Schedule of investments
Delaware Special Situations Fund
December 31, 2020 (Unaudited)
Number of shares | Value (US $) | ||
Common Stock♦ — 99.34% | |||
Basic Industry — 7.43% | |||
Arconic † | 87,000 | $2,592,600 | |
Ashland Global Holdings | 27,700 | 2,193,840 | |
Avient | 18,612 | 749,691 | |
Berry Global Group † | 116,100 | 6,523,659 | |
HB Fuller | 56,700 | 2,941,596 | |
Huntsman | 119,400 | 3,001,716 | |
Louisiana-Pacific | 147,900 | 5,497,443 | |
Summit Materials Class A † | 78,800 | 1,582,304 | |
25,082,849 | |||
Business Services — 2.00% | |||
Deluxe | 31,100 | 908,120 | |
PAE † | 97,400 | 894,132 | |
WESCO International † | 63,200 | 4,961,200 | |
6,763,452 | |||
Capital Spending — 10.21% | |||
Altra Industrial Motion | 104,500 | 5,792,435 | |
Atkore International Group † | 82,700 | 3,399,797 | |
H&E Equipment Services | 55,100 | 1,642,531 | |
ITT | 84,700 | 6,523,594 | |
KBR | 78,520 | 2,428,624 | |
MasTec † | 122,600 | 8,358,868 | |
Primoris Services | 92,400 | 2,551,164 | |
Rexnord | 95,600 | 3,775,244 | |
34,472,257 | |||
Consumer Cyclical — 4.24% | |||
Adient † | 84,600 | 2,941,542 | |
Barnes Group | 59,600 | 3,021,124 | |
KB Home | 85,600 | 2,869,312 | |
Knoll | 88,600 | 1,300,648 | |
Meritage Homes † | 39,100 | 3,238,262 | |
Standard Motor Products | 23,000 | 930,580 | |
14,301,468 | |||
Consumer Services — 10.48% | |||
Aaron's † | 22,250 | 421,860 | |
Acushnet Holdings | 45,900 | 1,860,786 | |
Asbury Automotive Group † | 24,800 | 3,614,352 | |
Cable One | 1,200 | 2,673,264 | |
Choice Hotels International † | 37,000 | 3,949,010 | |
Cracker Barrel Old Country Store | 25,000 | 3,298,000 | |
Denny's † | 62,500 | 917,500 | |
PROG Holdings | 44,500 | 2,397,215 | |
Steven Madden | 93,800 | 3,313,016 | |
TEGNA | 192,700 | 2,688,165 | |
Texas Roadhouse † | 37,550 | 2,934,908 |
Number of shares | Value (US $) | ||
Common Stock (continued) | |||
Consumer Services (continued) | |||
UniFirst | 20,200 | $4,276,138 | |
Wolverine World Wide | 96,739 | 3,023,094 | |
35,367,308 | |||
Consumer Staples — 3.80% | |||
Core-Mark Holding | 62,600 | 1,838,562 | |
J & J Snack Foods | 21,300 | 3,309,381 | |
Performance Food Group † | 52,300 | 2,490,003 | |
Scotts Miracle-Gro | 11,300 | 2,250,282 | |
Spectrum Brands Holdings | 37,000 | 2,922,260 | |
12,810,488 | |||
Energy — 3.37% | |||
CNX Resources † | 280,300 | 3,027,240 | |
Delek US Holdings | 96,700 | 1,553,969 | |
Dril-Quip † | 44,500 | 1,318,090 | |
Helix Energy Solutions Group † | 277,500 | 1,165,500 | |
Patterson-UTI Energy | 253,100 | 1,331,306 | |
WPX Energy † | 366,200 | 2,984,530 | |
11,380,635 | |||
Financial Services — 27.32% | |||
American Equity Investment Life Holding | 152,300 | 4,212,618 | |
Bank of NT Butterfield & Son | 73,500 | 2,290,260 | |
East West Bancorp | 197,600 | 10,020,296 | |
First Financial Bancorp | 168,300 | 2,950,299 | |
First Interstate BancSystem Class A | 69,700 | 2,841,669 | |
First Midwest Bancorp | 187,500 | 2,985,000 | |
FNB | 485,200 | 4,609,400 | |
Great Western Bancorp | 144,800 | 3,026,320 | |
Hancock Whitney | 169,700 | 5,773,194 | |
Hanover Insurance Group | 39,400 | 4,606,648 | |
Kemper | 36,500 | 2,804,295 | |
NBT Bancorp | 39,700 | 1,274,370 | |
Prosperity Bancshares | 45,500 | 3,155,880 | |
S&T Bancorp | 57,300 | 1,423,332 | |
Sandy Spring Bancorp | 49,300 | 1,586,967 | |
Selective Insurance Group | 73,500 | 4,923,030 | |
Stifel Financial | 147,700 | 7,452,942 | |
Synovus Financial | 100,500 | 3,253,185 | |
Umpqua Holdings | 314,700 | 4,764,558 | |
Valley National Bancorp | 405,100 | 3,949,725 | |
Webster Financial | 145,600 | 6,137,040 | |
WesBanco | 75,000 | 2,247,000 | |
Western Alliance Bancorp | 98,400 | 5,899,080 | |
92,187,108 |
NQ-Q2V [12/20] 2/21 (1511420) 1
Schedule of investments
Delaware Special Situations Fund (Unaudited)
Number of shares | Value (US $) | ||
Common Stock (continued) | |||
Healthcare — 3.62% | |||
Avanos Medical † | 64,100 | $2,940,908 | |
Integer Holdings † | 41,000 | 3,328,790 | |
Integra LifeSciences Holdings † | 54,600 | 3,544,632 | |
Service Corp. International | 48,700 | 2,391,170 | |
12,205,500 | |||
Real Estate Investment Trusts — 8.44% | |||
Brandywine Realty Trust | 275,500 | 3,281,205 | |
Independence Realty Trust | 124,200 | 1,668,006 | |
Kite Realty Group Trust | 86,157 | 1,288,909 | |
Lexington Realty Trust | 310,200 | 3,294,324 | |
Life Storage | 31,900 | 3,808,541 | |
National Health Investors | 35,300 | 2,441,701 | |
Outfront Media | 188,200 | 3,681,192 | |
RPT Realty † | 177,600 | 1,536,240 | |
Spirit Realty Capital | 86,600 | 3,478,722 | |
STAG Industrial | 51,851 | 1,623,973 | |
Summit Hotel Properties | 210,100 | 1,893,001 | |
Washington Real Estate Investment Trust | 22,700 | 491,001 | |
28,486,815 | |||
Technology — 11.85% | |||
Cirrus Logic † | 40,100 | 3,296,220 | |
Coherent † | 14,338 | 2,150,987 | |
Concentrix † | 19,600 | 1,934,520 | |
Diodes † | 29,900 | 2,107,950 | |
Flex † | 325,441 | 5,851,429 | |
NCR † | 28,951 | 1,087,689 | |
NetScout Systems † | 75,800 | 2,078,436 | |
ON Semiconductor † | 126,300 | 4,133,799 | |
SYNNEX † | 19,600 | 1,596,224 | |
Teradyne | 41,200 | 4,939,468 | |
Tower Semiconductor † | 135,900 | 3,508,938 | |
TTM Technologies † | 220,600 | 3,043,177 | |
Viavi Solutions † | 201,500 | 3,017,462 | |
Vishay Intertechnology | 59,700 | 1,236,387 | |
39,982,686 | |||
Transportation — 3.01% | |||
Kirby † | 47,300 | 2,451,559 | |
Saia † | 14,900 | 2,693,920 | |
SkyWest | 41,400 | 1,668,834 | |
Werner Enterprises | 85,500 | 3,353,310 | |
10,167,623 | |||
Utilities — 3.57% | |||
ALLETE | 48,103 | 2,979,500 | |
Black Hills | 53,500 | 3,287,575 |
Number of shares | Value (US $) | ||
Common Stock (continued) | |||
Utilities (continued) | |||
PNM Resources | 19,022 | $923,138 | |
South Jersey Industries | 91,444 | 1,970,618 | |
Southwest Gas Holdings | 47,500 | 2,885,625 | |
12,046,456 | |||
Total Common Stock♦ (cost $304,591,700) | 335,254,645 | ||
Short-Term Investments — 0.63% | |||
Money Market Mutual Funds — 0.63% | |||
BlackRock FedFund – Institutional Shares (seven-day effective yield 0.00%) | 530,249 | 530,249 | |
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 0.01%) | 530,249 | 530,249 | |
GS Financial Square Government Fund – Institutional Shares (seven-day effective yield 0.02%) | 530,249 | 530,249 | |
Morgan Stanley Government Portfolio – Institutional Share Class (seven-day effective yield 0.00%) | 530,249 | 530,249 | |
Total Short-Term Investments (cost $2,120,996) | 2,120,996 | ||
Total Value of Securities—99.97% (cost $306,712,696) | 337,375,641 | ||
Receivables and Other Assets Net of Liabilities—0.03% | 112,085 | ||
Net Assets Applicable to 14,845,777 Shares Outstanding—100.00% | $337,487,726 |
♦ | 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 |
2 NQ-Q2V [12/20] 2/21 (1511420)