Philadelphia, PA 19106
![Delaware logo](https://capedge.com/proxy/N-CSRS/0001193125-24-191448/g858206images_21479.jpg)
![Macquarie Logo](https://capedge.com/proxy/N-CSRS/0001193125-24-191448/g858206images_21478.jpg)
Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
Class A | $57 | 1.07% |
Fund net assets | $7,435,931,279% |
Total number of portfolio holdings | $141% |
Total advisory fees paid | $22,950,650% |
Portfolio turnover rate | $14% |
Healthcare | 15.71% |
Financials | 15.53% |
Technology | 14.93% |
Capital Goods | 11.07% |
Basic Materials | 7.59% |
Real Estate Investment Trusts | 6.82% |
Energy | 5.45% |
Business Services | 4.28% |
Consumer Discretionary | 3.88% |
Consumer Staples | 3.53% |
Federal Signal | 2.16% |
Applied Industrial Technologies | 1.80% |
Permian Resources | 1.60% |
Steven Madden | 1.54% |
Q2 Holdings | 1.53% |
Minerals Technologies | 1.52% |
Boise Cascade | 1.49% |
Prestige Consumer Healthcare | 1.45% |
Patterson-UTI Energy | 1.42% |
Summit Materials Class A | 1.40% |
![TSR - QR Code - Delaware](https://capedge.com/proxy/N-CSRS/0001193125-24-191448/g858206images_21477.jpg)
![Delaware logo](https://capedge.com/proxy/N-CSRS/0001193125-24-191448/g858206images_21479.jpg)
![Macquarie Logo](https://capedge.com/proxy/N-CSRS/0001193125-24-191448/g858206images_21478.jpg)
Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
Class C | $96 | 1.82% |
Fund net assets | $7,435,931,279% |
Total number of portfolio holdings | $141% |
Total advisory fees paid | $22,950,650% |
Portfolio turnover rate | $14% |
Healthcare | 15.71% |
Financials | 15.53% |
Technology | 14.93% |
Capital Goods | 11.07% |
Basic Materials | 7.59% |
Real Estate Investment Trusts | 6.82% |
Energy | 5.45% |
Business Services | 4.28% |
Consumer Discretionary | 3.88% |
Consumer Staples | 3.53% |
Federal Signal | 2.16% |
Applied Industrial Technologies | 1.80% |
Permian Resources | 1.60% |
Steven Madden | 1.54% |
Q2 Holdings | 1.53% |
Minerals Technologies | 1.52% |
Boise Cascade | 1.49% |
Prestige Consumer Healthcare | 1.45% |
Patterson-UTI Energy | 1.42% |
Summit Materials Class A | 1.40% |
![TSR - QR Code - Delaware](https://capedge.com/proxy/N-CSRS/0001193125-24-191448/g858206images_21477.jpg)
![Delaware logo](https://capedge.com/proxy/N-CSRS/0001193125-24-191448/g858206images_21479.jpg)
![Macquarie Logo](https://capedge.com/proxy/N-CSRS/0001193125-24-191448/g858206images_21478.jpg)
Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
Class R | $70 | 1.32% |
Fund net assets | $7,435,931,279% |
Total number of portfolio holdings | $141% |
Total advisory fees paid | $22,950,650% |
Portfolio turnover rate | $14% |
Healthcare | 15.71% |
Financials | 15.53% |
Technology | 14.93% |
Capital Goods | 11.07% |
Basic Materials | 7.59% |
Real Estate Investment Trusts | 6.82% |
Energy | 5.45% |
Business Services | 4.28% |
Consumer Discretionary | 3.88% |
Consumer Staples | 3.53% |
Federal Signal | 2.16% |
Applied Industrial Technologies | 1.80% |
Permian Resources | 1.60% |
Steven Madden | 1.54% |
Q2 Holdings | 1.53% |
Minerals Technologies | 1.52% |
Boise Cascade | 1.49% |
Prestige Consumer Healthcare | 1.45% |
Patterson-UTI Energy | 1.42% |
Summit Materials Class A | 1.40% |
![TSR - QR Code - Delaware](https://capedge.com/proxy/N-CSRS/0001193125-24-191448/g858206images_21477.jpg)
![Delaware logo](https://capedge.com/proxy/N-CSRS/0001193125-24-191448/g858206images_21479.jpg)
![Macquarie Logo](https://capedge.com/proxy/N-CSRS/0001193125-24-191448/g858206images_21478.jpg)
Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
Institutional Class | $44 | 0.82% |
Fund net assets | $7,435,931,279% |
Total number of portfolio holdings | $141% |
Total advisory fees paid | $22,950,650% |
Portfolio turnover rate | $14% |
Healthcare | 15.71% |
Financials | 15.53% |
Technology | 14.93% |
Capital Goods | 11.07% |
Basic Materials | 7.59% |
Real Estate Investment Trusts | 6.82% |
Energy | 5.45% |
Business Services | 4.28% |
Consumer Discretionary | 3.88% |
Consumer Staples | 3.53% |
Federal Signal | 2.16% |
Applied Industrial Technologies | 1.80% |
Permian Resources | 1.60% |
Steven Madden | 1.54% |
Q2 Holdings | 1.53% |
Minerals Technologies | 1.52% |
Boise Cascade | 1.49% |
Prestige Consumer Healthcare | 1.45% |
Patterson-UTI Energy | 1.42% |
Summit Materials Class A | 1.40% |
![TSR - QR Code - Delaware](https://capedge.com/proxy/N-CSRS/0001193125-24-191448/g858206images_21477.jpg)
![Delaware logo](https://capedge.com/proxy/N-CSRS/0001193125-24-191448/g858206images_21479.jpg)
![Macquarie Logo](https://capedge.com/proxy/N-CSRS/0001193125-24-191448/g858206images_21478.jpg)
Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
Class R6 | $36 | 0.68% |
Fund net assets | $7,435,931,279% |
Total number of portfolio holdings | $141% |
Total advisory fees paid | $22,950,650% |
Portfolio turnover rate | $14% |
Healthcare | 15.71% |
Financials | 15.53% |
Technology | 14.93% |
Capital Goods | 11.07% |
Basic Materials | 7.59% |
Real Estate Investment Trusts | 6.82% |
Energy | 5.45% |
Business Services | 4.28% |
Consumer Discretionary | 3.88% |
Consumer Staples | 3.53% |
Federal Signal | 2.16% |
Applied Industrial Technologies | 1.80% |
Permian Resources | 1.60% |
Steven Madden | 1.54% |
Q2 Holdings | 1.53% |
Minerals Technologies | 1.52% |
Boise Cascade | 1.49% |
Prestige Consumer Healthcare | 1.45% |
Patterson-UTI Energy | 1.42% |
Summit Materials Class A | 1.40% |
![TSR - QR Code - Delaware](https://capedge.com/proxy/N-CSRS/0001193125-24-191448/g858206images_21477.jpg)
![Delaware logo](https://capedge.com/proxy/N-CSRS/0001193125-24-191448/g858206images_21479.jpg)
![Macquarie Logo](https://capedge.com/proxy/N-CSRS/0001193125-24-191448/g858206images_21478.jpg)
Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
Class A | $61 | 1.13% |
Fund net assets | $4,692,228,235% |
Total number of portfolio holdings | $106% |
Total advisory fees paid | $15,253,868% |
Portfolio turnover rate | $10% |
Financial Services | 24.21% |
Industrials | 17.33% |
Consumer Discretionary | 11.40% |
Energy | 9.70% |
Technology | 9.05% |
Basic Industry | 8.20% |
Real Estate Investment Trusts | 6.70% |
Healthcare | 3.78% |
Utilities | 3.37% |
Consumer Staples | 2.66% |
Transportation | 2.48% |
Atkore | 1.83% |
MasTec | 1.73% |
Stifel Financial | 1.66% |
Hancock Whitney | 1.63% |
Webster Financial | 1.59% |
East West Bancorp | 1.59% |
ITT | 1.57% |
FNB | 1.57% |
Axis Capital Holdings | 1.56% |
Meritage Homes | 1.50% |
![TSR - QR Code - Delaware](https://capedge.com/proxy/N-CSRS/0001193125-24-191448/g858206images_21477.jpg)
![Delaware logo](https://capedge.com/proxy/N-CSRS/0001193125-24-191448/g858206images_21479.jpg)
![Macquarie Logo](https://capedge.com/proxy/N-CSRS/0001193125-24-191448/g858206images_21478.jpg)
Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
Class C | $101 | 1.88% |
Fund net assets | $4,692,228,235% |
Total number of portfolio holdings | $106% |
Total advisory fees paid | $15,253,868% |
Portfolio turnover rate | $10% |
Financial Services | 24.21% |
Industrials | 17.33% |
Consumer Discretionary | 11.40% |
Energy | 9.70% |
Technology | 9.05% |
Basic Industry | 8.20% |
Real Estate Investment Trusts | 6.70% |
Healthcare | 3.78% |
Utilities | 3.37% |
Consumer Staples | 2.66% |
Transportation | 2.48% |
Atkore | 1.83% |
MasTec | 1.73% |
Stifel Financial | 1.66% |
Hancock Whitney | 1.63% |
Webster Financial | 1.59% |
East West Bancorp | 1.59% |
ITT | 1.57% |
FNB | 1.57% |
Axis Capital Holdings | 1.56% |
Meritage Homes | 1.50% |
![TSR - QR Code - Delaware](https://capedge.com/proxy/N-CSRS/0001193125-24-191448/g858206images_21477.jpg)
![Delaware logo](https://capedge.com/proxy/N-CSRS/0001193125-24-191448/g858206images_21479.jpg)
![Macquarie Logo](https://capedge.com/proxy/N-CSRS/0001193125-24-191448/g858206images_21478.jpg)
Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
Class R | $75 | 1.38% |
Fund net assets | $4,692,228,235% |
Total number of portfolio holdings | $106% |
Total advisory fees paid | $15,253,868% |
Portfolio turnover rate | $10% |
Financial Services | 24.21% |
Industrials | 17.33% |
Consumer Discretionary | 11.40% |
Energy | 9.70% |
Technology | 9.05% |
Basic Industry | 8.20% |
Real Estate Investment Trusts | 6.70% |
Healthcare | 3.78% |
Utilities | 3.37% |
Consumer Staples | 2.66% |
Transportation | 2.48% |
Atkore | 1.83% |
MasTec | 1.73% |
Stifel Financial | 1.66% |
Hancock Whitney | 1.63% |
Webster Financial | 1.59% |
East West Bancorp | 1.59% |
ITT | 1.57% |
FNB | 1.57% |
Axis Capital Holdings | 1.56% |
Meritage Homes | 1.50% |
![TSR - QR Code - Delaware](https://capedge.com/proxy/N-CSRS/0001193125-24-191448/g858206images_21477.jpg)
![Delaware logo](https://capedge.com/proxy/N-CSRS/0001193125-24-191448/g858206images_21479.jpg)
![Macquarie Logo](https://capedge.com/proxy/N-CSRS/0001193125-24-191448/g858206images_21478.jpg)
Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
Institutional Class | $48 | 0.88% |
Fund net assets | $4,692,228,235% |
Total number of portfolio holdings | $106% |
Total advisory fees paid | $15,253,868% |
Portfolio turnover rate | $10% |
Financial Services | 24.21% |
Industrials | 17.33% |
Consumer Discretionary | 11.40% |
Energy | 9.70% |
Technology | 9.05% |
Basic Industry | 8.20% |
Real Estate Investment Trusts | 6.70% |
Healthcare | 3.78% |
Utilities | 3.37% |
Consumer Staples | 2.66% |
Transportation | 2.48% |
Atkore | 1.83% |
MasTec | 1.73% |
Stifel Financial | 1.66% |
Hancock Whitney | 1.63% |
Webster Financial | 1.59% |
East West Bancorp | 1.59% |
ITT | 1.57% |
FNB | 1.57% |
Axis Capital Holdings | 1.56% |
Meritage Homes | 1.50% |
![TSR - QR Code - Delaware](https://capedge.com/proxy/N-CSRS/0001193125-24-191448/g858206images_21477.jpg)
![Delaware logo](https://capedge.com/proxy/N-CSRS/0001193125-24-191448/g858206images_21479.jpg)
![Macquarie Logo](https://capedge.com/proxy/N-CSRS/0001193125-24-191448/g858206images_21478.jpg)
Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
Class R6 | $38 | 0.71% |
Fund net assets | $4,692,228,235% |
Total number of portfolio holdings | $106% |
Total advisory fees paid | $15,253,868% |
Portfolio turnover rate | $10% |
Financial Services | 24.21% |
Industrials | 17.33% |
Consumer Discretionary | 11.40% |
Energy | 9.70% |
Technology | 9.05% |
Basic Industry | 8.20% |
Real Estate Investment Trusts | 6.70% |
Healthcare | 3.78% |
Utilities | 3.37% |
Consumer Staples | 2.66% |
Transportation | 2.48% |
Atkore | 1.83% |
MasTec | 1.73% |
Stifel Financial | 1.66% |
Hancock Whitney | 1.63% |
Webster Financial | 1.59% |
East West Bancorp | 1.59% |
ITT | 1.57% |
FNB | 1.57% |
Axis Capital Holdings | 1.56% |
Meritage Homes | 1.50% |
![TSR - QR Code - Delaware](https://capedge.com/proxy/N-CSRS/0001193125-24-191448/g858206images_21477.jpg)
![Delaware logo](https://capedge.com/proxy/N-CSRS/0001193125-24-191448/g858206images_21479.jpg)
![Macquarie Logo](https://capedge.com/proxy/N-CSRS/0001193125-24-191448/g858206images_21478.jpg)
Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
Class A | $55 | 1.04% |
Fund net assets | $888,990,075% |
Total number of portfolio holdings | $807% |
Total advisory fees paid | $2,579,760% |
Portfolio turnover rate | $32% |
Common Stocks | 58.45% |
Corporate Bonds | 10.27% |
Agency Mortgage-Backed Securities | 5.93% |
US Treasury Obligations | 5.85% |
Exchange-Traded Funds | 5.82% |
Short-Term Investments | 3.62% |
Convertible Bonds | 3.36% |
Non-Agency Commercial Mortgage-Backed Securities | 1.30% |
Sovereign Bonds | 1.28% |
Limited Liability Corporation | 1.14% |
Microsoft | 2.78% |
NVIDIA | 2.73% |
Apple | 2.45% |
Exxon Mobil | 1.21% |
Merck & Co. | 1.11% |
TJX | 1.03% |
Verizon Communications | 1.00% |
Broadcom | 0.91% |
Cisco Systems | 0.86% |
Chevron | 0.77% |
![TSR - QR Code - Delaware](https://capedge.com/proxy/N-CSRS/0001193125-24-191448/g858206images_21477.jpg)
![Delaware logo](https://capedge.com/proxy/N-CSRS/0001193125-24-191448/g858206images_21479.jpg)
![Macquarie Logo](https://capedge.com/proxy/N-CSRS/0001193125-24-191448/g858206images_21478.jpg)
Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
Class C | $94 | 1.79% |
Fund net assets | $888,990,075% |
Total number of portfolio holdings | $807% |
Total advisory fees paid | $2,579,760% |
Portfolio turnover rate | $32% |
Common Stocks | 58.45% |
Corporate Bonds | 10.27% |
Agency Mortgage-Backed Securities | 5.93% |
US Treasury Obligations | 5.85% |
Exchange-Traded Funds | 5.82% |
Short-Term Investments | 3.62% |
Convertible Bonds | 3.36% |
Non-Agency Commercial Mortgage-Backed Securities | 1.30% |
Sovereign Bonds | 1.28% |
Limited Liability Corporation | 1.14% |
Microsoft | 2.78% |
NVIDIA | 2.73% |
Apple | 2.45% |
Exxon Mobil | 1.21% |
Merck & Co. | 1.11% |
TJX | 1.03% |
Verizon Communications | 1.00% |
Broadcom | 0.91% |
Cisco Systems | 0.86% |
Chevron | 0.77% |
![TSR - QR Code - Delaware](https://capedge.com/proxy/N-CSRS/0001193125-24-191448/g858206images_21477.jpg)
![Delaware logo](https://capedge.com/proxy/N-CSRS/0001193125-24-191448/g858206images_21479.jpg)
![Macquarie Logo](https://capedge.com/proxy/N-CSRS/0001193125-24-191448/g858206images_21478.jpg)
Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
Class R | $68 | 1.29% |
Fund net assets | $888,990,075% |
Total number of portfolio holdings | $807% |
Total advisory fees paid | $2,579,760% |
Portfolio turnover rate | $32% |
Common Stocks | 58.45% |
Corporate Bonds | 10.27% |
Agency Mortgage-Backed Securities | 5.93% |
US Treasury Obligations | 5.85% |
Exchange-Traded Funds | 5.82% |
Short-Term Investments | 3.62% |
Convertible Bonds | 3.36% |
Non-Agency Commercial Mortgage-Backed Securities | 1.30% |
Sovereign Bonds | 1.28% |
Limited Liability Corporation | 1.14% |
Microsoft | 2.78% |
NVIDIA | 2.73% |
Apple | 2.45% |
Exxon Mobil | 1.21% |
Merck & Co. | 1.11% |
TJX | 1.03% |
Verizon Communications | 1.00% |
Broadcom | 0.91% |
Cisco Systems | 0.86% |
Chevron | 0.77% |
![TSR - QR Code - Delaware](https://capedge.com/proxy/N-CSRS/0001193125-24-191448/g858206images_21477.jpg)
![Delaware logo](https://capedge.com/proxy/N-CSRS/0001193125-24-191448/g858206images_21479.jpg)
![Macquarie Logo](https://capedge.com/proxy/N-CSRS/0001193125-24-191448/g858206images_21478.jpg)
Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
Institutional Class | $42 | 0.79% |
Fund net assets | $888,990,075% |
Total number of portfolio holdings | $807% |
Total advisory fees paid | $2,579,760% |
Portfolio turnover rate | $32% |
Common Stocks | 58.45% |
Corporate Bonds | 10.27% |
Agency Mortgage-Backed Securities | 5.93% |
US Treasury Obligations | 5.85% |
Exchange-Traded Funds | 5.82% |
Short-Term Investments | 3.62% |
Convertible Bonds | 3.36% |
Non-Agency Commercial Mortgage-Backed Securities | 1.30% |
Sovereign Bonds | 1.28% |
Limited Liability Corporation | 1.14% |
Microsoft | 2.78% |
NVIDIA | 2.73% |
Apple | 2.45% |
Exxon Mobil | 1.21% |
Merck & Co. | 1.11% |
TJX | 1.03% |
Verizon Communications | 1.00% |
Broadcom | 0.91% |
Cisco Systems | 0.86% |
Chevron | 0.77% |
![TSR - QR Code - Delaware](https://capedge.com/proxy/N-CSRS/0001193125-24-191448/g858206images_21477.jpg)
![Delaware logo](https://capedge.com/proxy/N-CSRS/0001193125-24-191448/g858206images_21479.jpg)
![Macquarie Logo](https://capedge.com/proxy/N-CSRS/0001193125-24-191448/g858206images_21478.jpg)
Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
Class R6 | $38 | 0.72% |
Fund net assets | $888,990,075% |
Total number of portfolio holdings | $807% |
Total advisory fees paid | $2,579,760% |
Portfolio turnover rate | $32% |
Common Stocks | 58.45% |
Corporate Bonds | 10.27% |
Agency Mortgage-Backed Securities | 5.93% |
US Treasury Obligations | 5.85% |
Exchange-Traded Funds | 5.82% |
Short-Term Investments | 3.62% |
Convertible Bonds | 3.36% |
Non-Agency Commercial Mortgage-Backed Securities | 1.30% |
Sovereign Bonds | 1.28% |
Limited Liability Corporation | 1.14% |
Microsoft | 2.78% |
NVIDIA | 2.73% |
Apple | 2.45% |
Exxon Mobil | 1.21% |
Merck & Co. | 1.11% |
TJX | 1.03% |
Verizon Communications | 1.00% |
Broadcom | 0.91% |
Cisco Systems | 0.86% |
Chevron | 0.77% |
![TSR - QR Code - Delaware](https://capedge.com/proxy/N-CSRS/0001193125-24-191448/g858206images_21477.jpg)
(b) | Not applicable |
Item 2. Code of Ethics.
Not applicable.
Item 3. Audit Committee Financial Expert.
Not applicable.
Item 4. Principal Accountant Fees and Services.
Not applicable.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
(a) | Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the Financial Statements filed under Item 7 of this form. |
(b) | Not applicable. |
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
(a) | An open-end management investment company registered on Form N-1A [17 CFR 239.15A and 17 CFR 274.11A] must file its most recent annual or semi-annual financial statements required, and for the periods specified, by Regulation S-X. |
The semi-annual financial statements are attached herewith.
(b) | An open-end management investment company registered on Form N-1A [17 CFR 239.15A and 17 CFR 274.11A] must file the information required by Item 13 of Form N-1A. |
The Financial Highlights are attached herewith.
![](https://capedge.com/proxy/N-CSRS/0001193125-24-191448/g858206image.jpg)
![](https://capedge.com/proxy/N-CSRS/0001193125-24-191448/g858206image_left.jpg)
Visit delawarefunds.com/edelivery.
financial advisor.
the investment.
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31 |
Delaware Small Cap Value Fund | May 31, 2024 (Unaudited) |
Number of shares | Value (US $) | ||
Common Stocks — 98.88% | |||
Basic Industry — 8.20% | |||
Ashland | 320,200 | $ 32,074,434 | |
Avient | 1,058,950 | 47,313,886 | |
Berry Global Group | 680,146 | 40,727,142 | |
Constellium † | 1,228,832 | 26,628,789 | |
HB Fuller | 653,200 | 52,014,316 | |
Huntsman | 1,422,100 | 35,268,080 | |
Knife River † | 366,800 | 25,936,428 | |
Louisiana-Pacific | 695,057 | 63,722,826 | |
Ryerson Holding | 792,450 | 18,820,688 | |
Summit Materials Class A † | 1,085,426 | 41,940,861 | |
384,447,450 | |||
Consumer Discretionary — 11.40% | |||
Acushnet Holdings | 706,500 | 46,558,350 | |
Adient † | 994,900 | 28,095,976 | |
Choice Hotels International | 215,500 | 24,392,445 | |
Columbia Sportswear | 339,300 | 29,050,866 | |
Crocs † | 231,500 | 36,030,660 | |
Group 1 Automotive | 173,510 | 53,958,140 | |
KB Home | 713,200 | 50,351,920 | |
M/I Homes † | 246,400 | 30,780,288 | |
Meritage Homes | 399,700 | 70,487,095 | |
Oxford Industries | 240,400 | 26,609,876 | |
Patrick Industries | 206,950 | 23,716,470 | |
Steven Madden | 910,425 | 40,468,391 | |
Texas Roadhouse | 184,150 | 31,797,181 | |
UniFirst | 267,070 | 42,357,302 | |
534,654,960 | |||
Consumer Staples — 2.66% | |||
Flowers Foods | 1,215,500 | 28,223,910 | |
J & J Snack Foods | 352,600 | 57,371,546 | |
Performance Food Group † | 565,522 | 39,360,331 | |
124,955,787 | |||
Energy — 9.70% | |||
CNX Resources † | 906,700 | 23,846,210 | |
EnLink Midstream † | 3,243,300 | 41,157,477 | |
International Seaways | 662,400 | 42,671,808 | |
Liberty Energy | 2,641,400 | 65,216,166 | |
Magnolia Oil & Gas Class A | 2,270,800 | 58,927,260 | |
Matador Resources | 932,250 | 59,151,262 | |
Murphy Oil | 1,098,700 | 47,013,373 |
Number of shares | Value (US $) | ||
Common Stocks (continued) | |||
Energy (continued) | |||
Noble | 811,150 | $ 37,686,029 | |
Patterson-UTI Energy | 3,750,700 | 41,332,714 | |
PBF Energy Class A | 823,500 | 38,152,755 | |
455,155,054 | |||
Financial Services — 24.21% | |||
Assurant | 266,300 | 46,195,061 | |
Axis Capital Holdings | 991,400 | 73,244,632 | |
Bank of NT Butterfield & Son | 1,009,900 | 34,407,293 | |
Bread Financial Holdings | 609,900 | 25,469,424 | |
Cadence Bank | 1,464,250 | 41,804,338 | |
Columbia Banking System | 2,850,961 | 54,966,528 | |
Comerica | 622,200 | 31,881,528 | |
East West Bancorp | 1,002,473 | 74,373,472 | |
Essent Group | 943,700 | 53,507,790 | |
First Financial Bancorp | 1,545,848 | 34,472,410 | |
FNB | 5,340,850 | 73,543,504 | |
Hancock Whitney | 1,635,950 | 76,447,943 | |
Hanover Insurance Group | 344,050 | 45,390,517 | |
Hope Bancorp | 3,531,683 | 37,188,622 | |
Old National Bancorp | 2,876,640 | 49,161,778 | |
Sandy Spring Bancorp | 860,425 | 20,168,362 | |
Selective Insurance Group | 365,506 | 35,677,041 | |
Stewart Information Services | 449,800 | 28,476,838 | |
Stifel Financial | 964,800 | 78,100,560 | |
Synovus Financial | 1,667,450 | 66,181,090 | |
Valley National Bancorp | 7,357,900 | 52,461,827 | |
WaFd | 1,007,400 | 28,217,274 | |
Webster Financial | 1,687,410 | 74,617,270 | |
1,135,955,102 | |||
Healthcare — 3.78% | |||
Globus Medical Class A † | 577,800 | 38,776,158 | |
Integer Holdings † | 502,300 | 60,898,852 | |
Merit Medical Systems † | 236,200 | 19,167,630 | |
Patterson Cos | 776,200 | 19,086,758 | |
Prestige Consumer Healthcare † | 614,900 | 39,544,219 | |
177,473,617 | |||
Industrials — 17.33% | |||
Atkore | 565,100 | 85,979,965 | |
Beacon Roofing Supply † | 402,400 | 39,056,944 | |
CACI International Class A † | 161,400 | 68,511,072 |
Number of shares | Value (US $) | ||
Common Stocks (continued) | |||
Industrials (continued) | |||
Centuri Holdings † | 340,050 | $ 9,334,373 | |
Griffon | 500,200 | 33,783,508 | |
H&E Equipment Services | 909,700 | 43,092,489 | |
ITT | 554,980 | 73,745,742 | |
KBR | 969,372 | 63,648,966 | |
Leonardo DRS † | 1,949,700 | 45,915,435 | |
MasTec † | 721,729 | 81,014,080 | |
NEXTracker Class A † | 519,044 | 28,635,657 | |
Regal Rexnord | 282,039 | 42,176,112 | |
Terex | 846,950 | 50,537,506 | |
Timken | 574,250 | 49,896,583 | |
WESCO International | 272,900 | 48,982,821 | |
Zurn Elkay Water Solutions | 1,562,000 | 48,906,220 | |
813,217,473 | |||
Real Estate Investment Trusts — 6.70% | |||
Agree Realty | 782,450 | 47,541,662 | |
Apple Hospitality REIT | 2,895,800 | 41,815,352 | |
Community Healthcare Trust | 654,300 | 15,349,878 | |
Independence Realty Trust | 2,868,990 | 47,912,133 | |
Kite Realty Group Trust | 2,190,464 | 48,014,971 | |
LXP Industrial Trust | 5,157,500 | 43,838,750 | |
National Health Investors | 743,750 | 49,147,000 | |
Plymouth Industrial REIT | 1,002,000 | 20,901,720 | |
314,521,466 | |||
Technology — 9.05% | |||
Belden | 562,500 | 53,825,625 | |
Cirrus Logic † | 548,900 | 62,958,830 | |
Diodes † | 573,900 | 42,543,207 | |
Flex † | 1,588,110 | 52,614,084 | |
NetScout Systems † | 482,700 | 9,914,658 | |
Power Integrations | 499,200 | 37,944,192 | |
TD SYNNEX | 348,900 | 45,650,076 | |
TTM Technologies † | 2,925,302 | 54,410,617 | |
Viavi Solutions † | 2,855,600 | 21,474,112 | |
Vishay Intertechnology | 1,831,000 | 43,266,530 | |
424,601,931 | |||
Transportation — 2.48% | |||
Kirby † | 431,600 | 53,591,772 | |
Saia † | 24,550 | 10,052,734 |
Number of shares | Value (US $) | ||
Common Stocks (continued) | |||
Transportation (continued) | |||
Werner Enterprises | 1,406,900 | $ 52,857,233 | |
116,501,739 | |||
Utilities — 3.37% | |||
ALLETE | 402,600 | 25,424,190 | |
Black Hills | 589,190 | 33,259,776 | |
OGE Energy | 1,388,000 | 50,384,400 | |
Southwest Gas Holdings | 629,800 | 48,866,182 | |
157,934,548 | |||
Total Common Stocks (cost $2,982,172,940) | 4,639,419,127 | ||
Short-Term Investments — 1.31% | |||
Money Market Mutual Funds — 1.31% | |||
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 5.20%) | 15,404,979 | 15,404,979 | |
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 5.21%) | 15,404,979 | 15,404,979 | |
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 5.36%) | 15,404,979 | 15,404,979 | |
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 5.23%) | 15,404,978 | 15,404,978 | |
Total Short-Term Investments (cost $61,619,915) | 61,619,915 | ||
Total Value of Securities—100.19% (cost $3,043,792,855) | $4,701,039,042 |
† | Non-income producing security. |
Summary of abbreviations: |
REIT – Real Estate Investment Trust |
Delaware Small Cap Value Fund | May 31, 2024 (Unaudited) |
Assets: | |
Investments, at value* | $4,701,039,042 |
Receivable for securities sold | 11,657,360 |
Receivable for fund shares sold | 5,642,299 |
Dividends receivable | 5,104,108 |
Prepaid expenses | 148,033 |
Foreign tax reclaims receivable | 30,312 |
Other assets | 47,973 |
Total Assets | 4,723,669,127 |
Liabilities: | |
Payable for fund shares redeemed | 22,162,476 |
Payable for securities purchased | 3,834,165 |
Investment management fees payable to affiliates | 2,559,886 |
Other accrued expenses | 2,249,612 |
Administration expenses payable to affiliates | 442,372 |
Distribution fees payable to affiliates | 192,381 |
Total Liabilities | 31,440,892 |
Total Net Assets | $4,692,228,235 |
Net Assets Consist of: | |
Paid-in capital | $2,732,187,158 |
Total distributable earnings (loss) | 1,960,041,077 |
Total Net Assets | $4,692,228,235 |
Net Asset Value | |
Class A: | |
Net assets | $717,786,012 |
Shares of beneficial interest outstanding, unlimited authorization, no par | 10,432,012 |
Net asset value per share | $68.81 |
Sales charge | 5.75% |
Offering price per share, equal to net asset value per share / (1 - sales charge) | $73.01 |
Class C: | |
Net assets | $25,190,178 |
Shares of beneficial interest outstanding, unlimited authorization, no par | 477,015 |
Net asset value per share | $52.81 |
Class R: | |
Net assets | $37,234,736 |
Shares of beneficial interest outstanding, unlimited authorization, no par | 563,740 |
Net asset value per share | $66.05 |
Institutional Class: | |
Net assets | $2,607,150,043 |
Shares of beneficial interest outstanding, unlimited authorization, no par | 35,211,175 |
Net asset value per share | $74.04 |
Class R6: | |
Net assets | $1,304,867,266 |
Shares of beneficial interest outstanding, unlimited authorization, no par | 17,598,135 |
Net asset value per share | $74.15 |
*Investments, at cost | $3,043,792,855 |
Delaware Small Cap Value Fund | Six months ended May 31, 2024 (Unaudited) |
Investment Income: | |
Dividends | $46,171,773 |
Foreign tax withheld | (39,970) |
46,131,803 | |
Expenses: | |
Management fees | 15,253,868 |
Distribution expenses — Class A | 930,095 |
Distribution expenses — Class C | 131,908 |
Distribution expenses — Class R | 97,199 |
Dividend disbursing and transfer agent fees and expenses | 3,397,079 |
Accounting and administration expenses | 488,282 |
Reports and statements to shareholders expenses | 195,506 |
Legal fees | 134,236 |
Trustees’ fees | 108,371 |
Registration fees | 67,706 |
Custodian fees | 26,680 |
Audit and tax fees | 17,339 |
Other | 83,830 |
20,932,099 | |
Less expenses paid indirectly | (1,690) |
Total operating expenses | 20,930,409 |
Net Investment Income (Loss) | 25,201,394 |
Net Realized and Unrealized Gain (Loss): | |
Net realized gain (loss) on investments | 307,684,061 |
Net change in unrealized appreciation (depreciation) on investments | 387,327,736 |
Net Realized and Unrealized Gain (Loss) | 695,011,797 |
Net Increase (Decrease) in Net Assets Resulting from Operations | $720,213,191 |
Six months ended 5/31/24 (Unaudited) | Year ended 11/30/23 | ||
Increase (Decrease) in Net Assets from Operations: | |||
Net investment income (loss) | $25,201,394 | $63,453,559 | |
Net realized gain (loss) | 307,684,061 | 354,282,632 | |
Net change in unrealized appreciation (depreciation) | 387,327,736 | (842,788,765) | |
Net increase (decrease) in net assets resulting from operations | 720,213,191 | (425,052,574) | |
Dividends and Distributions to Shareholders from: | |||
Distributable earnings: | |||
Class A | (55,610,749) | (35,039,596) | |
Class C | (2,411,236) | (1,634,204) | |
Class R | (2,920,972) | (1,676,683) | |
Institutional Class | (185,607,900) | (149,773,304) | |
Class R6 | (91,924,381) | (62,711,912) | |
(338,475,238) | (250,835,699) | ||
Capital Share Transactions (See Note 4): | |||
Proceeds from shares sold: | |||
Class A | 30,903,039 | 84,042,354 | |
Class C | 1,016,656 | 1,993,421 | |
Class R | 2,838,574 | 6,773,118 | |
Institutional Class | 203,547,559 | 489,116,148 | |
Class R6 | 150,062,442 | 301,884,026 | |
Net asset value of shares issued upon reinvestment of dividends and distributions: | |||
Class A | 55,051,085 | 34,729,377 | |
Class C | 2,404,261 | 1,628,375 | |
Class R | 2,920,972 | 1,676,683 | |
Institutional Class | 178,120,777 | 141,879,441 | |
Class R6 | 87,656,861 | 59,670,927 | |
714,522,226 | 1,123,393,870 |
Six months ended 5/31/24 (Unaudited) | Year ended 11/30/23 | ||
Capital Share Transactions (continued): | |||
Cost of shares redeemed: | |||
Class A | $(152,090,809) | $(194,047,016) | |
Class C | (6,710,589) | (11,537,199) | |
Class R | (8,833,954) | (10,212,321) | |
Institutional Class | (628,392,375) | (1,418,502,968) | |
Class R6 | (281,393,222) | (500,931,258) | |
(1,077,420,949) | (2,135,230,762) | ||
Decrease in net assets derived from capital share transactions | (362,898,723) | (1,011,836,892) | |
Net Increase (Decrease) in Net Assets | 18,839,230 | (1,687,725,165) | |
Net Assets: | |||
Beginning of period | 4,673,389,005 | 6,361,114,170 | |
End of period | $4,692,228,235 | $4,673,389,005 |
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income2 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Net realized gain |
Total dividends and distributions |
Net asset value, end of period |
Total return3 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets4 |
Ratio of expenses to average net assets prior to fees waived4 |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets prior to fees waived |
Portfolio turnover |
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
2 | Calculated using average shares outstanding. |
3 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. |
4 | Expense ratios do not include expenses of any investment companies in which the Fund invests. |
Six months ended 5/31/241 (Unaudited) | Year ended | |||||||||
11/30/23 | 11/30/22 | 11/30/21 | 11/30/20 | 11/30/19 | ||||||
$63.73 | $71.35 | $75.49 | $55.68 | $61.58 | $61.81 | |||||
0.27 | 0.60 | 0.47 | 0.28 | 0.39 | 0.52 | |||||
9.71 | (5.42) | (1.23) | 19.94 | (3.67) | 3.63 | |||||
9.98 | (4.82) | (0.76) | 20.22 | (3.28) | 4.15 | |||||
(0.91) | (0.49) | (0.28) | (0.41) | (0.58) | (0.42) | |||||
(3.99) | (2.31) | (3.10) | — | (2.04) | (3.96) | |||||
(4.90) | (2.80) | (3.38) | (0.41) | (2.62) | (4.38) | |||||
$68.81 | $63.73 | $71.35 | $75.49 | $55.68 | $61.58 | |||||
16.21% | (6.74%) | (1.10%) | 36.52% | (5.70%) | 8.69% | |||||
$717,786 | $726,870 | $896,355 | $1,016,518 | $551,442 | $637,146 | |||||
1.13% | 1.11% | 1.11% | 1.11% | 1.14% | 1.15% | |||||
1.13% | 1.11% | 1.11% | 1.11% | 1.14% | 1.15% | |||||
0.81% | 0.93% | 0.67% | 0.38% | 0.80% | 0.90% | |||||
0.81% | 0.93% | 0.67% | 0.38% | 0.80% | 0.90% | |||||
10% | 27% | 19% | 14% | 23% | 18% |
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income (loss)2 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Net realized gain |
Total dividends and distributions |
Net asset value, end of period |
Total return3 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets4 |
Ratio of expenses to average net assets prior to fees waived4 |
Ratio of net investment income (loss) to average net assets |
Ratio of net investment income (loss) to average net assets prior to fees waived |
Portfolio turnover |
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
2 | Calculated using average shares outstanding. |
3 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. |
4 | Expense ratios do not include expenses of any investment companies in which the Fund invests. |
Six months ended 5/31/241 (Unaudited) | Year ended | |||||||||
11/30/23 | 11/30/22 | 11/30/21 | 11/30/20 | 11/30/19 | ||||||
$49.83 | $56.36 | $60.49 | $44.71 | $49.95 | $50.96 | |||||
0.02 | 0.09 | (0.05) | (0.21) | 0.02 | 0.07 | |||||
7.53 | (4.27) | (0.98) | 16.06 | (3.00) | 2.88 | |||||
7.55 | (4.18) | (1.03) | 15.85 | (2.98) | 2.95 | |||||
(0.58) | (0.04) | — | (0.07) | (0.22) | — | |||||
(3.99) | (2.31) | (3.10) | — | (2.04) | (3.96) | |||||
(4.57) | (2.35) | (3.10) | (0.07) | (2.26) | (3.96) | |||||
$52.81 | $49.83 | $56.36 | $60.49 | $44.71 | $49.95 | |||||
15.77% | (7.43%) | (1.84%) | 35.48% | (6.38%) | 7.88% | |||||
$25,190 | $26,959 | $39,409 | $51,078 | $46,463 | $69,109 | |||||
1.88% | 1.86% | 1.86% | 1.86% | 1.89% | 1.90% | |||||
1.88% | 1.86% | 1.86% | 1.86% | 1.89% | 1.90% | |||||
0.06% | 0.18% | (0.08%) | (0.37%) | 0.05% | 0.15% | |||||
0.06% | 0.18% | (0.08%) | (0.37%) | 0.05% | 0.15% | |||||
10% | 27% | 19% | 14% | 23% | 18% |
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income2 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Net realized gain |
Total dividends and distributions |
Net asset value, end of period |
Total return3 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets4 |
Ratio of expenses to average net assets prior to fees waived4 |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets prior to fees waived |
Portfolio turnover |
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
2 | Calculated using average shares outstanding. |
3 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. |
4 | Expense ratios do not include expenses of any investment companies in which the Fund invests. |
Six months ended 5/31/241 (Unaudited) | Year ended | |||||||||
11/30/23 | 11/30/22 | 11/30/21 | 11/30/20 | 11/30/19 | ||||||
$61.33 | $68.74 | $72.83 | $53.74 | $59.52 | $59.86 | |||||
0.18 | 0.42 | 0.28 | 0.09 | 0.26 | 0.36 | |||||
9.34 | (5.21) | (1.20) | 19.28 | (3.56) | 3.52 | |||||
9.52 | (4.79) | (0.92) | 19.37 | (3.30) | 3.88 | |||||
(0.81) | (0.31) | (0.07) | (0.28) | (0.44) | (0.26) | |||||
(3.99) | (2.31) | (3.10) | — | (2.04) | (3.96) | |||||
(4.80) | (2.62) | (3.17) | (0.28) | (2.48) | (4.22) | |||||
$66.05 | $61.33 | $68.74 | $72.83 | $53.74 | $59.52 | |||||
16.06% | (6.96%) | (1.34%) | 36.18% | (5.92%) | 8.42% | |||||
$37,235 | $37,411 | $43,983 | $54,481 | $43,823 | $55,697 | |||||
1.38% | 1.36% | 1.36% | 1.36% | 1.39% | 1.40% | |||||
1.38% | 1.36% | 1.36% | 1.36% | 1.39% | 1.40% | |||||
0.56% | 0.68% | 0.42% | 0.13% | 0.55% | 0.65% | |||||
0.56% | 0.68% | 0.42% | 0.13% | 0.55% | 0.65% | |||||
10% | 27% | 19% | 14% | 23% | 18% |
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income2 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Net realized gain |
Total dividends and distributions |
Net asset value, end of period |
Total return3 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets4 |
Ratio of expenses to average net assets prior to fees waived4 |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets prior to fees waived |
Portfolio turnover |
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
2 | Calculated using average shares outstanding. |
3 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. |
4 | Expense ratios do not include expenses of any investment companies in which the Fund invests. |
Six months ended 5/31/241 (Unaudited) | Year ended | |||||||||
11/30/23 | 11/30/22 | 11/30/21 | 11/30/20 | 11/30/19 | ||||||
$68.20 | $76.15 | $80.31 | $59.19 | $65.28 | $65.29 | |||||
0.38 | 0.82 | 0.68 | 0.48 | 0.55 | 0.70 | |||||
10.41 | (5.78) | (1.30) | 21.18 | (3.86) | 3.86 | |||||
10.79 | (4.96) | (0.62) | 21.66 | (3.31) | 4.56 | |||||
(0.96) | (0.68) | (0.44) | (0.54) | (0.74) | (0.61) | |||||
(3.99) | (2.31) | (3.10) | — | (2.04) | (3.96) | |||||
(4.95) | (2.99) | (3.54) | (0.54) | (2.78) | (4.57) | |||||
$74.04 | $68.20 | $76.15 | $80.31 | $59.19 | $65.28 | |||||
16.35% | (6.50%) | (0.85%) | 36.84% | (5.43%) | 8.95% | |||||
$2,607,150 | $2,639,183 | $3,833,425 | $3,958,855 | $3,115,293 | $2,955,897 | |||||
0.88% | 0.86% | 0.86% | 0.86% | 0.89% | 0.90% | |||||
0.88% | 0.86% | 0.86% | 0.86% | 0.89% | 0.90% | |||||
1.06% | 1.18% | 0.92% | 0.63% | 1.05% | 1.15% | |||||
1.06% | 1.18% | 0.92% | 0.63% | 1.05% | 1.15% | |||||
10% | 27% | 19% | 14% | 23% | 18% |
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income2 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Net realized gain |
Total dividends and distributions |
Net asset value, end of period |
Total return3 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets4 |
Ratio of expenses to average net assets prior to fees waived4 |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets prior to fees waived |
Portfolio turnover |
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
2 | Calculated using average shares outstanding. |
3 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. |
4 | Expense ratios do not include expenses of any investment companies in which the Fund invests. |
Six months ended 5/31/241 (Unaudited) | Year ended | |||||||||
11/30/23 | 11/30/22 | 11/30/21 | 11/30/20 | 11/30/19 | ||||||
$68.41 | $76.38 | $80.53 | $59.32 | $65.41 | $65.41 | |||||
0.44 | 0.92 | 0.81 | 0.61 | 0.64 | 0.81 | |||||
10.43 | (5.79) | (1.31) | 21.21 | (3.85) | 3.85 | |||||
10.87 | (4.87) | (0.50) | 21.82 | (3.21) | 4.66 | |||||
(1.14) | (0.79) | (0.55) | (0.61) | (0.84) | (0.70) | |||||
(3.99) | (2.31) | (3.10) | — | (2.04) | (3.96) | |||||
(5.13) | (3.10) | (3.65) | (0.61) | (2.88) | (4.66) | |||||
$74.15 | $68.41 | $76.38 | $80.53 | $59.32 | $65.41 | |||||
16.45% | (6.35%) | (0.69%) | 37.08% | (5.28%) | 9.14% | |||||
$1,304,867 | $1,242,966 | $1,547,942 | $1,602,565 | $928,618 | $605,623 | |||||
0.71% | 0.71% | 0.70% | 0.69% | 0.72% | 0.72% | |||||
0.71% | 0.71% | 0.70% | 0.69% | 0.72% | 0.72% | |||||
1.23% | 1.33% | 1.08% | 0.80% | 1.22% | 1.33% | |||||
1.23% | 1.33% | 1.08% | 0.80% | 1.22% | 1.33% | |||||
10% | 27% | 19% | 14% | 23% | 18% |
Delaware Small Cap Value Fund | May 31, 2024 (Unaudited) |
May 31, 2024, the Fund did not incur any interest or tax penalties.
Purchases | $473,939,092 |
Sales | 1,112,826,482 |
Cost of investments | $3,043,792,855 |
Aggregate unrealized appreciation of investments | $1,719,507,385 |
Aggregate unrealized depreciation of investments | (62,261,198) |
Net unrealized appreciation of investments | $1,657,246,187 |
Level 1 | |
Securities | |
Assets: | |
Common Stocks | $4,639,419,127 |
Short-Term Investments | 61,619,915 |
Total Value of Securities | $4,701,039,042 |
Six months ended | Year ended | ||
5/31/24 | 11/30/23 | ||
Shares sold: | |||
Class A | 469,173 | 1,302,787 | |
Class C | 20,158 | 38,944 | |
Class R | 45,187 | 110,039 | |
Institutional Class | 2,865,429 | 7,064,325 | |
Class R6 | 2,130,806 | 4,355,857 | |
Shares issued upon reinvestment of dividends and distributions: | |||
Class A | 856,560 | 546,317 | |
Class C | 48,581 | 32,528 | |
Class R | 47,296 | 27,343 | |
Institutional Class | 2,578,471 | 2,090,767 | |
Class R6 | 1,268,000 | 877,901 | |
10,329,661 | 16,446,808 | ||
Shares redeemed: | |||
Class A | (2,298,483) | (3,007,733) | |
Class C | (132,737) | (229,692) | |
Class R | (138,687) | (167,252) | |
Institutional Class | (8,929,927) | (20,799,218) | |
Class R6 | (3,971,084) | (7,328,707) | |
(15,470,918) | (31,532,602) | ||
Net decrease | (5,141,257) | (15,085,794) |
Exchange Redemptions | Exchange Subscriptions | |||||||||||||||
Class A Shares | Class C Shares | Institutional Class Shares | Class A Shares | Institutional Class Shares | Class R6 Shares | Value | ||||||||||
Six months ended | ||||||||||||||||
5/31/24 | 35,067 | 846 | 2,938 | 3,810 | 31,312 | 1,287 | $2,560,027 | |||||||||
Year ended | ||||||||||||||||
11/30/23 | 232,370 | 6,222 | 68,910 | 5,751 | 181,768 | 103,698 | 20,710,519 |
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and use
multi-asset solutions.
deposit-taking institution for the purposes
Municipal fixed income funds
out the convenient options provided by Macquarie Asset Management. We try to make it easy for you to avoid some of the sales charges that you might otherwise have to pay when you withdraw and invest your money with another firm.
exchange all or part of your shares in one Delaware Funds by Macquarie® mutual fund for shares of the same class of another fund without paying a front-end sales charge or a contingent deferred sales charge (CDSC).
or $75 quarterly. If the annual amount you withdraw is less than 12% of your account balance at the time the systematic withdrawal plan is established, the CDSC ordinarily applicable to certain fund classes will be waived. More details are available in your prospectus or at delawarefunds.com/literature.
800 523-1918, weekdays from 8:30am to
6:00pm ET
institutions representatives only
800 362-7500
Delaware Funds by Macquarie
P.O. Box 534437
Pittsburgh, PA 15253-4437
Delaware Funds by Macquarie
Attention: 534437
500 Ross Street, 154-0520
Pittsburgh, PA 15262
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Visit delawarefunds.com/edelivery.
financial advisor.
the investment.
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Delaware Wealth Builder Fund | May 31, 2024 (Unaudited) |
Principal amount° | Value (US $) | ||
Agency Collateralized Mortgage Obligations — 0.04% | |||
Fannie Mae REMIC Series 2013-44 DI 3.00% 5/25/33 Σ, = | 202,592 | $ 14,512 | |
GNMA | |||
Series 2013-113 LY 3.00% 5/20/43 | 427,416 | 377,782 | |
Series 2017-10 KZ 3.00% 1/20/47 | 1,246 | 1,057 | |
Total Agency Collateralized Mortgage Obligations (cost $463,757) | 393,351 | ||
Agency Commercial Mortgage-Backed Security — 0.01% | |||
Freddie Mac Multifamily Structured Pass Through Certificates Series K729 A2 3.136% 10/25/24 ♦ | 81,336 | 80,476 | |
Total Agency Commercial Mortgage-Backed Security (cost $88,517) | 80,476 | ||
Agency Mortgage-Backed Securities — 5.93% | |||
Fannie Mae 3.50% 10/1/42 | 310,412 | 281,505 | |
Fannie Mae S.F. 15 yr | |||
2.00% 2/1/36 | 242,326 | 213,006 | |
2.00% 4/1/36 | 406,105 | 356,960 | |
2.50% 8/1/36 | 570,338 | 513,314 | |
4.50% 9/1/37 | 77,855 | 75,944 | |
Fannie Mae S.F. 20 yr | |||
2.00% 3/1/41 | 90,902 | 75,851 | |
2.00% 5/1/41 | 768,312 | 641,098 | |
4.00% 8/1/42 | 460,352 | 424,941 | |
4.00% 9/1/42 | 533,708 | 491,782 | |
Fannie Mae S.F. 30 yr | |||
2.00% 6/1/50 | 970,402 | 756,575 | |
2.00% 2/1/51 | 697,748 | 550,567 | |
2.00% 3/1/51 | 878,448 | 681,886 | |
2.00% 9/1/51 | 1,046,098 | 811,266 | |
2.50% 8/1/50 | 561,177 | 463,404 | |
2.50% 11/1/50 | 350,285 | 284,052 | |
2.50% 1/1/51 | 245,492 | 203,330 | |
2.50% 8/1/51 | 581,382 | 476,904 | |
2.50% 11/1/51 | 339,791 | 276,358 | |
2.50% 12/1/51 | 323,477 | 262,123 | |
2.50% 2/1/52 | 2,537,801 | 2,070,732 | |
2.50% 4/1/52 | 712,263 | 579,047 |
Principal amount° | Value (US $) | ||
Agency Mortgage-Backed Securities (continued) | |||
Fannie Mae S.F. 30 yr | |||
3.00% 11/1/49 | 246,282 | $ 212,698 | |
3.00% 3/1/50 | 350,718 | 301,199 | |
3.00% 5/1/52 | 1,326,967 | 1,124,590 | |
3.00% 6/1/52 | 659,971 | 559,563 | |
3.50% 1/1/46 | 109,414 | 99,702 | |
3.50% 7/1/47 | 147,692 | 134,331 | |
3.50% 12/1/49 | 130,382 | 116,504 | |
3.50% 7/1/50 | 1,835,430 | 1,639,222 | |
3.50% 9/1/50 | 545,215 | 489,339 | |
3.50% 6/1/51 | 571,990 | 505,452 | |
3.50% 1/1/52 | 350,052 | 307,489 | |
3.50% 5/1/52 | 266,794 | 237,047 | |
3.50% 9/1/52 | 2,543,426 | 2,255,977 | |
4.00% 6/1/48 | 79,102 | 73,290 | |
4.00% 10/1/48 | 282,513 | 262,524 | |
4.00% 5/1/51 | 411,092 | 378,259 | |
4.00% 6/1/52 | 454,738 | 413,047 | |
4.00% 9/1/52 | 149,356 | 135,714 | |
4.50% 9/1/48 | 323,778 | 307,508 | |
4.50% 1/1/50 | 1,340,994 | 1,294,132 | |
4.50% 10/1/52 | 2,054,963 | 1,924,531 | |
4.50% 2/1/53 | 1,428,656 | 1,337,976 | |
5.00% 7/1/47 | 673,736 | 663,865 | |
5.00% 7/1/49 | 71,596 | 70,209 | |
5.00% 8/1/49 | 549,519 | 539,212 | |
5.00% 8/1/53 | 967,783 | 931,719 | |
5.50% 5/1/44 | 1,171,072 | 1,175,615 | |
5.50% 8/1/52 | 376,396 | 371,079 | |
5.50% 10/1/52 | 84,550 | 83,497 | |
6.00% 1/1/42 | 676,304 | 690,500 | |
6.00% 6/1/53 | 199,720 | 200,098 | |
6.00% 9/1/53 | 1,259,149 | 1,261,069 | |
Freddie Mac S.F. 15 yr | |||
3.00% 3/1/35 | 467,484 | 432,778 | |
4.50% 9/1/37 | 403,146 | 393,254 | |
Freddie Mac S.F. 20 yr | |||
2.00% 3/1/41 | 104,656 | 87,319 | |
2.00% 8/1/42 | 984,529 | 813,161 | |
2.50% 2/1/42 | 180,184 | 153,697 | |
2.50% 3/1/42 | 685,902 | 584,610 | |
2.50% 9/1/42 | 425,608 | 362,948 |
Principal amount° | Value (US $) | ||
Agency Mortgage-Backed Securities (continued) | |||
Freddie Mac S.F. 20 yr | |||
3.00% 9/1/40 | 165,295 | $ 145,930 | |
3.00% 6/1/42 | 268,885 | 235,127 | |
Freddie Mac S.F. 30 yr | |||
2.00% 2/1/52 | 642,888 | 496,542 | |
2.00% 3/1/52 | 965,224 | 745,802 | |
2.50% 11/1/50 | 338,675 | 278,556 | |
2.50% 5/1/51 | 98,771 | 81,218 | |
2.50% 12/1/51 | 528,239 | 433,598 | |
2.50% 5/1/52 | 478,417 | 386,520 | |
3.00% 11/1/46 | 1,031,953 | 892,936 | |
3.00% 12/1/50 | 354,623 | 304,472 | |
3.00% 8/1/51 | 633,614 | 538,374 | |
3.50% 8/1/49 | 428,529 | 382,167 | |
4.00% 9/1/49 | 976,226 | 902,251 | |
4.00% 8/1/52 | 416,527 | 380,570 | |
4.00% 9/1/52 | 712,794 | 648,578 | |
4.50% 10/1/52 | 2,555,361 | 2,393,168 | |
5.00% 9/1/52 | 1,502,266 | 1,459,323 | |
5.00% 6/1/53 | 1,103,520 | 1,063,974 | |
5.50% 9/1/52 | 633,658 | 633,974 | |
5.50% 10/1/52 | 525,756 | 518,324 | |
5.50% 3/1/53 | 298,698 | 296,268 | |
5.50% 6/1/53 | 2,973,035 | 2,924,953 | |
6.00% 1/1/53 | 341,541 | 346,177 | |
GNMA I S.F. 30 yr 3.00% 8/15/45 | 725,913 | 634,910 | |
GNMA II S.F. 30 yr | |||
3.00% 12/20/51 | 538,966 | 465,761 | |
5.50% 5/20/53 | 1,745,954 | 1,732,958 | |
Total Agency Mortgage-Backed Securities (cost $56,065,528) | 52,737,800 | ||
Collateralized Debt Obligations — 0.22% | |||
Cedar Funding IX CLO Series 2018-9A A1 144A 6.566% (TSFR03M + 1.24%, Floor 0.98%) 4/20/31 #, • | 412,988 | 413,275 | |
ICG US CLO 2014-1 Series 2014-1A A1A2 144A 6.786% (TSFR03M + 1.46%, Floor 1.20%) 10/20/34 #, • | 250,000 | 249,964 |
Principal amount° | Value (US $) | ||
Collateralized Debt Obligations (continued) | |||
Park Avenue Institutional Advisers CLO Series 2021-1A A1A 144A 6.976% (TSFR03M + 1.65%, Floor 1.39%) 1/20/34 #, • | 250,000 | $ 250,255 | |
Signal Peak CLO 5 Series 2018-5A A1R 144A 6.876% (TSFR03M + 1.55%, Floor 1.55%) 4/25/37 #, • | 250,000 | 250,557 | |
Venture 34 CLO Series 2018-34A A 144A 6.82% (TSFR03M + 1.49%, Floor 1.23%) 10/15/31 #, • | 538,929 | 539,251 | |
Venture 42 CLO Series 2021-42A A1A 144A 6.72% (TSFR03M + 1.39%, Floor 1.13%) 4/15/34 #, • | 250,000 | 249,943 | |
Total Collateralized Debt Obligations (cost $1,943,854) | 1,953,245 | ||
Convertible Bonds — 3.36% | |||
Basic Industry — 0.08% | |||
Ivanhoe Mines 2.50% exercise price $9.03, maturity date 4/15/26 | 346,000 | 693,517 | |
693,517 | |||
Brokerage — 0.09% | |||
WisdomTree 5.75% exercise price $9.54, maturity date 8/15/28 | 624,000 | 772,102 | |
772,102 | |||
Communications — 0.27% | |||
Cable One 1.125% exercise price $2,275.83, maturity date 3/15/28 | 972,000 | 715,586 | |
Liberty Broadband 144A 3.125% exercise price $529.07, maturity date 3/31/53 # | 881,000 | 836,245 | |
Liberty Latin America 2.00% exercise price $20.65, maturity date 7/15/24 | 853,000 | 834,661 | |
2,386,492 | |||
Consumer Cyclical — 0.40% | |||
Airbnb 4.399% exercise price $288.64, maturity date 3/15/26 ^ | 1,182,000 | 1,076,802 | |
Cheesecake Factory 0.375% exercise price $73.54, maturity date 6/15/26 | 807,000 | 731,545 | |
Ford Motor 0.016% exercise price $14.67, maturity date 3/15/26 ^ | 908,000 | 907,546 |
Principal amount° | Value (US $) | ||
Convertible Bonds (continued) | |||
Consumer Cyclical (continued) | |||
Uber Technologies 4.86% exercise price $80.84, maturity date 12/15/25 ^ | 850,000 | $ 871,416 | |
3,587,309 | |||
Consumer Non-Cyclical — 1.11% | |||
BioMarin Pharmaceutical 0.599% exercise price $124.67, maturity date 8/1/24 | 732,000 | 725,778 | |
Chefs' Warehouse 1.875% exercise price $44.20, maturity date 12/1/24 | 641,000 | 668,691 | |
Chegg 5.636% exercise price $107.55, maturity date 9/1/26 ^ | 775,000 | 612,250 | |
Coherus Biosciences 1.50% exercise price $19.26, maturity date 4/15/26 | 1,527,000 | 980,254 | |
CONMED 2.25% exercise price $145.33, maturity date 6/15/27 | 807,000 | 727,591 | |
Dexcom 0.25% exercise price $150.11, maturity date 11/15/25 | 679,000 | 694,108 | |
Integer Holdings 2.125% exercise price $87.20, maturity date 2/15/28 | 376,000 | 559,676 | |
Integra LifeSciences Holdings 0.50% exercise price $73.67, maturity date 8/15/25 | 955,000 | 897,939 | |
Ionis Pharmaceuticals 0.125% exercise price $83.28, maturity date 12/15/24 | 697,000 | 680,447 | |
Jazz Investments I 2.00% exercise price $155.81, maturity date 6/15/26 | 562,000 | 538,256 | |
Lantheus Holdings 2.625% exercise price $79.81, maturity date 12/15/27 | 778,000 | 983,197 | |
Pacira BioSciences 0.75% exercise price $71.78, maturity date 8/1/25 | 760,000 | 712,424 | |
Post Holdings 2.50% exercise price $106.10, maturity date 8/15/27 | 977,000 | 1,094,240 | |
9,874,851 | |||
Electric — 0.37% | |||
Duke Energy 4.125% exercise price $118.78, maturity date 4/15/26 | 911,000 | 920,110 | |
FirstEnergy 4.00% exercise price $46.81, maturity date 5/1/26 | 720,000 | 722,880 | |
Ormat Technologies 2.50% exercise price $90.27, maturity date 7/15/27 | 853,000 | 870,487 | |
PG&E 144A 4.25% exercise price $23.18, maturity date 12/1/27 # | 717,000 | 739,639 | |
3,253,116 |
Principal amount° | Value (US $) | ||
Convertible Bonds (continued) | |||
Energy — 0.12% | |||
Nabors Industries 1.75% exercise price $212.51, maturity date 6/15/29 | 1,435,000 | $ 1,069,218 | |
1,069,218 | |||
Financials — 0.10% | |||
Repay Holdings 144A 8.361% exercise price $33.60, maturity date 2/1/26 #, ^ | 992,000 | 908,315 | |
908,315 | |||
Industrials — 0.01% | |||
Danimer Scientific 144A 3.25% exercise price $10.79, maturity date 12/15/26 # | 428,000 | 67,582 | |
67,582 | |||
Technology — 0.81% | |||
Akamai Technologies 0.125% exercise price $95.10, maturity date 5/1/25 | 822,000 | 879,129 | |
Block 0.125% exercise price $121.01, maturity date 3/1/25 | 927,000 | 891,728 | |
CSG Systems International 144A 3.875% exercise price $71.05, maturity date 9/15/28 # | 931,000 | 864,434 | |
Global Payments 144A 1.50% exercise price $156.96, maturity date 3/1/31 # | 721,000 | 665,257 | |
InterDigital 3.50% exercise price $77.49, maturity date 6/1/27 | 535,000 | 816,196 | |
Semtech 1.625% exercise price $37.27, maturity date 11/1/27 | 835,000 | 1,027,885 | |
Verint Systems 0.25% exercise price $62.08, maturity date 4/15/26 | 1,182,000 | 1,076,802 | |
Wolfspeed 0.25% exercise price $127.22, maturity date 2/15/28 | 1,717,000 | 1,024,190 | |
7,245,621 | |||
Total Convertible Bonds (cost $29,568,812) | 29,858,123 | ||
Corporate Bonds — 10.27% | |||
Automotive — 0.12% | |||
Allison Transmission | |||
144A 3.75% 1/30/31 # | 255,000 | 221,190 | |
144A 5.875% 6/1/29 # | 205,000 | 201,885 | |
Garrett Motion Holdings 144A 7.75% 5/31/32 # | 185,000 | 186,374 | |
Goodyear Tire & Rubber 5.25% 7/15/31 | 275,000 | 248,850 |
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Automotive (continued) | |||
Wand NewCo 3 144A 7.625% 1/30/32 # | 177,000 | $ 181,521 | |
1,039,820 | |||
Banking — 1.61% | |||
Banco Continental 144A 2.75% 12/10/25 # | 400,000 | 378,847 | |
Banco de Credito del Peru 144A 3.125% 7/1/30 #, μ | 190,000 | 181,842 | |
Banco Industrial 144A 4.875% 1/29/31 #, μ | 315,000 | 305,048 | |
Bank of America | |||
1.922% 10/24/31 μ | 560,000 | 454,325 | |
2.482% 9/21/36 μ | 340,000 | 272,112 | |
2.884% 10/22/30 μ | 20,000 | 17,678 | |
2.972% 2/4/33 μ | 240,000 | 202,336 | |
3.194% 7/23/30 μ | 55,000 | 49,622 | |
6.204% 11/10/28 μ | 280,000 | 288,043 | |
Bank of Montreal 7.70% 5/26/84 μ | 815,000 | 826,295 | |
Bank of New York Mellon 4.70% 9/20/25 μ, ψ | 475,000 | 466,834 | |
Barclays | |||
6.224% 5/9/34 μ | 480,000 | 491,533 | |
9.625% 12/15/29 μ, ψ | 260,000 | 277,792 | |
BBVA Bancomer 144A 1.875% 9/18/25 # | 400,000 | 382,015 | |
Citibank 5.488% 12/4/26 | 280,000 | 281,617 | |
Citigroup 5.61% 9/29/26 μ | 265,000 | 264,975 | |
Citizens Bank 6.064% 10/24/25 μ | 790,000 | 790,328 | |
Citizens Financial Group 2.85% 7/27/26 | 345,000 | 325,055 | |
Deutsche Bank | |||
6.72% 1/18/29 μ | 645,000 | 666,200 | |
6.819% 11/20/29 μ | 180,000 | 186,923 | |
Fifth Third Bancorp 6.361% 10/27/28 μ | 445,000 | 453,469 | |
Goldman Sachs Group 6.484% 10/24/29 μ | 290,000 | 301,889 | |
Huntington Bancshares 6.208% 8/21/29 μ | 455,000 | 463,956 | |
JPMorgan Chase & Co. | |||
1.764% 11/19/31 μ | 40,000 | 32,280 | |
2.58% 4/22/32 μ | 435,000 | 365,276 | |
3.109% 4/22/51 μ | 30,000 | 20,415 | |
5.012% 1/23/30 μ | 380,000 | 375,105 | |
5.766% 4/22/35 μ | 140,000 | 143,073 | |
KeyBank | |||
3.40% 5/20/26 | 500,000 | 473,533 | |
4.15% 8/8/25 | 470,000 | 459,980 | |
5.85% 11/15/27 | 30,000 | 29,794 | |
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Banking (continued) | |||
KeyCorp 4.789% 6/1/33 μ | 2,000 | $ 1,822 | |
Morgan Stanley | |||
2.484% 9/16/36 μ | 256,000 | 201,952 | |
5.123% 2/1/29 μ | 15,000 | 14,905 | |
5.831% 4/19/35 μ | 530,000 | 540,789 | |
6.138% 10/16/26 μ | 155,000 | 156,135 | |
6.296% 10/18/28 μ | 249,000 | 256,186 | |
NBK SPC 144A 1.625% 9/15/27 #, μ | 405,000 | 369,483 | |
PNC Financial Services Group 2.60% 7/23/26 | 355,000 | 335,960 | |
Popular 7.25% 3/13/28 | 730,000 | 746,042 | |
State Street | |||
5.751% 11/4/26 μ | 15,000 | 15,059 | |
5.82% 11/4/28 μ | 10,000 | 10,205 | |
SVB Financial Group | |||
1.80% 10/28/26 ‡ | 51,000 | 34,116 | |
1.80% 2/2/31 ‡ | 60,000 | 40,147 | |
4.00% 5/15/26 ‡ | 680,000 | 8,925 | |
4.57% 4/29/33 ‡ | 22,000 | 14,576 | |
Truist Bank 2.636% 9/17/29 μ | 533,000 | 517,901 | |
Truist Financial | |||
1.887% 6/7/29 μ | 75,000 | 65,271 | |
4.95% 9/1/25 μ, ψ | 85,000 | 83,388 | |
6.123% 10/28/33 μ | 10,000 | 10,214 | |
Turkiye Garanti Bankasi 144A 8.375% 2/28/34 #, μ | 200,000 | 200,234 | |
US Bancorp | |||
2.491% 11/3/36 μ | 65,000 | 50,835 | |
3.00% 7/30/29 | 150,000 | 133,284 | |
3.10% 4/27/26 | 210,000 | 201,401 | |
4.839% 2/1/34 μ | 10,000 | 9,425 | |
5.727% 10/21/26 μ | 59,000 | 59,116 | |
14,305,561 | |||
Basic Industry — 0.54% | |||
Avient 144A 5.75% 5/15/25 # | 232,000 | 230,913 | |
Cleveland-Cliffs 144A 7.00% 3/15/32 # | 285,000 | 281,428 | |
CP Atlas Buyer 144A 7.00% 12/1/28 # | 245,000 | 217,734 | |
FMG Resources August 2006 144A 5.875% 4/15/30 # | 290,000 | 281,525 | |
Freeport-McMoRan 5.45% 3/15/43 | 900,000 | 847,810 | |
LYB International Finance III 5.50% 3/1/34 | 855,000 | 845,053 |
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Basic Industry (continued) | |||
Metinvest 8.50% 4/23/26 ■ | 200,000 | $ 158,928 | |
NOVA Chemicals 144A 8.50% 11/15/28 # | 50,000 | 53,091 | |
Novelis 144A 4.75% 1/30/30 # | 420,000 | 388,343 | |
Olin 5.00% 2/1/30 | 100,000 | 94,036 | |
Olympus Water US Holding 144A 9.75% 11/15/28 # | 200,000 | 212,911 | |
Roller Bearing Co. of America 144A 4.375% 10/15/29 # | 190,000 | 173,788 | |
Sherwin-Williams | |||
2.90% 3/15/52 | 235,000 | 147,358 | |
3.30% 5/15/50 | 475,000 | 327,013 | |
Sociedad Quimica y Minera de Chile 144A 6.50% 11/7/33 # | 200,000 | 206,127 | |
Standard Industries 144A 3.375% 1/15/31 # | 395,000 | 329,884 | |
4,795,942 | |||
Brokerage — 0.07% | |||
Jefferies Financial Group | |||
2.625% 10/15/31 | 355,000 | 286,572 | |
4.15% 1/23/30 | 170,000 | 156,911 | |
6.45% 6/8/27 | 90,000 | 91,934 | |
6.50% 1/20/43 | 70,000 | 72,527 | |
607,944 | |||
Capital Goods — 0.38% | |||
Ardagh Metal Packaging Finance USA 144A 4.00% 9/1/29 # | 405,000 | 334,776 | |
Boeing 2.196% 2/4/26 | 645,000 | 605,603 | |
Bombardier | |||
144A 6.00% 2/15/28 # | 55,000 | 54,203 | |
144A 7.25% 7/1/31 # | 90,000 | 91,990 | |
144A 7.50% 2/1/29 # | 211,000 | 218,454 | |
144A 8.75% 11/15/30 # | 180,000 | 193,364 | |
Cemex 144A 9.125% 3/14/28 #, μ, ψ | 275,000 | 295,744 | |
Clydesdale Acquisition Holdings 144A 8.75% 4/15/30 # | 140,000 | 135,154 | |
Esab 144A 6.25% 4/15/29 # | 190,000 | 190,673 | |
Mauser Packaging Solutions Holding | |||
144A 7.875% 4/15/27 # | 305,000 | 311,134 | |
144A 9.25% 4/15/27 # | 110,000 | 109,646 | |
Pactiv Evergreen Group Issuer 144A 4.00% 10/15/27 # | 100,000 | 93,421 |
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Capital Goods (continued) | |||
Sealed Air 144A 5.00% 4/15/29 # | 260,000 | $ 246,686 | |
TransDigm 144A 6.625% 3/1/32 # | 515,000 | 517,170 | |
3,398,018 | |||
Communications — 0.59% | |||
American Tower | |||
2.30% 9/15/31 | 770,000 | 624,366 | |
5.45% 2/15/34 | 325,000 | 321,118 | |
AT&T | |||
1.70% 3/25/26 | 215,000 | 201,337 | |
3.50% 6/1/41 | 31,000 | 23,674 | |
3.50% 9/15/53 | 735,000 | 496,796 | |
4.35% 3/1/29 | 280,000 | 270,204 | |
Charter Communications Operating | |||
3.85% 4/1/61 | 790,000 | 465,537 | |
4.40% 12/1/61 | 290,000 | 188,918 | |
4.80% 3/1/50 | 240,000 | 177,099 | |
5.05% 3/30/29 | 100,000 | 95,859 | |
Comcast | |||
2.80% 1/15/51 | 220,000 | 134,976 | |
3.20% 7/15/36 | 552,000 | 443,466 | |
3.375% 8/15/25 | 685,000 | 669,811 | |
Discovery Communications 4.00% 9/15/55 | 95,000 | 60,861 | |
T-Mobile USA | |||
3.00% 2/15/41 | 440,000 | 315,938 | |
3.75% 4/15/27 | 130,000 | 124,696 | |
5.75% 1/15/34 | 180,000 | 184,357 | |
Verizon Communications | |||
2.10% 3/22/28 | 200,000 | 179,224 | |
2.875% 11/20/50 | 445,000 | 280,590 | |
Warnermedia Holdings 4.279% 3/15/32 | 20,000 | 17,512 | |
5,276,339 | |||
Consumer Cyclical — 0.23% | |||
Aptiv 3.10% 12/1/51 | 817,000 | 504,189 | |
Ford Motor Credit | |||
5.80% 3/5/27 | 470,000 | 469,628 | |
6.95% 6/10/26 | 290,000 | 295,300 | |
VICI Properties 4.95% 2/15/30 | 775,000 | 742,959 | |
2,012,076 |
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Consumer Goods — 0.04% | |||
Acushnet 144A 7.375% 10/15/28 # | 128,000 | $ 131,755 | |
Fiesta Purchaser 144A 7.875% 3/1/31 # | 227,000 | 233,446 | |
365,201 | |||
Consumer Non-Cyclical — 0.53% | |||
AbbVie 4.95% 3/15/31 | 935,000 | 927,556 | |
Amgen | |||
5.15% 3/2/28 | 475,000 | 473,843 | |
5.65% 3/2/53 | 5,000 | 4,938 | |
Bunge Limited Finance | |||
1.63% 8/17/25 | 150,000 | 143,162 | |
2.75% 5/14/31 | 565,000 | 480,923 | |
Campbell Soup 5.20% 3/19/27 | 740,000 | 740,632 | |
Central American Bottling 144A 5.25% 4/27/29 # | 400,000 | 376,470 | |
HCA | |||
3.50% 7/15/51 | 55,000 | 36,733 | |
6.00% 4/1/54 | 405,000 | 397,986 | |
JBS USA Holding Lux 3.00% 2/2/29 | 300,000 | 265,442 | |
MHP Lux 6.95% 4/3/26 ■ | 200,000 | 163,540 | |
Royalty Pharma 3.35% 9/2/51 | 1,010,000 | 644,792 | |
4,656,017 | |||
Electric — 0.97% | |||
AEP Transmission 5.40% 3/15/53 | 5,000 | 4,785 | |
AES Andes 144A 6.30% 3/15/29 # | 200,000 | 199,499 | |
American Electric Power 5.699% 8/15/25 | 1,000,000 | 1,000,573 | |
Appalachian Power 4.50% 8/1/32 | 285,000 | 262,314 | |
Berkshire Hathaway Energy 2.85% 5/15/51 | 210,000 | 127,912 | |
Calpine | |||
144A 5.00% 2/1/31 # | 410,000 | 378,969 | |
144A 5.25% 6/1/26 # | 60,000 | 59,311 | |
Duke Energy 4.875% 9/16/24 μ, ψ | 570,000 | 563,346 | |
Duke Energy Carolinas | |||
3.95% 11/15/28 | 420,000 | 401,498 | |
4.95% 1/15/33 | 25,000 | 24,462 | |
Entergy Arkansas 4.20% 4/1/49 | 190,000 | 151,969 | |
Entergy Louisiana | |||
4.00% 3/15/33 | 90,000 | 81,195 | |
4.95% 1/15/45 | 20,000 | 17,718 | |
Entergy Mississippi 2.85% 6/1/28 | 150,000 | 137,686 |
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Electric (continued) | |||
Entergy Texas 3.55% 9/30/49 | 300,000 | $ 211,964 | |
Nevada Power 5.90% 5/1/53 | 165,000 | 166,332 | |
NextEra Energy Capital Holdings | |||
2.25% 6/1/30 | 85,000 | 71,815 | |
3.00% 1/15/52 | 905,000 | 572,717 | |
5.65% 5/1/79 μ | 55,000 | 52,396 | |
Oglethorpe Power 3.75% 8/1/50 | 520,000 | 371,109 | |
Pacific Gas & Electric | |||
2.10% 8/1/27 | 30,000 | 27,044 | |
2.50% 2/1/31 | 45,000 | 37,097 | |
3.25% 6/1/31 | 25,000 | 21,498 | |
3.30% 8/1/40 | 355,000 | 253,821 | |
4.95% 7/1/50 | 703,000 | 587,259 | |
PacifiCorp | |||
2.70% 9/15/30 | 20,000 | 17,153 | |
2.90% 6/15/52 | 425,000 | 247,417 | |
3.30% 3/15/51 | 30,000 | 19,259 | |
3.50% 6/15/29 | 255,000 | 235,343 | |
5.35% 12/1/53 | 5,000 | 4,484 | |
Southern California Edison | |||
4.00% 4/1/47 | 355,000 | 273,184 | |
4.20% 3/1/29 | 150,000 | 143,309 | |
4.875% 3/1/49 | 165,000 | 143,781 | |
Southwestern Electric Power 4.10% 9/15/28 | 165,000 | 156,337 | |
Vistra | |||
144A 7.00% 12/15/26 #, μ, ψ | 465,000 | 462,006 | |
144A 8.00% 10/15/26 #, μ, ψ | 200,000 | 203,458 | |
Vistra Operations | |||
144A 4.30% 7/15/29 # | 215,000 | 201,509 | |
144A 6.95% 10/15/33 # | 705,000 | 751,563 | |
8,643,092 | |||
Energy — 1.49% | |||
Ascent Resources Utica Holdings | |||
144A 5.875% 6/30/29 # | 365,000 | 351,642 | |
144A 7.00% 11/1/26 # | 175,000 | 175,093 | |
BP Capital Markets 4.875% 3/22/30 μ, ψ | 200,000 | 189,327 | |
BP Capital Markets America | |||
2.721% 1/12/32 | 80,000 | 67,865 | |
2.939% 6/4/51 | 275,000 | 175,306 | |
4.812% 2/13/33 | 10,000 | 9,676 | |
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Energy (continued) | |||
Cheniere Energy Partners 4.50% 10/1/29 | 495,000 | $ 470,757 | |
Civitas Resources 144A 8.625% 11/1/30 # | 200,000 | 214,064 | |
Diamondback Energy | |||
3.125% 3/24/31 | 435,000 | 381,218 | |
5.75% 4/18/54 | 464,000 | 447,650 | |
Enbridge 6.70% 11/15/53 | 420,000 | 460,425 | |
Energy Transfer | |||
5.25% 4/15/29 | 170,000 | 169,100 | |
5.75% 2/15/33 | 408,000 | 408,194 | |
5.95% 5/15/54 | 415,000 | 399,538 | |
6.25% 4/15/49 | 190,000 | 189,359 | |
6.50% 11/15/26 μ, ψ | 445,000 | 437,009 | |
Enterprise Products Operating | |||
3.20% 2/15/52 | 695,000 | 462,063 | |
3.30% 2/15/53 | 40,000 | 27,028 | |
5.35% 1/31/33 | 5,000 | 5,021 | |
EQM Midstream Partners | |||
144A 4.75% 1/15/31 # | 465,000 | 427,304 | |
6.50% 7/15/48 | 65,000 | 65,077 | |
Galaxy Pipeline Assets Bidco 144A 2.16% 3/31/34 # | 717,204 | 609,103 | |
Genesis Energy | |||
7.75% 2/1/28 | 155,000 | 155,795 | |
7.875% 5/15/32 | 45,000 | 45,121 | |
Geopark 144A 5.50% 1/17/27 # | 325,000 | 293,937 | |
Hilcorp Energy I | |||
144A 6.00% 4/15/30 # | 300,000 | 289,730 | |
144A 6.00% 2/1/31 # | 40,000 | 38,260 | |
144A 6.25% 4/15/32 # | 158,000 | 151,567 | |
Kinder Morgan 5.20% 6/1/33 | 15,000 | 14,487 | |
Kodiak Gas Services 144A 7.25% 2/15/29 # | 110,000 | 111,749 | |
Murphy Oil 6.375% 7/15/28 | 695,000 | 700,415 | |
Nabors Industries | |||
144A 7.25% 1/15/26 # | 52,000 | 52,167 | |
144A 9.125% 1/31/30 # | 155,000 | 160,172 | |
NGL Energy Operating 144A 8.375% 2/15/32 # | 180,000 | 183,442 | |
NuStar Logistics | |||
5.625% 4/28/27 | 378,000 | 372,549 | |
6.00% 6/1/26 | 117,000 | 115,962 | |
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Energy (continued) | |||
Occidental Petroleum 6.125% 1/1/31 | 1,030,000 | $ 1,053,010 | |
Raizen Fuels Finance 144A 6.45% 3/5/34 # | 200,000 | 203,201 | |
Southwestern Energy | |||
5.375% 2/1/29 | 40,000 | 38,500 | |
5.375% 3/15/30 | 190,000 | 182,890 | |
Sunoco 144A 7.25% 5/1/32 # | 105,000 | 107,571 | |
Targa Resources Partners 5.00% 1/15/28 | 740,000 | 722,107 | |
Tennessee Gas Pipeline 144A 2.90% 3/1/30 # | 365,000 | 317,068 | |
Transocean | |||
144A 8.00% 2/1/27 # | 251,000 | 252,193 | |
144A 8.50% 5/15/31 # | 170,000 | 169,945 | |
USA Compression Partners | |||
6.875% 9/1/27 | 298,000 | 298,203 | |
144A 7.125% 3/15/29 # | 95,000 | 95,185 | |
Venture Global LNG 144A 8.375% 6/1/31 # | 265,000 | 273,459 | |
Vital Energy | |||
144A 7.75% 7/31/29 # | 245,000 | 248,616 | |
144A 7.875% 4/15/32 # | 75,000 | 76,203 | |
Weatherford International 144A 8.625% 4/30/30 # | 317,000 | 327,997 | |
13,193,320 | |||
Financials — 0.51% | |||
AerCap Holdings 5.875% 10/10/79 μ | 185,000 | 183,872 | |
AerCap Ireland Capital DAC | |||
3.00% 10/29/28 | 150,000 | 135,596 | |
3.65% 7/21/27 | 505,000 | 477,871 | |
4.45% 4/3/26 | 645,000 | 632,789 | |
Air Lease | |||
2.875% 1/15/26 | 560,000 | 535,482 | |
2.875% 1/15/32 | 300,000 | 250,699 | |
3.00% 2/1/30 | 175,000 | 154,413 | |
4.65% 6/15/26 μ, ψ | 135,000 | 127,739 | |
Aviation Capital Group | |||
144A 1.95% 1/30/26 # | 830,000 | 778,858 | |
144A 3.50% 11/1/27 # | 445,000 | 415,647 | |
144A 6.25% 4/15/28 # | 15,000 | 15,280 | |
Block 144A 6.50% 5/15/32 # | 135,000 | 136,423 | |
Castlelake Aviation Finance DAC 144A 5.00% 4/15/27 # | 264,000 | 253,887 | |
MAF Global Securities 7.875% 6/30/27 μ, ψ, ■ | 400,000 | 410,015 | |
4,508,571 |
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Healthcare — 0.26% | |||
AthenaHealth Group 144A 6.50% 2/15/30 # | 55,000 | $ 49,955 | |
Cheplapharm Arzneimittel 144A 5.50% 1/15/28 # | 405,000 | 378,108 | |
CHS 144A 4.75% 2/15/31 # | 245,000 | 193,641 | |
DaVita | |||
144A 3.75% 2/15/31 # | 140,000 | 117,588 | |
144A 4.625% 6/1/30 # | 115,000 | 103,106 | |
Grifols 144A 4.75% 10/15/28 # | 200,000 | 174,192 | |
Legacy LifePoint Health 144A 4.375% 2/15/27 # | 155,000 | 146,501 | |
Medline Borrower 144A 5.25% 10/1/29 # | 343,000 | 323,604 | |
Surgery Center Holdings 144A 7.25% 4/15/32 # | 190,000 | 191,663 | |
Tenet Healthcare | |||
4.25% 6/1/29 | 175,000 | 162,029 | |
6.125% 10/1/28 | 505,000 | 500,674 | |
2,341,061 | |||
Industrials — 0.02% | |||
CK Hutchison International 23 144A 4.875% 4/21/33 # | 200,000 | 192,713 | |
192,713 | |||
Insurance — 0.58% | |||
AIA Group 144A 5.375% 4/5/34 # | 200,000 | 195,920 | |
Aon | |||
2.90% 8/23/51 | 370,000 | 226,967 | |
5.00% 9/12/32 | 755,000 | 733,523 | |
Ardonagh Finco 144A 7.75% 2/15/31 # | 320,000 | 318,065 | |
Athene Global Funding 144A 1.985% 8/19/28 # | 55,000 | 47,695 | |
Athene Holding 3.95% 5/25/51 | 1,020,000 | 728,884 | |
Elevance Health 5.15% 6/15/29 | 10,000 | 9,986 | |
Howden UK Refinance | |||
144A 7.25% 2/15/31 # | 200,000 | 198,687 | |
144A 8.125% 2/15/32 # | 200,000 | 198,396 | |
HUB International | |||
144A 5.625% 12/1/29 # | 220,000 | 204,348 | |
144A 7.375% 1/31/32 # | 200,000 | 200,835 | |
Jones Deslauriers Insurance Management | |||
144A 8.50% 3/15/30 # | 235,000 | 247,518 | |
144A 10.50% 12/15/30 # | 465,000 | 502,797 | |
New York Life Global Funding 144A 5.45% 9/18/26 # | 575,000 | 577,349 | |
Panther Escrow Issuer 144A 7.125% 6/1/31 # | 185,000 | 186,693 | |
UnitedHealth Group 5.375% 4/15/54 | 440,000 | 427,063 |
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Insurance (continued) | |||
USI 144A 7.50% 1/15/32 # | 155,000 | $ 155,773 | |
5,160,499 | |||
Leisure — 0.36% | |||
Boyd Gaming 144A 4.75% 6/15/31 # | 500,000 | 448,927 | |
Caesars Entertainment | |||
144A 6.50% 2/15/32 # | 135,000 | 133,579 | |
144A 7.00% 2/15/30 # | 485,000 | 490,542 | |
Carnival | |||
144A 5.75% 3/1/27 # | 200,000 | 196,441 | |
144A 6.00% 5/1/29 # | 445,000 | 435,199 | |
Light & Wonder International 144A 7.25% 11/15/29 # | 320,000 | 325,211 | |
Royal Caribbean Cruises | |||
144A 5.50% 4/1/28 # | 544,000 | 531,781 | |
144A 7.25% 1/15/30 # | 100,000 | 103,364 | |
Scientific Games Holdings 144A 6.625% 3/1/30 # | 380,000 | 360,236 | |
Six Flags Entertainment 144A 6.625% 5/1/32 # | 185,000 | 185,251 | |
3,210,531 | |||
Media — 0.40% | |||
AMC Networks 4.25% 2/15/29 | 290,000 | 204,896 | |
CCO Holdings | |||
144A 4.50% 8/15/30 # | 335,000 | 278,620 | |
4.50% 5/1/32 | 110,000 | 87,350 | |
144A 5.375% 6/1/29 # | 485,000 | 434,823 | |
CMG Media 144A 8.875% 12/15/27 # | 410,000 | 206,200 | |
CSC Holdings | |||
144A 3.375% 2/15/31 # | 710,000 | 416,532 | |
144A 5.00% 11/15/31 # | 500,000 | 209,194 | |
Cumulus Media New Holdings 144A 8.00% 7/1/29 # | 383,820 | 191,910 | |
Directv Financing 144A 5.875% 8/15/27 # | 255,000 | 239,650 | |
DISH DBS 144A 5.75% 12/1/28 # | 490,000 | 342,300 | |
Gray Television | |||
144A 4.75% 10/15/30 # | 238,000 | 135,644 | |
144A 5.375% 11/15/31 # | 285,000 | 158,560 | |
Sirius XM Radio 144A 4.00% 7/15/28 # | 680,000 | 609,373 | |
3,515,052 |
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Natural Gas — 0.07% | |||
ENN Energy Holdings 144A 4.625% 5/17/27 # | 200,000 | $ 196,467 | |
Infraestructura Energetica Nova 144A 3.75% 1/14/28 # | 480,000 | 449,055 | |
645,522 | |||
Real Estate — 0.07% | |||
Iron Mountain | |||
144A 4.50% 2/15/31 # | 320,000 | 285,072 | |
144A 5.25% 3/15/28 # | 380,000 | 366,104 | |
651,176 | |||
Retail — 0.20% | |||
Asbury Automotive Group | |||
144A 4.625% 11/15/29 # | 65,000 | 59,862 | |
4.75% 3/1/30 | 170,000 | 156,072 | |
Bath & Body Works | |||
6.875% 11/1/35 | 435,000 | 439,097 | |
6.95% 3/1/33 | 111,000 | 108,375 | |
Murphy Oil USA 144A 3.75% 2/15/31 # | 395,000 | 343,076 | |
PetSmart 144A 7.75% 2/15/29 # | 505,000 | 483,903 | |
Victra Holdings 144A 7.75% 2/15/26 # | 219,000 | 217,128 | |
1,807,513 | |||
Services — 0.24% | |||
GFL Environmental 144A 6.75% 1/15/31 # | 150,000 | 153,190 | |
Prime Security Services Borrower 144A 5.75% 4/15/26 # | 533,000 | 529,582 | |
SRS Distribution | |||
144A 6.00% 12/1/29 # | 110,000 | 111,714 | |
144A 6.125% 7/1/29 # | 110,000 | 111,787 | |
Staples | |||
144A 7.50% 4/15/26 # | 241,000 | 241,108 | |
144A 10.75% 9/1/29 # | 180,000 | 174,394 | |
United Rentals North America 3.875% 2/15/31 | 306,000 | 269,503 | |
White Cap Buyer 144A 6.875% 10/15/28 # | 340,000 | 324,705 | |
White Cap Parent 144A PIK 8.25% 3/15/26 #, > | 174,000 | 172,004 | |
2,087,987 | |||
Technology — 0.31% | |||
Broadcom | |||
144A 3.137% 11/15/35 # | 4,000 | 3,181 | |
144A 3.419% 4/15/33 # | 11,000 | 9,405 | |
144A 3.469% 4/15/34 # | 1,082,000 | 912,392 |
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Technology (continued) | |||
CDW | |||
2.67% 12/1/26 | 615,000 | $ 572,201 | |
3.276% 12/1/28 | 390,000 | 351,804 | |
Marvell Technology 2.45% 4/15/28 | 520,000 | 467,384 | |
Oracle 3.60% 4/1/50 | 678,000 | 472,005 | |
2,788,372 | |||
Technology & Electronics — 0.27% | |||
Clarios Global 144A 8.50% 5/15/27 # | 215,000 | 216,781 | |
Cloud Software Group 144A 6.50% 3/31/29 # | 290,000 | 275,269 | |
CommScope Technologies 144A 6.00% 6/15/25 # | 165,000 | 135,836 | |
Entegris 144A 5.95% 6/15/30 # | 335,000 | 330,033 | |
NCR Voyix 144A 5.25% 10/1/30 # | 125,000 | 113,523 | |
Seagate HDD Cayman | |||
5.75% 12/1/34 | 125,000 | 118,321 | |
144A 8.25% 12/15/29 # | 110,000 | 117,764 | |
Sensata Technologies 144A 4.00% 4/15/29 # | 255,000 | 231,860 | |
SS&C Technologies 144A 5.50% 9/30/27 # | 200,000 | 196,019 | |
UKG 144A 6.875% 2/1/31 # | 610,000 | 614,285 | |
Zebra Technologies 144A 6.50% 6/1/32 # | 50,000 | 50,364 | |
2,400,055 | |||
Telecommunications — 0.30% | |||
Altice France 144A 5.50% 10/15/29 # | 400,000 | 269,112 | |
Connect Finco 144A 6.75% 10/1/26 # | 250,000 | 236,253 | |
Consolidated Communications | |||
144A 5.00% 10/1/28 # | 215,000 | 177,129 | |
144A 6.50% 10/1/28 # | 270,000 | 228,788 | |
Frontier Communications Holdings | |||
144A 5.00% 5/1/28 # | 25,000 | 23,370 | |
144A 5.875% 10/15/27 # | 638,000 | 621,769 | |
5.875% 11/1/29 | 80,000 | 69,168 | |
144A 6.75% 5/1/29 # | 185,000 | 169,038 | |
Iliad Holding SASU 144A 8.50% 4/15/31 # | 200,000 | 202,596 | |
Sable International Finance 144A 5.75% 9/7/27 # | 200,000 | 191,199 | |
Vmed O2 UK Financing I 144A 4.75% 7/15/31 # | 405,000 | 336,510 | |
VZ Secured Financing 144A 5.00% 1/15/32 # | 200,000 | 169,899 | |
2,694,831 | |||
Transportation — 0.11% | |||
Babcock International Group 1.375% 9/13/27 ■ | EUR | 200,000 | 199,582 |
Genesee & Wyoming 144A 6.25% 4/15/32 # | 185,000 | 183,088 |
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Transportation (continued) | |||
Rumo Luxembourg 144A 5.25% 1/10/28 # | 400,000 | $ 383,664 | |
TAV Havalimanlari Holding 144A 8.50% 12/7/28 # | 200,000 | 205,050 | |
971,384 | |||
Total Corporate Bonds (cost $96,489,681) | 91,268,597 | ||
Government Agency Obligations — 0.31% | |||
Consorcio Transmantaro 144A 5.20% 4/11/38 # | 310,000 | 287,931 | |
Development Bank of Kazakhstan 144A 5.50% 4/15/27 # | 200,000 | 199,491 | |
Georgian Railway JSC 4.00% 6/17/28 ■ | 400,000 | 355,805 | |
Hutama Karya Persero 144A 3.75% 5/11/30 # | 600,000 | 547,578 | |
Perusahaan Listrik Negara 144A 4.125% 5/15/27 # | 200,000 | 192,349 | |
QazaqGaz JSC 144A 4.375% 9/26/27 # | 1,271,000 | 1,197,629 | |
Total Government Agency Obligations (cost $2,970,010) | 2,780,783 | ||
Municipal Bonds — 0.04% | |||
Bay Area, California Toll Authority Revenue (Build America Bonds) Series S-3 6.907% 10/1/50 | 185,000 | 214,295 | |
New Jersey Turnpike Authority Revenue (Build America Bonds) Series A 7.102% 1/1/41 | 105,000 | 119,009 | |
South Carolina Public Service Authority Revenue Series D 4.77% 12/1/45 | 60,000 | 53,651 | |
Total Municipal Bonds (cost $486,868) | 386,955 | ||
Non-Agency Asset-Backed Securities — 0.96% | |||
Chase Issuance Trust Series 2024-A1I A 4.62% 1/16/29 | 1,300,000 | 1,283,428 | |
Diamond Infrastructure Funding Series 2021-1A A 144A 1.76% 4/15/49 # | 250,000 | 223,916 | |
Domino's Pizza Master Issuer Series 2021-1A A2I 144A 2.662% 4/25/51 # | 243,125 | 214,267 |
Principal amount° | Value (US $) | ||
Non-Agency Asset-Backed Securities (continued) | |||
Enterprise Fleet Financing Series 2022-2 A2 144A 4.65% 5/21/29 # | 128,976 | $ 127,895 | |
Ford Credit Auto Owner Trust Series 2021-A B 0.70% 10/15/26 | 140,000 | 134,385 | |
GMF Floorplan Owner Revolving Trust Series 2023-1 A1 144A 5.34% 6/15/28 # | 150,000 | 149,744 | |
GreatAmerica Leasing Receivables Series 2024-1 A3 144A 4.98% 1/18/28 # | 1,600,000 | 1,584,945 | |
Nissan Master Owner Trust Receivables Series 2024-B A 144A 5.05% 2/15/29 # | 1,000,000 | 993,146 | |
PFS Financing Series 2024-B A 144A 4.95% 2/15/29 # | 1,600,000 | 1,582,051 | |
Taco Bell Funding Series 2021-1A A2I 144A 1.946% 8/25/51 # | 461,775 | 415,689 | |
Towd Point Mortgage Trust Series 2018-1 A1 144A 3.00% 1/25/58 #, • | 12,522 | 12,178 | |
Toyota Auto Loan Extended Note Trust Series 2022-1A A 144A 3.82% 4/25/35 # | 100,000 | 96,221 | |
Toyota Auto Receivables Owner Trust Series 2024-A A3 4.83% 10/16/28 | 1,000,000 | 991,239 | |
Trafigura Securitisation Finance Series 2021-1A A2 144A 1.08% 1/15/25 # | 550,000 | 546,938 | |
Volkswagen Auto Lease Trust Series 2022-A A3 3.44% 7/21/25 | 202,393 | 201,752 | |
Total Non-Agency Asset-Backed Securities (cost $8,737,292) | 8,557,794 | ||
Non-Agency Collateralized Mortgage Obligations — 0.26% | |||
Connecticut Avenue Securities Trust Series 2023-R08 1M1 144A 6.824% (SOFR + 1.50%) 10/25/43 #, • | 1,032,618 | 1,037,200 | |
Freddie Mac Structured Agency Credit Risk REMIC Trust Series 2023-HQA3 A1 144A 7.174% (SOFR + 1.85%) 11/25/43 #, • | 293,274 | 296,968 | |
JPMorgan Mortgage Trust | |||
Series 2014-2 B1 144A 3.41% 6/25/29 #, • | 42,372 | 38,976 | |
Series 2014-2 B2 144A 3.41% 6/25/29 #, • | 42,373 | 38,758 | |
Series 2015-4 B1 144A 3.532% 6/25/45 #, • | 94,042 | 84,730 | |
Series 2015-4 B2 144A 3.532% 6/25/45 #, • | 94,042 | 84,413 | |
Series 2021-10 A3 144A 2.50% 12/25/51 #, • | 40,954 | 32,200 | |
JPMorgan Trust | |||
Series 2015-5 B2 144A 6.777% 5/25/45 #, • | 55,506 | 55,756 |
Principal amount° | Value (US $) | ||
Non-Agency Collateralized Mortgage Obligations (continued) | |||
JPMorgan Trust | |||
Series 2015-6 B1 144A 3.507% 10/25/45 #, • | 80,920 | $ 74,936 | |
Series 2015-6 B2 144A 3.507% 10/25/45 #, • | 80,920 | 74,835 | |
Morgan Stanley Residential Mortgage Loan Trust Series 2021-4 A3 144A 2.50% 7/25/51 #, • | 79,926 | 62,942 | |
Sequoia Mortgage Trust Series 2015-1 B2 144A 3.93% 1/25/45 #, • | 17,399 | 16,327 | |
WST Trust Series 2019-1 A 5.372% (BBSW1M + 1.08%) 8/18/50 • | AUD | 608,229 | 406,261 |
Total Non-Agency Collateralized Mortgage Obligations (cost $2,352,343) | 2,304,302 | ||
Non-Agency Commercial Mortgage-Backed Securities — 1.30% | |||
BANK | |||
Series 2017-BNK5 B 3.896% 6/15/60 • | 95,000 | 87,187 | |
Series 2019-BN20 A3 3.011% 9/15/62 | 250,000 | 217,693 | |
Series 2019-BN21 A5 2.851% 10/17/52 | 725,000 | 631,129 | |
Series 2020-BN25 A5 2.649% 1/15/63 | 850,000 | 729,553 | |
Series 2022-BNK40 A4 3.393% 3/15/64 • | 1,000,000 | 873,176 | |
Bank of America Merrill Lynch Commercial Mortgage Trust Series 2017-BNK3 B 3.879% 2/15/50 • | 340,000 | 313,984 | |
Benchmark Mortgage Trust | |||
Series 2020-B17 A5 2.289% 3/15/53 | 850,000 | 704,911 | |
Series 2020-B21 A5 1.978% 12/17/53 | 500,000 | 403,310 | |
Series 2021-B24 A5 2.584% 3/15/54 | 260,000 | 213,209 | |
Series 2021-B25 A5 2.577% 4/15/54 | 450,000 | 362,899 | |
Series 2022-B33 A5 3.458% 3/15/55 | 1,000,000 | 877,387 | |
Cantor Commercial Real Estate Lending Series 2019-CF2 A5 2.874% 11/15/52 | 350,000 | 300,426 | |
CD Mortgage Trust Series 2019-CD8 A4 2.912% 8/15/57 | 250,000 | 216,400 | |
CFCRE Commercial Mortgage Trust Series 2016-C7 A3 3.838% 12/10/54 | 100,000 | 94,942 | |
COMM Mortgage Trust | |||
Series 2014-CR20 AM 3.938% 11/10/47 | 345,000 | 336,214 | |
Series 2015-3BP A 144A 3.178% 2/10/35 # | 500,000 | 453,364 | |
Grace Trust Series 2020-GRCE A 144A 2.347% 12/10/40 # | 100,000 | 80,945 | |
GS Mortgage Securities Trust | |||
Series 2017-GS5 A4 3.674% 3/10/50 | 350,000 | 327,720 |
Principal amount° | Value (US $) | ||
Non-Agency Commercial Mortgage-Backed Securities (continued) | |||
GS Mortgage Securities Trust | |||
Series 2017-GS6 A3 3.433% 5/10/50 | 515,000 | $ 479,352 | |
Series 2019-GC39 A4 3.567% 5/10/52 | 580,000 | 522,977 | |
Series 2019-GC42 A4 3.00% 9/10/52 | 1,280,000 | 1,135,357 | |
Series 2020-GC47 A5 2.377% 5/12/53 | 250,000 | 210,792 | |
JPM-BB Commercial Mortgage Securities Trust Series 2015-C33 A4 3.77% 12/15/48 | 150,000 | 145,540 | |
JPM-DB Commercial Mortgage Securities Trust Series 2017-C7 A5 3.409% 10/15/50 | 350,000 | 324,465 | |
JPMorgan Chase Commercial Mortgage Securities Trust Series 2013-LC11 B 3.499% 4/15/46 | 125,000 | 108,138 | |
Morgan Stanley Bank of America Merrill Lynch Trust Series 2016-C29 A4 3.325% 5/15/49 | 350,000 | 333,655 | |
Wells Fargo Commercial Mortgage Trust | |||
Series 2016-BNK1 A3 2.652% 8/15/49 | 835,000 | 778,757 | |
Series 2019-C54 A4 3.146% 12/15/52 | 375,000 | 332,752 | |
Total Non-Agency Commercial Mortgage-Backed Securities (cost $13,581,888) | 11,596,234 | ||
Sovereign Bonds — 1.28%Δ | |||
Albania — 0.04% | |||
Albania Government International Bond | |||
3.50% 11/23/31 ■ | EUR | 320,000 | 315,758 |
315,758 | |||
Angola — 0.02% | |||
Angolan Government International Bond | |||
9.375% 5/8/48 ■ | 200,000 | 171,341 | |
171,341 | |||
Argentina — 0.01% | |||
Argentine Republic Government International Bond | |||
0.75% 7/9/30 ~ | 87,300 | 49,893 | |
49,893 | |||
Benin — 0.02% | |||
Benin Government International Bond | |||
144A 7.96% 2/13/38 # | 200,000 | 187,708 | |
187,708 |
Principal amount° | Value (US $) | ||
Sovereign BondsΔ (continued) | |||
Bermuda — 0.08% | |||
Bermuda Government International Bonds | |||
144A 5.00% 7/15/32 # | 401,000 | $ 384,479 | |
5.00% 7/15/32 ■ | 356,000 | 341,333 | |
725,812 | |||
Brazil — 0.04% | |||
Brazil Notas do Tesouro Nacional Serie F | |||
10.00% 1/1/33 | BRL | 2,248,000 | 389,102 |
389,102 | |||
Chile — 0.10% | |||
Chile Government International Bonds | |||
2.55% 1/27/32 | 645,000 | 537,407 | |
4.34% 3/7/42 | 438,000 | 375,507 | |
912,914 | |||
Colombia — 0.02% | |||
Colombia Government International Bond | |||
5.20% 5/15/49 | 200,000 | 140,912 | |
140,912 | |||
Dominican Republic — 0.09% | |||
Dominican Republic International Bonds | |||
144A 4.50% 1/30/30 # | 661,000 | 603,076 | |
144A 4.875% 9/23/32 # | 242,000 | 217,289 | |
820,365 | |||
Gabon — 0.02% | |||
Gabon Government International Bond | |||
6.625% 2/6/31 ■ | 200,000 | 159,649 | |
159,649 | |||
Indonesia — 0.16% | |||
Indonesia Treasury Bond 6.625% 2/15/34 | IDR | 5,053,000,000 | 304,830 |
Perusahaan Penerbit SBSN Indonesia III 4.70% 6/6/32 ■ | 1,163,000 | 1,122,763 | |
1,427,593 | |||
Ivory Coast — 0.12% | |||
Ivory Coast Government International Bonds | |||
144A 4.875% 1/30/32 # | EUR | 400,000 | 369,176 |
144A 6.125% 6/15/33 # | 777,000 | 691,899 | |
1,061,075 |
Principal amount° | Value (US $) | ||
Sovereign BondsΔ (continued) | |||
Mexico — 0.07% | |||
Mexican Udibonos 4.50% 11/22/35 | MXN | 5,703,738 | $ 318,167 |
Mexico Government International Bond 4.60% 1/23/46 | 416,000 | 325,487 | |
643,654 | |||
Nigeria — 0.04% | |||
Nigeria Government International Bond | |||
7.375% 9/28/33 ■ | 411,000 | 343,511 | |
343,511 | |||
Paraguay — 0.10% | |||
Paraguay Government International Bonds | |||
144A 4.95% 4/28/31 # | 559,000 | 531,329 | |
5.60% 3/13/48 ■ | 363,000 | 322,070 | |
853,399 | |||
Peru — 0.04% | |||
Corp Financiera de Desarrollo | |||
144A 2.40% 9/28/27 # | 400,000 | 358,556 | |
358,556 | |||
Poland — 0.07% | |||
Bank Gospodarstwa Krajowego 144A 5.375% 5/22/33 # | 300,000 | 294,845 | |
Republic of Poland Government International Bond 5.50% 4/4/53 | 292,000 | 282,958 | |
577,803 | |||
Republic of North Macedonia — 0.02% | |||
North Macedonia Government International Bond | |||
144A 3.675% 6/3/26 # | EUR | 200,000 | 211,083 |
211,083 | |||
Romania — 0.01% | |||
Romanian Government International Bond | |||
144A 2.625% 12/2/40 # | EUR | 173,000 | 124,953 |
124,953 | |||
Serbia — 0.09% | |||
Serbia International Bond | |||
1.00% 9/23/28 ■ | EUR | 897,000 | 826,931 |
826,931 |
Principal amount° | Value (US $) | ||
Sovereign BondsΔ (continued) | |||
South Africa — 0.12% | |||
Republic of South Africa Government International Bonds | |||
5.65% 9/27/47 | 1,000,000 | $ 723,065 | |
5.75% 9/30/49 | 444,000 | 320,585 | |
1,043,650 | |||
Total Sovereign Bonds (cost $12,024,306) | 11,345,662 | ||
Supranational Banks — 0.07% | |||
Banco Latinoamericano de Comercio Exterior 144A 2.375% 9/14/25 # | 250,000 | 239,275 | |
Banque Ouest Africaine de Developpement 144A 4.70% 10/22/31 # | 393,000 | 341,005 | |
Total Supranational Banks (cost $651,735) | 580,280 | ||
US Treasury Obligations — 5.85% | |||
US Treasury Bonds | |||
2.25% 8/15/46 | 2,590,000 | 1,706,567 | |
3.875% 2/15/43 | 2,405,000 | 2,150,549 | |
4.25% 2/15/54 | 2,060,000 | 1,932,698 | |
4.50% 2/15/44 | 760,000 | 737,734 | |
4.75% 11/15/43 | 520,000 | 521,422 | |
US Treasury Floating Rate Note 5.465% (USBMMY3M + 0.15%) 4/30/26 • | 2,370,000 | 2,371,313 | |
US Treasury Notes | |||
4.00% 1/31/31 | 1,660,000 | 1,612,340 | |
4.00% 2/15/34 | 26,010,000 | 25,012,272 | |
4.50% 5/31/29 | 1,560,000 | 1,560,366 | |
4.625% 4/30/29 | 7,530,000 | 7,567,650 | |
4.625% 4/30/31 | 2,360,000 | 2,377,700 | |
4.625% 5/15/34 | 1,965,000 | 1,947,653 | |
5.125% 9/30/25 | 2,510,000 | 2,507,500 | |
Total US Treasury Obligations (cost $52,548,117) | 52,005,764 |
Number of shares | Value (US $) | ||
Common Stocks — 58.45% | |||
Communication Services — 2.81% | |||
Alphabet Class C † | 13,769 | $ 2,395,255 | |
AT&T | 109,716 | 1,999,025 | |
Interpublic Group | 25,688 | 805,833 | |
KDDI | 18,300 | 504,252 | |
Meta Platforms Class A | 12,384 | 5,781,223 | |
Publicis Groupe | 8,773 | 985,426 | |
Verizon Communications | 215,486 | 8,867,249 | |
Walt Disney | 34,813 | 3,617,419 | |
24,955,682 | |||
Consumer Discretionary — 5.96% | |||
adidas | 5,688 | 1,440,603 | |
Amadeus IT Group | 28,625 | 2,043,324 | |
Bath & Body Works | 77,977 | 4,050,125 | |
Best Buy | 47,927 | 4,065,168 | |
eBay | 33,537 | 1,818,376 | |
Genuine Parts | 24,901 | 3,589,230 | |
H & M Hennes & Mauritz Class B | 47,053 | 832,001 | |
Home Depot | 18,696 | 6,260,730 | |
Kering | 2,004 | 692,814 | |
Lowe's | 16,400 | 3,629,156 | |
LVMH Moet Hennessy Louis Vuitton | 1,073 | 858,125 | |
NIKE Class B | 27,199 | 2,585,265 | |
PulteGroup | 35,687 | 4,186,799 | |
Ross Stores | 28,149 | 3,934,104 | |
Sodexo | 16,861 | 1,570,403 | |
Starbucks | 21,056 | 1,689,112 | |
Swatch Group | 2,785 | 596,571 | |
TJX | 89,148 | 9,191,159 | |
53,033,065 | |||
Consumer Staples — 4.73% | |||
Altria Group | 107,467 | 4,970,349 | |
Anheuser-Busch InBev | 26,153 | 1,650,035 | |
Asahi Group Holdings | 11,400 | 418,225 | |
Cal-Maine Foods | 57,923 | 3,572,111 | |
Conagra Brands | 122,498 | 3,660,240 | |
Danone | 28,905 | 1,864,081 | |
Diageo | 68,113 | 2,293,187 | |
Dollar Tree † | 27,000 | 3,184,650 | |
Essity Class B | 58,010 | 1,490,415 | |
Hershey | 18,749 | 3,709,115 |
Number of shares | Value (US $) | ||
Common Stocks (continued) | |||
Consumer Staples (continued) | |||
Kao | 33,300 | $ 1,458,562 | |
Koninklijke Ahold Delhaize | 86,890 | 2,694,724 | |
Nestle | 18,351 | 1,947,888 | |
Philip Morris International | 50,879 | 5,158,113 | |
Seven & i Holdings | 35,400 | 456,899 | |
Unilever | 45,573 | 2,495,718 | |
Vector Group | 97,835 | 1,073,250 | |
42,097,562 | |||
Energy — 3.59% | |||
APA | 69,440 | 2,120,003 | |
Chevron | 41,942 | 6,807,186 | |
Civitas Resources | 42,984 | 3,161,903 | |
Coterra Energy | 101,430 | 2,892,784 | |
EOG Resources | 17,923 | 2,232,310 | |
Exxon Mobil | 91,450 | 10,723,427 | |
Marathon Petroleum | 22,426 | 3,960,656 | |
31,898,269 | |||
Financials — 10.00% | |||
Allstate | 23,201 | 3,886,632 | |
Ally Financial | 54,034 | 2,105,705 | |
American Financial Group | 30,532 | 3,966,412 | |
American International Group | 51,200 | 4,035,584 | |
Ameriprise Financial | 9,715 | 4,241,666 | |
Bank of New York Mellon | 64,426 | 3,840,434 | |
BlackRock | 5,967 | 4,606,703 | |
Blackstone | 24,187 | 2,914,533 | |
Citizens Financial Group | 114,964 | 4,057,080 | |
Corebridge Financial | 143,806 | 4,194,821 | |
Fidelity National Financial | 49,461 | 2,490,856 | |
Fidelity National Information Services | 51,675 | 3,921,099 | |
Fifth Third Bancorp | 61,612 | 2,305,521 | |
KeyCorp | 282,499 | 4,059,511 | |
MetLife | 61,001 | 4,414,642 | |
PNC Financial Services Group | 13,250 | 2,085,418 | |
Principal Financial Group | 49,970 | 4,099,539 | |
Prudential Financial | 40,143 | 4,831,210 | |
Sberbank of Russia PJSC = | 52,870 | 0 | |
SEI Investments | 24,382 | 1,650,905 | |
State Street | 29,819 | 2,254,018 | |
Synchrony Financial | 90,524 | 3,964,951 |
Number of shares | Value (US $) | ||
Common Stocks (continued) | |||
Financials (continued) | |||
Travelers | 18,412 | $ 3,971,468 | |
Truist Financial | 103,200 | 3,895,800 | |
US Bancorp | 92,500 | 3,750,875 | |
Western Union | 260,392 | 3,333,018 | |
88,878,401 | |||
Healthcare — 6.73% | |||
AbbVie | 36,509 | 5,886,711 | |
Baxter International | 92,600 | 3,156,734 | |
Bristol-Myers Squibb | 62,237 | 2,557,318 | |
Cardinal Health | 32,986 | 3,274,520 | |
Cencora | 17,216 | 3,900,629 | |
Cigna Group | 10,982 | 3,784,617 | |
Community Healthcare Trust | 225 | 5,278 | |
CVS Health | 52,400 | 3,123,040 | |
Gilead Sciences | 49,449 | 3,178,087 | |
Healthpeak Properties | 3,761 | 74,844 | |
Hologic † | 52,031 | 3,838,847 | |
Johnson & Johnson | 23,800 | 3,490,746 | |
McKesson | 4,811 | 2,740,297 | |
Medical Properties Trust | 235 | 1,260 | |
Merck & Co. | 78,367 | 9,838,193 | |
Novo Nordisk Class B | 8,350 | 1,131,326 | |
OmniAb 12.5 =, † | 363 | 0 | |
OmniAb 15 =, † | 363 | 0 | |
Pfizer | 85,092 | 2,438,737 | |
Roche Holding | 6,566 | 1,676,411 | |
SIGA Technologies | 149,771 | 1,120,287 | |
Smith & Nephew | 151,946 | 1,922,653 | |
UnitedHealth Group | 2,518 | 1,247,342 | |
Ventas | 4,461 | 224,210 | |
Welltower | 11,365 | 1,178,210 | |
59,790,297 | |||
Industrials — 4.81% | |||
3M | 17,315 | 1,733,924 | |
Dover | 22,127 | 4,067,385 | |
DSV | 2,716 | 418,181 | |
Expeditors International of Washington | 28,422 | 3,436,220 | |
Honeywell International | 20,235 | 4,091,315 | |
Intertek Group | 22,535 | 1,383,070 | |
Knorr-Bremse | 13,501 | 1,039,753 |
Number of shares | Value (US $) | ||
Common Stocks (continued) | |||
Industrials (continued) | |||
Kone Class B | 21,006 | $ 1,071,707 | |
Lockheed Martin | 2,926 | 1,376,215 | |
Makita | 47,200 | 1,391,765 | |
Masco | 52,684 | 3,683,665 | |
Northrop Grumman | 8,250 | 3,718,853 | |
Otis Worldwide | 38,035 | 3,773,072 | |
Paychex | 33,696 | 4,048,911 | |
Pluxee † | 16,099 | 502,211 | |
Plymouth Industrial REIT | 1,587 | 33,105 | |
Prologis | 17,643 | 1,949,375 | |
Rexford Industrial Realty | 4,618 | 209,472 | |
Robert Half | 41,956 | 2,694,834 | |
Securitas Class B | 199,255 | 2,050,589 | |
Terreno Realty | 1,211 | 68,518 | |
42,742,140 | |||
Information Technology — 16.38% | |||
Accenture Class A | 7,767 | 2,192,546 | |
Apple | 113,281 | 21,778,272 | |
Applied Materials | 18,597 | 3,999,843 | |
Broadcom | 6,103 | 8,108,141 | |
Cisco Systems | 163,485 | 7,602,052 | |
Cognizant Technology Solutions Class A | 52,250 | 3,456,338 | |
Dell Technologies Class C | 32,020 | 4,468,711 | |
Digital Realty Trust | 4,065 | 590,807 | |
Equinix | 1,915 | 1,461,107 | |
HP | 132,341 | 4,830,446 | |
KLA | 6,547 | 4,972,643 | |
Lam Research | 5,356 | 4,994,149 | |
Microsoft | 59,501 | 24,700,650 | |
Monolithic Power Systems | 5,610 | 4,126,884 | |
Motorola Solutions | 10,933 | 3,989,561 | |
NetApp | 39,107 | 4,709,656 | |
NVIDIA | 22,145 | 24,278,228 | |
Oracle | 32,000 | 3,750,080 | |
QUALCOMM | 29,554 | 6,030,494 | |
SAP | 9,468 | 1,726,571 | |
Teledyne Technologies † | 9,622 | 3,819,453 | |
145,586,632 |
Number of shares | Value (US $) | ||
Common Stocks (continued) | |||
Materials — 1.08% | |||
Air Liquide | 9,334 | $ 1,837,622 | |
Dow | 63,561 | 3,663,021 | |
DuPont de Nemours | 49,777 | 4,089,678 | |
9,590,321 | |||
Real Estate — 0.49% | |||
Equity Residential | 67,209 | 4,370,601 | |
Spirit MTA REIT =, †, π | 677 | 0 | |
4,370,601 | |||
REIT Diversified — 0.14% | |||
Gaming and Leisure Properties | 10,253 | 460,360 | |
VICI Properties | 26,105 | 749,474 | |
Vornado Realty Trust | 586 | 14,369 | |
1,224,203 | |||
REIT Healthcare — 0.06% | |||
Alexandria Real Estate Equities | 3,665 | 436,135 | |
CareTrust REIT | 5,272 | 134,805 | |
570,940 | |||
REIT Hotel — 0.14% | |||
Apple Hospitality REIT | 13,691 | 197,698 | |
Chatham Lodging Trust | 17,379 | 147,026 | |
Host Hotels & Resorts | 21,747 | 390,141 | |
Park Hotels & Resorts | 7,860 | 124,660 | |
RLJ Lodging Trust | 3,543 | 35,359 | |
Ryman Hospitality Properties | 3,273 | 343,894 | |
Sunstone Hotel Investors | 3,210 | 32,999 | |
Xenia Hotels & Resorts | 789 | 11,433 | |
1,283,210 | |||
REIT Mall — 0.10% | |||
Simon Property Group | 5,640 | 853,388 | |
853,388 | |||
REIT Manufactured Housing — 0.05% | |||
Equity LifeStyle Properties | 3,139 | 197,035 | |
Sun Communities | 1,829 | 215,804 | |
412,839 | |||
REIT Multifamily — 0.20% | |||
American Homes 4 Rent Class A | 7,099 | 255,848 | |
AvalonBay Communities | 2,712 | 522,548 | |
Camden Property Trust | 3,111 | 319,344 |
Number of shares | Value (US $) | ||
Common Stocks (continued) | |||
REIT Multifamily (continued) | |||
Essex Property Trust | 1,540 | $ 400,077 | |
Mid-America Apartment Communities | 2,147 | 287,075 | |
1,784,892 | |||
REIT Office — 0.05% | |||
Boston Properties | 1,632 | 99,013 | |
Cousins Properties | 8,791 | 203,336 | |
Piedmont Office Realty Trust Class A | 15,527 | 113,192 | |
415,541 | |||
REIT Self-Storage — 0.18% | |||
CubeSmart | 8,129 | 343,938 | |
Extra Space Storage | 3,150 | 456,026 | |
Public Storage | 3,063 | 838,741 | |
1,638,705 | |||
REIT Shopping Center — 0.19% | |||
Agree Realty | 2,619 | 159,130 | |
Brixmor Property Group | 19,700 | 443,447 | |
Kimco Realty | 17,736 | 343,369 | |
Kite Realty Group Trust | 5,226 | 114,554 | |
Phillips Edison & Co. | 1,288 | 41,139 | |
Regency Centers | 4,172 | 256,161 | |
Retail Opportunity Investments | 5,040 | 63,101 | |
SITE Centers | 9,283 | 133,861 | |
Tanger | 5,694 | 158,008 | |
1,712,770 | |||
REIT Single Tenant — 0.09% | |||
Broadstone Net Lease | 3,379 | 51,868 | |
Orion Office REIT | 3,156 | 11,835 | |
Realty Income | 14,586 | 773,933 | |
837,636 | |||
REIT Specialty — 0.20% | |||
EPR Properties | 2,607 | 106,991 | |
Essential Properties Realty Trust | 6,404 | 171,499 | |
Innovative Industrial Properties | 463 | 49,902 | |
Invitation Homes | 16,677 | 580,193 | |
Iron Mountain | 7,456 | 601,625 | |
Lamar Advertising Class A | 1,335 | 157,677 | |
Outfront Media | 5,643 | 81,541 | |
1,749,428 |
Number of shares | Value (US $) | ||
Common Stocks (continued) | |||
Utilities — 0.47% | |||
Duke Energy | 40,100 | $ 4,153,157 | |
4,153,157 | |||
Total Common Stocks (cost $427,729,886) | 519,579,679 | ||
Convertible Preferred Stock — 0.74% | |||
Algonquin Power & Utilities 7.75% exercise price $18.00, maturity date 6/15/24 | 17,549 | 373,443 | |
AMG Capital Trust II 5.15% exercise price $195.47, maturity date 10/15/37 | 15,856 | 813,730 | |
Apollo Global Management 6.75% exercise price $98.97, maturity date 7/31/26 | 17,749 | 1,152,265 | |
Bank of America 7.25% exercise price $50.00 ω | 627 | 745,503 | |
El Paso Energy Capital Trust I 4.75% exercise price $34.49, maturity date 3/31/28 | 21,253 | 1,009,518 | |
RBC Bearings 5.00% exercise price $226.60, maturity date 10/15/24 | 8,019 | 1,064,362 | |
UGI 7.25% exercise price $52.57, maturity date 6/1/24 | 11,880 | 686,426 | |
Wells Fargo & Co. 7.50% exercise price $156.71 ω | 615 | 716,598 | |
Total Convertible Preferred Stock (cost $7,203,635) | 6,561,845 | ||
Preferred Stock — 0.19% | |||
Henkel AG & Co. 2.21% ω | 18,855 | 1,706,952 | |
Total Preferred Stock (cost $1,534,520) | 1,706,952 | ||
Exchange-Traded Funds — 5.82% | |||
iShares Core MSCI Europe ETF | 149,420 | 8,965,200 | |
iShares Latin America 40 ETF | 166,102 | 4,494,720 | |
iShares MSCI China ETF | 156,065 | 6,838,768 | |
iShares MSCI Emerging Markets Asia ETF | 109,450 | 7,707,469 | |
Vanguard Russell 2000 ETF | 285,615 | 23,751,744 | |
Total Exchange-Traded Funds (cost $49,366,715) | 51,757,901 |
Principal amount° | Value (US $) | ||
Leveraged Non-Recourse Security — 0.00% | |||
JPMorgan Fixed Income Pass Through Trust Auction Series 2007-B 144A 0.255% 1/15/87 #, =, ♦ | 1,300,000 | $ 130 | |
Total Leveraged Non-Recourse Security (cost $1,105,000) | 130 |
Number of shares | |||
Limited Liability Corporation — 1.14% | |||
Sc Hixson <<, =, π | 7,200,000 | 10,092,240 | |
Total Limited Liability Corporation (cost $5,121,000) | 10,092,240 | ||
Short-Term Investments — 3.62% | |||
Money Market Mutual Funds — 3.62% | |||
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 5.20%) | 8,052,048 | 8,052,048 | |
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 5.21%) | 8,052,048 | 8,052,048 | |
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 5.36%) | 8,052,048 | 8,052,048 | |
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 5.23%) | 8,052,048 | 8,052,048 | |
Total Short-Term Investments (cost $32,208,192) | 32,208,192 | ||
Total Value of Securities—99.86% (cost $802,241,656) | $887,756,305 |
° | Principal amount shown is stated in USD unless noted that the security is denominated in another currency. |
π | Restricted security. These investments are in securities not registered under the Securities Act of 1933, as amended, and have certain restrictions on resale which may limit their liquidity. At May 31, 2024, the aggregate value of restricted securities was $10,092,240, which represented 1.14% of the Fund’s net assets. See table on the next page for additional details on restricted securities. |
† | Non-income producing security. |
~ | Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Stated rate in effect at May 31, 2024. |
Δ | Securities have been classified by country of risk. |
> | PIK. 100% of the income received was in the form of cash. |
■ | Regulation S security. Security is offered and sold outside of the United States; therefore, it is exempt from registration with the SEC under Rules 903 and 904 of the Securities Act of 1933. |
‡ | Non-income producing security. Security is currently in default. |
ψ | Perpetual security. Maturity date represents next call date. |
μ | Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at May 31, 2024. Rate will reset at a future date. |
^ | Zero-coupon security. The rate shown is the effective yield at the time of purchase. |
• | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at May 31, 2024. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. SOFR01M, SOFR03M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
# | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At May 31, 2024, the aggregate value of Rule 144A securities was $61,059,997, which represents 6.87% of the Fund’s net assets. See Note 10 in “Notes to financial statements.” |
♦ | Pass Through Agreement. Security represents the contractual right to receive a proportionate amount of underlying payments due to the counterparty pursuant to various agreements related to the rescheduling of obligations and the exchange of certain notes. |
= | The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in “Notes to financial statements.” |
Σ | Interest only security. An interest only security is the interest only portion of a fixed income security, which is separated and sold individually from the principal portion of the security. |
ω | Perpetual security with no stated maturity date. |
<< | Affiliated company. See Note 2 in “Notes to financial statements.” |
Restricted Securities | ||||||
Investments | Date of Acquisition | Cost | Value | |||
Sc Hixson | 1/7/20 | $5,121,000 | $10,092,240 | |||
Spirit MTA REIT | 1/2/20 | — | — | |||
Total | $5,121,000 | $10,092,240 |
Forward Foreign Currency Exchange Contracts | ||||||||||||
Counterparty | Currency to Receive (Deliver) | In Exchange For | Settlement Date | Unrealized Appreciation | Unrealized Depreciation | |||||||
JPMCB | EUR | (1,650,526) | USD | 1,764,761 | 7/12/24 | $— | $(29,620) | |||||
JPMCB | INR | 51,869,680 | USD | (619,843) | 7/12/24 | 987 | — | |||||
Total Forward Foreign Currency Exchange Contracts | $987 | $(29,620) |
Futures Contracts Exchange-Traded | |||||||||||||
Contracts to Buy (Sell) | Notional Amount | Notional Cost (Proceeds) | Expiration Date | Value/ Unrealized Appreciation | Value/ Unrealized Depreciation | Variation Margin Due from (Due to) Brokers | |||||||
152 | US Treasury 5 yr Notes | $16,081,126 | $16,087,423 | 9/30/24 | $— | $(6,297) | $26,126 | ||||||
62 | US Treasury 10 yr Notes | 6,745,406 | 6,759,285 | 9/19/24 | — | (13,879) | 15,500 | ||||||
(6) | US Treasury Long Bonds | (696,375) | (701,578) | 9/19/24 | 5,203 | — | (3,188) | ||||||
Total Futures Contracts | $22,145,130 | $5,203 | $(20,176) | $38,438 |
CDS Contracts2 | ||||||||||
Counterparty/ Reference Obligation/ Termination Date/ Payment Frequency | Notional Amount3 | Annual Protection Payments | Value | Amortized Upfront Payments Paid (Received) | Unrealized Depreciation4 | |||||
Over-The-Counter: | ||||||||||
Protection Purchased/Moody’s Ratings: | ||||||||||
JPMCB Republic of Brazil 1.00% 12/20/28 Ba2 6/20/28- Quarterly | 705,000 | 1.000% | $3,622 | $24,296 | $(20,674) | |||||
JPMCB Republic of Indonesia 1.00% 12/20/28 Baa2 6/20/28- Quarterly | 1,006,000 | 1.000% | (15,170) | (4,688) | (10,482) | |||||
JPMCB Republic of Indonesia 1.00% 12/20/28 Baa2 6/20/28- Quarterly | 941,000 | 1.000% | (12,824) | (5,044) | (7,780) | |||||
JPMCB Republic of South Africa 1.00% 12/20/28 Ba2 6/20/28- Quarterly | 1,438,000 | 1.000% | 51,336 | 67,518 | (16,182) | |||||
JPMCB Republic of South Africa 1.00% 9/20/28 Ba2 6/20/28- Quarterly | 700,000 | 1.000% | 24,989 | 34,737 | (9,748) | |||||
Total CDS Contracts | $51,953 | $116,819 | $(64,866) |
1 | See Note 7 in “Notes to financial statements.” |
2 | A CDS contract is a risk-transfer instrument through which one party (purchaser of protection) transfers to another party (seller of protection) the financial risk of a credit event (as defined in the CDS agreement), as it relates to a particular reference security or basket of securities (such as an index). Periodic payments (receipts) on such contracts are accrued daily and recorded as unrealized losses (gains) on swap contracts. Upon payment (receipt), such amounts are recorded as realized losses (gains) on swap contracts. Upfront payments made or received in connection with CDS contracts are amortized over the expected life of the CDS contracts as unrealized losses (gains) on swap contracts. The change in value of CDS contracts is recorded daily as unrealized appreciation or depreciation. A realized gain or loss is recorded upon a credit event (as defined in the CDS agreement) or the maturity or termination of the CDS agreement. |
3 | Notional amount shown is stated in USD unless noted that the swap is denominated in another currency. |
4 | Unrealized appreciation (depreciation) does not include periodic interest payments (receipt) on swap contracts accrued daily in the amount of $(9,713). |
Summary of abbreviations: |
AG – Aktiengesellschaft |
BBSW1M – Bank Bill Swap Rate 1 Month |
CLO – Collateralized Loan Obligation |
DAC – Designated Activity Company |
DB – Deutsche Bank |
ETF – Exchange-Traded Fund |
GNMA – Government National Mortgage Association |
GS – Goldman Sachs |
JPM – JPMorgan |
JPMCB – JPMorgan Chase Bank |
JSC – Joint Stock Company |
MSCI – Morgan Stanley Capital International |
PIK – Payment-in-kind |
PJSC – Private Joint Stock Company |
REIT – Real Estate Investment Trust |
REMIC – Real Estate Mortgage Investment Conduit |
S.F. – Single Family |
SOFR – Secured Overnight Financing Rate |
SOFR01M – Secured Overnight Financing Rate 1 Month |
SOFR03M – Secured Overnight Financing Rate 3 Month |
Summary of abbreviations: (continued) |
TSFR03M – 3 Month Term Secured Overnight Financing Rate |
USBMMY3M – US Treasury 3 Month Bill Money Market Yield |
yr – Year |
Summary of currencies: |
AUD – Australian Dollar |
BRL – Brazilian Real |
EUR – European Monetary Unit |
IDR – Indonesian Rupiah |
INR – Indian Rupee |
MXN – Mexican Peso |
USD – US Dollar |
Delaware Wealth Builder Fund | May 31, 2024 (Unaudited) |
Assets: | |
Investments, at value* | $877,664,065 |
Investments of affiliated issuers, at value** | 10,092,240 |
Foreign currencies, at valueΔ | 113,142 |
Cash | 195,167 |
Cash collateral due from brokers | 362,274 |
Dividends and interest receivable | 3,515,816 |
Receivable for securities sold | 2,280,385 |
Foreign tax reclaims receivable | 509,766 |
Receivable for fund shares sold | 401,346 |
Upfront payments paid on over-the-counter credit default swap contracts | 116,819 |
Prepaid expenses | 66,618 |
Variation margin due from broker on futures contracts | 38,438 |
Unrealized appreciation on forward foreign currency exchange contracts | 987 |
Other assets | 7,919 |
Total Assets | 895,364,982 |
Liabilities: | |
Payable for securities purchased | 4,121,296 |
Payable for fund shares redeemed | 963,358 |
Other accrued expenses | 496,194 |
Investment management fees payable to affiliates | 440,533 |
Distribution fees payable to affiliates | 170,673 |
Administration expenses payable to affiliates | 78,654 |
Unrealized depreciation on over-the-counter credit default swap contracts | 64,866 |
Unrealized depreciation on forward foreign currency exchange contracts | 29,620 |
Swap payments payable | 9,713 |
Total Liabilities | 6,374,907 |
Total Net Assets | $888,990,075 |
Net Assets Consist of: | |
Paid-in capital | $793,488,003 |
Total distributable earnings (loss) | 95,502,072 |
Total Net Assets | $888,990,075 |
Net Asset Value | |
Class A: | |
Net assets | $746,136,816 |
Shares of beneficial interest outstanding, unlimited authorization, no par | 50,656,900 |
Net asset value per share | $14.73 |
Sales charge | 5.75% |
Offering price per share, equal to net asset value per share / (1 - sales charge) | $15.63 |
Class C: | |
Net assets | $14,352,294 |
Shares of beneficial interest outstanding, unlimited authorization, no par | 971,620 |
Net asset value per share | $14.77 |
Class R: | |
Net assets | $1,482,286 |
Shares of beneficial interest outstanding, unlimited authorization, no par | 100,522 |
Net asset value per share | $14.75 |
Institutional Class: | |
Net assets | $124,823,637 |
Shares of beneficial interest outstanding, unlimited authorization, no par | 8,473,993 |
Net asset value per share | $14.73 |
Class R6: | |
Net assets | $2,195,042 |
Shares of beneficial interest outstanding, unlimited authorization, no par | 149,028 |
Net asset value per share | $14.73 |
*Investments, at cost | $797,120,656 |
**Investments of affiliated issuers, at cost | 5,121,000 |
ΔForeign currencies, at cost | 111,624 |
Delaware Wealth Builder Fund | Six months ended May 31, 2024 (Unaudited) |
Investment Income: | |
Dividends | $7,428,022 |
Interest | 6,890,963 |
Dividends from affiliated investments | 360,000 |
Foreign tax withheld | (112,902) |
14,566,083 | |
Expenses: | |
Management fees | 2,797,976 |
Distribution expenses — Class A | 933,273 |
Distribution expenses — Class C | 78,962 |
Distribution expenses — Class R | 4,588 |
Dividend disbursing and transfer agent fees and expenses | 442,633 |
Accounting and administration expenses | 108,849 |
Reports and statements to shareholders expenses | 80,346 |
Legal fees | 69,875 |
Registration fees | 50,462 |
Audit and tax fees | 33,348 |
Trustees’ fees | 20,188 |
Custodian fees | 4,207 |
Other | 131,778 |
4,756,485 | |
Less expenses waived | (218,216) |
Less expenses paid indirectly | (1,503) |
Total operating expenses | 4,536,766 |
Net Investment Income (Loss) | 10,029,317 |
Net Realized and Unrealized Gain (Loss): | |
Net realized gain (loss) on: | |
Investments | $17,304,681 |
Foreign currencies | (76,647) |
Forward foreign currency exchange contracts | 63,188 |
Futures contracts | (309,545) |
Swap contracts | (37,396) |
Net realized gain (loss) | 16,944,281 |
Net change in unrealized appreciation (depreciation) on: | |
Investments | 60,224,936 |
Affiliated investments | 288,720 |
Foreign currencies | (8,334) |
Forward foreign currency exchange contracts | (39,064) |
Futures contracts | (158,062) |
Swap contracts | (21,309) |
Net change in unrealized appreciation (depreciation) | 60,286,887 |
Net Realized and Unrealized Gain (Loss) | 77,231,168 |
Net Increase (Decrease) in Net Assets Resulting from Operations | $87,260,485 |
Six months ended 5/31/24 (Unaudited) | Year ended 11/30/23 | ||
Increase in Net Assets from Operations: | |||
Net investment income (loss) | $10,029,317 | $15,314,738 | |
Net realized gain (loss) | 16,944,281 | 17,229,468 | |
Net change in unrealized appreciation (depreciation) | 60,286,887 | 5,943,945 | |
Net increase (decrease) in net assets resulting from operations | 87,260,485 | 38,488,151 | |
Dividends and Distributions to Shareholders from: | |||
Distributable earnings: | |||
Class A | (25,973,039) | (24,558,534) | |
Class C | (538,595) | (1,362,727) | |
Class R | (63,931) | (86,471) | |
Institutional Class | (4,508,612) | (8,665,489) | |
Class R6 | (79,801) | (22,903) | |
(31,163,978) | (34,696,124) | ||
Capital Share Transactions (See Note 4): | |||
Proceeds from shares sold: | |||
Class A | 20,152,859 | 20,254,353 | |
Class C | 1,553,127 | 1,311,979 | |
Class R | 121,367 | 250,460 | |
Institutional Class | 6,594,273 | 15,222,119 | |
Class R6 | 1,892 | 2,052,465 | |
Net assets from reorganization:1 | |||
Class A | — | 524,606,211 | |
Class C | — | 4,120,753 | |
Class R | — | 694,137 | |
Institutional Class | — | 24,272,794 | |
Class R6 | — | 22,008 | |
Net asset value of shares issued upon reinvestment of dividends and distributions: | |||
Class A | 25,191,537 | 23,425,241 | |
Class C | 537,808 | 1,357,724 | |
Class R | 63,523 | 85,581 | |
Institutional Class | 4,245,403 | 8,114,698 | |
Class R6 | 79,801 | 22,903 | |
58,541,590 | 625,813,426 |
Six months ended 5/31/24 (Unaudited) | Year ended 11/30/23 | ||
Capital Share Transactions (continued): | |||
Cost of shares redeemed: | |||
Class A | $(66,954,922) | $(90,609,262) | |
Class C | (5,024,798) | (10,912,196) | |
Class R | (655,972) | (234,742) | |
Institutional Class | (14,493,273) | (32,825,120) | |
Class R6 | (132,352) | (50,477) | |
(87,261,317) | (134,631,797) | ||
Increase (decrease) in net assets derived from capital share transactions | (28,719,727) | 491,181,629 | |
Net Increase in Net Assets | 27,376,780 | 494,973,656 | |
Net Assets: | |||
Beginning of period | 861,613,295 | 366,639,639 | |
End of period | $888,990,075 | $861,613,295 |
1 | See Note 5 in “Notes to financial statements.” |
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income2 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Net realized gain |
Total dividends and distributions |
Net asset value, end of period |
Total return4 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets7 |
Ratio of expenses to average net assets prior to fees waived7 |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets prior to fees waived |
Portfolio turnover |
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
2 | Calculated using average shares outstanding. |
3 | Amount includes non-recurring payment for litigation proceeds, which represents class action settlement received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.01 and total return by 0.07%. |
4 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. |
5 | Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect. |
6 | General Motors term loan litigation were included in total return. If excluded, the impact on the total return would be 0.11% lower. |
7 | Expense ratios do not include expenses of any investment companies in which the Fund invests. |
8 | Includes tax expense ratio of 0.18% for the year ended November 30, 2022. |
Six months ended 5/31/241 (Unaudited) | Year ended | |||||||||
11/30/23 | 11/30/22 | 11/30/21 | 11/30/20 | 11/30/19 | ||||||
$13.82 | $14.38 | $15.71 | $13.71 | $14.01 | $14.15 | |||||
0.16 | 0.30 | 0.22 | 0.21 | 0.25 | 0.53 | |||||
1.25 | 0.213 | (0.47) | 2.06 | (0.09) | 0.50 | |||||
1.41 | 0.51 | (0.25) | 2.27 | 0.16 | 1.03 | |||||
(0.20) | (0.31) | (0.25) | (0.27) | (0.27) | (0.35) | |||||
(0.30) | (0.76) | (0.83) | — | (0.19) | (0.82) | |||||
(0.50) | (1.07) | (1.08) | (0.27) | (0.46) | (1.17) | |||||
$14.73 | $13.82 | $14.38 | $15.71 | $13.71 | $14.01 | |||||
10.38%5 | 3.97% | (1.78%)5 | 16.63%5 | 1.30%5 | 8.30%6 | |||||
$746,137 | $720,746 | $235,618 | $259,143 | $230,168 | $259,283 | |||||
1.04% | 1.05% | 1.26%8 | 1.08% | 1.09% | 1.09% | |||||
1.09% | 1.05% | 1.30%8 | 1.11% | 1.12% | 1.09% | |||||
2.23% | 2.22% | 1.51%8 | 1.37% | 1.91% | 3.91% | |||||
2.18% | 2.22% | 1.47%8 | 1.34% | 1.88% | 3.91% | |||||
32% | 51% | 65% | 89% | 68% | 91% |
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income2 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Net realized gain |
Total dividends and distributions |
Net asset value, end of period |
Total return4 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets7 |
Ratio of expenses to average net assets prior to fees waived7 |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets prior to fees waived |
Portfolio turnover |
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
2 | Calculated using average shares outstanding. |
3 | Amount includes a non-recurring payment for litigation proceeds, which represents a class action settlement received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.01 and total return by 0.07%. |
4 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. |
5 | Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect. |
6 | General Motors term loan litigation were included in total return. If excluded, the impact on the total return would be 0.11% lower. |
7 | Expense ratios do not include expenses of any investment companies in which the Fund invests. |
8 | Includes tax expense ratio of 0.18% for the year ended November 30, 2022. |
Six months ended 5/31/241 (Unaudited) | Year ended | |||||||||
11/30/23 | 11/30/22 | 11/30/21 | 11/30/20 | 11/30/19 | ||||||
$13.87 | $14.42 | $15.75 | $13.73 | $14.04 | $14.18 | |||||
0.11 | 0.20 | 0.11 | 0.09 | 0.15 | 0.43 | |||||
1.25 | 0.213 | (0.47) | 2.08 | (0.10) | 0.49 | |||||
1.36 | 0.41 | (0.36) | 2.17 | 0.05 | 0.92 | |||||
(0.16) | (0.20) | (0.14) | (0.15) | (0.17) | (0.24) | |||||
(0.30) | (0.76) | (0.83) | — | (0.19) | (0.82) | |||||
(0.46) | (0.96) | (0.97) | (0.15) | (0.36) | (1.06) | |||||
$14.77 | $13.87 | $14.42 | $15.75 | $13.73 | $14.04 | |||||
9.91%5 | 3.21% | (2.53%)5 | 15.84%5 | 0.47%5 | 7.46%6 | |||||
$14,352 | $16,304 | $21,168 | $31,157 | $52,258 | $95,672 | |||||
1.79% | 1.80% | 2.01%8 | 1.83% | 1.84% | 1.84% | |||||
1.84% | 1.80% | 2.05%8 | 1.86% | 1.87% | 1.84% | |||||
1.48% | 1.47% | 0.76%8 | 0.62% | 1.16% | 3.17% | |||||
1.43% | 1.47% | 0.72%8 | 0.59% | 1.13% | 3.17% | |||||
32% | 51% | 65% | 89% | 68% | 91% |
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income2 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Net realized gain |
Total dividends and distributions |
Net asset value, end of period |
Total return4 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets7 |
Ratio of expenses to average net assets prior to fees waived7 |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets prior to fees waived |
Portfolio turnover |
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
2 | Calculated using average shares outstanding. |
3 | Amount includes a non-recurring payment for litigation proceeds, which represents a class action settlement received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.01 and total return by 0.07%. |
4 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. |
5 | Total return during the period presented reflects waivers by the manager and/or distributor (as applicable). Performance would have been lower had the waivers not been in effect. |
6 | General Motors term loan litigation were included in total return. If excluded, the impact on the total return would be 0.11% lower. |
7 | Expense ratios do not include expenses of any investment companies in which the Fund invests. |
8 | Includes tax expense ratio of 0.18% for the year ended November 30, 2022. |
Six months ended 5/31/241 (Unaudited) | Year ended | |||||||||
11/30/23 | 11/30/22 | 11/30/21 | 11/30/20 | 11/30/19 | ||||||
$13.84 | $14.39 | $15.71 | $13.71 | $14.02 | $14.16 | |||||
0.14 | 0.27 | 0.18 | 0.17 | 0.21 | 0.49 | |||||
1.25 | 0.213 | (0.46) | 2.06 | (0.09) | 0.50 | |||||
1.39 | 0.48 | (0.28) | 2.23 | 0.12 | 0.99 | |||||
(0.18) | (0.27) | (0.21) | (0.23) | (0.24) | (0.31) | |||||
(0.30) | (0.76) | (0.83) | — | (0.19) | (0.82) | |||||
(0.48) | (1.03) | (1.04) | (0.23) | (0.43) | (1.13) | |||||
$14.75 | $13.84 | $14.39 | $15.71 | $13.71 | $14.02 | |||||
10.21%5 | 3.78% | (1.98%)5 | 16.32%5 | 0.99%5 | 8.02%6 | |||||
$1,482 | $1,826 | $1,028 | $1,203 | $1,069 | $1,288 | |||||
1.29% | 1.30% | 1.51%8 | 1.33% | 1.34% | 1.34% | |||||
1.34% | 1.30% | 1.55%8 | 1.36% | 1.37% | 1.34% | |||||
1.98% | 1.97% | 1.26%8 | 1.12% | 1.66% | 3.66% | |||||
1.93% | 1.97% | 1.22%8 | 1.09% | 1.63% | 3.66% | |||||
32% | 51% | 65% | 89% | 68% | 91% |
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income2 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Net realized gain |
Total dividends and distributions |
Net asset value, end of period |
Total return4 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets7 |
Ratio of expenses to average net assets prior to fees waived7 |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets prior to fees waived |
Portfolio turnover |
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
2 | Calculated using average shares outstanding. |
3 | Amount includes a non-recurring payment for litigation proceeds, which represents a class action settlement received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.01 and total return by 0.07%. |
4 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. |
5 | Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect. |
6 | General Motors term loan litigation were included in total return. If excluded, the impact on the total return would be 0.11% lower. |
7 | Expense ratios do not include expenses of any investment companies in which the Fund invests. |
8 | Includes tax expense ratio of 0.18% for the year ended November 30, 2022. |
Six months ended 5/31/241 (Unaudited) | Year ended | |||||||||
11/30/23 | 11/30/22 | 11/30/21 | 11/30/20 | 11/30/19 | ||||||
$13.83 | $14.38 | $15.70 | $13.70 | $14.01 | $14.15 | |||||
0.18 | 0.34 | 0.25 | 0.25 | 0.28 | 0.56 | |||||
1.24 | 0.213 | (0.45) | 2.05 | (0.10) | 0.50 | |||||
1.42 | 0.55 | (0.20) | 2.30 | 0.18 | 1.06 | |||||
(0.22) | (0.34) | (0.29) | (0.30) | (0.30) | (0.38) | |||||
(0.30) | (0.76) | (0.83) | — | (0.19) | (0.82) | |||||
(0.52) | (1.10) | (1.12) | (0.30) | (0.49) | (1.20) | |||||
$14.73 | $13.83 | $14.38 | $15.70 | $13.70 | $14.01 | |||||
10.45%5 | 4.28% | (1.47%)5 | 16.93%5 | 1.50%5 | 8.59%6 | |||||
$124,824 | $120,628 | $108,827 | $116,626 | $116,589 | $155,525 | |||||
0.79% | 0.80% | 1.01%8 | 0.83% | 0.84% | 0.84% | |||||
0.84% | 0.80% | 1.05%8 | 0.86% | 0.87% | 0.84% | |||||
2.48% | 2.47% | 1.76%8 | 1.62% | 2.16% | 4.16% | |||||
2.43% | 2.47% | 1.72%8 | 1.59% | 2.13% | 4.16% | |||||
32% | 51% | 65% | 89% | 68% | 91% |
Six months ended 5/31/242 (Unaudited) | 2/28/231 to 11/30/23 | ||
Net asset value, beginning of period | $13.83 | $13.35 | |
Income from investment operations: | |||
Net investment income3 | 0.18 | 0.45 | |
Net realized and unrealized gain | 1.25 | 0.274 | |
Total from investment operations | 1.43 | 0.72 | |
Less dividends and distributions from: | |||
Net investment income | (0.23) | (0.24) | |
Net realized gain | (0.30) | — | |
Total dividends and distributions | (0.53) | (0.24) | |
Net asset value, end of period | $14.73 | $13.83 | |
Total return5 | 10.51% | 5.49% | |
Ratios and supplemental data: | |||
Net assets, end of period (000 omitted) | $2,195 | $2,109 | |
Ratio of expenses to average net assets6 | 0.72% | 0.72% | |
Ratio of expenses to average net assets prior to fees waived6 | 0.77% | 0.75% | |
Ratio of net investment income to average net assets | 2.55% | 3.36% | |
Ratio of net investment income to average net assets prior to fees waived | 2.50% | 3.33% | |
Portfolio turnover | 32% | 51%7 |
1 | Date of commencement of operations; ratios have been annualized and total return has not been annualized. |
2 | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
3 | Calculated using average shares outstanding. |
4 | Amount includes a non-recurring payment for litigation proceeds, which represents a class action settlement received by the Fund. The litigation proceeds impact the realized and unrealized gain (loss) per share by $0.01 and total return by 0.07%. |
5 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during the period presented reflects waivers by the manager. Performance would have been lower had the waivers not been in effect. |
6 | Expense ratios do not include expenses of any investment companies in which the Fund invests. |
7 | Portfolio turnover is representative of the Fund for the period ended November 30, 2023. |
Delaware Wealth Builder Fund | May 31, 2024 (Unaudited) |
November 30, 2023), and has concluded that no provision for federal income tax is required in the Fund’s financial statements. In regard to foreign taxes only, the Fund has open tax years in certain foreign countries in which it invests that may date back to the inception of the Fund. If applicable, the Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in “Other” on the “Statement of operations.” During the six months ended May 31, 2024, the Fund did not incur any interest or tax penalties.
pay/reimburse expenses (excluding any distribution and service (12b-1) fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations), in order to prevent total annual fund operating expenses from exceeding 0.79% of the Fund's Class A, Class C, Class R, and Institutional Class shares' average daily net assets and 0.73% of the Fund's Class R6 shares' average daily net assets from December 1, 2023 (except as noted) through March 31, 2025. Prior to April 1, 2024, DMC contractually agreed to waive all or a portion of its investment advisory fees and/or pay/reimburse expenses to 0.72% of the Fund's Class R6 shares' average daily net assets. These waivers and reimbursements may only be terminated by agreement of DMC and the Fund. The waivers and reimbursements are accrued daily and received monthly.
Operating expense limitation as a percentage of average daily net assets | |||||||||
Class A | Class C | Class R | Institutional Class | Class R6 | |||||
1.04% | 1.79% | 1.29% | 0.79% | 0.73%* |
* | Effective April 1, 2024. Prior to April 1, 2024, the expense limitation for Class R6 shares was 0.72%. |
May 31, 2024 was as follows:
Value, beginning of period | Gross additions | Gross reductions(1) | Net realized gain (loss) on affiliated investments | Net change in unrealized appreciation (depreciation) on affiliated investments | |||||
Limited Liability Corporation—1.14% | |||||||||
Sc Hixson =, π | $10,163,520 | $— | $(360,000) | $— | $288,720 |
Value, end of period | Shares | Dividend Income | Capital gain distributions | ||||
Limited Liability Corporation—1.14% | |||||||
Sc Hixson =, π | $10,092,240 | 7,200,000 | $360,000 | $— |
(1) | The amount shown included return of capital. |
= | The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3. |
π | Restricted security. These investments are in securities not registered under the Securities Act of 1933, as amended, and have certain restrictions on resale which may limit their liquidity. |
Purchases other than US government securities | $152,146,591 |
Purchases of US government securities | 129,144,882 |
Sales other than US government securities | 233,400,145 |
Sales of US government securities | 116,519,337 |
Cost of investments and derivatives | $801,579,306 |
Aggregate unrealized appreciation of investments and derivatives | $126,619,611 |
Aggregate unrealized depreciation of investments and derivatives | (40,551,084) |
Net unrealized appreciation of investments and derivatives | $86,068,527 |
Level 1 | Level 2 | Level 3 | Total | ||||||
Securities | |||||||||
Assets: | |||||||||
Agency Collateralized Mortgage Obligations | $— | $378,839 | $14,512 | $393,351 | |||||
Agency Commercial Mortgage-Backed Security | — | 80,476 | — | 80,476 | |||||
Agency Mortgage-Backed Securities | — | 52,737,800 | — | 52,737,800 | |||||
Collateralized Debt Obligations | — | 1,953,245 | — | 1,953,245 | |||||
Common Stocks | |||||||||
Communication Services | 23,466,004 | 1,489,678 | — | 24,955,682 | |||||
Consumer Discretionary | 44,999,224 | 8,033,841 | — | 53,033,065 | |||||
Consumer Staples | 25,327,828 | 16,769,734 | — | 42,097,562 | |||||
Energy | 31,898,269 | — | — | 31,898,269 | |||||
Financials | 88,878,401 | — | —1,2 | 88,878,401 | |||||
Healthcare | 55,059,907 | 4,730,390 | —2 | 59,790,297 | |||||
Industrials | 35,387,075 | 7,355,065 | — | 42,742,140 | |||||
Information Technology | 143,860,061 | 1,726,571 | — | 145,586,632 | |||||
Materials | 7,752,699 | 1,837,622 | — | 9,590,321 | |||||
Real Estate | 4,370,601 | — | —2 | 4,370,601 | |||||
REIT Diversified | 1,224,203 | — | — | 1,224,203 | |||||
REIT Healthcare | 570,940 | — | — | 570,940 | |||||
REIT Hotel | 1,283,210 | — | — | 1,283,210 | |||||
REIT Mall | 853,388 | — | — | 853,388 | |||||
REIT Manufactured Housing | 412,839 | — | — | 412,839 | |||||
REIT Multifamily | 1,784,892 | — | — | 1,784,892 | |||||
REIT Office | 415,541 | — | — | 415,541 | |||||
REIT Self-Storage | 1,638,705 | — | — | 1,638,705 | |||||
REIT Shopping Center | 1,712,770 | — | — | 1,712,770 | |||||
REIT Single Tenant | 837,636 | — | — | 837,636 | |||||
REIT Specialty | 1,749,428 | — | — | 1,749,428 |
Level 1 | Level 2 | Level 3 | Total | ||||||||
Utilities | $4,153,157 | $— | $— | $4,153,157 | |||||||
Convertible Bonds | — | 29,858,123 | — | 29,858,123 | |||||||
Convertible Preferred Stock | 6,561,845 | — | — | 6,561,845 | |||||||
Corporate Bonds | — | 91,268,597 | — | 91,268,597 | |||||||
Exchange-Traded Funds | 51,757,901 | — | — | 51,757,901 | |||||||
Government Agency Obligations | — | 2,780,783 | — | 2,780,783 | |||||||
Leveraged Non-Recourse Security | — | — | 130 | 130 | |||||||
Limited Liability Corporation | — | — | 10,092,240 | 10,092,240 | |||||||
Municipal Bonds | — | 386,955 | — | 386,955 | |||||||
Non-Agency Asset-Backed Securities | — | 8,557,794 | — | 8,557,794 | |||||||
Non-Agency Collateralized Mortgage Obligations | — | 2,304,302 | — | 2,304,302 | |||||||
Non-Agency Commercial Mortgage-Backed Securities | — | 11,596,234 | — | 11,596,234 | |||||||
Preferred Stock | — | 1,706,952 | — | 1,706,952 | |||||||
Sovereign Bonds | — | 11,345,662 | — | 11,345,662 | |||||||
Supranational Banks | — | 580,280 | — | 580,280 | |||||||
US Treasury Obligations | — | 52,005,764 | — | 52,005,764 | |||||||
Short-Term Investments | 32,208,192 | — | — | 32,208,192 | |||||||
Total Value of Securities | $568,164,716 | $309,484,707 | $10,106,882 | $887,756,305 | |||||||
Derivatives3 | |||||||||||
Assets: | |||||||||||
Forward Foreign Currency Exchange Contracts | $— | $987 | $— | $987 | |||||||
Futures Contracts | 5,203 | — | — | 5,203 | |||||||
Liabilities: | |||||||||||
Forward Foreign Currency Exchange Contracts | $— | $(29,620) | $— | $(29,620) | |||||||
Futures Contracts | (20,176) | — | — | (20,176) | |||||||
Over-The-Counter Credit Default Swap Contracts | — | (64,866) | — | (64,866) |
1The value represents valuations of Russian securities for which management has determined include significant unobservable inputs as of May 31, 2024. |
2The security that has been valued at zero on the “Schedule of investments” is considered to be a Level 3 investment in this table. |
3Forward foreign currency exchange contracts, futures contracts and swap contracts are valued at the unrealized appreciation (depreciation) on the instrument at the period end. |
Common Stocks | Limited Liability Corporation | Leveraged Non-Recourse Security | Agency Collateralized Mortgage Obligations | Total | |||||
Balance as of 11/30/23 | $—1 | $10,163,520 | $1,300 | $— | $10,164,820 | ||||
Transfer in | — | — | — | 14,512 | 14,512 | ||||
Sales | (4,068) | — | — | — | (4,068) | ||||
Net realized gain (loss) | (136,632) | — | — | — | (136,632) | ||||
Return of capital | — | (360,000) | — | — | (360,000) | ||||
Net change in unrealized appreciation (depreciation) | 140,700 | 288,720 | (1,170) | — | 428,250 | ||||
Balance as of 5/31/24 | $—1 | $10,092,240 | $130 | $14,512 | $10,106,882 | ||||
Net change in unrealized appreciation (depreciation) from Level 3 investments still held as of 5/31/24 | $140,700 | $288,720 | $(1,170) | $— | $428,250 |
Assets | Value | Valuation Techniques | Unobservable Inputs | Input Value | ||||
Limited Liability Corporation | $10,092,240 | Market cap rate method (using trailing 12 month NOI adjusted for assets and liabilities) | Liquidity discount cap rate | 5.00% 6.95% | ||||
Agency Collateralized Mortgage Obligations | 14,512 | Option adjusted spread (OAS) model | Discount rate | 8.58% |
Six months ended | Year ended | ||
5/31/24 | 11/30/23 | ||
Shares sold: | |||
Class A | 1,402,053 | 1,514,024 | |
Class C | 109,698 | 97,010 | |
Class R | 8,406 | 18,425 | |
Institutional Class | 458,359 | 1,125,229 | |
Class R6 | 131 | 152,909 | |
Shares from reorganization:1 | |||
Class A | — | 39,183,567 | |
Class C | — | 314,783 | |
Class R | — | 53,145 | |
Institutional Class | — | 1,853,886 | |
Class R6 | — | 1,628 | |
Shares issued upon reinvestment of dividends and distributions: | |||
Class A | 1,771,068 | 1,756,099 | |
Class C | 37,774 | 102,163 | |
Class R | 4,461 | 6,434 | |
Institutional Class | 298,391 | 611,273 | |
Class R6 | 5,606 | 1,696 | |
4,095,947 | 46,792,271 | ||
Shares redeemed: | |||
Class A | (4,654,790) | (6,696,220) | |
Class C | (351,320) | (805,903) | |
Class R | (44,349) | (17,449) | |
Institutional Class | (1,007,397) | (2,434,735) | |
Class R6 | (9,244) | (3,698) | |
(6,067,100) | (9,958,005) | ||
Net increase (decrease) | (1,971,153) | 36,834,266 |
1 | See Note 5. |
Exchange Redemptions | Exchange Subscriptions | |||||||||||||||
Class A Shares | Class C Shares | Institutional Class Shares | Class A Shares | Institutional Class Shares | Class R6 Shares | Value | ||||||||||
Six months ended | ||||||||||||||||
5/31/24 | 23,309 | 21,553 | — | 21,605 | 23,308 | — | $639,322 | |||||||||
Year ended | ||||||||||||||||
11/30/23 | 171,811 | 54,837 | 130,499 | 67,820 | 171,852 | 125,738 | 4,868,904 |
Acquired Fund I Net Assets | Acquired Fund I Shares Outstanding | Shares Converted to Acquiring Fund | Acquiring Fund Net Assets | Conversion Ratio | |||||
Delaware Strategic Allocation Fund | Delaware Wealth Builder Fund | ||||||||
Class A | $146,093,404 | 16,492,544 | 11,190,719 | $217,450,659 | 0.6785 | ||||
Class C | 4,120,753 | 465,638 | 314,783 | 17,542,300 | 0.6760 | ||||
Class R | 694,137 | 78,828 | 53,145 | 1,005,249 | 0.6742 | ||||
Institutional Class | 21,988,717 | 2,479,809 | 1,684,946 | 104,009,271 | 0.6795 |
Acquired Fund II Net Assets | Acquired Fund II Shares Outstanding | Shares Converted to Acquiring Fund | Acquiring Fund Net Assets | Conversion Ratio | |||||
Delaware Total Return Fund | Delaware Wealth Builder Fund | ||||||||
Class A | $378,512,807 | 26,887,085 | 27,992,848 | $373,001,835 | 1.0411 | ||||
Institutional Class | 2,284,077 | 161,406 | 168,940 | 126,439,202 | 1.0467 | ||||
Class R6 | 22,008 | 1,550 | 1,628 | 1,307,393 | 1.0503 |
Net investment income | $23,506,200 |
Net realized gain on investments | 32,965,766 |
Net change in unrealized appreciation (depreciation) | 3,881,681 |
Net increase in net assets resulting from operations | $60,353,647 |
Asset Derivatives Fair Value | ||||||
Statement of Assets and Liabilities Location | Currency Contracts | Interest Rate Contracts | Total | |||
Unrealized appreciation on forward foreign currency exchange contracts | $987 | $— | $987 | |||
Variation margin due from broker on futures contracts* | — | 5,203 | 5,203 | |||
Total | $987 | $5,203 | $6,190 |
Liability Derivatives Fair Value | ||||||||
Statement of Assets and Liabilities Location | Currency Contracts | Interest Rate Contracts | Credit Contracts | Total | ||||
Unrealized depreciation on forward foreign currency exchange contracts | $(29,620) | $— | $— | $(29,620) | ||||
Variation margin due from broker on futures contracts* | — | (20,176) | — | (20,176) | ||||
Unrealized depreciation on over-the-counter credit default swap contracts | — | — | (64,866) | (64,866) | ||||
Total | $(29,620) | $(20,176) | $(64,866) | $(114,662) |
Net Realized Gain (Loss) on: | |||||||
Forward Foreign Currency Exchange Contracts | Futures Contracts | Swap Contracts | Total | ||||
Currency contracts | $63,188 | $— | $— | $63,188 | |||
Interest rate contracts | — | (309,545) | — | (309,545) | |||
Credit contracts | — | — | (37,396) | (37,396) | |||
Total | $63,188 | $(309,545) | $(37,396) | $(283,753) |
Net Change in Unrealized Appreciation (Depreciation) on: | |||||||
Forward Foreign Currency Exchange Contracts | Futures Contracts | Swap Contracts | Total | ||||
Currency contracts | $(39,064) | $— | $— | $(39,064) | |||
Interest rate contracts | — | (158,062) | — | (158,062) | |||
Credit contracts | — | — | (21,309) | (21,309) | |||
Total | $(39,064) | $(158,062) | $(21,309) | $(218,435) |
Long Derivative Volume | Short Derivative Volume | ||||
Forward foreign currency exchange contracts (average contract amount) | $ | 852,888 | $ | 2,376,767 | |
Futures contracts (average notional amount) | 25,390,078 | 830,315 | |||
CDS contracts (average notional amount)* | 5,380,544 | — |
*Long represents buying protection and short represents selling protection. |
Counterparty | Gross Value of Derivative Asset | Gross Value of Derivative Liability | Net Position | |||
JPMorgan Chase Bank | $987 | $(94,486) | $(93,499) |
Counterparty | Net Position | Fair Value of Non-Cash Collateral Received | Cash Collateral Received | Fair Value of Non-Cash Collateral Pledged | Cash Collateral Pledged | Net Exposure(a) | ||||||
JPMorgan Chase Bank | $(93,499) | $— | $— | $— | $— | $(93,499) |
policy, monetary policy, inflation expectations, and the supply and demand of bonds. A Fund may be subject to a greater risk of rising interest rates when interest rates are low or inflation rates are high or rising.
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or $75 quarterly. If the annual amount you withdraw is less than 12% of your account balance at the time the systematic withdrawal plan is established, the CDSC ordinarily applicable to certain fund classes will be waived. More details are available in your prospectus or at delawarefunds.com/literature.
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the investment.
1 | |
6 | |
8 | |
9 | |
12 | |
22 | |
33 |
Delaware Small Cap Core Fund | May 31, 2024 (Unaudited) |
Number of shares | Value (US $) | ||
Common Stocks — 99.58% | |||
Basic Materials — 7.59% | |||
Boise Cascade | 804,601 | $ 110,463,671 | |
Huntsman | 1,053,873 | 26,136,050 | |
Kaiser Aluminum | 628,881 | 61,504,562 | |
Minerals Technologies | 1,303,645 | 113,091,204 | |
Quaker Chemical | 267,176 | 48,452,368 | |
Summit Materials Class A † | 2,691,071 | 103,982,983 | |
Tecnoglass | 761,044 | 40,038,525 | |
Worthington Enterprises | 725,098 | 41,352,339 | |
Worthington Steel | 588,386 | 19,410,854 | |
564,432,556 | |||
Business Services — 4.28% | |||
ABM Industries | 1,414,994 | 66,886,766 | |
ASGN † | 961,607 | 90,304,513 | |
Casella Waste Systems Class A † | 860,972 | 86,605,174 | |
First Advantage | 1,576,356 | 25,316,277 | |
Montrose Environmental Group † | 620,667 | 29,177,556 | |
Sterling Check † | 895,166 | 13,767,653 | |
UL Solutions Class A † | 170,103 | 6,560,873 | |
318,618,812 | |||
Capital Goods — 11.07% | |||
Alamo Group | 127,218 | 24,170,148 | |
Ameresco Class A † | 1,294,443 | 47,273,058 | |
Applied Industrial Technologies | 694,775 | 134,091,575 | |
Chart Industries † | 412,118 | 64,714,889 | |
Columbus McKinnon | 1,308,877 | 51,177,091 | |
Construction Partners Class A † | 804,741 | 46,843,974 | |
ESCO Technologies | 417,641 | 45,577,162 | |
Federal Signal | 1,743,761 | 160,460,887 | |
H&E Equipment Services | 741,867 | 35,142,240 | |
Kadant | 239,296 | 68,441,049 | |
MYR Group † | 557,449 | 86,438,042 | |
Zurn Elkay Water Solutions | 1,890,680 | 59,197,191 | |
823,527,306 | |||
Communications Services — 0.20% | |||
ATN International | 596,950 | 14,529,763 | |
14,529,763 | |||
Consumer Discretionary — 3.88% | |||
Hibbett | 43,354 | 3,753,589 | |
Kontoor Brands | 952,825 | 69,880,186 |
Number of shares | Value (US $) | ||
Common Stocks (continued) | |||
Consumer Discretionary (continued) | |||
Malibu Boats Class A † | 694,420 | $ 26,707,393 | |
Sonic Automotive Class A | 462,064 | 26,185,167 | |
Steven Madden | 2,574,561 | 114,439,236 | |
Urban Outfitters † | 1,147,431 | 47,859,347 | |
288,824,918 | |||
Consumer Services — 2.24% | |||
Brinker International † | 1,229,591 | 86,846,013 | |
Chuy's Holdings † | 865,772 | 23,124,770 | |
Jack in the Box | 452,358 | 25,042,539 | |
OneSpaWorld Holdings † | 2,019,046 | 31,396,165 | |
166,409,487 | |||
Consumer Staples — 3.53% | |||
Helen of Troy † | 391,668 | 41,861,476 | |
J & J Snack Foods | 531,883 | 86,542,683 | |
Prestige Consumer Healthcare † | 1,672,844 | 107,580,598 | |
YETI Holdings † | 648,072 | 26,402,453 | |
262,387,210 | |||
Credit Cyclicals — 2.85% | |||
Dana | 2,266,886 | 31,872,417 | |
KB Home | 874,105 | 61,711,813 | |
La-Z-Boy | 861,190 | 32,311,849 | |
Taylor Morrison Home † | 1,484,608 | 85,854,881 | |
211,750,960 | |||
Energy — 5.45% | |||
Magnolia Oil & Gas Class A | 2,952,264 | 76,611,251 | |
Patterson-UTI Energy | 9,584,011 | 105,615,801 | |
Permian Resources | 7,244,549 | 118,738,158 | |
SM Energy | 1,775,373 | 89,532,061 | |
Southwestern Energy † | 1,983,151 | 14,933,127 | |
405,430,398 | |||
Financials — 15.53% | |||
Associated Banc-Corp | 1,018,702 | 21,820,597 | |
Baldwin Insurance Group † | 2,736,622 | 92,169,429 | |
City Holding | 438,492 | 44,822,652 | |
CNO Financial Group | 2,013,911 | 57,779,107 | |
Enterprise Financial Services | 871,187 | 33,706,225 | |
Essent Group | 1,330,641 | 75,447,345 | |
First Bancorp | 1,003,385 | 31,656,797 | |
First Financial Bancorp | 1,791,760 | 39,956,248 |
Number of shares | Value (US $) | ||
Common Stocks (continued) | |||
Financials (continued) | |||
First Interstate BancSystem Class A | 1,793,981 | $ 47,612,256 | |
Hamilton Lane Class A | 612,123 | 76,815,315 | |
Independent Bank | 815,128 | 41,400,351 | |
Independent Bank Group | 931,195 | 42,872,218 | |
NMI Holdings † | 1,798,603 | 59,677,647 | |
Old National Bancorp | 4,349,371 | 74,330,750 | |
Pacific Premier Bancorp | 1,954,688 | 43,472,261 | |
PJT Partners Class A | 522,194 | 55,702,434 | |
Selective Insurance Group | 783,255 | 76,453,521 | |
SouthState | 765,051 | 59,146,093 | |
United Community Banks | 1,807,257 | 46,374,215 | |
Valley National Bancorp | 5,260,295 | 37,505,903 | |
WesBanco | 1,433,605 | 39,567,498 | |
WSFS Financial | 1,287,690 | 56,735,621 | |
1,155,024,483 | |||
Healthcare — 15.71% | |||
Agios Pharmaceuticals † | 1,425,382 | 51,798,382 | |
Amicus Therapeutics † | 5,300,283 | 51,942,773 | |
Ardelyx † | 4,629,321 | 31,757,142 | |
Artivion † | 2,332,047 | 55,036,309 | |
AtriCure † | 1,321,548 | 29,787,692 | |
Axsome Therapeutics † | 505,784 | 37,139,719 | |
Azenta † | 768,535 | 38,818,703 | |
Blueprint Medicines † | 938,186 | 99,034,914 | |
CONMED | 711,933 | 54,420,159 | |
Halozyme Therapeutics † | 1,795,963 | 79,543,201 | |
Insmed † | 1,639,402 | 90,249,080 | |
Intra-Cellular Therapies † | 867,938 | 58,360,151 | |
Lantheus Holdings † | 951,803 | 77,886,040 | |
Ligand Pharmaceuticals † | 732,343 | 62,285,772 | |
Merit Medical Systems † | 1,039,155 | 84,327,428 | |
NeoGenomics † | 2,439,836 | 33,450,152 | |
OmniAb † | 2,956,758 | 12,832,330 | |
OmniAb 12.5 =, † | 221,566 | 0 | |
OmniAb 15 =, † | 221,566 | 0 | |
Omnicell † | 688,804 | 22,448,122 | |
Pacira BioSciences † | 1,296,449 | 39,321,298 | |
Supernus Pharmaceuticals † | 2,061,654 | 55,912,056 | |
TransMedics Group † | 552,167 | 75,315,579 |
Number of shares | Value (US $) | ||
Common Stocks (continued) | |||
Healthcare (continued) | |||
Travere Therapeutics † | 3,566,035 | $ 26,459,980 | |
1,168,126,982 | |||
Media — 0.50% | |||
IMAX † | 2,244,109 | 36,893,152 | |
36,893,152 | |||
Real Estate Investment Trusts — 6.82% | |||
Armada Hoffler Properties | 2,829,633 | 32,088,038 | |
Cushman & Wakefield † | 4,877,372 | 54,187,603 | |
DiamondRock Hospitality | 4,312,820 | 36,529,585 | |
Essential Properties Realty Trust | 1,971,698 | 52,802,072 | |
Four Corners Property Trust | 2,187,511 | 53,397,144 | |
Independence Realty Trust | 4,065,526 | 67,894,284 | |
Kite Realty Group Trust | 3,448,571 | 75,592,676 | |
LXP Industrial Trust | 5,143,246 | 43,717,591 | |
Phillips Edison & Co. | 1,257,253 | 40,156,661 | |
Terreno Realty | 891,589 | 50,446,106 | |
506,811,760 | |||
Technology — 14.93% | |||
Atkore | 248,596 | 37,823,881 | |
Box Class A † | 1,411,224 | 38,455,854 | |
Clearwater Analytics Holdings Class A † | 1,500,993 | 28,488,847 | |
ExlService Holdings † | 2,472,387 | 73,825,476 | |
Ichor Holdings † | 1,238,618 | 47,055,098 | |
Instructure Holdings † | 1,528,934 | 33,865,888 | |
MACOM Technology Solutions Holdings † | 650,466 | 65,788,131 | |
MaxLinear † | 1,859,662 | 33,046,194 | |
Progress Software | 800,149 | 40,527,547 | |
Q2 Holdings † | 1,870,200 | 113,745,564 | |
Rapid7 † | 1,133,409 | 40,961,401 | |
Rubrik Class A † | 185,416 | 5,651,480 | |
Semtech † | 1,755,955 | 68,289,090 | |
Silicon Laboratories † | 680,260 | 85,828,404 | |
Sprout Social Class A † | 1,179,877 | 38,522,984 | |
SPS Commerce † | 435,782 | 81,966,236 | |
Varonis Systems † | 1,774,487 | 76,231,962 | |
Verint Systems † | 1,490,947 | 44,221,488 | |
WNS Holdings † | 854,198 | 42,889,282 | |
Workiva † | 532,295 | 40,970,746 | |
Yelp † | 1,109,094 | 41,003,205 |
Number of shares | Value (US $) | ||
Common Stocks (continued) | |||
Technology (continued) | |||
Ziff Davis † | 541,936 | $ 31,220,933 | |
1,110,379,691 | |||
Transportation — 2.79% | |||
ArcBest | 267,186 | 28,193,467 | |
Hub Group Class A | 767,694 | 33,125,996 | |
International Seaways | 340,589 | 21,940,743 | |
Scorpio Tankers | 437,662 | 35,918,920 | |
Sun Country Airlines Holdings † | 2,576,261 | 27,282,604 | |
Teekay Tankers Class A | 266,561 | 19,413,638 | |
Werner Enterprises | 1,108,983 | 41,664,491 | |
207,539,859 | |||
Utilities — 2.21% | |||
Black Hills | 1,059,559 | 59,812,106 | |
Northwestern Energy Group | 1,141,837 | 59,329,850 | |
Spire | 733,414 | 44,950,944 | |
164,092,900 | |||
Total Common Stocks (cost $6,014,344,322) | 7,404,780,237 | ||
Short-Term Investments — 0.52% | |||
Money Market Mutual Funds — 0.52% | |||
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 5.20%) | 9,625,789 | 9,625,789 | |
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 5.21%) | 9,625,788 | 9,625,788 | |
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 5.36%) | 9,625,788 | 9,625,788 | |
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 5.23%) | 9,625,788 | 9,625,788 | |
Total Short-Term Investments (cost $38,503,153) | 38,503,153 | ||
Total Value of Securities—100.10% (cost $6,052,847,475) | $7,443,283,390 |
† | Non-income producing security. |
= | The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in “Notes to financial statements.” |
Delaware Small Cap Core Fund | May 31, 2024 (Unaudited) |
Assets: | |
Investments, at value* | $7,443,283,390 |
Cash | 44,620 |
Receivable for fund shares sold | 19,065,256 |
Dividends receivable | 2,446,796 |
Prepaid expenses | 238,397 |
Other assets | 52,780 |
Total Assets | 7,465,131,239 |
Liabilities: | |
Payable for fund shares redeemed | 18,924,212 |
Investment management fees payable to affiliates | 3,905,782 |
Payable for securities purchased | 3,443,002 |
Other accrued expenses | 2,224,850 |
Administration expenses payable to affiliates | 576,452 |
Distribution fees payable to affiliates | 125,662 |
Total Liabilities | 29,199,960 |
Total Net Assets | $7,435,931,279 |
Net Assets Consist of: | |
Paid-in capital | $6,071,584,076 |
Total distributable earnings (loss) | 1,364,347,203 |
Total Net Assets | $7,435,931,279 |
Net Asset Value | |
Class A: | |
Net assets | $277,134,949 |
Shares of beneficial interest outstanding, unlimited authorization, no par | 10,105,843 |
Net asset value per share | $27.42 |
Sales charge | 5.75% |
Offering price per share, equal to net asset value per share / (1 - sales charge) | $29.09 |
Class C: | |
Net assets | $66,868,066 |
Shares of beneficial interest outstanding, unlimited authorization, no par | 2,928,852 |
Net asset value per share | $22.83 |
Class R: | |
Net assets | $24,704,639 |
Shares of beneficial interest outstanding, unlimited authorization, no par | 947,304 |
Net asset value per share | $26.08 |
Institutional Class: | |
Net assets | $5,470,748,277 |
Shares of beneficial interest outstanding, unlimited authorization, no par | 193,500,959 |
Net asset value per share | $28.27 |
Class R6: | |
Net assets | $1,596,475,348 |
Shares of beneficial interest outstanding, unlimited authorization, no par | 56,390,401 |
Net asset value per share | $28.31 |
*Investments, at cost | $6,052,847,475 |
Delaware Small Cap Core Fund | Six months ended May 31, 2024 (Unaudited) |
Investment Income: | |
Dividends | $45,299,163 |
Expenses: | |
Management fees | 22,950,650 |
Distribution expenses — Class A | 339,941 |
Distribution expenses — Class C | 358,842 |
Distribution expenses — Class R | 65,548 |
Dividend disbursing and transfer agent fees and expenses | 4,412,955 |
Accounting and administration expenses | 643,911 |
Reports and statements to shareholders expenses | 341,992 |
Legal fees | 242,426 |
Trustees’ fees | 164,492 |
Registration fees | 106,285 |
Audit and tax fees | 17,339 |
Custodian fees | 7,851 |
Other | 87,598 |
29,739,830 | |
Less expenses paid indirectly | (491) |
Total operating expenses | 29,739,339 |
Net Investment Income (Loss) | 15,559,824 |
Net Realized and Unrealized Gain (Loss): | |
Net realized gain (loss) on: | |
Investments | 47,724,516 |
Net increase from payment by affiliates1 | 5,551 |
Net realized gain (loss) | 47,730,067 |
Net change in unrealized appreciation (depreciation) on investments | 802,476,137 |
Net Realized and Unrealized Gain (Loss) | 850,206,204 |
Net Increase (Decrease) in Net Assets Resulting from Operations | $865,766,028 |
1 | See Note 2 in “Notes to financial statements.” |
Six months ended 5/31/24 (Unaudited) | Year ended 11/30/23 | ||
Increase (Decrease) in Net Assets from Operations: | |||
Net investment income (loss) | $15,559,824 | $38,917,873 | |
Net realized gain (loss) | 47,724,516 | 245,318,575 | |
Net increase from payment by affiliates1 | 5,551 | 24,946 | |
Net change in unrealized appreciation (depreciation) | 802,476,137 | (572,820,302) | |
Net increase (decrease) in net assets resulting from operations | 865,766,028 | (288,558,908) | |
Dividends and Distributions to Shareholders from: | |||
Distributable earnings: | |||
Class A | (9,431,868) | (9,782,777) | |
Class C | (2,842,258) | (3,637,759) | |
Class R | (901,880) | (992,220) | |
Institutional Class | (189,750,332) | (187,750,406) | |
Class R6 | (61,006,607) | (49,448,818) | |
(263,932,945) | (251,611,980) | ||
Capital Share Transactions (See Note 4): | |||
Proceeds from shares sold: | |||
Class A | 38,071,747 | 62,963,286 | |
Class C | 3,657,421 | 5,659,555 | |
Class R | 2,252,151 | 3,744,025 | |
Institutional Class | 819,153,889 | 1,413,408,919 | |
Class R6 | 120,566,390 | 610,374,577 | |
Net asset value of shares issued upon reinvestment of dividends and distributions: | |||
Class A | 8,678,944 | 9,074,862 | |
Class C | 2,797,805 | 3,581,775 | |
Class R | 901,802 | 992,190 | |
Institutional Class | 155,651,188 | 156,894,836 | |
Class R6 | 55,892,453 | 41,330,661 | |
1,207,623,790 | 2,308,024,686 |
Six months ended 5/31/24 (Unaudited) | Year ended 11/30/23 | ||
Capital Share Transactions (continued): | |||
Cost of shares redeemed: | |||
Class A | $(46,669,017) | $(91,093,074) | |
Class C | (17,951,263) | (28,656,296) | |
Class R | (6,359,471) | (11,007,074) | |
Institutional Class | (923,012,129) | (1,637,326,416) | |
Class R6 | (247,958,448) | (402,929,386) | |
(1,241,950,328) | (2,171,012,246) | ||
Increase (decrease) in net assets derived from capital share transactions | (34,326,538) | 137,012,440 | |
Net Increase (Decrease) in Net Assets | 567,506,545 | (403,158,448) | |
Net Assets: | |||
Beginning of period | 6,868,424,734 | 7,271,583,182 | |
End of period | $7,435,931,279 | $6,868,424,734 |
1 | During the six months ended May 31, 2024 and the year ended November 30, 2023, Delaware Management Company reimbursed the Fund $5,551 for commissions and $24,946 for losses, respectively, related to a trade error. |
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income (loss)2 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Net realized gain |
Total dividends and distributions |
Payment by affiliates |
Net asset value, end of period |
Total return5 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets6 |
Ratio of expenses to average net assets prior to fees waived6 |
Ratio of net investment income (loss) to average net assets |
Ratio of net investment income (loss) to average net assets prior to fees waived |
Portfolio turnover |
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
2 | Calculated using average shares outstanding. |
3 | Amount is less than $0.005 per share. |
4 | During the six months ended May 31, 2024 and the year ended November 30, 2023, Delaware Management Company reimbursed the Fund $5,551 for commissions and $24,946 for losses, respectively, related to a trade error. Payment by affiliates had no impact on total return. |
5 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. |
6 | Expense ratios do not include expenses of any investment companies in which the Fund invests. |
Six months ended 5/31/241 (Unaudited) | Year ended | |||||||||
11/30/23 | 11/30/22 | 11/30/21 | 11/30/20 | 11/30/19 | ||||||
$25.23 | $27.21 | $31.14 | $24.79 | $23.20 | $23.91 | |||||
0.02 | 0.08 | 0.05 | (0.02) | 0.02 | 0.03 | |||||
3.11 | (1.16) | (2.05) | 6.56 | 1.99 | 1.25 | |||||
3.13 | (1.08) | (2.00) | 6.54 | 2.01 | 1.28 | |||||
(0.10) | (0.06) | — | — | (0.04) | (0.02) | |||||
(0.84) | (0.84) | (1.93) | (0.19) | (0.38) | (1.97) | |||||
(0.94) | (0.90) | (1.93) | (0.19) | (0.42) | (1.99) | |||||
—3,4 | —3,4 | — | — | — | — | |||||
$27.42 | $25.23 | $27.21 | $31.14 | $24.79 | $23.20 | |||||
12.51% | (3.86%) | (6.87%) | 26.50% | 8.81% | 7.79% | |||||
$277,135 | $254,990 | $295,128 | $312,223 | $264,888 | $279,872 | |||||
1.07% | 1.09% | 1.05% | 1.06% | 1.10% | 1.10% | |||||
1.07% | 1.09% | 1.05% | 1.06% | 1.10% | 1.10% | |||||
0.17% | 0.30% | 0.20% | (0.06%) | 0.09% | 0.15% | |||||
0.17% | 0.30% | 0.20% | (0.06%) | 0.09% | 0.15% | |||||
14% | 26% | 23% | 24% | 37% | 34% |
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment loss2 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net realized gain |
Total dividends and distributions |
Payment by affiliates |
Net asset value, end of period |
Total return6 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets7 |
Ratio of expenses to average net assets prior to fees waived7 |
Ratio of net investment loss to average net assets |
Ratio of net investment loss to average net assets prior to fees waived |
Portfolio turnover |
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
2 | Calculated using average shares outstanding. |
3 | The per share amount of net investment income (loss) does not directly correlate to the amounts reported in the Statement of operations due to class specific expenses. |
4 | Amount is less than $0.005 per share. |
5 | During the six months ended May 31, 2024 and the year ended November 30, 2023, Delaware Management Company reimbursed the Fund $5,551 for commissions and $24,946 for losses, respectively, related to a trade error. Payment by affiliates had no impact on total return. |
6 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. |
7 | Expense ratios do not include expenses of any investment companies in which the Fund invests. |
Six months ended 5/31/241 (Unaudited) | Year ended | |||||||||
11/30/23 | 11/30/22 | 11/30/21 | 11/30/20 | 11/30/19 | ||||||
$21.14 | $23.05 | $26.86 | $21.57 | $20.35 | $21.38 | |||||
(0.06)3 | (0.10) | (0.13) | (0.21) | (0.12) | (0.11) | |||||
2.59 | (0.97) | (1.75) | 5.69 | 1.72 | 1.05 | |||||
2.53 | (1.07) | (1.88) | 5.48 | 1.60 | 0.94 | |||||
(0.84) | (0.84) | (1.93) | (0.19) | (0.38) | (1.97) | |||||
(0.84) | (0.84) | (1.93) | (0.19) | (0.38) | (1.97) | |||||
—4,5 | —4,5 | — | — | — | — | |||||
$22.83 | $21.14 | $23.05 | $26.86 | $21.57 | $20.35 | |||||
12.07% | (4.57%) | (7.57%) | 25.54% | 8.00% | 6.99% | |||||
$66,868 | $72,867 | $100,445 | $132,294 | $117,251 | $139,808 | |||||
1.82% | 1.84% | 1.80% | 1.81% | 1.85% | 1.85% | |||||
1.82% | 1.84% | 1.80% | 1.81% | 1.85% | 1.85% | |||||
(0.58%) | (0.45%) | (0.55%) | (0.81%) | (0.66%) | (0.60%) | |||||
(0.58%) | (0.45%) | (0.55%) | (0.81%) | (0.66%) | (0.60%) | |||||
14% | 26% | 23% | 24% | 37% | 34% |
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income (loss)2 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Net realized gain |
Total dividends and distributions |
Payment by affiliates |
Net asset value, end of period |
Total return6 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets7 |
Ratio of expenses to average net assets prior to fees waived7 |
Ratio of net investment income (loss) to average net assets |
Ratio of net investment income (loss) to average net assets prior to fees waived |
Portfolio turnover |
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
2 | Calculated using average shares outstanding. |
3 | The per share amount of net investment income (loss) does not directly correlate to the amounts reported in the Statement of operations due to class specific expenses. |
4 | Amount is less than $0.005 per share. |
5 | During the six months ended May 31, 2024 and the year ended November 30, 2023, Delaware Management Company reimbursed the Fund $5,551 for commissions and $24,946 for losses, respectively, related to a trade error. Payment by affiliates had no impact on total return. |
6 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. |
7 | Expense ratios do not include expenses of any investment companies in which the Fund invests. |
Six months ended 5/31/241 (Unaudited) | Year ended | |||||||||
11/30/23 | 11/30/22 | 11/30/21 | 11/30/20 | 11/30/19 | ||||||
$24.01 | $25.93 | $29.84 | $23.82 | $22.33 | $23.12 | |||||
(0.01)3 | 0.01 | (0.01) | (0.09) | (0.03) | (0.02) | |||||
2.96 | (1.09) | (1.97) | 6.30 | 1.90 | 1.20 | |||||
2.95 | (1.08) | (1.98) | 6.21 | 1.87 | 1.18 | |||||
(0.04) | — | — | — | — | — | |||||
(0.84) | (0.84) | (1.93) | (0.19) | (0.38) | (1.97) | |||||
(0.88) | (0.84) | (1.93) | (0.19) | (0.38) | (1.97) | |||||
—4,5 | —4,5 | — | — | — | — | |||||
$26.08 | $24.01 | $25.93 | $29.84 | $23.82 | $22.33 | |||||
12.37% | (4.09%) | (7.12%) | 26.19% | 8.51% | 7.55% | |||||
$24,705 | $25,703 | $34,289 | $44,366 | $36,065 | $27,631 | |||||
1.32% | 1.34% | 1.30% | 1.31% | 1.35% | 1.35% | |||||
1.32% | 1.34% | 1.30% | 1.31% | 1.35% | 1.35% | |||||
(0.08%) | 0.05% | (0.05%) | (0.31%) | (0.16%) | (0.10%) | |||||
(0.08%) | 0.05% | (0.05%) | (0.31%) | (0.16%) | (0.10%) | |||||
14% | 26% | 23% | 24% | 37% | 34% |
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income2 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Net realized gain |
Total dividends and distributions |
Payment by affiliates |
Net asset value, end of period |
Total return5 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets6 |
Ratio of expenses to average net assets prior to fees waived6 |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets prior to fees waived |
Portfolio turnover |
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
2 | Calculated using average shares outstanding. |
3 | Amount is less than $0.005 per share. |
4 | During the six months ended May 31, 2024 and the year ended November 30, 2023, Delaware Management Company reimbursed the Fund $5,551 for commissions and $24,946 for losses, respectively, related to a trade error. Payment by affiliates had no impact on total return. |
5 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. |
6 | Expense ratios do not include expenses of any investment companies in which the Fund invests. |
Six months ended 5/31/241 (Unaudited) | Year ended | |||||||||
11/30/23 | 11/30/22 | 11/30/21 | 11/30/20 | 11/30/19 | ||||||
$26.02 | $28.02 | $32.00 | $25.46 | $23.81 | $24.50 | |||||
0.06 | 0.14 | 0.13 | 0.06 | 0.07 | 0.09 | |||||
3.19 | (1.17) | (2.12) | 6.72 | 2.06 | 1.28 | |||||
3.25 | (1.03) | (1.99) | 6.78 | 2.13 | 1.37 | |||||
(0.16) | (0.13) | (0.06) | (0.05) | (0.10) | (0.09) | |||||
(0.84) | (0.84) | (1.93) | (0.19) | (0.38) | (1.97) | |||||
(1.00) | (0.97) | (1.99) | (0.24) | (0.48) | (2.06) | |||||
—3, 4 | —3, 4 | — | — | — | — | |||||
$28.27 | $26.02 | $28.02 | $32.00 | $25.46 | $23.81 | |||||
12.62% | (3.59%) | (6.65%) | 26.80% | 9.09% | 8.06% | |||||
$5,470,748 | $4,976,768 | $5,455,486 | $5,743,601 | $4,632,204 | $3,888,603 | |||||
0.82% | 0.84% | 0.80% | 0.81% | 0.85% | 0.85% | |||||
0.82% | 0.84% | 0.80% | 0.81% | 0.85% | 0.85% | |||||
0.42% | 0.55% | 0.45% | 0.19% | 0.34% | 0.40% | |||||
0.42% | 0.55% | 0.45% | 0.19% | 0.34% | 0.40% | |||||
14% | 26% | 23% | 24% | 37% | 34% |
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income2 |
Net realized and unrealized gain (loss) |
Total from investment operations |
Less dividends and distributions from: |
Net investment income |
Net realized gain |
Total dividends and distributions |
Payment by affiliates |
Net asset value, end of period |
Total return5 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets6 |
Ratio of expenses to average net assets prior to fees waived6 |
Ratio of net investment income to average net assets |
Ratio of net investment income to average net assets prior to fees waived |
Portfolio turnover |
1 | Ratios have been annualized and total return and portfolio turnover have not been annualized. |
2 | Calculated using average shares outstanding. |
3 | Amount is less than $0.005 per share. |
4 | During the six months ended May 31, 2024 and the year ended November 30, 2023, Delaware Management Company reimbursed the Fund $5,551 for commissions and $24,946 for losses, respectively, related to a trade error. Payment by affiliates had no impact on total return. |
5 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. |
6 | Expense ratios do not include expenses of any investment companies in which the Fund invests. |
Six months ended 5/31/241 (Unaudited) | Year ended | |||||||||
11/30/23 | 11/30/22 | 11/30/21 | 11/30/20 | 11/30/19 | ||||||
$26.07 | $28.08 | $32.06 | $25.51 | $23.85 | $24.54 | |||||
0.08 | 0.17 | 0.16 | 0.10 | 0.10 | 0.12 | |||||
3.20 | (1.18) | (2.11) | 6.72 | 2.06 | 1.28 | |||||
3.28 | (1.01) | (1.95) | 6.82 | 2.16 | 1.40 | |||||
(0.20) | (0.16) | (0.10) | (0.08) | (0.12) | (0.12) | |||||
(0.84) | (0.84) | (1.93) | (0.19) | (0.38) | (1.97) | |||||
(1.04) | (1.00) | (2.03) | (0.27) | (0.50) | (2.09) | |||||
—3,4 | —3,4 | — | — | — | — | |||||
$28.31 | $26.07 | $28.08 | $32.06 | $25.51 | $23.85 | |||||
12.71% | (3.49%) | (6.52%) | 26.92% | 9.24% | 8.20% | |||||
$1,596,475 | $1,538,097 | $1,386,235 | $1,325,213 | $894,120 | $677,315 | |||||
0.68% | 0.72% | 0.69% | 0.69% | 0.71% | 0.72% | |||||
0.68% | 0.72% | 0.69% | 0.69% | 0.71% | 0.72% | |||||
0.56% | 0.67% | 0.57% | 0.31% | 0.48% | 0.53% | |||||
0.56% | 0.67% | 0.57% | 0.31% | 0.48% | 0.53% | |||||
14% | 26% | 23% | 24% | 37% | 34% |
Delaware Small Cap Core Fund | May 31, 2024 (Unaudited) |
Purchases | $975,563,643 |
Sales | 1,162,541,165 |
Cost of investments | $6,052,847,475 |
Aggregate unrealized appreciation of investments | $1,841,139,679 |
Aggregate unrealized depreciation of investments | (450,703,764) |
Net unrealized appreciation of investments | $1,390,435,915 |
Level 1 | Level 3 | Total | |||||
Securities | |||||||
Assets: | |||||||
Common Stocks | |||||||
Basic Materials | $564,432,556 | $— | $564,432,556 | ||||
Business Services | 318,618,812 | — | 318,618,812 | ||||
Capital Goods | 823,527,306 | — | 823,527,306 | ||||
Communications Services | 14,529,763 | — | 14,529,763 | ||||
Consumer Discretionary | 288,824,918 | — | 288,824,918 | ||||
Consumer Services | 166,409,487 | — | 166,409,487 | ||||
Consumer Staples | 262,387,210 | — | 262,387,210 | ||||
Credit Cyclicals | 211,750,960 | — | 211,750,960 | ||||
Energy | 405,430,398 | — | 405,430,398 | ||||
Financials | 1,155,024,483 | — | 1,155,024,483 | ||||
Healthcare | 1,168,126,982 | —1 | 1,168,126,982 |
Level 1 | Level 3 | Total | |||
Media | $36,893,152 | $— | $36,893,152 | ||
Real Estate Investment Trusts | 506,811,760 | — | 506,811,760 | ||
Technology | 1,110,379,691 | — | 1,110,379,691 | ||
Transportation | 207,539,859 | — | 207,539,859 | ||
Utilities | 164,092,900 | — | 164,092,900 | ||
Short-Term Investments | 38,503,153 | — | 38,503,153 | ||
Total Value of Securities | $7,443,283,390 | $— | $7,443,283,390 |
1The security that has been valued at zero on the “Schedule of investments” is considered to be Level 3 investment in this table. |
Six months ended | Year ended | ||
5/31/24 | 11/30/23 | ||
Shares sold: | |||
Class A | 1,430,928 | 2,478,277 | |
Class C | 164,670 | 262,496 | |
Class R | 88,803 | 154,425 | |
Institutional Class | 30,190,819 | 53,501,717 | |
Class R6 | 4,389,730 | 23,584,622 |
Six months ended | Year ended | ||
5/31/24 | 11/30/23 | ||
Shares issued upon reinvestment of dividends and distributions: | |||
Class A | 326,154 | 368,897 | |
Class C | 125,857 | 172,616 | |
Class R | 35,602 | 42,293 | |
Institutional Class | 5,680,700 | 6,201,377 | |
Class R6 | 2,038,383 | 1,632,332 | |
44,471,646 | 88,399,052 | ||
Shares redeemed: | |||
Class A | (1,756,027) | (3,587,864) | |
Class C | (808,795) | (1,345,728) | |
Class R | (247,566) | (448,448) | |
Institutional Class | (33,667,361) | (63,075,263) | |
Class R6 | (9,039,478) | (15,581,652) | |
(45,519,227) | (84,038,955) | ||
Net increase (decrease) | (1,047,581) | 4,360,097 |
Exchange Redemptions | Exchange Subscriptions | ||||||||||||||||
Class A Shares | Class C Shares | Class R Shares | Institutional Class Shares | Class R6 Shares | Class A Shares | Institutional Class Shares | Class R6 Shares | Value | |||||||||
Six months ended | |||||||||||||||||
5/31/24 | 161,515 | 6,550 | — | 1,958 | 5,875 | 8,256 | 141,840 | 20,026 | $4,613,546 | ||||||||
Year ended | |||||||||||||||||
11/30/23 | 134,482 | 14,190 | 1,764 | 8,283,030 | 4,070 | 58,829 | 124,915 | 8,239,034 | 212,118,530 |
![](https://capedge.com/proxy/N-CSRS/0001193125-24-191448/g858206image_left.jpg)
![](https://capedge.com/proxy/N-CSRS/0001193125-24-191448/g858206image.jpg)
and use
multi-asset solutions.
deposit-taking institution for the purposes
Municipal fixed income funds
out the convenient options provided by Macquarie Asset Management. We try to make it easy for you to avoid some of the sales charges that you might otherwise have to pay when you withdraw and invest your money with another firm.
exchange all or part of your shares in one Delaware Funds by Macquarie® mutual fund for shares of the same class of another fund without paying a front-end sales charge or a contingent deferred sales charge (CDSC).
or $75 quarterly. If the annual amount you withdraw is less than 12% of your account balance at the time the systematic withdrawal plan is established, the CDSC ordinarily applicable to certain fund classes will be waived. More details are available in your prospectus or at delawarefunds.com/literature.
800 523-1918, weekdays from 8:30am to
6:00pm ET
institutions representatives only
800 362-7500
Delaware Funds by Macquarie
P.O. Box 534437
Pittsburgh, PA 15253-4437
Delaware Funds by Macquarie
Attention: 534437
500 Ross Street, 154-0520
Pittsburgh, PA 15262
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.
Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Included under Item 7.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Not applicable.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 15. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.
Item 16. Controls and Procedures.
(a) | The registrant’s principal executive officer and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the Investment Company Act of 1940 (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)) and provide reasonable assurance that the information required to be disclosed by the registrant in its reports or statements filed under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission. |
(b) | There were no significant changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940 (17 CFR 270.30a-3(d)) that occurred during the period covered by the report to stockholders included herein that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 18. | Recovery of Erroneously Awarded Compensation. |
Not Applicable.
Item 19. Exhibits.
(a)(1) | Not applicable. | |
(a)(2) | Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto as Exhibit 99.CERT. | |
(a)(2)(1) | There were no written solicitations to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons. | |
(a)(2)(2) | There was no change in the Registrant’s independent public accountant during the period covered by the report. | |
(b) | Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes- Oxley Act of 2002 are attached hereto as Exhibit 99.906 CERT. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf, by the undersigned, thereunto duly authorized.
Name of Registrant: Delaware Group® Equity Funds V | ||
/s/ SHAWN K. LYTLE | ||
By: Shawn K. Lytle | ||
Title: | President and Chief Executive Officer | |
Date: | August 1, 2024 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
/s/ SHAWN K. LYTLE | ||
By: Shawn K. Lytle | ||
Title: | President and Chief Executive Officer | |
Date: | August 1, 2024 | |
/s/ RICHARD SALUS | ||
By: | Richard Salus | |
Title: | Chief Financial Officer | |
Date: | August 1, 2024 |