 | |
Ashtead Capital 144A 4.00% 5/1/28 # | 1,120,000 | 1,164,800 | |
GFL Environmental 144A 3.75% 8/1/25 # | 143,000 | 142,911 | |
Greystar Real Estate Partners 144A 5.75% 12/1/25 # | 200,000 | 202,500 | |
Prime Security Services Borrower 144A 5.75% 4/15/26 # | 968,000 | 1,037,304 | |
Realogy Group 144A 9.375% 4/1/27 # | 50,000 | 51,880 | |
Service Corp. International 4.625% 12/15/27 | 499,000 | 529,985 | |
United Rentals North America 5.25% 1/15/30 | 945,000 | 1,033,003 | |
Univar Solutions USA 144A 5.125% 12/1/27 # | 320,000 | 328,941 | |
Verscend Escrow 144A 9.75% 8/15/26 # | 50,000 | 54,489 | |
5,353,129 | |||
Technology — 0.45% | |||
Broadcom | |||
3.15% 11/15/25 | 15,000 | 16,197 | |
4.15% 11/15/30 | 15,000 | 16,875 | |
5.00% 4/15/30 | 15,000 | 17,733 | |
CommScope Technologies 144A 5.00% 3/15/27 # | 340,000 | 327,037 | |
Fiserv 2.65% 6/1/30 | 25,000 | 26,951 | |
Global Payments 2.65% 2/15/25 | 200,000 | 212,342 | |
Oracle 2.95% 4/1/30 | 30,000 | 33,610 | |
PayPal Holdings | |||
1.65% 6/1/25 | 25,000 | 25,928 | |
2.30% 6/1/30 | 25,000 | 26,444 | |
Sensata Technologies UK Financing 144A 6.25% 2/15/26 # | 505,000 | 529,934 | |
ServiceNow 1.40% 9/1/30 | 20,000 | 19,492 | |
SS&C Technologies 144A 5.50% 9/30/27 # | 1,100,000 | 1,170,367 | |
VeriSign 4.75% 7/15/27 | 25,000 | 26,547 | |
Xilinx 2.375% 6/1/30 | 15,000 | 15,825 | |
2,465,282 |
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Transportation — 0.36% | |||
DAE Funding 144A 5.75% 11/15/23 # | 466,000 | $471,242 | |
Delta Air Lines 144A 7.00% 5/1/25 # | 725,000 | 797,018 | |
Mileage Plus Holdings 144A 6.50% 6/20/27 # | 375,000 | 391,406 | |
Rutas 2 and 7 Finance 144A 3.241% 9/30/36 #, ^ | 302,000 | 215,175 | |
Southwest Airlines | |||
5.125% 6/15/27 | 40,000 | 43,653 | |
5.25% 5/4/25 | 20,000 | 22,054 | |
VistaJet Malta Finance 144A 10.50% 6/1/24 # | 75,000 | 70,553 | |
2,011,101 | |||
Utilities — 0.95% | |||
AEP Texas 3.45% 1/15/50 | 10,000 | 10,952 | |
Appalachian Power 3.70% 5/1/50 | 10,000 | 11,420 | |
Calpine | |||
144A 4.50% 2/15/28 # | 135,000 | 138,486 | |
144A 5.00% 2/1/31 # | 380,000 | 388,047 | |
144A 5.25% 6/1/26 # | 365,000 | 380,310 | |
Centrais Eletricas Brasileiras 144A 3.625% 2/4/25 # | 200,000 | 199,810 | |
Duke Energy 4.875% μ, ψ | 125,000 | 132,392 | |
Entergy Mississippi 2.85% 6/1/28 | 90,000 | 99,055 | |
Entergy Texas 3.55% 9/30/49 | 185,000 | 208,533 | |
Evergy Kansas Central 3.45% 4/15/50 | 35,000 | 39,758 | |
Infraestructura Energetica Nova 144A 3.75% 1/14/28 # | 275,000 | 273,229 | |
Mong Duong Finance Holdings 144A 5.125% 5/7/29 # | 749,000 | 766,843 | |
NextEra Energy Capital Holdings | |||
2.25% 6/1/30 | 25,000 | 26,084 | |
2.90% 4/1/22 | 75,000 | 77,671 | |
NiSource 0.95% 8/15/25 | 15,000 | 15,006 | |
Pacific Gas and Electric | |||
2.10% 8/1/27 | 10,000 | 9,733 | |
2.50% 2/1/31 | 15,000 | 14,327 | |
3.30% 8/1/40 | 5,000 | 4,589 |
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Utilities (continued) | |||
PacifiCorp | |||
2.70% 9/15/30 | 5,000 | $5,533 | |
3.30% 3/15/51 | 10,000 | 11,254 | |
3.50% 6/15/29 | 80,000 | 93,038 | |
PG&E 5.25% 7/1/30 | 755,000 | 731,406 | |
Sempra Energy 4.875% μ, ψ | 20,000 | 20,600 | |
Southern California Edison | |||
4.00% 4/1/47 | 35,000 | 37,539 | |
4.20% 3/1/29 | 150,000 | 173,070 | |
4.875% 3/1/49 | 90,000 | 109,060 | |
Southwestern Electric Power 4.10% 9/15/28 | 165,000 | 192,520 | |
Vistra Operations | |||
144A 5.00% 7/31/27 # | 780,000 | 819,975 | |
144A 5.50% 9/1/26 # | 240,000 | 250,800 | |
5,241,040 | |||
Total Corporate Bonds (cost $85,999,788) | 88,233,307 | ||
Municipal Bonds — 5.09% | |||
Allegheny County Industrial Development Authority Revenue (United States Steel Corporation Project) 4.875% 11/1/24 | 1,000,000 | 952,650 | |
Berks County, Pennsylvania Industrial Development Authority Revenue (Tower Health Project) 5.00% 11/1/47 | 500,000 | 533,820 | |
Capital Trust Agency, Florida (University Bridge, LLC Student Housing Project) Series A 144A 5.25% 12/1/58 # | 500,000 | 495,885 | |
Chicago, Illinois Series A 5.00% 1/1/44 | 2,000,000 | 2,033,180 |
Principal amount° | Value (US $) | ||
Municipal Bonds (continued) | |||
Colorado Health Facilities Authority Revenue (Cappella of Grand Junction Project) 144A 5.00% 12/1/54 # | 1,000,000 | $975,930 | |
Cumberland County, Pennsylvania Municipal Authority Revenue (Asbury Pennsylvania Obligation Group) 5.00% 1/1/45 | 1,000,000 | 968,520 | |
Illinois State | |||
5.00% 1/1/28 | 1,070,000 | 1,153,182 | |
Series A 5.125% 12/1/29 | 1,180,000 | 1,290,625 | |
Lower Alabama Gas District Series A 5.00% 9/1/46 | 1,250,000 | 1,744,987 | |
New Hampshire Business Finance Authority (The Vista Project) Series A 144A 5.25% 7/1/39 # | 1,000,000 | 1,016,460 | |
New Jersey Tobacco Settlement Financing Corporation Series B 5.00% 6/1/46 | 2,500,000 | 2,827,175 | |
New Jersey Transportation Trust Fund Authority 4.00% 6/15/50 | 3,000,000 | 3,088,770 | |
New York Liberty Development Revenue (World Trade Center Project) Class 2 144A 5.15% 11/15/34 # | 750,000 | 783,585 | |
Puerto Rico Sales Tax Financing Revenue | |||
Series A-1 4.75% 7/1/53 | 1,250,000 | 1,303,138 | |
Series A-1 5.00% 7/1/58 | 2,500,000 | 2,648,975 | |
Seminole County Industrial Development Authority, Florida (Legacy Pointe at UCF Project) 5.50% 11/15/49 | 500,000 | 456,175 | |
Texas Private Activity Bond Surface Transportation Corporate Senior Lien (NTE Mobility Partners Segments 3 LLC Segment 3C Project) 5.00% 6/30/58 (AMT) | 2,250,000 | 2,584,440 |
Principal amount° | Value (US $) | ||
Municipal Bonds (continued) | |||
Union County, New Jersey Improvement Authority (Aries Linden, LLC Project) 144A 6.75% 12/1/41 (AMT) # | 1,000,000 | $998,980 | |
Washington Health Care Facilities Authority Revenue Series A-1 4.00% 8/1/44 | 2,000,000 | 2,209,700 | |
Total Municipal Bonds (cost $28,319,802) | 28,066,177 | ||
Non-Agency Commercial Mortgage-Backed Securities — 0.59% | |||
BANK Series 2019-BN21 A5 2.851% 10/17/52 | 100,000 | 110,562 | |
Benchmark Mortgage Trust Series 2019-B9 A5 4.016% 3/15/52 | 350,000 | 415,172 | |
Cantor Commercial Real Estate Lending Series 2019-CF2 A5 2.874% 11/15/52 | 350,000 | 385,798 | |
GS Mortgage Securities Trust | |||
Series 2017-GS5 A4 3.674% 3/10/50 | 350,000 | 399,093 | |
Series 2017-GS6 A3 3.433% 5/10/50 | 350,000 | 394,815 | |
JPM-BB Commercial Mortgage Securities Trust Series 2015-C31 A3 3.801% 8/15/48 | 350,000 | 391,871 | |
JPM-DB Commercial Mortgage Securities Trust Series 2017-C7 A5 3.409% 10/15/50 | 350,000 | 396,374 |
Principal amount° | Value (US $) | ||
Non-Agency Commercial Mortgage-Backed Securities (continued) | |||
Morgan Stanley Bank of America Merrill Lynch Trust Series 2016-C29 A4 3.325% 5/15/49 | 350,000 | $387,102 | |
Wells Fargo Commercial Mortgage Trust Series 2016-BNK1 A3 2.652% 8/15/49 | 350,000 | 369,927 | |
Total Non-Agency Commercial Mortgage-Backed Securities (cost $3,111,557) | 3,250,714 | ||
Loan Agreements — 0.14% | |||
Frontier Communications Tranche B-1 6.00% (LIBOR03M + 2.75%) 6/17/24 • | 770,020 | 760,395 | |
Total Loan Agreements (cost $750,854) | 760,395 | ||
Sovereign Bonds — 1.46% | |||
Azerbaijan — 0.09% | |||
Republic of Azerbaijan International Bond | |||
144A 3.50% 9/1/32 # | 490,000 | 472,636 | |
472,636 | |||
Czechia — 0.07% | |||
Czech Republic Government Bond | |||
0.45% 10/25/23 | CZK | 9,220,000 | 402,331 |
402,331 | |||
Dominican Republic — 0.05% | |||
Dominican Republic International Bond | |||
144A 4.50% 1/30/30 # | 283,000 | 279,109 | |
279,109 | |||
Egypt — 0.04% | |||
Egypt Government International Bond | |||
144A 5.75% 5/29/24 # | 225,000 | 230,602 | |
230,602 |
Principal amount° | Value (US $) | ||
Sovereign Bonds (continued) | |||
Gabon — 0.03% | |||
Gabon Government International Bond | |||
144A 6.625% 2/6/31 # | 200,000 | $179,398 | |
179,398 | |||
Georgia — 0.06% | |||
Georgia Government International Bond | |||
6.875% 4/12/21 | 299,000 | 305,350 | |
305,350 | |||
Guatemala — 0.06% | |||
Guatemala Government Bond | |||
144A 4.875% 2/13/28 # | 281,000 | 310,786 | |
310,786 | |||
Honduras — 0.04% | |||
Honduras Government International Bond | |||
144A 5.625% 6/24/30 # | 200,000 | 214,900 | |
214,900 | |||
Indonesia — 0.08% | |||
Indonesia Government International Bond | |||
144A 4.125% 1/15/25 # | 400,000 | 447,325 | |
447,325 | |||
Israel — 0.06% | |||
Israel Government International Bond | |||
2.75% 7/3/30 | 300,000 | 332,565 | |
332,565 | |||
Ivory Coast — 0.02% | |||
Ivory Coast Government International Bond | |||
144A 6.875% 10/17/40 # | EUR | 100,000 | 105,653 |
105,653 | |||
Kenya — 0.04% | |||
Kenya Government International Bond | |||
144A 6.875% 6/24/24 # | 206,000 | 210,042 | |
210,042 | |||
Mongolia — 0.05% | |||
Mongolia Government International Bond | |||
144A 5.625% 5/1/23 # | 269,000 | 277,411 | |
277,411 |
Principal amount° | Value (US $) | ||
Sovereign Bonds (continued) | |||
Morocco — 0.02% | |||
Morocco Government International Bond | |||
144A 1.375% 3/30/26 # | EUR | 100,000 | $117,243 |
117,243 | |||
North Macedonia — 0.02% | |||
North Macedonia Government International Bond | |||
144A 3.675% 6/3/26 # | EUR | 100,000 | 125,962 |
125,962 | |||
Panama — 0.04% | |||
Panama Government International Bond | |||
144A 3.75% 4/17/26 # | 201,000 | 215,324 | |
215,324 | |||
Paraguay — 0.14% | |||
Paraguay Government International Bond | |||
144A 4.625% 1/25/23 # | 257,000 | 272,420 | |
144A 4.95% 4/28/31 # | 200,000 | 231,300 | |
144A 5.60% 3/13/48 # | 223,000 | 275,630 | |
779,350 | |||
Peru — 0.13% | |||
Peruvian Government International Bond | |||
2.392% 1/23/26 | 300,000 | 314,850 | |
144A 5.35% 8/12/40 # | PEN | 1,376,000 | 378,816 |
693,666 | |||
Poland — 0.03% | |||
Republic of Poland Government Bond | |||
4.00% 10/25/23 | PLN | 674,000 | 194,566 |
194,566 | |||
Republic of Vietnam — 0.05% | |||
Vietnam Government International Bond | |||
144A 4.80% 11/19/24 # | 241,000 | 269,950 | |
269,950 | |||
Romania — 0.04% | |||
Romanian Government International Bond | |||
144A 3.00% 2/14/31 # | 200,000 | 205,750 | |
205,750 |
Principal amount° | Value (US $) | ||
Sovereign Bonds (continued) | |||
Senegal — 0.04% | |||
Senegal Government International Bond | |||
144A 6.25% 5/23/33 # | 200,000 | $197,927 | |
197,927 | |||
Serbia — 0.06% | |||
Serbia International Bond | |||
144A 3.125% 5/15/27 # | EUR | 250,000 | 313,784 |
313,784 | |||
Ukraine — 0.10% | |||
Ukraine Government International Bond | |||
144A 7.75% 9/1/21 # | 561,000 | 575,901 | |
575,901 | |||
Uruguay — 0.03% | |||
Uruguay Government International Bond | |||
4.375% 1/23/31 | 100,000 | 119,156 | |
4.50% 8/14/24 | 69,000 | 75,548 | |
194,704 | |||
Uzbekistan — 0.07% | |||
Republic of Uzbekistan Bond | |||
144A 4.75% 2/20/24 # | 374,000 | 394,570 | |
394,570 | |||
Total Sovereign Bonds (cost $7,811,339) | 8,046,805 | ||
Supranational Banks — 0.13% | |||
Banque Ouest Africaine de Developpement 144A 4.70% 10/22/31 # | 306,000 | 321,686 | |
Central American Bank For Economic Integration 144A 2.00% 5/6/25 # | 400,000 | 414,424 | |
Total Supranational Banks (cost $705,948) | 736,110 | ||
US Treasury Obligations — 0.54% | |||
US Treasury Bonds | |||
1.375% 8/15/50 | 240,000 | 234,863 | |
4.375% 2/15/38 | 60,000 | 92,334 | |
US Treasury Inflation Indexed Notes | |||
0.125% 1/15/30 | 513,601 | 567,708 | |
0.125% 7/15/30 | 217,272 | 241,632 | |
Principal amount° | Value (US $) | ||
US Treasury Obligations (continued) | |||
US Treasury Notes 0.625% 8/15/30 | 1,800,000 | $1,789,734 | |
US Treasury Strip Principal 2.26% 5/15/44 ^ | 105,000 | 74,891 | |
Total US Treasury Obligations (cost $2,954,029) | 3,001,162 |
Number of shares | |||
Common Stock — 51.54% | |||
Communication Services — 5.63% | |||
AT&T | 237,800 | 6,779,678 | |
Comcast Class A | 154,367 | 7,141,017 | |
KDDI | 34,800 | 875,274 | |
Orange | 65,090 | 677,949 | |
Publicis Groupe | 27,250 | 878,267 | |
Verizon Communications | 126,800 | 7,543,332 | |
Walt Disney | 57,613 | 7,148,621 | |
31,044,138 | |||
Consumer Discretionary — 3.23% | |||
adidas AG † | 2,830 | 913,926 | |
Dollar Tree † | 76,500 | 6,987,510 | |
Hennes & Mauritz Class B | 29,530 | 508,742 | |
Lowe's | 44,700 | 7,413,942 | |
Next | 5,470 | 419,369 | |
Sodexo | 9,580 | 682,899 | |
Swatch Group | 3,830 | 892,717 | |
17,819,105 | |||
Consumer Staples — 5.58% | |||
Archer-Daniels-Midland | 162,200 | 7,540,678 | |
Asahi Group Holdings | 17,600 | 613,406 | |
Conagra Brands | 199,400 | 7,120,574 | |
Danone | 20,010 | 1,296,149 | |
Diageo | 36,280 | 1,246,171 | |
Kao | 5,400 | 405,382 | |
Kerry Group Class A | 2,920 | 374,010 | |
Kirin Holdings | 14,600 | 274,226 | |
Koninklijke Ahold Delhaize | 44,810 | 1,324,491 | |
Lawson | 10,000 | 476,826 | |
Mondelez International Class A | 130,100 | 7,474,245 | |
Nestle | 13,360 | 1,590,001 | |
Seven & i Holdings | 33,500 | 1,040,849 | |
30,777,008 | |||
Energy — 1.07% | |||
ConocoPhillips | 179,668 | 5,900,297 | |
5,900,297 |
Number of shares | Value (US $) | ||
Common Stock (continued) | |||
Financials — 6.29% | |||
Allstate | 73,700 | $6,938,118 | |
American International Group | 238,800 | 6,574,164 | |
Bank of New York Mellon | 199,700 | 6,857,698 | |
Marsh & McLennan | 64,200 | 7,363,740 | |
Truist Financial | 183,100 | 6,966,955 | |
34,700,675 | |||
Healthcare — 8.58% | |||
Abbott Laboratories | 6,248 | 679,970 | |
Brookdale Senior Living † | 35,343 | 89,771 | |
Cardinal Health | 138,700 | 6,511,965 | |
Cigna | 38,100 | 6,454,521 | |
CVS Health | 114,500 | 6,686,800 | |
Fresenius Medical Care AG & Co. | 17,100 | 1,445,578 | |
Johnson & Johnson | 49,200 | 7,324,896 | |
Merck & Co. | 89,500 | 7,424,025 | |
Novo Nordisk Class B | 24,130 | 1,671,837 | |
Pfizer | 201,700 | 7,402,390 | |
Roche Holding | 4,820 | 1,651,046 | |
47,342,799 | |||
Industrials — 4.23% | |||
Caterpillar | 50,806 | 7,577,715 | |
G4S † | 423,370 | 1,091,963 | |
Makita | 10,400 | 497,737 | |
Northrop Grumman | 20,900 | 6,593,741 | |
Raytheon Technologies | 104,832 | 6,032,033 | |
Secom | 4,000 | 366,062 | |
Securitas Class B † | 76,050 | 1,162,569 | |
23,321,820 | |||
Information Technology — 7.54% | |||
Broadcom | 20,300 | 7,395,696 | |
Cisco Systems | 165,000 | 6,499,350 | |
Cognizant Technology Solutions Class A | 104,845 | 7,278,340 | |
Intel | 130,400 | 6,752,112 | |
Motorola Solutions | 42,183 | 6,614,716 | |
Oracle | 118,100 | 7,050,570 | |
41,590,784 | |||
Materials — 1.58% | |||
Air Liquide | 10,030 | 1,589,853 | |
DuPont de Nemours | 128,500 | 7,129,180 | |
8,719,033 |
Number of shares | Value (US $) | ||
Common Stock (continued) | |||
REIT Diversified — 0.15% | |||
Colony Capital | 107,461 | $293,369 | |
Lexington Realty Trust | 53,036 | 554,226 | |
847,595 | |||
REIT Healthcare — 0.56% | |||
Assura | 419,541 | 417,605 | |
CareTrust REIT | 10,200 | 181,509 | |
Healthcare Realty Trust | 17,609 | 530,383 | |
Medical Properties Trust | 35,586 | 627,381 | |
Ventas | 6,628 | 278,111 | |
Welltower | 19,507 | 1,074,641 | |
3,109,630 | |||
REIT Hotel — 0.36% | |||
Gaming and Leisure Properties | 22,023 | 813,297 | |
MGM Growth Properties Class A | 14,604 | 408,620 | |
VICI Properties | 33,442 | 781,539 | |
2,003,456 | |||
REIT Industrial — 0.63% | |||
Americold Realty Trust | 16,735 | 598,276 | |
Granite Real Estate Investment Trust | 11,139 | 646,481 | |
Prologis | 22,068 | 2,220,482 | |
3,465,239 | |||
REIT Information Technology — 0.87% | |||
American Tower | 2,480 | 599,490 | |
Digital Realty Trust | 5,752 | 844,163 | |
Equinix | 2,592 | 1,970,257 | |
QTS Realty Trust Class A | 11,387 | 717,609 | |
SBA Communications | 2,087 | 664,668 | |
4,796,187 | |||
REIT Mall — 0.21% | |||
Simon Property Group | 17,928 | 1,159,583 | |
1,159,583 | |||
REIT Manufactured Housing — 0.32% | |||
Equity LifeStyle Properties | 14,381 | 881,555 | |
Sun Communities | 6,168 | 867,283 | |
1,748,838 | |||
REIT Multifamily — 2.13% | |||
Apartment Investment and Management Class A | 15,352 | 517,669 | |
AvalonBay Communities | 3,937 | 587,952 | |
Bluerock Residential Growth REIT | 57,206 | 433,621 |
Number of shares | Value (US $) | ||
Common Stock (continued) | |||
REIT Multifamily (continued) | |||
Camden Property Trust | 11,092 | $986,966 | |
Equity Residential | 115,300 | 5,918,349 | |
Grainger | 109,065 | 417,311 | |
Invitation Homes | 33,591 | 940,212 | |
Killam Apartment Real Estate Investment Trust | 49,173 | 641,090 | |
NexPoint Residential Trust | 12,983 | 575,796 | |
UDR | 21,601 | 704,409 | |
11,723,375 | |||
REIT Office — 0.63% | |||
Alpine Income Property Trust | 44,519 | 692,270 | |
Boston Properties | 10,311 | 827,973 | |
Cousins Properties | 13,321 | 380,847 | |
Highwoods Properties | 13,580 | 455,881 | |
Piedmont Office Realty Trust Class A | 23,986 | 325,490 | |
Postal Realty Trust Class A | 20,291 | 307,206 | |
SL Green Realty | 10,199 | 472,928 | |
3,462,595 | |||
REIT Self-Storage — 0.29% | |||
Extra Space Storage | 7,517 | 804,244 | |
Public Storage | 3,615 | 805,133 | |
1,609,377 | |||
REIT Shopping Center — 0.17% | |||
Kimco Realty | 32,467 | 365,579 | |
Regency Centers | 7,948 | 302,183 | |
Weingarten Realty Investors | 14,692 | 249,176 | |
916,938 | |||
REIT Single Tenant — 0.14% | |||
National Retail Properties | 8,480 | 292,645 | |
Spirit Realty Capital | 14,629 | 493,729 | |
786,374 | |||
REIT Specialty — 0.17% | |||
Outfront Media | 13,556 | 197,240 | |
Safehold | 11,778 | 731,414 | |
928,654 | |||
Utilities — 1.18% | |||
Edison International | 127,700 | 6,492,268 | |
6,492,268 | |||
Total Common Stock (cost $288,407,296) | 284,265,768 | ||
Number of shares | Value (US $) | ||
Convertible Preferred Stock — 3.17% | |||
2020 Mandatory Exchangeable Trust 144A 6.50% exercise price $47.09, maturity date 5/16/23 # | 1,457 | $1,943,047 | |
AMG Capital Trust II 5.15% exercise price $195.47, maturity date 10/15/37 | 44,463 | 2,027,207 | |
Assurant 6.50% exercise price $106.55, maturity date 3/15/21 | 12,497 | 1,457,400 | |
Bank of America 7.25% exercise price $50.00 ψ | 919 | 1,367,472 | |
El Paso Energy Capital Trust I 4.75% exercise price $34.49, maturity date 3/31/28 | 60,947 | 2,850,491 | |
Elanco Animal Health 5.00% exercise price $38.40, maturity date 2/1/23 | 39,846 | 1,767,569 | |
Essential Utilities 6.00% exercise price $42.37, maturity date 4/30/22 | 29,800 | 1,594,300 | |
Lyondellbasell Advanced Polymers 6.00% exercise price $52.33 ψ | 3,298 | 3,405,185 | |
QTS Realty Trust 6.50% exercise price $46.86 ψ | 7,700 | 1,089,088 | |
Total Convertible Preferred Stock (cost $17,061,848) | 17,501,759 | ||
Preferred Stock — 0.15% | |||
Bank of America 6.50% μ | 735,000 | 817,246 | |
Total Preferred Stock (cost $830,601) | 817,246 | ||
Exchange-Traded Funds — 8.39% | |||
iShares MSCI EAFE ETF | 260 | 16,549 | |
iShares Russell 1000 Growth ETF | 106,200 | 23,033,718 | |
Vanguard FTSE Developed Markets ETF | 6,070 | 248,263 | |
Vanguard Mega Cap Growth ETF | 123,970 | 22,984,038 | |
Total Exchange-Traded Funds (cost $41,153,994) | 46,282,568 |
Principal amount° | Value (US $) | ||
Limited Liability Corporation — 1.24% | |||
Sc Hixson Pp 0.000% 1/7/20 =, †, π | 7,200,000 | $6,840,000 | |
Total Limited Liability Corporation (cost $7,110,000) | 6,840,000 |
Number of shares | |||
Short-Term Investments — 1.34% | |||
Money Market Mutual Funds — 1.21% | |||
BlackRock FedFund – Institutional Shares (seven-day effective yield 0.00%) | 1,676,340 | $1,676,340 | |
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 0.01%) | 1,676,340 | 1,676,340 | |
GS Financial Square Government Fund – Institutional Shares (seven-day effective yield 0.00%) | 1,676,340 | 1,676,340 | |
Morgan Stanley Government Portfolio – Institutional Share Class (seven-day effective yield 0.00%) | 1,676,340 | 1,676,340 | |
6,705,360 |
Principal amount | Value (US $) | ||
Variable Rate Demand Note — 0.13% | |||
Mississippi Business Finance Corporation Gulf Opportunity Zone Industrial Development Revenue Series L 0.110% 11/1/35 | 700,000 | $700,000 | |
Total Short-Term Investments (cost $7,405,360) | 7,405,360 | ||
Total Value of Securities—100.18% (cost $549,957,748) | $552,555,782 |
° | 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 September 30, 2020, the aggregate value of Rule 144A securities was $74,539,037, which represents 13.51% of the Fund net assets. See Note 11 in “Notes to financial statements.” |
• | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at September 30, 2020. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their description above. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M, 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 description above. |
μ | Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at September 30, 2020. Rate will reset at a future date. |
ψ | No contractual maturity date. |
^ | Zero-coupon security. The rate shown is the effective yield at the time of purchase. |
† | Non-income producing security. |
= | The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in “Notes to financial statements.” |
π | Restricted security. These investments are in securities not registered under the Securities Act of 1933, as amended, and have certain restrictions on resale which may limit their liquidity. At September 30, 2020, the aggregate value of restricted securities was $6,840,000, which represented 1.24% of the Fund’s net assets. See Note 12 in “Notes to financial statements” and the following table, for additional details on restricted securities. |
Restricted Securities | ||||||
Investments | Date of Acquisition | Cost | Value | |||
Sc Hixson Pp | 1/7/20 | $7,110,000 | $6,840,000 |
Foreign Currency Exchange Contracts | ||||||||||||
Counterparty | Currency to Receive (Deliver) | In Exchange For | Settlement Date | Unrealized Appreciation | Unrealized Depreciation | |||||||
BNYM | CHF | (5,404) | USD | 5,864 | 10/1/20 | $— | $(3) | |||||
BNYM | EUR | (2,186) | USD | 2,560 | 10/1/20 | — | (3) | |||||
BNYM | SEK | (73,813) | USD | 8,196 | 10/1/20 | — | (46) | |||||
JPMCB | EUR | (100,000) | USD | 118,979 | 1/15/21 | 1,427 | — | |||||
JPMCB | EUR | (955,834) | USD | 1,123,980 | 1/22/21 | 197 | — | |||||
JPMCB | KZT | 86,343,000 | USD | (204,000) | 10/30/20 | — | (6,509) | |||||
Total Foreign Currency Exchange Contracts | $1,624 | $(6,561) |
Futures Contracts | |||||||||||
Contracts to Buy (Sell) | Notional Amount | Notional Cost (Proceeds) | Expiration Date | Value/ Unrealized Depreciation | Variation Margin Due from (Due to) Brokers | ||||||
1 | US Treasury 10 yr Ultra Notes | $159,922 | $160,096 | 12/21/20 | $(174) | $(469) | |||||
(26) | US Treasury 10 yr Notes | (3,627,812) | (3,625,007) | 12/21/20 | (2,805) | 6,500 | |||||
Total Futures Contracts | $(3,464,911) | $(2,979) | $6,031 |
CDS Contracts2 | ||||||||||||||
Counterparty/ Reference Obligation/ Termination Date/ Payment Frequency | Notional Amount3 | Annual Protection Payments | Value | Upfront Payments Paid (Received) | Unrealized Appreciation4 | Unrealized Depreciation4 | Variation Margin Due from (Due to) Brokers | |||||||
Over-The-Counter: | ||||||||||||||
Protection PurchasedMoody’s Ratings: | ||||||||||||||
JPMCB-Republic of Indonesia 3.70% 1/8/22 BBB 6/20/25− Quarterly | 1,020,000 | 1.000% | $5,262 | $11,975 | $— | $(6,713) | $— |
1 | See Note 8 in “Notes to financial statements.” |
2 | A CDS contract is a risk-transfer instrument through which one party (purchaser of protection) transfers to another party (seller of protection) the financial risk of a credit event (as defined in the CDS agreement), as it relates to a particular reference security or basket of securities (such as an index). Periodic payments (receipts) on such contracts are accrued daily and recorded as unrealized losses (gains) on swap contracts. Upon payment (receipt), such amounts are recorded as realized losses (gains) on swap contracts. Upfront payments made or received in connection with CDS contracts are amortized over the expected life of the CDS contracts as unrealized losses (gains) on swap contracts. The change in value of CDS contracts is recorded daily as unrealized appreciation or depreciation. A realized gain or loss is recorded upon a credit event (as defined in the CDS agreement) or the maturity or termination of the CDS agreement. |
3 | Notional amount shown is stated in USD unless noted that the swap is denominated in another currency. |
4 | Unrealized appreciation (depreciation) does not include periodic interest payments (receipt) on swap contracts accrued daily in the amount of $(283). |
Summary of abbreviations: |
AG – Aktiengesellschaft |
AMT – Subject to Alternative Minimum Tax |
BB – Barclays Bank |
BNYM – Bank of New York Mellon |
CDS – Credit Default Swap |
CHF – Swiss Franc |
CZK – Czech Koruna |
DB – Deutsche Bank AG |
EAFE – Europe, Australasia and Far East |
ETF – Exchange-Traded Fund |
EUR – European Monetary Unit |
FTSE – Financial Times Stock Exchange |
GS – Goldman Sachs |
ICE – Intercontinental Exchange, Inc. |
JPM – JPMorgan |
JPMCB – JPMorgan Chase Bank |
Summary of abbreviations: (continued) |
JSC – Joint Stock Company |
KZT – Kazakhstan Tenge |
LIBOR – London interbank offered rate |
LIBOR03M – ICE LIBOR USD 3 Month |
LIBOR06M – ICE LIBOR USD 6 Month |
LLC – Limited Liability Corporation |
MSCI – Morgan Stanley Capital International |
PEN – Peruvian Sol |
PLN – Polish Zloty |
REIT – Real Estate Investment Trust |
S.F. – Single Family |
SEK – Swedish Krona |
USD – US Dollar |
yr – Year |
Delaware Equity Income Fund | Delaware Growth and Income Fund | Delaware Growth Equity Fund | |||
Assets: | |||||
Investments, at value* | $305,744,451 | $1,026,302,049 | $599,053,955 | ||
Receivable for securities sold | 1,530,009 | 6,425,989 | — | ||
Dividends and interest receivable | 487,492 | 1,661,132 | 158,714 | ||
Receivable for fund shares sold | 292,740 | 806,322 | 557,170 | ||
Other assets | 19,982 | 57,616 | 24,395 | ||
Total Assets | 308,074,674 | 1,035,253,108 | 599,794,234 | ||
Liabilities: | |||||
Due to custodian | 5,082 | 7,884 | 5,989 | ||
Payable for fund shares redeemed | 791,876 | 2,149,148 | 1,353,165 | ||
Payable for securities purchased | 409,640 | 1,365,314 | — | ||
Investment management fees payable to affiliates | 166,901 | 534,823 | 311,465 | ||
Dividend disbursing and transfer agent fees and expenses payable to non-affiliates | 72,242 | 271,395 | 128,161 | ||
Distribution fees payable to affiliates | 64,000 | 214,118 | 98,069 | ||
Reports and statements to shareholders expenses payable to non-affiliates | 19,371 | 57,797 | 26,257 | ||
Other accrued expenses | 16,372 | 35,764 | 22,707 | ||
Dividend disbursing and transfer agent fees and expenses payable to affiliates | 2,408 | 8,067 | 4,631 | ||
Custody fees payable | 1,644 | 4,003 | 3,288 | ||
Accounting and administration expenses payable to affiliates | 1,209 | 3,281 | 2,023 | ||
Trustees' fees and expenses payable to affiliates | 1,092 | 3,642 | 2,169 | ||
Reports and statements to shareholders expenses payable to affiliates | 617 | 2,065 | 1,217 | ||
Legal fees payable to affiliates | 547 | 1,826 | 1,088 | ||
Pricing fees payable | 17 | 44 | 31 | ||
Total Liabilities | 1,553,018 | 4,659,171 | 1,960,260 | ||
Total Net Assets | $306,521,656 | $1,030,593,937 | $597,833,974 | ||
Net Assets Consist of: | |||||
Paid-in capital | 301,486,538 | 1,020,993,496 | 360,810,728 | ||
Total distributable earnings (loss) | 5,035,118 | 9,600,441 | 237,023,246 | ||
Total Net Assets | $306,521,656 | $1,030,593,937 | $597,833,974 |
Delaware Equity Income Fund | Delaware Growth and Income Fund | Delaware Growth Equity Fund | |||
Net Asset Value | |||||
Class A: | |||||
Net assets | $304,916,660 | $1,023,820,948 | $472,795,166 | ||
Shares of beneficial interest outstanding, unlimited authorization, no par | 48,867,658 | 85,762,499 | 34,577,266 | ||
Net asset value per share | $6.24 | $11.94 | $13.67 | ||
Sales charge | 5.75% | 5.75% | 5.75% | ||
Offering price per share, equal to net asset value per share / (1 - sales charge) | $6.62 | $12.67 | $14.50 | ||
Institutional Class:1 | |||||
Net assets | $926,332 | $4,062,530 | $121,477,849 | ||
Shares of beneficial interest outstanding, unlimited authorization, no par | 147,401 | 338,949 | 8,658,118 | ||
Net asset value per share | $6.28 | $11.99 | $14.03 | ||
Class R6:2 | |||||
Net assets | $678,664 | $2,710,459 | $3,560,959 | ||
Shares of beneficial interest outstanding, unlimited authorization, no par | 108,966 | 225,749 | 251,972 | ||
Net asset value per share | $6.23 | $12.01 | $14.13 | ||
*Investments, at cost | $310,187,087 | $1,040,101,285 | $408,289,359 |
Delaware Opportunity Fund | Delaware Special Situations Fund | Delaware Global Equity Fund | |||
Assets: | |||||
Investments, at value* | $600,144,083 | $280,009,436 | $288,994,453 | ||
Foreign currencies, at valueΔ | — | — | 10,385 | ||
Receivable for securities sold | 4,585,114 | 411,357 | 627,260 | ||
Dividends and interest receivable | 873,080 | 379,517 | 716,874 | ||
Foreign tax reclaims receivable | 13,959 | — | 734,427 | ||
Receivable for fund shares sold | 445,328 | 355,377 | 376,552 | ||
Other assets | 37,070 | 23,220 | 19,900 | ||
Total Assets | 606,098,634 | 281,178,907 | 291,479,851 | ||
Liabilities: | |||||
Due to custodian | 6,543 | 5,838 | 301,670 | ||
Payable for fund shares redeemed | 1,237,938 | 702,474 | 905,836 | ||
Payable for securities purchased | 1,090,962 | 294,264 | — | ||
Investment management fees payable to affiliates | 342,095 | 161,122 | 203,611 | ||
Dividend disbursing and transfer agent fees and expenses payable to non-affiliates | 158,800 | 89,529 | 68,962 | ||
Distribution fees payable to affiliates | 125,897 | 59,405 | 56,589 | ||
Reports and statements to shareholders expenses payable to non-affiliates | 36,160 | 22,228 | 18,650 | ||
Other accrued expenses | 22,827 | 14,910 | 14,762 | ||
Dividend disbursing and transfer agent fees and expenses payable to affiliates | 4,735 | 2,244 | 2,265 | ||
Custody fees payable | 4,328 | 5,126 | 19,891 | ||
Trustees' fees and expenses payable to affiliates | 2,140 | 1,037 | 1,013 | ||
Accounting and administration expenses payable to affiliates | 2,061 | 1,149 | 1,157 | ||
Reports and statements to shareholders expenses payable to affiliates | 1,212 | — | 577 | ||
Legal fees payable to affiliates | 1,073 | 520 | 508 | ||
Pricing fees payable | 30 | 74 | 2,930 | ||
Unrealized depreciation on foreign currency exchange contracts | — | — | 1,062 | ||
Total Liabilities | 3,036,801 | 1,359,920 | 1,599,483 | ||
Total Net Assets | $603,061,833 | $279,818,987 | $289,880,368 | ||
Net Assets Consist of: | |||||
Paid-in capital | 655,477,025 | 349,513,179 | 271,969,683 | ||
Total distributable earnings (loss) | (52,415,192) | (69,694,192) | 17,910,685 | ||
Total Net Assets | $603,061,833 | $279,818,987 | $289,880,368 |
Delaware Opportunity Fund | Delaware Special Situations Fund | Delaware Global Equity Fund | |||
Net Asset Value | |||||
Class A: | |||||
Net assets | $599,542,462 | $276,604,462 | $271,088,149 | ||
Shares of beneficial interest outstanding, unlimited authorization, no par | 25,774,562 | 16,012,770 | 40,668,885 | ||
Net asset value per share | $23.26 | $17.27 | $6.67 | ||
Sales charge | 5.75% | 5.75% | 5.75% | ||
Offering price per share, equal to net asset value per share / (1 - sales charge) | $24.68 | $18.32 | $7.08 | ||
Institutional Class:1 | |||||
Net assets | $2,490,021 | $1,602,854 | $17,474,622 | ||
Shares of beneficial interest outstanding, unlimited authorization, no par | 102,188 | 90,416 | 2,506,805 | ||
Net asset value per share | $24.37 | $17.73 | $6.97 | ||
Class R6:2 | |||||
Net assets | $1,029,350 | $1,611,671 | $1,317,597 | ||
Shares of beneficial interest outstanding, unlimited authorization, no par | 42,818 | 90,702 | 188,833 | ||
Net asset value per share | $24.04 | $17.77 | $6.98 | ||
*Investments, at cost | $636,060,990 | $333,978,645 | $280,201,843 | ||
ΔForeign currencies, at cost | — | — | 8,294 |
Delaware International Fund | Delaware Floating Rate II Fund | Delaware Fund for Income | |||
Assets: | |||||
Investments, at value* | $289,845,165 | $60,086,646 | $420,051,872 | ||
Cash | — | 107,712 | 77,074 | ||
Foreign currencies, at valueΔ | 95,109 | — | — | ||
Receivable for securities sold | 599,075 | 4,975,825 | 8,199,846 | ||
Dividends and interest receivable | 668,616 | 200,613 | 5,372,971 | ||
Foreign tax reclaims receivable | 911,120 | — | — | ||
Receivable for fund shares sold | 513,074 | 83,507 | 484,289 | ||
Receivable due from Advisor | — | 3,632 | — | ||
Other assets | 12,749 | 26,853 | 46,041 | ||
Total Assets | 292,644,908 | 65,484,788 | 434,232,093 | ||
Liabilities: | |||||
Due to custodian | 895,816 | — | — | ||
Payable for fund shares redeemed | 1,000,841 | 197,079 | 1,087,598 | ||
Investment management fees payable to affiliates | 206,489 | — | 228,826 | ||
Dividend disbursing and transfer agent fees and expenses payable to non-affiliates | 73,020 | 11,188 | 61,534 | ||
Distribution fees payable to affiliates | 37,063 | 7,910 | 77,139 | ||
Custody fees payable | 30,166 | 2,489 | 3,076 | ||
Reports and statements to shareholders expenses payable to non-affiliates | 17,933 | 6,959 | 22,900 | ||
Other accrued expenses | 15,208 | 8,220 | 19,263 | ||
Dividend disbursing and transfer agent fees and expenses payable to affiliates | 2,276 | 498 | 3,300 | ||
Pricing fees payable | 1,940 | 6,354 | 13,028 | ||
Accounting and administration expenses payable to affiliates | 1,161 | 464 | 1,536 | ||
Trustees' fees and expenses payable to affiliates | 1,006 | 206 | 1,470 | ||
Unrealized depreciation on foreign currency exchange contracts | 1,002 | — | — | ||
Reports and statements to shareholders expenses payable to affiliates | 575 | 118 | 838 | ||
Legal fees payable to affiliates | 504 | 103 | 737 | ||
Payable for securities purchased | — | 6,052,152 | 9,528,980 | ||
Distribution payable | — | 3,064 | 159,748 | ||
Total Liabilities | 2,285,000 | 6,296,804 | 11,209,973 | ||
Total Net Assets | $290,359,908 | $59,187,984 | $423,022,120 | ||
Net Assets Consist of: | |||||
Paid-in capital | 290,200,483 | 67,964,513 | 473,346,059 | ||
Total distributable earnings (loss) | 159,425 | (8,776,529) | (50,323,939) | ||
Total Net Assets | $290,359,908 | $59,187,984 | $423,022,120 |
Delaware International Fund | Delaware Floating Rate II Fund | Delaware Fund for Income | |||
Net Asset Value | |||||
Class A: | |||||
Net assets | $176,947,235 | $37,672,195 | $369,995,511 | ||
Shares of beneficial interest outstanding, unlimited authorization, no par | 14,133,899 | 4,060,297 | 153,985,773 | ||
Net asset value per share | $12.52 | $9.28 | $2.40 | ||
Sales charge | 5.75% | 2.75% | 4.50% | ||
Offering price per share, equal to net asset value per share / (1 - sales charge) | $13.28 | $9.54 | $2.51 | ||
Institutional Class:1 | |||||
Net assets | $112,789,654 | $21,480,516 | $51,960,663 | ||
Shares of beneficial interest outstanding, unlimited authorization, no par | 8,778,078 | 2,317,946 | 21,787,139 | ||
Net asset value per share | $12.85 | $9.27 | $2.38 | ||
Class R6:2 | |||||
Net assets | $623,019 | $35,273 | $1,065,946 | ||
Shares of beneficial interest outstanding, unlimited authorization, no par | 48,223 | 3,797 | 441,559 | ||
Net asset value per share | $12.92 | $9.29 | $2.41 | ||
*Investments, at cost | $289,609,160 | $59,703,509 | $412,980,793 | ||
ΔForeign currencies, at cost | 94,689 | — | — |
Delaware Government Cash Management Fund | Delaware International Opportunities Bond Fund | Delaware Investment Grade Fund | |||
Assets: | |||||
Investments, at value* | $121,386,944 | $34,897,215 | $267,203,573 | ||
Cash | 3,509,304 | 48,497 | 75,703 | ||
Cash collateral due from brokers | — | 108,401 | 179,025 | ||
Foreign currencies, at valueΔ | — | 85,266 | — | ||
Receivable for securities sold | — | — | 1,159,226 | ||
Dividends and interest receivable | — | 149,316 | 2,367,654 | ||
Foreign tax reclaims receivable | — | 138,737 | — | ||
Receivable for fund shares sold | 181,837 | 41,497 | 213,187 | ||
Unrealized appreciation on foreign currency exchange contracts | — | 36,883 | — | ||
Receivable due from Advisor | 86,321 | 10,815 | — | ||
Other assets | 4,781 | 4,781 | 19,124 | ||
Variation margin due from HSBC on futures contracts | — | 9,699 | — | ||
Total Assets | 125,169,187 | 35,531,107 | 271,217,492 | ||
Liabilities: | |||||
Payable for fund shares redeemed | 950,491 | 149,940 | 613,911 | ||
Dividend disbursing and transfer agent fees and expenses payable to non-affiliates | 31,979 | 9,072 | 45,503 | ||
Reports and statements to shareholders expenses payable to non-affiliates | 16,276 | 6,152 | 15,015 | ||
Other accrued expenses | 12,121 | 7,740 | 14,970 | ||
Custody fees payable | 2,350 | 4,718 | 2,881 | ||
Dividend disbursing and transfer agent fees and expenses payable to affiliates | 1,067 | 275 | 2,099 | ||
Legal fees payable to affiliates | 892 | 62 | 469 | ||
Accounting and administration expenses payable to affiliates | 718 | 429 | 1,096 | ||
Trustees' fees and expenses payable to affiliates | 531 | 125 | 936 | ||
Reports and statements to shareholders expenses payable to affiliates | 280 | 70 | 532 | ||
Pricing fees payable | 203 | 11,671 | 9,564 | ||
Distribution payable | 73 | 8,093 | 22,607 | ||
Payable for securities purchased | — | 30,220 | 3,284,333 | ||
Investment management fees payable to affiliates | — | — | 112,313 | ||
Unrealized depreciation on foreign currency exchange contracts | — | 17,268 | — | ||
Distribution fees payable to affiliates | — | 5,657 | 55,625 | ||
Variation margin due to HSBC on future contracts | — | — | 26,250 | ||
Total Liabilities | 1,016,981 | 251,492 | 4,208,104 | ||
Total Net Assets | $124,152,206 | $35,279,615 | $267,009,388 | ||
Net Assets Consist of: | |||||
Paid-in capital | 124,152,202 | 43,680,555 | 253,974,002 | ||
Total distributable earnings (loss) | 4 | (8,400,940) | 13,035,386 | ||
Total Net Assets | $124,152,206 | $35,279,615 | $267,009,388 |
Delaware Government Cash Management Fund | Delaware International Opportunities Bond Fund | Delaware Investment Grade Fund | |||
Net Asset Value | |||||
Class A: | |||||
Net assets | $124,152,206 | $27,032,507 | $264,482,474 | ||
Shares of beneficial interest outstanding, unlimited authorization, no par | 124,152,255 | 3,140,510 | 26,289,185 | ||
Net asset value per share | $1.00 | $8.61 | $10.06 | ||
Sales charge | —% | 4.50% | 4.50% | ||
Offering price per share, equal to net asset value per share / (1 - sales charge) | $1.00 | $9.02 | $10.53 | ||
Institutional Class: 1 | |||||
Net assets | $— | $8,197,843 | $1,764,423 | ||
Shares of beneficial interest outstanding, unlimited authorization, no par | — | 939,851 | 174,404 | ||
Net asset value per share | $— | $8.72 | $10.12 | ||
Class R6:2 | |||||
Net assets | $— | $49,265 | $762,491 | ||
Shares of beneficial interest outstanding, unlimited authorization, no par | — | 5,588 | 75,559 | ||
Net asset value per share | $— | $8.82 | $10.09 | ||
*Investments, at cost | $121,386,944 | $32,860,411 | $259,550,056 | ||
ΔForeign currencies, at cost | — | 85,242 | — |
Delaware Limited Duration Bond Fund | Delaware Strategic Income II Fund | Delaware Covered Call Strategy Fund | |||
Assets: | |||||
Investments, at value* | $178,729,099 | $100,516,493 | $165,488,870 | ||
Cash | 222,015 | 38,276 | — | ||
Cash collateral due from brokers | — | 33,134 | — | ||
Foreign currencies, at valueΔ | — | 6,178 | — | ||
Receivable for securities sold | — | 1,758,010 | — | ||
Dividends and interest receivable | 938,018 | 822,846 | 89,245 | ||
Foreign tax reclaims receivable | — | — | 9,758 | ||
Receivable for fund shares sold | 1,116,149 | 112,275 | 182,192 | ||
Unrealized appreciation on foreign currency exchange contracts | — | 13,058 | — | ||
Other assets | 10,216 | 4,822 | 11,236 | ||
Total Assets | 181,015,497 | 103,305,092 | 165,781,301 | ||
Liabilities: | |||||
Options written, at valueΣ | — | — | 5,499,865 | ||
Due to custodian | — | — | 4,776 | ||
Payable for securities purchased | 1,398,613 | 3,533,800 | — | ||
Payable for fund shares redeemed | 925,543 | 318,181 | 409,319 | ||
Investment management fees payable to affiliates | 33,373 | 45,844 | 80,888 | ||
Dividend disbursing and transfer agent fees and expenses payable to non-affiliates | 32,116 | 15,545 | 43,916 | ||
Distribution fees payable to affiliates | 21,184 | 20,818 | 25,411 | ||
Reports and statements to shareholders expenses payable to non-affiliates | 12,621 | 10,287 | 12,214 | ||
Pricing fees payable | 9,092 | 7,363 | 27 | ||
Distribution payable | 8,205 | 6,801 | — | ||
Other accrued expenses | 7,730 | 9,177 | 11,871 | ||
Custody fees payable | 5,395 | 2,327 | 1,117 | ||
Dividend disbursing and transfer agent fees and expenses payable to affiliates | 1,395 | 781 | 1,245 | ||
Accounting and administration expenses payable to affiliates | 838 | 614 | 783 | ||
Trustees' fees and expenses payable to affiliates | 617 | 348 | 572 | ||
Reports and statements to shareholders expenses payable to affiliates | 352 | 198 | 322 | ||
Legal fees payable to affiliates | 309 | 562 | 287 | ||
Variation margin due to HSBC on future contracts | — | 5,281 | — | ||
Total Liabilities | 2,457,383 | 3,977,927 | 6,092,613 | ||
Total Net Assets | $178,558,114 | $99,327,165 | $159,688,688 | ||
Net Assets Consist of: | |||||
Paid-in capital | 208,775,511 | 107,311,164 | 147,657,165 | ||
Total distributable earnings (loss) | (30,217,397) | (7,983,999) | 12,031,523 | ||
Total Net Assets | $178,558,114 | $99,327,165 | $159,688,688 |
Delaware Limited Duration Bond Fund | Delaware Strategic Income II Fund | Delaware Covered Call Strategy Fund | |||
Net Asset Value | |||||
Class A: | |||||
Net assets | $169,569,864 | $99,020,422 | $121,566,229 | ||
Shares of beneficial interest outstanding, unlimited authorization, no par | 17,975,872 | 10,487,085 | 11,059,148 | ||
Net asset value per share | $9.43 | $9.44 | $10.99 | ||
Sales charge | 2.75% | 4.50% | 5.75% | ||
Offering price per share, equal to net asset value per share / (1 - sales charge) | $9.70 | $9.88 | $11.66 | ||
Institutional Class:1 | |||||
Net assets | $8,680,592 | $306,743 | $37,886,461 | ||
Shares of beneficial interest outstanding, unlimited authorization, no par | 917,606 | 32,514 | 3,455,233 | ||
Net asset value per share | $9.46 | $9.43 | $10.96 | ||
Class R6:2 | |||||
Net assets | $307,658 | $— | $235,998 | ||
Shares of beneficial interest outstanding, unlimited authorization, no par | 32,464 | — | 21,636 | ||
Net asset value per share | $9.48 | $— | $10.91 | ||
*Investments, at cost | $175,523,346 | $99,394,505 | $126,381,951 | ||
ΔForeign currencies, at cost | — | 6,189 | — | ||
ΣPremium received | — | — | (8,066,174) |
Delaware Hedged U.S. Equity Opportunities Fund | Delaware Premium Income Fund | Delaware Total Return Fund | |||
Assets: | |||||
Investments, at value* | $74,408,184 | $75,557,450 | $552,555,782 | ||
Cash collateral due from brokers | 1,166,394 | — | 42,460 | ||
Foreign currencies, at valueΔ | 18,613 | — | 1,513 | ||
Receivable for securities sold | 23,574 | 1,276,018 | 1,359,667 | ||
Dividends and interest receivable | 60,592 | 88,412 | 2,436,877 | ||
Foreign tax reclaims receivable | 3,284 | — | 55,204 | ||
Receivable for fund shares sold | 80,387 | 455,183 | 594,182 | ||
Unrealized appreciation on foreign currency exchange contracts | 44,802 | — | 1,624 | ||
Upfront payments paid on credit default swap contracts | — | — | 11,975 | ||
Other assets | 5,108 | 3,168 | 29,462 | ||
Variation margin due from HSBC on futures contracts | — | — | 6,031 | ||
Total Assets | 75,810,938 | 77,380,231 | 557,094,777 | ||
Liabilities: | |||||
Options written, at valueΣ | 430,400 | 12,253,407 | — | ||
Due to custodian | 14,070 | 3,837 | 1,872,853 | ||
Payable for fund shares redeemed | 235,012 | 595,286 | 1,364,310 | ||
Payable for securities purchased | 63,317 | 197,074 | 1,671,623 | ||
Variation margin due to Morgan Stanley on futures contracts | 54,542 | — | — | ||
Investment management fees payable to affiliates | 31,166 | 16,225 | 273,131 | ||
Dividend disbursing and transfer agent fees and expenses payable to non-affiliates | 15,547 | 17,270 | 124,572 | ||
Distribution fees payable to affiliates | 11,671 | 6,664 | 115,356 | ||
Custody fees payable | 11,595 | 504 | 14,083 | ||
Other accrued expenses | 8,296 | 8,690 | 23,166 | ||
Reports and statements to shareholders expenses payable to non-affiliates | 7,434 | 129 | 35,182 | ||
Pricing fees payable | 2,720 | 11 | 24,968 | ||
Dividend disbursing and transfer agent fees and expenses payable to affiliates | 586 | 508 | 4,326 | ||
Accounting and administration expenses payable to affiliates | 542 | 514 | 1,911 | ||
Trustees' fees and expenses payable to affiliates | 269 | 228 | 1,955 | ||
Reports and statements to shareholders expenses payable to affiliates | 152 | 4,547 | 1,107 | ||
Legal fees payable to affiliates | 135 | 115 | 1,368 | ||
Unrealized depreciation on foreign currency exchange contracts | 43 | — | 6,561 | ||
Unrealized depreciation on credit default swap contracts | — | — | 6,713 | ||
Swap payments payable | — | — | 283 | ||
Total Liabilities | 887,497 | 13,105,009 | 5,543,468 | ||
Total Net Assets | $74,923,441 | $64,275,222 | $551,551,309 | ||
Net Assets Consist of: | |||||
Paid-in capital | 51,017,702 | 74,591,513 | 552,321,190 | ||
Total distributable earnings (loss) | 23,905,739 | (10,316,291) | (769,881) | ||
Total Net Assets | $74,923,441 | $64,275,222 | $551,551,309 |
Delaware Hedged U.S. Equity Opportunities Fund | Delaware Premium Income Fund | Delaware Total Return Fund | |||
Net Asset Value | |||||
Class A: | |||||
Net assets | $55,602,689 | $31,471,629 | $550,020,192 | ||
Shares of beneficial interest outstanding, unlimited authorization, no par | 4,790,631 | 3,361,678 | 38,269,463 | ||
Net asset value per share | $11.61 | $9.36 | $14.37 | ||
Sales charge | 5.75% | 5.75% | 5.75% | ||
Offering price per share, equal to net asset value per share / (1 - sales charge) | $12.32 | $9.93 | $15.25 | ||
Institutional Class:1 | |||||
Net assets | $19,229,566 | $32,769,461 | $768,652 | ||
Shares of beneficial interest outstanding, unlimited authorization, no par | 1,630,614 | 3,497,273 | 53,254 | ||
Net asset value per share | $11.79 | $9.37 | $14.43 | ||
Class R6:2 | |||||
Net assets | $91,186 | $34,132 | $762,465 | ||
Shares of beneficial interest outstanding, unlimited authorization, no par | 7,730 | 7,007 | 52,681 | ||
Net asset value per share | $11.80 | $4.87 | $14.47 | ||
*Investments, at cost | $64,580,278 | $76,582,433 | $549,957,748 | ||
ΔForeign currencies, at cost | 18,510 | — | 1,511 | ||
ΣPremium received | (444,604) | (13,317,636) | — |
Delaware Equity Income Fund | Delaware Growth and Income Fund | Delaware Growth Equity Fund | |||
Investment Income: | |||||
Dividends | $10,144,240 | $34,074,739 | $5,572,668 | ||
Interest | 20,144 | 46,727 | 7,799 | ||
10,164,384 | 34,121,466 | 5,580,467 | |||
Expenses: | |||||
Management fees | 2,431,582 | 7,443,214 | 3,918,269 | ||
Distribution expenses — Class A | 927,459 | 3,000,521 | 1,205,197 | ||
Dividend disbursing and transfer agent fees and expenses | 569,694 | 1,930,702 | 949,809 | ||
Accounting and administration expenses | 99,318 | 235,047 | 138,171 | ||
Registration fees | 97,868 | 128,374 | 110,017 | ||
Reports and statements to shareholders expenses | 77,617 | 244,668 | 127,503 | ||
Legal fees | 34,259 | 103,392 | 49,149 | ||
Audit and tax fees | 33,173 | 34,884 | 33,897 | ||
Trustees' fees and expenses | 27,619 | 89,108 | 43,492 | ||
Custodian fees | 18,249 | 46,475 | 18,001 | ||
Other | 16,449 | 46,590 | 32,611 | ||
4,333,287 | 13,302,975 | 6,626,116 | |||
Less expenses waived | (1,181) | (2,817) | (33,066) | ||
Less expenses paid indirectly | (3,692) | (13,168) | (7,839) | ||
Total operating expenses | 4,328,414 | 13,286,990 | 6,585,211 | ||
Net Investment Income (Loss) | 5,835,970 | 20,834,476 | (1,004,744) | ||
Net Realized and Unrealized Gain: | |||||
Net realized gain (loss) on: | |||||
Investments | 106,713,928 | 355,058,601 | 52,514,563 | ||
Net realized gain | 106,713,928 | 355,058,601 | 52,514,563 | ||
Net change in unrealized appreciation (depreciation) of: | |||||
Investments | (144,981,746) | (480,016,900) | 86,054,104 | ||
Net change in unrealized appreciation (depreciation) | (144,981,746) | (480,016,900) | 86,054,104 | ||
Net Realized and Unrealized Gain (Loss) | (38,267,818) | (124,958,299) | 138,568,667 | ||
Net Increase (Decrease) in Net Assets Resulting from Operations | $(32,431,848) | $(104,123,823) | $137,563,923 | ||
See accompanying notes, which are an integral part of the financial statements. |
Delaware Opportunity Fund | Delaware Special Situations Fund | Delaware Global Equity Fund | |||
Investment Income: | |||||
Dividends | $13,276,378 | $6,737,699 | $8,046,437 | ||
Interest | 27,910 | 19,396 | 2,009 | ||
Foreign tax withheld | (4,432) | — | (674,738) | ||
13,299,856 | 6,757,095 | 7,373,708 | |||
Expenses: | |||||
Management fees | 5,341,094 | 2,781,893 | 2,786,444 | ||
Distribution expenses — Class A | 1,802,367 | 909,540 | 747,273 | ||
Dividend disbursing and transfer agent fees and expenses | 1,289,435 | 742,283 | 560,322 | ||
Accounting and administration expenses | 156,231 | 98,630 | 91,967 | ||
Registration fees | 100,917 | 90,309 | 96,778 | ||
Reports and statements to shareholders expenses | 163,566 | 97,496 | 83,501 | ||
Legal fees | 58,995 | 31,136 | 27,773 | ||
Audit and tax fees | 33,924 | 33,171 | 47,230 | ||
Trustees' fees and expenses | 53,856 | 27,800 | 24,565 | ||
Custodian fees | 26,101 | 29,121 | 86,615 | ||
Other | 30,654 | 19,203 | 20,861 | ||
9,057,140 | 4,860,582 | 4,573,329 | |||
Less expenses waived | (233,211) | (128,004) | (47,543) | ||
Less expenses paid indirectly | (10,385) | (7,267) | (936) | ||
Total operating expenses | 8,813,544 | 4,725,311 | 4,524,850 | ||
Net Investment Income | 4,486,312 | 2,031,784 | 2,848,858 | ||
Net Realized and Unrealized Gain (Loss): | |||||
Net realized gain (loss) on: | |||||
Investments | 152,637,370 | 10,977,956 | 63,080,795 | ||
Foreign currencies | — | — | 460,997 | ||
Foreign currency exchange contracts | — | — | (503,992) | ||
Net realized gain | 152,637,370 | 10,977,956 | 63,037,800 | ||
Net change in unrealized appreciation (depreciation) of: | |||||
Investments | (265,065,831) | (99,306,662) | (55,168,596) | ||
Foreign currencies | — | — | 70,756 | ||
Foreign currency exchange contracts | — | — | (1,062) | ||
Net change in unrealized appreciation (depreciation) | (265,065,831) | (99,306,662) | (55,098,902) | ||
Net Realized and Unrealized Gain (Loss) | (112,445,017) | (88,328,706) | 7,938,898 | ||
Net Increase (Decrease) in Net Assets Resulting from Operations | $(107,942,149) | $(86,296,922) | $10,787,756 | ||
See accompanying notes, which are an integral part of the financial statements. |
Delaware International Fund | Delaware Floating Rate II Fund | Delaware Fund for Income | |||
Investment Income: | |||||
Dividends | $8,334,966 | $36,932 | $157,281 | ||
Interest | 19,446 | 4,047,918 | 25,841,358 | ||
Foreign tax withheld | (979,108) | — | — | ||
7,375,304 | 4,084,850 | 25,998,639 | |||
Expenses: | |||||
Management fees | 3,007,424 | 376,980 | 2,897,703 | ||
Distribution expenses — Class A | 509,008 | 121,302 | 1,024,434 | ||
Dividend disbursing and transfer agent fees and expenses | 625,827 | 133,553 | 646,073 | ||
Accounting and administration expenses | 96,016 | 51,332 | 111,265 | ||
Registration fees | 100,935 | 91,389 | 93,338 | ||
Reports and statements to shareholders expenses | 80,931 | 29,198 | 107,377 | ||
Legal fees | 29,808 | 7,591 | 37,729 | ||
Audit and tax fees | 47,225 | 46,629 | 45,078 | ||
Trustees' fees and expenses | 26,082 | 5,943 | 32,818 | ||
Custodian fees | 122,743 | 14,105 | 16,704 | ||
Other | 19,018 | 8,669 | 53,371 | ||
4,665,017 | 886,691 | 5,065,890 | |||
Less expenses waived | (104) | (119,456) | (1,312) | ||
Less expenses paid indirectly | (2,362) | (2,696) | (7,331) | ||
Total operating expenses | 4,662,551 | 764,539 | 5,057,247 | ||
Net Investment Income | 2,712,753 | 3,320,311 | 20,941,392 | ||
Net Realized and Unrealized Gain (Loss): | |||||
Net realized gain (loss) on: | |||||
Investments | 74,062,127 | (5,301,079) | (9,692,375) | ||
Foreign currencies | 571,336 | 14 | — | ||
Foreign currency exchange contracts | (469,850) | 2 | — | ||
Swap contracts | — | (52,030) | — | ||
Net realized gain (loss) | 74,163,613 | (5,353,093) | (9,692,375) | ||
Net change in unrealized appreciation (depreciation) of: | |||||
Investments | (83,071,622) | 1,436,341 | 1,251,885 | ||
Foreign currencies | 139,024 | — | — | ||
Foreign currency exchange contracts | (1,002) | — | — | ||
Net change in unrealized appreciation (depreciation) | (82,933,600) | 1,436,341 | 1,251,885 | ||
Net Realized and Unrealized Loss | (8,769,987) | (3,916,752) | (8,440,490) | ||
Net Increase (Decrease) in Net Assets Resulting from Operations | $(6,057,234) | $(596,441) | $12,500,902 | ||
See accompanying notes, which are an integral part of the financial statements. |
Delaware Government Cash Management Fund | Delaware International Opportunities Bond Fund | Delaware Investment Grade Fund | |||
Investment Income: | |||||
Dividends | $— | $19,233 | $38,035 | ||
Interest | 1,477,622 | 661,367 | 9,505,541 | ||
Foreign tax withheld | — | (1,300) | — | ||
1,477,622 | 679,300 | 9,543,576 | |||
Expenses: | |||||
Management fees | 829,232 | 471,763 | 1,550,439 | ||
Distribution expenses — Class A | — | 84,053 | 762,220 | ||
Dividend disbursing and transfer agent fees and expenses | 381,021 | 128,471 | 450,086 | ||
Accounting and administration expenses | 69,132 | 49,134 | 89,106 | ||
Registration fees | 95,730 | 84,389 | 91,620 | ||
Reports and statements to shareholders expenses | 63,837 | 30,279 | 76,697 | ||
Legal fees | 37,024 | 6,599 | 26,489 | ||
Audit and tax fees | 34,816 | 46,723 | 44,718 | ||
Trustees' fees and expenses | 12,826 | 5,087 | 23,269 | ||
Custodian fees | 8,808 | 19,366 | 15,267 | ||
Other | 6,178 | 24,608 | 36,935 | ||
1,538,604 | 950,472 | 3,166,846 | |||
Less expenses waived | (990,068) | (157,636) | (2,408) | ||
Less expenses paid indirectly | (808) | (7,261) | (5,538) | ||
Total operating expenses | 547,728 | 785,575 | 3,158,900 | ||
Net Investment Income (Loss) | 929,894 | (106,275) | 6,384,676 | ||
Net Realized and Unrealized Gain (Loss): | |||||
Net realized gain (loss) on: | |||||
Investments | 4 | (1,056,910) | 33,595,172 | ||
Foreign currencies | — | (12,217,485) | — | ||
Foreign currency exchange contracts | — | (1,405,789) | — | ||
Futures contracts | — | (79,983) | 1,204,327 | ||
Options purchased | — | 211,610 | — | ||
Net realized gain (loss) | 4 | (14,548,557) | 34,799,499 | ||
Net change in unrealized appreciation (depreciation) of: | |||||
Investments | — | 14,162,721 | (19,376,775) | ||
Foreign currencies | — | 19,956 | — | ||
Foreign currency exchange contracts | — | 1,001,655 | — | ||
Futures contracts | — | 594 | 15,327 | ||
Net change in unrealized appreciation (depreciation) | — | 15,184,926 | (19,361,448) | ||
Net Realized and Unrealized Gain | 4 | 636,369 | 15,438,051 | ||
Net Increase in Net Assets Resulting from Operations | $929,898 | $530,094 | $21,822,727 | ||
See accompanying notes, which are an integral part of the financial statements. |
Delaware Limited Duration Bond Fund | Delaware Strategic Income II Fund | Delaware Covered Call Strategy Fund | |||
Investment Income: | |||||
Dividends | $18,785 | $120,141 | $5,185,558 | ||
Interest | 4,847,414 | 4,605,125 | — | ||
4,866,199 | 4,725,266 | 5,185,558 | |||
Expenses: | |||||
Management fees | 1,031,380 | 620,264 | 1,682,193 | ||
Distribution expenses — Class A | 473,804 | 284,874 | 398,286 | ||
Dividend disbursing and transfer agent fees and expenses | 326,857 | 153,534 | 356,237 | ||
Accounting and administration expenses | 72,830 | 57,529 | 74,793 | ||
Registration fees | 95,964 | 67,518 | 97,854 | ||
Reports and statements to shareholders expenses | 58,274 | 36,427 | 53,103 | ||
Legal fees | 18,818 | 14,476 | 18,262 | ||
Audit and tax fees | 44,505 | 27,004 | 37,083 | ||
Trustees' fees and expenses | 16,253 | 8,399 | 15,775 | ||
Custodian fees | 7,386 | 8,426 | 6,802 | ||
Other | 24,591 | 22,655 | 12,330 | ||
2,170,662 | 1,301,106 | 2,752,718 | |||
Less expenses waived | (474,787) | — | (96,462) | ||
Less waived distribution expenses — Class A | (187,108) | — | — | ||
Less expenses paid indirectly | (3,993) | (3,472) | (3,084) | ||
Total operating expenses | 1,504,774 | 1,297,634 | 2,653,172 | ||
Net Investment Income | 3,361,425 | 3,427,632 | 2,532,386 | ||
Net Realized and Unrealized Gain (Loss): | |||||
Net realized gain (loss) on: | |||||
Investments | 5,472,166 | 206,034 | 24,072,341 | ||
Affiliated investments | — | (4,570,868) | — | ||
Foreign currencies | — | (69,010) | — | ||
Foreign currency exchange contracts | — | 46,744 | — | ||
Futures contracts | — | 105,572 | — | ||
Options written | — | — | (29,035,673) | ||
Net realized gain (loss) | 5,472,166 | (4,281,528) | (4,963,332) | ||
Net change in unrealized appreciation (depreciation) of: | |||||
Investments | (1,570,236) | 834,828 | (19,097,367) | ||
Affiliated Investments | — | 4,621,263 | — | ||
Foreign currencies | — | 39 | — | ||
Foreign currency exchange contracts | — | 13,058 | — | ||
Futures contracts | — | (3,657) | — | ||
Options written | — | — | 5,829,497 | ||
Net change in unrealized appreciation (depreciation) | (1,570,236) | 5,465,531 | (13,267,870) | ||
Net Realized and Unrealized Gain (Loss) | 3,901,930 | 1,184,003 | (18,231,202) | ||
Net Increase (Decrease) in Net Assets Resulting from Operations | $7,263,355 | $4,611,635 | $(15,698,816) | ||
See accompanying notes, which are an integral part of the financial statements. |
Delaware Hedged U.S. Equity Opportunities Fund | Delaware Premium Income Fund | Delaware Total Return Fund | |||
Investment Income: | |||||
Dividends | $1,331,225 | $3,292,071 | $12,175,522 | ||
Interest | 33,171 | — | 7,802,932 | ||
Foreign tax withheld | (6,528) | — | (83,475) | ||
1,357,868 | 3,292,071 | 19,894,979 | |||
Expenses: | |||||
Management fees | 1,024,400 | 749,651 | 4,175,886 | ||
Distribution expenses — Class A | 161,567 | 111,082 | 1,626,500 | ||
Dividend disbursing and transfer agent fees and expenses | 137,820 | 142,624 | 1,040,582 | ||
Accounting and administration expenses | 53,407 | 54,195 | 144,594 | ||
Registration fees | 91,170 | 92,355 | 88,465 | ||
Reports and statements to shareholders expenses | 39,507 | 20,201 | 163,925 | ||
Legal fees | 9,003 | 7,879 | 145,946 | ||
Audit and tax fees | 40,090 | 36,862 | 47,380 | ||
Trustees' fees and expenses | 6,903 | 7,129 | 48,517 | ||
Custodian fees | 34,509 | 3,456 | 54,695 | ||
Other | 10,771 | 6,322 | 84,545 | ||
1,609,147 | 1,231,756 | 7,621,035 | |||
Less expenses waived | (196,181) | (127,752) | (59,903) | ||
Less expenses paid indirectly | (15,195) | (1,647) | (23,788) | ||
Total operating expenses | 1,397,771 | 1,102,357 | 7,537,344 | ||
Net Investment Income | (39,903) | 2,189,714 | 12,357,635 | ||
Net Realized and Unrealized Gain (Loss): | |||||
Net realized gain (loss) on: | |||||
Investments | 20,991,939 | (6,478,824) | 103,188,267 | ||
Foreign currencies | 69,300 | — | (53,977) | ||
Foreign currency exchange contracts | (76,454) | — | (143,254) | ||
Futures contracts | (701,537) | — | (385,093) | ||
Options written | (794,013) | (3,476,935) | — | ||
Options purchased | 561,808 | — | — | ||
Swap contracts | — | — | 154,240 | ||
Net realized gain (loss) | 20,051,043 | (9,955,759) | 102,760,183 | ||
Net change in unrealized appreciation (depreciation) of: | |||||
Investments | (11,974,020) | (4,028,587) | (149,029,775) | ||
Foreign currencies | (722) | — | 2,180 | ||
Foreign currency exchange contracts | 24,736 | — | (4,937) | ||
Futures contracts | (167,511) | — | (2,979) | ||
Options purchased | 794,567 | — | — | ||
Options written | (420,108) | 5,057,748 | — | ||
Swap contracts | — | — | (6,996) | ||
Net change in unrealized appreciation (depreciation) | (11,743,058) | 1,029,161 | (149,042,507) | ||
Net Realized and Unrealized Gain (Loss) | 8,307,985 | (8,926,598) | (46,282,324) | ||
Net Increase (Decrease) in Net Assets Resulting from Operations | $8,268,082 | $(6,736,884) | $(33,924,689) | ||
See accompanying notes, which are an integral part of the financial statements. |
Delaware Equity Income Fund | Delaware Growth and Income Fund | ||||||
Year ended | Year ended | ||||||
9/30/20 | 9/30/19 | 9/30/20 | 9/30/19 | ||||
Increase (Decrease) in Net Assets from Operations: | |||||||
Net investment income (loss) | $5,835,970 | $8,879,846 | $20,834,476 | $22,841,340 | |||
Net realized gain (loss) | 106,713,928 | 33,813,012 | 355,058,601 | 191,416,436 | |||
Net change in unrealized appreciation (depreciation) | (144,981,746) | (38,030,962) | (480,016,900) | (189,978,012) | |||
Net increase (decrease) in net assets resulting from operations | (32,431,848) | 4,661,896 | (104,123,823) | 24,279,764 | |||
Dividends and Distributions to Shareholders from: | |||||||
Distributable earnings: | |||||||
Class A | (132,797,526) | (67,899,359) | (491,601,820) | (285,704,754) | |||
Class B1 | — | (286,459) | — | (2,023,413) | |||
Institutional Class2 | (336,217) | (9,736,043) | (2,861,172) | (25,839,515) | |||
Class R63 | (386,245) | (284,978) | (1,904,446) | (1,676,586) | |||
(133,519,988) | (78,206,839) | (496,367,438) | (315,244,268) | ||||
Capital Share Transactions: | |||||||
Proceeds from shares sold: | |||||||
Class A | 21,226,285 | 41,356,189 | 57,869,184 | 104,698,583 | |||
Class B1 | — | 93,212 | — | 320,127 | |||
Institutional Class2 | 903,185 | 9,803,002 | 3,311,866 | 92,583,930 | |||
Class R63 | 179,886 | 1,785,192 | 352,004 | 709,788 | |||
Net asset value of shares issued upon reinvestment of dividends and distributions: | |||||||
Class A | 131,262,560 | 66,810,971 | 487,454,636 | 282,926,826 | |||
Class B1 | — | 286,459 | — | 2,019,655 | |||
Institutional Class2 | 311,497 | 9,664,501 | 2,801,661 | 25,657,982 | |||
Class R63 | 386,245 | 284,977 | 1,904,446 | 1,676,586 | |||
154,269,658 | 130,084,503 | 553,693,797 | 510,593,477 | ||||
Cost of shares redeemed: | |||||||
Class A | (151,101,932) | (124,019,685) | (390,939,730) | (313,279,311) | |||
Class B1 | — | (2,586,603) | — | (11,984,237) | |||
Institutional Class2 | (1,704,420) | (86,468,280) | (20,418,470) | (215,436,743) | |||
Class R63 | (819,926) | (2,892,185) | (2,837,045) | (6,215,502) | |||
(153,626,278) | (215,966,753) | (414,195,245) | (546,915,793) | ||||
Increase (decrease) in net assets derived from capital share transactions | 643,380 | (85,882,250) | 139,498,552 | (36,322,316) | |||
Net Increase (Decrease) in Net Assets | (165,308,456) | (159,427,193) | (460,992,709) | (327,286,820) | |||
Net Assets: | |||||||
Beginning of year | 471,830,112 | 631,257,305 | 1,491,586,646 | 1,818,873,466 | |||
End of year | $306,521,656 | $471,830,112 | $1,030,593,937 | $1,491,586,646 |
1 | All Class B shares were converted into Class A shares on June 14, 2019. |
2 | On October 4, 2019, Advisor Class shares were reorganized into Institutional Class shares. See Notes to Financial Statements. |
3 | On October 4, 2019, Institutional Class shares were reorganized into Class R6 shares. See Notes to Financial Statements. |
See accompanying notes, which are an integral part of the financial statements. |
Delaware Growth Equity Fund | Delaware Opportunity Fund | ||||||
Year ended | Year ended | ||||||
9/30/20 | 9/30/19 | 9/30/20 | 9/30/19 | ||||
Increase (Decrease) in Net Assets from Operations: | |||||||
Net investment income (loss) | $(1,004,744) | $1,760,472 | $4,486,312 | $3,693,300 | |||
Net realized gain (loss) | 52,514,563 | 59,410,250 | 152,637,370 | 107,728,650 | |||
Net change in unrealized appreciation (depreciation) | 86,054,104 | (106,507,568) | (265,065,831) | (108,217,293) | |||
Net increase (decrease) in net assets resulting from operations | 137,563,923 | (45,336,846) | (107,942,149) | 3,204,657 | |||
Dividends and Distributions to Shareholders from: | |||||||
Distributable earnings: | |||||||
Class A | (51,258,363) | (26,782,811) | (260,597,869) | (89,968,893) | |||
Class B1 | — | (154,240) | — | (687,500) | |||
Institutional Class2 | (14,562,190) | (9,136,425) | (1,436,451) | (13,689,378) | |||
Class R63 | (406,462) | (308,565) | (621,869) | (437,316) | |||
(66,227,015) | (36,382,041) | (262,656,189) | (104,783,087) | ||||
Capital Share Transactions: | |||||||
Proceeds from shares sold: | |||||||
Class A | 41,056,959 | 91,999,515 | 42,545,399 | 85,847,163 | |||
Class B1 | — | 165,997 | — | 202,837 | |||
Institutional Class2 | 30,743,036 | 118,768,769 | 1,619,419 | 25,710,508 | |||
Class R63 | 1,185,958 | 1,197,203 | 306,732 | 652,202 | |||
Net asset value of shares issued upon reinvestment of dividends and distributions: | |||||||
Class A | 50,800,590 | 26,527,802 | 258,629,421 | 89,198,488 | |||
Class B1 | — | 150,066 | — | 684,857 | |||
Institutional Class2 | 14,146,829 | 9,075,112 | 1,387,018 | 13,608,679 | |||
Class R63 | 406,461 | 308,565 | 621,869 | 437,316 | |||
138,339,833 | 248,193,029 | 305,109,858 | 216,342,050 | ||||
Cost of shares redeemed: | |||||||
Class A | (184,763,540) | (120,862,330) | (249,059,513) | (184,561,093) | |||
Class B1 | — | (2,962,433) | — | (6,188,675) | |||
Institutional Class2 | (79,327,920) | (159,103,061) | (8,988,193) | (163,748,110) | |||
Class R63 | (2,450,659) | (4,543,171) | (1,403,898) | (4,052,940) | |||
(266,542,119) | (287,470,995) | (259,451,604) | (358,550,818) | ||||
Increase (decrease) in net assets derived from capital share transactions | (128,202,286) | (39,277,966) | 45,658,254 | (142,208,768) | |||
Net Increase (Decrease) in Net Assets | (56,865,378) | (120,996,853) | (324,940,084) | (243,787,198) | |||
Net Assets: | |||||||
Beginning of year | 654,699,352 | 775,696,205 | 928,001,917 | 1,171,789,115 | |||
End of year | $597,833,974 | $654,699,352 | $603,061,833 | $928,001,917 |
1 | All Class B shares were converted into Class A shares on June 14, 2019. |
2 | On October 4, 2019, Advisor Class shares were reorganized into Institutional Class shares. See Notes to Financial Statements. |
3 | On October 4, 2019, Institutional Class shares were reorganized into Class R6 shares. See Notes to Financial Statements. |
See accompanying notes, which are an integral part of the financial statements. |
Delaware Special Situations Fund | Delaware Global Equity Fund | ||||||
Year ended | Year ended | ||||||
9/30/20 | 9/30/19 | 9/30/20 | 9/30/19 | ||||
Increase (Decrease) in Net Assets from Operations: | |||||||
Net investment income (loss) | $2,031,784 | $2,546,193 | $2,848,858 | $3,967,886 | |||
Net realized gain (loss) | 10,977,956 | 37,166,502 | 63,037,800 | (6,888,442) | |||
Net change in unrealized appreciation (depreciation) | (99,306,662) | (110,118,154) | (55,098,902) | (4,967,086) | |||
Net increase (decrease) in net assets resulting from operations | (86,296,922) | (70,405,459) | 10,787,756 | (7,887,642) | |||
Dividends and Distributions to Shareholders from: | |||||||
Distributable earnings: | |||||||
Class A | (61,185,155) | (69,289,188) | (47,492,756) | (43,940,031) | |||
Class B1 | — | (397,669) | — | (324,786) | |||
Institutional Class2 | (770,700) | (16,747,438) | (3,789,098) | (25,969,559) | |||
Class R63 | (512,755) | (988,798) | (280,865) | (407,474) | |||
(62,468,610) | (87,423,093) | (51,562,719) | (70,641,850) | ||||
Capital Share Transactions: | |||||||
Proceeds from shares sold: | |||||||
Class A | 25,379,018 | 57,725,267 | 12,759,103 | 27,819,062 | |||
Class B1 | — | 105,962 | — | 77,755 | |||
Institutional Class2 | 712,931 | 27,517,981 | 4,378,398 | 118,947,331 | |||
Class R63 | 239,477 | 675,600 | 187,613 | 357,949 | |||
Net asset value of shares issued upon reinvestment of dividends and distributions: | |||||||
Class A | 60,626,889 | 68,590,690 | 46,817,307 | 43,193,288 | |||
Class B1 | — | 395,996 | — | 324,786 | |||
Institutional Class2 | 762,955 | 16,649,603 | 3,775,915 | 25,895,633 | |||
Class R63 | 512,756 | 987,844 | 280,865 | 407,474 | |||
88,234,026 | 172,648,943 | 68,199,201 | 217,023,278 | ||||
Cost of shares redeemed: | |||||||
Class A | (140,048,785) | (104,992,077) | (95,565,732) | (68,689,497) | |||
Class B1 | — | (2,429,549) | — | (2,265,919) | |||
Institutional Class2 | (10,709,016) | (142,584,431) | (62,707,530) | (271,864,556) | |||
Class R63 | (1,843,915) | (5,468,146) | (886,084) | (2,717,006) | |||
(152,601,716) | (255,474,203) | (159,159,346) | (345,536,978) | ||||
Increase (decrease) in net assets derived from capital share transactions | (64,367,690) | (82,825,260) | (90,960,145) | (128,513,700) | |||
Net Increase (Decrease) in Net Assets | (213,133,222) | (240,653,812) | (131,735,108) | (207,043,192) | |||
Net Assets: | |||||||
Beginning of year | 492,952,209 | 733,606,021 | 421,615,476 | 628,658,668 | |||
End of year | $279,818,987 | $492,952,209 | $289,880,368 | $421,615,476 |
1 | All Class B shares were converted into Class A shares on June 14, 2019. |
2 | On October 4, 2019, Advisor Class shares were reorganized into Institutional Class shares. See Notes to Financial Statements. |
3 | On October 4, 2019, Institutional Class shares were reorganized into Class R6 shares. See Notes to Financial Statements. |
See accompanying notes, which are an integral part of the financial statements. |
Delaware International Fund | Delaware Floating Rate II Fund | ||||||
Year ended | Year ended | ||||||
9/30/20 | 9/30/19 | 9/30/20 | 9/30/19 | ||||
Increase (Decrease) in Net Assets from Operations: | |||||||
Net investment income (loss) | $2,712,753 | $1,137,496 | $3,320,311 | $8,274,311 | |||
Net realized gain (loss) | 74,163,613 | 21,649,781 | (5,353,093) | (231,419) | |||
Net change in unrealized appreciation (depreciation) | (82,933,600) | 6,761,884 | 1,436,341 | (2,650,231) | |||
Net increase (decrease) in net assets resulting from operations | (6,057,234) | 29,549,161 | (596,441) | 5,392,661 | |||
Dividends and Distributions to Shareholders from: | |||||||
Distributable earnings: | |||||||
Class A | (49,806,205) | (16,053,838) | (2,059,949) | (2,770,276) | |||
Class B1 | — | (72,818) | — | — | |||
Institutional Class2 | (40,763,845) | (8,663,047) | (1,246,501) | (4,436,212) | |||
Class R63 | (265,508) | (183,424) | (8,588) | (1,069,434) | |||
(90,835,558) | (24,973,127) | (3,315,038) | (8,275,922) | ||||
Capital Share Transactions: | |||||||
Proceeds from shares sold: | |||||||
Class A | 14,607,095 | 30,633,200 | 4,323,821 | 19,796,406 | |||
Class B1 | — | 34,643 | — | — | |||
Institutional Class2 | 24,233,739 | 138,845,397 | 7,073,440 | 55,959,610 | |||
Class R63 | 89,509 | 333,252 | 37,937 | 3,204,376 | |||
Net asset value of shares issued upon reinvestment of dividends and distributions: | |||||||
Class A | 49,436,814 | 15,918,971 | 1,951,824 | 2,621,576 | |||
Class B1 | — | 72,635 | — | — | |||
Institutional Class2 | 40,743,288 | 8,630,971 | 1,245,190 | 4,303,144 | |||
Class R63 | 265,507 | 183,425 | 8,526 | 30,284 | |||
129,375,952 | 194,652,494 | 14,640,738 | 85,915,396 | ||||
Cost of shares redeemed: | |||||||
Class A | (84,935,960) | (59,056,317) | (30,601,440) | (25,931,302) | |||
Class B1 | — | (1,289,492) | — | — | |||
Institutional Class2 | (106,750,647) | (86,942,993) | (25,617,049) | (162,934,169) | |||
Class R63 | (809,844) | (2,625,255) | (498,219) | (34,376,234) | |||
(192,496,451) | (149,914,057) | (56,716,708) | (223,241,705) | ||||
Increase (decrease) in net assets derived from capital share transactions | (63,120,499) | 44,738,437 | (42,075,970) | (137,326,309) | |||
Net Increase (Decrease) in Net Assets | (160,013,291) | 49,314,471 | (45,987,449) | (140,209,570) | |||
Net Assets: | |||||||
Beginning of year | 450,373,199 | 401,058,728 | 105,175,433 | 245,385,003 | |||
End of year | $290,359,908 | $450,373,199 | $59,187,984 | $105,175,433 |
1 | All Class B shares were converted into Class A shares on June 14, 2019. |
2 | On October 4, 2019, Advisor Class shares were reorganized into Institutional Class shares. See Notes to Financial Statements. |
3 | On October 4, 2019, Institutional Class shares were reorganized into Class R6 shares. See Notes to Financial Statements. |
See accompanying notes, which are an integral part of the financial statements. |
Delaware Fund for Income | Delaware Government Cash Management Fund | ||||||
Year ended | Year ended | ||||||
9/30/20 | 9/30/19 | 9/30/20 | 9/30/19 | ||||
Increase (Decrease) in Net Assets from Operations: | |||||||
Net investment income (loss) | $20,941,392 | $28,225,944 | $929,894 | $2,943,310 | |||
Net realized gain (loss) | (9,692,375) | (554,649) | 4 | — | |||
Net change in unrealized appreciation (depreciation) | 1,251,885 | 5,012,920 | — | — | |||
Net increase (decrease) in net assets resulting from operations | 12,500,902 | 32,684,215 | 929,898 | 2,943,310 | |||
Dividends and Distributions to Shareholders from: | |||||||
Distributable earnings: | |||||||
Class A | (20,400,146) | (26,190,928) | (929,849) | (2,942,231) | |||
Class B1 | — | (49,755) | — | (1,061) | |||
Institutional Class2 | (1,778,391) | (2,944,295) | — | — | |||
Class R63 | (107,851) | (2,093,656) | (45) | (18) | |||
(22,286,388) | (31,278,634) | (929,894) | (2,943,310) | ||||
Capital Share Transactions: | |||||||
Proceeds from shares sold: | |||||||
Class A | 16,392,900 | 32,589,138 | 289,874,403 | 243,937,757 | |||
Class B1 | — | 104,665 | — | 119,589 | |||
Institutional Class2 | 38,225,414 | 44,665,685 | — | — | |||
Class R63 | 532,879 | 18,118,700 | 10,011 | — | |||
Net asset value of shares issued upon reinvestment of dividends and distributions: | |||||||
Class A | 17,763,208 | 22,732,227 | 877,365 | 2,848,143 | |||
Class B1 | — | 41,153 | — | 1,039 | |||
Institutional Class2 | 1,769,367 | 2,736,588 | — | — | |||
Class R63 | 75,326 | 167,967 | 44 | 18 | |||
74,759,094 | 121,156,123 | 290,761,823 | 246,906,546 | ||||
Cost of shares redeemed: | |||||||
Class A | (131,925,616) | (102,791,798) | (335,504,289) | (231,576,163) | |||
Class B1 | — | (1,917,196) | — | (222,047) | |||
Institutional Class2 | (16,786,090) | (99,019,284) | — | — | |||
Class R63 | (35,990,791) | (15,224,537) | (11,083) | — | |||
(184,702,497) | (218,952,815) | (335,515,372) | (231,798,210) | ||||
Increase (decrease) in net assets derived from capital share transactions | (109,943,403) | (97,796,692) | (44,753,549) | 15,108,336 | |||
Net Increase (Decrease) in Net Assets | (119,728,889) | (96,391,111) | (44,753,545) | 15,108,336 | |||
Net Assets: | |||||||
Beginning of year | 542,751,009 | 639,142,120 | 168,905,751 | 153,797,415 | |||
End of year | $423,022,120 | $542,751,009 | $124,152,206 | $168,905,751 |
1 | All Class B shares were converted into Class A shares on June 14, 2019. |
2 | On October 4, 2019, Advisor Class shares were reorganized into Institutional Class shares. See Notes to Financial Statements. |
3 | On October 4, 2019, Institutional Class shares were reorganized into Class R6 shares. See Notes to Financial Statements. |
See accompanying notes, which are an integral part of the financial statements. |
Delaware International Opportunities Bond Fund | Delaware Investment Grade Fund | ||||||
Year ended | Year ended | ||||||
9/30/20 | 9/30/19 | 9/30/20 | 9/30/19 | ||||
Increase (Decrease) in Net Assets from Operations: | |||||||
Net investment income (loss) | $(106,275) | $4,288,033 | $6,384,676 | $16,009,220 | |||
Net realized gain (loss) | (14,548,557) | (7,212,574) | 34,799,499 | 9,505,082 | |||
Net change in unrealized appreciation (depreciation) | 15,184,926 | 1,893,674 | (19,361,448) | 35,715,910 | |||
Net increase (decrease) in net assets resulting from operations | 530,094 | (1,030,867) | 21,822,727 | 61,230,212 | |||
Dividends and Distributions to Shareholders from: | |||||||
Distributable earnings: | |||||||
Class A | (821,223) | (928,347) | (19,441,002) | (13,019,432) | |||
Class B1 | — | — | — | (26,417) | |||
Institutional Class2 | (403,633) | (1,600,584) | (232,440) | (5,307,664) | |||
Class R63 | (2,235) | (219,517) | (87,278) | (829,881) | |||
(1,227,091) | (2,748,448) | (19,760,720) | (19,183,394) | ||||
Capital Share Transactions: | |||||||
Proceeds from shares sold: | |||||||
Class A | 1,919,739 | 4,177,875 | 19,207,882 | 36,161,680 | |||
Class B1 | — | — | — | 103,617 | |||
Institutional Class2 | 5,353,939 | 36,535,536 | 11,685,210 | 37,872,470 | |||
Class R63 | 22,037 | 9,908,986 | 195,934 | 4,059,470 | |||
Net asset value of shares issued upon reinvestment of dividends and distributions: | |||||||
Class A | 801,982 | 888,921 | 18,777,046 | 12,267,106 | |||
Class B1 | — | — | — | 26,215 | |||
Institutional Class2 | 400,490 | 1,596,425 | 230,007 | 5,266,597 | |||
Class R63 | 2,242 | 8,115 | 74,930 | 53,717 | |||
8,500,429 | 53,115,858 | 50,171,009 | 95,810,872 | ||||
Cost of shares redeemed: | |||||||
Class A | (18,457,164) | (15,079,450) | (138,898,358) | (116,043,630) | |||
Class B1 | — | — | — | (1,670,389) | |||
Institutional Class2 | (47,282,622) | (72,895,176) | (21,586,748) | (221,815,011) | |||
Class R63 | (13,932,868) | (5,632,160) | (22,705,241) | (6,770,284) | |||
(79,672,654) | (93,606,786) | (183,190,347) | (346,299,314) | ||||
Increase (decrease) in net assets derived from capital share transactions | (71,172,225) | (40,490,928) | (133,019,338) | (250,488,442) | |||
Net Increase (Decrease) in Net Assets | (71,869,222) | (44,270,243) | (130,957,331) | (208,441,624) | |||
Net Assets: | |||||||
Beginning of year | 107,148,837 | 151,419,080 | 397,966,719 | 606,408,343 | |||
End of year | $35,279,615 | $107,148,837 | $267,009,388 | $397,966,719 |
1 | All Class B shares were converted into Class A shares on June 14, 2019. |
2 | On October 4, 2019, Advisor Class shares were reorganized into Institutional Class shares. See Notes to Financial Statements. |
3 | On October 4, 2019, Institutional Class shares were reorganized into Class R6 shares. See Notes to Financial Statements. |
See accompanying notes, which are an integral part of the financial statements. |
Delaware Limited Duration Bond Fund | Delaware Strategic Income II Fund | ||||||
Year ended | Year ended | ||||||
9/30/20 | 9/30/19 | 9/30/20 | 9/30/19 | ||||
Increase (Decrease) in Net Assets from Operations: | |||||||
Net investment income (loss) | $3,361,425 | $7,945,941 | $3,427,632 | $4,768,654 | |||
Net realized gain (loss) | 5,472,166 | 490,159 | (4,281,528) | (950,833) | |||
Net change in unrealized appreciation (depreciation) | (1,570,236) | 7,076,563 | 5,465,531 | 2,862,510 | |||
Net increase (decrease) in net assets resulting from operations | 7,263,355 | 15,512,663 | 4,611,635 | 6,680,331 | |||
Dividends and Distributions to Shareholders from: | |||||||
Distributable earnings: | |||||||
Class A | (4,252,782) | (6,578,036) | (3,972,577) | (4,796,353) | |||
Institutional Class2 | (496,616) | (2,085,773) | (16,312) | (26,638) | |||
Class R63 | (33,191) | (1,128,359) | — | — | |||
(4,782,589) | (9,792,168) | (3,988,889) | (4,822,991) | ||||
Capital Share Transactions: | |||||||
Proceeds from shares sold: | |||||||
Class A | 27,449,762 | 37,598,776 | 11,353,228 | 19,197,484 | |||
Institutional Class2 | 4,839,112 | 176,696,611 | 211,229 | 457,470 | |||
Class R63 | 49,703 | 35,842,234 | — | — | |||
Net asset value of shares issued upon reinvestment of dividends and distributions: | |||||||
Class A | 4,067,179 | 6,298,169 | 3,814,699 | 4,582,076 | |||
Class B1 | — | — | — | — | |||
Institutional Class2 | 479,570 | 2,061,691 | 16,134 | 26,041 | |||
Class R63 | 11,506 | 21,676 | — | — | |||
36,896,832 | 258,519,157 | 15,395,290 | 24,263,071 | ||||
Cost of shares redeemed: | |||||||
Class A | (85,051,361) | (74,562,975) | (53,922,946) | (40,650,338) | |||
Institutional Class2 | (52,937,018) | (159,637,535) | (489,108) | (688,192) | |||
Class R63 | (47,834,532) | (27,257,693) | — | — | |||
(185,822,911) | (261,458,203) | (54,412,054) | (41,338,530) | ||||
Increase (decrease) in net assets derived from capital share transactions | (148,926,079) | (2,939,046) | (39,016,764) | (17,075,459) | |||
Net Increase (Decrease) in Net Assets | (146,445,313) | 2,781,449 | (38,394,018) | (15,218,119) | |||
Net Assets: | |||||||
Beginning of year | 325,003,427 | 322,221,978 | 137,721,183 | 152,939,302 | |||
End of year | $178,558,114 | $325,003,427 | $99,327,165 | $137,721,183 |
1 | All Class B shares were converted into Class A shares on June 14, 2019. |
2 | On October 4, 2019, Advisor Class shares were reorganized into Institutional Class shares. See Notes to Financial Statements. |
3 | On October 4, 2019, Institutional Class shares were reorganized into Class R6 shares. See Notes to Financial Statements. |
See accompanying notes, which are an integral part of the financial statements. |
Delaware Covered Call Strategy Fund | Delaware Hedged U.S. Equity Opportunities Fund | ||||||
Year ended | Year ended | ||||||
9/30/20 | 9/30/19 | 9/30/20 | 9/30/19 | ||||
Increase (Decrease) in Net Assets from Operations: | |||||||
Net investment income (loss) | $2,532,386 | $3,750,010 | $(39.903) | $288,569 | |||
Net realized gain (loss) | (4,963,332) | (12,573,241) | 20,051,043 | 12,517,641 | |||
Net change in unrealized appreciation (depreciation) | (13,267,870) | 8,864,550 | (11,743,058) | 3,210,979 | |||
Net increase (decrease) in net assets resulting from operations | (15,698,816) | 41,319 | 8,268,082 | 16,017,189 | |||
Dividends and Distributions to Shareholders from: | |||||||
Distributable earnings: | |||||||
Class A | (1,835,673) | (2,445,494) | (11,099,496) | (1,268,295) | |||
Institutional Class2 | (673,147) | (1,174,712) | (4,445,817) | (1,748,223) | |||
Class R63 | (12,223) | (33,338) | (49,879) | (9,534) | |||
(2,521,043) | (3,653,544) | (15,595,192) | (3,026,052) | ||||
Capital Share Transactions: | |||||||
Proceeds from shares sold: | |||||||
Class A | 18,268,580 | 44,574,129 | 7,719,313 | 24,887,381 | |||
Institutional Class2 | 7,106,153 | 55,309,828 | 6,202,399 | 157,532,297 | |||
Class R63 | 76,426 | 307,194 | 80,032 | 254,983 | |||
Net asset value of shares issued upon reinvestment of dividends and distributions: | |||||||
Class A | 1,811,286 | 2,403,312 | 10,953,456 | 1,255,237 | |||
Class B1 | — | — | — | — | |||
Institutional Class2 | 625,930 | 1,083,507 | 4,430,714 | 1,740,439 | |||
Class R63 | 11,557 | 33,020 | 49,879 | 9,534 | |||
27,899,932 | 103,710,990 | 29,435,793 | 185,679,871 | ||||
Cost of shares redeemed: | |||||||
Class A | (96,821,816) | (71,836,104) | (36,331,747) | (18,330,956) | |||
Institutional Class2 | (31,441,208) | (101,320,736) | (33,680,974) | (218,918,208) | |||
Class R63 | (1,233,538) | (1,727,818) | (353,825) | (515,075) | |||
(129,496,562) | (174,884,658) | (70,366,546) | (237,764,239) | ||||
Increase (decrease) in net assets derived from capital share transactions | (101,596,630) | (71,173,668) | (40,930,753) | (52,084,368) | |||
Net Increase (Decrease) in Net Assets | (119,816,489) | (74,785,893) | (48,257,863) | (39,093,231) | |||
Net Assets: | |||||||
Beginning of year | 279,505,177 | 354,291,070 | 123,181,304 | 162,274,535 | |||
End of year | $159,688,688 | $279,505,177 | $74,923,441 | $123,181,304 |
1 | All Class B shares were converted into Class A shares on June 14, 2019. |
2 | On October 4, 2019, Advisor Class shares were reorganized into Institutional Class shares. See Notes to Financial Statements. |
3 | On October 4, 2019, Institutional Class shares were reorganized into Class R6 shares. See Notes to Financial Statements. |
See accompanying notes, which are an integral part of the financial statements. |
Delaware Premium Income Fund | Delaware Total Return Fund | ||||||
Year ended | Year ended | ||||||
9/30/20 | 9/30/19 | 9/30/20 | 9/30/19 | ||||
Increase (Decrease) in Net Assets from Operations: | |||||||
Net investment income (loss) | $2,189,714 | $2,116,901 | $12,357,635 | $13,035,330 | |||
Net realized gain (loss) | (9,955,759) | 3,452,367 | 102,760,183 | 55,471,198 | |||
Net change in unrealized appreciation (depreciation) | 1,029,161 | (2,128,498) | (149,042,507) | (31,701,223) | |||
Net increase (decrease) in net assets resulting from operations | (6,736,884) | 3,440,770 | (33,924,689) | 36,805,305 | |||
Dividends and Distributions to Shareholders from: | |||||||
Distributable earnings: | |||||||
Class A | (1,633,590) | (2,048,419) | (156,963,527) | (79,846,565) | |||
Class B1 | — | — | — | (471,925) | |||
Institutional Class2 | (1,969,385) | (2,126,770) | (193,281) | (105,598) | |||
Class R63 | (3,282) | (20,972) | (363,775) | (3,088,864) | |||
Return of capital: | |||||||
Class A | — | — | (250,419) | — | |||
Institutional Class | — | — | (348) | — | |||
Class R6 | — | — | (345) | — | |||
(3,606,257) | (4,196,161) | (157,771,695) | (83,512,952) | ||||
Capital Share Transactions: | |||||||
Proceeds from shares sold: | |||||||
Class A | 7,031,159 | 32,786,671 | 37,411,499 | 70,130,360 | |||
Class B1 | — | — | — | 361,645 | |||
Institutional Class2 | 13,762,407 | 77,670,239 | 1,066,775 | 696,193 | |||
Class R63 | 27,712 | 27,464 | 156,157 | 347,661 | |||
Net asset value of shares issued upon reinvestment of dividends and distributions: | |||||||
Class A | 1,601,078 | 2,001,143 | 155,382,017 | 78,807,381 | |||
Class B1 | — | — | — | 471,902 | |||
Institutional Class2 | 1,869,625 | 2,001,731 | 176,086 | 91,540 | |||
Class R63 | 3,073 | 15,731 | 364,120 | 3,088,864 | |||
24,295,054 | 114,502,979 | 194,556,654 | 153,995,546 | ||||
Cost of shares redeemed: | |||||||
Class A | (33,215,498) | (15,332,080) | (252,634,094) | (192,814,710) | |||
Class B1 | — | — | — | (6,418,944) | |||
Institutional Class2 | (45,142,958) | (45,830,176) | (1,432,600) | (568,268) | |||
Class R63 | (20,372) | (3,618,214) | (1,293,618) | (34,529,019) | |||
(78,378,828) | (64,780,470) | (255,360,312) | (234,330,941) | ||||
Increase (decrease) in net assets derived from capital share transactions | (54,083,774) | 49,722,509 | (60,803,658) | (80,335,395) | |||
Net Increase (Decrease) in Net Assets | (64,426,915) | 48,967,118 | (252,500,042) | (127,043,042) | |||
Net Assets: | |||||||
Beginning of year | 128,702,137 | 79,735,019 | 804,051,351 | 931,094,393 | |||
End of year | $64,275,222 | $128,702,137 | $551,551,309 | $804,051,351 |
1 | All Class B shares were converted into Class A shares on June 14, 2019. |
2 | On October 4, 2019, Advisor Class shares were reorganized into Institutional Class shares. See Notes to Financial Statements. |
3 | On October 4, 2019, Institutional Class shares were reorganized into Class R6 shares. See Notes to Financial Statements. |
Year ended | |||||||||
9/30/201 | 9/30/19 | 9/30/18 | 9/30/17 | 9/30/16 | |||||
Net asset value, beginning of period | $9.68 | $11.09 | $10.71 | $9.72 | $8.99 | ||||
Income (loss) from investment operations: | |||||||||
Net investment income2 | 0.11 | 0.15 | 0.26 | 0.16 | 0.16 | ||||
Net realized and unrealized gain (loss) | (0.51) | (0.16) | 0.65 | 1.22 | 1.08 | ||||
Total from investment operations | (0.40) | (0.01) | 0.91 | 1.38 | 1.24 | ||||
Less dividends and distributions from: | |||||||||
Net investment income | (0.13) | (0.26) | (0.17) | (0.21) | (0.16) | ||||
Net realized gain | (2.91) | (1.14) | (0.36) | (0.18) | (0.35) | ||||
Total dividends and distributions | (3.04) | (1.40) | (0.53) | (0.39) | (0.51) | ||||
Net asset value, end of period | $6.24 | $9.68 | $11.09 | $10.71 | $9.72 | ||||
Total return3 | (7.89%) | 1.83% | 8.68% | 14.46% | 14.16% | ||||
Ratios and supplemental data: | |||||||||
Net assets, end of period (000 omitted) | $304,917 | $468,634 | $545,810 | $564,918 | $529,327 | ||||
Ratio of expenses to average net assets4 | 1.16% | 1.19% | 1.20% | 1.20% | 1.22% | ||||
Ratio of net investment income to average net assets | 1.56% | 1.58% | 2.42% | 1.58% | 1.72% | ||||
Portfolio turnover | 114%5 | 39% | 35% | 15% | 22% |
1 | On October 4, 2019, Class A shares of First Investors Equity Income Fund were reorganized into Class A shares of Delaware Equity Income Fund. See Notes to Financial Statements. The Class A shares' financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Equity Income Fund Class A shares. |
2 | The average shares outstanding method has been applied for per share information. |
3 | 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. |
4 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
5 | The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2020 due to a change in the Fund’s portfolio managers and associated repositioning. |
Year ended | |||||||||
9/30/201 | 9/30/19 | 9/30/18 | 9/30/17 | 9/30/16 | |||||
Net asset value, beginning of period | $9.73 | $11.16 | $10.77 | $9.74 | $9.00 | ||||
Income (loss) from investment operations: | |||||||||
Net investment income2 | 0.13 | 0.20 | 0.31 | 0.19 | 0.20 | ||||
Net realized and unrealized gain (loss) | (0.53) | (0.20) | 0.65 | 1.23 | 1.08 | ||||
Total from investment operations | (0.40) | — | 0.96 | 1.42 | 1.28 | ||||
Less dividends and distributions from: | |||||||||
Net investment income | (0.14) | (0.29) | (0.21) | (0.21) | (0.19) | ||||
Net realized gain | (2.91) | (1.14) | (0.36) | (0.18) | (0.35) | ||||
Total dividends and distributions | (3.05) | (1.43) | (0.57) | (0.39) | (0.54) | ||||
Net asset value, end of period | $6.28 | $9.73 | $11.16 | $10.77 | $9.74 | ||||
Total return3 | (7.72%) | 1.97% | 9.09% | 14.87% | 14.63% | ||||
Ratios and supplemental data: | |||||||||
Net assets, end of period (000 omitted) | $926 | $1,786 | $80,387 | $71,611 | $54,576 | ||||
Ratio of expenses to average net assets4 | 0.89% | 0.86% | 0.85% | 0.84% | 0.85% | ||||
Ratio of expenses to average net assets prior to fees waived4 | 0.94% | 0.86% | 0.85% | 0.84% | 0.85% | ||||
Ratio of net investment income to average net assets | 1.86% | 2.08% | 2.79% | 1.94% | 2.08% | ||||
Ratio of net investment income to average net assets prior to fees waived | 1.81% | 2.08% | 2.79% | 1.94% | 2.08% | ||||
Portfolio turnover | 114%5 | 39% | 35% | 15% | 22% |
1 | On October 4, 2019, Adviser Class shares of First Investors Equity Income Fund were reorganized into Institutional Class shares of Delaware Equity Income Fund. See Notes to Financial Statements. The Institutional Class shares' financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Equity Income Fund Adviser Class shares. |
2 | The average shares outstanding method has been applied for per share information. |
3 | 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. |
4 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
5 | The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2020 due to a change in the Fund’s portfolio managers and associated repositioning. |
Year ended | |||||||||
9/30/201 | 9/30/19 | 9/30/18 | 9/30/17 | 9/30/16 | |||||
Net asset value, beginning of period | $9.67 | $11.12 | $10.72 | $9.78 | $9.04 | ||||
Income (loss) from investment operations: | |||||||||
Net investment income2 | 0.14 | 0.19 | 0.31 | 0.37 | 0.20 | ||||
Net realized and unrealized gain (loss) | (0.52) | (0.17) | 0.66 | 1.06 | 1.09 | ||||
Total from investment operations | (0.38) | 0.02 | 0.97 | 1.43 | 1.29 | ||||
Less dividends and distributions from: | |||||||||
Net investment income | (0.15) | (0.33) | (0.21) | (0.31) | (0.20) | ||||
Net realized gain | (2.91) | (1.14) | (0.36) | (0.18) | (0.35) | ||||
Total dividends and distributions | (3.06) | (1.47) | (0.57) | (0.49) | (0.55) | ||||
Net asset value, end of period | $6.23 | $9.67 | $11.12 | $10.72 | $9.78 | ||||
Total return | (7.54%) | 2.18% | 9.21% | 14.84% | 14.67% | ||||
Ratios and supplemental data: | |||||||||
Net assets, end of period (000 omitted) | $679 | $1,411 | $2,499 | $2,193 | $2,448 | ||||
Ratio of expenses to average net assets3 | 0.82% | 0.81% | 0.80% | 0.80% | 0.78% | ||||
Ratio of expenses to average net assets prior to fees waived3 | 0.88% | 0.81% | 0.80% | 0.80% | 0.78% | ||||
Ratio of net investment income to average net assets | 1.92% | 1.94% | 2.81% | 2.02% | 2.08% | ||||
Ratio of net investment income to average net assets prior to fees waived | 1.86% | 1.94% | 2.81% | 2.02% | 2.08% | ||||
Portfolio turnover | 114%4 | 39% | 35% | 15% | 22% |
1 | On October 4, 2019, Institutional Class shares of First Investors Equity Income Fund were reorganized into Class R6 shares of Delaware Equity Income Fund. See Notes to Financial Statements. The Class R6 shares' financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Equity Income Fund Institutional Class shares. |
2 | The average shares outstanding method has been applied for per share information. |
3 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
4 | The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2020 due to a change in the Fund’s portfolio managers and associated repositioning. |
Year ended | |||||||||
9/30/201 | 9/30/19 | 9/30/18 | 9/30/17 | 9/30/16 | |||||
Net asset value, beginning of period | $19.85 | $24.41 | $23.30 | $21.51 | $20.35 | ||||
Income (loss) from investment operations: | |||||||||
Net investment income2 | 0.23 | 0.27 | 0.26 | 0.25 | 0.26 | ||||
Net realized and unrealized gain (loss) | (0.95) | (0.54) | 2.11 | 2.66 | 2.07 | ||||
Total from investment operations | (0.72) | (0.27) | 2.37 | 2.91 | 2.33 | ||||
Less dividends and distributions from: | |||||||||
Net investment income | (0.25) | (0.27) | (0.32) | (0.37) | (0.24) | ||||
Net realized gain | (6.94) | (4.02) | (0.94) | (0.75) | (0.93) | ||||
Total dividends and distributions | (7.19) | (4.29) | (1.26) | (1.12) | (1.17) | ||||
Net asset value, end of period | $11.94 | $19.85 | $24.41 | $23.30 | $21.51 | ||||
Total return3 | (7.99%) | 2.02% | 10.35% | 13.99% | 11.72% | ||||
Ratios and supplemental data: | |||||||||
Net assets, end of period (000 omitted) | $1,023,821 | $1,464,393 | $1,653,563 | $1,675,590 | $1,588,423 | ||||
Ratio of expenses to average net assets4 | 1.10% | 1.13% | 1.14% | 1.15% | 1.16% | ||||
Ratio of net investment income to average net assets | 1.71% | 1.37% | 1.08% | 1.13% | 1.28% | ||||
Portfolio turnover | 113%5 | 55% | 34% | 16% | 23% |
1 | On October 4, 2019, Class A shares of First Investors Growth & Income Fund were reorganized into Class A shares of Delaware Growth and Income Fund. See Notes to Financial Statements. The Class A shares' financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Growth & Income Fund Class A shares. |
2 | The average shares outstanding method has been applied for per share information. |
3 | 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. |
4 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
5 | The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2020 due to a change in the Fund’s portfolio managers and associated repositioning. |
Year ended | |||||||||
9/30/201 | 9/30/19 | 9/30/18 | 9/30/17 | 9/30/16 | |||||
Net asset value, beginning of period | $19.87 | $24.58 | $23.46 | $21.67 | $20.46 | ||||
Income (loss) from investment operations: | |||||||||
Net investment income2 | 0.30 | 0.33 | 0.35 | 0.33 | 0.35 | ||||
Net realized and unrealized gain (loss) | (0.98) | (0.55) | 2.11 | 2.69 | 2.08 | ||||
Total from investment operations | (0.68) | (0.22) | 2.46 | 3.02 | 2.43 | ||||
Less dividends and distributions from: | |||||||||
Net investment income | (0.26) | (0.47) | (0.40) | (0.48) | (0.29) | ||||
Net realized gain | (6.94) | (4.02) | (0.94) | (0.75) | (0.93) | ||||
Total dividends and distributions | (7.20) | (4.49) | (1.34) | (1.23) | (1.22) | ||||
Net asset value, end of period | $11.99 | $19.87 | $24.58 | $23.46 | $21.67 | ||||
Total return3 | (7.68%)4 | 2.26% | 10.73% | 14.42% | 12.18% | ||||
Ratios and supplemental data: | |||||||||
Net assets, end of period (000 omitted) | $4,063 | $21,597 | $142,220 | $166,851 | $132,486 | ||||
Ratio of expenses to average net assets5 | 0.85% | 0.83% | 0.79% | 0.78% | 0.77% | ||||
Ratio of expenses to average net assets prior to fees waived5 | 0.86% | 0.83% | 0.79% | 0.78% | 0.77% | ||||
Ratio of net investment income to average net assets | 1.98% | 1.66% | 1.44% | 1.50% | 1.68% | ||||
Ratio of net investment income to average net assets prior to fees waived | 1.97% | 1.66% | 1.44% | 1.50% | 1.68% | ||||
Portfolio turnover | 113%6 | 55% | 34% | 16% | 23% |
1 | On October 4, 2019, Adviser Class shares of First Investors Growth & Income Fund were reorganized into Institutional Class shares of Delaware Growth and Income Fund. See Notes to Financial Statements. The Institutional Class shares' financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Growth & Income Fund Adviser Class shares. |
2 | The average shares outstanding method has been applied for per share information. |
3 | 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. |
4 | Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. |
5 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
6 | The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2020 due to a change in the Fund’s portfolio managers and associated repositioning. |
Year ended | |||||||||
9/30/201 | 9/30/19 | 9/30/18 | 9/30/17 | 9/30/16 | |||||
Net asset value, beginning of period | $19.92 | $24.52 | $23.39 | $21.58 | $20.39 | ||||
Income (loss) from investment operations: | |||||||||
Net investment income2 | 0.29 | 0.35 | 0.36 | 0.34 | 0.35 | ||||
Net realized and unrealized gain (loss) | (0.96) | (0.56) | 2.12 | 2.67 | 2.07 | ||||
Total from investment operations | (0.67) | (0.21) | 2.48 | 3.01 | 2.42 | ||||
Less dividends and distributions from: | |||||||||
Net investment income | (0.30) | (0.37) | (0.41) | (0.45) | (0.30) | ||||
Net realized gain | (6.94) | (4.02) | (0.94) | (0.75) | (0.93) | ||||
Total dividends and distributions | (7.24) | (4.39) | (1.35) | (1.20) | (1.23) | ||||
Net asset value, end of period | $12.01 | $19.92 | $24.52 | $23.39 | $21.58 | ||||
Total return3 | (7.63%)4 | 2.34% | 10.85% | 14.47% | 12.18% | ||||
Ratios and supplemental data: | |||||||||
Net assets, end of period (000 omitted) | $2,710 | $5,597 | $11,067 | $10,839 | $10,596 | ||||
Ratio of expenses to average net assets5 | 0.76% | 0.75% | 0.74% | 0.74% | 0.74% | ||||
Ratio of expenses to average net assets prior to fees waived5 | 0.81% | 0.75% | 0.74% | 0.74% | 0.74% | ||||
Ratio of net investment income to average net assets | 2.07% | 1.75% | 1.49% | 1.54% | 1.70% | ||||
Ratio of net investment income to average net assets prior to fees waived | 2.02% | 1.75% | 1.49% | 1.54% | 1.70% | ||||
Portfolio turnover | 113%6 | 55% | 34% | 16% | 23% |
1 | On October 4, 2019, Institutional Class shares of First Investors Growth & Income Fund were reorganized into Class R6 shares of Delaware Growth and Income Fund. See Notes to Financial Statements. The Class R6 shares' financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Growth & Income Fund Institutional Class shares. |
2 | The average shares outstanding method has been applied for per share information. |
3 | 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. |
4 | Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. |
5 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
6 | The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2020 due to a change in the Fund’s portfolio managers and associated repositioning. |
Year ended | |||||||||
9/30/201 | 9/30/19 | 9/30/18 | 9/30/17 | 9/30/16 | |||||
Net asset value, beginning of period | $12.09 | $13.61 | $12.04 | $11.24 | $11.64 | ||||
Income (loss) from investment operations: | |||||||||
Net investment income (loss)2 | (0.03) | 0.02 | (0.01) | — | 0.02 | ||||
Net realized and unrealized gain (loss) | 2.93 | (0.92) | 2.66 | 2.38 | 0.73 | ||||
Total from investment operations | 2.90 | (0.90) | 2.65 | 2.38 | 0.75 | ||||
Less dividends and distributions from: | |||||||||
Net investment income | (0.02) | — | (0.01) | (0.03) | (0.02) | ||||
Net realized gain | (1.30) | (0.62) | (1.07) | (1.55) | (1.13) | ||||
Total dividends and distributions | (1.32) | (0.62) | (1.08) | (1.58) | (1.15) | ||||
Net asset value, end of period | $13.67 | $12.09 | $13.61 | $12.04 | $11.24 | ||||
Total return3 | 25.53% | (6.01%)4 | 23.22% | 24.16% | 6.50% | ||||
Ratios and supplemental data: | |||||||||
Net assets, end of period (000 omitted) | $472,795 | $507,351 | $570,309 | $444,933 | $373,279 | ||||
Ratio of expenses to average net assets5 | 1.14% | 1.19% | 1.22% | 1.25% | 1.27% | ||||
Ratio of expenses to average net assets prior to fees waived5 | 1.14% | 1.20% | 1.22% | 1.25% | 1.27% | ||||
Ratio of net investment income (loss) to average net assets | (0.22%) | 0.16% | (0.06%) | 0.00% | 0.22% | ||||
Ratio of net investment income (loss) to average net assets prior to fees waived | (0.22%) | 0.15% | (0.06%) | 0.00% | 0.22% | ||||
Portfolio turnover | 37% | 51% | 37% | 58% | 59% |
1 | On October 4, 2019, Class A shares of First Investors Select Growth Fund were reorganized into Class A shares of Delaware Growth Equity Fund. See Notes to Financial Statements. The Class A shares' financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Select Growth Fund Class A shares. |
2 | The average shares outstanding method has been applied for per share information. |
3 | 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. |
4 | Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. |
5 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
Year ended | |||||||||
9/30/201 | 9/30/19 | 9/30/18 | 9/30/17 | 9/30/16 | |||||
Net asset value, beginning of period | $12.38 | $13.89 | $12.23 | $11.37 | $11.73 | ||||
Income (loss) from investment operations: | |||||||||
Net investment income2 | 0.01 | 0.06 | 0.04 | 0.05 | 0.07 | ||||
Net realized and unrealized gain (loss) | 3.00 | (0.94) | 2.71 | 2.40 | 0.73 | ||||
Total from investment operations | 3.01 | (0.88) | 2.75 | 2.45 | 0.80 | ||||
Less dividends and distributions from: | |||||||||
Net investment income | (0.06) | (0.01) | (0.02) | (0.04) | (0.03) | ||||
Net realized gain | (1.30) | (0.62) | (1.07) | (1.55) | (1.13) | ||||
Total dividends and distributions | (1.36) | (0.63) | (1.09) | (1.59) | (1.16) | ||||
Net asset value, end of period | $14.03 | $12.38 | $13.89 | $12.23 | $11.37 | ||||
Total return3 | 25.88%4 | (5.74%)4 | 23.74% | 24.61% | 6.93% | ||||
Ratios and supplemental data: | |||||||||
Net assets, end of period (000 omitted) | $121,478 | $143,304 | $194,554 | $81,203 | $66,588 | ||||
Ratio of expenses to average net assets5 | 0.86% | 0.88% | 0.83% | 0.84% | 0.86% | ||||
Ratio of expenses to average net assets prior to fees waived5 | 0.89% | 0.89% | 0.83% | 0.84% | 0.86% | ||||
Ratio of net investment income to average net assets | 0.06% | 0.50% | 0.34% | 0.40% | 0.62% | ||||
Ratio of net investment income to average net assets prior to fees waived | 0.03% | 0.49% | 0.34% | 0.40% | 0.62% | ||||
Portfolio turnover | 37% | 51% | 37% | 58% | 59% |
1 | On October 4, 2019, Adviser Class shares of First Investors Select Growth Fund were reorganized into Institutional Class shares of Delaware Growth Equity Fund. See Notes to Financial Statements. The Institutional Class shares' financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Select Growth Fund Adviser Class shares. |
2 | The average shares outstanding method has been applied for per share information. |
3 | 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. |
4 | Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. |
5 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
Year ended | |||||||||
9/30/201 | 9/30/19 | 9/30/18 | 9/30/17 | 9/30/16 | |||||
Net asset value, beginning of period | $12.46 | $13.97 | $12.29 | $11.42 | $11.77 | ||||
Income (loss) from investment operations: | |||||||||
Net investment income2 | 0.02 | 0.07 | 0.05 | 0.05 | 0.07 | ||||
Net realized and unrealized gain (loss) | 3.02 | (0.95) | 2.72 | 2.41 | 0.74 | ||||
Total from investment operations | 3.04 | (0.88) | 2.77 | 2.46 | 0.81 | ||||
Less dividends and distributions from: | |||||||||
Net investment income | (0.07) | (0.01) | (0.02) | (0.04) | (0.03) | ||||
Net realized gain | (1.30) | (0.62) | (1.07) | (1.55) | (1.13) | ||||
Total dividends and distributions | (1.37) | (0.63) | (1.09) | (1.59) | (1.16) | ||||
Net asset value, end of period | $14.13 | $12.46 | $13.97 | $12.29 | $11.42 | ||||
Total return3 | 25.97%4 | (5.66%)4 | 23.81% | 24.61% | 7.00% | ||||
Ratios and supplemental data: | |||||||||
Net assets, end of period (000 omitted) | $3,561 | $4,044 | $7,836 | $4,950 | $3,915 | ||||
Ratio of expenses to average net assets5 | 0.79% | 0.79% | 0.80% | �� | 0.82% | 0.83% | |||
Ratio of expenses to average net assets prior to fees waived5 | 0.83% | 0.80% | 0.80% | 0.82% | 0.83% | ||||
Ratio of net investment income to average net assets | 0.12% | 0.57% | 0.35% | 0.43% | 0.66% | ||||
Ratio of net investment income to average net assets prior to fees waived | 0.08% | 0.56% | 0.35% | 0.43% | 0.66% | ||||
Portfolio turnover | 37% | 51% | 37% | 58% | 59% |
1 | On October 4, 2019, Institutional Class shares of First Investors Select Growth Fund were reorganized into Class R6 shares of Delaware Growth Equity Fund. See Notes to Financial Statements. The Class R6 shares' financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Select Growth Fund Institutional Class shares. |
2 | The average shares outstanding method has been applied for per share information. |
3 | 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. |
4 | Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. |
5 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
Year ended | |||||||||
9/30/201 | 9/30/19 | 9/30/18 | 9/30/17 | 9/30/16 | |||||
Net asset value, beginning of period | $37.79 | $42.06 | $41.86 | $37.29 | $37.79 | ||||
Income (loss) from investment operations: | |||||||||
Net investment income2 | 0.16 | 0.12 | 0.39 | 0.11 | 0.20 | ||||
Net realized and unrealized gain (loss) | (3.01) | (0.60) | 2.31 | 6.03 | 2.52 | ||||
Total from investment operations | (2.85) | (0.48) | 2.70 | 6.14 | 2.72 | ||||
Less dividends and distributions from: | |||||||||
Net investment income | (0.24) | (0.38) | (0.12) | (0.22) | (0.04) | ||||
Net realized gain | (11.44) | (3.41) | (2.38) | (1.35) | (3.18) | ||||
Total dividends and distributions | (11.68) | (3.79) | (2.50) | (1.57) | (3.22) | ||||
Net asset value, end of period | $23.26 | $37.79 | $42.06 | $41.86 | $37.29 | ||||
Total return3 | (13.31%)4 | 0.80% | 6.49% | 16.99% | 7.39% | ||||
Ratios and supplemental data: | |||||||||
Net assets, end of period (000 omitted) | $599,543 | $915,339 | $1,010,312 | $1,002,618 | $880,274 | ||||
Ratio of expenses to average net assets5 | 1.21% | 1.20% | 1.20% | 1.20% | 1.22% | ||||
Ratio of expenses to average net assets prior to fees waived5 | 1.24% | 1.20% | 1.20% | 1.20% | 1.22% | ||||
Ratio of net investment income to average net assets | 0.62% | 0.32% | 0.93% | 0.27% | 0.54% | ||||
Ratio of net investment income to average net assets prior to fees waived | 0.59% | 0.32% | 0.93% | 0.27% | 0.54% | ||||
Portfolio turnover | 120%6 | 47% | 35% | 32% | 36% |
1 | On October 4, 2019, Class A shares of First Investors Opportunity Fund were reorganized into Class A shares of Delaware Opportunity Fund. See Notes to Financial Statements. The Class A shares' financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Opportunity Fund Class A shares. |
2 | The average shares outstanding method has been applied for per share information. |
3 | 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. |
4 | Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. |
5 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
6 | The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2020 due to a change in the Fund’s portfolio managers and associated repositioning. |
Year ended | |||||||||
9/30/201 | 9/30/19 | 9/30/18 | 9/30/17 | 9/30/16 | |||||
Net asset value, beginning of period | $38.75 | $42.91 | $42.56 | $37.79 | $38.18 | ||||
Income (loss) from investment operations: | |||||||||
Net investment income2 | 0.24 | 0.23 | 0.61 | 0.24 | 0.30 | ||||
Net realized and unrealized gain (loss) | (3.18) | (0.58) | 2.27 | 6.12 | 2.56 | ||||
Total from investment operations | (2.94) | (0.35) | 2.88 | 6.36 | 2.86 | ||||
Less dividends and distributions from: | |||||||||
Net investment income | — | (0.40) | (0.15) | (0.24) | (0.07) | ||||
Net realized gain | (11.44) | (3.41) | (2.38) | (1.35) | (3.18) | ||||
Total dividends and distributions | (11.44) | (3.81) | (2.53) | (1.59) | (3.25) | ||||
Net asset value, end of period | $24.37 | $38.75 | $42.91 | $42.56 | $37.79 | ||||
Total return3 | (13.04%)4 | 1.14% | 6.82% | 17.37% | 7.69% | ||||
Ratios and supplemental data: | |||||||||
Net assets, end of period (000 omitted) | $2,490 | $10,325 | $149,481 | $81,773 | $73,477 | ||||
Ratio of expenses to average net assets5 | 0.95% | 0.92% | 0.89% | 0.88% | 0.93% | ||||
Ratio of expenses to average net assets prior to fees waived5 | 1.04% | 0.92% | 0.89% | 0.88% | 0.93% | ||||
Ratio of net investment income to average net assets | 0.83% | 0.62% | 1.42% | 0.59% | 0.83% | ||||
Ratio of net investment income to average net assets prior to fees waived | 0.74% | 0.62% | 1.42% | 0.59% | 0.83% | ||||
Portfolio turnover | 120%6 | 47% | 35% | 32% | 36% |
1 | On October 4, 2019, Adviser Class shares of First Investors Opportunity Fund were reorganized into Institutional Class shares of Delaware Opportunity Fund. See Notes to Financial Statements. The Institutional Class shares' financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Opportunity Fund Adviser Class shares. |
2 | The average shares outstanding method has been applied for per share information. |
3 | 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. |
4 | Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. |
5 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
6 | The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2020 due to a change in the Fund’s portfolio managers and associated repositioning. |
Year ended | |||||||||
9/30/201 | 9/30/19 | 9/30/18 | 9/30/17 | 9/30/16 | |||||
Net asset value, beginning of period | $38.71 | $42.87 | $42.49 | $37.71 | $38.07 | ||||
Income (loss) from investment operations: | |||||||||
Net investment income2 | 0.28 | 0.27 | 0.59 | 0.27 | 0.36 | ||||
Net realized and unrealized gain (loss) | (3.11) | (0.59) | 2.33 | 6.12 | 2.54 | ||||
Total from investment operations | (2.83) | (0.32) | 2.92 | 6.39 | 2.90 | ||||
Less dividends and distributions from: | |||||||||
Net investment income | (0.40) | (0.43) | (0.16) | (0.26) | (0.08) | ||||
Net realized gain | (11.44) | (3.41) | (2.38) | (1.35) | (3.18) | ||||
Total dividends and distributions | (11.84) | (3.84) | (2.54) | (1.61) | (3.26) | ||||
Net asset value, end of period | $24.04 | $38.71 | $42.87 | $42.49 | $37.71 | ||||
Total return3 | (12.93%)4 | 1.23% | 6.95% | 17.49% | 7.84% | ||||
Ratios and supplemental data: | |||||||||
Net assets, end of period (000 omitted) | $1,029 | $2,338 | $5,793 | $5,678 | $4,975 | ||||
Ratio of expenses to average net assets5 | 0.79% | 0.78% | 0.77% | 0.78% | 0.79% | ||||
Ratio of expenses to average net assets prior to fees waived5 | 0.95% | 0.78% | 0.77% | 0.78% | 0.79% | ||||
Ratio of net investment income to average net assets | 1.00% | 0.73% | 1.38% | 0.70% | 0.98% | ||||
Ratio of net investment income to average net assets prior to fees waived | 0.84% | 0.73% | 1.38% | 0.70% | 0.98% | ||||
Portfolio turnover | 120%6 | 47% | 35% | 32% | 36% |
1 | On October 4, 2019, Institutional Class shares of First Investors Opportunity Fund were reorganized into Class R6 shares of Delaware Opportunity Fund. See Notes to Financial Statements. The Class R6 shares' financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Opportunity Fund Institutional Class shares. |
2 | The average shares outstanding method has been applied for per share information. |
3 | 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. |
4 | Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. |
5 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
6 | The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2020 due to a change in the Fund’s portfolio managers and associated repositioning. |
Year ended | |||||||||
9/30/201 | 9/30/19 | 9/30/18 | 9/30/17 | 9/30/16 | |||||
Net asset value, beginning of period | $25.11 | $32.62 | $31.18 | $26.34 | $25.27 | ||||
Income (loss) from investment operations: | |||||||||
Net investment income2 | 0.11 | 0.09 | 0.03 | —3 | 0.17 | ||||
Net realized and unrealized gain (loss) | (4.43) | (3.69) | 2.29 | 5.24 | 2.36 | ||||
Total from investment operations | (4.32) | (3.60) | 2.32 | 5.24 | 2.53 | ||||
Less dividends and distributions from: | |||||||||
Net investment income | (0.08) | (0.08) | (0.01) | (0.16) | (0.02) | ||||
Net realized gain | (3.44) | (3.83) | (0.87) | (0.24) | (1.44) | ||||
Total dividends and distributions | (3.52) | (3.91) | (0.88) | (0.40) | (1.46) | ||||
Net asset value, end of period | $17.27 | $25.11 | $32.62 | $31.18 | $26.34 | ||||
Total return4 | (20.91%)5 | (9.54%) | 7.50% | 20.06% | 10.35% | ||||
Ratios and supplemental data: | |||||||||
Net assets, end of period (000 omitted) | $276,604 | $476,826 | $580,730 | $549,780 | $472,720 | ||||
Ratio of expenses to average net assets6 | 1.28% | 1.31% | 1.29% | 1.31% | 1.34% | ||||
Ratio of expenses to average net assets prior to fees waived6 | 1.31% | 1.31% | 1.29% | 1.31% | 1.34% | ||||
Ratio of net investment income (loss) to average net assets | 0.55% | 0.36% | 0.08% | (0.01%) | 0.68% | ||||
Ratio of net investment income (loss) to average net assets prior to fees waived | 0.52% | 0.36% | 0.08% | (0.01%) | 0.68% | ||||
Portfolio turnover | 129%7 | 51% | 48% | 27% | 39% |
1 | On October 4, 2019, Class A shares of First Investors Special Situations Fund were reorganized into Class A shares of Delaware Special Situations Fund. See Notes to Financial Statements. The Class A shares' financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Special Situations Fund Class A shares. |
2 | The average shares outstanding method has been applied for per share information. |
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. |
5 | Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. |
6 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
7 | The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2020 due to a change in the Fund’s portfolio managers and associated repositioning. |
Year ended | |||||||||
9/30/201 | 9/30/19 | 9/30/18 | 9/30/17 | 9/30/16 | |||||
Net asset value, beginning of period | $25.55 | $33.02 | $31.47 | $26.52 | $25.38 | ||||
Income (loss) from investment operations: | |||||||||
Net investment income2 | 0.14 | 0.18 | 0.14 | 0.08 | 0.23 | ||||
Net realized and unrealized gain (loss) | (4.52) | (3.72) | 2.32 | 5.29 | 2.39 | ||||
Total from investment operations | (4.38) | (3.54) | 2.46 | 5.37 | 2.62 | ||||
Less dividends and distributions from: | |||||||||
Net investment income | — | (0.10) | (0.04) | (0.18) | (0.04) | ||||
Net realized gain | (3.44) | (3.83) | (0.87) | (0.24) | (1.44) | ||||
Total dividends and distributions | (3.44) | (3.93) | (0.91) | (0.42) | (1.48) | ||||
Net asset value, end of period | $17.73 | $25.55 | $33.02 | $31.47 | $26.52 | ||||
Total return3 | (20.67%)4 | (9.19%) | 7.86% | 20.45% | 10.67%4 | ||||
Ratios and supplemental data: | |||||||||
Net assets, end of period (000 omitted) | $1,603 | $12,228 | $140,657 | $120,912 | $59,159 | ||||
Ratio of expenses to average net assets5 | 1.08% | 1.01% | 0.95% | 0.97% | 1.03% | ||||
Ratio of expenses to average net assets prior to fees waived5 | 1.11% | 1.01% | 0.95% | 0.97% | 1.04% | ||||
Ratio of net investment income to average net assets | 0.62% | 0.69% | 0.43% | 0.34% | 0.94% | ||||
Ratio of net investment income to average net assets prior to fees waived | 0.59% | 0.69% | 0.43% | 0.34% | 0.93% | ||||
Portfolio turnover | 129%6 | 51% | 48% | 27% | 39% |
1 | On October 4, 2019, Adviser Class shares of First Investors Special Situations Fund were reorganized into Institutional Class shares of Delaware Special Situations Fund. See Notes to Financial Statements. The Institutional Class shares' financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Special Situations Fund Adviser Class shares. |
2 | The average shares outstanding method has been applied for per share information. |
3 | 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. |
4 | Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. |
5 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
6 | The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2020 due to a change in the Fund’s portfolio managers and associated repositioning. |
Year ended | |||||||||
9/30/201 | 9/30/19 | 9/30/18 | 9/30/17 | 9/30/16 | |||||
Net asset value, beginning of period | $25.75 | $33.25 | $31.66 | $26.65 | $25.47 | ||||
Income (loss) from investment operations: | |||||||||
Net investment income2 | 0.19 | 0.21 | 0.17 | 0.12 | 0.28 | ||||
Net realized and unrealized gain (loss) | (4.54) | (3.76) | 2.34 | 5.31 | 2.39 | ||||
Total from investment operations | (4.35) | (3.55) | 2.51 | 5.43 | 2.67 | ||||
Less dividends and distributions from: | |||||||||
Net investment income | (0.19) | (0.12) | (0.05) | (0.18) | (0.05) | ||||
Net realized gain | (3.44) | (3.83) | (0.87) | (0.24) | (1.44) | ||||
Total dividends and distributions | (3.63) | (3.95) | (0.92) | (0.42) | (1.49) | ||||
Net asset value, end of period | $17.77 | $25.75 | $33.25 | $31.66 | $26.65 | ||||
Total return3 | (20.57%)4 | (9.16%) | 7.98% | 20.56% | 10.84%4 | ||||
Ratios and supplemental data: | |||||||||
Net assets, end of period (000 omitted) | $1,612 | $3,898 | $9,592 | $8,712 | $6,914 | ||||
Ratio of expenses to average net assets5 | 0.88% | 0.88% | 0.86% | 0.87% | 0.89% | ||||
Ratio of expenses to average net assets prior to fees waived5 | 1.03% | 0.88% | 0.86% | 0.87% | 0.90% | ||||
Ratio of net investment income to average net assets | 0.92% | 0.79% | 0.52% | 0.42% | 1.11% | ||||
Ratio of net investment income to average net assets prior to fees waived | 0.77% | 0.79% | 0.52% | 0.42% | 1.10% | ||||
Portfolio turnover | 129%6 | 51% | 48% | 27% | 39% |
1 | On October 4, 2019, Institutional Class shares of First Investors Special Situations Fund were reorganized into Class R6 shares of Delaware Special Situations Fund. See Notes to Financial Statements. The Class R6 shares' financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Special Situations Fund Institutional Class shares. |
2 | The average shares outstanding method has been applied for per share information. |
3 | 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. |
4 | Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. |
5 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
6 | The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2020 due to a change in the Fund’s portfolio managers and associated repositioning. |
Year ended | |||||||||
9/30/201 | 9/30/19 | 9/30/18 | 9/30/17 | 9/30/16 | |||||
Net asset value, beginning of period | $7.50 | $8.81 | $8.60 | $7.30 | $7.26 | ||||
Income (loss) from investment operations: | |||||||||
Net investment income (loss)2 | 0.06 | 0.04 | (0.01) | 0.02 | 0.01 | ||||
Net realized and unrealized gain (loss) | 0.23 | (0.35) | 0.89 | 1.29 | 0.43 | ||||
Total from investment operations | 0.29 | (0.31) | 0.88 | 1.31 | 0.44 | ||||
Less dividends and distributions from: | |||||||||
Net investment income | (0.08) | — | (0.04) | (0.01) | —3 | ||||
Net realized gain | (1.04) | (1.00) | (0.63) | — | (0.40) | ||||
Total dividends and distributions | (1.12) | (1.00) | (0.67) | (0.01) | (0.40) | ||||
Net asset value, end of period | $6.67 | $7.50 | $8.81 | $8.60 | $7.30 | ||||
Total return4 | 3.89% | (1.48%) | 10.69% | 17.99% | 6.03% | ||||
Ratios and supplemental data: | |||||||||
Net assets, end of period (000 omitted) | $271,088 | $344,592 | $393,697 | $379,176 | $339,956 | ||||
Ratio of expenses to average net assets5 | 1.41% | 1.44% | 1.43% | 1.44% | 1.47% | ||||
Ratio of expenses to average net assets prior to fees waived5 | 1.42% | 1.46% | 1.48% | 1.49% | 1.52% | ||||
Ratio of net investment income (loss) to average net assets | 0.86% | 0.55% | (0.16%) | 0.30% | 0.09% | ||||
Ratio of net investment income (loss) to average net assets prior to fees waived | 0.85% | 0.53% | (0.21%) | 0.25% | 0.04% | ||||
Portfolio turnover | 128% | 119% | 132% | 117% | 94% |
1 | On October 4, 2019, Class A shares of First Investors Global Fund were reorganized into Class A shares of Delaware Global Equity Fund. See Notes to Financial Statements. The Class A shares' financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Global Fund Class A shares. |
2 | The average shares outstanding method has been applied for per share information. |
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 all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. |
5 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
Year ended | |||||||||
9/30/201 | 9/30/19 | 9/30/18 | 9/30/17 | 9/30/16 | |||||
Net asset value, beginning of period | $7.74 | $9.03 | $8.78 | $7.43 | $7.36 | ||||
Income (loss) from investment operations: | |||||||||
Net investment income2 | 0.07 | 0.07 | 0.02 | 0.06 | 0.04 | ||||
Net realized and unrealized gain (loss) | 0.25 | (0.36) | 0.91 | 1.31 | 0.44 | ||||
Total from investment operations | 0.32 | (0.29) | 0.93 | 1.37 | 0.48 | ||||
Less dividends and distributions from: | |||||||||
Net investment income | (0.05) | — | (0.05) | (0.02) | (0.01) | ||||
Net realized gain | (1.04) | (1.00) | (0.63) | — | (0.40) | ||||
Total dividends and distributions | (1.09) | (1.00) | (0.68) | (0.02) | (0.41) | ||||
Net asset value, end of period | $6.97 | $7.74 | $9.03 | $8.78 | $7.43 | ||||
Total return3 | 4.24% | (1.20%) | 11.03% | 18.46% | 6.48% | ||||
Ratios and supplemental data: | |||||||||
Net assets, end of period (000 omitted) | $17,475 | $75,077 | $228,234 | $191,839 | $169,088 | ||||
Ratio of expenses to average net assets4 | 1.09% | 1.09% | 1.05% | 1.04% | 1.05% | ||||
Ratio of expenses to average net assets prior to fees waived4 | 1.18% | 1.11% | 1.10% | 1.09% | 1.10% | ||||
Ratio of net investment income to average net assets | 0.93% | 0.95% | 0.25% | 0.70% | 0.53% | ||||
Ratio of net investment income to average net assets prior to fees waived | 0.84% | 0.93% | 0.20% | 0.65% | 0.48% | ||||
Portfolio turnover | 128% | 119% | 132% | 117% | 94% |
1 | On October 4, 2019, Adviser Class shares of First Investors Global Fund were reorganized into Institutional Class shares of Delaware Global Equity Fund. See Notes to Financial Statements. The Institutional Class shares' financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Global Fund Adviser Class shares. |
2 | The average shares outstanding method has been applied for per share information. |
3 | 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 all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. |
4 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
Year ended | |||||||||
9/30/201 | 9/30/19 | 9/30/18 | 9/30/17 | 9/30/16 | |||||
Net asset value, beginning of period | $7.80 | $9.08 | $8.82 | $7.47 | $7.39 | ||||
Income (loss) from investment operations: | |||||||||
Net investment income2 | 0.08 | 0.07 | 0.03 | 0.06 | 0.04 | ||||
Net realized and unrealized gain (loss) | 0.25 | (0.35) | 0.91 | 1.31 | 0.45 | ||||
Total from investment operations | 0.33 | (0.28) | 0.94 | 1.37 | 0.49 | ||||
Less dividends and distributions from: | |||||||||
Net investment income | (0.11) | — | (0.05) | (0.02) | (0.01) | ||||
Net realized gain | (1.04) | (1.00) | (0.63) | — | (0.40) | ||||
Total dividends and distributions | (1.15) | (1.00) | (0.68) | (0.02) | (0.41) | ||||
Net asset value, end of period | $6.98 | $7.80 | $9.08 | $8.82 | $7.47 | ||||
Total return3 | 4.32% | (1.08%) | 11.12% | 18.38% | 6.61% | ||||
Ratios and supplemental data: | |||||||||
Net assets, end of period (000 omitted) | $1,317 | $1,946 | $4,419 | $3,800 | $3,288 | ||||
Ratio of expenses to average net assets4 | 1.03% | 1.02% | 1.00% | 1.00% | 1.01% | ||||
Ratio of expenses to average net assets prior to fees waived4 | 1.13% | 1.04% | 1.05% | 1.05% | 1.06% | ||||
Ratio of net investment income to average net assets | 1.21% | 0.95% | 0.29% | 0.74% | 0.55% | ||||
Ratio of net investment income to average net assets prior to fees waived | 1.11% | 0.93% | 0.24% | 0.69% | 0.50% | ||||
Portfolio turnover | 128% | 119% | 132% | 117% | 94% |
1 | On October 4, 2019, Institutional Class shares of First Investors Global Fund were reorganized into Class R6 shares of Delaware Global Equity Fund. See Notes to Financial Statements. The Class R6 shares' financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Global Fund Institutional Class shares. |
2 | The average shares outstanding method has been applied for per share information. |
3 | 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 all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. |
4 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
Year ended | |||||||||
9/30/201 | 9/30/19 | 9/30/18 | 9/30/17 | 9/30/16 | |||||
Net asset value, beginning of period | $15.87 | $15.95 | $15.68 | $13.71 | $12.65 | ||||
Income from investment operations: | |||||||||
Net investment income2 | 0.09 | 0.03 | 0.01 | 0.02 | 0.06 | ||||
Net realized and unrealized gain | 0.07 | 0.88 | 0.28 | 2.02 | 1.05 | ||||
Total from investment operations | 0.16 | 0.91 | 0.29 | 2.04 | 1.11 | ||||
Less dividends and distributions from: | |||||||||
Net investment income | (0.01) | (0.03) | (0.02) | (0.07) | (0.05) | ||||
Net realized gain | (3.50) | (0.96) | — | — | — | ||||
Total dividends and distributions | (3.51) | (0.99) | (0.02) | (0.07) | (0.05) | ||||
Net asset value, end of period | $12.52 | $15.87 | $15.95 | $15.68 | $13.71 | ||||
Total return3 | 0.35% | 7.01% | 1.83% | 15.00% | 8.80% | ||||
Ratios and supplemental data: | |||||||||
Net assets, end of period (000 omitted) | $176,947 | $248,302 | $259,683 | $238,770 | $209,205 | ||||
Ratio of expenses to average net assets4 | 1.43% | 1.55% | 1.56% | 1.58% | 1.61% | ||||
Ratio of expenses to average net assets prior to fees waived4 | 1.43% | 1.55% | 1.56% | 1.58% | 1.61% | ||||
Ratio of net investment income to average net assets | 0.70% | 0.19% | 0.09% | 0.17% | 0.45% | ||||
Ratio of net investment income to average net assets prior to fees waived | 0.70% | 0.19% | 0.09% | 0.17% | 0.45% | ||||
Portfolio turnover | 127%5 | 76% | 36% | 38% | 28% |
1 | On October 4, 2019, Class A shares of First Investors International Fund were reorganized into Class A shares of Delaware International Fund. See Notes to Financial Statements. The Class A shares' financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors International Fund Class A shares. |
2 | The average shares outstanding method has been applied for per share information. |
3 | 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. |
4 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
5 | The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2020 due to a change in the Fund’s portfolio managers and associated repositioning. |
Year ended | |||||||||
9/30/201 | 9/30/19 | 9/30/18 | 9/30/17 | 9/30/16 | |||||
Net asset value, beginning of period | $16.23 | $16.24 | $15.92 | $13.87 | $12.76 | ||||
Income from investment operations: | |||||||||
Net investment income2 | 0.11 | 0.09 | 0.08 | 0.08 | 0.11 | ||||
Net realized and unrealized gain | 0.08 | 0.90 | 0.27 | 2.05 | 1.06 | ||||
Total from investment operations | 0.19 | 0.99 | 0.35 | 2.13 | 1.17 | ||||
Less dividends and distributions from: | |||||||||
Net investment income | (0.07) | (0.04) | (0.03) | (0.08) | (0.06) | ||||
Net realized gain | (3.50) | (0.96) | — | — | — | ||||
Total dividends and distributions | (3.57) | (1.00) | (0.03) | (0.08) | (0.06) | ||||
Net asset value, end of period | $12.85 | $16.23 | $16.24 | $15.92 | $13.87 | ||||
Total return3 | 0.59% | 7.43% | 2.21% | 15.50% | 9.22% | ||||
Ratios and supplemental data: | |||||||||
Net assets, end of period (000 omitted) | $112,790 | $200,720 | $136,628 | $111,334 | $81,525 | ||||
Ratio of expenses to average net assets4 | 1.18% | 1.17% | 1.18% | 1.18% | 1.24% | ||||
Ratio of expenses to average net assets prior to fees waived4 | 1.18% | 1.17% | 1.18% | 1.18% | 1.24% | ||||
Ratio of net investment income to average net assets | 0.86% | 0.61% | 0.48% | 0.59% | 0.85% | ||||
Ratio of net investment income to average net assets prior to fees waived | 0.86% | 0.61% | 0.48% | 0.59% | 0.85% | ||||
Portfolio turnover | 127%5 | 76% | 36% | 38% | 28% |
1 | On October 4, 2019, Adviser Class shares of First Investors International Fund were reorganized into Institutional Class shares of Delaware International Fund. See Notes to Financial Statements. The Institutional Class shares' financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors International Fund Adviser Class shares. |
2 | The average shares outstanding method has been applied for per share information. |
3 | 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. |
4 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
5 | The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2020 due to a change in the Fund’s portfolio managers and associated repositioning. |
Year ended | |||||||||
9/30/201 | 9/30/19 | 9/30/18 | 9/30/17 | 9/30/16 | |||||
Net asset value, beginning of period | $16.29 | $16.30 | $15.96 | $13.91 | $12.78 | ||||
Income from investment operations: | |||||||||
Net investment income2 | 0.11 | 0.07 | 0.09 | 0.09 | 0.13 | ||||
Net realized and unrealized gain | 0.10 | 0.93 | 0.29 | 2.05 | 1.07 | ||||
Total from investment operations | 0.21 | 1.00 | 0.38 | 2.14 | 1.20 | ||||
Less dividends and distributions from: | |||||||||
Net investment income | (0.08) | (0.05) | (0.04) | (0.09) | (0.07) | ||||
Net realized gain | (3.50) | (0.96) | — | — | — | ||||
Total dividends and distributions | (3.58) | (1.01) | (0.04) | (0.09) | (0.07) | ||||
Net asset value, end of period | $12.92 | $16.29 | $16.30 | $15.96 | $13.91 | ||||
Total return3 | 0.69%4 | 7.46% | 2.36% | 15.54% | 9.39% | ||||
Ratios and supplemental data: | |||||||||
Net assets, end of period (000 omitted) | $623 | $1,352 | $3,509 | $3,274 | $2,695 | ||||
Ratio of expenses to average net assets5 | 1.10% | 1.09% | 1.09% | 1.09% | 1.12% | ||||
Ratio of expenses to average net assets prior to fees waived5 | 1.11% | 1.09% | 1.09% | 1.09% | 1.12% | ||||
Ratio of net investment income to average net assets | 0.85% | 0.44% | 0.56% | 0.65% | 0.95% | ||||
Ratio of net investment income to average net assets prior to fees waived | 0.84% | 0.44% | 0.56% | 0.65% | 0.95% | ||||
Portfolio turnover | 127%6 | 76% | 36% | 38% | 28% |
1 | On October 4, 2019, Institutional Class shares of First Investors International Fund were reorganized into Class R6 shares of Delaware International Fund. See Notes to Financial Statements. The Class R6 shares' financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors International Fund Institutional Class shares. |
2 | The average shares outstanding method has been applied for per share information. |
3 | 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. |
4 | Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. |
5 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
6 | The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2020 due to a change in the Fund’s portfolio managers and associated repositioning. |
Year ended | |||||||||
9/30/201 | 9/30/19 | 9/30/18 | 9/30/17 | 9/30/16 | |||||
Net asset value, beginning of period | $9.58 | $9.71 | $9.67 | $9.66 | $9.58 | ||||
Income (loss) from investment operations: | |||||||||
Net investment income2 | 0.40 | 0.39 | 0.32 | 0.27 | 0.27 | ||||
Net realized and unrealized gain (loss) | (0.32) | (0.13) | 0.04 | 0.05 | 0.09 | ||||
Total from investment operations | 0.08 | 0.26 | 0.36 | 0.32 | 0.36 | ||||
Less dividends and distributions from: | |||||||||
Net investment income | (0.38) | (0.39) | (0.32) | (0.31) | (0.28) | ||||
Total dividends and distributions | (0.38) | (0.39) | (0.32) | (0.31) | (0.28) | ||||
Net asset value, end of period | $9.28 | $9.58 | $9.71 | $9.67 | $9.66 | ||||
Total return3 | 1.00%4 | 2.71% | 3.83%4 | 3.47%4 | 3.69%4 | ||||
Ratios and supplemental data: | |||||||||
Net assets, end of period (000 omitted) | $37,672 | $64,136 | $68,567 | $66,769 | $61,243 | ||||
Ratio of expenses to average net assets5 | 1.05% | 1.10% | 1.10% | 1.10% | 1.10% | ||||
Ratio of expenses to average net assets prior to fees waived5 | 1.24% | 1.10% | 1.21% | 1.24% | 1.27% | ||||
Ratio of net investment income to average net assets | 4.28% | 4.12% | 3.25% | 2.90% | 2.86% | ||||
Ratio of net investment income to average net assets prior to fees waived | 4.09% | 4.12% | 3.14% | 2.76% | 2.69% | ||||
Portfolio turnover | 176%6 | 88% | 60% | 89% | 38% |
1 | On October 4, 2019, Class A shares of First Investors Floating Rate Fund were reorganized into Class A shares of Delaware Floating Rate II Fund. See Notes to Financial Statements. The Class A shares' financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Floating Rate Fund Class A shares. |
2 | The average shares outstanding have been applied for per share information. |
3 | 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. |
4 | Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. |
5 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
6 | The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2020 due to a change in the Fund’s portfolio managers and associated repositioning. |
Year ended | |||||||||
9/30/201 | 9/30/19 | 9/30/18 | 9/30/17 | 9/30/16 | |||||
Net asset value, beginning of period | $9.57 | $9.72 | $9.68 | $9.65 | $9.58 | ||||
Income (loss) from investment operations: | |||||||||
Net investment income2 | 0.41 | 0.39 | 0.34 | 0.26 | 0.29 | ||||
Net realized and unrealized gain (loss) | (0.31) | (0.13) | 0.04 | 0.09 | 0.08 | ||||
Total from investment operations | 0.10 | 0.26 | 0.38 | 0.35 | 0.37 | ||||
Less dividends and distributions from: | |||||||||
Net investment income | (0.40) | (0.41) | (0.34) | (0.32) | (0.30) | ||||
Total dividends and distributions | (0.40) | (0.41) | (0.34) | (0.32) | (0.30) | ||||
Net asset value, end of period | $9.27 | $9.57 | $9.72 | $9.68 | $9.65 | ||||
Total return | 1.17% | 2.72% | 4.03% | 3.70% | 3.92% | ||||
Ratios and supplemental data: | |||||||||
Net assets, end of period (000 omitted) | $21,481 | $40,542 | $144,799 | $98,958 | $61,844 | ||||
Ratio of expenses to average net assets3 | 0.91% | 0.90% | 0.90% | 0.90% | 0.90% | ||||
Ratio of expenses to average net assets prior to fees waived3 | 1.01% | 0.84% | 0.86% | 0.92% | 0.98% | ||||
Ratio of net investment income to average net assets | 4.44% | 4.09% | 3.46% | 3.07% | 3.06% | ||||
Ratio of net investment income to average net assets prior to fees waived | 4.34% | 4.15% | 3.50% | 3.05% | 2.98% | ||||
Portfolio turnover | 176%4 | 88% | 60% | 89% | 38% |
1 | On October 4, 2019, Adviser Class shares of First Investors Floating Rate Fund were reorganized into Institutional Class shares of Delaware Floating Rate II Fund. See Notes to Financial Statements. The Institutional Class shares' financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Floating Rate Fund Adviser Class shares. |
2 | The average shares outstanding have been applied for per share information. |
3 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
4 | The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2020 due to a change in the Fund’s portfolio managers and associated repositioning. |
Year ended | |||||||||
9/30/201 | 9/30/19 | 9/30/18 | 9/30/17 | 9/30/16 | |||||
Net asset value, beginning of period | $9.59 | $9.71 | $9.67 | $9.64 | $9.57 | ||||
Income (loss) from investment operations: | |||||||||
Net investment income2 | 0.44 | 0.41 | 0.36 | 0.26 | 0.31 | ||||
Net realized and unrealized gain (loss) | (0.33) | (0.11) | 0.04 | 0.11 | 0.08 | ||||
Total from investment operations | 0.11 | 0.30 | 0.40 | 0.37 | 0.39 | ||||
Less dividends and distributions from: | |||||||||
Net investment income | (0.41) | (0.42) | (0.36) | (0.34) | (0.32) | ||||
Total dividends and distributions | (0.41) | (0.42) | (0.36) | (0.34) | (0.32) | ||||
Net asset value, end of period | $9.29 | $9.59 | $9.71 | $9.67 | $9.64 | ||||
Total return | 1.33% | 3.21% | 4.20% | 3.87% | 4.14% | ||||
Ratios and supplemental data: | |||||||||
Net assets, end of period (000 omitted) | $35 | $497 | $32,019 | $21,277 | $11,456 | ||||
Ratio of expenses to average net assets3 | 0.77% | 0.75% | 0.70% | 0.70% | 0.70% | ||||
Ratio of expenses to average net assets prior to fees waived3 | 0.97% | 0.78% | 0.75% | 0.80% | 0.83% | ||||
Ratio of net investment income to average net assets | 4.61% | 4.31% | 3.68% | 3.23% | 3.27% | ||||
Ratio of net investment income to average net assets prior to fees waived | 4.41% | 4.28% | 3.63% | 3.13% | 3.14% | ||||
Portfolio turnover | 176%4 | 88% | 60% | 89% | 38% |
1 | On October 4, 2019, Institutional Class shares of First Investors Floating Rate Fund were reorganized into Class R6 shares of Delaware Floating Rate II Fund. See Notes to Financial Statements. The Class R6 shares' financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Floating Rate Fund Institutional Class shares. |
2 | The average shares outstanding have been applied for per share information. |
3 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
4 | The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2020 due to a change in the Fund’s portfolio managers and associated repositioning. |
Year ended | |||||||||
9/30/201 | 9/30/19 | 9/30/18 | 9/30/17 | 9/30/16 | |||||
Net asset value, beginning of period | $2.45 | $2.44 | $2.52 | $2.48 | $2.39 | ||||
Income (loss) from investment operations: | |||||||||
Net investment income2 | 0.11 | 0.12 | 0.11 | 0.11 | 0.11 | ||||
Net realized and unrealized gain (loss) | (0.04) | 0.02 | (0.06) | 0.05 | 0.10 | ||||
Total from investment operations | 0.07 | 0.14 | 0.05 | 0.16 | 0.21 | ||||
Less dividends and distributions from: | |||||||||
Net investment income2 | (0.12) | (0.13) | (0.13) | (0.12) | (0.12) | ||||
Total dividends and distributions | (0.12) | (0.13) | (0.13) | (0.12) | (0.12) | ||||
Net asset value, end of period | $2.40 | $2.45 | $2.44 | $2.52 | $2.48 | ||||
Total return3 | 2.95% | 5.80%4 | 1.88%4 | 6.79%4 | 9.07%4 | ||||
Ratios and supplemental data: | |||||||||
Net assets, end of period (000 omitted) | $369,996 | $477,952 | $523,932 | $572,631 | $571,028 | ||||
Ratio of expenses to average net assets5 | 1.16% | 1.20% | 1.22% | 1.21% | 1.22% | ||||
Ratio of expenses to average net assets prior to fees waived5 | 1.16% | 1.22% | 1.24% | 1.23% | 1.24% | ||||
Ratio of net investment income to average net assets | 4.68% | 4.72% | 4.46% | 4.57% | 4.76% | ||||
Ratio of net investment income to average net assets prior to fees waived | 4.68% | 4.70% | 4.44% | 4.55% | 4.74% | ||||
Portfolio turnover | 162%6 | 71% | 67% | 65% | 55% |
1 | On October 4, 2019, Class A shares of First Investors Fund For Income were reorganized into Class A shares of Delaware Fund for Income. See Notes to Financial Statements. The Class A shares' financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Fund For Income Class A shares. |
2 | The average shares outstanding have been applied for per share information. |
3 | 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. |
4 | Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. |
5 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
6 | The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2020 due to a change in the Fund’s portfolio managers and associated repositioning. |
Year ended | |||||||||
9/30/201 | 9/30/19 | 9/30/18 | 9/30/17 | 9/30/16 | |||||
Net asset value, beginning of period | $2.43 | $2.44 | $2.52 | $2.48 | $2.39 | ||||
Income (loss) from investment operations: | |||||||||
Net investment income2 | 0.12 | 0.12 | 0.12 | 0.12 | 0.12 | ||||
Net realized and unrealized gain (loss) | (0.05) | — | (0.07) | 0.05 | 0.10 | ||||
Total from investment operations | 0.07 | 0.12 | 0.05 | 0.17 | 0.22 | ||||
Less dividends and distributions from: | |||||||||
Net investment income | (0.12) | (0.13) | (0.13) | (0.13) | (0.13) | ||||
Total dividends and distributions | (0.12) | (0.13) | (0.13) | (0.13) | (0.13) | ||||
Net asset value, end of period | $2.38 | $2.43 | $2.44 | $2.52 | $2.48 | ||||
Total return3 | 3.20% | 5.13%4 | 2.17%4 | 7.05%4 | 9.34%4 | ||||
Ratios and supplemental data: | |||||||||
Net assets, end of period (000 omitted) | $51,960 | $28,107 | $79,880 | $73,403 | $68,198 | ||||
Ratio of expenses to average net assets5 | 0.89% | 1.01% | 0.93% | 0.94% | 0.93% | ||||
Ratio of expenses to average net assets prior to fees waived5 | 0.89% | 1.03% | 0.95% | 0.96% | 0.96% | ||||
Ratio of net investment income to average net assets | 4.89% | 4.98% | 4.76% | 4.84% | 5.02% | ||||
Ratio of net investment income to average net assets prior to fees waived | 4.89% | 4.96% | 4.74% | 4.82% | 5.00% | ||||
Portfolio turnover | 162%6 | 71% | 67% | 65% | 55% |
1 | On October 4, 2019, Adviser Class shares of First Investors Fund For Income were reorganized into Institutional Class shares of Delaware Fund for Income. See Notes to Financial Statements. The Institutional Class shares' financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Fund For Income Adviser Class shares. |
2 | The average shares outstanding have been applied for per share information. |
3 | 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. |
4 | Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. |
5 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
6 | The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2020 due to a change in the Fund’s portfolio managers and associated repositioning. |
Year ended | |||||||||
9/30/201 | 9/30/19 | 9/30/18 | 9/30/17 | 9/30/16 | |||||
Net asset value, beginning of period | $2.46 | $2.45 | $2.54 | $2.49 | $2.40 | ||||
Income (loss) from investment operations: | |||||||||
Net investment income2 | 0.12 | 0.13 | 0.12 | 0.13 | 0.12 | ||||
Net realized and unrealized gain (loss) | (0.04) | 0.02 | (0.07) | 0.05 | 0.10 | ||||
Total from investment operations | 0.08 | 0.15 | 0.05 | 0.18 | 0.22 | ||||
Less dividends and distributions from: | |||||||||
Net investment income | (0.13) | (0.14) | (0.14) | (0.13) | (0.13) | ||||
Total dividends and distributions | (0.13) | (0.14) | (0.14) | (0.13) | (0.13) | ||||
Net asset value, end of period | $2.41 | $2.46 | $2.45 | $2.54 | $2.49 | ||||
Total return | 3.34% | 6.23% | 1.91% | 7.59% | 9.58% | ||||
Ratios and supplemental data: | |||||||||
Net assets, end of period (000 omitted) | $1,066 | $36,692 | $33,545 | $78,784 | $62,340 | ||||
Ratio of expenses to average net assets3 | 0.89% | 0.80% | 0.79% | 0.78% | 0.79% | ||||
Ratio of expenses to average net assets prior to fees waived3 | 0.95% | 0.82% | 0.81% | 0.80% | 0.81% | ||||
Ratio of net investment income to average net assets | 5.00% | 5.12% | 4.88% | 4.99% | 5.19% | ||||
Ratio of net investment income to average net assets prior to fees waived | 4.94% | 5.10% | 4.86% | 4.97% | 5.17% | ||||
Portfolio turnover | 162%4 | 71% | 67% | 65% | 55% |
1 | On October 4, 2019, Institutional Class shares of First Investors Fund For Income were reorganized into Class R6 shares of Delaware Fund for Income. See Notes to Financial Statements. The Class R6 shares' financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Fund For Income Institutional Class shares. |
2 | The average shares outstanding have been applied for per share information. |
3 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
4 | The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2020 due to a change in the Fund’s portfolio managers and associated repositioning. |
Year ended | |||||||||
9/30/201 | 9/30/19 | 9/30/18 | 9/30/17 | 9/30/16 | |||||
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | ||||
Income from investment operations: | |||||||||
Net investment income2 | 0.01 | 0.02 | 0.01 | —3 | — | ||||
Net realized and unrealized gain | —3 | —3 | —3 | —3 | — | ||||
Total from investment operations | 0.01 | 0.02 | 0.01 | — | — | ||||
Less dividends and distributions from: | |||||||||
Net investment income | (0.01) | (0.02) | (0.01) | —3 | — | ||||
Total dividends and distributions | (0.01) | (0.02) | (0.01) | —3 | — | ||||
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | ||||
Total return | 0.51% | 1.73% | 0.96% | 0.08% | 0.00% | ||||
Ratios and supplemental data: | |||||||||
Net assets, end of period (000 omitted) | $124,152 | $168,905 | $153,695 | $127,079 | $122,037 | ||||
Ratio of expenses to average net assets | 0.30% | 0.60% | 0.60% | 0.60% | 0.33% | ||||
Ratio of expenses to average net assets prior to fees waived | 0.83% | 0.85% | 1.01% | 1.02% | 1.05% | ||||
Ratio of net investment income to average net assets | 0.50% | 1.72% | 0.98% | 0.08% | 0.00% | ||||
Ratio of net investment income (loss) to average net assets prior to fees waived | (0.03%) | 1.47% | 0.57% | (0.34%) | (0.72%) |
1 | On October 4, 2019, Class A shares of First Investors Government Cash Management Fund were reorganized into Class A shares of Delaware Government Cash Management Fund. See Notes to Financial Statements. The Class A shares' financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Government Cash Management Fund Class A shares. |
2 | The average shares outstanding have been applied for per share information. |
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. |
Year ended | |||||||||
9/30/201 | 9/30/19 | 9/30/18 | 9/30/17 | 9/30/16 | |||||
Net asset value, beginning of period | $8.57 | $8.78 | $9.49 | $9.21 | $8.63 | ||||
Income (loss) from investment operations: | |||||||||
Net investment income (loss)2 | (0.03) | 0.25 | 0.23 | 0.22 | 0.20 | ||||
Net realized and unrealized gain (loss) | 0.32 | (0.30) | (0.64) | 0.21 | 0.51 | ||||
Total from investment operations | 0.29 | (0.05) | (0.41) | 0.43 | 0.71 | ||||
Less dividends and distributions from: | |||||||||
Net investment income | (0.25) | (0.16) | (0.30) | (0.15) | (0.13) | ||||
Return of capital | — | — | — | — | — | ||||
Total dividends and distributions | (0.25) | (0.16) | (0.30) | (0.15) | (0.13) | ||||
Net asset value, end of period | $8.61 | $8.57 | $8.78 | $9.49 | $9.21 | ||||
Total return3 | 3.39%4 | (0.56%)4 | (4.50%) | 4.70% | 8.30%4 | ||||
Ratios and supplemental data: | |||||||||
Net assets, end of period (000 omitted) | $27,033 | $42,814 | $54,060 | $59,782 | $65,456 | ||||
Ratio of expenses to average net assets5 | 1.38% | 1.36% | 1.40% | 1.41% | 1.38% | ||||
Ratio of expenses to average net assets prior to fees waived5 | 1.62% | 1.41% | 1.40% | 1.41% | 1.41% | ||||
Ratio of net investment income (loss) to average net assets | (0.40%) | 2.92% | 2.49% | 2.35% | 2.29% | ||||
Ratio of net investment income (loss) to average net assets prior to fees waived | (0.64%) | 2.87% | 2.49% | 2.35% | 2.26% | ||||
Portfolio turnover | 281%6 | 85% | 41% | 76% | 72% |
1 | On October 4, 2019, Class A shares of First Investors International Opportunities Bond Fund were reorganized into Class A shares of Delaware International Opportunities Bond Fund. See Notes to Financial Statements. The Class A shares' financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors International Opportunities Bond Fund Class A shares. |
2 | The average shares outstanding have been applied for per share information. |
3 | 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. |
4 | Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. |
5 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
6 | The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2020 due to a change in the Fund’s portfolio managers and associated repositioning. |
Year ended | |||||||||
9/30/201 | 9/30/19 | 9/30/18 | 9/30/17 | 9/30/16 | |||||
Net asset value, beginning of period | $8.68 | $8.87 | $9.56 | $9.25 | $8.64 | ||||
Income (loss) from investment operations: | |||||||||
Net investment income2 | —3 | 0.28 | 0.27 | 0.24 | 0.23 | ||||
Net realized and unrealized gain (loss) | 0.31 | (0.31) | (0.66) | 0.23 | 0.51 | ||||
Total from investment operations | 0.31 | (0.03) | (0.39) | 0.47 | 0.74 | ||||
Less dividends and distributions from: | |||||||||
Net investment income | (0.27) | (0.16) | (0.30) | (0.16) | (0.13) | ||||
Return of capital | — | — | — | — | — | ||||
Total dividends and distributions | (0.27) | (0.16) | (0.30) | (0.16) | (0.13) | ||||
Net asset value, end of period | $8.72 | $8.68 | $8.87 | $9.56 | $9.25 | ||||
Total return4 | 3.65%5 | (0.30%)5 | (4.17%) | 5.07% | 8.70%5 | ||||
Ratios and supplemental data: | |||||||||
Net assets, end of period (000 omitted) | $8,198 | $50,335 | $87,491 | $68,162 | $50,749 | ||||
Ratio of expenses to average net assets6 | 1.09% | 1.08% | 1.08% | 1.11% | 1.08% | ||||
Ratio of expenses to average net assets prior to fees waived6 | 1.36% | 1.13% | 1.08% | 1.11% | 1.08% | ||||
Ratio of net investment income to average net assets | 0.04% | 3.26% | 2.82% | 2.66% | 2.60% | ||||
Ratio of net investment income (loss) to average net assets prior to fees waived | (0.23%) | 3.21% | 2.82% | 2.66% | 2.60% | ||||
Portfolio turnover | 281%7 | 85% | 41% | 76% | 72% |
1 | On October 4, 2019, Adviser Class shares of First Investors International Opportunities Bond Fund were reorganized into Institutional Class shares of Delaware International Opportunities Bond Fund. See Notes to Financial Statements. The Institutional Class shares' financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors International Opportunities Bond Fund Adviser Class shares. |
2 | The average shares outstanding have been applied for per share information. |
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. |
5 | Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. |
6 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
7 | The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2020 due to a change in the Fund’s portfolio managers and associated repositioning. |
Year ended | |||||||||
9/30/201 | 9/30/19 | 9/30/18 | 9/30/17 | 9/30/16 | |||||
Net asset value, beginning of period | $8.77 | $8.92 | $9.59 | $9.29 | $8.67 | ||||
Income (loss) from investment operations: | |||||||||
Net investment income2 | 0.37 | 0.30 | 0.28 | 0.22 | 0.24 | ||||
Net realized and unrealized gain (loss) | (0.03) | (0.33) | (0.65) | 0.27 | 0.52 | ||||
Total from investment operations | 0.34 | (0.03) | (0.37) | 0.49 | 0.76 | ||||
Less dividends and distributions from: | |||||||||
Net investment income | (0.29) | (0.12) | (0.30) | (0.19) | (0.14) | ||||
Return of capital | — | — | — | — | — | ||||
Total dividends and distributions | (0.29) | (0.12) | (0.30) | (0.19) | (0.14) | ||||
Net asset value, end of period | $8.82 | $8.77 | $8.92 | $9.59 | $9.29 | ||||
Total return3 | 3.91%4 | (0.25%)4 | (4.03%) | 5.27% | 8.85%4 | ||||
Ratios and supplemental data: | |||||||||
Net assets, end of period (000 omitted) | $49 | $14,000 | $9,868 | $8,669 | $8,289 | ||||
Ratio of expenses to average net assets5 | 1.00% | 0.91% | 0.93% | 0.95% | 0.93% | ||||
Ratio of expenses to average net assets prior to fees waived5 | 1.16% | 0.96% | 0.93% | 0.95% | 0.93% | ||||
Ratio of net investment income to average net assets | 4.21% | 3.37% | 2.98% | 2.80% | 2.75% | ||||
Ratio of net investment income to average net assets prior to fees waived | 4.05% | 3.32% | 2.98% | 2.80% | 2.75% | ||||
Portfolio turnover | 281%6 | 85% | 41% | 76% | 72% |
1 | On October 4, 2019, Institutional Class shares of First Investors International Opportunities Bond Fund were reorganized into Class R6 shares of Delaware International Opportunities Bond Fund. See Notes to Financial Statements. The Class R6 shares' financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors International Opportunities Bond Fund Institutional Class shares. |
2 | The average shares outstanding have been applied for per share information. |
3 | 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. |
4 | Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. |
5 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
6 | The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2020 due to a change in the Fund’s portfolio managers and associated repositioning. |
Year ended | |||||||||
9/30/201 | 9/30/19 | 9/30/18 | 9/30/17 | 9/30/16 | |||||
Net asset value, beginning of period | $9.93 | $9.17 | $9.66 | $9.90 | $9.64 | ||||
Income (loss) from investment operations: | |||||||||
Net investment income2 | 0.20 | 0.26 | 0.26 | 0.26 | 0.27 | ||||
Net realized and unrealized gain (loss) | 0.53 | 0.82 | (0.42) | (0.17) | 0.35 | ||||
Total from investment operations | 0.73 | 1.08 | (0.16) | 0.09 | 0.62 | ||||
Less dividends and distributions from: | |||||||||
Net investment income | (0.27) | (0.32) | (0.33) | (0.33) | (0.36) | ||||
Net realized gain | (0.33) | — | — | — | — | ||||
Total dividends and distributions | (0.60) | (0.32) | (0.33) | (0.33) | (0.36) | ||||
Net asset value, end of period | $10.06 | $9.93 | $9.17 | $9.66 | $9.90 | ||||
Total return3 | 7.74% | 12.00%4 | (1.69%)4 | 0.97%4 | 6.55%4 | ||||
Ratios and supplemental data: | |||||||||
Net assets, end of period (000 omitted) | $264,482 | $363,366 | $400,673 | $462,999 | $477,010 | ||||
Ratio of expenses to average net assets5 | 1.02% | 1.07% | 1.06% | 1.04% | 1.05% | ||||
Ratio of expenses to average net assets prior to fees waived5 | 1.02% | 1.16% | 1.17% | 1.15% | 1.15% | ||||
Ratio of net investment income to average net assets | 2.06% | 2.83% | 2.80% | 2.68% | 2.78% | ||||
Ratio of net investment income to average net assets prior to fees waived | 2.06% | 2.74% | 2.69% | 2.57% | 2.68% | ||||
Portfolio turnover | 241%6 | 60% | 58% | 52% | 37% |
1 | On October 4, 2019, Class A shares of First Investors Investment Grade Fund were reorganized into Class A shares of Delaware Investment Grade Fund. See Notes to Financial Statements. The Class A shares' financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Investment Grade Fund Class A shares. |
2 | The average shares outstanding have been applied for per share information. |
3 | 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. |
4 | Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. |
5 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
6 | The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2020 due to a change in the Fund’s portfolio managers and associated repositioning. |
Year ended | |||||||||
9/30/201 | 9/30/19 | 9/30/18 | 9/30/17 | 9/30/16 | |||||
Net asset value, beginning of period | $9.99 | $9.23 | $9.71 | $9.94 | $9.67 | ||||
Income (loss) from investment operations: | |||||||||
Net investment income2 | 0.23 | 0.30 | 0.30 | 0.26 | 0.30 | ||||
Net realized and unrealized gain (loss) | 0.53 | 0.82 | (0.42) | (0.14) | 0.34 | ||||
Total from investment operations | 0.76 | 1.12 | (0.12) | 0.12 | 0.64 | ||||
Less dividends and distributions from: | |||||||||
Net investment income | (0.30) | (0.36) | (0.36) | (0.35) | (0.37) | ||||
Net realized gain | (0.33) | — | — | — | — | ||||
Total dividends and distributions | (0.63) | (0.36) | (0.36) | (0.35) | (0.37) | ||||
Net asset value, end of period | $10.12 | $9.99 | $9.23 | $9.71 | $9.94 | ||||
Total return3 | 8.02% | 12.37% | (1.25%) | 1.32% | 6.78% | ||||
Ratios and supplemental data: | |||||||||
Net assets, end of period (000 omitted) | $1,764 | $11,518 | $180,286 | $136,316 | $83,659 | ||||
Ratio of expenses to average net assets4 | 0.81% | 0.75% | 0.72% | 0.72% | 0.74% | ||||
Ratio of expenses to average net assets prior to fees waived4 | 0.85% | 0.84% | 0.83% | 0.82% | 0.85% | ||||
Ratio of net investment income to average net assets | 2.36% | 3.22% | 3.15% | 2.99% | 3.08% | ||||
Ratio of net investment income to average net assets prior to fees waived | 2.32% | 3.13% | 3.04% | 2.89% | 2.97% | ||||
Portfolio turnover | 241%5 | 60% | 58% | 52% | 37% |
1 | On October 4, 2019, Adviser Class shares of First Investors Investment Grade Fund were reorganized into Institutional Class shares of Delaware Investment Grade Fund. See Notes to Financial Statements. The Institutional Class shares' financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Investment Grade Fund Adviser Class shares. |
2 | The average shares outstanding have been applied for per share information. |
3 | 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 all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. |
4 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
5 | The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2020 due to a change in the Fund’s portfolio managers and associated repositioning. |
Year ended | |||||||||
9/30/201 | 9/30/19 | 9/30/18 | 9/30/17 | 9/30/16 | |||||
Net asset value, beginning of period | $9.96 | $9.20 | $9.68 | $9.92 | $9.66 | ||||
Income (loss) from investment operations: | |||||||||
Net investment income2 | 0.24 | 0.30 | 0.31 | 0.31 | 0.31 | ||||
Net realized and unrealized gain (loss) | 0.52 | 0.82 | (0.42) | (0.18) | 0.35 | ||||
Total from investment operations | 0.76 | 1.12 | (0.11) | 0.13 | 0.66 | ||||
Less dividends and distributions from: | |||||||||
Net investment income | (0.30) | (0.36) | (0.37) | (0.37) | (0.40) | ||||
Net realized gain | (0.33) | — | — | — | — | ||||
Total dividends and distributions | (0.63) | (0.36) | (0.37) | (0.37) | (0.40) | ||||
Net asset value, end of period | $10.09 | $9.96 | $9.20 | $9.68 | $9.92 | ||||
Total return3 | 8.10% | 12.43% | (1.18%) | 1.41% | 6.97% | ||||
Ratios and supplemental data: | |||||||||
Net assets, end of period (000 omitted) | $763 | $23,083 | $23,974 | $26,127 | $31,395 | ||||
Ratio of expenses to average net assets4 | 0.75% | 0.67% | 0.64% | 0.63% | 0.63% | ||||
Ratio of expenses to average net assets prior to fees waived4 | 0.83% | 0.76% | 0.75% | 0.74% | 0.74% | ||||
Ratio of net investment income to average net assets | 2.41% | 3.19% | 3.23% | 3.10% | 3.17% | ||||
Ratio of net investment income to average net assets prior to fees waived | 2.33% | 3.10% | 3.12% | 2.99% | 3.06% | ||||
Portfolio turnover | 241%5 | 60% | 58% | 52% | 37% |
1 | On October 4, 2019, Institutional Class shares of First Investors Investment Grade Fund were reorganized into Class R6 shares of Delaware Investment Grade Fund. See Notes to Financial Statements. The Class R6 shares' financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Investment Grade Fund Institutional Class shares. |
2 | The average shares outstanding have been applied for per share information. |
3 | 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 some of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. |
4 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
5 | The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2020 due to a change in the Fund’s portfolio managers and associated repositioning. |
Year ended | |||||||||
9/30/201 | 9/30/19 | 9/30/18 | 9/30/17 | 9/30/16 | |||||
Net asset value, beginning of period | $9.31 | $9.17 | $9.47 | $9.66 | $9.76 | ||||
Income (loss) from investment operations: | |||||||||
Net investment income (loss)2 | 0.15 | 0.21 | — | 0.08 | (0.03) | ||||
Net realized and unrealized gain (loss) | 0.17 | 0.19 | (0.05) | (0.06) | 0.15 | ||||
Total from investment operations | 0.32 | 0.40 | (0.05) | 0.02 | 0.12 | ||||
Less dividends and distributions from: | |||||||||
Net investment income | (0.20) | (0.26) | (0.25) | (0.21) | (0.22) | ||||
Total dividends and distributions | (0.20) | (0.26) | (0.25) | (0.21) | (0.22) | ||||
Net asset value, end of period | $9.43 | $9.31 | $9.17 | $9.47 | $9.66 | ||||
Total return3 | 3.56% | 4.37% | (0.52%) | 0.22% | 1.21% | ||||
Ratios and supplemental data: | |||||||||
Net assets, end of period (000 omitted) | $169,570 | $220,830 | $247,902 | $62,841 | $48,342 | ||||
Ratio of expenses to average net assets4 | 0.74% | 0.79% | 0.89% | 1.05% | 1.05% | ||||
Ratio of expenses to average net assets prior to fees waived4 | 1.06% | 0.99% | 1.11% | 1.22% | 1.23% | ||||
Ratio of net investment income (loss) to average net assets | 1.57% | 2.22% | 0.02% | 0.85% | (0.25%) | ||||
Ratio of net investment income (loss) to average net assets prior to fees waived | 1.25% | 2.02% | (0.20%) | 0.68% | (0.43%) | ||||
Portfolio turnover | 162%5 | 87% | 102% | 60% | 54% |
1 | On October 4, 2019, Class A shares of First Investors Limited Duration Bond Fund were reorganized into Class A shares of Delaware Limited Duration Bond Fund. See Notes to Financial Statements. The Class A shares' financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Limited Duration Bond Fund Class A shares. |
2 | The average shares outstanding have been applied for per share information. |
3 | 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 all of the periods shown reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect. |
4 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
5 | The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2020 due to a change in the Fund’s portfolio managers and associated repositioning. |
Year ended | |||||||||
9/30/201 | 9/30/19 | 9/30/18 | 9/30/17 | 9/30/16 | |||||
Net asset value, beginning of period | $9.34 | $9.20 | $9.50 | $9.69 | $9.80 | ||||
Income (loss) from investment operations: | |||||||||
Net investment income2 | 0.18 | 0.23 | 0.03 | 0.13 | — | ||||
Net realized and unrealized gain (loss) | 0.17 | 0.19 | (0.05) | (0.08) | 0.14 | ||||
Total from investment operations | 0.35 | 0.42 | (0.02) | 0.05 | 0.14 | ||||
Less dividends and distributions from: | |||||||||
Net investment income | (0.23) | (0.28) | (0.28) | (0.24) | (0.25) | ||||
Total dividends and distributions | (0.23) | (0.28) | (0.28) | (0.24) | (0.25) | ||||
Net asset value, end of period | $9.46 | $9.34 | $9.20 | $9.50 | $9.69 | ||||
Total return | 3.80% | 4.65% | (0.25%) | 0.54% | 1.47% | ||||
Ratios and supplemental data: | |||||||||
Net assets, end of period (000 omitted) | $8,680 | $56,209 | $35,498 | $31,638 | $50,645 | ||||
Ratio of expenses to average net assets3 | 0.51% | 0.51% | 0.62% | 0.75% | 0.75% | ||||
Ratio of expenses to average net assets prior to fees waived3 | 0.82% | 0.69% | 0.84% | 1.02% | 1.01% | ||||
Ratio of net investment income to average net assets | 1.96% | 2.47% | 0.33% | 1.14% | 0.04% | ||||
Ratio of net investment income (loss) to average net assets prior to fees waived | 1.65% | 2.29% | 0.11% | 0.87% | (0.22%) | ||||
Portfolio turnover | 162%4 | 87% | 102% | 60% | 54% |
1 | On October 4, 2019, Adviser Class shares of First Investors Limited Duration Bond Fund were reorganized into Institutional Class shares of Delaware Limited Duration Bond Fund. See Notes to Financial Statements. The Institutional Class shares' financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Limited Duration Bond Fund Adviser Class shares. |
2 | The average shares outstanding have been applied for per share information. |
3 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
4 | The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2020 due to a change in the Fund’s portfolio managers and associated repositioning. |
Year ended | |||||||||
9/30/201 | 9/30/19 | 9/30/18 | 9/30/17 | 9/30/16 | |||||
Net asset value, beginning of period | $9.35 | $9.21 | $9.52 | $9.70 | $9.81 | ||||
Income (loss) from investment operations: | |||||||||
Net investment income2 | 0.20 | 0.25 | 0.04 | 0.11 | 0.02 | ||||
Net realized and unrealized gain (loss) | 0.17 | 0.19 | (0.06) | (0.04) | 0.14 | ||||
Total from investment operations | 0.37 | 0.44 | (0.02) | 0.07 | 0.16 | ||||
Less dividends and distributions from: | |||||||||
Net investment income | (0.24) | (0.30) | (0.29) | (0.25) | (0.27) | ||||
Total dividends and distributions | (0.24) | (0.30) | (0.29) | (0.25) | (0.27) | ||||
Net asset value, end of period | $9.48 | $9.35 | $9.21 | $9.52 | $9.70 | ||||
Total return | 4.06% | 4.83% | (0.19%) | 0.77% | 1.64% | ||||
Ratios and supplemental data: | |||||||||
Net assets, end of period (000 omitted) | $308 | $47,965 | $38,822 | $41,065 | $22,296 | ||||
Ratio of expenses to average net assets3 | 0.35% | 0.36% | 0.47% | 0.60% | 0.60% | ||||
Ratio of expenses to average net assets prior to fees waived3 | 0.59% | 0.56% | 0.68% | 0.82% | 0.82% | ||||
Ratio of net investment income to average net assets | 2.14% | 2.64% | 0.46% | 1.30% | 0.20% | ||||
Ratio of net investment income (loss) to average net assets prior to fees waived | 1.90% | 2.44% | 0.25% | 1.08% | (0.02%) | ||||
Portfolio turnover | 162%4 | 87% | 102% | 60% | 54% |
1 | On October 4, 2019, Institutional Class shares of First Investors Limited Duration Bond Fund were reorganized into Class R6 shares of Delaware Limited Duration Bond Fund. See Notes to Financial Statements. The Class R6 shares' financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Limited Duration Bond Fund Institutional Class shares. |
2 | The average shares outstanding have been applied for per share information. |
3 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
4 | The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2020 due to a change in the Fund’s portfolio managers and associated repositioning. |
Year ended | |||||||||
9/30/201 | 9/30/19 | 9/30/18 | 9/30/17 | 9/30/16 | |||||
Net asset value, beginning of period | $9.32 | $9.20 | $9.53 | $9.48 | $9.30 | ||||
Income (loss) from investment operations: | |||||||||
Net investment income2 | 0.28 | 0.30 | 0.31 | 0.30 | 0.30 | ||||
Net realized and unrealized gain (loss) | 0.16 | 0.12 | (0.32) | 0.05 | 0.22 | ||||
Total from investment operations | 0.44 | 0.42 | (0.01) | 0.35 | 0.52 | ||||
Less dividends and distributions from: | |||||||||
Net investment income | (0.32) | (0.30) | (0.32) | (0.30) | (0.32) | ||||
Net realized gain | — | — | — | — | (0.02) | ||||
Total dividends and distributions | (0.32) | (0.30) | (0.32) | (0.30) | (0.34) | ||||
Net asset value, end of period | $9.44 | $9.32 | $9.20 | $9.53 | $9.48 | ||||
Total return3 | 4.89% | 4.67%4 | (0.10%) | 3.73% | 5.64% | ||||
Ratios and supplemental data: | |||||||||
Net assets, end of period (000 omitted) | $99,020 | $137,155 | $152,180 | $162,789 | $149,190 | ||||
Ratio of expenses to average net assets5 | 1.14% | 0.53% | 0.56% | 0.57% | 0.58% | ||||
Ratio of expenses to average net assets prior to fees waived5 | 1.14% | 0.55% | 0.56% | 0.57% | 0.58% | ||||
Ratio of net investment income to average net assets | 3.00% | 3.24% | 3.36% | 3.24% | 3.19% | ||||
Ratio of net investment income to average net assets prior to fees waived | 3.00% | 3.22% | 3.36% | 3.24% | 3.19% | ||||
Portfolio turnover | 244%6 | 70% | 58% | 37% | 49% |
1 | On October 4, 2019, Class A shares of First Investors Strategic Income were reorganized into Class A shares of Delaware Strategic Income II Fund. See Notes to Financial Statements. The Class A shares' financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Strategic Income Class A shares. |
2 | The average shares outstanding have been applied for per share information. |
3 | 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. |
4 | Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. |
5 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
6 | The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2020 due to a change in the Fund’s portfolio managers and associated repositioning. |
Year ended | |||||||||
9/30/201 | 9/30/19 | 9/30/18 | 9/30/17 | 9/30/16 | |||||
Net asset value, beginning of period | $9.32 | $9.19 | $9.52 | $9.47 | $9.29 | ||||
Income (loss) from investment operations: | |||||||||
Net investment income2 | 0.30 | 0.33 | 0.34 | 0.29 | 0.33 | ||||
Net realized and unrealized gain (loss) | 0.15 | 0.13 | (0.32) | 0.09 | 0.23 | ||||
Total from investment operations | 0.45 | 0.46 | 0.02 | 0.38 | 0.56 | ||||
Less dividends and distributions from: | |||||||||
Net investment income | (0.34) | (0.33) | (0.35) | (0.33) | (0.36) | ||||
Net realized gain | — | — | — | — | (0.02) | ||||
Total dividends and distributions | (0.34) | (0.33) | (0.35) | (0.33) | (0.38) | ||||
Net asset value, end of period | $9.43 | $9.32 | $9.19 | $9.52 | $9.47 | ||||
Total return3 | 5.06% | 5.11%4 | 0.22% | 4.14% | 6.14% | ||||
Ratios and supplemental data: | |||||||||
Net assets, end of period (000 omitted) | $307 | $566 | $759 | $963 | $415 | ||||
Ratio of expenses to average net assets5 | 0.89% | 0.19% | 0.21% | 0.18% | 0.17% | ||||
Ratio of expenses to average net assets prior to fees waived5 | 0.89% | 0.21% | 0.21% | 0.18% | 0.17% | ||||
Ratio of net investment income to average net assets | 3.24% | 3.60% | 3.70% | 3.66% | 3.59% | ||||
Ratio of net investment income to average net assets prior to fees waived | 3.24% | 3.58% | 3.70% | 3.66% | 3.59% | ||||
Portfolio turnover | 244%6 | 70% | 58% | 37% | 49% |
1 | On October 4, 2019, Adviser Class shares of First Investors Strategic Income were reorganized into Institutional Class shares of Delaware Strategic Income II Fund. See Notes to Financial Statements. The Institutional Class shares' financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Strategic Income Adviser Class shares. |
2 | The average shares outstanding have been applied for per share information. |
3 | 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. |
4 | Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. |
5 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
6 | The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2020 due to a change in the Fund’s portfolio managers and associated repositioning. |
Year ended | 4/1/161 to 9/30/16 | ||||||||
9/30/202 | 9/30/19 | 9/30/18 | 9/30/17 | ||||||
Net asset value, beginning of period | $11.81 | $11.83 | $11.18 | $10.36 | $10.00 | ||||
Income (loss) from investment operations: | |||||||||
Net investment income3 | 0.13 | 0.12 | 0.11 | 0.10 | 0.06 | ||||
Net realized and unrealized gain (loss) | (0.82) | (0.02) | 0.64 | 0.85 | 0.33 | ||||
Total from investment operations | (0.69) | 0.10 | 0.75 | 0.95 | 0.39 | ||||
Less dividends and distributions from: | |||||||||
Net investment income | (0.13) | (0.12) | (0.10) | (0.11) | (0.03) | ||||
Net realized gain | — | — | — | (0.02) | — | ||||
Total dividends and distributions | (0.13) | (0.12) | (0.10) | (0.13) | (0.03) | ||||
Net asset value, end of period | $10.99 | $11.81 | $11.83 | $11.18 | $10.36 | ||||
Total return4 | (5.75%) | 0.97% | 6.79% | 9.17% | 3.94% | ||||
Ratios and supplemental data: | |||||||||
Net assets, end of period (000 omitted) | $121,566 | $211,777 | $237,103 | $167,906 | $48,514 | ||||
Ratio of expenses to average net assets5 | 1.32% | 1.30% | 1.30% | 1.30% | 1.30% | ||||
Ratio of expenses to average net assets prior to fees waived5 | 1.37% | 1.28% | 1.28% | 1.36% | 1.73% | ||||
Ratio of net investment income to average net assets | 1.15% | 1.11% | 0.95% | 1.18% | 1.19% | ||||
Ratio of net investment income to average net assets prior to fees waived | 1.10% | 1.13% | 0.97% | 1.12% | 0.76% | ||||
Portfolio turnover | 49% | 34% | 107% | 121% | 83% |
1 | Date of commencement of operations; 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 Covered Call Strategy Fund were reorganized into Class A shares of Delaware Covered Call Strategy Fund. See Notes to Financial Statements. The Class A shares' financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Covered Call Strategy Fund Class A shares. |
3 | The average shares outstanding method has been applied for per share information. |
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 all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. |
5 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
Year ended | 4/1/161 to 9/30/16 | ||||||||
9/30/202 | 9/30/19 | 9/30/18 | 9/30/17 | ||||||
Net asset value, beginning of period | $11.78 | $11.80 | $11.16 | $10.34 | $10.00 | ||||
Income (loss) from investment operations: | |||||||||
Net investment income3 | 0.15 | 0.16 | 0.14 | 0.13 | 0.08 | ||||
Net realized and unrealized gain (loss) | (0.81) | (0.02) | 0.64 | 0.86 | 0.32 | ||||
Total from investment operations | (0.66) | 0.14 | 0.78 | 0.99 | 0.40 | ||||
Less dividends and distributions from: | |||||||||
Net investment income | (0.16) | (0.16) | (0.14) | (0.15) | (0.06) | ||||
Net realized gain | — | — | — | (0.02) | — | ||||
Total dividends and distributions | (0.16) | (0.16) | (0.14) | (0.17) | (0.06) | ||||
Net asset value, end of period | $10.96 | $11.78 | $11.80 | $11.16 | $10.34 | ||||
Total return4 | (5.54%) | 1.25% | 7.09% | 9.62% | 4.05% | ||||
Ratios and supplemental data: | |||||||||
Net assets, end of period (000 omitted) | $37,887 | $66,252 | $114,275 | $109,360 | $39,129 | ||||
Ratio of expenses to average net assets5 | 1.10% | 1.00% | 0.97% | 0.97% | 0.97% | ||||
Ratio of expenses to average net assets prior to fees waived5 | 1.12% | 0.96% | 1.03% | 1.06% | 1.50% | ||||
Ratio of net investment income to average net assets | 1.38% | 1.41% | 1.25% | 1.53% | 1.64% | ||||
Ratio of net investment income to average net assets prior to fees waived | 1.36% | 1.45% | 1.19% | 1.44% | 1.11% | ||||
Portfolio turnover | 49% | 34% | 107% | 121% | 83% |
1 | Date of commencement of operations; ratios have been annualized and total return and portfolio turnover have not been annualized. |
2 | On October 4, 2019, Adviser Class shares of First Investors Covered Call Strategy Fund were reorganized into Institutional Class shares of Delaware Covered Call Strategy Fund. See Notes to Financial Statements. The Institutional Class shares' financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Covered Call Strategy Fund Adviser Class shares. |
3 | The average shares outstanding method has been applied for per share information. |
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 all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. |
5 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
Year ended | 4/1/161 to 9/30/16 | ||||||||
9/30/202 | 9/30/19 | 9/30/18 | 9/30/17 | ||||||
Net asset value, beginning of period | $11.69 | $11.72 | $11.17 | $10.35 | $10.00 | ||||
Income (loss) from investment operations: | |||||||||
Net investment income3 | 0.18 | 0.17 | 0.16 | 0.16 | 0.09 | ||||
Net realized and unrealized gain (loss) | (0.81) | (0.02) | 0.63 | 0.85 | 0.33 | ||||
Total from investment operations | (0.63) | 0.15 | 0.79 | 1.01 | 0.42 | ||||
Less dividends and distributions from: | |||||||||
Net investment income | (0.15) | (0.18) | (0.24) | (0.17) | (0.07) | ||||
Net realized gain | — | — | — | (0.02) | — | ||||
Total dividends and distributions | (0.15) | (0.18) | (0.24) | (0.19) | (0.07) | ||||
Net asset value, end of period | $10.91 | $11.69 | $11.72 | $11.17 | $10.35 | ||||
Total return4 | (5.30%) | 1.42% | 7.19% | 9.77% | 4.18% | ||||
Ratios and supplemental data: | |||||||||
Net assets, end of period (000 omitted) | $236 | $1,477 | $2,913 | $7,334 | $4,214 | ||||
Ratio of expenses to average net assets5 | 0.89% | 0.87% | 0.84% | 0.84% | 0.84% | ||||
Ratio of expenses to average net assets prior to fees waived5 | 1.07% | 0.90% | 0.89% | 0.96% | 1.25% | ||||
Ratio of net investment income to average net assets | 1.64% | 1.54% | 1.38% | 1.65% | 1.76% | ||||
Ratio of net investment income to average net assets prior to fees waived | 1.46% | 1.51% | 1.33% | 1.53% | 1.35% | ||||
Portfolio turnover | 49% | 34% | 107% | 121% | 83% |
1 | Date of commencement of operations; ratios have been annualized and total return and portfolio turnover have not been annualized. |
2 | On October 4, 2019, Institutional Class shares of First Investors Covered Call Strategy Fund were reorganized into Class R6 shares of Delaware Covered Call Strategy Fund. See Notes to Financial Statements. The Class R6 shares' financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Covered Call Strategy Fund Institutional Class shares. |
3 | The average shares outstanding method has been applied for per share information. |
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 all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. |
5 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
Year ended | 8/1/161 to 9/30/16 | ||||||||
9/30/202 | 9/30/19 | 9/30/18 | 9/30/17 | ||||||
Net asset value, beginning of period | $12.36 | $11.90 | $10.77 | $9.91 | $10.00 | ||||
Income (loss) from investment operations: | |||||||||
Net investment loss3 | (0.02) | (0.01) | (0.03) | (0.02) | — | ||||
Net realized and unrealized gain (loss) | 1.23 | 0.68 | 1.16 | 0.88 | (0.09) | ||||
Total from investment operations | 1.21 | 0.67 | 1.13 | 0.86 | (0.09) | ||||
Less dividends and distributions from: | |||||||||
Net investment income | (0.05) | — | — | — | — | ||||
Net realized gain | (1.91) | (0.21) | — | — | — | ||||
Total dividends and distributions | (1.96) | (0.21) | — | — | — | ||||
Net asset value, end of period | $11.61 | $12.36 | $11.90 | $10.77 | $9.91 | ||||
Total return4 | 10.91% | 5.92% | 10.49% | 8.68% | (0.90%) | ||||
Ratios and supplemental data: | |||||||||
Net assets, end of period (000 omitted) | $55,603 | $78,297 | $66,746 | $44,228 | $9,265 | ||||
Ratio of expenses to average net assets5 | 1.66% | 1.75% | 1.75% | 1.75% | 1.75% | ||||
Ratio of expenses to average net assets prior to fees waived5 | 1.85% | 1.68% | 1.76% | 2.09% | 4.24% | ||||
Ratio of net investment loss to average net assets | (0.14%) | (0.05%) | (0.22%) | (0.21%) | (0.02%) | ||||
Ratio of net investment income (loss) to average net assets prior to fees waived | (0.33%) | 0.02% | (0.23%) | (0.55%) | (2.51%) | ||||
Portfolio turnover | 109% | 124% | 56% | 75% | 7% |
1 | Date of commencement of operations; 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 Hedged U.S. Equity Opportunities Fund were reorganized into Class A shares of Delaware Hedged U.S. Equity Opportunities Fund. See Notes to Financial Statements. The Class A shares' financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Hedged U.S. Equity Opportunities Fund Class A shares. |
3 | The average shares outstanding method has been applied for per share information. |
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 all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. |
5 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
Year ended | 8/1/161 to 9/30/16 | ||||||||
9/30/202 | 9/30/19 | 9/30/18 | 9/30/17 | ||||||
Net asset value, beginning of period | $12.48 | $11.99 | $10.81 | $9.91 | $10.00 | ||||
Income (loss) from investment operations: | |||||||||
Net investment income3 | 0.02 | 0.03 | 0.02 | 0.01 | — | ||||
Net realized and unrealized gain (loss) | 1.25 | 0.67 | 1.16 | 0.89 | (0.09) | ||||
Total from investment operations | 1.27 | 0.70 | 1.18 | 0.90 | (0.09) | ||||
Less dividends and distributions from: | |||||||||
Net investment income | (0.05) | —4 | — | —4 | — | ||||
Net realized gain | (1.91) | (0.21) | — | — | — | ||||
Total dividends and distributions | (1.96) | (0.21) | — | —4 | — | ||||
Net asset value, end of period | $11.79 | $12.48 | $11.99 | $10.81 | $9.91 | ||||
Total return5 | 11.28% | 6.14% | 10.92% | 9.11% | (0.90%) | ||||
Ratios and supplemental data: | |||||||||
Net assets, end of period (000 omitted) | $19,229 | $44,543 | $94,955 | $33,770 | $24,539 | ||||
Ratio of expenses to average net assets6 | 1.33% | 1.42% | 1.42% | 1.42% | 1.42% | ||||
Ratio of expenses to average net assets prior to fees waived6 | 1.62% | 1.39% | 1.40% | 1.76% | 3.37% | ||||
Ratio of net investment income to average net assets | 0.21% | 0.27% | 0.16% | 0.10% | 0.26% | ||||
Ratio of net investment income (loss) to average net assets prior to fees waived | (0.08%) | 0.30% | 0.18% | (0.24%) | (1.69%) | ||||
Portfolio turnover | 109% | 124% | 56% | 75% | 7% |
1 | Date of commencement of operations; ratios have been annualized and total return and portfolio turnover have not been annualized. |
2 | On October 4, 2019, Adviser Class shares of First Investors Hedged U.S. Equity Opportunities Fund were reorganized into Institutional Class shares of Delaware Hedged U.S. Equity Opportunities Fund. See Notes to Financial Statements. The Institutional Class shares' financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Hedged U.S. Equity Opportunities Fund Adviser Class shares. |
3 | The average shares outstanding method has been applied for per share information. |
4 | Amount is less than $0.005 per share. |
5 | 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 all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. |
6 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
Year ended | 8/1/161 to 9/30/16 | ||||||||
9/30/202 | 9/30/19 | 9/30/18 | 9/30/17 | ||||||
Net asset value, beginning of period | $12.53 | $12.01 | $10.82 | $9.91 | $10.00 | ||||
Income (loss) from investment operations: | |||||||||
Net investment income3 | 0.04 | 0.04 | 0.02 | 0.02 | 0.01 | ||||
Net realized and unrealized gain (loss) | 1.24 | 0.69 | 1.17 | 0.89 | (0.10) | ||||
Total from investment operations | 1.28 | 0.73 | 1.19 | 0.91 | (0.09) | ||||
Less dividends and distributions from: | |||||||||
Net investment income | (0.10) | —4 | — | —4 | — | ||||
Net realized gain | (1.91) | (0.21) | — | — | — | ||||
Total dividends and distributions | (2.01) | (0.21) | — | —4 | — | ||||
Net asset value, end of period | $11.80 | $12.53 | $12.01 | $10.82 | $9.91 | ||||
Total return5 | 11.41% | 6.39% | 11.00% | 9.21% | (0.90%) | ||||
Ratios and supplemental data: | |||||||||
Net assets, end of period (000 omitted) | $91 | $341 | $574 | $472 | $99 | ||||
Ratio of expenses to average net assets6 | 1.23% | 1.31% | 1.31% | 1.31% | 1.31% | ||||
Ratio of expenses to average net assets prior to fees waived6 | 1.57% | 1.30% | 1.39% | 1.74% | 3.24% | ||||
Ratio of net investment income to average net assets | 0.31% | 0.37% | 0.21% | 0.23% | 0.30% | ||||
Ratio of net investment income (loss) to average net assets prior to fees waived | (0.03)% | 0.38% | 0.13% | (0.20%) | (1.63%) | ||||
Portfolio turnover | 109% | 124% | 56% | 75% | 7% |
1 | Date of commencement of operations; ratios have been annualized and total return and portfolio turnover have not been annualized. |
2 | On October 4, 2019, Institutional Class shares of First Investors Hedged U.S. Equity Opportunities Fund were reorganized into Class R6 shares of Delaware Hedged U.S. Equity Opportunities Fund. See Notes to Financial Statements. The Class R6 shares' financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Hedged U.S. Equity Opportunities Fund Institutional Class shares. |
3 | The average shares outstanding method has been applied for per share information. |
4 | Amount is less than $0.005 per share. |
5 | 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 all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. |
6 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
Year ended | 4/2/181 to 9/30/18 | ||||
9/30/202 | 9/30/19 | ||||
Net asset value, beginning of period | $10.14 | $10.26 | $10.00 | ||
Income (loss) from investment operations: | |||||
Net investment income3 | 0.21 | 0.18 | 0.08 | ||
Net realized and unrealized gain (loss) | (0.65) | 0.05 | 0.23 | ||
Total from investment operations | (0.44) | 0.23 | 0.31 | ||
Less dividends and distributions from: | |||||
Net investment income | (0.21) | (0.17) | (0.05) | ||
Net realized gain | (0.13) | (0.18) | — | ||
Total dividends and distributions | (0.34) | (0.35) | (0.05) | ||
Net asset value, end of period | $9.36 | $10.14 | $10.26 | ||
Total return4 | (4.24%) | 2.33% | 3.06% | ||
Ratios and supplemental data: | |||||
Net assets, end of period (000 omitted) | $31,472 | $60,830 | $41,688 | ||
Ratio of expenses to average net assets5 | 1.30% | 1.30% | 1.30% | ||
Ratio of expenses to average net assets prior to fees waived5 | 1.44% | 1.35% | 2.07% | ||
Ratio of net investment income to average net assets | 2.19% | 1.74% | 1.57% | ||
Ratio of net investment income to average net assets prior to fees waived | 2.05% | 1.69% | 0.80% | ||
Portfolio turnover | 32% | 63% | 77% |
1 | Date of commencement of operations; 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 Premium Income Fund were reorganized into Class A shares of Delaware Premium Income Fund. See Notes to Financial Statements. The Class A shares' financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Premium Income Fund Class A shares. |
3 | The average shares outstanding method has been applied for per share information. |
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 all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. |
5 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
Year ended | 4/2/181 to 9/30/18 | ||||
9/30/202 | 9/30/19 | ||||
Net asset value, beginning of period | $10.16 | $10.26 | $10.00 | ||
Income (loss) from investment operations: | |||||
Net investment income3 | 0.23 | 0.20 | 0.10 | ||
Net realized and unrealized gain (loss) | (0.65) | 0.07 | 0.22 | ||
Total from investment operations | (0.42) | 0.27 | 0.32 | ||
Less dividends and distributions from: | |||||
Net investment income | (0.24) | (0.19) | (0.06) | ||
Net realized gain | (0.13) | (0.18) | — | ||
Total dividends and distributions | (0.37) | (0.37) | (0.06) | ||
Net asset value, end of period | $9.37 | $10.16 | $10.26 | ||
Total return4 | (4.05%) | 2.67% | 3.18% | ||
Ratios and supplemental data: | |||||
Net assets, end of period (000 omitted) | $32,769 | $67,844 | $34,170 | ||
Ratio of expenses to average net assets5 | 1.05% | 1.05% | 1.02% | ||
Ratio of expenses to average net assets prior to fees waived5 | 1.19% | 1.10% | 1.52% | ||
Ratio of net investment income to average net assets | 2.45% | 1.98% | 1.86% | ||
Ratio of net investment income to average net assets prior to fees waived | 2.31% | 1.93% | 1.36% | ||
Portfolio turnover | 32% | 63% | 77% |
1 | Date of commencement of operations; ratios have been annualized and total return and portfolio turnover have not been annualized. |
2 | On October 4, 2019, Adviser Class shares of First Investors Premium Income Fund were reorganized into Institutional Class shares of Delaware Premium Income Fund. See Notes to Financial Statements. The Institutional Class shares' financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Premium Income Fund Adviser Class shares. |
3 | The average shares outstanding method has been applied for per share information. |
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 all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. |
5 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
Year ended | 4/2/181 to 9/30/18 | ||||
9/30/202 | 9/30/19 | ||||
Net asset value, beginning of period | $5.53 | $10.16 | $10.00 | ||
Income (loss) from investment operations: | |||||
Net investment income3 | 0.13 | 0.20 | 0.10 | ||
Net realized and unrealized gain (loss) | (0.37) | (0.27) | 0.23 | ||
Total from investment operations | (0.24) | (0.07) | 0.33 | ||
Less dividends and distributions from: | |||||
Net investment income | (0.29) | (4.38) | (0.17) | ||
Net realized gain | (0.13) | (0.18) | — | ||
Total dividends and distributions | (0.42) | (4.56) | (0.17) | ||
Net asset value, end of period | $4.87 | $5.53 | $10.16 | ||
Total return4 | (3.95%) | 2.90% | 3.27% | ||
Ratios and supplemental data: | |||||
Net assets, end of period (000 omitted) | $34 | $29 | $3,877 | ||
Ratio of expenses to average net assets5 | 0.90% | 0.90% | 0.89% | ||
Ratio of expenses to average net assets prior to fees waived5 | 1.13% | 1.05% | 1.88% | ||
Ratio of net investment income to average net assets | 2.63% | 2.06% | 1.88% | ||
Ratio of net investment income to average net assets prior to fees waived | 2.40% | 1.91% | 0.89% | ||
Portfolio turnover | 32% | 63% | 77% |
1 | Date of commencement of operations; ratios have been annualized and total return and portfolio turnover have not been annualized. |
2 | On October 4, 2019, Institutional Class shares of First Investors Premium Income Fund were reorganized into Class R6 shares of Delaware Premium Income Fund. See Notes to Financial Statements. The Class R6 shares' financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Premium Income Fund Institutional Class shares. |
3 | The average shares outstanding method has been applied for per share information. |
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 all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. |
5 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
Year ended | |||||||||
9/30/201 | 9/30/19 | 9/30/18 | 9/30/17 | 9/30/16 | |||||
Net asset value, beginning of period | $19.03 | $20.22 | $19.88 | $19.00 | $18.21 | ||||
Income (loss) from investment operations: | |||||||||
Net investment income2 | 0.29 | 0.28 | 0.31 | 0.23 | 0.23 | ||||
Net realized and unrealized gain (loss) | (0.88) | 0.39 | 0.74 | 1.27 | 1.26 | ||||
Total from investment operations | (0.59) | 0.67 | 1.05 | 1.50 | 1.49 | ||||
Less dividends and distributions from: | |||||||||
Net investment income | (0.33) | (0.34) | (0.36) | (0.32) | (0.27) | ||||
Net realized gain | (3.73) | (1.52) | (0.35) | (0.30) | (0.43) | ||||
Return of capital | (0.01) | — | — | — | — | ||||
Total dividends and distributions | (4.07) | (1.86) | (0.71) | (0.62) | (0.70) | ||||
Net asset value, end of period | $14.37 | $19.03 | $20.22 | $19.88 | $19.00 | ||||
Total return3 | (4.48%) 4 | 4.58% | 5.32% | 8.09% | 8.36% | ||||
Ratios and supplemental data: | |||||||||
Net assets, end of period (000 omitted) | $550,020 | $800,910 | $889,473 | $877,311 | $845,726 | ||||
Ratio of expenses to average net assets5 | 1.16% | 1.17% | 1.18% | 1.19% | 1.19% | ||||
Ratio of expenses to average net assets prior to fees waived5 | 1.17% | 1.17% | 1.18% | 1.19% | 1.19% | ||||
Ratio of net investment income to average net assets | 1.89% | 1.50% | 1.55% | 1.22% | 1.27% | ||||
Ratio of net investment income to average net assets prior to fees waived | 1.88% | 1.50% | 1.55% | 1.22% | 1.27% | ||||
Portfolio turnover | 151% 6 | 59% | 53% | 39% | 63% |
1 | On October 4, 2019, Class A shares of First Investors Total Return Fund were reorganized into Class A shares of Delaware Total Return Fund. See Notes to Financial Statements. The Class A shares' financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Total Return Fund Class A shares. |
2 | The average shares outstanding method has been applied for per share information. |
3 | 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. |
4 | Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. |
5 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
6 | The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2020 due to a change in the Fund’s portfolio managers and associated repositioning. |
Year ended | |||||||||
9/30/201 | 9/30/19 | 9/30/18 | 9/30/17 | 9/30/16 | |||||
Net asset value, beginning of period | $19.10 | $20.32 | $19.98 | $19.04 | $18.26 | ||||
Income (loss) from investment operations: | |||||||||
Net investment income2 | 0.33 | 0.34 | 0.37 | 0.32 | 0.26 | ||||
Net realized and unrealized gain (loss) | (0.90) | 0.40 | 0.75 | 1.30 | 1.27 | ||||
Total from investment operations | (0.57) | 0.74 | 1.12 | 1.62 | 1.53 | ||||
Less dividends and distributions from: | |||||||||
Net investment income | (0.36) | (0.44) | (0.43) | (0.38) | (0.32) | ||||
Net realized gain | (3.73) | (1.52) | (0.35) | (0.30) | (0.43) | ||||
Return of capital | (0.01) | — | — | — | — | ||||
Total dividends and distributions | (4.10) | (1.96) | (0.78) | (0.68) | (0.75) | ||||
Net asset value, end of period | $14.43 | $19.10 | $20.32 | $19.98 | $19.04 | ||||
Total return3 | (4.29%) | 4.93% | 5.69% | 8.69% | 8.55% | ||||
Ratios and supplemental data: | |||||||||
Net assets, end of period (000 omitted) | $769 | $1,166 | $1,006 | $996 | $1,213 | ||||
Ratio of expenses to average net assets4 | 0.90% | 0.85% | 0.84% | 0.80% | 0.82% | ||||
Ratio of net investment income to average net assets | 2.12% | 1.80% | 1.83% | 1.61% | 1.63% | ||||
Portfolio turnover | 151% 5 | 59% | 53% | 39% | 63% |
1 | On October 4, 2019, Adviser Class shares of First Investors Total Return Fund were reorganized into Institutional Class shares of Delaware Total Return Fund. See Notes to Financial Statements. The Institutional Class shares' financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Total Return Fund Adviser Class shares. |
2 | The average shares outstanding method has been applied for per share information. |
3 | 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. |
4 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
5 | The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2020 due to a change in the Fund’s portfolio managers and associated repositioning. |
Year ended | |||||||||
9/30/201 | 9/30/19 | 9/30/18 | 9/30/17 | 9/30/16 | |||||
Net asset value, beginning of period | $19.14 | $20.38 | $20.05 | $19.13 | $18.29 | ||||
Income (loss) from investment operations: | |||||||||
Net investment income2 | 0.35 | 0.35 | 0.40 | 0.32 | 0.31 | ||||
Net realized and unrealized gain (loss) | (0.90) | 0.41 | 0.74 | 1.27 | 1.28 | ||||
Total from investment operations | (0.55) | 0.76 | 1.14 | 1.59 | 1.59 | ||||
Less dividends and distributions from: | |||||||||
Net investment income | (0.39) | (0.48) | (0.46) | (0.37) | (0.32) | ||||
Net realized gain | (3.73) | (1.52) | (0.35) | (0.30) | (0.43) | ||||
Return of capital | —3 | — | — | — | — | ||||
Total dividends and distributions | (4.12) | (2.00) | (0.81) | (0.67) | (0.75) | ||||
Net asset value, end of period | $14.47 | $19.14 | $20.38 | $20.05 | $19.13 | ||||
Total return4 | (4.17%)5 | 5.06% | 5.77% | 8.50% | 8.88% | ||||
Ratios and supplemental data: | |||||||||
Net assets, end of period (000 omitted) | $762 | $1,976 | $34,555 | $33,545 | $32,525 | ||||
Ratio of expenses to average net assets6 | 0.81% | 0.79% | 0.77% | 0.77% | 0.77% | ||||
Ratio of expenses to average net assets prior to fees waived6 | 0.89% | 0.79% | 0.77% | 0.77% | 0.77% | ||||
Ratio of net investment income to average net assets | 2.23% | 1.86% | 1.96% | 1.65% | 1.68% | ||||
Ratio of net investment income to average net assets prior to fees waived | 2.15% | 1.86% | 1.96% | 1.65% | 1.68% | ||||
Portfolio turnover | 151%7 | 59% | 53% | 39% | 63% |
1 | On October 4, 2019, Institutional Class shares of First Investors Total Return Fund were reorganized into Class R6 shares of Delaware Total Return Fund. See Notes to Financial Statements. The Class R6 shares' financial highlights for the periods prior to October 4, 2019, reflect the performance of First Investors Total Return Fund Institutional Class shares. |
2 | The average shares outstanding method has been applied for per share information. |
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. |
5 | Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. |
6 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
7 | The Fund’s portfolio turnover rate increased substantially during the year ended September 30, 2020 due to a change in the Fund’s portfolio managers and associated repositioning. |
Fund | Predecessor Fund | |
Delaware Equity Income Fund | First Investors Equity Income Fund | |
Delaware Growth and Income Fund | First Investors Growth & Income Fund | |
Delaware Growth Equity Fund | First Investors Select Growth Fund | |
Delaware Opportunity Fund | First Investors Opportunity Fund | |
Delaware Special Situations Fund | First Investors Special Situations Fund | |
Delaware Global Equity Fund | First Investors Global Fund | |
Delaware International Fund | First Investors International Fund | |
Delaware Floating Rate II Fund | First Investors Floating Rate Fund | |
Delaware Fund for Income | First Investors Fund For Income | |
Delaware Government Cash Management Fund | First Investors Government Cash Management Fund | |
Delaware International Opportunities Bond Fund | First Investors International Opportunities Bond Fund | |
Delaware Investment Grade Fund | First Investors Investment Grade Fund | |
Delaware Limited Duration Bond Fund | First Investors Limited Duration Bond Fund | |
Delaware Strategic Income II Fund | First Investors Strategic Income | |
Delaware Covered Call Strategy Fund | First Investors Covered Call Strategy Fund | |
Delaware Hedged U.S. Equity Opportunities Fund | First Investors Hedged U.S. Equity Opportunities Fund | |
Delaware Premium Income Fund | First Investors Premium Income Fund | |
Delaware Total Return Fund | First Investors Total Return Fund |
sub-accounting fees, and/or sub-transfer agency fees paid to brokers, dealers, or other financial intermediaries.
ex-dividend date.
Fund | Custody credits | |
Delaware Equity Income Fund | $2,683 | |
Delaware Growth and Income Fund | 10,021 | |
Delaware Growth Equity Fund | 6,460 | |
Delaware Opportunity Fund | 8,224 | |
Delaware Special Situations Fund | 5,796 | |
Delaware Global Equity Fund | — | |
Delaware International Fund | 1,478 | |
Delaware Floating Rate II Fund | 2,534 | |
Delaware Fund for Income | 6,265 | |
Delaware Government Cash Management Fund | — | |
Delaware International Opportunities Bond Fund | 7,102 | |
Delaware Investment Grade Fund | 4,729 | |
Delaware Limited Duration Bond Fund | 3,396 | |
Delaware Strategic Income II Fund | 3,197 | |
Delaware Covered Call Strategy Fund | 2,486 | |
Delaware Hedged U.S. Equity Opportunities Fund | 14,965 | |
Delaware Premium Income Fund | 1,474 | |
Delaware Total Return Fund | 22,053 |
On the first $500 million | On the next $500 million | On the next $1.5 billion | In excess of $2.5 billion | ||||
Delaware Equity Income Fund | 0.650% | 0.600% | 0.550% | 0.500% | |||
Delaware Growth and Income Fund | 0.650% | 0.600% | 0.550% | 0.500% | |||
Delaware Growth Equity Fund | 0.650% | 0.600% | 0.550% | 0.500% | |||
Delaware Opportunity Fund | 0.750% | 0.700% | 0.650% | 0.600% | |||
Delaware Special Situations Fund | 0.750% | 0.700% | 0.650% | 0.600% | |||
Delaware Global Equity Fund | 0.850% | 0.800% | 0.750% | 0.700% | |||
Delaware International Fund | 0.850% | 0.800% | 0.750% | 0.700% | |||
Delaware Floating Rate II Fund | 0.500% | 0.475% | 0.450% | 0.425% | |||
Delaware Fund for Income | 0.650% | 0.600% | 0.550% | 0.500% | |||
Delaware International Opportunities Bond Fund | 0.750% | 0.700% | 0.650% | 0.600% | |||
Delaware Investment Grade Fund | 0.500% | 0.475% | 0.450% | 0.425% | |||
Delaware Limited Duration Bond Fund | 0.500% | 0.475% | 0.450% | 0.425% | |||
Delaware Strategic Income II Fund | 0.550% | 0.500% | 0.450% | 0.425% | |||
Delaware Total Return Fund | 0.650% | 0.600% | 0.550% | 0.500% |
On the first $300 million | On the next $200 million | On the next $500 million | On the next $1 billion | On the next $1 billion | In excess $3 billion | ||||||
Delaware Covered Call Strategy Fund | 0.8000% | 0.7500% | 0.7000% | 0.6500% | 0.600% | 0.550% |
On the first $300 million | On the next $200 million | On the next $500 million | On the next $1 billion | On the next $1 billion | In excess $3 billion | ||||||
Delaware Hedged U.S. Equity Opportunities Fund | 1.1500% | 1.1000% | 1.0500% | 1.0000% | 0.950% | 0.900% |
Fund | Operating expense limitation as a percentage of average daily net assets Class A | Operating expense limitation as a percentage of average daily net assets Institutional Class | Operating expense limitation as a percentage of average daily net assets Class R6 | |||
Delaware Equity Income Fund | 1.17% | 0.85% | 0.81% | |||
Delaware Growth and Income Fund | 1.11% | 0.82% | 0.75% | |||
Delaware Growth Equity Fund | 1.17% | 0.86% | 0.79% | |||
Delaware Opportunity Fund | 1.21% | 0.90% | 0.78% | |||
Delaware Special Situations Fund | 1.27% | 1.02% | 0.87% | |||
Delaware Global Equity Fund | 1.41% | 1.07% | 1.02% | |||
Delaware International Fund | 1.53% | 1.18% | 1.09% | |||
Delaware Floating Rate II Fund | 1.05% | 0.89% | 0.74% | |||
Delaware Fund for Income | 1.18% | 1.03% | 0.80% | |||
Delaware Government Cash Management Fund | 0.02%* | N/A | 0.60% | |||
Delaware International Opportunities Bond Fund | 1.39% | 1.09% | 0.94% | |||
Delaware Investment Grade Fund | 1.03% | 0.74% | 0.66% | |||
Delaware Limited Duration Bond Fund | 0.74% | 0.51% | 0.36% | |||
Delaware Strategic Income II Fund | 1.20% | 0.92% | N/A | |||
Delaware Covered Call Strategy Fund | 1.31% | 1.09% | 0.88% | |||
Delaware Hedged U.S. Equity Opportunities Fund | 1.64% | 1.30% | 1.20% | |||
Delaware Premium Income Fund | 1.30% | 1.05% | 0.90% | |||
Delaware Total Return Fund | 1.15% | 0.91% | 0.79% |
0.21% (from 3/25/20-3/26/20); 0.14% (from 3/27/20-4/1/20); 0.10% (from 4/2/20-4/26/20); 0.05% (from 4/27/20-8/18/20); and
0.04% (for 8/19/20).
Fund | Operating expense limitation as a percentage of average daily net assets Class A | Operating expense limitation as a percentage of average daily net assets Institutional Class | Operating expense limitation as a percentage of average daily net assets Class R6 | |||
Delaware Floating Rate II Fund | 1.10% | n/a | n/a | |||
Delaware Government Cash Management Fund | 0.80% | 0.80% | n/a | |||
Delaware Limited Duration Bond Fund | 0.79% | 0.51% | 0.36% | |||
Delaware Covered Call Strategy Fund | 1.30% | 0.97% | 0.84% | |||
Delaware Hedged U.S. Equity Opportunities Fund | 1.75% | 1.42% | 1.31% | |||
Delaware Premium Income Fund | 1.30% | 1.06% | 0.99% |
Fund | Fees | |
Delaware Equity Income Fund | $16,532 | |
Delaware Growth and Income Fund | 44,724 | |
Delaware Growth Equity Fund | 24,577 | |
Delaware Opportunity Fund | 28,378 | |
Delaware Special Situations Fund | 16,407 | |
Delaware Global Equity Fund | 14,993 | |
Delaware International Fund | 15,847 | |
Delaware Floating Rate II Fund | 6,534 | |
Delaware Fund for Income | 18,988 | |
Delaware Government Cash Management Fund | 10,236 | |
Delaware International Opportunities Bond Fund | 6,107 | |
Delaware Investment Grade Fund | 14,392 | |
Delaware Limited Duration Bond Fund | 11,019 | |
Delaware Strategic Income II Fund | 7,844 | |
Delaware Covered Call Strategy Fund | 11,024 | |
Delaware Hedged U.S. Equity Opportunities Fund | 6,991 | |
Delaware Premium Income Fund | 7,158 | |
Delaware Total Return Fund | 25,926 |
Fund | Fees | |
Delaware Equity Income Fund | $33,710 | |
Delaware Growth and Income Fund | 109,606 | |
Delaware Growth Equity Fund | 55,484 | |
Delaware Opportunity Fund | 65,507 | |
Delaware Special Situations Fund | 33,302 | |
Delaware Global Equity Fund | 29,618 | |
Delaware International Fund | 31,860 | |
Delaware Floating Rate II Fund | 6,935 | |
Delaware Fund for Income | 40,428 | |
Delaware Government Cash Management Fund | 16,862 | |
Delaware International Opportunities Bond Fund | 5,646 | |
Delaware Investment Grade Fund | 28,023 | |
Delaware Limited Duration Bond Fund | 18,912 | |
Delaware Strategic Income II Fund | 10,354 | |
Delaware Covered Call Strategy Fund | 18,873 | |
Delaware Hedged U.S. Equity Opportunities Fund | 8,045 | |
Delaware Premium Income Fund | 8,478 | |
Delaware Total Return Fund | 59,038 |
Fund | Fees | |
Delaware Equity Income Fund | $10,130 | |
Delaware Growth and Income Fund | 32,990 | |
Delaware Growth Equity Fund | 16,918 | |
Delaware Opportunity Fund | 19,822 | |
Delaware Special Situations Fund | 9,971 | |
Delaware Global Equity Fund | 8,940 | |
Delaware International Fund | 9,523 | |
Delaware Floating Rate II Fund | 2,064 | |
Delaware Fund for Income | 11,782 | |
Delaware Government Cash Management Fund | 12,633 | |
Delaware International Opportunities Bond Fund | 1,635 | |
Delaware Investment Grade Fund | 8,510 | |
Delaware Limited Duration Bond Fund | 5,695 | |
Delaware Strategic Income II Fund | 7,447 | |
Delaware Covered Call Strategy Fund | 5,652 | |
Delaware Hedged U.S. Equity Opportunities Fund | 2,425 | |
Delaware Premium Income Fund | 2,535 | |
Delaware Total Return Fund | 24,993 |
Fund | Commissions | |
Delaware Equity Income Fund | $36,113 | |
Delaware Growth and Income Fund | 156,339 | |
Delaware Growth Equity Fund | 92,214 | |
Delaware Opportunity Fund | 119,213 | |
Delaware Special Situations Fund | 66,552 | |
Delaware Global Equity Fund | 29,563 | |
Delaware International Fund | 31,586 | |
Delaware Floating Rate II Fund | 982 | |
Delaware Fund for Income | 13,963 | |
Delaware Government Cash Management Fund | — | |
Delaware International Opportunities Bond Fund | 1,830 | |
Delaware Investment Grade Fund | 12,863 | |
Delaware Limited Duration Bond Fund | 4,567 | |
Delaware Strategic Income II Fund | 8,489 | |
Delaware Covered Call Strategy Fund | 28,765 | |
Delaware Hedged U.S. Equity Opportunities Fund | 12,942 | |
Delaware Premium Income Fund | 5,217 | |
Delaware Total Return Fund | 101,819 |
Fund | Class A | |
Delaware Equity Income Fund | $2,690 | |
Delaware Growth and Income Fund | 3,392 | |
Delaware Growth Equity Fund | 5,721 | |
Delaware Opportunity Fund | 2,316 | |
Delaware Special Situations Fund | 1,776 | |
Delaware Global Equity Fund | 833 | |
Delaware International Fund | 1,701 | |
Delaware Floating Rate II Fund | 101 | |
Delaware Fund for Income | 1,550 | |
Delaware Government Cash Management Fund | 4,680 | |
Delaware International Opportunities Bond Fund | 19 | |
Delaware Investment Grade Fund | 1,473 | |
Delaware Limited Duration Bond Fund | 40 | |
Delaware Strategic Income II Fund | 601 | |
Delaware Covered Call Strategy Fund | 1,175 | |
Delaware Hedged U.S. Equity Opportunities Fund | 3,786 | |
Delaware Premium Income Fund | 3,277 | |
Delaware Total Return Fund | 3,875 |
Purchases | Sales | Net realized gain (loss) | |||
Delaware Fund for Income | $3,211,905 | $— | $— | ||
Delaware Total Return Fund | 7,144,171 | 2,100,130 | — |
Value, beginning of period | Purchases | Sales Proceeds | Net realized gain (loss) on affiliated fund | Net change in unrealized appreciation (depreciation) on affiliated fund | Value, end of period | Shares | |||||||
Delaware Strategic Income II Fund | |||||||||||||
Affiliated Mutual Fund—0.0% | |||||||||||||
Delaware Fund for Income | $34,934,908 | $— | $34,792,896 | $(2,682,901) | $2,540,890 | $— | — | ||||||
Delaware International Opportunities Bond Fund | 13,772,958 | — | 13,725,844 | (1,109,285) | 1,062,171 | — | — | ||||||
Delaware Investment Grade Fund | 21,792,074 | — | 21,901,472 | 60,320 | 49,078 | — | — | ||||||
Delaware Limited Duration Bond Fund | 47,365,275 | — | 47,466,591 | (826,656) | 927,972 | — | — | ||||||
Delaware Tax-Exempt Opportunities Fund | 6,888,970 | — | 6,917,777 | (12,346) | 41,152 | — | — | ||||||
Total | $124,754,185 | $— | $124,804,580 | $(4,570,868) | $4,621,263 | $— |
Fund | Purchases other than US government securities | Purchases of US government securities | Sales other than US government securities | Sales of US government securities | ||||
Delaware Equity Income Fund | $421,359,004 | $— | $529,630,113 | $— | ||||
Delaware Growth and Income Fund | 1,350,991,661 | — | 1,646,965,171 | — | ||||
Delaware Growth Equity Fund | 225,526,821 | — | 405,770,939 | — | ||||
Delaware Opportunity Fund | 864,302,061 | — | 1,041,788,546 | — | ||||
Delaware Special Situations Fund | 472,512,737 | — | 579,354,505 | — | ||||
Delaware Global Equity Fund | 418,537,194 | — | 540,151,505 | — | ||||
Delaware International Fund | 446,176,928 | — | 545,697,575 | — | ||||
Delaware Floating Rate II Fund | 132,563,571 | — | 174,929,172 | — | ||||
Delaware Fund for Income | 699,606,921 | — | 813,580,959 | — | ||||
Delaware Government Cash Management Fund | — | — | 1,005,000 | — | ||||
Delaware International Opportunities Bond Fund | 101,119,480 | 69,829,604 | 171,827,120 | 68,976,126 | ||||
Delaware Investment Grade Fund | 675,121,202 | 61,838,805 | 803,052,659 | 65,599,466 | ||||
Delaware Limited Duration Bond Fund | 143,581,956 | 179,597,125 | 271,157,688 | 187,536,313 | ||||
Delaware Strategic Income II Fund | 187,822,866 | 85,508,443 | 216,834,395 | 95,240,881 | ||||
Delaware Covered Call Strategy Fund | 106,683,387 | — | 232,803,149 | — | ||||
Delaware Hedged U.S. Equity Opportunities Fund | 91,745,289 | — | 141,565,108 | — | ||||
Delaware Premium Income Fund | 35,645,055 | — | 103,523,202 | — | ||||
Delaware Total Return Fund | 916,200,987 | 34,665,367 | 987,310,711 | 132,080,878 |
Fund | Cost of investments and derivatives | Aggregate unrealized appreciation of investments and derivatives | Aggregate unrealized depreciation of investments and derivatives | Net unrealized appreciation (depreciation) of investments and derivatives | ||||
Delaware Equity Income Fund | $310,488,508 | $30,797,833 | $(35,541,890) | $(4,744,057) | ||||
Delaware Growth and Income Fund | 1,040,551,775 | 103,277,029 | (117,526,755) | (14,249,726) | ||||
Delaware Growth Equity Fund | 408,449,733 | 202,010,602 | (11,406,380) | 190,604,222 | ||||
Delaware Opportunity Fund | 637,699,320 | 57,965,081 | (95,520,318) | (37,555,237) | ||||
Delaware Special Situations Fund | 336,125,414 | 17,355,873 | (73,471,851) | (56,115,978) | ||||
Delaware Global Equity Fund | 281,383,722 | 34,935,274 | (27,325,605) | 7,609,669 | ||||
Delaware International Fund | 292,450,263 | 36,832,535 | (39,438,635) | (2,606,100) | ||||
Delaware Floating Rate II Fund | 59,799,528 | 941,739 | (654,621) | 287,118 | ||||
Delaware Fund for Income | 414,145,733 | 11,106,961 | (5,200,822) | 5,906,139 | ||||
Delaware Government Cash Management Fund | 121,386,944 | — | — | — | ||||
Delaware International Opportunities Bond Fund | 33,234,008 | 2,034,890 | (351,474) | 1,683,416 | ||||
Delaware Investment Grade Fund | 260,695,735 | 8,944,953 | (2,421,788) | 6,523,165 | ||||
Delaware Limited Duration Bond Fund | 176,181,949 | 3,038,148 | (490,998) | 2,547,150 | ||||
Delaware Strategic Income II Fund | 99,678,223 | 2,451,472 | (1,603,801) | 847,671 | ||||
Delaware Covered Call Strategy Fund | 118,319,342 | 48,464,643 | (6,794,980) | 41,669,663 | ||||
Delaware Hedged U.S. Equity Opportunities Fund | 65,582,296 | 11,582,824 | (3,144,528) | 8,438,296 | ||||
Delaware Premium Income Fund | 66,974,489 | 6,143,951 | (9,814,397) | (3,670,446) | ||||
Delaware Total Return Fund | 552,403,958 | 37,968,924 | (37,831,729) | 137,195 |
Delaware Equity Income Fund | |
Level 1 | |
Securities | |
Assets: | |
Common Stock | $302,614,607 |
Short-Term Investments | 3,129,844 |
Total Value of Securities | $305,744,451 |
Delaware Growth and Income Fund | |
Level 1 | |
Securities | |
Assets: | |
Common Stock | $1,017,063,608 |
Short-Term Investments | 9,238,441 |
Total Value of Securities | $1,026,302,049 |
Delaware Growth Equity Fund | |
Level 1 | |
Securities | |
Assets: | |
Common Stock | $591,073,048 |
Short-Term Investments | 7,980,907 |
Total Value of Securities | $599,053,955 |
Delaware Opportunity Fund | |
Level 1 | |
Securities | |
Assets: | |
Common Stock | $597,290,909 |
Short-Term Investments | 2,853,174 |
Total Value of Securities | $600,144,083 |
Delaware Special Situations Fund | |
Level 1 | |
Securities | |
Assets: | |
Common Stock | $277,996,678 |
Short-Term Investments | 2,012,758 |
Total Value of Securities | $280,009,436 |
Delaware Global Equity Fund | ||||||||||
Level 1 | Level 2 | Total | ||||||||
Securities | ||||||||||
Assets: | ||||||||||
Common Stock | ||||||||||
Denmark | $— | $13,317,190 | $13,317,190 | |||||||
France | — | 43,898,443 | 43,898,443 | |||||||
Germany | — | 19,374,550 | 19,374,550 | |||||||
Ireland | — | 3,040,754 | 3,040,754 | |||||||
Japan | — | 36,745,134 | 36,745,134 | |||||||
Netherlands | — | 13,664,337 | 13,664,337 | |||||||
Sweden | — | 14,178,942 | 14,178,942 | |||||||
Switzerland | — | 33,957,909 | 33,957,909 | |||||||
United Kingdom | — | 22,185,574 | 22,185,574 | |||||||
United States | 88,342,429 | — | 88,342,429 | |||||||
Exchange-Traded Fund | 289,191 | — | 289,191 | |||||||
Total Value of Securities | $88,631,620 | $200,362,833 | $288,994,453 | |||||||
Derivatives1 | ||||||||||
Liabilities: | ||||||||||
Foreign Currency Exchange Contracts | $— | $(1,062) | $(1,062) |
Delaware International Fund | ||||||||||
Level 1 | Level 2 | Total | ||||||||
Securities | ||||||||||
Assets: | ||||||||||
Common Stock | $— | $286,698,926 | $286,698,926 | |||||||
Exchange-Traded Funds | 3,146,239 | — | 3,146,239 | |||||||
Total Value of Securities | $3,146,239 | $286,698,926 | $289,845,165 | |||||||
Derivatives1 | ||||||||||
Liabilities: | ||||||||||
Foreign Currency Exchange Contracts | $— | $(1,002) | $(1,002) |
1Foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument at the year end. |
Delaware Floating Rate II Fund | ||||||||
Level 1 | Level 2 | Total | ||||||
Securities | ||||||||
Assets: | ||||||||
Convertible Bond | $— | $181,081 | $181,081 | |||||
Corporate Bonds | — | 3,421,858 | 3,421,858 | |||||
Loan Agreements | — | 56,017,288 | 56,017,288 | |||||
Short-Term Investments | 466,419 | — | 466,419 | |||||
Total Value of Securities | $466,419 | $59,620,227 | $60,086,646 |
Delaware Fund for Income | ||||||||
Level 1 | Level 2 | Total | ||||||
Securities | ||||||||
Assets: | ||||||||
Convertible Bond | $— | $551,049 | $551,049 | |||||
Corporate Bonds | — | 374,287,783 | 374,287,783 | |||||
Loan Agreements | — | 34,856,595 | 34,856,595 | |||||
Short-Term Investments | 10,356,445 | — | 10,356,445 | |||||
Total Value of Securities | $10,356,445 | $409,695,427 | $420,051,872 |
Delaware Government Cash Management Fund | |
Level 2 | |
Short-Term Investments | $121,386,944 |
Total Value of Securities | $121,386,944 |
Delaware International Opportunities Bond Fund | |||||||||||
Level 1 | Level 2 | Total | |||||||||
Securities | |||||||||||
Assets: | |||||||||||
Corporate Bonds | $— | $3,100,661 | $3,100,661 | ||||||||
Regional Bonds | — | 4,468,771 | 4,468,771 | ||||||||
Sovereign Bonds | — | 24,637,564 | 24,637,564 | ||||||||
Supranational Banks | — | 2,498,725 | 2,498,725 | ||||||||
US Treasury Obligation | — | 100,117 | 100,117 | ||||||||
Short-Term Investments | 91,377 | — | 91,377 | ||||||||
Total Value of Securities | $91,377 | $34,805,838 | $34,897,215 | ||||||||
Derivatives1 | |||||||||||
Assets: | |||||||||||
Futures Contracts | $8,265 | $— | $8,265 | ||||||||
Foreign Currency Exchange Contracts | — | 36,883 | 36,883 | ||||||||
Liabilities: | |||||||||||
Foreign Currency Exchange Contracts | $— | $(17,268) | $(17,268) |
Delaware International Opportunities Bond Fund | |||||
Level 1 | Level 2 | Total | |||
Futures Contracts | (7,671) | — | (7,671) | ||
1 Foreign currency exchange contracts and futures contracts are valued at the unrealized appreciation (depreciation) on the instrument at the year end. |
Delaware Investment Grade Fund | ||||||||||
Level 1 | Level 2 | Total | ||||||||
Securities | ||||||||||
Assets: | ||||||||||
Convertible Bonds | $— | $2,113,214 | $2,113,214 | |||||||
Corporate Bonds | — | 259,459,706 | 259,459,706 | |||||||
Loan Agreements | — | 788,858 | 788,858 | |||||||
Preferred Stock | — | 1,872,826 | 1,872,826 | |||||||
Short-Term Investments | 2,968,969 | — | 2,968,969 | |||||||
Total Value of Securities | $2,968,969 | $264,234,604 | $267,203,573 | |||||||
Derivatives1 | ||||||||||
Assets: | ||||||||||
Futures Contracts | $15,327 | $— | $15,327 |
1Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument at the year end. |
Delaware Limited Duration Bond Fund | ||||||||
Level 1 | Level 2 | Total | ||||||
Securities | ||||||||
Assets: | ||||||||
Agency Commercial Mortgage-Backed Security | $— | $3,161,785 | $3,161,785 | |||||
Agency Mortgage-Backed Securities | — | 20,160,406 | 20,160,406 | |||||
Collateralized Debt Obligations | — | 3,695,858 | 3,695,858 | |||||
Corporate Bonds | — | 79,030,889 | 79,030,889 | |||||
Non-Agency Asset-Backed Securities | — | 36,649,650 | 36,649,650 | |||||
US Treasury Obligations | — | 35,177,988 | 35,177,988 | |||||
Short-Term Investments | 852,523 | — | 852,523 | |||||
Total Value of Securities | $852,523 | $177,876,576 | $178,729,099 |
Delaware Strategic Income II Fund | ||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||
Securities | ||||||||||
Assets: | ||||||||||
Agency Collateralized Mortgage Obligations | $— | $8,896,286 | $— | $8,896,286 | ||||||
Agency Commercial Mortgage-Backed Security | — | 1,040,039 | — | 1,040,039 | ||||||
Collateralized Debt Obligations | — | 2,083,255 | — | 2,083,255 | ||||||
Convertible Bonds | — | 1,706,768 | — | 1,706,768 | ||||||
Corporate Bonds1 | — | 55,235,619 | 40,000 | 55,275,619 | ||||||
Loan Agreements | — | 4,519,258 | — | 4,519,258 |
Delaware Strategic Income II Fund | |||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||
Non-Agency Collateralized Mortgage Obligations | $— | $11,181,574 | $— | $11,181,574 | |||||||
Non-Agency Commercial Mortgage-Backed Securities | — | 5,614,262 | — | 5,614,262 | |||||||
Preferred Stock | — | 319,511 | — | 319,511 | |||||||
Sovereign Bonds | — | 5,633,241 | — | 5,633,241 | |||||||
Supranational Bank | — | 636,012 | — | 636,012 | |||||||
Short-Term Investments | 3,610,668 | — | — | 3,610,668 | |||||||
Total Value of Securities | $3,610,668 | $96,865,825 | $40,000 | $100,516,493 | |||||||
Derivatives2 | |||||||||||
Assets: | |||||||||||
Foreign Currency Exchange Contracts | $— | $13,058 | $— | $13,058 | |||||||
Liabilities: | |||||||||||
Futures Contracts | (3,657) | — | — | (3,657) |
1Security type is valued across multiple levels. Level 1 investments represent exchange-traded investments, Level 2 investments represent investments with observable inputs or matrix-priced investments, and Level 3 investments represent investments without observable inputs. The amounts attributed to Level 1 investments, Level 2 investments, and Level 3 investments represent the following percentages of the total market value of these security types: |
Level 1 | Level 2 | Level 3 | Total | ||||
Corporate Bonds | — | 99.93% | 0.07% | 100.00% | |||
2 Foreign currency exchange contracts and futures contracts are valued at the unrealized appreciation (depreciation) on the instrument at the year end. |
Delaware Covered Call Strategy Fund | |
Level 1 | |
Securities | |
Assets: | |
Common Stock | $162,947,236 |
Short-Term Investments | 2,541,634 |
Total Value of Securities Before Options Written | $165,488,870 |
Liabilities: | |
Options Written | $(5,499,865) |
Delaware Hedged U.S. Equity Opportunities Fund | ||||||||
Level 1 | Level 2 | Total | ||||||
Securities | ||||||||
Assets: | ||||||||
Common Stock | ||||||||
Communication Services | $4,753,090 | $— | $4,753,090 | |||||
Consumer Discretionary | 10,918,992 | 262,220 | 11,181,212 | |||||
Consumer Staples | 5,162,631 | 661,144 | 5,823,775 | |||||
Energy | 357,842 | — | 357,842 |
Delaware Hedged U.S. Equity Opportunities Fund | ||||||||||
Level 1 | Level 2 | Total | ||||||||
Financials | $7,118,236 | $— | $7,118,236 | |||||||
Healthcare | 11,493,077 | — | 11,493,077 | |||||||
Industrials | 9,150,156 | 126,805 | 9,276,961 | |||||||
Information Technology | 15,398,488 | 126,427 | 15,524,915 | |||||||
Materials | 2,313,673 | 64,339 | 2,378,012 | |||||||
Real Estate | 2,601,689 | — | 2,601,689 | |||||||
Utilities | 1,235,713 | — | 1,235,713 | |||||||
Exchange-Traded Fund | 40,342 | — | 40,342 | |||||||
Short-Term Investments | 1,742,460 | — | 1,742,460 | |||||||
Options Purchased | — | 880,860 | 880,860 | |||||||
Total Value of Securities Before Written Options | $72,286,389 | $2,121,795 | $74,408,184 | |||||||
Liabilities: | ||||||||||
Options Written | $(430,400) | $— | $(430,400) | |||||||
Derivatives1 | ||||||||||
Assets: | ||||||||||
Futures Contracts | $51,564 | $— | $51,564 | |||||||
Foreign Currency Exchange Contracts | — | 44,802 | 44,802 | |||||||
Liabilities: | ||||||||||
Foreign Currency Exchange Contracts | $— | $(43) | $(43) | |||||||
Futures Contracts | (53,515) | — | (53,515) | |||||||
1 Foreign currency exchange contracts and futures contracts are valued at the unrealized appreciation (depreciation) on the instrument at the year end. |
Delaware Premium Income Fund | |
Level 1 | |
Securities | |
Assets: | |
Common Stock | $75,420,073 |
Short-Term Investments | 137,377 |
Total Value of Securities Before Options Written | $75,557,450 |
Liabilities: | |
Options Written | $(12,253,407) |
Delaware Total Return Fund | ||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||
Securities | ||||||||||
Assets: | ||||||||||
Agency Mortgage-Backed Securities | $— | $3,279,429 | $— | $3,279,429 | ||||||
Collateralized Debt Obligations | — | 994,730 | — | 994,730 | ||||||
Common Stock | ||||||||||
Communication Services | 28,612,648 | 2,431,490 | — | 31,044,138 | ||||||
Consumer Discretionary | 14,401,452 | 3,417,653 | — | 17,819,105 |
Delaware Total Return Fund | |||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||
Consumer Staples | $22,135,497 | $8,641,511 | $— | $30,777,008 | |||||||
Energy | 5,900,297 | — | — | 5,900,297 | |||||||
Financials | 34,700,675 | — | — | 34,700,675 | |||||||
Healthcare | 42,574,338 | 4,768,461 | — | 47,342,799 | |||||||
Industrials | 20,203,489 | 3,118,331 | — | 23,321,820 | |||||||
Information Technology | 41,590,784 | — | — | 41,590,784 | |||||||
Materials | 7,129,180 | 1,589,853 | — | 8,719,033 | |||||||
REIT Diversified | 847,595 | — | — | 847,595 | |||||||
REIT Healthcare | 2,692,025 | 417,605 | — | 3,109,630 | |||||||
REIT Hotel | 2,003,456 | — | — | 2,003,456 | |||||||
REIT Industrial | 3,465,239 | — | — | 3,465,239 | |||||||
REIT Information Technology | 4,796,187 | — | — | 4,796,187 | |||||||
REIT Mall | 1,159,583 | — | — | 1,159,583 | |||||||
REIT Manufactured Housing | 1,748,838 | — | — | 1,748,838 | |||||||
REIT Multifamily | 11,306,064 | 417,311 | — | 11,723,375 | |||||||
REIT Office | 3,462,595 | — | — | 3,462,595 | |||||||
REIT Self-Storage | 1,609,377 | — | — | 1,609,377 | |||||||
REIT Shopping Center | 916,938 | — | — | 916,938 | |||||||
REIT Single Tenant | 786,374 | — | — | 786,374 | |||||||
REIT Specialty | 928,654 | — | — | 928,654 | |||||||
Utilities | 6,492,268 | — | — | 6,492,268 | |||||||
Convertible Bonds | — | 53,074,252 | — | 53,074,252 | |||||||
Convertible Preferred Stock1 | 10,126,320 | 7,375,439 | — | 17,501,759 | |||||||
Corporate Bonds | — | 88,233,307 | — | 88,233,307 | |||||||
Exchange-Traded Funds | 46,282,568 | — | — | 46,282,568 | |||||||
Limited Liability Corporation | — | — | 6,840,000 | 6,840,000 | |||||||
Loan Agreements | — | 760,395 | — | 760,395 | |||||||
Municipal Bonds | — | 28,066,177 | — | 28,066,177 | |||||||
Non-Agency Commercial Mortgage-Backed Securities | — | 3,250,714 | — | 3,250,714 | |||||||
Preferred Stock | — | 817,246 | — | 817,246 | |||||||
Sovereign Bonds | — | 8,046,805 | — | 8,046,805 | |||||||
Supranational Banks | — | 736,110 | — | 736,110 | |||||||
US Treasury Obligations | — | 3,001,162 | — | 3,001,162 | |||||||
Short-Term Investments1 | 6,705,360 | 700,000 | — | 7,405,360 | |||||||
Total Value of Securities | $322,577,801 | $223,137,981 | $6,840,000 | $552,555,782 | |||||||
Derivatives2 | |||||||||||
Assets: | |||||||||||
Foreign Currency Exchange Contracts | $— | $1,624 | $— | $1,624 | |||||||
Liabilities: | |||||||||||
Foreign Currency Exchange Contracts | $— | $(6,561) | $— | $(6,561) |
Delaware Total Return Fund | |||||||
Level 1 | Level 2 | Level 3 | Total | ||||
Futures Contracts | (2,979) | — | — | (2,979) | |||
Swap Contracts | $— | $(6,713) | $— | $(6,713) |
1Security type is valued across multiple levels. Level 1 investments represent exchange-traded investments, Level 2 investments represent investments with observable inputs or matrix-priced investments, and Level 3 investments represent investments without observable inputs. The amounts attributed to Level 1 investments, Level 2 investments, and Level 3 investments represent the following percentages of the total market value of these security types: |
Level 1 | Level 2 | Level 3 | Total | ||||
Convertible Preferred Stock | 57.86% | 42.14% | — | 100.00% | |||
Short-Term Investments | 90.55% | 9.45% | — | 100.00% |
Limited Liability Corporation | |
Balance as of 9/30/19 | $— |
Net change in unrealized appreciation (depreciation) | (270,000) |
Purchases | 7,200,000 |
Distributions | (90,000) |
Balance as of 9/30/20 | $6,840,000 |
Net change in unrealized appreciation (depreciation) from Level 3 investments still held as of 9/30/20 | $(270,000) |
broker/dealers and/or pricing services, (vii) information obtained from the issuer, analysts, and/or appropriate stock exchange (for exchange-traded securities), (viii) an analysis of the company’s financial statements, and (ix) an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.
Assets | Value | Valuation Techniques | Unobservable Inputs | ||||
Limited Liability Corporation | $6,840,000 | Cost method | Fair value cost adjusted for liquidity |
Ordinary income | Long-term capital gains | Return of capital | Total | ||||||
Year ended September 30, 2020: | |||||||||
Delaware Equity Income Fund | $10,489,987 | $123,030,001 | $— | $133,519,988 | |||||
Delaware Growth and Income Fund | 57,572,252 | 438,795,186 | — | 496,367,438 | |||||
Delaware Growth Equity Fund | 1,620,611 | 64,606,404 | — | 66,227,015 | |||||
Delaware Opportunity Fund | 27,128,425 | 235,527,764 | — | 262,656,189 | |||||
Delaware Special Situations Fund | 1,384,892 | 61,083,718 | — | 62,468,610 | |||||
Delaware Global Equity Fund | 16,870,014 | 34,692,705 | — | 51,562,719 | |||||
Delaware International Fund | 25,489,048 | 65,346,510 | — | 90,835,558 | |||||
Delaware Floating Rate II Fund | 3,315,038 | — | — | 3,315,038 | |||||
Delaware Fund for Income | 22,286,388 | — | — | 22,286,388 | |||||
Delaware Government Cash Management Fund | 929,890 | 4 | — | 929,894 | |||||
Delaware International Opportunities Bond Fund | 1,227,091 | — | — | 1,227,091 | |||||
Delaware Investment Grade Fund | 18,275,287 | 1,485,433 | — | 19,760,720 | |||||
Delaware Limited Duration Bond Fund | 4,782,589 | — | — | 4,782,589 | |||||
Delaware Strategic Income II Fund | 3,988,889 | — | — | 3,988,889 | |||||
Delaware Covered Call Strategy Fund | 2,521,043 | — | — | 2,521,043 | |||||
Delaware Hedged U.S. Equity Opportunities Fund | 6,319,232 | 9,275,960 | — | 15,595,192 | |||||
Delaware Premium Income Fund | 2,476,042 | 1,130,214 | — | 3,606,256 | |||||
Delaware Total Return Fund | 35,326,624 | 122,193,959 | 251,112 | 157,771,695 | |||||
Year ended September 30, 2019: | |||||||||
Delaware Equity Income Fund | 14,534,135 | 63,672,704 | — | 78,206,839 | |||||
Delaware Growth and Income Fund | 27,212,978 | 288,031,290 | — | 315,244,268 | |||||
Delaware Growth Equity Fund | 139,861 | 36,242,180 | — | 36,382,041 | |||||
Delaware Opportunity Fund | 11,273,772 | 93,509,315 | — | 104,783,087 | |||||
Delaware Special Situations Fund | 7,966,976 | 79,456,117 | — | 87,423,093 | |||||
Delaware Global Equity Fund | 2,520,015 | 68,121,835 | — | 70,641,850 | |||||
Delaware International Fund | 805,814 | 24,167,313 | — | 24,973,127 | |||||
Delaware Floating Rate II Fund | 8,275,922 | — | — | 8,275,922 | |||||
Delaware Fund for Income | 31,278,634 | — | — | 31,278,634 | |||||
Delaware Government Cash Management Fund | 2,943,310 | — | — | 2,943,310 | |||||
Delaware International Opportunities Bond Fund | 2,748,448 | — | — | 2,748,448 | |||||
Delaware Investment Grade Fund | 19,183,394 | — | — | 19,183,394 | |||||
Delaware Limited Duration Bond Fund | 9,792,168 | — | — | 9,792,168 | |||||
Delaware Strategic Income II Fund | 4,822,991 | — | — | 4,822,991 | |||||
Delaware Covered Call Strategy Fund | 3,653,544 | — | — | 3,653,544 | |||||
Delaware Hedged U.S. Equity Opportunities Fund | 2,127,641 | 898,411 | — | 3,026,052 | |||||
Delaware Premium Income Fund | 4,196,161 | — | — | 4,196,161 | |||||
Delaware Total Return Fund | 15,493,514 | 68,019,438 | — | 83,512,952 |
Delaware Equity Income Fund | Delaware Growth and Income Fund | Delaware Growth Equity Fund | |||
Shares of beneficial interest | $301,486,538 | $1,020,993,496 | $360,810,728 | ||
Undistributed ordinary income | — | 393,459 | — | ||
Undistributed long-term capital gains | 20,349,367 | 55,932,508 | 47,295,543 | ||
Qualified late year loss deferrals | (10,570,192) | (32,475,800) | (876,519) | ||
Unrealized appreciation (depreciation) of investments, foreign currencies, and derivatives | (4,744,057) | (14,249,726) | 190,604,222 | ||
Net assets | $306,521,656 | $1,030,593,937 | $597,833,974 |
Delaware Opportunity Fund | Delaware Special Situations Fund | Delaware Global Equity Fund | |||
Shares of beneficial interest | $655,477,025 | $349,513,179 | $271,969,683 | ||
Undistributed ordinary income | 2,550,376 | 2,586,224 | 7,469,634 | ||
Undistributed long-term capital gains | — | — | 2,831,382 | ||
Qualified late year loss deferrals | (17,410,331) | (16,164,438) | — | ||
Unrealized appreciation (depreciation) of investments, foreign currencies, and derivatives | (37,555,237) | (56,115,978) | 7,609,669 | ||
Net assets | $603,061,833 | $279,818,987 | $289,880,368 |
Delaware International Fund | Delaware Floating Rate II Fund | Delaware Fund for Income | |||
Shares of beneficial interest | $290,200,483 | $67,964,513 | $473,346,059 | ||
Undistributed ordinary income | — | 287,261 | 379,164 | ||
Undistributed long-term capital gains | 2,937,596 | — | — | ||
Qualified late year loss deferrals | (172,071) | — | — | ||
Distributions payable | — | (3,064) | (159,748) | ||
Capital loss carryforwards | — | (9,347,844) | (56,449,494) | ||
Unrealized appreciation (depreciation) of investments, foreign currencies, and derivatives | (2,606,100) | 287,118 | 5,906,139 | ||
Net assets | $290,359,908 | $59,187,984 | $423,022,120 |
Delaware Government Cash Management Fund | Delaware International Opportunities Bond Fund | Delaware Investment Grade Fund | |||
Shares of beneficial interest | $124,152,202 | $43,680,555 | $253,974,002 | ||
Undistributed ordinary income | 77 | — | 7,466,327 | ||
Undistributed long-term capital gains | — | — | — | ||
Qualified late year loss deferrals | — | (32,914) | (931,499) | ||
Distributions payable | (73) | (8,093) | (22,607) | ||
Capital loss carryforwards | — | (10,043,349) | — | ||
Unrealized appreciation (depreciation) of investments, foreign currencies, and derivatives | — | 1,683,416 | 6,523,165 | ||
Net assets | $124,152,206 | $35,279,615 | $267,009,388 |
Delaware Limited Duration Bond Fund | Delaware Strategic Income II Fund | Delaware Covered Call Strategy Fund | |||
Shares of beneficial interest | $208,775,511 | $107,311,164 | $147,657,165 | ||
Undistributed ordinary income | 38,890 | 12,464 | 148,844 | ||
Undistributed long-term capital gains | — | — | — | ||
Qualified late year loss deferrals | — | — | — | ||
Distributions payable | (8,205) | (6,801) | — | ||
Capital loss carryforwards | (32,795,232)* | (8,837,333) | (29,786,984) | ||
Unrealized appreciation (depreciation) of investments, foreign currencies, and derivatives | 2,547,150 | 847,671 | 41,669,663 | ||
Net assets | $178,558,114 | $99,327,165 | $159,688,688 |
Delaware Hedged U.S. Equity Opportunities Fund | Delaware Premium Income Fund | Delaware Total Return Fund | |||
Shares of beneficial interest | $51,017,702 | $74,591,513 | $552,321,190 | ||
Undistributed ordinary income | 3,948,756 | 143,995 | — | ||
Undistributed long-term capital gains | 11,518,687 | — | — | ||
Qualified late year loss deferrals | — | — | (907,076) | ||
Distributions payable | — | — | — | ||
Capital loss carryforwards | — | (6,789,840) | — | ||
Unrealized appreciation (depreciation) of investments, foreign currencies, and derivatives | 8,438,296 | (3,670,446) | 137,195 | ||
Net assets | $74,923,441 | $64,275,222 | $551,551,309 |
* | Includes $26,188,273 of long term capital losses acquired from the Fund’s merger with the First Investors Government Fund on September 21, 2018. Per the IRS, use of these losses is limited to $4,374,271 per year. |
January 1, 2020 through September 30, 2020 and November 1, 2019 through September 30, 2020, respectively, that, in accordance with federal income tax regulations, the Funds have elected to defer and treat as having arisen in the following fiscal year.
Delaware Equity Income Fund | Delaware Growth and Income Fund | Delaware Growth Equity Fund | |||
Paid-in capital | $(50,141) | $— | $(128,226) | ||
Total distributable earnings (loss) | 50,141 | — | 128,226 |
Delaware Opportunity Fund | Delaware Special Situations Fund | Delaware Global Equity Fund | |||
Paid-in capital | $(1) | $(107,035) | $— | ||
Total distributable earnings (loss) | 1 | 107,035 | — |
Delaware International Fund | Delaware Floating Rate II Fund | Delaware Fund for Income | |||
Paid-in capital | $— | $— | $— | ||
Total distributable earnings (loss) | — | — | — |
Delaware Government Cash Management Fund | Delaware International Opportunities Bond Fund | Delaware Investment Grade Fund | |||
Paid-in capital | $— | $(15,905,512) | $— | ||
Total distributable earnings (loss) | — | 15,905,512 | — |
Delaware Limited Duration Bond Fund | Delaware Strategic Income II Fund | Delaware Covered Call Strategy Fund | |||
Paid-in capital | $— | $— | $— | ||
Total distributable earnings (loss) | — | — | — |
Delaware Hedged U.S. Equity Opportunities Fund | Delaware Premium Income Fund | Delaware Total Return Fund | |||
Paid-in capital | $6 | $(2) | $(1) | ||
Total distributable earnings (loss) | (6) | 2 | 1 |
September 30, 2020, the Funds utilized the following capital loss carryforwards:
Delaware Global Equity Fund | $5,175,460 |
Delaware Investment Grade Fund | 5,860,069 |
Delaware Limited Duration Bond Fund | 1,644,408 |
Loss carryforward character | |||||
Short-term | Long-term | Total | |||
Delaware Floating Rate II Fund | $ 3,631,838 | $ 5,716,006 | $ 9,347,844 | ||
Delaware Fund for Income | 13,946,777 | 42,502,717 | 56,449,494 | ||
Delaware International Opportunities Bond Fund | 1,788,878 | 8,254,471 | 10,043,349 | ||
Delaware Limited Duration Bond Fund | — | 32,795,232 | 32,795,232 | ||
Delaware Strategic Income II Fund | 1,251,469 | 7,585,864 | 8,837,333 | ||
Delaware Covered Call Strategy Fund | 29,786,984 | — | 29,786,984 | ||
Delaware Premium Income Fund | — | 6,789,840 | 6,789,840 |
Delaware Equity Income Fund | Delaware Growth and Income Fund | Delaware Growth Equity Fund | |||||||||
Year ended | Year ended | Year ended | |||||||||
9/30/20 | 9/30/19 | 9/30/20 | 9/30/19 | 9/30/20 | 9/30/19 | ||||||
Shares sold: | |||||||||||
Class A | 2,992,548 | 4,318,513 | 4,254,765 | 5,299,151 | 3,435,618 | 7,533,890 | |||||
Class B1 | — | 9,779 | — | 16,927 | — | 17,259 | |||||
Institutional Class2 | 133,502 | 1,007,631 | 217,768 | 4,759,495 | 2,384,153 | 9,508,471 | |||||
Class R63 | 20,663 | 170,775 | 24,186 | 35,949 | 89,882 | 95,065 | |||||
Shares issued upon reinvestment of dividends and distributions: | |||||||||||
Class A | 18,307,597 | 7,811,540 | 35,494,393 | 16,609,882 | 4,229,857 | 2,467,703 | |||||
Class B1 | — | 34,733 | — | 131,250 | — | 17,170 | |||||
Institutional Class2 | 43,326 | 1,129,571 | 202,939 | 1,493,783 | 1,150,149 | 826,513 | |||||
Class R63 | 54,036 | 33,369 | 137,914 | 97,916 | 32,832 | 27,950 | |||||
21,551,672 | 14,515,911 | 40,331,965 | 28,444,353 | 11,322,491 | 20,494,021 | ||||||
Shares redeemed: | |||||||||||
Class A | (20,820,065) | (12,957,709) | (27,778,176) | (15,851,008) | (15,057,768) | (9,937,934) | |||||
Class B1 | — | (281,000) | — | (679,786) | — | (301,167) | |||||
Institutional Class2 | (212,950) | (9,157,830) | (1,168,583) | (10,952,002) | (6,455,203) | (12,767,501) | |||||
Class R63 | (111,573) | (283,093) | (217,274) | (304,391) | (195,369) | (359,535) | |||||
(21,144,588) | (22,679,632) | (29,164,033) | (27,787,187) | (21,708,340) | (23,366,137) | ||||||
Net increase (decrease) | 407,084 | (8,163,721) | 11,167,932 | 657,166 | (10,385,849) | (2,872,116) |
Delaware Opportunity Fund | Delaware Special Situations Fund | Delaware Global Equity Fund | |||||||||
Year ended | Year ended | Year ended | |||||||||
9/30/20 | 9/30/19 | 9/30/20 | 9/30/19 | 9/30/20 | 9/30/19 | ||||||
Shares sold: | |||||||||||
Class A | 1,669,138 | 2,344,495 | 1,293,804 | 2,227,577 | 1,923,851 | 3,761,672 | |||||
Class B1 | — | 7,413 | — | 5,576 | — | 13,695 | |||||
Institutional Class2 | 56,774 | 691,255 | 33,536 | 1,032,850 | 625,902 | 15,755,958 | |||||
Class R63 | 11,619 | 17,522 | 12,086 | 25,687 | 25,591 | 46,725 | |||||
Shares issued upon reinvestment of dividends and distributions: | |||||||||||
Class A | 9,042,987 | 2,871,812 | 2,586,471 | 3,073,060 | 7,061,434 | 6,812,821 | |||||
Class B1 | — | 29,959 | — | 25,368 | — | 69,696 | |||||
Institutional Class2 | 46,419 | 428,350 | 31,777 | 735,406 | 546,442 | 3,965,640 | |||||
Class R63 | 21,109 | 13,787 | 21,329 | 43,308 | 40,587 | 61,926 | |||||
10,848,046 | 6,404,593 | 3,979,003 | 7,168,832 | 10,223,807 | 30,488,133 | ||||||
Shares redeemed: | |||||||||||
Class A | (9,158,482) | (5,017,572) | (6,858,417) | (4,110,417) | (14,277,425) | (9,301,139) | |||||
Class B1 | — | (230,205) | — | (139,106) | — | (422,809) | |||||
Institutional Class2 | (267,463) | (4,336,855) | (453,465) | (5,548,821) | (8,362,693) | (35,292,779) | |||||
Class R63 | (50,306) | (106,041) | (94,115) | (206,063) | (126,778) | (345,679) | |||||
(9,476,251) | (9,690,673) | (7,405,997) | (10,004,407) | (22,766,896) | (45,362,406) | ||||||
Net increase (decrease) | 1,371,795 | (3,286,080) | (3,426,994) | (2,835,575) | (12,543,089) | (14,874,273) |
Delaware International Fund | Delaware Floating Rate II Fund | Delaware Fund for Income | |||||||||
Year ended | Year ended | Year ended | |||||||||
9/30/20 | 9/30/19 | 9/30/20 | 9/30/19 | 9/30/20 | 9/30/19 | ||||||
Shares sold: | |||||||||||
Class A | 1,131,315 | 2,053,028 | 463,052 | 2,065,800 | 6,868,436 | 13,476,860 | |||||
Class B1 | — | 2,681 | — | — | — | 44,612 | |||||
Institutional Class2 | 1,712,839 | 8,826,954 | 752,980 | 5,835,139 | 16,670,935 | 18,487,987 | |||||
Class R63 | 6,039 | 22,233 | 4,088 | 334,873 | 216,507 | 7,440,769 | |||||
Shares issued upon reinvestment of dividends and distributions: | |||||||||||
Class A | 3,838,262 | 1,218,911 | 210,379 | 274,136 | 7,481,579 | 9,418,798 | |||||
Class B1 | — | 6,043 | — | — | — | 17,139 | |||||
Institutional Class2 | 3,088,953 | 648,458 | 134,116 | 450,372 | 750,973 | 1,141,753 | |||||
Class R63 | 20,038 | 13,729 | 902 | 3,167 | 31,509 | 69,202 | |||||
9,797,446 | 12,792,037 | 1,565,517 | 8,963,487 | 32,019,939 | 50,097,120 | ||||||
Shares redeemed: | |||||||||||
Class A | (6,479,613) | (3,907,855) | (3,310,795) | (2,704,754) | (55,446,953) | (42,476,056) | |||||
Class B1 | — | (92,547) | — | — | — | (792,185) | |||||
Institutional Class2 | (8,393,338) | (5,518,155) | (2,807,003) | (16,951,823) | (7,191,422) | (40,822,238) | |||||
Class R63 | (60,827) | (168,329) | (53,049) | (3,582,801) | (14,710,234) | (6,284,488) | |||||
(14,933,778) | (9,686,886) | (6,170,847) | (23,239,378) | (77,348,609) | (90,374,967) | ||||||
Net increase (decrease) | (5,136,332) | 3,105,151 | (4,605,330) | (14,275,891) | (45,328,670) | (40,277,847) |
Delaware Government Cash Management Fund | Delaware International Opportunities Bond Fund | Delaware Investment Grade Fund | |||||||||
Year ended | Year ended | Year ended | |||||||||
9/30/20 | 9/30/19 | 9/30/20 | 9/30/19 | 9/30/20 | 9/30/19 | ||||||
Shares sold: | |||||||||||
Class A | 289,874,456 | 243,937,757 | 227,387 | 485,499 | 1,978,035 | 3,829,184 | |||||
Class B1 | — | 119,589 | — | — | — | 11,272 | |||||
Institutional Class2 | — | — | 625,993 | 4,176,296 | 1,175,153 | 4,017,946 | |||||
Class R63 | 10,011 | — | 3,413 | 1,130,170 | 19,516 | 430,263 | |||||
Shares issued upon reinvestment of dividends and distributions: | |||||||||||
Class A | 877,365 | 2,848,143 | 92,826 | 105,950 | 1,941,424 | 1,301,394 | |||||
Class B1 | — | 1,039 | — | — | — | 2,845 | |||||
Institutional Class2 | — | — | 46,130 | 188,480 | 23,631 | 562,605 | |||||
Class R63 | 44 | 18 | 255 | 948 | 7,724 | 5,680 | |||||
290,761,876 | 246,906,546 | 996,004 | 6,087,343 | 5,145,483 | 10,161,189 | ||||||
Shares redeemed: | |||||||||||
Class A | (335,504,289) | (231,576,163) | (2,176,651) | (1,748,393) | (14,224,983) | (12,223,963) | |||||
Class B1 | — | (222,047) | — | — | — | (175,762) | |||||
Institutional Class2 | — | — | (5,532,684) | (8,430,675) | (2,177,865) | (22,966,280) | |||||
Class R63 | (11,083) | — | (1,594,152) | (641,884) | (2,269,498) | (724,416) | |||||
(335,515,372) | (231,798,210) | (9,303,487) | (10,820,952) | (18,672,346) | (36,090,421) | ||||||
Net increase (decrease) | (44,753,496) | 15,108,336 | (8,307,483) | (4,733,609) | (13,526,863) | (25,929,232) |
Delaware Limited Duration Bond Fund | Delaware Strategic Income II Fund | Delaware Covered Call Strategy Fund | |||||||||
Year ended | Year ended | Year ended | |||||||||
9/30/20 | 9/30/19 | 9/30/20 | 9/30/19 | 9/30/20 | 9/30/19 | ||||||
Shares sold: | |||||||||||
Class A | 2,935,741 | 4,079,233 | 1,231,284 | 2,087,007 | 1,596,672 | 3,985,940 | |||||
Class B1 | — | — | — | — | — | — | |||||
Institutional Class2 | 517,035 | 19,055,875 | 22,515 | 49,781 | 670,475 | 4,880,542 | |||||
Class R63 | 5,310 | 3,860,217 | — | — | 6,854 | 28,045 | |||||
Shares issued upon reinvestment of dividends and distributions: | |||||||||||
Class A | 435,451 | 682,501 | 415,462 | 498,900 | 174,427 | 218,650 | |||||
Class B1 | — | — | — | — | — | — | |||||
Institutional Class2 | 51,287 | 222,074 | 1,757 | 2,842 | 60,139 | 99,537 | |||||
Class R63 | 1,227 | 2,338 | — | — | 1,130 | 3,036 | |||||
3,946,051 | 27,902,238 | 1,671,018 | 2,638,530 | 2,509,697 | 9,215,750 | ||||||
Shares redeemed: | |||||||||||
Class A | (9,114,188) | (8,074,919) | (5,872,020) | (4,409,875) | (8,645,575) | (6,306,714) | |||||
Class B1 | — | — | — | — | — | — | |||||
Institutional Class2 | (5,671,832) | (17,117,131) | (52,490) | (74,483) | (2,899,249) | (9,039,296) | |||||
Class R63 | (5,102,484) | (2,948,547) | — | — | (112,687) | (153,194) | |||||
(19,888,504) | (28,140,597) | (5,924,510) | (4,484,358) | (11,657,511) | (15,499,204) | ||||||
Net increase (decrease) | (15,942,453) | (238,359) | (4,253,492) | (1,845,828) | (9,147,814) | (6,283,454) |
Delaware Hedged U.S. Equity Opportunities Fund | Delaware Premium Income Fund | Delaware Total Return Fund | |||||||||
Year ended | Year ended | Year ended | |||||||||
9/30/20 | 9/30/19 | 9/30/20 | 9/30/19 | 9/30/20 | 9/30/19 | ||||||
Shares sold: | |||||||||||
Class A | 704,041 | 2,150,509 | 712,665 | 3,248,351 | 2,400,615 | 3,777,984 | |||||
Class B1 | — | — | — | — | — | 20,382 | |||||
Institutional Class2 | 551,142 | 13,176,303 | 1,458,295 | 7,684,713 | 66,974 | 36,742 | |||||
Class R63 | 6,543 | 21,405 | 5,166 | 2,832 | 9,344 | 18,636 | |||||
Shares issued upon reinvestment of dividends and distributions: | |||||||||||
Class A | 1,008,606 | 119,206 | 171,054 | 199,417 | 9,940,920 | 4,657,392 | |||||
Class B1 | — | — | — | — | — | 28,672 | |||||
Institutional Class2 | 402,426 | 164,038 | 201,128 | 199,392 | 11,210 | 5,359 | |||||
Class R63 | 4,534 | 896 | 634 | 2,970 | 23,123 | 181,206 | |||||
2,677,292 | 15,632,357 | 2,548,942 | 11,337,675 | 12,452,186 | 8,726,373 | ||||||
Shares redeemed: | |||||||||||
Class A | (3,257,788) | (1,540,989) | (3,518,739) | (1,512,611) | (16,153,621) | (10,344,862) | |||||
Class B1 | — | — | — | — | — | (353,408) | |||||
Institutional Class2 | (2,890,833) | (17,694,623) | (4,842,640) | (4,532,696) | (85,982) | (30,566) | |||||
Class R63 | (30,593) | (42,838) | (3,956) | (382,162) | (83,015) | (1,792,261) | |||||
(6,179,214) | (19,278,450) | (8,365,335) | (6,427,469) | (16,322,618) | (12,521,097) | ||||||
Net increase (decrease) | (3,501,922) | (3,646,093) | (5,816,393) | 4,910,206 | (3,870,432) | (3,794,724) |
1 | All Class B shares were converted into Class A shares on June 14, 2019. |
2 | On October 4, 2019, Advisor Class shares were reorganized into Institutional Class shares. |
3 | On October 4, 2019, Institutional Class shares were reorganized into Class R6 shares. |
Year ended 9/30/2019 | |||||
Class B Shares | Class A Shares | Value | |||
Delaware Equity Income Fund | 231,179 | 225,289 | $2,122,225 | ||
Delaware Growth and Income Fund | 542,744 | 492,479 | 9,465,453 | ||
Delaware Growth Equity Fund | 232,779 | 188,891 | 2,274,251 | ||
Delaware Opportunity Fund | 185,936 | 136,323 | 4,981,232 | ||
Delaware Special Situations Fund | 114,318 | 79,647 | 1,961,695 | ||
Delaware Global Equity Fund | 350,438 | 256,571 | 1,867,835 | ||
Delaware International Fund | 74,800 | 68,624 | 1,047,200 | ||
Delaware Fund for Income | 614,684 | 614,684 | 1,493,683 | ||
Delaware Government Cash Management Fund | 139,584 | 139,584 | 139,584 | ||
Delaware Investment Grade Fund | 147,125 | 146,512 | 1,406,515 | ||
Delaware Total Return Fund | 285,193 | 279,964 | 5,190,520 |
September 30, 2020, each Fund had the following exchange transactions:
Exchange Redemptions | Exchange Subscriptions | |||||||||||
Class A Shares | Institutional Class Shares | Value | ||||||||||
Delaware Equity Income Fund | ||||||||||||
Year ended | ||||||||||||
9/30/20 | 12,523 | 12,426 | $80,751 | |||||||||
Delaware Growth and Income Fund | ||||||||||||
Year ended | ||||||||||||
9/30/20 | 504 | 502 | 6,167 | |||||||||
Delaware Opportunity Fund | ||||||||||||
Year ended | ||||||||||||
9/30/20 | 1,511 | 1,443 | 36,216 | |||||||||
Delaware Special Situations Fund | ||||||||||||
Year ended | ||||||||||||
9/30/20 | 363 | 354 | 6,229 | |||||||||
Delaware Global Equity Fund | ||||||||||||
Year ended | ||||||||||||
9/30/20 | 462 | 442 | 2,855 | |||||||||
Delaware Fund for Income | ||||||||||||
Year ended | ||||||||||||
9/30/20 | 8,468 | 8,517 | 20,526 |
Delaware International Opportunities Bond Fund | ||||||||||
Asset Derivatives Fair Value | ||||||||||
Statement of Assets and Liabilities Location | Currency Contracts | Equity Contracts | Interest Rate Contracts | Credit Contracts | Total | |||||
Unrealized appreciation of foreign currency exchange contracts | $36,883 | $— | $— | $— | $36,883 | |||||
Variation margin due from HSBC on futures contracts* | — | — | 8,265 | — | 8,265 | |||||
Total | $36,883 | $— | $8,265 | $— | $45,148 |
Liability Derivatives Fair Value | ||||||||||
Statement of Assets and Liabilities Location | Currency Contracts | Equity Contracts | Interest Rate Contracts | Credit Contracts | Total | |||||
Unrealized depreciation on foreign currency exchange contracts | $(17,268) | — | — | — | $(17,268) | |||||
Variation margin due to HSBC on futures contracts* | — | — | (7,671) | — | (7,671) | |||||
Total | $(17,268) | $— | $(7,671) | $— | $(24,939) |
Delaware Strategic Income II Fund | ||||||||||
Asset Derivatives Fair Value | ||||||||||
Statement of Assets and Liabilities Location | Currency Contracts | Equity Contracts | Interest Rate Contracts | Credit Contracts | Total | |||||
Unrealized appreciation of foreign currency exchange contracts | $13,058 | $— | $— | $— | $13,058 | |||||
Total | $13,058 | $— | $— | $— | $13,058 |
Liability Derivatives Fair Value | ||||||||||
Statement of Assets and Liabilities Location | Currency Contracts | Equity Contracts | Interest Rate Contracts | Credit Contracts | Total | |||||
Variation margin due to HSBC on futures contracts* | $— | $— | $(3,657) | $— | $(3,657) |
Delaware Hedged U.S. Equity Opportunities Fund | ||||||||||
Asset Derivatives Fair Value | ||||||||||
Statement of Assets and Liabilities Location | Currency Contracts | Equity Contracts | Interest Rate Contracts | Credit Contracts | Total | |||||
Unrealized appreciation of foreign currency exchange contracts | $44,802 | $— | $— | $— | $44,802 | |||||
Variation margin due from Morgan Stanley on futures contracts* | — | — | 51,564 | — | 51,564 | |||||
Total | $44,802 | $— | $51,564 | $— | $96,366 |
Liability Derivatives Fair Value | ||||||||||
Statement of Assets and Liabilities Location | Currency Contracts | Equity Contracts | Interest Rate Contracts | Credit Contracts | Total | |||||
Unrealized depreciation on foreign currency exchange contracts | $(43) | $— | $— | $— | $ (43) | |||||
Variation margin due to Morgan Stanley on futures contracts* | — | — | (53,515) | — | (53,515) | |||||
Total | $(43) | $— | $(53,515) | — | $(53,558) |
Delaware Total Return Fund | ||||||||||
Asset Derivatives Fair Value | ||||||||||
Statement of Assets and Liabilities Location | Currency Contracts | Equity Contracts | Interest Rate Contracts | Credit Contracts | Total | |||||
Unrealized appreciation of foreign currency exchange contracts | $1,624 | $— | $— | $— | $1,624 | |||||
Total | $1,624 | $— | $— | $— | $1,624 |
Liability Derivatives Fair Value | ||||||||||
Statement of Assets and Liabilities Location | Currency Contracts | Equity Contracts | Interest Rate Contracts | Credit Contracts | Total | |||||
Unrealized depreciation on foreign currency exchange contracts | $(6,561) | $— | $— | $— | $(6,561) | |||||
Variation margin due to HSBC on futures contracts* | — | — | (2,979) | — | (2,979) | |||||
Unrealized depreciation on credit default swap contracts | — | — | — | (6,713) | (6,713) | |||||
Total | $(6,561) | $— | $(2,979) | $(6,713) | $(16,253) |
Delaware International Opportunities Bond Fund Net Realized Gain (Loss) on: | |||||||||
Foreign Currency Exchange Contracts | Futures Contracts | Options Purchased | Swap Contracts | Total | |||||
Currency contracts | $(1,405,789) | $— | $— | $— | $(1,405,789) | ||||
Interest rate contracts | — | (79,983) | — | — | (79,983) | ||||
Equity contracts | — | — | 211,610 | — | 211,610 | ||||
Total | $(1,405,789) | $(79,983) | $211,610 | $— | $(1,274,162) |
Net Change in Unrealized Appreciation (Depreciation) of: | |||||||
Foreign Currency Exchange Contracts | Futures Contracts | Swap Contracts | Total | ||||
Currency contracts | $1,001,655 | $— | $— | $1,001,655 | |||
Interest rate contracts | — | 594 | — | 594 | |||
Total | $1,001,655 | $594 | $— | $1,002,249 |
September 30, 2020 was as follows:
Delaware Strategic Income II Fund Net Realized Gain (Loss) on: | |||||||
Foreign Currency Exchange Contracts | Futures Contracts | Swap Contracts | Total | ||||
Currency contracts | $46,744 | $— | $— | $46,744 | |||
Interest rate contracts | — | 105,572 | — | 105,572 | |||
Total | $46,744 | $105,572 | $— | $152,316 |
Net Change in Unrealized Appreciation (Depreciation) of: | |||||||
Foreign Currency Exchange Contracts | Futures Contracts | Swap Contracts | Total | ||||
Currency contracts | $13,058 | $— | $— | $13,058 | |||
Interest rate contracts | — | (3,657) | — | (3,657) | |||
Total | $13,058 | $(3,657) | $— | $9,401 |
Delaware Hedged U.S. Equity Opportunities Fund Net Realized Gain (Loss) on: | |||||||||||
Foreign Currency Exchange Contracts | Futures Contracts | Options Purchased | Options Written | Swap Contracts | Total | ||||||
Currency contracts | $(76,454) | $— | $— | $— | $— | $(76,454) | |||||
Equity contracts | — | (701,537) | 561,808 | (794,013) | — | (933,742) | |||||
Total | $(76,454) | $(701,537) | $561,808 | $(794,013) | $— | $(1,010,196) |
Net Change in Unrealized Appreciation (Depreciation) of: | |||||||||||
Foreign Currency Exchange Contracts | Futures Contracts | Options Purchased | Options Written | Swap Contracts | Total | ||||||
Currency contracts | $24,736 | $— | $— | $— | $— | $24,736 | |||||
Equity contracts | — | (167,511) | 794,567 | (420,108) | — | 206,948 | |||||
Total | $24,736 | $(167,511) | $794,567 | $(420,108) | $— | $231,684 |
Delaware Total Return Fund Net Realized Gain (Loss) on: | |||||||
Foreign Currency Exchange Contracts | Futures Contracts | Swap Contracts | Total | ||||
Currency contracts | $(143,254) | $— | $— | $(143,254) | |||
Interest rate contracts | — | (161,505) | — | (161,505) | |||
Equity contracts | — | (223,588) | — | (223,588) | |||
Credit contracts | — | — | 154,240 | 154,240 | |||
Total | $(143,254) | $(385,093) | $154,240 | $(374,107) |
Net Change in Unrealized Appreciation (Depreciation) of: | |||||||
Foreign Currency Exchange Contracts | Futures Contracts | Swap Contracts | Total | ||||
Currency contracts | $(4,937) | $— | $— | $(4,937) | |||
Interest rate contracts | — | (2,979) | — | (2,979) | |||
Credit contracts | — | — | (6,996) | (6,996) | |||
Total | $(4,937) | $(2,979) | $(6,996) | $(14,912) |
Long Derivative Volume | ||||||||
Delaware Global Equity Fund | Delaware International Fund | Delaware International Opportunities Bond Fund | ||||||
Foreign currency exchange contracts (average notional value) | 577,805 | 642,348 | 16,222,044 | |||||
Futures contracts (average notional value) | — | — | 8,038,621 |
Long Derivative Volume | ||||||||
Delaware Investment Grade Fund | Delaware Strategic Income II Fund | Delaware Hedged U.S. Equity Opportunities Fund | ||||||
Foreign currency exchange contracts (average notional value) | $— | $— | 317,289 | |||||
Futures contracts (average notional value) | 11,462,063 | 1,379,213 | — | |||||
Options contracts (average notional value) | — | — | 918,550 |
Long Derivative Volume | ||
Delaware Total Return Fund | ||
Foreign currency exchange contracts (average notional value) | 133,049 | |
Futures contracts (average notional value) | 140,534 | |
CDS contracts (average notional value) | 596,800 |
Short Derivative Volume | ||||||||
Delaware Global Equity Fund | Delaware International Fund | Delaware International Opportunities Bond Fund | ||||||
Futures Contracts (average notional value) | $— | $— | 5,577,668 | |||||
Foreign currency exchange contracts (average notional value) | 631,741 | 1,344,341 | 8,532,432 |
Short Derivative Volume | ||||||||
Delaware Strategic Income II Fund | Delaware Covered Call Strategy Fund | Delaware Hedged U.S. Equity Opportunities Fund | ||||||
Options contracts (average notional value) | $— | 9,966,622 | 502,698 | |||||
Futures Contracts (average notional value) | 1,307,363 | — | 16,828,162 | |||||
Foreign currency exchange contracts (average notional value) | 215,383 | — | 3,035,068 |
Short Derivative Volume | |||||
Delaware Premium Income Fund | Delaware Total Return Fund | ||||
Options contracts (average notional value) | 19,140,846 | $— | |||
Futures Contracts (average notional value) | — | 2,170,528 | |||
Foreign currency exchange contracts (average notional value) | — | 548,405 |
Delaware Global Equity Fund | ||||||
Counterparty | Gross Value of Derivative Asset | Gross Value of Derivative Liability | Net Position | |||
The Bank of New York Mellon | $- | $(1,062) | $(1,062) |
Counterparty | Net Position | Fair Value of Non-Cash Collateral Received | Cash Collateral Received(a) | Fair Value of Non-Cash Collateral Pledged | Cash Collateral Pledged | Net Exposure(b) | ||||||
The Bank of New York Mellon | $(1,062) | $- | $- | $- | $- | $(1,062) |
Delaware International Fund | ||||||
Counterparty | Gross Value of Derivative Asset | Gross Value of Derivative Liability | Net Position | |||
The Bank of New York Mellon | $ — | $(1,002) | $(1,002) |
Counterparty | Net Position | Fair Value of Non-Cash Collateral Received | Cash Collateral Received(a) | Fair Value of Non-Cash Collateral Pledged | Cash Collateral Pledged | Net Exposure(b) | ||||||
The Bank of New York Mellon | $(1,002) | $— | $— | $— | $— | $(1,002) |
Delaware International Opportunities Bond Fund | ||||||
Counterparty | Gross Value of Derivative Asset | Gross Value of Derivative Liability | Net Position | |||
JPMorgan Chase Bank | $5,370 | $— | $5,370 | |||
TD Bank | 31,512 | (17,252) | 14,260 | |||
The Bank of New York Mellon | 1 | (16) | (15) | |||
Total | $36,883 | $(17,268) | $19,615 |
Counterparty | Net Position | Fair Value of Non-Cash Collateral Received | Cash Collateral Received(a) | Fair Value of Non-Cash Collateral Pledged | Cash Collateral Pledged | Net Exposure(b) | ||||||
JPMorgan Chase Bank | $5,370 | $— | $— | $— | $— | $5,370 | ||||||
TD Bank | 14,260 | — | — | — | — | 14,260 | ||||||
The Bank of New York Mellon | (15) | — | — | — | — | (15) | ||||||
Total | $19,615 | $— | $— | $— | $— | $19,615 |
Delaware Strategic Income II Fund | ||||||
Counterparty | Gross Value of Derivative Asset | Gross Value of Derivative Liability | Net Position | |||
TD Bank | $13,058 | $- | $13,058 |
Counterparty | Net Position | Fair Value of Non-Cash Collateral Received | Cash Collateral Received(a) | Fair Value of Non-Cash Collateral Pledged | Cash Collateral Pledged | Net Exposure(b) | ||||||
TD Bank | $13,058 | $- | $- | $- | $- | $13,058 |
Delaware Hedged U.S. Equity Opportunities Fund | ||||||
Counterparty | Gross Value of Derivative Asset | Gross Value of Derivative Liability | Net Position | |||
The Bank of New York Mellon | $11 | $(43) | $(32) | |||
BNP Paribas | 22,724 | — | 22,724 | |||
JPMorgan Chase Bank | 22,067 | — | 22,067 | |||
Total | $44,802 | $(43) | $44,759 |
Counterparty | Net Position | Fair Value of Non-Cash Collateral Received | Cash Collateral Received(a) | Fair Value of Non-Cash Collateral Pledged | Cash Collateral Pledged | Net Exposure(b) | ||||||
The Bank of New York Mellon | $(32) | $— | $— | $— | $— | $(32) | ||||||
BNP Paribas | 22,724 | — | — | — | — | 22,724 | ||||||
JPMorgan Chase Bank | 22067 | — | — | — | — | 22067 | ||||||
Total | $44,759 | $— | $— | $— | $— | $44,759 |
Delaware Total Return Fund | ||||||
Counterparty | Gross Value of Derivative Asset | Gross Value of Derivative Liability | Net Position | |||
JPMorgan Chase Bank | $1,624 | $(13,222) | $(11,598) | |||
The Bank of New York Mellon | — | (52) | (52) | |||
Total | $1,624 | $(13,274) | $(11,650) |
Counterparty | Net Position | Fair Value of Non-Cash Collateral Received | Cash Collateral Received(a) | Fair Value of Non-Cash Collateral Pledged | Cash Collateral Pledged | Net Exposure(b) | ||||||
JPMorgan Chase Bank | $(11,598) | $— | $— | $— | $— | $(11,598) | ||||||
The Bank of New York Mellon | (52) | — | — | — | — | (52) | ||||||
Total | $(11,650) | $— | $— | $— | $— | $(11,650) |
Philadelphia, Pennsylvania
November 25, 2020
(A) Long-Term Capital Gains Distributions (Tax Basis) | (B) Ordinary Income Distributions* (Tax Basis) | (C) Return of Capital (Tax Basis) | Total Distributions (Tax Basis) | (D) Qualifying Dividends1 | |||||
Delaware Equity Income Fund | 92.14% | 7.86% | — | 100.00% | 94.41% | ||||
Delaware Growth and Income Fund | 88.40% | 11.60% | — | 100.00% | 55.56% | ||||
Delaware Growth Equity Fund | 97.55% | 2.45% | — | 100.00% | 100.00% | ||||
Delaware Opportunity Fund | 89.67% | 10.33% | — | 100.00% | 42.33% | ||||
Delaware Special Situations Fund | 97.78% | 2.22% | — | 100.00% | 100.00% | ||||
Delaware Global Equity Fund | 67.28% | 32.72% | — | 100.00% | 15.76% | ||||
Delaware International Fund | 71.94% | 28.06% | — | 100.00% | — | ||||
Delaware Floating Rate II Fund | — | 100.00% | — | 100.00% | — | ||||
Delaware Fund for Income | — | 100.00% | — | 100.00% | — | ||||
Delaware Government Cash Management Fund | — | 100.00% | — | 100.00% | — | ||||
Delaware International Opportunities Bond Fund | — | 100.00% | — | 100.00% | — | ||||
Delaware Investment Grade Fund | 7.52% | 92.48% | — | 100.00% | — | ||||
Delaware Limited Duration Bond Fund | — | 100.00% | — | 100.00% | — | ||||
Delaware Strategic Income II Fund | — | 100.00% | — | 100.00% | — | ||||
Delaware Covered Call Strategy Fund | — | 100.00% | — | 100.00% | 100.00% | ||||
Delaware Hedged U.S. Equity Opportunities Fund | 59.48% | 40.52% | — | 100.00% | 15.82% | ||||
Delaware Premium Income Fund | 31.34% | 68.66% | — | 100.00% | 100.00% | ||||
Delaware Total Return Fund | 77.45% | 22.39% | 0.16% | 100.00% | 25.04% |
Delaware Equity Income Fund | Delaware Growth and Income Fund | Delaware Growth Equity Fund | Delaware Opportunity Fund | Delaware Special Situations Fund | Delaware Global Equity Fund | ||||||
96.07% | 56.57% | 100.00% | 43.29% | 100.00% | 15.76% |
Delaware International Fund | Delaware Covered Call Strategy Fund | Delaware Hedged U.S. Equity Opportunities Fund | Delaware Premium Income Fund | Delaware Total Return Fund | |||||
30.24% | 100.00% | 18.59% | 100.00% | 27.23% |
large-cap growth funds as selected by Broadridge. The Broadridge report comparison showed that the Fund’s total return for the 1-year period was in the fourth quartile of its Performance Universes. The report further showed that the Fund’s total return for the 3- and 5-year periods was in the second quartile of its Performance Universe and the Fund’s total return for the 10-year period was in the first quartile of its Performance Universes. The Board observed that the Fund’s performance results were mixed, but tended toward above median, which was acceptable.
short-intermediate investment-grade debt funds as selected by Broadridge. The Broadridge report comparison showed that the Fund’s total return for the 1-year period was in the third quartile of its Performance Universe. The report further showed that the Fund’s total return for the 3-year, 5-year, and since inception periods was in the fourth quartile of its Performance Universe. The Board observed that the Fund’s performance results were not in line with the Board’s objective. In evaluating the Fund’s performance, the Board considered that much of the Fund’s underperformance preceded Management’s acquisition of the Fund in October 2019. The Board also considered the numerous investment and performance reports delivered by Management personnel to the Board’s Investments Committee. The Board was satisfied that Management was taking action to improve Fund performance and to meet the Board’s performance objective.
long/short equity funds as selected by Broadridge. The Broadridge report comparison showed that the Fund’s total return for the 1-year period was in the third quartile of its Performance Universe. The report further showed that the Fund’s total return for the since inception period was in the second quartile of its Performance Universe. The Board was satisfied with performance.
10-year periods was in the second quartile of its Performance Universe. The report further showed that the Fund’s total return for the 3- and 5-year periods was in the fourth quartile of its Performance Universe. The Board observed that the Fund’s performance results were mixed, but tended toward median, which was acceptable.
industry-wide Securities and Exchange Commission initiatives. The Board also considered the extent to which DMC might derive ancillary benefits from fund operations, including the potential for procuring additional business as a result of the prestige and visibility associated with its role as service provider to the Delaware Funds and the benefits from allocation of fund brokerage to improve trading efficiencies. As part of its work, the Board also reviewed a report prepared by JDL regarding MIMBT profitability as compared to certain peer fund complexes and the Independent Trustees met with JDL personnel to discuss DMC’s profitability in such context. The Board found that the management fees were reasonable in light of the services rendered and the level of profitability of DMC.
Name, Address, and Birth Date | Position(s) Held with Fund(s) | Length of Time Served | Principal Occupation(s) During the Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee or Officer | Other Directorships Held by Trustee or Officer |
Interested Trustee | |||||
Shawn K. Lytle1 610 Market Street Philadelphia, PA 19106 February 1970 | President, Chief Executive Officer, and Trustee | President and Chief Executive Officer since August 2015 Trustee since September 2015 | President — Macquarie Investment Management2 (June 2015–Present) Regional Head of Americas — UBS Global Asset Management (April 2010–May 2015) | 93 | Trustee — UBS Relationship Funds, SMA Relationship Trust, and UBS Funds (May 2010–April 2015) |
Independent Trustees | |||||
Jerome D. Abernathy 610 Market Street Philadelphia, PA 19106 July 1959 | Trustee | Since January 2019 | Managing Member, Stonebrook Capital Management, LLC (financial technology: macro factors and databases) (January 1993-Present) | 93 | None |
Thomas L. Bennett 610 Market Street Philadelphia, PA 19106 October 1947 | Chair and Trustee | Trustee since March 2005 Chair since March 2015 | Private Investor (March 2004–Present) | 93 | None |
Ann D. Borowiec 610 Market Street Philadelphia, PA 19106 November 1958 | Trustee | Since March 2015 | Chief Executive Officer, Private Wealth Management (2011–2013) and Market Manager, New Jersey Private Bank (2005– 2011) — J.P. Morgan Chase & Co. | 93 | Director — Banco Santander International (October 2016–December 2019) Director — Santander Bank, N.A. (December 2016–December 2019) |
Joseph W. Chow 610 Market Street Philadelphia, PA 19106 January 1953 | Trustee | Since January 2013 | Private Investor (April 2011–Present) | 93 | Director and Audit Committee Member — Hercules Technology Growth Capital, Inc. (July 2004–July 2014) |
John A. Fry 610 Market Street Philadelphia, PA 19106 May 1960 | Trustee | Since January 2001 | President — Drexel University (August 2010–Present) President — Franklin & Marshall College (July 2002–June 2010) | 93 | Director; Compensation Committee and Governance Committee Member — Community Health Systems (May 2004–Present) Director — Drexel Morgan & Co. (2015–2019) Director and Audit Committee Member — vTv Therapeutics Inc. (2017–Present) Director and Audit Committee Member — FS Credit Real Estate Income Trust, Inc. (2018–Present) Director — Federal Reserve Bank of Philadelphia (January 2020–Present) |
Name, Address, and Birth Date | Position(s) Held with Fund(s) | Length of Time Served | Principal Occupation(s) During the Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee or Officer | Other Directorships Held by Trustee or Officer |
Lucinda S. Landreth 610 Market Street Philadelphia, PA 19106 June 1947 | Trustee | Since March 2005 | Private Investor (2004–Present) | 93 | None |
Frances A. Sevilla-Sacasa 610 Market Street Philadelphia, PA 19106 January 1956 | Trustee | Since September 2011 | Private Investor (January 2017–Present) Chief Executive Officer — Banco Itaú International (April 2012–December 2016) Executive Advisor to Dean (August 2011– March 2012) and Interim Dean (January 2011–July 2011) — University of Miami School of Business Administration President — U.S. Trust, Bank of America Private Wealth Management (Private Banking) (July 2007-December 2008) | 93 | Trust Manager and Audit Committee Chair — Camden Property Trust (August 2011–Present) Director; Strategic Planning and Reserves Committee and Nominating and Governance Committee Member — Callon Petroleum Company (December 2019–Present) Director; Audit Committee Member — Carrizo Oil & Gas, Inc. (March 2018– December 2019) |
Thomas K. Whitford 610 Market Street Philadelphia, PA 19106 March 1956 | Trustee | Since January 2013 | Vice Chairman (2010–April 2013) — PNC Financial Services Group | 93 | Director — HSBC North America Holdings Inc. (December 2013–Present) Director — HSBC USA Inc. (July 2014–Present) Director — HSBC Bank USA, National Association (July 2014–March 2017) Director — HSBC Finance Corporation (December 2013– April 2018) |
Name, Address, and Birth Date | Position(s) Held with Fund(s) | Length of Time Served | Principal Occupation(s) During the Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee or Officer | Other Directorships Held by Trustee or Officer |
Christianna Wood 610 Market Street Philadelphia, PA 19106 August 1959 | Trustee | Since January 2019 | Chief Executive Officer and President — Gore Creek Capital, Ltd. (August 2009–Present) | 93 | Director; Finance Committee and Audit Committee Member — H&R Block Corporation (July 2008–Present) Director; Investments Committee, Capital and Finance Committee, and Audit Committee Member — Grange Insurance (2013–Present) Trustee; Chair of Nominating and Governance Committee and Audit Committee Member — The Merger Fund (2013–Present), The Merger Fund VL (2013– Present); WCM Alternatives: Event-Driven Fund (2013–Present), and WCM Alternatives: Credit Event Fund (December 2017–Present) Director; Chair of Governance Committee and Audit Committee Member — International Securities Exchange (2010–2016) |
Janet L. Yeomans 610 Market Street Philadelphia, PA 19106 July 1948 | Trustee | Since April 1999 | Vice President and Treasurer (January 2006– July 2012), Vice President — Mergers & Acquisitions (January 2003–January 2006), and Vice President and Treasurer (July 1995–January 2003) — 3M Company | 93 | Director; Personnel and Compensation Committee Chair; Member of Nominating, Investments, and Audit Committees for various periods throughout directorship — Okabena Company (2009–2017) |
Officers | |||||
David F. Connor 610 Market Street Philadelphia, PA 19106 December 1963 | Senior Vice President, General Counsel, and Secretary | Senior Vice President, since May 2013; General Counsel since May 2015; Secretary since October 2005 | David F. Connor has served in various capacities at different times at Macquarie Investment Management. | 93 | None3 |
Daniel V. Geatens 610 Market Street Philadelphia, PA 19106 October 1972 | Vice President and Treasurer | Vice President and Treasurer since October 2007 | Daniel V. Geatens has served in various capacities at different times at Macquarie Investment Management. | 93 | None3 |
Richard Salus 610 Market Street Philadelphia, PA 19106 October 1963 | Senior Vice President and Chief Financial Officer | Senior Vice President and Chief Financial Officer since November 2006 | Richard Salus has served in various capacities at different times at Macquarie Investment Management. | 93 | None |
Chief Executive Officer
Delaware Funds® by Macquarie
Philadelphia, PA
Delaware Funds by Macquarie
Private Investor
Rosemont, PA
Stonebrook Capital Management, LLC
Jersey City, NJ
Private Wealth Management
J.P. Morgan Chase & Co.
New York, NY
State Street Corporation
Boston, MA
Drexel University
Philadelphia, PA
Assurant, Inc.
New York, NY
Banco Itaú International
Miami, FL
PNC Financial Services Group
Pittsburgh, PA
Gore Creek Capital, Ltd.
Golden, CO
3M Company
St. Paul, MN
General Counsel, and Secretary
Delaware Funds by Macquarie
Philadelphia, PA
Delaware Funds by Macquarie
Philadelphia, PA
Chief Financial Officer
Delaware Funds by Macquarie
Philadelphia, PA
and use
broker/dealers; and other financial services companies with whom we have joint marketing agreements). Our service providers also include nonfinancial companies and individuals (for example, consultants; information services vendors; and companies that perform mailing or marketing services on our behalf). Information obtained from a report prepared by a service provider may be kept by the service provider and shared with other persons; however, we require our service providers to protect your personal information and to use or disclose it only for the work they are performing for us, or as permitted by law.
(formerly, Delaware Emerging Markets Debt Fund)
(1) | Move assets all at once at any time. |
(2) | Migrate funds to a different investment slowly through a systematic exchange. You can arrange automatic monthly exchanges of your shares in one Delaware fund for those in another Delaware fund. Systematic exchanges are subject to the same rules as regular exchanges, which are explained in the right column, including a $100 minimum monthly amount per fund. |
(3) | Use our automatic investing plan for future investments in different vehicles. To allocate your future investments differently, the Macquarie Investment Management automatic investing plan allows you to make regular monthly or quarterly investments directly from your checking account. |
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
P.O. Box 9876
Providence, RI 02940-8076
4400 Computer Drive
Westborough, MA 01581-1722
(Commonwealth of Australia). The obligations of these entities do not represent deposits or other liabilities of MBL. MBL does not guarantee or otherwise provide assurance in respect of the obligations of these entities, unless noted otherwise.
AR-FOR-1120
Item 2. Code of Ethics
The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. A copy of the registrant’s Code of Business Ethics has been posted on the Delaware Funds® by Macquarie Internet Web site at www.delawarefunds.com. Any amendments to the Code of Business Ethics, and information on any waiver from its provisions granted by the registrant, will also be posted on this Web site within five business days of such amendment or waiver and will remain on the Web site for at least 12 months.
Item 3. Audit Committee Financial Expert
The registrant’s Board of Trustees has determined that certain members of the registrant’s Audit Committee are audit committee financial experts, as defined below. For purposes of this item, an “audit committee financial expert” is a person who has the following attributes:
a. An understanding of generally accepted accounting principles and financial statements;
b. The ability to assess the general application of such principles in connection with the accounting for estimates, accruals, and reserves;
c. Experience preparing, auditing, analyzing, or evaluating financial statements that present a breadth and level of complexity of accounting issues that are generally comparable to the breadth and complexity of issues that can reasonably be expected to be raised by the registrant’s financial statements, or experience actively supervising one or more persons engaged in such activities;
d. An understanding of internal controls and procedures for financial reporting; and
e. An understanding of audit committee functions.
An “audit committee financial expert” shall have acquired such attributes through:
a. Education and experience as a principal financial officer, principal accounting officer, controller, public accountant, or auditor or experience in one or more positions that involve the performance of similar functions;
b. Experience actively supervising a principal financial officer, principal accounting officer, controller, public accountant, auditor, or person performing similar functions;
c. Experience overseeing or assessing the performance of companies or public accountants with respect to the preparation, auditing, or evaluation of financial statements; or
d. Other relevant experience.
The registrant’s Board of Trustees has also determined that each member of the registrant’s Audit Committee is independent. In order to be “independent” for purposes of this item, the Audit Committee member may not: (i) other than in his or her capacity as a member of the Board of Trustees or any committee thereof, accept directly or indirectly any consulting, advisory or other compensatory fee from the issuer; or (ii) be an “interested person” of the registrant as defined in Section 2(a)(19) of the Investment Company Act of 1940.
The names of the audit committee financial experts on the registrant’s Audit Committee are set forth below:
Jerome D. Abernathy | |
John A. Fry | |
Thomas K. Whitford, Chair | |
Christianna Wood |
Item 4. Principal Accountant Fees and Services
(a) Audit fees.
The aggregate fees billed for services provided to the registrant by its independent auditors for the audit of the registrant’s annual financial statements and for services normally provided by the independent auditors in connection with statutory and regulatory filings or engagements were $567,680 for the fiscal year ended September 30, 2020.
(b) Audit-related fees.
The aggregate fees billed by the registrant’s independent auditors for services relating to the performance of the audit of the registrant’s financial statements and not reported under paragraph (a) of this Item were $903,282 for the fiscal year ended September 30, 2020.
The aggregate fees billed by the registrant’s independent auditors for services relating to the performance of the audit of the financial statements of the registrant’s investment adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $0 for the registrant’s fiscal year ended September 30, 2020. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the de minimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%. These audit-related services were as follows: year-end audit procedures; group reporting and subsidiary statutory audits.
(c) Tax fees.
The aggregate fees billed by the registrant’s independent auditors for tax-related services provided to the registrant were $96,510 for the fiscal year ended September 30, 2020. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the de minimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%. These tax-related services were as follows: review of income tax returns and review of annual excise distribution calculations.
The aggregate fees billed by the registrant’s independent auditors for tax-related services provided to the registrant’s investment adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $0 for the registrant’s fiscal year ended September 30, 2020.
(d) All other fees.
The aggregate fees billed for all services provided by the independent auditors to the registrant other than those set forth in paragraphs (a), (b) and (c) of this Item were $0 for the fiscal year ended September 30, 2020.
The aggregate fees billed for all services other than those set forth in paragraphs (b) and (c) of this Item provided by the registrant’s independent auditors to the registrant’s adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $0 for the registrant’s fiscal year ended September 30, 2020. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the de minimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%.
(e) The registrant’s Audit Committee has established pre-approval policies and procedures as permitted by Rule 2-01(c)(7)(i)(B) of Regulation S-X (the “Pre-Approval Policy”) with respect to services provided by the registrant’s independent auditors. Pursuant to the Pre-Approval Policy, the Audit Committee has pre-approved the services set forth in the table below with respect to the registrant up to the specified fee limits. Certain fee limits are based on aggregate fees to the registrant and other registrants within the Delaware Funds® by Macquarie.
Service | Range of Fees |
Audit Services | |
Statutory audits or financial audits for new Funds | up to $40,000 per Fund |
Services associated with SEC registration statements (e.g., Form N-1A, Form N-14, etc.), periodic reports and other documents filed with the SEC or other documents issued in connection with securities offerings (e.g., comfort letters for closed-end Fund offerings, consents), and assistance in responding to SEC comment letters | up to $10,000 per Fund |
Consultations by Fund management as to the accounting or disclosure treatment of transactions or events and/or the actual or potential impact of final or proposed rules, standards or interpretations by the SEC, FASB, or other regulatory or standard-setting bodies (Note: Under SEC rules, some consultations may be considered “audit-related services” rather than “audit services”) | up to $25,000 in the aggregate |
Audit-Related Services | |
Consultations by Fund management as to the accounting or disclosure treatment of transactions or events and /or the actual or potential impact of final or proposed rules, standards or interpretations by the SEC, FASB, or other regulatory or standard-setting bodies (Note: Under SEC rules, some consultations may be considered “audit services” rather than “audit-related services”) | up to $25,000 in the aggregate |
Tax Services | |
U.S. federal, state and local and international tax planning and advice (e.g., consulting on statutory, regulatory or administrative developments, evaluation of Funds’ tax compliance function, etc.) | up to $25,000 in the aggregate |
U.S. federal, state and local tax compliance (e.g., excise distribution reviews, etc.) | up to $5,000 per Fund |
Review of federal, state, local and international income, franchise and other tax returns | up to $5,000 per Fund |
Under the Pre-Approval Policy, the Audit Committee has also pre-approved the services set forth in the table below with respect to the registrant’s investment adviser and other entities controlling, controlled by or under common control with the investment adviser that provide ongoing services to the registrant (the “Control Affiliates”) up to the specified fee limit. This fee limit is based on aggregate fees to the investment adviser and its Control Affiliates.
Service | Range of Fees |
Non-Audit Services | |
Services associated with periodic reports and other documents filed with the SEC and assistance in responding to SEC comment letters | up to $10,000 in the aggregate |
The Pre-Approval Policy requires the registrant’s independent auditors to report to the Audit Committee at each of its regular meetings regarding all services initiated since the last such report was rendered, including those services authorized by the Pre-Approval Policy.
(f) Not applicable.
(g) The aggregate non-audit fees billed by the registrant’s independent auditors for services rendered to the registrant and to its investment adviser and other service providers under common control with the adviser was $5,607,000 for the registrant’s fiscal year ended September 30, 2020.
(h) In connection with its selection of the independent auditors, the registrant’s Audit Committee has considered the independent auditors’ provision of non-audit services to the registrant’s investment adviser and other service providers under common control with the adviser that were not required to be pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X. The Audit Committee has determined that the independent auditors’ provision of these services is compatible with maintaining the auditors’ independence.
Item 5. Audit Committee of Listed Registrants
Not applicable.
Item 6. Investments
(a) Included as part of report to shareholders filed under Item 1 of this Form N-CSR.
(b) Divestment of securities in accordance with Section 13(c) of the Investment Company Act of 1940.
Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders
Not applicable.
Item 11. Controls and Procedures
The registrant’s principal executive officer and principal financial officer have evaluated the registrant’s disclosure controls and procedures within 90 days of the filing of this report and have concluded that they are effective in providing 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.
There were no significant changes in the registrant’s internal control over financial reporting 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 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable.
Item 13. Exhibits
(a) (1) Code of Ethics
Not applicable.
(3) Written solicitations to purchase securities pursuant to Rule 23c-1 under the Securities Exchange Act of 1934.
Not applicable.
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.
DELAWARE GROUP® EQUITY FUNDS IV
/s/ SHAWN K. LYTLE | |
By: | Shawn K. Lytle |
Title: | President and Chief Executive Officer |
Date: | December 3, 2020 |
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.
/s/ SHAWN K. LYTLE | |
By: | Shawn K. Lytle |
Title: | President and Chief Executive Officer |
Date: | December 3, 2020 |
/s/ RICHARD SALUS | |
By: | Richard Salus |
Title: | Chief Financial Officer |
Date: | December 3, 2020 |