Schedule of investments
Delaware Opportunity Fund June 30, 2020 (Unaudited)
Number of shares | Value (US $) | ||
Common Stock – 99.78% | |||
Basic Industry - 8.21% | |||
Axalta Coating Systems † | 150,700 | $ | 3,398,285 |
Berry Global Group † | 246,800 | 10,938,176 | |
Celanese | 63,900 | 5,517,126 | |
Crown Holdings † | 79,400 | 5,171,322 | |
Graphic Packaging Holding | 708,700 | 9,914,713 | |
Huntsman | 516,800 | 9,286,896 | |
Newmont | 109,300 | 6,748,182 | |
50,974,700 | |||
Business Services - 1.53% | |||
Brink’s | 121,000 | 5,506,710 | |
ManpowerGroup | 58,200 | 4,001,250 | |
9,507,960 | |||
Capital Spending - 10.55% | |||
AECOM † | 194,100 | 7,294,278 | |
Allison Transmission Holdings | 133,200 | 4,899,096 | |
AMETEK | 28,900 | 2,582,793 | |
Gates Industrial † | 415,500 | 4,271,340 | |
HD Supply Holdings † | 179,100 | 6,205,815 | |
ITT | 211,900 | 12,447,006 | |
KBR | 509,700 | 11,493,735 | |
Quanta Services | 260,700 | 10,227,261 | |
United Rentals † | 41,100 | 6,125,544 | |
65,546,868 | |||
Consumer Cyclical - 5.54% | |||
BorgWarner | 142,000 | 5,012,600 | |
DR Horton | 161,100 | 8,932,995 | |
Johnson Controls International | 180,800 | 6,172,512 | |
Mohawk Industries † | 42,200 | 4,294,272 | |
Stanley Black & Decker | 71,600 | 9,979,608 | |
34,391,987 | |||
Consumer Services - 8.14% | |||
AutoZone † | 4,300 | 4,850,916 | |
Cable One | 3,150 | 5,590,778 | |
Darden Restaurants | 81,400 | 6,167,678 | |
Dollar Tree † | 73,800 | 6,839,784 | |
Hasbro | 76,900 | 5,763,655 | |
Marriott International Class A | 112,100 | 9,610,333 | |
PVH | 34,800 | 1,672,140 | |
VF | 100,800 | 6,142,752 | |
ViacomCBS Class B | 168,800 | 3,936,416 | |
50,574,452 |
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Schedule of investments
Delaware Opportunity Fund (Unaudited)
Number of shares | Value (US $) | ||
Common Stock (continued) | |||
Consumer Staples - 3.86% | |||
Campbell Soup | 76,600 | $ | 3,801,658 |
Conagra Brands | 177,700 | 6,249,709 | |
Kellogg | 89,600 | 5,918,976 | |
Tyson Foods Class A | 78,200 | 4,669,322 | |
US Foods Holding † | 168,400 | 3,320,848 | |
23,960,513 | |||
Energy - 3.83% | |||
Hess | 225,200 | 11,667,612 | |
Marathon Oil | 956,800 | 5,855,616 | |
Patterson-UTI Energy | 526,100 | 1,825,567 | |
Valero Energy | 75,400 | 4,435,028 | |
23,783,823 | |||
Financial Services - 17.20% | |||
Affiliated Managers Group | 59,800 | 4,458,688 | |
Allstate | 99,300 | 9,631,107 | |
American Financial Group | 107,400 | 6,815,604 | |
Assurant | 63,900 | 6,600,231 | |
Comerica | 183,400 | 6,987,540 | |
East West Bancorp | 343,300 | 12,441,192 | |
First Hawaiian | 216,870 | 3,738,839 | |
Globe Life | 85,400 | 6,339,242 | |
Hancock Whitney | 246,865 | 5,233,538 | |
Hartford Financial Services Group | 214,600 | 8,272,830 | |
KeyCorp | 779,300 | 9,491,874 | |
Raymond James Financial | 172,400 | 11,866,292 | |
Reinsurance Group of America | 76,700 | 6,016,348 | |
Synchrony Financial | 405,600 | 8,988,096 | |
106,881,421 | |||
Healthcare - 6.00% | |||
AmerisourceBergen | 75,800 | 7,638,366 | |
Quest Diagnostics | 79,200 | 9,025,632 | |
Service Corp. International | 125,000 | 4,861,250 | |
STERIS | 43,400 | 6,659,296 | |
Zimmer Biomet Holdings | 75,900 | 9,059,424 | |
37,243,968 | |||
Real Estate Investment Trusts - 9.38% | |||
Apartment Investment and Management Class A | 210,600 | 7,926,984 | |
Brandywine Realty Trust | 536,600 | 5,843,574 | |
Highwoods Properties | 178,200 | 6,652,206 | |
Host Hotels & Resorts | 514,700 | 5,553,613 | |
Kimco Realty | 454,500 | 5,835,780 |
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(Unaudited) | |||
Number of shares | Value (US $) | ||
Common Stock (continued) | |||
Real Estate Investment Trusts (continued) | |||
Life Storage | 100,300 | $ | 9,523,485 |
Outfront Media | 325,700 | 4,615,169 | |
VEREIT | 1,224,100 | 7,870,963 | |
Welltower | 86,400 | 4,471,200 | |
58,292,974 | |||
Technology - 14.25% | |||
Agilent Technologies | 100,300 | 8,863,511 | |
Avnet | 201,700 | 5,624,405 | |
Citrix Systems | 21,100 | 3,120,901 | |
DXC Technology | 71,900 | 1,186,350 | |
Fiserv † | 46,600 | 4,549,092 | |
Flex † | 693,800 | 7,111,450 | |
Keysight Technologies † | 89,300 | 8,999,654 | |
ON Semiconductor † | 205,900 | 4,080,938 | |
Qorvo † | 60,300 | 6,664,959 | |
Synopsys † | 108,500 | 21,157,500 | |
Teradyne | 171,700 | 14,510,367 | |
Western Digital | 59,900 | 2,644,585 | |
88,513,712 | |||
Transportation - 3.13% | |||
CSX | 53,400 | 3,724,116 | |
JB Hunt Transport Services | 65,600 | 7,894,304 | |
Southwest Airlines | 229,800 | 7,854,564 | |
19,472,984 | |||
Utilities - 8.16% | |||
CMS Energy | 183,500 | 10,720,070 | |
Edison International | 114,200 | 6,202,202 | |
MDU Resources Group | 210,600 | 4,671,108 | |
NRG Energy | 194,500 | 6,332,920 | |
Public Service Enterprise Group | 194,700 | 9,571,452 | |
WEC Energy Group | 93,500 | 8,195,275 | |
Xcel Energy | 80,400 | 5,025,000 | |
50,718,027 | |||
Total Common Stock (cost $689,955,466) | 619,863,389 | ||
Short-Term Investments – 0.31% | |||
Money Market Mutual Funds - 0.31% | |||
BlackRock FedFund – Institutional Shares (seven-day | |||
effective yield 0.10%) | 387,831 | 387,831 | |
Fidelity Investments Money Market Government | |||
Portfolio – Class I (seven-day effective yield 0.06%) | 387,831 | 387,831 |
NQ-Q5V [6/20] 8/20 (1294045) 3
Schedule of investments
Delaware Opportunity Fund (Unaudited)
Number of shares | Value (US $) | |||
Short-Term Investments (continued) | ||||
Money Market Mutual Funds (continued) | ||||
GS Financial Square Government Fund – Institutional | ||||
Shares (seven-day effective yield 0.15%) | 387,831 | $ | 387,831 | |
Morgan Stanley Government Portfolio – Institutional Share | ||||
Class (seven-day effective yield 0.03%) | 387,831 | 387,831 | ||
State Street Institutional US Government Money Market | ||||
Fund – Investor Class (seven-day effective yield 0.04%) | 387,831 | 387,831 | ||
Total Short-Term Investments (cost $1,939,155) | 1,939,155 | |||
Total Value of Securities – 100.09% | ||||
(cost $691,894,621) | 621,802,544 | |||
Liabilities Net of Receivables and Other Assets – (0.09%) | (533,085) | |||
Net Assets Applicable to 28,041,478 Shares Outstanding – 100.00% | $ | 621,269,459 |
† Non-income producing security.
GS – Goldman Sachs
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