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: | March 31, 2022 |
Item 1. Reports to Stockholders
![]() | ![]() |
Semiannual report
Equity funds Delaware Equity Income Fund | Alternative/specialty funds Delaware Covered Call Strategy Fund Multi-asset fund Delaware Total Return Fund |
March 31, 2022
Carefully consider the Funds' investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Funds' prospectus and their summary prospectuses, which may be obtained by visiting delawarefunds.com/literature or calling 800 523-1918. Investors should read the prospectus and the summary prospectus carefully before investing.
You can obtain shareholder reports and prospectuses online instead of in the mail.
Visit delawarefunds.com/edelivery.
Experience Delaware Funds by Macquarie®
Macquarie Asset Management (MAM) is a global asset manager that aims to deliver positive impact for everyone. MAM Public Investments traces its roots to 1929 and partners with institutional and individual clients to deliver specialist active investment capabilities across global equities, fixed income, and multi-asset solutions using a conviction-based, long-term approach to investing. In the US, retail investors recognize our Delaware Funds by Macquarie family of funds as one of the oldest mutual fund families.
If you are interested in learning more about creating an investment plan, contact your financial advisor.
You can learn more about Delaware Funds or obtain a prospectus for the Funds at delawarefunds.com/literature.
Manage your account online
● | Check your account balance and transactions |
● | View statements and tax forms |
● | Make purchases and redemptions |
Visit delawarefunds.com/account-access.
Macquarie Asset Management (MAM) is the asset management division of Macquarie Group. MAM is a full-service asset manager offering a diverse range of products across public and private markets including fixed income, equities, multi-asset solutions, private credit, infrastructure, renewables, natural assets, real estate, and asset finance. The Public Investments business is a part of MAM and includes the following investment advisers: Macquarie Investment Management Business Trust (MIMBT), Macquarie Funds Management Hong Kong Limited, Macquarie Investment Management Austria Kapitalanlage AG, Macquarie Investment Management Global Limited, Macquarie Investment Management Europe Limited, and Macquarie Investment Management Europe S.A.
The Funds are distributed by Delaware Distributors, L.P. (DDLP), an affiliate of MIMBT and Macquarie Group Limited.
Other than Macquarie Bank Limited ABN 46 008 583 542 ("Macquarie Bank"), any Macquarie Group entity noted in this document is not an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these other Macquarie Group entities do not represent deposits or other liabilities of Macquarie Bank. Macquarie Bank does not guarantee or otherwise provide assurance in respect of the obligations of these other Macquarie Group entities. In addition, if this document relates to an investment, (a) the investor is subject to investment risk including possible delays in repayment and loss of income and principal invested and (b) none of Macquarie Bank or any other Macquarie Group entity guarantees any particular rate of return on or the performance of the investment, nor do they guarantee repayment of capital in respect of the investment.
The Funds are governed by US laws and regulations.
Unless otherwise noted, views expressed herein are current as of March 31, 2022, and subject to change for events occurring after such date.
The Funds are not FDIC insured and are not guaranteed. It is possible to lose the principal amount invested.
Advisory services provided by Delaware Management Company, a series of MIMBT, a US registered investment advisor.
All third-party marks cited are the property of their respective owners.
© 2022 Macquarie Management Holdings, Inc.
Disclosure of Fund expenses
For the six-month period from October 1, 2021 to March 31, 2022 (Unaudited)
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, reinvested dividends, or other distributions; redemption fees; and exchange fees; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees; and other Fund expenses. The following examples are intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from October 1, 2021 to March 31, 2022.
Actual expenses
The first section of the tables shown, “Actual Fund return,” provides information about actual account values and actual expenses. You may use the information in this section of the table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical example for comparison purposes
The second section of the tables shown, “Hypothetical 5% return,” provides information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in each Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the second section of each table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher. The Funds’ expenses shown in the tables reflect fee waivers in effect and assume reinvestment of all dividends and distributions.
Delaware Equity Income Fund
Expense analysis of an investment of $1,000
Expenses | ||||||||||||||||||||
Paid | ||||||||||||||||||||
Beginning | Ending | During | ||||||||||||||||||
Account | Account | Annualized | Period | |||||||||||||||||
Value | Value | Expense | 10/1/21 to | |||||||||||||||||
10/1/21 | 3/31/22 | Ratio | 3/31/22* | |||||||||||||||||
Actual Fund return† | ||||||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,087.20 | 1.09 | % | $ | 5.67 | ||||||||||||
Institutional Class | 1,000.00 | 1,089.20 | 0.82 | % | 4.27 | |||||||||||||||
Class R6 | 1,000.00 | 1,089.40 | 0.76 | % | 3.96 | |||||||||||||||
Hypothetical 5% return (5% return before expenses) | ||||||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,019.50 | 1.09 | % | $ | 5.49 | ||||||||||||
Institutional Class | 1,000.00 | 1,020.84 | 0.82 | % | 4.13 | |||||||||||||||
Class R6 | 1,000.00 | 1,021.14 | 0.76 | % | 3.83 |
1
Disclosure of Fund expenses
Delaware Growth and Income Fund
Expense analysis of an investment of $1,000
Expenses | ||||||||||||||||||||
Paid | ||||||||||||||||||||
Beginning | Ending | During | ||||||||||||||||||
Account | Account | Annualized | Period | |||||||||||||||||
Value | Value | Expense | 10/1/21 to | |||||||||||||||||
10/1/21 | 3/31/22 | Ratio | 3/31/22* | |||||||||||||||||
Actual Fund return† | ||||||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,087.90 | 1.05 | % | $ | 5.47 | ||||||||||||
Institutional Class | 1,000.00 | 1,089.20 | 0.80 | % | 4.17 | |||||||||||||||
Class R6 | 1,000.00 | 1,090.30 | 0.73 | % | 3.80 | |||||||||||||||
Hypothetical 5% return (5% return before expenses) | ||||||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,019.70 | 1.05 | % | $ | 5.29 | ||||||||||||
Institutional Class | 1,000.00 | 1,020.94 | 0.80 | % | 4.03 | |||||||||||||||
Class R6 | 1,000.00 | 1,021.29 | 0.73 | % | 3.68 |
Delaware Growth Equity Fund
Expense analysis of an investment of $1,000
Expenses | ||||||||||||||||||||
Paid | ||||||||||||||||||||
Beginning | Ending | During | ||||||||||||||||||
Account | Account | Annualized | Period | |||||||||||||||||
Value | Value | Expense | 10/1/21 to | |||||||||||||||||
10/1/21 | 3/31/22 | Ratio | 3/31/22* | |||||||||||||||||
Actual Fund return† | ||||||||||||||||||||
Class A | $ | 1,000.00 | $ | 988.30 | 1.08 | % | $ | 5.35 | ||||||||||||
Institutional Class | 1,000.00 | 990.10 | 0.83 | % | 4.12 | |||||||||||||||
Class R6 | 1,000.00 | 990.30 | 0.76 | % | 3.77 | |||||||||||||||
Hypothetical 5% return (5% return before expenses) | ||||||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,019.55 | 1.08 | % | $ | 5.44 | ||||||||||||
Institutional Class | 1,000.00 | 1,020.79 | 0.83 | % | 4.18 | |||||||||||||||
Class R6 | 1,000.00 | 1,021.14 | 0.76 | % | 3.83 |
2
Delaware Opportunity Fund
Expense analysis of an investment of $1,000
Expenses | |||||||||||||||
Paid | |||||||||||||||
Beginning | Ending | During | |||||||||||||
Account | Account | Annualized | Period | ||||||||||||
Value | Value | Expense | 10/1/21 to | ||||||||||||
10/1/21 | 3/31/22 | Ratio | 3/31/22* | ||||||||||||
Actual Fund return† | |||||||||||||||
Class A | $ | 1,000.00 | $ | 1,079.10 | 1.18% | $ | 6.12 | ||||||||
Institutional Class | 1,000.00 | 1,080.90 | 0.90% | 4.67 | |||||||||||
Class R6 | 1,000.00 | 1,081.80 | 0.78% | 4.05 | |||||||||||
Hypothetical 5% return (5% return before expenses) | |||||||||||||||
Class A | $ | 1,000.00 | $ | 1,019.05 | 1.18% | $ | 5.94 | ||||||||
Institutional Class | 1,000.00 | 1,020.44 | 0.90% | 4.53 | |||||||||||
Class R6 | 1,000.00 | 1,021.04 | 0.78% | 3.93 |
Delaware Global Equity Fund
Expense analysis of an investment of $1,000
Expenses | |||||||||||||||
Paid | |||||||||||||||
Beginning | Ending | During | |||||||||||||
Account | Account | Annualized | Period | ||||||||||||
Value | Value | Expense | 10/1/21 to | ||||||||||||
10/1/21 | 3/31/22 | Ratio | 3/31/22* | ||||||||||||
Actual Fund return† | |||||||||||||||
Class A | $ | 1,000.00 | $ | 956.00 | 1.34% | $ | 6.53 | ||||||||
Institutional Class | 1,000.00 | 956.80 | 1.06% | 5.17 | |||||||||||
Class R6 | 1,000.00 | 957.90 | 1.01% | 4.93 | |||||||||||
Hypothetical 5% return (5% return before expenses) | |||||||||||||||
Class A | $ | 1,000.00 | $ | 1,018.25 | 1.34% | $ | 6.74 | ||||||||
Institutional Class | 1,000.00 | 1,019.65 | 1.06% | 5.34 | |||||||||||
Class R6 | 1,000.00 | 1,019.90 | 1.01% | 5.09 |
3
Disclosure of Fund expenses
Delaware Covered Call Strategy Fund
Expense analysis of an investment of $1,000
Expenses | |||||||||||||||
Paid | |||||||||||||||
Beginning | Ending | During | |||||||||||||
Account | Account | Annualized | Period | ||||||||||||
Value | Value | Expense | 10/1/21 to | ||||||||||||
10/1/21 | 3/31/22 | Ratio | 3/31/22* | ||||||||||||
Actual Fund return† | |||||||||||||||
Class A | $ | 1,000.00 | $ | 1,046.70 | 1.31% | $ | 6.68 | ||||||||
Institutional Class | 1,000.00 | 1,048.20 | 1.06% | 5.41 | |||||||||||
Class R6 | 1,000.00 | 1,048.60 | 0.88% | 4.49 | |||||||||||
Hypothetical 5% return (5% return before expenses) | |||||||||||||||
Class A | $ | 1,000.00 | $ | 1,018.40 | 1.31% | $ | 6.59 | ||||||||
Institutional Class | 1,000.00 | 1,019.65 | 1.06% | 5.34 | |||||||||||
Class R6 | 1,000.00 | 1,020.54 | 0.88% | 4.43 |
Delaware Hedged U.S. Equity Opportunities Fund
Expense analysis of an investment of $1,000
Expenses | |||||||||||||||
Paid | |||||||||||||||
Beginning | Ending | During | |||||||||||||
Account | Account | Annualized | Period | ||||||||||||
Value | Value | Expense | 10/1/21 to | ||||||||||||
10/1/21 | 3/31/22 | Ratio | 3/31/22* | ||||||||||||
Actual Fund return† | |||||||||||||||
Class A | $ | 1,000.00 | $ | 995.90 | 1.61% | $ | 8.01 | ||||||||
Institutional Class | 1,000.00 | 997.10 | 1.30% | 6.47 | |||||||||||
Class R6 | 1,000.00 | 997.10 | 1.20% | 5.97 | |||||||||||
Hypothetical 5% return (5% return before expenses) | |||||||||||||||
Class A | $ | 1,000.00 | $ | 1,016.90 | 1.61% | $ | 8.10 | ||||||||
Institutional Class | 1,000.00 | 1,018.45 | 1.30% | 6.54 | |||||||||||
Class R6 | 1,000.00 | 1,018.95 | 1.20% | 6.04 |
4
Delaware Premium Income Fund
Expense analysis of an investment of $1,000
Expenses | |||||||||||||||
Paid | |||||||||||||||
Beginning | Ending | During | |||||||||||||
Account | Account | Annualized | Period | ||||||||||||
Value | Value | Expense | 10/1/21 to | ||||||||||||
10/1/21 | 3/31/22 | Ratio | 3/31/22* | ||||||||||||
Actual Fund return† | |||||||||||||||
Class A | $ | 1,000.00 | $ | 1,029.30 | 1.30% | $ | 6.58 | ||||||||
Institutional Class | 1,000.00 | 1,029.60 | 1.05% | 5.31 | |||||||||||
Class R6 | 1,000.00 | 1,030.10 | 0.90% | 4.56 | |||||||||||
Hypothetical 5% return (5% return before expenses) | |||||||||||||||
Class A | $ | 1,000.00 | $ | 1,018.45 | 1.30% | $ | 6.54 | ||||||||
Institutional Class | 1,000.00 | 1,019.70 | 1.05% | 5.29 | |||||||||||
Class R6 | 1,000.00 | 1,020.44 | 0.90% | 4.53 |
Delaware Total Return Fund
Expense analysis of an investment of $1,000
Expenses | |||||||||||||||
Paid | |||||||||||||||
Beginning | Ending | During | |||||||||||||
Account | Account | Annualized | Period | ||||||||||||
Value | Value | Expense | 10/1/21 to | ||||||||||||
10/1/21 | 3/31/22 | Ratio | 3/31/22* | ||||||||||||
Actual Fund return† | |||||||||||||||
Class A | $ | 1,000.00 | $ | 1,031.80 | 1.11% | $ | 5.62 | ||||||||
Institutional Class | 1,000.00 | 1,033.70 | 0.86% | 4.36 | |||||||||||
Class R6 | 1,000.00 | 1,033.90 | 0.79% | 4.01 | |||||||||||
Hypothetical 5% return (5% return before expenses) | |||||||||||||||
Class A | $ | 1,000.00 | $ | 1,019.40 | 1.11% | $ | 5.59 | ||||||||
Institutional Class | 1,000.00 | 1,020.64 | 0.86% | 4.33 | |||||||||||
Class R6 | 1,000.00 | 1,020.99 | 0.79% | 3.98 |
*“Expenses Paid During Period” are equal to the relevant Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (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.
In addition to the Funds’ expenses reflected above and on the previous pages, each Fund also indirectly bears its portion of the fees and expenses of any investment companies (Underlying Funds), including exchange-traded funds in which it invests. The tables above and on the previous pages do not reflect the expenses of any applicable Underlying Funds.
5
Security type / sector allocations and top 10 equity holdings
Delaware Equity Income Fund
As of March 31, 2022 (Unaudited)
Sector designations may be different from the sector designations presented in other Fund materials. The sector designations may represent the investment manager’s internal sector classifications.
Percentage | ||||
Security type / sector | of net assets | |||
Common Stocks | 99.61% | |||
Communication Services | 8.34% | |||
Consumer Discretionary | 5.23% | |||
Consumer Staples | 6.71% | |||
Energy | 6.95% | |||
Financials | 21.17% | |||
Healthcare | 23.96% | |||
Industrials | 10.34% | |||
Information Technology | 15.53% | |||
Materials | 1.38% | |||
Short-Term Investments | 0.29% | |||
Total Value of Securities | 99.90% | |||
Receivables and Other Assets Net of Liabilities | 0.10% | |||
Total Net Assets | 100.00% |
Holdings are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.
Percentage | ||||
Top 10 equity holdings | of net assets | |||
Johnson & Johnson | 5.26% | |||
Exxon Mobil | 4.37% | |||
Cisco Systems | 4.00% | |||
Raytheon Technologies | 3.90% | |||
Bristol-Myers Squibb | 3.80% | |||
Cognizant Technology Solutions Class A | 3.36% | |||
Motorola Solutions | 3.30% | |||
Northrop Grumman | 3.28% | |||
Verizon Communications | 3.27% | |||
Allstate | 3.21% |
6
Security type / sector allocations and top 10 equity holdings
Delaware Growth and Income Fund
As of March 31, 2022 (Unaudited)
Sector designations may be different from the sector designations presented in other Fund materials. The sector designations may represent the investment manager’s internal sector classifications.
Percentage | |||||
Security type / sector | of net assets | ||||
Common Stocks | 99.66 | % | |||
Communication Services | 8.25 | % | |||
Consumer Discretionary | 4.92 | % | |||
Consumer Staples | 6.67 | % | |||
Energy | 6.90 | % | |||
Financials | 21.29 | % | |||
Healthcare | 24.03 | % | |||
Industrials | 10.63 | % | |||
Information Technology | 15.58 | % | |||
Materials | 1.39 | % | |||
Short-Term Investments | 0.29 | % | |||
Total Value of Securities | 99.95 | % | |||
Receivables and Other Assets Net of Liabilities | 0.05 | % | |||
Total Net Assets | 100.00 | % |
Holdings are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.
Percentage | |||||
Top 10 equity holdings | of net assets | ||||
Johnson & Johnson | 5.28 | % | |||
Exxon Mobil | 4.32 | % | |||
Raytheon Technologies | 4.08 | % | |||
Cisco Systems | 3.97 | % | |||
Bristol-Myers Squibb | 3.82 | % | |||
Cognizant Technology Solutions Class A | 3.41 | % | |||
Northrop Grumman | 3.36 | % | |||
Motorola Solutions | 3.33 | % | |||
Verizon Communications | 3.24 | % | |||
Allstate | 3.14 | % |
7
Security type / sector allocations and top 10 equity holdings
Delaware Growth Equity Fund
As of March 31, 2022 (Unaudited)
Sector designations may be different from the sector designations presented in other Fund materials. The sector designations may represent the investment manager’s internal sector classifications.
Percentage | |||||
Security type / sector | of net assets | ||||
Common Stocks ◆ | 98.36 | % | |||
Communication Services | 6.18 | % | |||
Consumer Discretionary | 14.35 | % | |||
Consumer Staples | 3.12 | % | |||
Financials | 11.91 | % | |||
Healthcare | 16.56 | % | |||
Industrials | 11.71 | % | |||
Information Technology* | 32.40 | % | |||
Materials | 2.13 | % | |||
Short-Term Investments | 1.79 | % | |||
Total Value of Securities | 100.15 | % | |||
Liabilities Net of Receivables and Other Assets | (0.15 | %) | |||
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, Electronics, Office/Business Equipment, Semiconductors, Software and Telecommunications. As of March 31, 2022, such amounts, as a percentage of total net assets were 8.93%, 2.07%, 2.65%, 5.71%, 10.76% and 2.28%, 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%. |
Holdings are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.
Percentage | |||||
Top 10 equity holdings | of net assets | ||||
Apple | 6.15 | % | |||
Microsoft | 4.99 | % | |||
Alphabet Class A | 4.06 | % | |||
Cadence Design Systems | 3.24 | % | |||
NVIDIA | 3.17 | % | |||
Costco Wholesale | 3.12 | % | |||
AutoZone | 2.93 | % | |||
West Pharmaceutical Services | 2.89 | % | |||
Fortinet | 2.78 | % | |||
Ameriprise Financial | 2.77 | % |
8
Security type / sector allocations and top 10 equity holdings
Delaware Opportunity Fund
As of March 31, 2022 (Unaudited)
Sector designations may be different from the sector designations presented in other Fund materials. The sector designations may represent the investment manager’s internal sector classifications.
Percentage | |||||
Security type / sector | of net assets | ||||
Common Stocks | 98.20 | % | |||
Basic Industry | 8.85 | % | |||
Consumer Discretionary | 12.16 | % | |||
Consumer Staples | 2.90 | % | |||
Energy | 7.27 | % | |||
Financial Services | 19.80 | % | |||
Healthcare | 5.55 | % | |||
Industrials | 12.29 | % | |||
Real Estate Investment Trusts | 7.73 | % | |||
Technology | 11.91 | % | |||
Transportation | 2.60 | % | |||
Utilities | 7.14 | % | |||
Short-Term Investments | 0.25 | % | |||
Total Value of Securities | 98.45 | % | |||
Receivables and Other Assets Net of Liabilities | 1.55 | % | |||
Total Net Assets | 100.00 | % |
Holdings are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.
Percentage | |||||
Top 10 equity holdings | of net assets | ||||
Hess | 2.84 | % | |||
Marathon Oil | 2.46 | % | |||
East West Bancorp | 2.36 | % | |||
Raymond James Financial | 2.31 | % | |||
Huntsman | 1.97 | % | |||
KBR | 1.94 | % | |||
Synopsys | 1.88 | % | |||
Quanta Services | 1.83 | % | |||
Teradyne | 1.70 | % | |||
Hartford Financial Services Group | 1.68 | % |
9
Security type / country and sector allocations
Delaware Global Equity Fund
As of March 31, 2022 (Unaudited)
Sector designations may be different from the sector designations presented in other Fund materials. The sector designations may represent the investment manager’s internal sector classifications.
Percentage | |||||
Security type / country | of net assets | ||||
Common Stocks by Country | 98.19 | % | |||
Denmark | 3.93 | % | |||
France | 12.01 | % | |||
Germany | 11.63 | % | |||
Japan | 5.96 | % | |||
Netherlands | 3.36 | % | |||
Spain | 4.65 | % | |||
Sweden | 6.05 | % | |||
Switzerland | 9.71 | % | |||
United Kingdom | 9.73 | % | |||
United States | 31.16 | % | |||
Exchange-Traded Fund | 1.02 | % | |||
Short-Term Investments | 0.09 | % | |||
Total Value of Securities | 99.30 | % | |||
Receivables and Other Assets Net of Liabilities | 0.70 | % | |||
Total Net Assets | 100.00 | % | |||
Percentage | |||||
Common stocks and preferred stocks by sector ◆ | of net assets | ||||
Communication Services | 2.38 | % | |||
Consumer Discretionary | 9.96 | % | |||
Consumer Staples* | 37.91 | % | |||
Healthcare | 24.98 | % | |||
Industrials | 10.10 | % | |||
Information Technology | 8.87 | % | |||
Materials | 3.99 | % | |||
Total | 98.19 | % |
◆ | 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 household products/wares. As of March 31, 2022, such amounts, as a percentage of total net assets were 5.69%, 4.77%, 21.55%, and 5.90%, 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%. |
10
Security type / sector allocations and top 10 equity holdings
Delaware Covered Call Strategy Fund
As of March 31, 2022 (Unaudited)
Sector designations may be different from the sector designations presented in other Fund materials. The sector designations may represent the investment manager’s internal sector classifications.
Percentage | |||||
Security type / sector | of net assets | ||||
Common Stocks ◆ | 101.90 | % | |||
Communication Services | 7.81 | % | |||
Consumer Discretionary | 15.09 | % | |||
Consumer Staples | 4.98 | % | |||
Energy | 6.87 | % | |||
Financials | 8.60 | % | |||
Healthcare | 8.91 | % | |||
Industrials | 11.33 | % | |||
Information Technology* | 31.10 | % | |||
Materials | 3.30 | % | |||
Utilities | 3.91 | % | |||
Short-Term Investments | 1.37 | % | |||
Total Value of Securities Before Options | |||||
Written | 103.27 | % | |||
Options Written | (3.40 | %) | |||
Receivables and Other Assets Net of Liabilities | 0.13 | % | |||
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, and software. As of March 31, 2022, such amounts, as a percentage of total net assets were 9.74%, 3.40%, 9.53%, and 8.43%, 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%. |
Holdings are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.
Percentage | |||||
Top 10 equity holdings | of net assets | ||||
Apple | 9.74 | % | |||
Microsoft | 8.53 | % | |||
Alphabet Class A | 6.29 | % | |||
Costco Wholesale | 4.97 | % | |||
Broadcom | 4.88 | % | |||
Texas Instruments | 4.55 | % | |||
Booking Holdings | 3.98 | % | |||
NextEra Energy | 3.91 | % | |||
UnitedHealth Group | 3.83 | % | |||
BlackRock | 3.76 | % |
11
Security type / sector allocations and top 10 equity holdings
Delaware Hedged U.S. Equity Opportunities Fund
As of March 31, 2022 (Unaudited)
Sector designations may be different from the sector designations presented in other Fund materials. The sector designations may represent the investment manager’s internal sector classifications.
Percentage | |||
Security type / sector | of net assets | ||
Common Stocks | 95.75% | ||
Communication Services | 8.40% | ||
Consumer Discretionary | 12.28% | ||
Consumer Staples | 5.78% | ||
Energy | 1.51% | ||
Financials | 13.67% | ||
Healthcare | 13.57% | ||
Industrials | 11.54% | ||
Information Technology | 20.29% | ||
Materials | 3.83% | ||
Real Estate | 2.98% | ||
Utilities | 1.90% | ||
Exchange-Traded Fund | 0.61% | ||
Options Purchased | 1.03% | ||
Short-Term Investments | 1.96% | ||
Total Value of Securities Before Options | |||
Written | 99.35% | ||
Options Written | (0.56% | ) | |
Receivables and Other Assets Net of Liabilities | 1.21% | ||
Total Net Assets | 100.00% |
Holdings are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.
Percentage | |||
Top 10 equity holdings | of net assets | ||
Microsoft | 2.51% | ||
Amazon.com | 2.42% | ||
Alphabet Class A | 2.39% | ||
Apple | 2.01% | ||
Chubb | 1.43% | ||
Marsh & McLennan | 1.22% | ||
Visa Class A | 1.21% | ||
UnitedHealth Group | 1.14% | ||
Johnson & Johnson | 1.12% | ||
TJX | 1.08% |
12
Security type / sector allocations and top 10 equity holdings
Delaware Premium Income Fund
As of March 31, 2022 (Unaudited)
Sector designations may be different from the sector designations presented in other Fund materials. The sector designations may represent the investment manager’s internal sector classifications.
Percentage | |||
Security type / sector | of net assets | ||
Common Stocks ◆ | 119.94% | ||
Communication Services | 8.96% | ||
Consumer Discretionary | 14.29% | ||
Consumer Staples | 8.59% | ||
Energy | 9.58% | ||
Financials | 13.74% | ||
Healthcare | 14.20% | ||
Industrials | 15.64% | ||
Information Technology* | 30.81% | ||
Materials | 2.00% | ||
Utilities | 2.13% | ||
Short-Term Investments | 1.39% | ||
Total Value of Securities Before Options | |||
Written | 121.33% | ||
Options Written | (21.91% | ) | |
Receivables and Other Assets Net of Liabilities | 0.58% | ||
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, Energy-Alternate Sources, Semiconductors, and Telecommunications. As of March 31, 2022, such amounts, as a percentage of total net assets were 4.65%, 2.14%, 1.79%, 12.10%, and 10.13%, 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%. |
Holdings are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.
Percentage | |||
Top 10 equity holdings | of net assets | ||
Broadcom | 10.56% | ||
Chevron | 7.00% | ||
Corning | 5.50% | ||
Apple | 4.65% | ||
CSX | 4.65% | ||
Cisco Systems | 4.63% | ||
Constellation Brands Class A | 4.54% | ||
Pfizer | 4.45% | ||
Lockheed Martin | 4.44% | ||
BlackRock | 3.84% |
13
Security type / sector allocations and top 10 equity holdings
Delaware Total Return Fund
As of March 31, 2022 (Unaudited)
Sector designations may be different from the sector designations presented in other Fund materials. The sector designations may represent the investment manager’s internal sector classifications.
Percentage | |||
Security type / sector | of net assets | ||
Agency Mortgage-Backed Securities | 2.74% | ||
Collateralized Debt Obligations | 0.28% | ||
Convertible Bonds | 6.35% | ||
Corporate Bonds | 12.53% | ||
Banking | 1.38% | ||
Banks | 0.16% | ||
Basic Industry | 0.49% | ||
Basic Materials | 0.12% | ||
Brokerage | 0.01% | ||
Capital Goods | 0.40% | ||
Communication Services | 0.03% | ||
Communications | 1.28% | ||
Consumer Cyclical | 1.23% | ||
Consumer Non-Cyclical | 1.01% | ||
Electric | 0.18% | ||
Energy | 1.77% | ||
Finance Companies | 0.05% | ||
Financials | 0.68% | ||
Healthcare | 0.40% | ||
Information Technology | 0.01% | ||
Insurance | 0.55% | ||
Media | 0.65% | ||
Real Estate Investment Trusts | 0.18% | ||
Services | 0.18% | ||
Technology | 0.78% | ||
Transportation | 0.37% | ||
Utilities | 0.62% | ||
Non-Agency Asset-Backed Securities | 0.17% | ||
Non-Agency Commercial Mortgage-Backed | |||
Securities | 1.34% | ||
Sovereign Bonds | 1.62% | ||
Supranational Banks | 0.19% | ||
US Treasury Obligations | 1.83% | ||
Common Stocks | 62.29% | ||
Banks | 0.58% | ||
Basic Materials | 0.30% | ||
Biotechnology | 0.15% | ||
Communication Services | 1.93% | ||
Communications | 2.42% | ||
Consumer Discretionary | 7.81% | ||
Consumer Staples | 4.20% | ||
Electric | 0.24% | ||
Energy | 3.73% | ||
Financials | 4.61% | ||
Healthcare | 9.01% | ||
Industrials | 3.39% | ||
Information Technology | 9.44% | ||
Insurance | 2.17% | ||
Materials | 0.92% | ||
Media | 0.61% | ||
REIT Diversified | 0.52% | ||
REIT Healthcare | 0.39% | ||
REIT Hotel | 0.02% | ||
REIT Industrial | 0.10% | ||
REIT Mall | 0.09% | ||
REIT Manufactured Housing | 0.12% | ||
REIT Multifamily | 1.03% | ||
REIT Office | 0.05% | ||
REIT Self-Storage | 0.33% | ||
REIT Shopping Center | 0.15% | ||
REIT Single Tenant | 0.19% | ||
REIT Specialty | 0.01% | ||
REITs | 1.41% | ||
Retail | 0.26% | ||
Technology | 5.19% | ||
Utilities | 0.92% | ||
Convertible Preferred Stock | 1.62% | ||
Exchange-Traded Funds | 5.23% | ||
Limited Liability Corporation | 2.18% | ||
Short-Term Investments | 1.31% | ||
Total Value of Securities | 99.68% | ||
Receivables and Other Assets Net of Liabilities | 0.32% | ||
Total Net Assets | 100.00% |
Holdings are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.
14
Percentage | |||
Top 10 equity holdings | of net assets | ||
Apple | 2.64% | ||
Microsoft | 2.19% | ||
Johnson & Johnson | 1.45% | ||
Broadcom | 1.30% | ||
ConocoPhillips | 1.17% | ||
Merck & Co. | 1.16% | ||
MetLife | 1.11% | ||
Cisco Systems | 1.05% | ||
TJX | 1.00% | ||
Verizon Communications | 1.00% |
15
Schedules of investments
Delaware Equity Income Fund
March 31, 2022 (Unaudited)
Number of | ||||
shares | Value (US $) | |||
Common Stocks – 99.61% | ||||
Communication Services – 8.34% | ||||
AT&T | 259,746 | $ | 6,137,798 | |
Comcast Class A | 182,634 | 8,550,924 | ||
Verizon Communications | 185,887 | 9,469,084 | ||
24,157,806 | ||||
Consumer Discretionary – 5.23% | ||||
APA | 26,738 | 1,105,082 | ||
Chipotle Mexican Grill † | 1,893 | 2,994,783 | ||
Lowe's | 14,806 | 2,993,625 | ||
PulteGroup | 11,912 | 499,113 | ||
TJX | 124,461 | 7,539,847 | ||
15,132,450 | ||||
Consumer Staples – 6.71% | ||||
Altria Group | 93,807 | 4,901,416 | ||
Archer-Daniels-Midland | 15,149 | 1,367,349 | ||
Mondelez International Class A | 74,986 | 4,707,621 | ||
Philip Morris International | 89,891 | 8,444,360 | ||
19,420,746 | ||||
Energy – 6.95% | ||||
ConocoPhillips | 74,687 | 7,468,700 | ||
Exxon Mobil | 153,184 | 12,651,467 | ||
20,120,167 | ||||
Financials – 21.17% | ||||
Allstate | 67,046 | 9,286,542 | ||
American Financial Group | 17,947 | 2,613,442 | ||
American International Group | 69,095 | 4,337,093 | ||
Discover Financial Services | 9,254 | 1,019,698 | ||
Evercore Class A | 17,773 | 1,978,490 | ||
Fidelity National Financial | 26,321 | 1,285,518 | ||
First American Financial | 136,359 | 8,838,790 | ||
MetLife | 119,353 | 8,388,129 | ||
Old Republic International | 184,643 | 4,776,714 | ||
OneMain Holdings | 75,183 | 3,564,426 | ||
Synchrony Financial | 140,697 | 4,897,663 | ||
Truist Financial | 138,323 | 7,842,914 | ||
Unum Group | 77,851 | 2,453,085 | ||
61,282,504 | ||||
Healthcare – 23.96% | ||||
AbbVie | 7,246 | 1,174,649 | ||
AmerisourceBergen | 31,499 | 4,873,210 | ||
Bristol-Myers Squibb | 150,704 | 11,005,913 | ||
Cardinal Health | 27,432 | 1,555,394 | ||
Cigna | 29,593 | 7,090,779 | ||
CVS Health | 63,921 | 6,469,445 | ||
Gilead Sciences | 122,387 | 7,275,907 | ||
Johnson & Johnson | 85,932 | 15,229,728 | ||
Merck & Co. | 110,072 | 9,031,408 | ||
Pfizer | 46,278 | 2,395,812 | ||
Viatris | 300,106 | 3,265,153 | ||
69,367,398 | ||||
Industrials – 10.34% | ||||
Emerson Electric | 42,593 | 4,176,244 | ||
Honeywell International | 25,685 | 4,997,787 | ||
Northrop Grumman | 21,220 | 9,490,008 | ||
Raytheon Technologies | 113,942 | 11,288,234 | ||
29,952,273 | ||||
Information Technology – 15.53% | ||||
Broadcom | 13,976 | 8,800,408 | ||
Cisco Systems | 207,565 | 11,573,824 | ||
Cognizant Technology Solutions | ||||
Class A | 108,634 | 9,741,211 | ||
HP | 99,719 | 3,619,800 | ||
Motorola Solutions | 39,456 | 9,556,243 | ||
Oracle | 9,699 | 802,398 | ||
Western Union | 46,563 | 872,591 | ||
44,966,475 | ||||
Materials – 1.38% | ||||
DuPont de Nemours | 41,991 | 3,089,698 | ||
Newmont | 11,547 | 917,409 | ||
4,007,107 | ||||
Total Common Stocks | ||||
(cost $244,092,839) | 288,406,926 | |||
Short-Term Investments – 0.29% | ||||
Money Market Mutual Funds – 0.29% | ||||
BlackRock FedFund – Institutional | ||||
Shares (seven-day effective | ||||
yield 0.23%) | 207,569 | 207,569 | ||
Fidelity Investments Money Market | ||||
Government Portfolio – Class I | ||||
(seven-day effective yield | ||||
0.12%) | 207,569 | 207,569 | ||
GS Financial Square Government | ||||
Fund – Institutional Shares | ||||
(seven-day effective yield | ||||
0.25%) | 207,569 | 207,569 | ||
Morgan Stanley Government | ||||
Portfolio – Institutional Share | ||||
Class (seven-day effective yield | ||||
0.23%) | 207,570 | 207,570 | ||
Total Short-Term Investments | ||||
(cost $830,277) | 830,277 | |||
Total Value of Securities–99.90% | ||||
(cost $244,923,116) | $ | 289,237,203 |
† Non-income producing security.
16
Summary of abbreviations:
GS – Goldman Sachs
See accompanying notes, which are an integral part of the financial statements.
17
Schedules of investments
Delaware Growth and Income Fund
March 31, 2022 (Unaudited)
Number of | ||||||
shares | Value (US $) | |||||
Common Stocks – 99.66% | ||||||
Communication Services – 8.25% | ||||||
AT&T | 938,236 | $ | 22,170,516 | |||
Comcast Class A | 650,938 | 30,476,917 | ||||
Verizon Communications | 666,271 | 33,939,845 | ||||
86,587,278 | ||||||
Consumer Discretionary – 4.92% | ||||||
APA | 73,308 | 3,029,820 | ||||
Chipotle Mexican Grill † | 6,836 | 10,814,757 | ||||
Lowe's | 54,414 | 11,001,967 | ||||
TJX | 441,516 | 26,747,039 | ||||
51,593,583 | ||||||
Consumer Staples – 6.67% | ||||||
Altria Group | 335,316 | 17,520,261 | ||||
Archer-Daniels-Midland | 52,426 | 4,731,971 | ||||
Mondelez International Class A | 263,258 | 16,527,337 | ||||
Philip Morris International | 332,383 | 31,224,059 | ||||
70,003,628 | ||||||
Energy – 6.90% | ||||||
ConocoPhillips | 269,919 | 26,991,900 | ||||
Exxon Mobil | 548,991 | 45,341,167 | ||||
72,333,067 | ||||||
Financials – 21.29% | ||||||
Allstate | 237,781 | 32,935,046 | ||||
American Financial Group | 67,036 | 9,761,782 | ||||
American International Group | 255,686 | 16,049,410 | ||||
Discover Financial Services | 37,371 | 4,117,910 | ||||
Evercore Class A | 66,751 | 7,430,721 | ||||
Fidelity National Financial | 95,507 | 4,664,562 | ||||
First American Financial | 498,925 | 32,340,319 | ||||
MetLife | 428,451 | 30,111,536 | ||||
Old Republic International | 648,640 | 16,780,317 | ||||
OneMain Holdings | 275,272 | 13,050,646 | ||||
Synchrony Financial | 520,781 | 18,128,387 | ||||
Truist Financial | 504,546 | 28,607,758 | ||||
Unum Group | 295,168 | 9,300,744 | ||||
223,279,138 | ||||||
Healthcare – 24.03% | ||||||
AbbVie | 34,017 | 5,514,496 | ||||
AmerisourceBergen | 114,040 | 17,643,128 | ||||
Bristol-Myers Squibb | 549,345 | 40,118,665 | ||||
Cardinal Health | 91,867 | 5,208,859 | ||||
Cigna | 106,438 | 25,503,609 | ||||
CVS Health | 232,160 | 23,496,914 | ||||
Gilead Sciences | 440,822 | 26,206,868 | ||||
Johnson & Johnson | 312,441 | 55,373,918 | ||||
Merck & Co. | 398,332 | 32,683,141 | ||||
Pfizer | 168,105 | 8,702,796 | ||||
Viatris | 1,061,890 | 11,553,363 | ||||
252,005,757 | ||||||
Industrials – 10.63% | ||||||
Emerson Electric | 158,844 | 15,574,654 | ||||
Honeywell International | 92,193 | 17,938,914 | ||||
Northrop Grumman | 78,800 | 35,240,936 | ||||
Raytheon Technologies | 431,514 | 42,750,092 | ||||
111,504,596 | ||||||
Information Technology – 15.58% | ||||||
Broadcom | 50,680 | 31,912,182 | ||||
Cisco Systems | 747,054 | 41,655,731 | ||||
Cognizant Technology Solutions | ||||||
Class A | 399,291 | 35,804,424 | ||||
HP | 364,049 | 13,214,979 | ||||
Motorola Solutions | 144,049 | 34,888,668 | ||||
Oracle | 34,529 | 2,856,584 | ||||
Western Union | 162,628 | 3,047,649 | ||||
163,380,217 | ||||||
Materials – 1.39% | ||||||
DuPont de Nemours | 153,419 | 11,288,570 | ||||
Newmont | 41,931 | 3,331,418 | ||||
14,619,988 | ||||||
Total Common Stocks | ||||||
(cost $860,271,017) | 1,045,307,252 | |||||
Short-Term Investments – 0.29% | ||||||
Money Market Mutual Funds – 0.29% | ||||||
BlackRock FedFund – | ||||||
Institutional Shares (seven- | ||||||
day effective yield 0.23%) | 764,039 | 764,039 | ||||
Fidelity Investments Money | ||||||
Market Government Portfolio | ||||||
– Class I (seven-day effective | ||||||
yield 0.12%) | 764,039 | 764,039 | ||||
GS Financial Square | ||||||
Government Fund – | ||||||
Institutional Shares (seven- | ||||||
day effective yield 0.25%) | 764,039 | 764,039 | ||||
Morgan Stanley Government | ||||||
Portfolio – Institutional Share | ||||||
Class (seven-day effective | ||||||
yield 0.23%) | 764,040 | 764,040 | ||||
Total Short-Term Investments | ||||||
(cost $3,056,157) | 3,056,157 | |||||
Total Value of | ||||||
Securities–99.95% | ||||||
(cost $863,327,174) | $ | 1,048,363,409 |
† | Non-income producing security. |
18
Summary of abbreviations:
GS – Goldman Sachs
See accompanying notes, which are an integral part of the financial statements.
19
Schedules of investments
Delaware Growth Equity Fund
March 31, 2022 (Unaudited)
Number of | ||||||
shares | Value (US $) | |||||
Common Stocks – 98.36%◆ | ||||||
Communication Services – 6.18% | ||||||
Alphabet Class A † | 7,360 | $ | 20,470,736 | |||
Omnicom Group | 125,250 | 10,631,220 | ||||
31,101,956 | ||||||
Consumer Discretionary – 14.35% | ||||||
Amazon.com † | 4,180 | 13,626,591 | ||||
AutoZone † | 7,210 | 14,741,422 | ||||
Lowe's | 59,560 | 12,042,436 | ||||
Ralph Lauren | 79,610 | 9,030,958 | ||||
Target | 60,511 | 12,841,645 | ||||
Tempur Sealy International | 357,810 | 9,990,055 | ||||
72,273,107 | ||||||
Consumer Staples – 3.12% | ||||||
Costco Wholesale | 27,330 | 15,737,981 | ||||
15,737,981 | ||||||
Financials – 11.91% | ||||||
American Express | 74,050 | 13,847,350 | ||||
Ameriprise Financial | 46,460 | 13,954,725 | ||||
Capital One Financial | 81,930 | 10,756,590 | ||||
JPMorgan Chase & Co. | 71,080 | 9,689,626 | ||||
W R Berkley | 176,200 | 11,733,158 | ||||
59,981,449 | ||||||
Healthcare – 16.56% | ||||||
Envista Holdings † | 280,240 | 13,650,490 | ||||
HCA Healthcare | 50,360 | 12,621,223 | ||||
IQVIA Holdings † | 46,330 | 10,711,959 | ||||
Merck & Co. | 79,810 | 6,548,411 | ||||
Pfizer | 266,180 | 13,780,139 | ||||
Thermo Fisher Scientific | 19,530 | 11,535,394 | ||||
West Pharmaceutical Services | 35,390 | 14,535,027 | ||||
83,382,643 | ||||||
Industrials – 11.71% | ||||||
Dover | 78,370 | 12,296,253 | ||||
EMCOR Group | 90,070 | 10,144,584 | ||||
Parker-Hannifin | 45,880 | 13,018,909 | ||||
Rockwell Automation | 38,060 | 10,657,942 | ||||
United Parcel Service Class B | 60,000 | 12,867,600 | ||||
58,985,288 | ||||||
Information Technology – 32.40% | ||||||
Adobe † | 27,920 | 12,720,910 | ||||
Apple | 177,458 | 30,985,941 | ||||
Arrow Electronics † | 87,970 | 10,435,881 | ||||
Cadence Design Systems † | 99,230 | 16,319,366 | ||||
Fortinet † | 40,940 | 13,990,836 | ||||
Juniper Networks | 309,000 | 11,482,440 | ||||
KLA | 34,960 | 12,797,458 | ||||
Microsoft | 81,450 | 25,111,849 | ||||
NVIDIA | 58,570 | 15,981,410 | ||||
Zebra Technologies Class A † | 32,257 | 13,344,721 | ||||
163,170,812 | ||||||
Materials – 2.13% | ||||||
Westlake | 86,900 | 10,723,460 | ||||
10,723,460 | ||||||
Total Common Stocks | ||||||
(cost $317,109,172) | 495,356,696 | |||||
Short-Term Investments – 1.79% | ||||||
Money Market Mutual Funds – 1.79% | ||||||
BlackRock FedFund – Institutional | ||||||
Shares (seven-day effective | ||||||
yield 0.23%) | 2,258,680 | 2,258,680 | ||||
Fidelity Investments Money Market | ||||||
Government Portfolio – Class I | ||||||
(seven-day effective yield | ||||||
0.12%) | 2,258,681 | 2,258,681 | ||||
GS Financial Square Government | ||||||
Fund – Institutional Shares | ||||||
(seven-day effective yield | ||||||
0.25%) | 2,258,681 | 2,258,681 | ||||
Morgan Stanley Government | ||||||
Portfolio – Institutional Share | ||||||
Class (seven-day effective yield | ||||||
0.23%) | 2,258,681 | 2,258,681 | ||||
Total Short-Term Investments | ||||||
(cost $9,034,723) | 9,034,723 | |||||
Total Value of Securities–100.15% | ||||||
(cost $326,143,895) | $ | 504,391,419 |
◆ | 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
See accompanying notes, which are an integral part of the financial statements.
20
Delaware Opportunity Fund
March 31, 2022 (Unaudited)
Number of | ||||||
shares | Value (US $) | |||||
Common Stocks – 98.20% | ||||||
Basic Industry – 8.85% | ||||||
Alcoa | 68,500 | $ | 6,167,055 | |||
Axalta Coating Systems † | 125,500 | 3,084,790 | ||||
Berry Global Group † | 124,100 | 7,192,836 | ||||
Celanese | 42,900 | 6,129,123 | ||||
Crown Holdings | 51,300 | 6,417,117 | ||||
Graphic Packaging Holding | 351,400 | 7,042,056 | ||||
Huntsman | 346,200 | 12,985,962 | ||||
Louisiana-Pacific | 74,600 | 4,634,152 | ||||
Newmont | 59,400 | 4,719,330 | ||||
58,372,421 | ||||||
Consumer Discretionary – 12.16% | ||||||
Aptiv † | 42,000 | 5,027,820 | ||||
AutoZone † | 3,900 | 7,973,862 | ||||
Cable One | 2,080 | 3,045,619 | ||||
Capri Holdings † | 81,200 | 4,172,868 | ||||
Darden Restaurants | 33,600 | 4,467,120 | ||||
Dollar Tree † | 42,100 | 6,742,315 | ||||
DR Horton | 106,600 | 7,942,766 | ||||
Hasbro | 45,500 | 3,727,360 | ||||
Johnson Controls International | 95,900 | 6,288,163 | ||||
Marriott International Class A † | 59,500 | 10,457,125 | ||||
Nexstar Media Group Class A | 27,000 | 5,088,960 | ||||
Polaris | 41,600 | 4,381,312 | ||||
Ross Stores | 48,000 | 4,342,080 | ||||
Stanley Black & Decker | 46,700 | 6,528,193 | ||||
80,185,563 | ||||||
Consumer Staples – 2.90% | ||||||
Campbell Soup | 51,700 | 2,304,269 | ||||
Conagra Brands | 117,000 | 3,927,690 | ||||
Kellogg | 61,900 | 3,991,931 | ||||
Tyson Foods Class A | 51,600 | 4,624,908 | ||||
US Foods Holding † | 113,400 | 4,267,242 | ||||
19,116,040 | ||||||
Energy – 7.27% | ||||||
Coterra Energy | 280,300 | 7,559,691 | ||||
Hess | 175,200 | 18,753,408 | ||||
Marathon Oil | 647,000 | 16,246,170 | ||||
Valero Energy | 52,700 | 5,351,158 | ||||
47,910,427 | ||||||
Financial Services – 19.80% | ||||||
Affiliated Managers Group | 38,700 | 5,454,765 | ||||
Allstate | 71,100 | 9,848,061 | ||||
Assurant | 41,900 | 7,618,677 | ||||
East West Bancorp | 196,600 | 15,535,332 | ||||
Globe Life | 57,700 | 5,804,620 | ||||
Hancock Whitney | 147,965 | 7,716,375 | ||||
Hartford Financial Services Group | 153,900 | 11,051,559 | ||||
KeyCorp | 465,600 | 10,420,128 | ||||
Raymond James Financial | 138,650 | 15,239,021 | ||||
Reinsurance Group of America | 69,900 | 7,651,254 | ||||
Signature Bank | 23,200 | 6,808,968 | ||||
State Street | 69,500 | 6,054,840 | ||||
Synchrony Financial | 247,700 | 8,622,437 | ||||
Synovus Financial | 149,000 | 7,301,000 | ||||
Western Alliance Bancorp | 66,000 | 5,466,120 | ||||
130,593,157 | ||||||
Healthcare – 5.55% | ||||||
AmerisourceBergen | 48,800 | 7,549,848 | ||||
Quest Diagnostics | 45,500 | 6,227,130 | ||||
Service Corp. International | 65,600 | 4,317,792 | ||||
STERIS | 28,500 | 6,890,445 | ||||
Syneos Health † | 54,000 | 4,371,300 | ||||
Zimmer Biomet Holdings | 56,700 | 7,251,930 | ||||
36,608,445 | ||||||
Industrials – 12.29% | ||||||
AECOM | 111,600 | 8,571,996 | ||||
AMETEK | 29,300 | 3,902,174 | ||||
CACI International Class A † | 13,000 | 3,916,380 | ||||
Gates Industrial † | 271,700 | 4,091,802 | ||||
ITT | 111,973 | 8,421,490 | ||||
KBR | 233,900 | 12,801,347 | ||||
ManpowerGroup | 37,900 | 3,559,568 | ||||
Oshkosh | 59,600 | 5,998,740 | ||||
Quanta Services | 91,700 | 12,068,637 | ||||
Regal Rexnord | 32,800 | 4,879,984 | ||||
United Rentals † | 16,700 | 5,932,007 | ||||
WESCO International † | 52,900 | 6,884,406 | ||||
81,028,531 | ||||||
Real Estate Investment Trusts – 7.73% | ||||||
Apartment Income REIT | 119,329 | 6,379,328 | ||||
Brandywine Realty Trust | 343,600 | 4,858,504 | ||||
Host Hotels & Resorts | 240,200 | 4,667,086 | ||||
Kimco Realty | 301,600 | 7,449,520 | ||||
Life Storage | 48,650 | 6,831,920 | ||||
MGM Growth Properties Class A | 180,900 | 7,000,830 | ||||
Outfront Media | 221,200 | 6,288,716 | ||||
Spirit Realty Capital | 163,400 | 7,519,668 | ||||
50,995,572 | ||||||
Technology – 11.91% | ||||||
Agilent Technologies | 66,800 | 8,839,644 | ||||
Avnet | 126,800 | 5,146,812 | ||||
Ciena † | 97,300 | 5,899,299 | ||||
Fiserv † | 26,300 | 2,666,820 | ||||
Flex † | 400,300 | 7,425,565 | ||||
Keysight Technologies † | 51,700 | 8,167,049 | ||||
ON Semiconductor † | 135,700 | 8,496,177 |
21
Schedules of investments
Delaware Opportunity Fund
Number of | |||||||
shares | Value (US $) | ||||||
Common Stocks (continued) | |||||||
Technology (continued) | |||||||
Qorvo † | 50,600 | $ | 6,279,460 | ||||
Synopsys † | 37,300 | 12,430,971 | |||||
Teradyne | 94,700 | 11,196,381 | |||||
Western Digital † | 40,800 | 2,025,720 | |||||
78,573,898 | |||||||
Transportation – 2.60% | |||||||
JB Hunt Transport Services | 26,700 | 5,361,093 | |||||
Kirby † | 67,100 | 4,843,949 | |||||
Southwest Airlines † | 152,000 | 6,961,600 | |||||
17,166,642 | |||||||
Utilities – 7.14% | |||||||
CMS Energy | 114,100 | 7,980,154 | |||||
Edison International | 96,500 | 6,764,650 | |||||
MDU Resources Group | 143,500 | 3,824,275 | |||||
NRG Energy | 167,500 | 6,425,300 | |||||
Public Service Enterprise Group | 132,700 | 9,289,000 | |||||
WEC Energy Group | 58,400 | 5,828,904 | |||||
Xcel Energy | 96,900 | 6,993,273 | |||||
47,105,556 | |||||||
Total Common Stocks | |||||||
(cost $454,345,683) | 647,656,252 | ||||||
Short-Term Investments – 0.25% | |||||||
Money Market Mutual Funds – 0.25% | |||||||
BlackRock Liquidity FedFund – | |||||||
Institutional Shares (seven-day | |||||||
effective yield 0.03%) | 410,265 | 410,265 | |||||
Fidelity Government Portfolio – | |||||||
Class I (seven-day effective | |||||||
yield 0.01%) | 410,267 | 410,267 | |||||
GS Financial Square Government | |||||||
Fund – Institutional Shares | |||||||
(seven-day effective yield | |||||||
0.03%) | 410,267 | 410,267 | |||||
MSILF Government Portfolio – | |||||||
Institutional Share Class (seven- | |||||||
day effective yield 0.03%) | 410,268 | 410,268 | |||||
Total Short-Term Investments | |||||||
(cost $1,641,067) | 1,641,067 | ||||||
Total Value of Securities–98.45% | |||||||
(cost $455,986,750) | $ | 649,297,319 |
† | Non-income producing security. |
Summary of abbreviations:
GS – Goldman Sachs
REIT – Real Estate Investment Trust
See accompanying notes, which are an integral part of the financial statements.
22
Delaware Global Equity Fund
March 31, 2022 (Unaudited)
Number of | |||||||
shares | Value (US $) | ||||||
Common Stocks – 98.19%Δ | |||||||
Denmark – 3.93% | |||||||
Novo Nordisk Class B | 73,390 | $ | 8,140,136 | ||||
8,140,136 | |||||||
France – 12.01% | |||||||
Air Liquide | 47,260 | 8,267,850 | |||||
Danone | 100,370 | 5,544,739 | |||||
Orange | 416,220 | 4,928,586 | |||||
Sodexo | 75,850 | 6,172,364 | |||||
24,913,539 | |||||||
Germany – 11.63% | |||||||
adidas AG | 28,590 | 6,662,215 | |||||
Fresenius Medical Care AG & Co. | 116,440 | 7,802,741 | |||||
Knorr-Bremse | 41,250 | 3,162,102 | |||||
SAP | 58,530 | 6,486,772 | |||||
24,113,830 | |||||||
Japan – 5.96% | |||||||
Asahi Group Holdings | 83,000 | 3,022,900 | |||||
Kao | 118,300 | 4,830,267 | |||||
Makita | 72,100 | 2,306,955 | |||||
Seven & i Holdings | 46,100 | 2,197,919 | |||||
12,358,041 | |||||||
Netherlands – 3.36% | |||||||
Koninklijke Ahold Delhaize | 216,630 | 6,968,016 | |||||
6,968,016 | |||||||
Spain – 4.65% | |||||||
Amadeus IT Group † | 148,410 | 9,649,337 | |||||
9,649,337 | |||||||
Sweden – 6.05% | |||||||
Essity Class B | 214,500 | 5,061,993 | |||||
H & M Hennes & Mauritz Class B | 172,000 | 2,309,554 | |||||
Securitas Class B | 458,870 | 5,176,660 | |||||
12,548,207 | |||||||
Switzerland – 9.71% | |||||||
Nestle | 67,100 | 8,724,252 | |||||
Roche Holding | 14,840 | 5,871,622 | |||||
Swatch Group | 19,510 | 5,531,553 | |||||
20,127,427 | |||||||
United Kingdom – 9.73% | |||||||
Diageo | 172,980 | 8,774,338 | |||||
Intertek Group | 48,730 | 3,324,252 | |||||
Smith & Nephew | 507,790 | 8,076,337 | |||||
20,174,927 | |||||||
United States – 31.16% | |||||||
3M | 31,870 | 4,744,806 | |||||
Clorox | 39,970 | 5,557,029 | |||||
Conagra Brands | 150,360 | 5,047,585 | |||||
General Mills | 19,990 | 1,353,723 | |||||
Henry Schein † | 89,620 | 7,813,968 | |||||
Ingredion | 63,600 | 5,542,740 | |||||
Kimberly-Clark | 54,340 | 6,692,514 | |||||
Lamb Weston Holdings | 155,410 | 9,310,613 | |||||
Merck & Co. | 93,550 | 7,675,778 | |||||
Parker-Hannifin | 7,790 | 2,210,490 | |||||
Pfizer | 123,550 | 6,396,184 | |||||
Visa Class A | 10,220 | 2,266,489 | |||||
64,611,919 | |||||||
Total Common Stocks | |||||||
(cost $205,042,655) | 203,605,379 | ||||||
Exchange-Traded Fund – 1.02% | |||||||
Vanguard S&P 500 ETF | 5,120 | 2,125,670 | |||||
Total Exchange-Traded Fund | |||||||
(cost $2,023,075) | 2,125,670 | ||||||
Short-Term Investments – 0.09% | |||||||
Money Market Mutual Funds – 0.09% | |||||||
BlackRock FedFund – Institutional | |||||||
Shares (seven-day effective | |||||||
yield 0.23%) | 46,639 | 46,639 | |||||
Fidelity Investments Money Market | |||||||
Government Portfolio – Class I | |||||||
(seven-day effective yield | |||||||
0.12%) | 46,638 | 46,638 | |||||
GS Financial Square Government | |||||||
Fund – Institutional Shares | |||||||
(seven-day effective yield | |||||||
0.25%) | 46,638 | 46,638 | |||||
Morgan Stanley Government | |||||||
Portfolio – Institutional Share | |||||||
Class (seven-day effective yield | |||||||
0.23%) | 46,639 | 46,639 | |||||
Total Short-Term Investments | |||||||
(cost $186,554) | 186,554 | ||||||
Total Value of Securities–99.30% | |||||||
(cost $207,252,284) | $ | 205,917,603 |
Δ | Securities have been classified by country of origin. Aggregate classification by business sector has been presented on page 10 in “Security type / country and sector allocations.” |
† | Non-income producing security. |
The following foreign currency exchange contracts were outstanding at March 31, 2022:1
23
Schedules of investments
Delaware Global Equity Fund
Foreign Currency Exchange Contracts
Currency to | Settlement | Unrealized | Unrealized | ||||||||||||||||
Counterparty | Receive (Deliver) | In Exchange For | Date | Appreciation | Depreciation | ||||||||||||||
BNYM | CHF | (58,959 | ) | USD | 63,918 | 4/4/22 | $ | 105 | $ | — | |||||||||
BNYM | EUR | 90,421 | USD | (100,939 | ) | 4/1/22 | — | (907 | ) | ||||||||||
BNYM | SEK | (1,051,050 | ) | USD | 113,419 | 4/1/22 | 1,632 | — | |||||||||||
BNYM | SEK | (970,423 | ) | USD | 103,398 | 4/4/22 | 181 | — | |||||||||||
Total Foreign Currency Exchange Contracts | $ | 1,918 | $ | (907 | ) |
The use of foreign currency exchange contracts involves elements of market risk and risks in excess of the amounts disclosed in the financial statements. The foreign currency exchange contracts presented above represent the Fund’s total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) is reflected in the Fund’s net assets.
1 | See Note 6 in "Notes to financial statements". |
Summary of abbreviations:
AG – Aktiengesellschaft
BNYM – Bank of New York Mellon
ETF – Exchange-Traded Fund
GS – Goldman Sachs
S&P – Standard & Poor’s Financial Services LLC
Summary of currencies:
CHF – Swiss Franc
EUR – European Monetary Unit
SEK – Swedish Krona
USD – US Dollar
See accompanying notes, which are an integral part of the financial statements.
24
Delaware Covered Call Strategy Fund
March 31, 2022 (Unaudited)
Number of | |||||||||
shares | Value (US $) | ||||||||
Common Stocks – 101.90%◆ | |||||||||
Communication Services – 7.81% | |||||||||
Alphabet Class A ~, † | 2,800 | $ | 7,787,780 | ||||||
Meta Platforms Class A ~, † | 8,500 | 1,890,060 | |||||||
9,677,840 | |||||||||
Consumer Discretionary – 15.09% | |||||||||
Amazon.com ~, † | 1,000 | 3,259,950 | |||||||
Booking Holdings ~, † | 2,100 | 4,931,745 | |||||||
Home Depot ~ | 14,900 | 4,460,017 | |||||||
Tesla ~, † | 3,300 | 3,556,080 | |||||||
Whirlpool ~ | 14,400 | 2,488,032 | |||||||
18,695,824 | |||||||||
Consumer Staples – 4.98% | |||||||||
Costco Wholesale ~ | 10,700 | 6,161,595 | |||||||
6,161,595 | |||||||||
Energy – 6.87% | |||||||||
Chevron ~ | 25,100 | 4,087,033 | |||||||
Exxon Mobil ~ | 53,600 | 4,426,824 | |||||||
8,513,857 | |||||||||
Financials – 8.60% | |||||||||
Bank of America ~ | 95,200 | 3,924,144 | |||||||
BlackRock ~ | 6,100 | 4,661,437 | |||||||
JPMorgan Chase & Co. ~ | 15,200 | 2,072,064 | |||||||
10,657,645 | |||||||||
Healthcare – 8.91% | |||||||||
Bristol-Myers Squibb ~ | 26,300 | 1,920,689 | |||||||
Medtronic ~ | 39,400 | 4,371,430 | |||||||
UnitedHealth Group ~ | 9,300 | 4,742,721 | |||||||
11,034,840 | |||||||||
Industrials – 11.33% | |||||||||
Honeywell International ~ | 11,900 | 2,315,502 | |||||||
Lockheed Martin ~ | 6,300 | 2,780,820 | |||||||
Raytheon Technologies ~ | 24,900 | 2,466,843 | |||||||
Southwest Airlines ~, † | 62,100 | 2,844,180 | |||||||
Union Pacific ~ | 13,300 | 3,633,693 | |||||||
14,041,038 | |||||||||
Information Technology – 31.10% | |||||||||
Apple ~ | 69,100 | 12,065,551 | |||||||
Broadcom ~ | 9,600 | 6,044,928 | |||||||
Mastercard Class A ~ | 11,800 | 4,217,084 | |||||||
Microsoft ~ | 34,300 | 10,575,033 | |||||||
Texas Instruments ~ | 30,700 | 5,632,836 | |||||||
38,535,432 | |||||||||
Materials – 3.30% | |||||||||
PPG Industries ~ | 31,200 | 4,089,384 | |||||||
4,089,384 | |||||||||
Utilities – 3.91% | |||||||||
NextEra Energy ~ | 57,200 | 4,845,412 | |||||||
4,845,412 | |||||||||
Total Common Stocks | |||||||||
(cost $79,194,661) | 126,252,867 | ||||||||
Short-Term Investments – 1.37% | |||||||||
Money Market Mutual Funds – 1.37% | |||||||||
BlackRock FedFund – Institutional | |||||||||
Shares (seven-day effective | |||||||||
yield 0.23%) | 425,275 | 425,275 | |||||||
Fidelity Investments Money Market | |||||||||
Government Portfolio – Class I | |||||||||
(seven-day effective yield | |||||||||
0.12%) | 425,276 | 425,276 | |||||||
GS Financial Square Government | |||||||||
Fund – Institutional Shares | |||||||||
(seven-day effective yield | |||||||||
0.25%) | 425,276 | 425,276 | |||||||
Morgan Stanley Government | |||||||||
Portfolio – Institutional Share | |||||||||
Class (seven-day effective yield | |||||||||
0.23%) | 425,277 | 425,277 | |||||||
Total Short-Term Investments | |||||||||
(cost $1,701,104) | 1,701,104 | ||||||||
Total Value of Securities Before | |||||||||
Options Written–103.27% | |||||||||
(cost $80,895,765) | 127,953,971 | ||||||||
Number of | |||||||||
contracts | |||||||||
Options Written – (3.40%) | |||||||||
Equity Call Options – (3.40%) | |||||||||
Alphabet, strike price $2,820, | |||||||||
expiration date 4/14/22, notional | |||||||||
amount $(7,896,000) | (28 | ) | (102,900 | ) | |||||
Amazon.com, strike price $3,400, | |||||||||
expiration date 4/14/22, notional | |||||||||
amount $(3,400,000) | (10 | ) | (23,775 | ) | |||||
Apple, strike price $170, expiration | |||||||||
date 4/14/22, notional amount | |||||||||
$(11,747,000) | (691 | ) | (443,967 | ) | |||||
Bank of America, strike price $46, | |||||||||
expiration date 6/17/22, notional | |||||||||
amount $(4,379,200) | (952 | ) | (62,832 | ) | |||||
BlackRock, strike price $810, | |||||||||
expiration date 6/17/22, notional | |||||||||
amount $(4,941,000) | (61 | ) | (107,055 | ) |
25
Schedules of investments
Delaware Covered Call Strategy Fund
Number of | |||||||||
contracts | Value (US $) | ||||||||
Options Written (continued) | |||||||||
Equity Call Options (continued) | |||||||||
Booking Holdings, strike price | |||||||||
$2,800, expiration date 6/17/22, | |||||||||
notional amount $(5,880,000) | (21 | ) | $ | (60,900 | ) | ||||
Bristol-Myers Squibb, strike price | |||||||||
$75, expiration date 9/16/22, | |||||||||
notional amount $(1,972,500) | (263 | ) | (74,035 | ) | |||||
Broadcom, strike price $630, | |||||||||
expiration date 5/20/22, notional | |||||||||
amount $(6,048,000) | (96 | ) | (264,000 | ) | |||||
Chevron, strike price $160, | |||||||||
expiration date 8/19/22, notional | |||||||||
amount $(4,016,000) | (251 | ) | (315,632 | ) | |||||
Costco Wholesale, strike price | |||||||||
$525, expiration date 4/14/22, | |||||||||
notional amount $(5,617,500) | (107 | ) | (559,877 | ) | |||||
Exxon Mobil, strike price $80, | |||||||||
expiration date 5/20/22, notional | |||||||||
amount $(4,288,000) | (536 | ) | (276,040 | ) | |||||
Home Depot, strike price $380, | |||||||||
expiration date 4/14/22, notional | |||||||||
amount $(5,662,000) | (149 | ) | (596 | ) | |||||
Honeywell International, strike | |||||||||
price $210, expiration date | |||||||||
6/17/22, notional amount | |||||||||
$(2,499,000) | (119 | ) | (25,109 | ) | |||||
JPMorgan Chase & Co., strike | |||||||||
price $160, expiration date | |||||||||
4/14/22, notional amount | |||||||||
$(2,432,000) | (152 | ) | (608 | ) | |||||
Lockheed Martin, strike price $410, | |||||||||
expiration date 4/14/22, notional | |||||||||
amount $(2,583,000) | (63 | ) | (211,680 | ) | |||||
Mastercard, strike price $360, | |||||||||
expiration date 6/17/22, notional | |||||||||
amount $(4,248,000) | (118 | ) | (223,610 | ) | |||||
Medtronic, strike price $110, | |||||||||
expiration date 4/14/22, notional | |||||||||
amount $(4,334,000) | (394 | ) | (90,029 | ) | |||||
Meta Platforms, strike price $250, | |||||||||
expiration date 6/17/22, notional | |||||||||
amount $(2,125,000) | (85 | ) | (56,100 | ) | |||||
Microsoft, strike price $315, | |||||||||
expiration date 4/14/22, notional | |||||||||
amount $(10,804,500) | (343 | ) | (114,905 | ) | |||||
NextEra Energy, strike price | |||||||||
$87.50, expiration date 6/17/22, | |||||||||
notional amount $(5,005,000) | (572 | ) | (132,990 | ) | |||||
PPG Industries, strike price $160, | |||||||||
expiration date 5/20/22, notional | |||||||||
amount $(4,992,000) | (312 | ) | (74,880 | ) | |||||
Raytheon Technologies, strike | |||||||||
price $100, expiration date | |||||||||
5/20/22, notional amount | |||||||||
$(2,490,000) | (249 | ) | (77,813 | ) | |||||
Southwest Airlines, strike price | |||||||||
$50, expiration date 4/14/22, | |||||||||
notional amount $(3,105,000) | (621 | ) | (10,868 | ) | |||||
Tesla, strike price $1,025, | |||||||||
expiration date 4/14/22, notional | |||||||||
amount $(3,382,500) | (33 | ) | (257,977 | ) | |||||
Texas Instruments, strike price | |||||||||
$185, expiration date 5/20/22, | |||||||||
notional amount $(5,679,500) | (307 | ) | (200,318 | ) | |||||
Union Pacific, strike price $275, | |||||||||
expiration date 5/20/22, notional | |||||||||
amount $(3,657,500) | (133 | ) | (112,053 | ) | |||||
UnitedHealth Group, strike price | |||||||||
$480, expiration date 4/14/22, | |||||||||
notional amount $(4,464,000) | (93 | ) | (311,317 | ) | |||||
Whirlpool, strike price $210, | |||||||||
expiration date 6/17/22, notional | |||||||||
amount $(3,024,000) | (144 | ) | (25,200 | ) | |||||
Total Options Written | |||||||||
(premium received $3,968,372) | $ | (4,217,066 | ) |
◆ | 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
See accompanying notes, which are an integral part of the financial statements.
26
Delaware Hedged U.S. Equity Opportunities Fund
March 31, 2022 (Unaudited)
Number of | ||||||
shares | Value (US $) | |||||
Common Stocks – 95.75% | ||||||
Communication Services – 8.40% | ||||||
Activision Blizzard | 1,211 | $ | 97,013 | |||
Alphabet Class A † | 596 | 1,657,685 | ||||
Alphabet Class C † | 148 | 413,363 | ||||
AT&T | 3,207 | 75,781 | ||||
Cable One | 283 | 414,380 | ||||
Cargurus † | 4,152 | 176,294 | ||||
Charter Communications Class A † | 259 | 141,290 | ||||
Electronic Arts | 2,802 | 354,481 | ||||
Match Group † | 2,181 | 237,162 | ||||
Meta Platforms Class A † | 2,350 | 522,546 | ||||
Omnicom Group | 1,380 | 117,134 | ||||
Pinterest Class A † | 2,278 | 56,062 | ||||
Roku † | 1,844 | 230,998 | ||||
Snap Class A † | 6,580 | 236,814 | ||||
Spotify Technology † | 1,411 | 213,089 | ||||
T-Mobile US † | 3,257 | 418,036 | ||||
Twitter † | 2,439 | 94,365 | ||||
Verizon Communications | 1,629 | 82,981 | ||||
Walt Disney † | 1,213 | 166,375 | ||||
ZoomInfo Technologies Class A † | 2,187 | 130,651 | ||||
5,836,500 | ||||||
Consumer Discretionary – 12.28% | ||||||
Airbnb Class A † | 3,630 | 623,489 | ||||
Alibaba Group Holding ADR † | 600 | 65,280 | ||||
Amazon.com † | 516 | 1,682,134 | ||||
CarMax † | 2,356 | 227,307 | ||||
Chewy Class A † | 2,223 | 90,654 | ||||
Choice Hotels International | 1,597 | 226,391 | ||||
Compass Group † | 13,663 | 294,029 | ||||
Denny's † | 9,855 | 141,025 | ||||
Dollar General | 472 | 105,081 | ||||
Dollar Tree † | 1,174 | 188,016 | ||||
DraftKings Class A † | 6,396 | 124,530 | ||||
Etsy † | 1,803 | 224,077 | ||||
Garmin | 1,731 | 205,314 | ||||
General Motors † | 1,925 | 84,199 | ||||
Genuine Parts | 876 | 110,393 | ||||
Las Vegas Sands † | 4,812 | 187,042 | ||||
Lennar Class A | 1,506 | 122,242 | ||||
Lululemon Athletica † | 811 | 296,202 | ||||
McDonald's | 2,282 | 564,293 | ||||
NIKE Class B | 4,775 | 642,524 | ||||
NVR † | 96 | 428,858 | ||||
Peloton Interactive Class A † | 4,480 | 118,362 | ||||
Six Flags Entertainment † | 6,082 | 264,567 | ||||
Steven Madden | 4,212 | 162,752 | ||||
Tesla † | 66 | 71,122 | ||||
Thor Industries | 1,447 | 113,879 | ||||
TJX | 12,406 | 751,555 | ||||
Ulta Beauty † | 722 | 287,515 | ||||
Visteon † | 1,244 | 135,758 | ||||
8,538,590 | ||||||
Consumer Staples – 5.78% | ||||||
Clorox | 97 | 13,486 | ||||
Coca-Cola | 7,314 | 453,468 | ||||
Colgate-Palmolive | 8,938 | 677,769 | ||||
Costco Wholesale | 245 | 141,083 | ||||
General Mills | 1,208 | 81,806 | ||||
Hormel Foods | 1,898 | 97,823 | ||||
Kellogg | 1,409 | 90,866 | ||||
Keurig Dr Pepper | 7,045 | 267,006 | ||||
PepsiCo | 4,291 | 718,228 | ||||
Philip Morris International | 2,295 | 215,592 | ||||
Procter & Gamble | 4,915 | 751,012 | ||||
Sysco | 796 | 64,993 | ||||
Unilever | 4,082 | 185,334 | ||||
US Foods Holding † | 4,496 | 169,184 | ||||
Walmart | 616 | 91,735 | ||||
4,019,385 | ||||||
Energy – 1.51% | ||||||
Baker Hughes | 2,348 | 85,491 | ||||
Canadian Natural Resources | 4,632 | 287,091 | ||||
ConocoPhillips | 1,076 | 107,600 | ||||
Diamondback Energy | 1,101 | 150,925 | ||||
Marathon Oil | 7,594 | 190,685 | ||||
Schlumberger | 2,982 | 123,187 | ||||
SolarEdge Technologies † | 332 | 107,027 | ||||
1,052,006 | ||||||
Financials – 13.67% | ||||||
Aegon | 37,886 | 200,417 | ||||
AerCap Holdings † | 3,133 | 157,527 | ||||
Alleghany † | 330 | 279,510 | ||||
American Express | 2,961 | 553,707 | ||||
Apollo Global Management | 2,138 | 132,535 | ||||
Arthur J Gallagher & Co. | 760 | 132,696 | ||||
Assurant | 910 | 165,465 | ||||
Bank of America | 8,116 | 334,542 | ||||
Berkshire Hathaway Class B † | 1,113 | 392,789 | ||||
Brown & Brown | 1,661 | 120,040 | ||||
Cadence Bank | 4,941 | 144,574 | ||||
Charles Schwab | 7,388 | 622,882 | ||||
Chubb | 4,658 | 996,346 | ||||
Credit Acceptance † | 470 | 258,674 | ||||
Equitable Holdings | 3,833 | 118,478 | ||||
First Citizens BancShares Class A | 140 | 93,184 | ||||
First Republic Bank | 797 | 129,194 | ||||
Globe Life | 1,743 | 175,346 | ||||
Hanover Insurance Group | 1,154 | 172,546 |
27
Schedules of investments
Delaware Hedged U.S. Equity Opportunities Fund
Number of | ||||||
shares | Value (US $) | |||||
Common Stocks (continued) | ||||||
Financials (continued) | ||||||
Intercontinental Exchange | 842 | $ | 111,245 | |||
Kemper | 2,306 | 130,381 | ||||
M&T Bank | 2,637 | 446,971 | ||||
Markel † | 245 | 361,434 | ||||
Marsh & McLennan | 4,970 | 846,987 | ||||
MetLife | 4,005 | 281,471 | ||||
Moody's | 265 | 89,414 | ||||
Progressive | 1,827 | 208,260 | ||||
Raymond James Financial | 2,150 | 236,307 | ||||
Royal Bank of Canada | 1,925 | 211,940 | ||||
S&P Global | 706 | 289,587 | ||||
Travelers | 784 | 143,260 | ||||
Voya Financial | 5,352 | 355,105 | ||||
Western Alliance Bancorp | 2,019 | 167,214 | ||||
White Mountains Insurance Group | 81 | 92,035 | ||||
Willis Towers Watson | 412 | 97,323 | ||||
Zions Bancorp | 3,879 | 254,307 | ||||
9,503,693 | ||||||
Healthcare – 13.57% | ||||||
Abbott Laboratories | 500 | 59,180 | ||||
ABIOMED † | 503 | 166,614 | ||||
Agilent Technologies | 674 | 89,190 | ||||
Alnylam Pharmaceuticals † | 422 | 68,908 | ||||
Apellis Pharmaceuticals † | 1,571 | 79,823 | ||||
AstraZeneca ADR | 2,668 | 176,995 | ||||
Baxter International | 5,727 | 444,072 | ||||
Becton Dickinson and Co. | 840 | 223,440 | ||||
Biogen † | 582 | 122,569 | ||||
Boston Scientific † | 3,690 | 163,430 | ||||
Bristol-Myers Squibb | 1,455 | 106,259 | ||||
Centene † | 2,864 | 241,120 | ||||
Cerner | 995 | 93,092 | ||||
CVS Health | 2,166 | 219,221 | ||||
Danaher | 1,802 | 528,581 | ||||
DENTSPLY SIRONA | 3,804 | 187,233 | ||||
Dexcom † | 371 | 189,804 | ||||
Eli Lilly & Co. | 460 | 131,730 | ||||
Encompass Health | 5,648 | 401,629 | ||||
Exact Sciences † | 3,778 | 264,158 | ||||
Humana | 459 | 199,743 | ||||
Illumina † | 906 | 316,556 | ||||
Insulet † | 388 | 103,359 | ||||
Integra LifeSciences | ||||||
Holdings † | 2,752 | 176,844 | ||||
Intuitive Surgical † | 202 | 60,939 | ||||
Jazz Pharmaceuticals † | 567 | 88,265 | ||||
Johnson & Johnson | 4,410 | 781,584 | ||||
Medtronic | 5,066 | 562,073 | ||||
Merck & Co. | 1,140 | 93,537 | ||||
Molina Healthcare † | 676 | 225,507 | ||||
Organon & Co. | 1,729 | 60,394 | ||||
Pfizer | 2,411 | 124,817 | ||||
PTC Therapeutics † | 1,871 | 69,807 | ||||
Regeneron Pharmaceuticals † | 246 | 171,811 | ||||
Sanofi | 1,160 | 118,598 | ||||
Seagen † | 1,986 | 286,083 | ||||
STERIS | 44 | 10,638 | ||||
Stryker | 1,948 | 520,798 | ||||
Teleflex | 341 | 120,997 | ||||
Thermo Fisher Scientific | 190 | 112,224 | ||||
Ultragenyx Pharmaceutical † | 1,022 | 74,218 | ||||
UnitedHealth Group | 1,555 | 793,003 | ||||
Veeva Systems Class A † | 1,479 | 314,228 | ||||
Vertex Pharmaceuticals † | 333 | 86,903 | ||||
9,429,974 | ||||||
Industrials – 11.54% | ||||||
Airbus † | 852 | 102,810 | ||||
AMERCO | 264 | 157,592 | ||||
Boeing † | 604 | 115,666 | ||||
Canadian National Railway | 1,774 | 237,971 | ||||
Cintas | 740 | 314,789 | ||||
Clean Harbors † | 1,827 | 203,966 | ||||
Copart † | 3,493 | 438,267 | ||||
CoStar Group † | 2,051 | 136,617 | ||||
CRH | 3,997 | 159,647 | ||||
Enovis † | 3,057 | 121,638 | ||||
Expeditors International of | ||||||
Washington | 2,708 | 279,357 | ||||
Fastenal | 3,730 | 221,562 | ||||
Fortive | 1,761 | 107,298 | ||||
Honeywell International | 3,657 | 711,579 | ||||
IDEX | 1,095 | 209,944 | ||||
II-VI † | 2,304 | 167,017 | ||||
JB Hunt Transport Services | 747 | 149,990 | ||||
JELD-WEN Holding † | 4,090 | 82,945 | ||||
John Bean Technologies | 1,158 | 137,188 | ||||
Johnson Controls International | 2,989 | 195,989 | ||||
Knight-Swift Transportation | ||||||
Holdings | 2,036 | 102,737 | ||||
Lennox International | 727 | 187,464 | ||||
Lockheed Martin | 695 | 306,773 | ||||
Middleby † | 1,723 | 282,469 | ||||
Northrop Grumman | 1,613 | 721,366 | ||||
PACCAR | 3,753 | 330,527 | ||||
Raytheon Technologies | 2,833 | 280,665 | ||||
Rollins | 2,365 | 82,893 | ||||
Spirit AeroSystems Holdings | ||||||
Class A | 3,493 | 170,773 |
28
Number of | ||||||
shares | Value (US $) | |||||
Common Stocks (continued) | ||||||
Industrials (continued) | ||||||
Uber Technologies † | 3,491 | $ | 124,559 | |||
Union Pacific | 1,942 | 530,574 | ||||
Waste Connections | 852 | 119,024 | ||||
Westinghouse Air Brake | ||||||
Technologies | 5,506 | 529,512 | ||||
8,021,168 | ||||||
Information Technology – 20.29% | ||||||
Accenture Class A | 1,252 | 422,212 | ||||
Advanced Micro Devices † | 3,457 | 377,988 | ||||
Amphenol Class A | 1,144 | 86,200 | ||||
ANSYS † | 227 | 72,107 | ||||
Apple | 8,017 | 1,399,848 | ||||
Arista Networks † | 2,529 | 351,480 | ||||
Automatic Data Processing | 541 | 123,099 | ||||
Black Knight † | 2,146 | 124,447 | ||||
Block † | 1,962 | 266,047 | ||||
Broadcom | 161 | 101,378 | ||||
CDW | 757 | 135,420 | ||||
Cisco Systems | 407 | 22,694 | ||||
Cognizant Technology Solutions | ||||||
Class A | 3,180 | 285,151 | ||||
Constellation Software | 224 | 382,904 | ||||
DocuSign † | 1,183 | 126,723 | ||||
Dynatrace † | 2,210 | 104,091 | ||||
EPAM Systems † | 149 | 44,195 | ||||
F5 † | 1,979 | 413,512 | ||||
Fair Isaac † | 188 | 87,694 | ||||
Fidelity National Information | ||||||
Services | 2,225 | 223,434 | ||||
Five9 † | 846 | 93,398 | ||||
Fleetcor Technologies † | 741 | 184,553 | ||||
Flex † | 8,689 | 161,181 | ||||
Genpact | 5,783 | 251,618 | ||||
GoDaddy Class A † | 2,126 | 177,946 | ||||
Guidewire Software † | 850 | 80,427 | ||||
Intel | 1,543 | 76,471 | ||||
KLA | 199 | 72,846 | ||||
Leidos Holdings | 4,061 | 438,669 | ||||
Lumentum Holdings † | 3,933 | 383,861 | ||||
Mastercard Class A | 1,533 | 547,864 | ||||
Micron Technology | 2,328 | 181,328 | ||||
Microsoft | 5,651 | 1,742,260 | ||||
MKS Instruments | 1,865 | 279,750 | ||||
MongoDB † | 501 | 222,239 | ||||
Motorola Solutions | 223 | 54,011 | ||||
NVIDIA | 1,284 | 350,352 | ||||
NXP Semiconductors | 458 | 84,767 | ||||
Okta † | 836 | 126,203 | ||||
Oracle | 1,425 | 117,890 | ||||
Palo Alto Networks † | 400 | 249,004 | ||||
Paychex | 1,012 | 138,108 | ||||
Paycom Software † | 646 | 223,761 | ||||
PayPal Holdings † | 398 | 46,029 | ||||
Qorvo † | 909 | 112,807 | ||||
RingCentral Class A † | 1,113 | 130,455 | ||||
Salesforce † | 1,137 | 241,408 | ||||
Samsung Electronics GDR | 70 | 89,715 | ||||
Shopify Class A † | 75 | 50,697 | ||||
Synaptics † | 599 | 119,500 | ||||
Topicus.com † | 360 | 26,853 | ||||
Tyler Technologies † | 205 | 91,202 | ||||
UiPath Class A † | 4,666 | 100,739 | ||||
Universal Display | 606 | 101,172 | ||||
Visa Class A | 3,776 | 837,404 | ||||
VMware Class A | 1,979 | 225,349 | ||||
WEX † | 941 | 167,921 | ||||
Workday Class A † | 1,562 | 374,037 | ||||
14,104,419 | ||||||
Materials – 3.83% | ||||||
Albemarle | 633 | 139,988 | ||||
Ball | 1,357 | 122,130 | ||||
Celanese | 992 | 141,727 | ||||
Ecolab | 3,511 | 619,902 | ||||
FMC | 3,820 | 502,597 | ||||
Linde | 1,514 | 483,617 | ||||
PPG Industries | 1,118 | 146,536 | ||||
Reliance Steel & Aluminum | 1,342 | 246,056 | ||||
Rio Tinto ADR | 1,017 | 81,767 | ||||
Sherwin-Williams | 718 | 179,227 | ||||
2,663,547 | ||||||
Real Estate – 2.98% | ||||||
American Tower | 2,274 | 571,274 | ||||
Americold Realty Trust | 4,858 | 135,441 | ||||
AvalonBay Communities | 479 | 118,969 | ||||
Equinix | 222 | 164,640 | ||||
Gaming and Leisure Properties | 4,029 | 189,081 | ||||
Innovative Industrial Properties | 379 | 77,847 | ||||
Public Storage | 637 | 248,608 | ||||
Ryman Hospitality Properties † | 1,947 | 180,623 | ||||
VICI Properties | 8,452 | 240,544 | ||||
Welltower | 1,461 | 140,461 | ||||
2,067,488 | ||||||
Utilities – 1.90% | ||||||
American Electric Power | 70 | 6,984 | ||||
Avangrid | 1,577 | 73,709 | ||||
Consolidated Edison | 1,509 | 142,872 | ||||
Constellation Energy | 1 | 56 | ||||
Dominion Energy | 846 | 71,885 |
29
Schedules of investments
Delaware Hedged U.S. Equity Opportunities Fund
Number of | |||||||
shares | Value (US $) | ||||||
Common Stocks (continued) | |||||||
Utilities (continued) | |||||||
Duke Energy | 2,121 | $ | 236,831 | ||||
Exelon | 5,268 | 250,915 | |||||
Iberdrola | 14,035 | 153,402 | |||||
Pinnacle West Capital | 1,773 | 138,471 | |||||
UGI | 3,802 | 137,709 | |||||
WEC Energy Group | 1,100 | 109,791 | |||||
1,322,625 | |||||||
Total Common Stocks | |||||||
(cost $59,015,100) | 66,559,395 | ||||||
Exchange-Traded Fund – 0.61% | |||||||
iShares Russell 1000 Growth ETF | 1,534 | 425,885 | |||||
Total Exchange-Traded Fund | |||||||
(cost $413,202) | 425,885 | ||||||
Number of | |||||||
contracts | |||||||
Options Purchased – 1.03% | |||||||
Options on Indices – 1.03% | |||||||
S&P 500 Index, strike price $3,950, | |||||||
expiration date 9/16/22, notional | |||||||
amount $4,740,000 | 12 | 120,660 | |||||
S&P 500 Index, strike price $3,950, | |||||||
expiration date 12/16/22, | |||||||
notional amount $6,320,000 | 16 | 239,440 | |||||
S&P 500 Index, strike price $4,100, | |||||||
expiration date 5/20/22, notional | |||||||
amount $4,920,000 | 12 | 35,760 | |||||
S&P 500 Index, strike price $4,100, | |||||||
expiration date | |||||||
6/17/22, notional amount | |||||||
$6,560,000 | 16 | 89,200 | |||||
S&P 500 Index, strike price $4,225, | |||||||
expiration date | |||||||
9/16/22, notional amount | |||||||
$6,337,500 | 15 | 229,575 | |||||
Total Options Purchased | |||||||
(cost $1,222,596) | 714,635 | ||||||
Number of | |||||||
shares | |||||||
Short-Term Investments – 1.96% | |||||||
Money Market Mutual Funds – 1.96% | |||||||
BlackRock FedFund – Institutional | |||||||
Shares (seven-day effective yield | |||||||
0.23%) | 340,318 | 340,318 | |||||
Fidelity Investments Money Market | |||||||
Government Portfolio – Class I | |||||||
(seven-day effective yield 0.12%) | 340,319 | 340,319 | |||||
GS Financial Square Government | |||||||
Fund – Institutional Shares | |||||||
(seven-day effective yield 0.25%) | 340,319 | 340,319 | |||||
Morgan Stanley Government | |||||||
Portfolio – Institutional Share | |||||||
Class (seven-day effective yield | |||||||
0.23%) | 340,319 | 340,319 | |||||
Total Short-Term Investments | |||||||
(cost $1,361,275) | 1,361,275 | ||||||
Total Value of Securities Before | |||||||
Options Written–99.35% | |||||||
(cost $62,012,173) | 69,061,190 | ||||||
Number of | |||||||
contracts | |||||||
Options Written – (0.56%) | |||||||
Options on Indices – (0.56%) | |||||||
S&P 500 Index, strike price $3,750, | |||||||
expiration date 6/17/22, notional | |||||||
amount $(6,000,000) | (16) | (39,520 | ) | ||||
S&P 500 Index, strike price $3,850, | |||||||
expiration date 9/16/22, notional | |||||||
amount $(5,775,000) | (15) | (128,850 | ) | ||||
S&P 500 Index, strike price $3,600, | |||||||
expiration date 9/16/22, notional | |||||||
amount $(4,320,000) | (12) | (69,480 | ) | ||||
S&P 500 Index, strike price $3,600, | |||||||
expiration date 12/16/22, | |||||||
notional amount $(5,760,000) | (16) | (151,680 | ) | ||||
Total Options Written | |||||||
(premium received $746,009) | $ | (389,530 | ) |
† | Non-income producing security. |
30
The following foreign currency exchange contracts and futures contracts were outstanding at March 31, 2022:1
Foreign Currency Exchange Contracts
Currency to | Settlement | Unrealized | Unrealized | |||||||||||||||||
Counterparty | Receive (Deliver) | In Exchange For | Date | Appreciation | Depreciation | |||||||||||||||
BNYM | CAD | (12,200 | ) | USD | 9,774 | 4/1/22 | $ | 15 | $ | – | ||||||||||
BNYM | CAD | (1,104 | ) | USD | 882 | 4/1/22 | – | (1 | ) | |||||||||||
BNYM | EUR | (6,400 | ) | USD | 7,084 | 4/1/22 | 4 | – | ||||||||||||
BNYM | GBP | (3,355 | ) | USD | 4,407 | 4/1/22 | – | (1 | ) | |||||||||||
DB | GBP | (459,000 | ) | USD | 615,939 | 6/15/22 | 13,146 | – | ||||||||||||
TD | CAD | (1,295,000 | ) | USD | 1,014,378 | 6/15/22 | – | (21,294 | ) | |||||||||||
Total Foreign Currency Exchange Contracts | $ | 13,165 | $ | (21,296 | ) |
Futures Contracts Exchange-Traded
Variation | |||||||||||||||||||
Margin | |||||||||||||||||||
Notional | Value/ | Due from | |||||||||||||||||
Notional | Cost | Expiration | Unrealized | (Due to) | |||||||||||||||
Contracts to Buy (Sell) | Amount | (Proceeds) | Date | Depreciation | Brokers | ||||||||||||||
(17) | E-mini S&P 500 Index | $ | (3,851,137 | ) | $ | (3,654,943 | ) | 6/17/22 | $ | (196,194 | ) | $ | 55,463 | ||||||
E-mini S&P MidCap | |||||||||||||||||||
(21) | 400 Index | (5,647,320 | ) | (5,376,644 | ) | 6/17/22 | (270,676 | ) | 80,850 | ||||||||||
(16) | EURO STOXX 50 Index | (676,671 | ) | (670,140 | ) | 6/17/22 | (6,531 | ) | 7,191 | ||||||||||
(11) | FTSE 100 Index | (1,081,738 | ) | (1,031,432 | ) | 6/17/22 | (50,306 | ) | 4,397 | ||||||||||
(2) | MSCI EAFE Index | (214,440 | ) | (202,851 | ) | 6/17/22 | (11,589 | ) | 3,640 | ||||||||||
(5) | S&P/TSX 60 Index | (1,053,554 | ) | (1,032,336 | ) | 6/16/22 | (21,218 | ) | 9,823 | ||||||||||
Total Futures Contracts | $ | (11,968,346 | ) | $ | (556,514 | ) | $ | 161,364 |
The use of foreign currency exchange contracts and futures contracts involve elements of market risk and risks in excess of the amounts disclosed in these financial statements. The foreign currency exchange contracts and notional amounts presented above represent the Fund’s total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) and variation margin are reflected in the Fund’s net assets.
1See Note 6 in “Notes to financial statements.”
Summary of abbreviations:
ADR – American Depositary Receipt
DB – Deutsche Bank
EAFE – Europe, Australasia, and Far East
ETF – Exchange-Traded Fund
FTSE – Financial Times Stock Exchange
GDR – Global Depositary Receipt
GS – Goldman Sachs
MSCI – Morgan Stanley Capital International
S&P – Standard & Poor’s Financial Services
LLC TD – TD Bank
Summary of currencies:
CAD – Canadian Dollar
EUR – European Monetary Unit
31
Schedules of investments
Delaware Hedged U.S. Equity Opportunities Fund
Summary of currencies: (continued)
GBP – British Pound Sterling
USD – US Dollar
See accompanying notes, which are an integral part of the financial statements.
32
Delaware Premium Income Fund
March 31, 2022 (Unaudited)
Number of | ||||||
shares | Value (US $) | |||||
Common Stocks – 119.94% ♦ | ||||||
Communication Services – 8.96% | ||||||
Alphabet Class A ~, † | 600 | $ | 1,668,810 | |||
Comcast Class A ~ | 27,600 | 1,292,232 | ||||
Meta Platforms Class A ~, † | 5,900 | 1,311,924 | ||||
4,272,966 | ||||||
Consumer Discretionary – 14.29% | ||||||
Booking Holdings ~, † | 500 | 1,174,225 | ||||
Darden Restaurants ~ | 9,800 | 1,302,910 | ||||
Home Depot ~ | 5,900 | 1,766,047 | ||||
TJX ~ | 16,800 | 1,017,744 | ||||
Whirlpool ~ | 9,000 | 1,555,020 | ||||
6,815,946 | ||||||
Consumer Staples – 8.59% | ||||||
Constellation Brands Class A ~ | 9,400 | 2,165,008 | ||||
Mondelez International Class A ~ | 22,700 | 1,425,106 | ||||
Sysco ~ | 6,200 | 506,230 | ||||
4,096,344 | ||||||
Energy – 9.58% | ||||||
Chevron ~ | 20,500 | 3,338,015 | ||||
Exxon Mobil ~ | 14,900 | 1,230,591 | ||||
4,568,606 | ||||||
Financials – 13.74% | ||||||
American Express ~ | 9,300 | 1,739,100 | ||||
Bank of America ~ | 44,200 | 1,821,924 | ||||
BlackRock ~ | 2,400 | 1,834,008 | ||||
JPMorgan Chase & Co. ~ | 8,500 | 1,158,720 | ||||
6,553,752 | ||||||
Healthcare – 14.20% | ||||||
Amgen ~ | 3,200 | 773,824 | ||||
Bristol-Myers Squibb ~ | 17,700 | 1,292,631 | ||||
Merck & Co. ~ | 19,700 | 1,616,385 | ||||
Pfizer ~ | 41,000 | 2,122,570 | ||||
UnitedHealth Group ~ | 1,900 | 968,943 | ||||
6,774,353 | ||||||
Industrials – 15.64% | ||||||
Boeing ~, † | 5,500 | 1,053,250 | ||||
CSX ~ | 59,200 | 2,217,040 | ||||
Lockheed Martin ~ | 4,800 | 2,118,720 | ||||
Raytheon Technologies ~ | 9,800 | 970,886 | ||||
United Rentals ~, † | 3,100 | 1,101,151 | ||||
7,461,047 | ||||||
Information Technology – 30.81% | ||||||
Apple ~ | 12,700 | 2,217,547 | ||||
Broadcom ~ | 8,000 | 5,037,440 | ||||
Cisco Systems ~ | 39,600 | 2,208,096 | ||||
Corning ~ | 71,100 | 2,624,301 | ||||
First Solar ~, † | 10,200 | 854,148 | ||||
Texas Instruments ~ | 4,000 | 733,920 |
Visa Class A ~ | 4,600 | 1,020,142 | |||||
14,695,594 | |||||||
Materials – 2.00% | |||||||
PPG Industries ~ | 7,300 | 956,811 | |||||
956,811 | |||||||
Utilities – 2.13% | |||||||
NextEra Energy ~ | 12,000 | 1,016,520 | |||||
1,016,520 | |||||||
Total Common Stocks | |||||||
(cost $44,540,852) | 57,211,939 | ||||||
Short-Term Investments – 1.39% | |||||||
Money Market Mutual Funds – 1.39% | |||||||
BlackRock FedFund – Institutional | |||||||
Shares (seven-day effective | |||||||
yield 0.23%) | 165,195 | 165,195 | |||||
Fidelity Investments Money Market | |||||||
Government Portfolio – Class I | |||||||
(seven-day effective yield | |||||||
0.12%) | 165,195 | 165,195 | |||||
GS Financial Square Government | |||||||
Fund – Institutional Shares | |||||||
(seven-day effective yield | |||||||
0.25%) | 165,195 | 165,195 | |||||
Morgan Stanley Government | |||||||
Portfolio – Institutional Share | |||||||
Class (seven-day effective yield | |||||||
0.23%) | 165,196 | 165,196 | |||||
Total Short-Term Investments | |||||||
(cost $660,781) | 660,781 | ||||||
Total Value of Securities Before | |||||||
Options Written – 121.33% | |||||||
(cost $45,201,633) | 57,872,720 |
Number of | ||||||||
contracts | ||||||||
Options Written – (21.91%) | ||||||||
Equity Call Options – (21.91%) | ||||||||
Alphabet, strike price $2,300, | ||||||||
expiration date 1/20/23, notional | ||||||||
amount $(460,000) | (2 | ) | (124,330 | ) | ||||
Alphabet, strike price $2,350, | ||||||||
expiration date 1/20/23, notional | ||||||||
amount $(940,000) | (4 | ) | (233,340 | ) | ||||
American Express, strike price | ||||||||
$150, expiration date 1/20/23, | ||||||||
notional amount $(1,395,000) | (93 | ) | (428,497 | ) |
33
Schedules of investments
Delaware Premium Income Fund
Number of | |||||||||
contracts | Value (US $) | ||||||||
Options Written (continued) | |||||||||
Equity Call Options (continued) | |||||||||
Amgen, strike price $180, | |||||||||
expiration date 1/20/23, notional | |||||||||
amount $(576,000) | (32 | ) | $ | (207,040 | ) | ||||
Apple, strike price $135, expiration | |||||||||
date 11/18/22, notional amount | |||||||||
$(1,714,500) | (127 | ) | (573,087 | ) | |||||
Bank of America, strike price $40, | |||||||||
expiration date 9/16/22, notional | |||||||||
amount $(1,768,000) | (442 | ) | (183,430 | ) | |||||
BlackRock, strike price $720, | |||||||||
expiration date 6/17/22, notional | |||||||||
amount $(1,728,000) | (24 | ) | (156,960 | ) | |||||
Boeing, strike price $190, | |||||||||
expiration date 1/20/23, notional | |||||||||
amount $(1,045,000) | (55 | ) | (153,313 | ) | |||||
Booking Holdings, strike price | |||||||||
$2,100, expiration date 1/20/23, | |||||||||
notional amount $(420,000) | (2 | ) | (90,930 | ) | |||||
Booking Holdings, strike price | |||||||||
$1,950, expiration date 9/16/22, | |||||||||
notional amount $(585,000) | (3 | ) | (148,305 | ) | |||||
Bristol-Myers Squibb, strike price | |||||||||
$62.5, expiration date 1/20/23, | |||||||||
notional amount $(1,106,250) | (177 | ) | (218,595 | ) | |||||
Broadcom, strike price $510, | |||||||||
expiration date 1/20/23, notional | |||||||||
amount $(1,989,000) | (39 | ) | (574,860 | ) | |||||
Broadcom, strike price $530, | |||||||||
expiration date 7/15/22, notional | |||||||||
amount $(2,173,000) | (41 | ) | (465,760 | ) | |||||
Chevron, strike price $115, | |||||||||
expiration date 1/20/23, notional | |||||||||
amount $(2,357,500) | (205 | ) | (1,014,237 | ) | |||||
Cisco Systems, strike price $50, | |||||||||
expiration date 1/20/23, notional | |||||||||
amount $(1,980,000) | (396 | ) | (320,760 | ) | |||||
Comcast, strike price $42.5, | |||||||||
expiration date 1/20/23, notional | |||||||||
amount $(1,173,000) | (276 | ) | (184,230 | ) | |||||
Constellation Brands, strike price | |||||||||
$200, expiration date 1/20/23, | |||||||||
notional amount $(1,880,000) | (94 | ) | (380,700 | ) | |||||
Corning, strike price $33, | |||||||||
expiration date 5/20/22, notional | |||||||||
amount $(1,815,000) | (550 | ) | (248,875 | ) |
Corning, strike price $34, | |||||||||
expiration date 8/19/22, notional | |||||||||
amount $(547,400) | (161 | ) | (70,438 | ) | |||||
CSX, strike price $29.17, | |||||||||
expiration date 6/17/22, notional | |||||||||
amount $(1,726,864) | (592 | ) | (506,160 | ) | |||||
Darden Restaurants, strike price | |||||||||
$115, expiration date 1/20/23, | |||||||||
notional amount $(736,000) | (64 | ) | (163,840 | ) | |||||
Darden Restaurants, strike price | |||||||||
$125, expiration date 1/20/23, | |||||||||
notional amount $(425,000) | (34 | ) | (65,790 | ) | |||||
Exxon Mobil, strike price $72.5, | |||||||||
expiration date 7/15/22, notional | |||||||||
amount $(1,080,250) | (149 | ) | (173,585 | ) | |||||
First Solar, strike price $62.5, | |||||||||
expiration date 1/20/23, notional | |||||||||
amount $(637,500) | (102 | ) | (269,535 | ) | |||||
Home Depot, strike price $290, | |||||||||
expiration date 6/17/22, notional | |||||||||
amount $(1,711,000) | (59 | ) | (121,688 | ) | |||||
JPMorgan Chase & Co., strike | |||||||||
price $140, expiration date | |||||||||
1/20/23, notional amount | |||||||||
$(1,190,000) | (85 | ) | (95,838 | ) | |||||
Lockheed Martin, strike price $340, | |||||||||
expiration date 1/20/23, notional | |||||||||
amount $(1,632,000) | (48 | ) | (517,680 | ) | |||||
Merck & Co., strike price $67.5, | |||||||||
expiration date 1/20/23, notional | |||||||||
amount $(1,329,750) | (197 | ) | (316,185 | ) | |||||
Meta Platforms, strike price $220, | |||||||||
expiration date 1/20/23, notional | |||||||||
amount $(1,298,000) | (59 | ) | (195,142 | ) | |||||
Mondelez International, strike price | |||||||||
$52.50, expiration date 1/20/23, | |||||||||
notional amount $(1,191,750) | (227 | ) | (274,670 | ) | |||||
NextEra Energy, strike price $70, | |||||||||
expiration date 6/17/22, notional | |||||||||
amount $(840,000) | (120 | ) | (184,800 | ) | |||||
Pfizer, strike price $45, expiration | |||||||||
date 9/16/22, notional amount | |||||||||
$(1,845,000) | (410 | ) | (328,000 | ) | |||||
PPG Industries, strike price $130, | |||||||||
expiration date 5/20/22, notional | |||||||||
amount $(520,000) | (40 | ) | (26,000 | ) |
34
Number of | ||||||||||
contracts | Value (US $) | |||||||||
Options Written (continued) | ||||||||||
Equity Call Options (continued) | ||||||||||
PPG Industries, strike price $140, | ||||||||||
expiration date 1/20/23, notional | ||||||||||
amount $(462,000) | (33 | ) | $ | (32,670 | ) | |||||
Raytheon Technologies, strike | ||||||||||
price $80, expiration date | ||||||||||
1/20/23, notional amount | ||||||||||
$(400,000) | (50 | ) | (107,625 | ) | ||||||
Raytheon Technologies, strike | ||||||||||
price $80, expiration date | ||||||||||
6/17/22, notional amount | ||||||||||
$(384,000) | (48 | ) | (93,120 | ) | ||||||
Sysco, strike price $65, expiration | ||||||||||
date 1/20/23, notional amount | ||||||||||
$(201,500) | (31 | ) | (59,985 | ) | ||||||
Sysco, strike price $75, expiration | ||||||||||
date 11/18/22, notional amount | ||||||||||
$(232,500) | (31 | ) | (34,100 | ) | ||||||
Texas Instruments, strike price | ||||||||||
$145, expiration date 1/20/23, | ||||||||||
notional amount $(580,000) | (40 | ) | (178,000 | ) | ||||||
TJX, strike price $60, expiration | ||||||||||
date 1/20/23, notional amount | ||||||||||
$(1,008,000) | (168 | ) | (113,400 | ) | ||||||
United Rentals, strike price $300, | ||||||||||
expiration date 1/20/23, notional | ||||||||||
amount $(930,000) | (31 | ) | (260,710 | ) | ||||||
UnitedHealth Group, strike price | ||||||||||
$410, expiration date 1/20/23, | ||||||||||
notional amount $(779,000) | (19 | ) | (225,577 | ) | ||||||
Visa, strike price $175, expiration | ||||||||||
date 9/16/22, notional amount | ||||||||||
$(805,000) | (46 | ) | (234,370 | ) | ||||||
Whirlpool, strike price $200, | ||||||||||
expiration date 1/20/23, notional | ||||||||||
amount $(1,800,000) | (90 | ) | (92,700 | ) | ||||||
Total Options Written | ||||||||||
(premium received $10,467,555) | $ | (10,448,857 | ) |
♦ | 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
See accompanying notes, which are an integral part of the financial statements.
35
Schedules of investments
Delaware Total Return Fund
March 31, 2022 (Unaudited)
Principal | |||||||
amount° | Value (US $) | ||||||
Agency Mortgage-Backed Securities – 2.74% | |||||||
Fannie Mae | |||||||
4.50% 2/1/44 | 66,636 | $ | 70,376 | ||||
Fannie Mae S.F. 15 yr | |||||||
2.00% 2/1/36 | 160,451 | 156,021 | |||||
Fannie Mae S.F. 20 yr | |||||||
2.00% 3/1/41 | 67,142 | 63,015 | |||||
2.50% 1/1/41 | 54,199 | 52,398 | |||||
3.00% 3/1/33 | 359,003 | 355,635 | |||||
Fannie Mae S.F. 30 yr | |||||||
2.00% 12/1/50 | 65,242 | 60,768 | |||||
2.00% 3/1/51 | 937,405 | 872,677 | |||||
2.00% 6/1/51 | 805,304 | 750,254 | |||||
2.50% 10/1/50 | 173,236 | 166,214 | |||||
2.50% 7/1/51 | 248,566 | 237,478 | |||||
2.50% 8/1/51 | 339,646 | 325,165 | |||||
2.50% 9/1/51 | 228,428 | 218,239 | |||||
2.50% 11/1/51 | 514,959 | 492,044 | |||||
2.50% 12/1/51 | 123,132 | 117,640 | |||||
2.50% 2/1/52 | 430,954 | 411,818 | |||||
3.00% 3/1/50 | 121,707 | 119,802 | |||||
3.00% 6/1/50 | 32,786 | 32,169 | |||||
3.00% 5/1/51 | 13,444 | 13,242 | |||||
3.00% 3/1/52 | 811,671 | 794,867 | |||||
3.50% 12/1/47 | 421,733 | 425,386 | |||||
3.50% 1/1/48 | 268,115 | 270,890 | |||||
3.50% 8/1/50 | 82,000 | 82,865 | |||||
3.50% 1/1/52 | 808,379 | 814,091 | |||||
4.00% 3/1/47 | 228,907 | 237,078 | |||||
4.50% 1/1/50 | 155,108 | 164,860 | |||||
5.00% 7/1/47 | 100,331 | 108,495 | |||||
6.00% 5/1/36 | 30,726 | 32,816 | |||||
6.00% 6/1/37 | 11,159 | 12,452 | |||||
6.00% 7/1/37 | 14,314 | 15,975 | |||||
6.00% 8/1/37 | 15,320 | 17,017 | |||||
6.00% 10/1/40 | 118,408 | 132,169 | |||||
6.50% 11/1/33 | 73,965 | 79,401 | |||||
6.50% 6/1/36 | 35,427 | 38,034 | |||||
7.00% 3/1/32 | 99,607 | 103,988 | |||||
7.00% 8/1/32 | 81,622 | 83,363 | |||||
Fannie Mae S.F. 30 yr TBA | |||||||
3.50% 4/1/52 | 486,000 | 486,835 | |||||
Freddie Mac S.F. 15 yr | |||||||
2.00% 12/1/35 | 106,412 | 103,462 | |||||
3.00% 3/1/35 | 158,897 | 160,540 | |||||
Freddie Mac S.F. 20 yr | |||||||
2.00% 3/1/41 | 77,300 | 72,541 | |||||
2.50% 6/1/41 | 401,862 | 388,483 | |||||
3.00% 9/1/40 | 126,185 | 125,250 | |||||
3.00% 4/1/42 | 321,000 | 318,618 | |||||
3.50% 9/1/35 | 337,115 | 341,582 |
Freddie Mac S.F. 30 yr | |||||||
3.00% 11/1/46 | 66,220 | 65,823 | |||||
3.00% 8/1/51 | 1,053,598 | 1,033,809 | |||||
3.50% 8/1/49 | 351,086 | 353,631 | |||||
4.00% 4/1/52 | 393,000 | 401,655 | |||||
4.50% 10/1/40 | 291,255 | 310,179 | |||||
GNMA I S.F. 30 yr | |||||||
3.00% 8/15/45 | 302,931 | 301,387 | |||||
GNMA II S.F. 30 yr | |||||||
3.00% 12/20/51 | 124,013 | 122,767 | |||||
3.00% 1/20/52 | 180,451 | 178,636 | |||||
Total Agency Mortgage-Backed Securities | |||||||
(cost $13,310,679) | 12,693,900 | ||||||
Collateralized Debt Obligations – 0.28% | |||||||
Octagon Investment | |||||||
Partners 34 | |||||||
Series 2017-1A | |||||||
A1 144A 1.394% | |||||||
(LIBOR03M + 1.14%) | |||||||
1/20/30 #, • | 1,000,000 | 999,070 | |||||
Venture 34 CLO | |||||||
Series 2018-34A A | |||||||
144A 1.471% | |||||||
(LIBOR03M + 1.23%, | |||||||
Floor 1.23%) | |||||||
10/15/31 #, • | 300,000 | 298,886 | |||||
Total Collateralized Debt Obligations | |||||||
(cost $1,297,941) | 1,297,956 | ||||||
Convertible Bonds – 6.35% | |||||||
Basic Industry – 0.14% | |||||||
Ivanhoe Mines 144A | |||||||
2.50% exercise price | |||||||
$7.43, maturity date | |||||||
4/15/26 # | 450,000 | 647,100 | |||||
647,100 | |||||||
Capital Goods – 0.46% | |||||||
Chart Industries 144A | |||||||
1.00% exercise price | |||||||
$58.73, maturity date | |||||||
11/15/24 # | 394,000 | 1,161,315 | |||||
Danimer Scientific 144A | |||||||
3.25% exercise price | |||||||
$10.79, maturity date | |||||||
12/15/26 # | 184,000 | 151,340 | |||||
Kaman 3.25% exercise | |||||||
price $65.26, maturity | |||||||
date 5/1/24 | 798,000 | 822,977 | |||||
2,135,632 |
36
Principal | |||||||
amount° | Value (US $) | ||||||
Convertible Bonds (continued) | |||||||
Communications — 0.75% | |||||||
Cable One 1.125% | |||||||
exercise price | |||||||
$2,275.83, maturity date | |||||||
3/15/28 | 1,028,000 | $ | 924,172 | ||||
InterDigital 2.00% exercise | |||||||
price $81.29, maturity | |||||||
date 6/1/24 | 1,008,000 | 1,038,240 | |||||
Liberty Broadband 144A | |||||||
1.25% exercise price | |||||||
$900.01, maturity date | |||||||
9/30/50 # | 1,132,000 | 1,089,550 | |||||
Liberty Latin America | |||||||
2.00% exercise price | |||||||
$20.65, maturity date | |||||||
7/15/24 | 480,000 | 437,700 | |||||
3,489,662 | |||||||
Consumer Cyclical — 0.55% | |||||||
Cheesecake Factory | |||||||
0.375% exercise price | |||||||
$78.40, maturity date | |||||||
6/15/26 | 772,000 | 694,800 | |||||
Ford Motor 0.00% exercise | |||||||
price $17.31, maturity | |||||||
date 3/15/26 ^ | 650,000 | 771,550 | |||||
fuboTV 144A 3.25% | |||||||
exercise price $57.78, | |||||||
maturity date 2/15/26 # | 511,000 | 346,713 | |||||
Spirit Airlines 1.00% | |||||||
exercise price $49.07, | |||||||
maturity date 5/15/26 | 803,000 | 724,306 | |||||
2,537,369 | |||||||
Consumer Non-Cyclical — 1.98% | |||||||
BioMarin Pharmaceutical | |||||||
0.599% exercise price | |||||||
$124.67, maturity date | |||||||
8/1/24 | 332,000 | 332,664 | |||||
Chefs' Warehouse 1.875% | |||||||
exercise price $44.20, | |||||||
maturity date 12/1/24 | 1,094,000 | 1,156,905 | |||||
Chegg 3.90% exercise | |||||||
price $107.55, maturity | |||||||
date 9/1/26 ^ | 1,012,000 | 831,864 | |||||
Coherus Biosciences | |||||||
1.50% exercise price | |||||||
$19.26, maturity date | |||||||
4/15/26 | 620,000 | 616,776 | |||||
Collegium Pharmaceutical | |||||||
2.625% exercise price | |||||||
$29.19, maturity date | |||||||
2/15/26 | 678,000 | 677,661 | |||||
FTI Consulting 2.00% | |||||||
exercise price $101.38, | |||||||
maturity date 8/15/23 | 567,000 | 903,182 | |||||
Integra | |||||||
LifeSciences Holdings | |||||||
0.50% exercise price | |||||||
$73.67, maturity date | |||||||
8/15/25 | 962,000 | 1,014,140 | |||||
Ionis Pharmaceuticals | |||||||
0.125% exercise price | |||||||
$83.28, maturity date | |||||||
12/15/24 | 771,000 | 695,057 | |||||
Jazz Investments I 2.00% | |||||||
exercise price $155.81, | |||||||
maturity date 6/15/26 | 468,000 | 569,753 | |||||
Neurocrine Biosciences | |||||||
2.25% exercise price | |||||||
$75.92, maturity date | |||||||
5/15/24 | 271,000 | 357,720 | |||||
Paratek Pharmaceuticals | |||||||
4.75% exercise price | |||||||
$15.90, maturity date | |||||||
5/1/24 | 1,210,000 | 1,071,455 | |||||
Repay Holdings 144A | |||||||
1.608% exercise price | |||||||
$33.60, maturity date | |||||||
2/1/26 #, ^ | 1,117,000 | 934,929 | |||||
9,162,106 | |||||||
Energy — 0.25% | |||||||
Helix Energy Solutions | |||||||
Group 6.75% exercise | |||||||
price $6.97, maturity | |||||||
date 2/15/26 | 995,000 | 1,144,946 | |||||
1,144,946 | |||||||
Media — 0.21% | |||||||
DISH Network 3.375% | |||||||
exercise price $65.18, | |||||||
maturity date 8/15/26 | 1,097,000 | 989,494 | |||||
989,494 | |||||||
Real Estate Investment Trusts — 0.22% | |||||||
Blackstone Mortgage Trust | |||||||
4.75% exercise price | |||||||
$36.23, maturity date | |||||||
3/15/23 | 722,000 | 737,162 | |||||
Summit Hotel Properties | |||||||
1.50% exercise price | |||||||
$11.99, maturity date | |||||||
2/15/26 | 287,000 | 301,637 | |||||
1,038,799 |
37
Schedules of investments
Delaware Total Return Fund
Principal | |||||||
amount° | Value (US $) | ||||||
Convertible Bonds (continued) | |||||||
Technology — 1.32% | |||||||
Block 0.125% exercise | |||||||
price $121.01, maturity | |||||||
date 3/1/25 | 489,000 | $ | 643,341 | ||||
Microchip Technology | |||||||
1.625% exercise price | |||||||
$46.63, maturity date | |||||||
2/15/27 | 440,000 | 945,725 | |||||
ON Semiconductor | |||||||
1.625% exercise price | |||||||
$20.72, maturity date | |||||||
10/15/23 | 402,000 | 1,216,854 | |||||
Palo Alto Networks 0.75% | |||||||
exercise price $266.35, | |||||||
maturity date 7/1/23 | 466,000 | 1,091,838 | |||||
Quotient Technology | |||||||
1.75% exercise price | |||||||
$17.36, maturity date | |||||||
12/1/22 | 642,000 | 633,205 | |||||
Travere Therapeutics | |||||||
2.50% exercise price | |||||||
$38.80, maturity date | |||||||
9/15/25 | 735,000 | 768,075 | |||||
Vishay Intertechnology | |||||||
2.25% exercise price | |||||||
$31.30, maturity date | |||||||
6/15/25 | 381,000 | 380,543 | |||||
Wolfspeed 144A 0.25% | |||||||
exercise price $127.22, | |||||||
maturity date 2/15/28 # | 364,000 | 413,367 | |||||
6,092,948 | |||||||
Transportation — 0.22% | |||||||
Seaspan 144A 3.75% | |||||||
exercise price $13.01, | |||||||
maturity date 12/15/25 # | 829,000 | 1,033,349 | |||||
1,033,349 | |||||||
Utilities — 0.25% | |||||||
NextEra Energy Partners | |||||||
144A 0.357% exercise | |||||||
price $75.96, maturity | |||||||
date 11/15/25 #, ^ | 360,000 | 409,090 | |||||
NRG Energy 2.75% | |||||||
exercise price $44.53, | |||||||
maturity date 6/1/48 | 670,000 | 737,662 | |||||
1,146,752 | |||||||
Total Convertible Bonds | |||||||
(cost $26,419,271) | 29,418,157 | ||||||
Corporate Bonds — 12.53% | |||||||
Banking — 1.38% | |||||||
Banco Continental 144A | |||||||
2.75% 12/10/25 # | 200,000 | 183,039 | |||||
Banco Nacional de | |||||||
Panama 144A 2.50% | |||||||
8/11/30 # | 205,000 | 181,459 | |||||
Bank of America | |||||||
2.482% 9/21/36 µ | 430,000 | 370,376 | |||||
2.551% 2/4/28 µ | 190,000 | 181,729 | |||||
2.972% 2/4/33 µ | 5,000 | 4,690 | |||||
Bank of New York Mellon | |||||||
4.70% 9/20/25 µ, ψ | 20,000 | 20,530 | |||||
BBVA Bancomer 144A | |||||||
1.875% 9/18/25 # | 200,000 | 190,809 | |||||
Citigroup | |||||||
3.07% 2/24/28 µ | 340,000 | 331,522 | |||||
4.00% 12/10/25 µ, ψ | 10,000 | 9,625 | |||||
Corp. Financiera de | |||||||
Desarrollo 144A 2.40% | |||||||
9/28/27 # | 200,000 | 184,355 | |||||
Credit Agricole 144A | |||||||
2.811% 1/11/41 # | 620,000 | 513,633 | |||||
Credit Suisse Group 144A | |||||||
2.593% 9/11/25 #, µ | 250,000 | 241,696 | |||||
Deutsche Bank 2.222% | |||||||
9/18/24 µ | 335,000 | 327,841 | |||||
Goldman Sachs Group | |||||||
1.542% 9/10/27 µ | 533,000 | 487,868 | |||||
3.102% 2/24/33 µ | 5,000 | 4,718 | |||||
3.615% 3/15/28 µ | 70,000 | 69,989 | |||||
JPMorgan Chase & Co. | |||||||
1.47% 9/22/27 µ | 5,000 | 4,614 | |||||
2.545% 11/8/32 µ | 200,000 | 183,024 | |||||
2.963% 1/25/33 µ | 480,000 | 453,019 | |||||
3.328% 4/22/52 µ | 5,000 | 4,644 | |||||
4.60% 2/1/25 µ, ψ | 30,000 | 28,988 | |||||
Morgan Stanley | |||||||
2.475% 1/21/28 µ | 190,000 | 181,414 | |||||
2.484% 9/16/36 µ | 284,000 | 243,962 | |||||
5.00% 11/24/25 | 110,000 | 116,058 | |||||
NBK SPC 144A 1.625% | |||||||
9/15/27 #, µ | 205,000 | 187,791 | |||||
PNC Financial Services | |||||||
Group 2.60% 7/23/26 | 130,000 | 128,204 | |||||
QNB Finance 2.625% | |||||||
5/12/25 | 200,000 | 195,890 | |||||
State Street 2.203% | |||||||
2/7/28 µ | 10,000 | 9,594 |
38
Principal | |||||||
amount° | Value (US $) | ||||||
Corporate Bonds (continued) | |||||||
Banking (continued) | |||||||
SVB Financial Group | |||||||
1.80% 2/2/31 | 15,000 | $ | 12,947 | ||||
4.00% 5/15/26 µ, ψ | 405,000 | 375,131 | |||||
Truist Bank 2.636% | |||||||
9/17/29 µ | 275,000 | 270,579 | |||||
Truist Financial | |||||||
1.887% 6/7/29 µ | 20,000 | 18,199 | |||||
4.95% 9/1/25 µ, ψ | 30,000 | 30,795 | |||||
US Bancorp | |||||||
1.45% 5/12/25 | 30,000 | 28,707 | |||||
2.215% 1/27/28 µ | 5,000 | 4,782 | |||||
2.491% 11/3/36 µ | 10,000 | 8,984 | |||||
2.677% 1/27/33 µ | 320,000 | 304,577 | |||||
3.00% 7/30/29 | 290,000 | 284,522 | |||||
6,380,304 | |||||||
Banks — 0.16% | |||||||
Barclays 5.20% 5/12/26 | 200,000 | 208,345 | |||||
Citigroup 4.45% 9/29/27 | 375,000 | 387,434 | |||||
JPMorgan Chase & Co. | |||||||
4.023% 12/5/24 µ | 150,000 | 152,466 | |||||
748,245 | |||||||
Basic Industry — 0.49% | |||||||
AngloGold Ashanti | |||||||
Holdings 3.75% | |||||||
10/1/30 | 200,000 | 187,389 | |||||
Artera Services 144A | |||||||
9.033% 12/4/25 # | 130,000 | 130,052 | |||||
Avient 144A 5.75% | |||||||
5/15/25 # | 144,000 | 148,075 | |||||
Chemours 144A 5.75% | |||||||
11/15/28 # | 260,000 | 252,910 | |||||
Corp Nacional del Cobre | |||||||
de Chile 144A 3.15% | |||||||
1/14/30 # | 657,000 | 633,078 | |||||
INEOS Quattro Finance 2 | |||||||
144A 3.375% 1/15/26 # | 200,000 | 186,460 | |||||
New Gold 144A 7.50% | |||||||
7/15/27 # | 220,000 | 228,507 | |||||
Newmont | |||||||
2.25% 10/1/30 | 125,000 | 114,397 | |||||
2.60% 7/15/32 | 20,000 | 18,425 | |||||
2.80% 10/1/29 | 100,000 | 95,781 | |||||
OCP 144A 3.75% | |||||||
6/23/31 # | 200,000 | 181,976 | |||||
Westlake 3.125% 8/15/51 | 105,000 | 86,658 | |||||
2,263,708 | |||||||
Basic Materials — 0.12% | |||||||
First Quantum Minerals | |||||||
144A 7.25% 4/1/23 # | 200,000 | 199,906 | |||||
144A 7.50% 4/1/25 # | 365,000 | 370,928 | |||||
570,834 | |||||||
Brokerage — 0.01% | |||||||
Charles Schwab 5.375% | |||||||
6/1/25 µ, ψ | 25,000 | 25,875 | |||||
25,875 | |||||||
Capital Goods — 0.40% | |||||||
Boeing 3.25% 2/1/28 | 285,000 | 275,090 | |||||
Intertape Polymer Group | |||||||
144A 4.375% 6/15/29 # | 235,000 | 242,340 | |||||
Madison IAQ 144A 5.875% | |||||||
6/30/29 # | 180,000 | 161,800 | |||||
Teledyne Technologies | |||||||
0.95% 4/1/24 | 115,000 | 110,475 | |||||
2.25% 4/1/28 | 30,000 | 27,889 | |||||
2.75% 4/1/31 | 310,000 | 287,782 | |||||
Terex 144A 5.00% | |||||||
5/15/29 # | 260,000 | 249,687 | |||||
TK Elevator US Newco | |||||||
144A 5.25% 7/15/27 # | 235,000 | 232,704 | |||||
TransDigm 144A 6.25% | |||||||
3/15/26 # | 260,000 | 267,246 | |||||
1,855,013 | |||||||
Communication Services — 0.03% | |||||||
AT&T 3.10% 2/1/43 | 136,000 | 117,757 | |||||
117,757 | |||||||
Communications — 1.28% | |||||||
Altice Financing 144A | |||||||
5.00% 1/15/28 # | 200,000 | 179,635 | |||||
Altice France 144A 5.50% | |||||||
10/15/29 # | 215,000 | 193,208 | |||||
Altice France Holding | |||||||
144A 6.00% 2/15/28 # | 280,000 | 242,056 | |||||
AT&T | |||||||
1.70% 3/25/26 | 110,000 | 104,287 | |||||
3.50% 6/1/41 | 84,000 | 77,558 | |||||
3.50% 9/15/53 | 285,000 | 251,160 | |||||
Cellnex Finance 144A | |||||||
3.875% 7/7/41 # | 250,000 | 203,547 | |||||
Charter Communications | |||||||
Operating | |||||||
3.85% 4/1/61 | 120,000 | 96,852 | |||||
4.40% 12/1/61 | 290,000 | 253,479 | |||||
Comcast 3.20% 7/15/36 | 440,000 | 421,739 |
39
Schedules of investments
Delaware Total Return Fund
Principal | |||||||
amount° | Value (US $) | ||||||
Corporate Bonds (continued) | |||||||
Communications (continued) | |||||||
Consolidated | |||||||
Communications | |||||||
144A 5.00% 10/1/28 # | 110,000 | $ | 94,879 | ||||
144A 6.50% 10/1/28 # | 110,000 | 101,629 | |||||
Discovery | |||||||
Communications 4.00% | |||||||
9/15/55 | 235,000 | 203,619 | |||||
Frontier Communications | |||||||
Holdings | |||||||
144A 5.875% | |||||||
10/15/27 # | 370,000 | 367,980 | |||||
144A 6.75% 5/1/29 # | 110,000 | 105,752 | |||||
Magallanes | |||||||
144A 3.755% 3/15/27 # | 305,000 | 304,954 | |||||
144A 4.054% 3/15/29 # | 5,000 | 5,031 | |||||
144A 4.279% 3/15/32 # | 5,000 | 5,028 | |||||
144A 5.141% 3/15/52 # | 15,000 | 15,382 | |||||
Millicom International | |||||||
Cellular 144A 4.50% | |||||||
4/27/31 # | 200,000 | 186,516 | |||||
Ooredoo International | |||||||
Finance 144A 5.00% | |||||||
10/19/25 # | 267,000 | 284,859 | |||||
Rogers Communications | |||||||
144A 3.80% 3/15/32 # | 220,000 | 218,572 | |||||
144A 4.55% 3/15/52 # | 10,000 | 9,971 | |||||
Sprint 7.125% 6/15/24 | 295,000 | 316,771 | |||||
Time Warner Cable 7.30% | |||||||
7/1/38 | 110,000 | 133,843 | |||||
Time Warner | |||||||
Entertainment 8.375% | |||||||
3/15/23 | 55,000 | 57,935 | |||||
T-Mobile USA | |||||||
1.50% 2/15/26 | 15,000 | 14,011 | |||||
2.55% 2/15/31 | 305,000 | 277,056 | |||||
2.625% 4/15/26 | 120,000 | 114,770 | |||||
3.00% 2/15/41 | 195,000 | 165,353 | |||||
3.375% 4/15/29 | 120,000 | 114,300 | |||||
3.50% 4/15/25 | 20,000 | 20,153 | |||||
3.75% 4/15/27 | 20,000 | 20,150 | |||||
Verizon Communications | |||||||
144A 2.355% 3/15/32 # | 135,000 | 122,161 | |||||
3.40% 3/22/41 | 30,000 | 28,203 | |||||
3.875% 3/1/52 | 10,000 | 10,079 | |||||
4.50% 8/10/33 | 245,000 | 263,516 | |||||
Vodafone Group | |||||||
4.25% 9/17/50 | 115,000 | 115,009 | |||||
4.875% 6/19/49 | 130,000 | 141,915 | |||||
Zayo Group Holdings | |||||||
144A 6.125% 3/1/28 # | 75,000 | 67,273 | |||||
5,910,191 | |||||||
Consumer Cyclical — 1.23% | |||||||
Allison Transmission 144A | |||||||
5.875% 6/1/29 # | 400,000 | 408,644 | |||||
Aptiv | |||||||
3.10% 12/1/51 | 323,000 | 257,508 | |||||
3.25% 3/1/32 | 5,000 | 4,745 | |||||
Asbury Automotive Group | |||||||
144A 4.625% | |||||||
11/15/29 # | 70,000 | 65,274 | |||||
4.75% 3/1/30 | 85,000 | 80,329 | |||||
AutoNation 3.85% 3/1/32 | 5,000 | 4,847 | |||||
B2W Digital 144A 4.375% | |||||||
12/20/30 # | 200,000 | 172,546 | |||||
Bath & Body Works | |||||||
6.875% 11/1/35 | 245,000 | 252,817 | |||||
6.95% 3/1/33 | 169,000 | 174,888 | |||||
Caesars Entertainment | |||||||
144A 6.25% 7/1/25 # | 410,000 | 423,825 | |||||
Carnival | |||||||
144A 5.75% 3/1/27 # | 310,000 | 296,050 | |||||
144A 7.625% 3/1/26 # | 300,000 | 302,310 | |||||
Fertitta Entertainment | |||||||
144A 6.75% 1/15/30 # | 130,000 | 119,761 | |||||
Ford Motor Credit | |||||||
2.90% 2/16/28 | 350,000 | 317,063 | |||||
3.375% 11/13/25 | 270,000 | 264,203 | |||||
4.542% 8/1/26 | 285,000 | 285,057 | |||||
General Motors | |||||||
5.40% 10/2/23 | 15,000 | 15,527 | |||||
6.125% 10/1/25 | 15,000 | 16,117 | |||||
General Motors Financial | |||||||
1.017% (SOFR + | |||||||
0.76%) 3/8/24 • | 135,000 | 134,113 | |||||
3.10% 1/12/32 | 100,000 | 90,004 | |||||
4.35% 4/9/25 | 75,000 | 76,354 | |||||
5.25% 3/1/26 | 165,000 | 172,979 | |||||
Hutama Karya Persero | |||||||
144A 3.75% 5/11/30 # | 400,000 | 402,792 | |||||
Levi Strauss & Co. 144A | |||||||
3.50% 3/1/31 # | 213,000 | 195,508 | |||||
Lowe's 4.25% 4/1/52 | 10,000 | 10,359 | |||||
MGM Growth Properties | |||||||
Operating Partnership | |||||||
144A 3.875% 2/15/29 # | 120,000 | 118,129 | |||||
Murphy Oil USA 144A | |||||||
3.75% 2/15/31 # | 225,000 | 205,782 | |||||
Royal Caribbean Cruises | |||||||
144A 5.50% 4/1/28 # | 394,000 | 376,138 | |||||
Scientific Games | |||||||
International | |||||||
144A 7.25% 11/15/29 # | 75,000 | 78,723 | |||||
144A 8.25% 3/15/26 # | 207,000 | 215,539 |
40
Principal | |||||||
amount° | Value (US $) | ||||||
Corporate Bonds (continued) | |||||||
Consumer Cyclical (continued) | |||||||
Six Flags Entertainment | |||||||
144A 4.875% 7/31/24 # | 150,000 | $ | 150,180 | ||||
5,688,111 | |||||||
Consumer Non-Cyclical — 1.01% | |||||||
AbbVie | |||||||
2.60% 11/21/24 | 30,000 | 29,820 | |||||
4.05% 11/21/39 | 10,000 | 10,304 | |||||
4.25% 11/21/49 | 30,000 | 31,246 | |||||
Amgen 2.80% 8/15/41 | 295,000 | 254,092 | |||||
Anheuser-Busch InBev | |||||||
Worldwide | |||||||
4.50% 6/1/50 | 130,000 | 139,338 | |||||
4.70% 2/1/36 | 25,000 | 26,881 | |||||
BAT Capital 2.259% | |||||||
3/25/28 | 40,000 | 35,962 | |||||
BAT International Finance | |||||||
1.668% 3/25/26 | 55,000 | 50,538 | |||||
Baxter International 144A | |||||||
3.132% 12/1/51 # | 16,000 | 13,731 | |||||
Biogen 3.15% 5/1/50 | 365,000 | 299,929 | |||||
Bristol-Myers Squibb | |||||||
2.35% 11/13/40 | 245,000 | 207,276 | |||||
3.70% 3/15/52 | 285,000 | 287,283 | |||||
Bunge Finance 2.75% | |||||||
5/14/31 | 400,000 | 368,661 | |||||
Central American Bottling | |||||||
144A 5.25% 4/27/29 # | 200,000 | 199,286 | |||||
CVS Health | |||||||
2.70% 8/21/40 | 295,000 | 252,280 | |||||
3.25% 8/15/29 | 280,000 | 276,770 | |||||
3.75% 4/1/30 | 15,000 | 15,283 | |||||
4.30% 3/25/28 | 6,000 | 6,287 | |||||
Gilead Sciences 4.15% | |||||||
3/1/47 | 30,000 | 30,981 | |||||
Global Payments 2.90% | |||||||
11/15/31 | 10,000 | 9,123 | |||||
HCA 144A 3.125% | |||||||
3/15/27 # | 340,000 | 332,746 | |||||
InRetail Consumer 144A | |||||||
3.25% 3/22/28 # | 200,000 | 187,911 | |||||
JBS USA LUX | |||||||
144A 3.00% 2/2/29 # | 230,000 | 213,216 | |||||
144A 6.50% 4/15/29 # | 287,000 | 304,587 | |||||
Pilgrim's Pride 144A | |||||||
4.25% 4/15/31 # | 130,000 | 120,527 | |||||
Post Holdings 144A 5.50% | |||||||
12/15/29 # | 418,000 | 402,839 | |||||
Regeneron | |||||||
Pharmaceuticals 1.75% | |||||||
9/15/30 | 15,000 | 13,036 | |||||
Royalty Pharma | |||||||
1.20% 9/2/25 | 285,000 | 262,476 | |||||
1.75% 9/2/27 | 190,000 | 172,759 | |||||
Viatris | |||||||
1.65% 6/22/25 | 5,000 | 4,658 | |||||
2.30% 6/22/27 | 5,000 | 4,559 | |||||
2.70% 6/22/30 | 115,000 | 101,313 | |||||
4.00% 6/22/50 | 10,000 | 8,434 | |||||
4,674,132 | |||||||
Electric — 0.18% | |||||||
NextEra Energy Capital | |||||||
Holdings 3.00% | |||||||
1/15/52 | 415,000 | 355,331 | |||||
Southern California Edison | |||||||
4.00% 4/1/47 | 35,000 | 33,765 | |||||
4.20% 3/1/29 | 150,000 | 155,514 | |||||
4.875% 3/1/49 | 90,000 | 96,066 | |||||
UEP Penonome II 144A | |||||||
6.50% 10/1/38 # | 192,384 | 183,114 | |||||
823,790 | |||||||
Energy — 1.77% | |||||||
Ascent Resources Utica | |||||||
Holdings | |||||||
144A 5.875% 6/30/29 # | 195,000 | 193,054 | |||||
144A 7.00% 11/1/26 # | 95,000 | 97,583 | |||||
BP Capital Markets | |||||||
America | |||||||
2.721% 1/12/32 | 15,000 | 14,135 | |||||
3.06% 6/17/41 | 430,000 | 386,850 | |||||
Callon Petroleum 144A | |||||||
8.00% 8/1/28 # | 65,000 | 68,633 | |||||
CNX Midstream Partners | |||||||
144A 4.75% 4/15/30 # | 75,000 | 70,320 | |||||
CNX Resources | |||||||
144A 6.00% 1/15/29 # | 165,000 | 166,865 | |||||
144A 7.25% 3/14/27 # | 120,000 | 127,162 | |||||
ConocoPhillips 3.80% | |||||||
3/15/52 | 255,000 | 260,099 | |||||
Continental Resources | |||||||
4.375% 1/15/28 | 405,000 | 411,205 | |||||
Crestwood Midstream | |||||||
Partners | |||||||
144A 5.625% 5/1/27 # | 66,000 | 65,533 | |||||
144A 6.00% 2/1/29 # | 171,000 | 170,714 | |||||
DCP Midstream Operating | |||||||
5.125% 5/15/29 | 235,000 | 242,166 | |||||
Devon Energy 4.75% | |||||||
5/15/42 | 5,000 | 5,302 |
41
Schedules of investments
Delaware Total Return Fund
Principal | |||||||||
amount° | Value (US $) | ||||||||
Corporate Bonds (continued) | |||||||||
Energy (continued) | |||||||||
Diamondback Energy | |||||||||
3.125% 3/24/31 | 300,000 | $ | 287,021 | ||||||
4.25% 3/15/52 | 5,000 | 4,955 | |||||||
Enbridge | |||||||||
0.608% (SOFR + | |||||||||
0.40%) 2/17/23 • | 160,000 | 159,869 | |||||||
2.50% 8/1/33 | 310,000 | 275,851 | |||||||
Energy Transfer | |||||||||
5.25% 4/15/29 | 50,000 | 53,441 | |||||||
6.25% 4/15/49 | 55,000 | 63,354 | |||||||
6.50% 11/15/26 µ, ψ | 180,000 | 177,354 | |||||||
Enterprise Products | |||||||||
Operating | |||||||||
3.20% 2/15/52 | 360,000 | 304,831 | |||||||
3.30% 2/15/53 | 5,000 | 4,283 | |||||||
EQM Midstream Partners | |||||||||
144A 4.75% 1/15/31 # | 145,000 | 135,794 | |||||||
Equinor 1.75% 1/22/26 | 15,000 | 14,376 | |||||||
Genesis Energy | |||||||||
7.75% 2/1/28 | 340,000 | 342,312 | |||||||
8.00% 1/15/27 | 235,000 | 242,008 | |||||||
KazTransGas JSC 144A | |||||||||
4.375% 9/26/27 # | 579,000 | 524,342 | |||||||
MPLX | |||||||||
1.75% 3/1/26 | 15,000 | 14,075 | |||||||
4.125% 3/1/27 | 290,000 | 297,022 | |||||||
Murphy Oil 6.375% | |||||||||
7/15/28 | 385,000 | 401,060 | |||||||
NuStar Logistics 5.625% | |||||||||
4/28/27 | 205,000 | 201,013 | |||||||
Occidental Petroleum | |||||||||
6.45% 9/15/36 | 65,000 | 76,479 | |||||||
6.60% 3/15/46 | 210,000 | 247,194 | |||||||
6.625% 9/1/30 | 105,000 | 120,619 | |||||||
PDC Energy 5.75% | |||||||||
5/15/26 | 280,000 | 284,277 | |||||||
PTTEP Treasury Center | |||||||||
144A 2.587% 6/10/27 # | 200,000 | 191,837 | |||||||
Qatar Energy 144A 2.25% | |||||||||
7/12/31 # | 200,000 | 184,495 | |||||||
Sabine Pass Liquefaction | |||||||||
5.625% 3/1/25 | 40,000 | 42,318 | |||||||
5.75% 5/15/24 | 275,000 | 287,956 | |||||||
Southwestern Energy | |||||||||
7.75% 10/1/27 | 234,000 | 248,008 | |||||||
TechnipFMC 144A 6.50% | |||||||||
2/1/26 # | 293,000 | 304,160 | |||||||
Tengizchevroil Finance Co | |||||||||
International 144A | |||||||||
2.625% 8/15/25 # | 200,000 | 177,500 | |||||||
Tennessee Gas Pipeline | |||||||||
144A 2.90% 3/1/30 # | 150,000 | 140,915 | |||||||
Weatherford International | |||||||||
144A 8.625% 4/30/30 # | 13,000 | 13,215 | |||||||
Western Midstream | |||||||||
Operating 4.75% | |||||||||
8/15/28 | 110,000 | 113,736 | |||||||
8,215,291 | |||||||||
Finance Companies – 0.05% | |||||||||
Ally Financial 4.70% | |||||||||
5/15/26 µ, ψ | 20,000 | 18,889 | |||||||
Jefferies Group 2.625% | |||||||||
10/15/31 | 240,000 | 216,789 | |||||||
235,678 | |||||||||
Financials – 0.68% | |||||||||
AerCap Ireland Capital | |||||||||
DAC 4.45% 4/3/26 | 345,000 | 348,914 | |||||||
Air Lease | |||||||||
2.875% 1/15/26 | 195,000 | 188,460 | |||||||
2.875% 1/15/32 | 175,000 | 156,896 | |||||||
3.00% 2/1/30 | 45,000 | 41,505 | |||||||
3.375% 7/1/25 | 15,000 | 14,801 | |||||||
4.125% 12/15/26 µ, ψ | 10,000 | 8,525 | |||||||
Ally Financial 8.00% | |||||||||
11/1/31 | 35,000 | 43,983 | |||||||
Aviation Capital Group | |||||||||
144A 1.95% 1/30/26 # | 465,000 | 427,634 | |||||||
Avolon Holdings Funding | |||||||||
144A 3.25% 2/15/27 # | 10,000 | 9,422 | |||||||
144A 3.95% 7/1/24 # | 75,000 | 74,815 | |||||||
Banco del Estado de Chile | |||||||||
144A 2.704% 1/9/25 # | 280,000 | 278,141 | |||||||
Bank of Georgia 144A | |||||||||
6.00% 7/26/23 # | 255,000 | 248,625 | |||||||
Castlelake Aviation | |||||||||
Finance DAC 144A | |||||||||
5.00% 4/15/27 # | 200,000 | 178,914 | |||||||
DAE Sukuk DIFC 144A | |||||||||
3.75% 2/15/26 # | 200,000 | 195,365 | |||||||
Development Bank of | |||||||||
Kazakhstan 144A | |||||||||
10.95% 5/6/26 # | KZT | 100,000,000 | 178,304 | ||||||
Hightower Holding 144A | |||||||||
6.75% 4/15/29 # | 135,000 | 132,286 | |||||||
MAF Sukuk 3.933% | |||||||||
2/28/30 | 200,000 | 200,160 | |||||||
Midcap Financial Issuer | |||||||||
Trust | |||||||||
144A 5.625% 1/15/30 # | 200,000 | 177,115 | |||||||
144A 6.50% 5/1/28 # | 200,000 | 188,382 |
42
Principal | |||||||
amount° | Value (US $) | ||||||
Corporate Bonds (continued) | |||||||
Financials (continued) | |||||||
SVB Financial Group | |||||||
1.80% 10/28/26 | 10,000 | $ | 9,306 | ||||
US Bancorp 3.70% | |||||||
1/15/27 µ, ψ | 10,000 | 9,075 | |||||
Wells Fargo & Co. | |||||||
3.526% 3/24/28 µ | 5,000 | 4,994 | |||||
3.90% 3/15/26 µ, ψ | 35,000 | 33,571 | |||||
3,149,193 | |||||||
Healthcare – 0.40% | |||||||
Bausch Health 144A | |||||||
6.25% 2/15/29 # | 380,000 | 312,210 | |||||
CHS 144A 4.75% | |||||||
2/15/31 # | 105,000 | 99,371 | |||||
DaVita 144A 4.625% | |||||||
6/1/30 # | 195,000 | 182,364 | |||||
Encompass Health 4.75% | |||||||
2/1/30 | 30,000 | 28,850 | |||||
Hadrian Merger Sub 144A | |||||||
8.50% 5/1/26 # | 295,000 | 297,299 | |||||
HCA | |||||||
5.375% 2/1/25 | 215,000 | 223,975 | |||||
5.875% 2/1/29 | 250,000 | 273,705 | |||||
Ortho-Clinical Diagnostics | |||||||
144A 7.25% 2/1/28 # | 120,000 | 123,753 | |||||
Tenet Healthcare 144A | |||||||
6.125% 10/1/28 # | 295,000 | 300,120 | |||||
1,841,647 | |||||||
Information Technology – 0.01% | |||||||
Autodesk 2.40% 12/15/31 | 25,000 | 22,333 | |||||
Broadcom 144A 3.419% | |||||||
4/15/33 # | 11,000 | 10,287 | |||||
CDW 3.276% 12/1/28 | 15,000 | 14,157 | |||||
46,777 | |||||||
Insurance – 0.55% | |||||||
Aon 2.90% 8/23/51 | 230,000 | 191,420 | |||||
Arthur J Gallagher & Co. | |||||||
3.50% 5/20/51 | 440,000 | 392,654 | |||||
Athene Global Funding | |||||||
144A 1.00% 4/16/24 # | 95,000 | 90,914 | |||||
Athene Holding 3.95% | |||||||
5/25/51 | 340,000 | 311,726 | |||||
Brighthouse Financial | |||||||
3.85% 12/22/51 | 265,000 | 221,647 | |||||
5.625% 5/15/30 | 15,000 | 16,475 | |||||
Brown & Brown 4.95% | |||||||
3/17/52 | 10,000 | 10,707 | |||||
GA Global Funding Trust | |||||||
144A 1.00% 4/8/24 # | 470,000 | 450,277 | |||||
HUB International 144A | |||||||
5.625% 12/1/29 # | 138,000 | 132,052 | |||||
Jackson Financial | |||||||
144A 3.125% | |||||||
11/23/31 # | 10,000 | 9,117 | |||||
144A 4.00% 11/23/51 # | 10,000 | 8,475 | |||||
NFP 144A 6.875% | |||||||
8/15/28 # | 145,000 | 138,659 | |||||
USI 144A 6.875% 5/1/25 # | 585,000 | 587,919 | |||||
2,562,042 | |||||||
Media – 0.65% | |||||||
AMC Networks 4.25% | |||||||
2/15/29 | 650,000 | 607,425 | |||||
CCO Holdings | |||||||
4.50% 5/1/32 | 65,000 | 59,546 | |||||
144A 5.375% 6/1/29 # | 335,000 | 335,588 | |||||
Clear Channel Outdoor | |||||||
Holdings 144A 7.50% | |||||||
6/1/29 # | 135,000 | 134,869 | |||||
CSC Holdings | |||||||
144A 3.375% 2/15/31 # | 495,000 | 417,674 | |||||
144A 5.00% 11/15/31 # | 280,000 | 235,116 | |||||
Directv Financing 144A | |||||||
5.875% 8/15/27 # | 135,000 | 132,985 | |||||
Gray Escrow II 144A | |||||||
5.375% 11/15/31 # | 30,000 | 28,725 | |||||
Gray Television 144A | |||||||
4.75% 10/15/30 # | 125,000 | 116,262 | |||||
Nielsen Finance | |||||||
144A 4.50% 7/15/29 # | 55,000 | 54,984 | |||||
144A 4.75% 7/15/31 # | 185,000 | 185,179 | |||||
Sirius XM Radio 144A | |||||||
4.00% 7/15/28 # | 325,000 | 309,190 | |||||
Terrier Media Buyer 144A | |||||||
8.875% 12/15/27 # | 200,000 | 203,744 | |||||
VZ Secured Financing | |||||||
144A 5.00% 1/15/32 # | 200,000 | 187,305 | |||||
3,008,592 | |||||||
Real Estate Investment Trusts – 0.18% | |||||||
Crown Castle International | |||||||
1.05% 7/15/26 | 485,000 | 438,850 | |||||
Iron Mountain 144A 5.25% | |||||||
3/15/28 # | 375,000 | 370,612 | |||||
MGM Growth Properties | |||||||
Operating Partnership | |||||||
5.75% 2/1/27 | 35,000 | 37,122 | |||||
846,584 | |||||||
Services – 0.18% | |||||||
NESCO Holdings II 144A | |||||||
5.50% 4/15/29 # | 80,000 | 78,699 |
43
Schedules of investments
Delaware Total Return Fund
Principal | |||||||
amount° | Value (US $) | ||||||
Corporate Bonds (continued) | |||||||
Services (continued) | |||||||
Prime Security Services | |||||||
Borrower 144A 5.75% | |||||||
4/15/26 # | 298,000 | $ | 304,347 | ||||
United Rentals North | |||||||
America 5.25% 1/15/30 | 220,000 | 227,278 | |||||
Univar Solutions USA | |||||||
144A 5.125% 12/1/27 # | 230,000 | 230,219 | |||||
840,543 | |||||||
Technology – 0.78% | |||||||
Broadcom | |||||||
144A 3.137% | |||||||
11/15/35 # | 4,000 | 3,532 | |||||
144A 3.469% 4/15/34 # | 355,000 | 329,519 | |||||
CDW 2.67% 12/1/26 | 5,000 | 4,722 | |||||
Fidelity National | |||||||
Information Services | |||||||
1.65% 3/1/28 | 470,000 | 421,415 | |||||
Fiserv 3.20% 7/1/26 | 315,000 | 313,823 | |||||
Global Payments | |||||||
2.15% 1/15/27 | 10,000 | 9,402 | |||||
2.65% 2/15/25 | 147,000 | 143,980 | |||||
Go Daddy Operating 144A | |||||||
3.50% 3/1/29 # | 235,000 | 216,421 | |||||
Microchip Technology | |||||||
0.972% 2/15/24 | 345,000 | 330,884 | |||||
144A 0.983% 9/1/24 # | 125,000 | 118,454 | |||||
Micron Technology 2.703% | |||||||
4/15/32 | 10,000 | 9,069 | |||||
MSCI 144A 3.625% | |||||||
11/1/31 # | 200,000 | 188,563 | |||||
NXP | |||||||
144A 3.125% 2/15/42 # | 10,000 | 8,628 | |||||
144A 3.25% 5/11/41 # | 90,000 | 79,609 | |||||
144A 4.875% 3/1/24 # | 285,000 | 292,975 | |||||
Oracle 2.95% 4/1/30 | 30,000 | 27,713 | |||||
PayPal Holdings 2.65% | |||||||
10/1/26 | 440,000 | 433,428 | |||||
SS&C Technologies 144A | |||||||
5.50% 9/30/27 # | 240,000 | 242,100 | |||||
VMware 1.00% 8/15/24 | 475,000 | 453,300 | |||||
Workday | |||||||
3.70% 4/1/29 | 5,000 | 5,016 | |||||
3.80% 4/1/32 | 5,000 | 4,997 | |||||
3,637,550 | |||||||
Transportation – 0.37% | |||||||
Canadian Pacific Railway | |||||||
2.45% 12/2/31 | 5,000 | 4,650 | |||||
3.00% 12/2/41 | 5,000 | 4,509 | |||||
Delta Air Lines 7.375% | |||||||
1/15/26 | 131,000 | 142,410 | |||||
Mileage Plus Holdings | |||||||
144A 6.50% 6/20/27 # | 345,000 | 360,094 | |||||
Rutas 2 and 7 Finance | |||||||
144A 3.08% 9/30/36 #, | |||||||
^ | 302,000 | 219,589 | |||||
Seaspan 144A 5.50% | |||||||
8/1/29 # | 115,000 | 107,761 | |||||
Southwest Airlines 5.125% | |||||||
6/15/27 | 35,000 | 37,462 | |||||
Union Pacific | |||||||
2.80% 2/14/32 | 440,000 | 422,997 | |||||
3.50% 2/14/53 | 5,000 | 4,907 | |||||
United Airlines | |||||||
144A 4.375% 4/15/26 # | 80,000 | 78,800 | |||||
144A 4.625% 4/15/29 # | 95,000 | 90,461 | |||||
VistaJet Malta Finance | |||||||
144A 6.375% 2/1/30 # | 275,000 | 259,105 | |||||
1,732,745 | |||||||
Utilities – 0.62% | |||||||
Calpine | |||||||
144A 4.50% 2/15/28 # | 95,000 | 92,834 | |||||
144A 5.00% 2/1/31 # | 220,000 | 200,575 | |||||
144A 5.25% 6/1/26 # | 71,000 | 71,448 | |||||
CenterPoint Energy 1.45% | |||||||
6/1/26 | 345,000 | 320,236 | |||||
Duke Energy 4.875% | |||||||
9/16/24 µ, ψ | 320,000 | 324,202 | |||||
Entergy Mississippi 2.85% | |||||||
6/1/28 | 90,000 | 86,697 | |||||
Entergy Texas 3.55% | |||||||
9/30/49 | 185,000 | 174,877 | |||||
Evergy Kansas Central | |||||||
3.45% 4/15/50 | 35,000 | 32,847 | |||||
Eversource Energy 2.90% | |||||||
3/1/27 | 10,000 | 9,816 | |||||
Infraestructura Energetica | |||||||
Nova 144A 3.75% | |||||||
1/14/28 # | 275,000 | 272,166 | |||||
Pacific Gas and Electric | |||||||
2.10% 8/1/27 | 330,000 | 297,073 | |||||
3.25% 6/1/31 | 5,000 | 4,530 | |||||
3.30% 8/1/40 | 270,000 | 221,562 | |||||
4.95% 7/1/50 | 43,000 | 40,670 | |||||
PG&E 5.25% 7/1/30 | 130,000 | 126,256 | |||||
Sempra Energy 4.875% | |||||||
10/15/25 µ, ψ | 20,000 | 20,150 | |||||
Sociedad de Transmision | |||||||
Austral 144A 4.00% | |||||||
1/27/32 # | 200,000 | 194,306 | |||||
Southern California Edison | |||||||
3.45% 2/1/52 | 137,000 | 123,417 |
44
Principal | |||||||||
amount° | Value (US $) | ||||||||
Corporate Bonds (continued) | |||||||||
Utilities (continued) | |||||||||
Vistra | |||||||||
144A 7.00% 12/15/26 #, | |||||||||
µ, ψ | 170,000 | $ | 165,802 | ||||||
144A 8.00% 10/15/26 #, | |||||||||
µ, ψ | 105,000 | 106,181 | |||||||
2,885,645 | |||||||||
Total Corporate Bonds | |||||||||
(cost $61,508,107) | 58,060,247 | ||||||||
Non-Agency Asset-Backed Securities – 0.17% | |||||||||
Diamond Infrastructure | |||||||||
Funding | |||||||||
Series 2021-1A A 144A | |||||||||
1.76% 4/15/49 # | 150,000 | 135,816 | |||||||
Domino's Pizza Master | |||||||||
Issuer | |||||||||
Series 2021-1A A2I | |||||||||
144A 2.662% 4/25/51 # | 148,875 | 138,025 | |||||||
Taco Bell Funding | |||||||||
Series 2021-1A A2I | |||||||||
144A 1.946% 8/25/51 # | 269,325 | 243,576 | |||||||
Trafigura Securitisation | |||||||||
Finance | |||||||||
Series 2021-1A | |||||||||
A2 144A 1.08% | |||||||||
1/15/25 # | 300,000 | 285,861 | |||||||
Total Non-Agency Asset-Backed Securities | |||||||||
(cost $868,175) | 803,278 | ||||||||
Non-Agency Commercial Mortgage-Backed Securities – 1.34% | |||||||||
BANK | |||||||||
Series 2019- | |||||||||
BN21 A5 2.851% | |||||||||
10/17/52 | 100,000 | 96,556 | |||||||
Series 2020- | |||||||||
BN25 A5 2.649% | |||||||||
1/15/63 | 500,000 | 475,185 | |||||||
Series 2021- | |||||||||
BN36 A5 2.47% 9/15/64 | 776,000 | 725,527 | |||||||
Series 2022- | |||||||||
BNK40 A4 3.507% | |||||||||
3/15/64 • | 500,000 | 503,459 | |||||||
Benchmark Mortgage | |||||||||
Trust | |||||||||
Series 2020- | |||||||||
B17 A5 2.289% 3/15/53 | 500,000 | 461,954 | |||||||
Series 2020- | |||||||||
B20 A5 2.034% | |||||||||
10/15/53 | 400,000 | 360,783 | |||||||
Series 2022- | |||||||||
B33 A5 3.458% 3/15/55 | 500,000 | 504,759 | |||||||
Cantor Commercial Real | |||||||||
Estate Lending | |||||||||
Series 2019- | |||||||||
CF2 A5 2.874% | |||||||||
11/15/52 | 350,000 | 337,158 | |||||||
Citigroup Commercial | |||||||||
Mortgage Trust | |||||||||
Series 2019- | |||||||||
C7 A4 3.102% 12/15/72 | 500,000 | 488,547 | |||||||
GS Mortgage Securities | |||||||||
Trust | |||||||||
Series 2017- | |||||||||
GS5 A4 3.674% 3/10/50 | 350,000 | 352,796 | |||||||
Series 2017- | |||||||||
GS6 A3 3.433% 5/10/50 | 350,000 | 349,318 | |||||||
Series 2019- | |||||||||
GC42 A4 3.001% 9/1/52 | 500,000 | 486,026 | |||||||
JPM-DB Commercial | |||||||||
Mortgage Securities | |||||||||
Trust | |||||||||
Series 2017- | |||||||||
C7 A5 3.409% 10/15/50 | 350,000 | 350,675 | |||||||
Morgan Stanley Bank of | |||||||||
America Merrill Lynch | |||||||||
Trust | |||||||||
Series 2016- | |||||||||
C29 A4 3.325% 5/15/49 | 350,000 | 347,519 | |||||||
Wells Fargo Commercial | |||||||||
Mortgage Trust | |||||||||
Series 2016- | |||||||||
BNK1 A3 2.652% | |||||||||
8/15/49 | 350,000 | 339,653 | |||||||
Total Non-Agency Commercial Mortgage- | |||||||||
Backed Securities | |||||||||
(cost $6,666,467) | 6,179,915 | ||||||||
Sovereign Bonds – 1.62%Δ | |||||||||
Angola – 0.04% | |||||||||
Angolan Government | |||||||||
International Bond | |||||||||
9.375% 5/8/48 | 200,000 | 197,220 | |||||||
197,220 | |||||||||
Armenia – 0.04% | |||||||||
Republic of Armenia | |||||||||
International Bond | |||||||||
144A 3.60% 2/2/31 # | 200,000 | 158,923 | |||||||
158,923 | |||||||||
Chile – 0.02% | |||||||||
Bonos de la Tesoreria de | |||||||||
la Republica en pesos | |||||||||
144A 2.80% 10/1/33 # | CLP | 65,000,000 | 60,046 |
45
Schedules of investments
Delaware Total Return Fund
Principal | |||||||||
amount° | Value (US $) | ||||||||
Sovereign BondsΔ (continued) | |||||||||
Chile (continued) | |||||||||
Bonos de la Tesoreria de | |||||||||
la Republica en pesos | |||||||||
5.00% 3/1/35 | CLP | 30,000,000 | $ | 34,103 | |||||
94,149 | |||||||||
Colombia – 0.15% | |||||||||
Colombia Government | |||||||||
International Bonds | |||||||||
4.125% 2/22/42 | 217,000 | 170,076 | |||||||
5.20% 5/15/49 | 200,000 | 171,204 | |||||||
Colombian TES 7.00% | |||||||||
6/30/32 | COP | 1,635,100,000 | 358,229 | ||||||
699,509 | |||||||||
Dominican Republic – 0.18% | |||||||||
Dominican Republic | |||||||||
International Bond | |||||||||
144A 4.50% 1/30/30 # | 913,000 | 839,969 | |||||||
839,969 | |||||||||
Egypt – 0.04% | |||||||||
Egypt Government | |||||||||
International Bond | |||||||||
5.25% 10/6/25 | 200,000 | 193,280 | |||||||
193,280 | |||||||||
Honduras – 0.04% | |||||||||
Honduras Government | |||||||||
International Bond | |||||||||
144A 5.625% 6/24/30 # | 200,000 | 182,000 | |||||||
182,000 | |||||||||
Indonesia – 0.03% | |||||||||
Indonesia Treasury Bond | |||||||||
6.125% 5/15/28 | IDR | 1,768,000,000 | 121,609 | ||||||
121,609 | |||||||||
Ivory Coast – 0.11% | |||||||||
Ivory Coast Government | |||||||||
International Bonds | |||||||||
144A 4.875% 1/30/32 # | EUR | 200,000 | 195,463 | ||||||
144A 6.125% 6/15/33 # | 234,000 | 227,313 | |||||||
144A 6.875% 10/17/40 # | EUR | 100,000 | 100,900 | ||||||
523,676 | |||||||||
Mongolia – 0.06% | |||||||||
Mongolia Government | |||||||||
International Bond | |||||||||
144A 5.625% 5/1/23 # | 269,000 | 271,353 | |||||||
271,353 | |||||||||
Morocco – 0.12% | |||||||||
Morocco Government | |||||||||
International Bonds | |||||||||
144A 1.375% 3/30/26 # | EUR | 270,000 | 288,062 | ||||||
Morocco Government | |||||||||
International Bonds | |||||||||
144A 2.375% 12/15/27 # | 300,000 | 274,494 | |||||||
562,556 | |||||||||
Nigeria – 0.04% | |||||||||
Nigeria Government | |||||||||
International Bond | |||||||||
144A 8.375% 3/24/29 # | 200,000 | 202,376 | |||||||
202,376 | |||||||||
North Macedonia – 0.02% | |||||||||
North Macedonia | |||||||||
Government | |||||||||
International Bond | |||||||||
144A 3.675% 6/3/26 # | EUR | 100,000 | 110,661 | ||||||
110,661 | |||||||||
Paraguay – 0.21% | |||||||||
Paraguay Government | |||||||||
International Bond | |||||||||
144A 4.95% 4/28/31 # | 742,000 | 778,180 | |||||||
5.60% 3/13/48 | 200,000 | 205,702 | |||||||
983,882 | |||||||||
Peru – 0.11% | |||||||||
Peru Government Bond | |||||||||
6.95% 8/12/31 | PEN | 743,000 | 207,362 | ||||||
Peruvian Government | |||||||||
International Bonds | |||||||||
2.392% 1/23/26 | 300,000 | 291,657 | |||||||
499,019 | |||||||||
Romania – 0.02% | |||||||||
Romanian Government | |||||||||
International Bond | |||||||||
144A 2.625% 12/2/40 # | EUR | 100,000 | 84,524 | ||||||
84,524 | |||||||||
Senegal – 0.04% | |||||||||
Senegal Government | |||||||||
International Bond | |||||||||
144A 6.25% 5/23/33 # | 200,000 | 189,290 | |||||||
189,290 | |||||||||
Serbia – 0.10% | |||||||||
Serbia International Bonds | |||||||||
144A 2.125% 12/1/30 # | 200,000 | 167,910 | |||||||
144A 3.125% 5/15/27 # | EUR | 250,000 | 270,078 | ||||||
437,988 |
46
Principal | ||||||||||
amount° | Value (US $) | |||||||||
Sovereign BondsΔ (continued) | ||||||||||
South Africa – 0.08% | ||||||||||
Republic of South Africa | ||||||||||
Government | ||||||||||
International Bond | ||||||||||
5.65% 9/27/47 | 400,000 | $ | 350,258 | |||||||
350,258 | ||||||||||
Uruguay – 0.05% | ||||||||||
Uruguay Government | ||||||||||
International Bonds | ||||||||||
4.50% 8/14/24 | 69,000 | 71,157 | ||||||||
9.875% 6/20/22 | UYU | 6,623,000 | 161,609 | |||||||
232,766 | ||||||||||
Uzbekistan – 0.12% | ||||||||||
Republic of Uzbekistan | ||||||||||
International Bonds | ||||||||||
144A 3.90% 10/19/31 # | 200,000 | 177,210 | ||||||||
144A 4.75% 2/20/24 # | 374,000 | 375,180 | ||||||||
552,390 | ||||||||||
Total Sovereign Bonds | ||||||||||
(cost $8,095,937) | 7,487,398 | |||||||||
Supranational Banks – 0.19% | ||||||||||
Banque Ouest Africaine de | ||||||||||
Developpement | ||||||||||
144A 4.70% 10/22/31 # | 306,000 | 303,139 | ||||||||
Central American Bank for | ||||||||||
Economic Integration | ||||||||||
144A 2.00% 5/6/25 # | 400,000 | 388,476 | ||||||||
European Investment | ||||||||||
Bank | ||||||||||
5.50% 1/23/23 | MXN | 3,931,000 | 192,123 | |||||||
Total Supranational Banks | ||||||||||
(cost $895,295) | 883,738 | |||||||||
US Treasury Obligations – 1.83% | ||||||||||
US Treasury Bonds | ||||||||||
1.75% 8/15/41 | 365,000 | 316,580 | ||||||||
1.875% 11/15/51 | 195,000 | 171,112 | ||||||||
2.00% 11/15/41 | 185,000 | 167,454 | ||||||||
2.25% 8/15/46 | 1,035,000 | 969,100 | ||||||||
2.375% 2/15/42 | 170,000 | 164,023 | ||||||||
4.375% 2/15/38 | 780,000 | 987,401 | ||||||||
US Treasury Note | ||||||||||
1.875% 2/15/32 | 90,000 | 86,442 | ||||||||
US Treasury Notes | ||||||||||
1.50% 2/15/25 | 1,900,000 | 1,847,008 | ||||||||
1.50% 1/31/27 | 2,155,000 | 2,059,709 | ||||||||
1.875% 2/28/29 |