UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number: | 811-04997 | |
Exact name of registrant as specified in charter: | Delaware Group® Equity Funds V | |
Address of principal executive offices: | 610 Market Street | |
Philadelphia, PA 19106 | ||
Name and address of agent for service: | David F. Connor, Esq. | |
610 Market Street | ||
Philadelphia, PA 19106 | ||
Registrant’s telephone number, including area code: | (800) 523-1918 | |
Date of fiscal year end: | November 30 | |
Date of reporting period: | November 30, 2020 |
Item 1. Reports to Stockholders
Visit delawarefunds.com/edelivery.
with offices in the United States, Europe, Asia, and Australia. As active
managers, we prioritize autonomy and accountability at the investment
team level in pursuit of opportunities that matter for clients. Delaware Funds
is one of the longest-standing mutual fund families, with more than 80 years
in existence.
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Delaware Small Cap Core Fund | December 8, 2020 (Unaudited) |
Delaware Small Cap Core Fund (Institutional Class shares) | 1-year return | +9.09% |
Delaware Small Cap Core Fund (Class A shares) | 1-year return | +8.81% |
Russell 2000® Index (benchmark) | 1-year return | +13.59% |
In our opinion, Delaware Small Cap Core Fund benefited from: • an aggressive response by the Federal Reserve to counter the impact of COVID-19 • unprecedented levels of relief to small businesses and consumers • an underweight of the energy sector relative to the benchmark • advantageous stock selection in the healthcare and business services sectors. |
open-air centers that have reported stronger mobility trends.
Delaware Small Cap Core Fund | November 30, 2020 (Unaudited) |
Fund and benchmark performance1,2 | Average annual total returns through November 30, 2020 | |||
1 year | 5 year | 10 year | Lifetime | |
Class A (Est. December 29, 1998) | ||||
Excluding sales charge | +8.81% | +9.24% | +11.91% | +10.33% |
Including sales charge | +2.53% | +7.95% | +11.25% | +10.03% |
Class C (Est. August 1, 2005) | ||||
Excluding sales charge | +8.00% | +8.43% | +11.08% | +7.21% |
Including sales charge | +7.00% | +8.43% | +11.08% | +7.21% |
Class R (Est. August 1, 2005) | ||||
Excluding sales charge | +8.51% | +8.97% | +11.62% | +7.75% |
Including sales charge | +8.51% | +8.97% | +11.62% | +7.75% |
Institutional Class (Est. December 29, 1998) | ||||
Excluding sales charge | +9.09% | +9.52% | +12.19% | +10.52% |
Including sales charge | +9.09% | +9.52% | +12.19% | +10.52% |
Class R6 (Est. May 2, 2016) | ||||
Excluding sales charge | +9.20%* | — | — | +11.74% |
Including sales charge | +9.20% | — | — | +11.74% |
Russell 2000 Index | +13.59% | +10.25% | +11.13% | +8.34%** |
*Total return for the report period presented in the table differs from the return in “Financial highlights.” The total return presented in the above table is calculated based on the net asset value (NAV) at which shareholder transactions were processed. The total return presented in “Financial highlights” is calculated in the same manner but also takes into account certain adjustments that are necessary under US generally accepted accounting principles (US GAAP) required in the annual report. |
**The benchmark lifetime return is for Institutional Class share comparison only and is calculated using the last business day in the month of the Fund’s Institutional Class inception date. |
Fund expense ratios | Class A | Class C | Class R | Institutional Class | Class R6 |
Total annual operating expenses (without fee waivers) | 1.10% | 1.85% | 1.35% | 0.85% | 0.72% |
Net expenses (including fee waivers, if any) | 1.10% | 1.85% | 1.35% | 0.85% | 0.72% |
Type of waiver | n/a | n/a | n/a | n/a | n/a |
For period beginning November 30, 2010 through November 30, 2020 | Starting value | Ending value | |
Delaware Small Cap Core Fund — Institutional Class shares | $10,000 | $31,587 | |
Delaware Small Cap Core Fund — Class A shares | $9,425 | $29,033 | |
Russell 2000 Index | $10,000 | $28,731 |
Nasdaq symbols | CUSIPs | |
Class A | DCCAX | 24610B883 |
Class C | DCCCX | 24610B867 |
Class R | DCCRX | 24610B834 |
Institutional Class | DCCIX | 24610B859 |
Class R6 | DCZRX | 24610B826 |
do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher. The Fund's expenses shown in the table reflect
fee waivers in effect and assume reinvestment of all dividends and distributions.
Expense analysis of an investment of $1,000
Beginning Account Value 6/1/20 | Ending Account Value 11/30/20 | Annualized Expense Ratio | Expenses Paid During Period 6/1/20 to 11/30/20* | |
Actual Fund return† | ||||
Class A | $1,000.00 | $1,242.60 | 1.11% | $6.22 |
Class C | 1,000.00 | 1,238.20 | 1.86% | 10.41 |
Class R | 1,000.00 | 1,240.60 | 1.36% | 7.62 |
Institutional Class | 1,000.00 | 1,243.80 | 0.86% | 4.82 |
Class R6 | 1,000.00 | 1,245.00 | 0.71% | 3.98 |
Hypothetical 5% return (5% return before expenses) | ||||
Class A | $1,000.00 | $1,019.45 | 1.11% | $5.60 |
Class C | 1,000.00 | 1,015.70 | 1.86% | 9.37 |
Class R | 1,000.00 | 1,018.20 | 1.36% | 6.86 |
Institutional Class | 1,000.00 | 1,020.70 | 0.86% | 4.34 |
Class R6 | 1,000.00 | 1,021.45 | 0.71% | 3.59 |
*“Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). |
†Because actual returns reflect only the most recent six-month period, the returns shown may differ significantly from fiscal year returns. |
Delaware Small Cap Core Fund | As of November 30, 2020 (Unaudited) |
Security type / sector | Percentage of net assets |
Common Stock | 96.14% |
Basic Materials | 7.95% |
Business Services | 4.52% |
Capital Goods | 10.47% |
Communications Services | 0.37% |
Consumer Discretionary | 5.56% |
Consumer Services | 3.14% |
Consumer Staples | 2.29% |
Credit Cyclicals | 2.49% |
Energy | 0.60% |
Financials | 15.35% |
Healthcare | 17.78% |
Information Technology | 13.68% |
Media | 0.68% |
Real Estate Investment Trusts | 5.11% |
Technology | 1.01% |
Transportation | 1.50% |
Utilities | 3.64% |
Short-Term Investments | 3.62% |
Total Value of Securities | 99.76% |
Receivables and Other Assets Net of Liabilities | 0.24% |
Total Net Assets | 100.00% |
Top 10 equity holdings | Percentage of net assets |
Natera | 1.86% |
Ultragenyx Pharmaceutical | 1.71% |
Tetra Tech | 1.44% |
Q2 Holdings | 1.31% |
II-VI | 1.27% |
Rapid7 | 1.26% |
Steven Madden | 1.25% |
Minerals Technologies | 1.24% |
Boise Cascade | 1.23% |
J2 Global | 1.23% |
Delaware Small Cap Core Fund | November 30, 2020 |
Number of shares | Value (US $) | ||
Common Stock — 96.14% | |||
Basic Materials — 7.95% | |||
Balchem | 414,066 | $42,934,504 | |
Boise Cascade | 1,697,468 | 73,415,491 | |
Coeur Mining † | 2,020,279 | 14,323,778 | |
Ferro † | 2,177,087 | 31,154,115 | |
Kaiser Aluminum | 607,494 | 47,372,382 | |
Minerals Technologies | 1,211,788 | 73,519,178 | |
Neenah | 904,828 | 43,893,206 | |
Quaker Chemical | 266,687 | 65,871,689 | |
Summit Materials Class A † | 934,270 | 17,751,130 | |
Worthington Industries | 1,204,985 | 62,321,824 | |
472,557,297 | |||
Business Services — 4.52% | |||
ABM Industries | 1,386,152 | 53,366,852 | |
ASGN † | 783,805 | 61,277,875 | |
BrightView Holdings † | 2,092,195 | 28,537,540 | |
Casella Waste Systems Class A † | 706,136 | 42,495,265 | |
US Ecology | 1,032,997 | 35,008,268 | |
WillScot Mobile Mini Holdings † | 2,235,940 | 48,095,069 | |
268,780,869 | |||
Capital Goods — 10.47% | |||
Ameresco Class A † | 749,867 | 33,406,575 | |
Applied Industrial Technologies | 670,663 | 52,600,099 | |
Barnes Group | 617,245 | 28,399,443 | |
Columbus McKinnon | 1,107,824 | 41,864,669 | |
ESCO Technologies | 427,172 | 42,247,311 | |
Federal Signal | 1,571,778 | 48,772,271 | |
Kadant | 385,176 | 49,267,862 | |
KBR | 1,282,077 | 35,603,278 | |
MasTec † | 897,985 | 50,924,729 | |
MYR Group † | 1,180,246 | 60,345,978 | |
Rexnord | 1,604,723 | 60,193,160 | |
Tetra Tech | 716,182 | 85,404,704 | |
WESCO International † | 507,682 | 33,111,020 | |
622,141,099 | |||
Communications Services — 0.37% | |||
ATN International | 453,317 | 22,185,334 | |
22,185,334 | |||
Consumer Discretionary — 5.56% | |||
American Eagle Outfitters | 3,581,432 | 64,429,962 | |
BJ's Wholesale Club Holdings † | 1,461,038 | 59,887,948 |
Number of shares | Value (US $) | ||
Common Stock (continued) | |||
Consumer Discretionary (continued) | |||
Children's Place | 327,969 | $14,096,108 | |
Dick's Sporting Goods | 527,083 | 29,943,585 | |
Hibbett Sports † | 154,377 | 6,354,157 | |
Malibu Boats Class A † | 736,341 | 41,964,073 | |
Sonic Automotive Class A | 393,210 | 15,877,820 | |
Steven Madden | 2,357,160 | 74,179,825 | |
YETI Holdings † | 372,212 | 23,512,632 | |
330,246,110 | |||
Consumer Services — 3.14% | |||
Chuy's Holdings † | 678,035 | 16,069,429 | |
Jack in the Box | 537,059 | 49,404,057 | |
Texas Roadhouse | 927,827 | 70,329,287 | |
Wendy's | 2,318,842 | 50,991,336 | |
186,794,109 | |||
Consumer Staples — 2.29% | |||
Helen of Troy † | 181,548 | 36,670,880 | |
J & J Snack Foods | 340,567 | 49,515,036 | |
Prestige Consumer Healthcare † | 1,406,829 | 50,040,908 | |
136,226,824 | |||
Credit Cyclicals — 2.49% | |||
Dana | 1,908,688 | 32,142,306 | |
KB Home | 1,353,775 | 47,652,880 | |
La-Z-Boy | 445,500 | 16,501,320 | |
Taylor Morrison Home † | 2,043,868 | 51,668,983 | |
147,965,489 | |||
Energy — 0.60% | |||
Patterson-UTI Energy | 1,376,970 | 5,934,741 | |
PDC Energy † | 1,769,809 | 29,591,206 | |
35,525,947 | |||
Financials — 15.35% | |||
American Equity Investment Life Holding | 1,088,776 | 28,613,033 | |
Bryn Mawr Bank | 650,966 | 19,411,806 | |
City Holding | 457,048 | 30,023,483 | |
Enterprise Financial Services | 329,765 | 11,215,308 | |
Essent Group | 1,175,401 | 51,553,088 | |
First Bancorp | 931,942 | 29,244,340 | |
First Financial Bancorp | 1,847,738 | 29,656,195 | |
First Foundation | 475,908 | 8,452,126 | |
First Interstate BancSystem Class A | 1,027,458 | 39,094,777 | |
Great Western Bancorp | 935,592 | 15,371,776 |
Number of shares | Value (US $) | ||
Common Stock (continued) | |||
Financials (continued) | |||
Hamilton Lane Class A | 521,842 | $36,466,319 | |
Independent Bank | 604,613 | 40,896,023 | |
Independent Bank Group | 684,934 | 38,431,647 | |
Kemper | 257,406 | 19,292,580 | |
Lakeland Financial | 111,561 | 5,666,183 | |
NMI Holdings Class A † | 1,415,031 | 31,003,329 | |
Old National Bancorp | 2,832,084 | 44,831,890 | |
Pacific Premier Bancorp | 1,389,382 | 40,041,989 | |
Primerica | 119,341 | 15,546,552 | |
RLI | 284,924 | 27,275,774 | |
Selective Insurance Group | 780,691 | 48,262,318 | |
South State | 752,630 | 50,027,316 | |
Stifel Financial | 853,869 | 59,173,122 | |
Umpqua Holdings | 2,364,529 | 32,843,308 | |
United Community Banks | 1,703,401 | 40,728,318 | |
Valley National Bancorp | 3,921,158 | 35,839,384 | |
WesBanco | 1,301,835 | 37,271,536 | |
WSFS Financial | 1,216,775 | 46,395,631 | |
912,629,151 | |||
Healthcare — 17.78% | |||
Agios Pharmaceuticals † | 942,834 | 43,672,071 | |
Amicus Therapeutics † | 2,090,880 | 47,860,243 | |
Blueprint Medicines † | 532,957 | 57,601,993 | |
ChemoCentryx † | 694,138 | 38,281,711 | |
CONMED | 588,837 | 59,996,602 | |
CryoLife † | 1,596,512 | 33,239,380 | |
GenMark Diagnostics † | 2,304,492 | 30,811,058 | |
Halozyme Therapeutics † | 1,526,280 | 59,677,548 | |
Intercept Pharmaceuticals † | 469,449 | 16,670,134 | |
Ligand Pharmaceuticals † | 587,952 | 49,605,510 | |
Merit Medical Systems † | 1,162,860 | 64,038,700 | |
Natera † | 1,255,140 | 110,791,208 | |
NuVasive † | 893,962 | 41,408,320 | |
Omnicell † | 354,810 | 37,201,829 | |
PTC Therapeutics † | 742,299 | 46,445,648 | |
Shockwave Medical † | 478,143 | 46,776,730 | |
Spectrum Pharmaceuticals † | 2,182,017 | 10,277,300 | |
Supernus Pharmaceuticals † | 1,638,827 | 34,907,015 | |
Tabula Rasa HealthCare † | 994,696 | 34,277,224 | |
TransMedics Group † | 585,691 | 8,709,225 | |
Travere Therapeutics † | 2,284,040 | 52,373,037 |
Number of shares | Value (US $) | ||
Common Stock (continued) | |||
Healthcare (continued) | |||
Ultragenyx Pharmaceutical † | 857,345 | $101,629,676 | |
Vanda Pharmaceuticals † | 2,504,607 | 30,581,252 | |
1,056,833,414 | |||
Information Technology — 13.68% | |||
Bandwidth Class A † | 154,760 | 23,489,473 | |
Blackbaud | 29,565 | 1,628,736 | |
Box Class A † | 757,254 | 14,153,077 | |
Brooks Automation | 934,441 | 68,204,849 | |
ExlService Holdings † | 802,147 | 66,786,759 | |
Glu Mobile † | 1,752,122 | 17,713,953 | |
II-VI † | 1,119,014 | 75,701,297 | |
J2 Global † | 816,107 | 73,131,348 | |
MACOM Technology Solutions Holdings † | 304,457 | 13,603,139 | |
MaxLinear † | 1,521,890 | 47,559,062 | |
Mimecast † | 681,574 | 30,657,199 | |
NETGEAR † | 829,869 | 26,398,133 | |
Plantronics | 183,644 | 5,017,154 | |
Q2 Holdings † | 689,741 | 78,195,937 | |
Rapid7 † | 998,285 | 74,811,478 | |
Semtech † | 793,396 | 53,530,428 | |
Silicon Laboratories † | 369,541 | 43,313,901 | |
WNS Holdings ADR † | 875,392 | 61,636,351 | |
Yelp † | 1,185,963 | 37,879,658 | |
813,411,932 | |||
Media — 0.68% | |||
Cinemark Holdings | 1,214,050 | 18,757,072 | |
Nexstar Media Group Class A | 208,059 | 21,898,210 | |
40,655,282 | |||
Real Estate Investment Trusts — 5.11% | |||
American Assets Trust | 949,773 | 27,248,987 | |
Armada Hoffler Properties | 2,158,892 | 22,905,844 | |
Cousins Properties | 542,777 | 18,134,180 | |
EastGroup Properties | 436,519 | 59,510,635 | |
Kite Realty Group Trust | 1,979,900 | 28,510,560 | |
Lexington Realty Trust | 3,109,602 | 31,749,036 | |
National Storage Affiliates Trust | 921,408 | 31,309,444 | |
Pebblebrook Hotel Trust | 1,094,181 | 20,242,349 | |
Physicians Realty Trust | 2,603,150 | 45,164,652 | |
RPT Realty | 2,560,896 | 18,771,368 | |
303,547,055 |
Number of shares | Value (US $) | ||
Common Stock (continued) | |||
Technology — 1.01% | |||
Blackline † | 251,627 | $30,924,958 | |
Varonis Systems † | 240,003 | 28,953,962 | |
59,878,920 | |||
Transportation — 1.50% | |||
Hub Group Class A † | 919,498 | 50,222,981 | |
Werner Enterprises | 979,947 | 39,188,080 | |
89,411,061 | |||
Utilities — 3.64% | |||
Black Hills | 613,282 | 37,305,944 | |
NorthWestern | 1,018,579 | 59,077,582 | |
South Jersey Industries | 2,484,517 | 57,193,582 | |
Spire | 976,772 | 62,474,337 | |
216,051,445 | |||
Total Common Stock (cost $4,862,032,927) | 5,714,841,338 | ||
Short-Term Investments — 3.62% | |||
Money Market Mutual Funds — 3.62% | |||
BlackRock FedFund – Institutional Shares (seven-day effective yield 0.00%) | 53,843,594 | 53,843,594 | |
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 0.01%) | 53,843,593 | 53,843,593 | |
GS Financial Square Government Fund – Institutional Shares (seven-day effective yield 0.01%) | 53,843,593 | 53,843,593 | |
Morgan Stanley Government Portfolio – Institutional Share Class (seven-day effective yield 0.00%) | 53,843,593 | 53,843,593 | |
Total Short-Term Investments (cost $215,374,373) | 215,374,373 | ||
Total Value of Securities—99.76% (cost $5,077,407,300) | $5,930,215,711 |
† | Non-income producing security. |
Summary of abbreviations: |
ADR – American Depositary Receipt |
GS – Goldman Sachs |
Delaware Small Cap Core Fund | November 30, 2020 |
Assets: | |
Investments, at value* | $5,930,215,711 |
Cash | 5,990,727 |
Receivable for securities sold | 11,034,457 |
Interest receivable | 4,033,801 |
Receivable for fund shares sold | 15,939,132 |
Total Assets | 5,967,213,828 |
Liabilities: | |
Payable for securities purchased | 11,978,481 |
Payable for fund shares redeemed | 6,188,056 |
Investment management fees payable to affiliates | 2,982,037 |
Other accrued expenses | 1,089,092 |
Reports and statements to shareholders expenses payable to non-affiliates | 178,531 |
Distribution fees payable to affiliates | 159,825 |
Dividend disbursing and transfer agent fees and expenses payable to affiliates | 42,190 |
Trustees' fees and expenses payable | 37,621 |
Accounting and administration expenses payable to affiliates | 16,212 |
Legal fees payable to affiliates | 7,606 |
Reports and statements to shareholders expenses payable to affiliates | 5,735 |
Total Liabilities | 22,685,386 |
Total Net Assets | $5,944,528,442 |
Net Assets Consist of: | |
Paid-in capital | $5,100,614,066 |
Total distributable earnings (loss) | 843,914,376 |
Total Net Assets | $5,944,528,442 |
Net Asset Value | |
Class A: | |
Net assets | $264,887,941 |
Shares of beneficial interest outstanding, unlimited authorization, no par | 10,683,670 |
Net asset value per share | $24.79 |
Sales charge | 5.75% |
Offering price per share, equal to net asset value per share / (1 - sales charge) | $26.30 |
Class C: | |
Net assets | $117,251,321 |
Shares of beneficial interest outstanding, unlimited authorization, no par | 5,436,288 |
Net asset value per share | $21.57 |
Class R: | |
Net assets | $36,065,236 |
Shares of beneficial interest outstanding, unlimited authorization, no par | 1,513,927 |
Net asset value per share | $23.82 |
Institutional Class: | |
Net assets | $4,632,204,329 |
Shares of beneficial interest outstanding, unlimited authorization, no par | 181,929,186 |
Net asset value per share | $25.46 |
Class R6: | |
Net assets | $894,119,615 |
Shares of beneficial interest outstanding, unlimited authorization, no par | 35,056,599 |
Net asset value per share | $25.51 |
*Investments, at cost | $5,077,407,300 |
Delaware Small Cap Core Fund | Year ended November 30, 2020 |
Investment Income: | |
Dividends | $57,798,317 |
Interest | 34 |
57,798,351 | |
Expenses: | |
Management fees | 31,033,291 |
Distribution expenses — Class A | 601,671 |
Distribution expenses — Class C | 1,124,207 |
Distribution expenses — Class R | 125,902 |
Dividend disbursing and transfer agent fees and expenses | 6,616,997 |
Accounting and administration expenses | 836,432 |
Reports and statements to shareholders expenses | 509,250 |
Registration fees | 378,223 |
Trustees’ fees and expenses | 270,043 |
Legal fees | 244,671 |
Custodian fees | 142,893 |
Audit and tax fees | 35,226 |
Other | 119,704 |
42,038,510 | |
Less expenses paid indirectly | (12,643) |
Total operating expenses | 42,025,867 |
Net Investment Income | 15,772,484 |
Net Realized and Unrealized Gain: | |
Net realized gain on investments | 13,107,745 |
Net change in unrealized appreciation (depreciation) of investments | 554,772,432 |
Net Realized and Unrealized Gain | 567,880,177 |
Net Increase in Net Assets Resulting from Operations | $583,652,661 |
Year ended | |||
11/30/20 | 11/30/19 | ||
Increase in Net Assets from Operations: | |||
Net investment income | $15,772,484 | $16,668,907 | |
Net realized gain | 13,107,745 | 59,919,437 | |
Net change in unrealized appreciation (depreciation) | 554,772,432 | 298,900,482 | |
Net increase in net assets resulting from operations | 583,652,661 | 375,488,826 | |
Dividends and Distributions to Shareholders from: | |||
Distributable earnings: | |||
Class A | (5,024,973) | (23,201,283) | |
Class C | (2,606,845) | (15,155,451) | |
Class R | (469,815) | (2,408,871) | |
Institutional Class | (78,648,543) | (284,199,890) | |
Class R6 | (14,406,900) | (35,356,232) | |
(101,157,076) | (360,321,727) | ||
Capital Share Transactions: | |||
Proceeds from shares sold: | |||
Class A | 79,375,881 | 75,268,971 | |
Class C | 10,128,660 | 12,865,967 | |
Class R | 13,420,746 | 5,369,377 | |
Institutional Class | 1,689,107,282 | 1,456,229,567 | |
Class R6 | 324,093,627 | 321,865,935 | |
Net asset value of shares issued upon reinvestment of dividends and distributions: | |||
Class A | 4,847,156 | 22,970,955 | |
Class C | 2,578,578 | 15,002,741 | |
Class R | 469,671 | 2,408,397 | |
Institutional Class | 63,748,709 | 234,609,635 | |
Class R6 | 10,060,122 | 33,313,487 | |
2,197,830,432 | 2,179,905,032 |
Year ended | |||
11/30/20 | 11/30/19 | ||
Capital Share Transactions (continued): | |||
Cost of shares redeemed: | |||
Class A | $(112,750,663) | $(103,447,595) | |
Class C | (37,524,291) | (49,231,885) | |
Class R | (7,716,433) | (7,898,063) | |
Institutional Class | (1,398,861,403) | (1,255,551,504) | |
Class R6 | (192,173,930) | (115,555,694) | |
(1,749,026,720) | (1,531,684,741) | ||
Increase in net assets derived from capital share transactions | 448,803,712 | 648,220,291 | |
Net Increase in Net Assets | 931,299,297 | 663,387,390 | |
Net Assets: | |||
Beginning of year | 5,013,229,145 | 4,349,841,755 | |
End of year | $5,944,528,442 | $5,013,229,145 |
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income (loss)1 |
Net realized and unrealized gain |
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 return2 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets3 |
Ratio of net investment income (loss) to average net assets |
Portfolio turnover |
1 | The average shares outstanding method has been applied for per share information. |
2 | 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. |
3 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
Year ended | ||||||||
11/30/20 | 11/30/19 | 11/30/18 | 11/30/17 | 11/30/16 | ||||
$23.20 | $23.91 | $25.74 | $22.23 | $20.32 | ||||
0.02 | 0.03 | 0.05 | (0.03) | (0.02) | ||||
1.99 | 1.25 | 0.04 | 3.78 | 2.52 | ||||
2.01 | 1.28 | 0.09 | 3.75 | 2.50 | ||||
(0.04) | (0.02) | — | — | — | ||||
(0.38) | (1.97) | (1.92) | (0.24) | (0.59) | ||||
(0.42) | (1.99) | (1.92) | (0.24) | (0.59) | ||||
$24.79 | $23.20 | $23.91 | $25.74 | $22.23 | ||||
8.81% | 7.79% | 0.44% | 17.02% | 12.86% | ||||
$264,888 | $279,872 | $288,721 | $324,710 | $358,054 | ||||
1.10% | 1.10% | 1.12% | 1.18% | 1.24% | ||||
0.09% | 0.15% | 0.19% | (0.12%) | (0.09%) | ||||
37% | 34% | 38% | 54% | 43% |
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment loss1 |
Net realized and unrealized gain |
Total from investment operations |
Less dividends and distributions from: |
Net realized gain |
Total dividends and distributions |
Net asset value, end of period |
Total return2 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets3 |
Ratio of net investment loss to average net assets |
Portfolio turnover |
1 | The average shares outstanding method has been applied for per share information. |
2 | 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. |
3 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
Year ended | ||||||||
11/30/20 | 11/30/19 | 11/30/18 | 11/30/17 | 11/30/16 | ||||
$20.35 | $21.38 | $23.38 | $20.36 | $18.80 | ||||
(0.12) | (0.11) | (0.13) | (0.19) | (0.15) | ||||
1.72 | 1.05 | 0.05 | 3.45 | 2.30 | ||||
1.60 | 0.94 | (0.08) | 3.26 | 2.15 | ||||
(0.38) | (1.97) | (1.92) | (0.24) | (0.59) | ||||
(0.38) | (1.97) | (1.92) | (0.24) | (0.59) | ||||
$21.57 | $20.35 | $21.38 | $23.38 | $20.36 | ||||
8.00% | 6.99% | (0.31%) | 16.17% | 12.01% | ||||
$117,251 | $139,808 | $168,400 | $154,837 | $126,787 | ||||
1.85% | 1.85% | 1.87% | 1.93% | 1.99% | ||||
(0.66%) | (0.60%) | (0.56%) | (0.87%) | (0.84%) | ||||
37% | 34% | 38% | 54% | 43% |
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment loss1 |
Net realized and unrealized gain |
Total from investment operations |
Less dividends and distributions from: |
Net realized gain |
Total dividends and distributions |
Net asset value, end of period |
Total return2 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets3 |
Ratio of net investment loss to average net assets |
Portfolio turnover |
1 | The average shares outstanding method has been applied for per share information. |
2 | 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. |
3 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
Year ended | ||||||||
11/30/20 | 11/30/19 | 11/30/18 | 11/30/17 | 11/30/16 | ||||
$22.33 | $23.12 | $25.01 | $21.66 | $19.86 | ||||
(0.03) | (0.02) | (0.02) | (0.08) | (0.06) | ||||
1.90 | 1.20 | 0.05 | 3.67 | 2.45 | ||||
1.87 | 1.18 | 0.03 | 3.59 | 2.39 | ||||
(0.38) | (1.97) | (1.92) | (0.24) | (0.59) | ||||
(0.38) | (1.97) | (1.92) | (0.24) | (0.59) | ||||
$23.82 | $22.33 | $23.12 | $25.01 | $21.66 | ||||
8.51% | 7.55% | 0.19% | 16.73% | 12.60% | ||||
$36,065 | $27,631 | $28,138 | $33,112 | $31,416 | ||||
1.35% | 1.35% | 1.37% | 1.43% | 1.49% | ||||
(0.16%) | (0.10%) | (0.06%) | (0.37%) | (0.34%) | ||||
37% | 34% | 38% | 54% | 43% |
Net asset value, beginning of period |
Income from investment operations: |
Net investment income1 |
Net realized and unrealized gain |
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 return2 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets3 |
Ratio of net investment income to average net assets |
Portfolio turnover |
1 | The average shares outstanding method has been applied for per share information. |
2 | 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. |
3 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
Year ended | ||||||||
11/30/20 | 11/30/19 | 11/30/18 | 11/30/17 | 11/30/16 | ||||
$23.81 | $24.50 | $26.29 | $22.66 | $20.65 | ||||
0.07 | 0.09 | 0.11 | 0.03 | 0.03 | ||||
2.06 | 1.28 | 0.05 | 3.86 | 2.57 | ||||
2.13 | 1.37 | 0.16 | 3.89 | 2.60 | ||||
(0.10) | (0.09) | (0.03) | (0.02) | — | ||||
(0.38) | (1.97) | (1.92) | (0.24) | (0.59) | ||||
(0.48) | (2.06) | (1.95) | (0.26) | (0.59) | ||||
$25.46 | $23.81 | $24.50 | $26.29 | $22.66 | ||||
9.09% | 8.06% | 0.69% | 17.31% | 13.15% | ||||
$4,632,204 | $3,888,603 | $3,451,251 | $2,275,563 | $1,271,533 | ||||
0.85% | 0.85% | 0.87% | 0.93% | 0.99% | ||||
0.34% | 0.40% | 0.44% | 0.13% | 0.16% | ||||
37% | 34% | 38% | 54% | 43% |
Net asset value, beginning of period |
Income from investment operations: |
Net investment income2 |
Net realized and unrealized gain |
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 net investment income to average net assets |
Portfolio turnover |
1 | Date of commencement of operations; ratios have been annualized and total return and portfolio turnover have not been annualized. |
2 | The average shares outstanding method has been applied for per share information. |
3 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. |
4 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
5 | Portfolio turnover is representative of the Fund for the entire period. |
Year ended | 5/2/16 to 11/30/161 | |||||||
11/30/20 | 11/30/19 | 11/30/18 | 11/30/17 | |||||
$23.85 | $24.54 | $26.32 | $22.68 | $19.09 | ||||
0.10 | 0.12 | 0.15 | 0.06 | 0.03 | ||||
2.06 | 1.28 | 0.05 | 3.86 | 3.56 | ||||
2.16 | 1.40 | 0.20 | 3.92 | 3.59 | ||||
(0.12) | (0.12) | (0.06) | (0.04) | — | ||||
(0.38) | (1.97) | (1.92) | (0.24) | — | ||||
(0.50) | (2.09) | (1.98) | (0.28) | — | ||||
$25.51 | $23.85 | $24.54 | $26.32 | $22.68 | ||||
9.24% | 8.20% | 0.86% | 17.45% | 18.81% | ||||
$894,120 | $677,315 | $413,332 | $49,594 | $2 | ||||
0.71% | 0.72% | 0.74% | 0.79% | 0.82% | ||||
0.48% | 0.53% | 0.57% | 0.27% | 0.29% | ||||
37% | 34% | 38% | 54% | 43%5 |
Delaware Small Cap Core Fund | November 30, 2020 |
(US GAAP) and are consistently followed by the Fund.
and/or common officers. At its regularly scheduled meetings, the Board reviews such transactions for compliance with the procedures adopted by the Board. Pursuant to these procedures, for the year ended November 30, 2020, the Fund engaged in Rule 17a-7 securities sales of $5,416,926, which resulted in a net realized gain of $2,694,883.
Purchases | $1,986,961,653 |
Sales | 1,742,310,200 |
Cost of investments | $5,139,135,413 |
Aggregate unrealized appreciation of investments | $1,196,838,482 |
Aggregate unrealized depreciation of investments | (405,758,184) |
Net unrealized appreciation of investments | $791,080,298 |
income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may also be based upon current market prices of securities that are comparable in coupon, rating, maturity, and industry. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.
Level 1 | |
Securities | |
Assets: | |
Common Stock | $5,714,841,338 |
Short-Term Investments | 215,374,373 |
Total Value of Securities | $5,930,215,711 |
Year ended | |||
11/30/20 | 11/30/19 | ||
Ordinary income | $28,084,772 | $17,281,911 | |
Long-term capital gains | 73,072,304 | 343,039,816 | |
Total | $101,157,076 | $360,321,727 |
Shares of beneficial interest | $5,100,614,066 |
Undistributed ordinary income | 52,834,078 |
Unrealized appreciation of investments | 791,080,298 |
Net assets | $5,944,528,442 |
Year ended | |||
11/30/20 | 11/30/19 | ||
Shares sold: | |||
Class A | 3,839,939 | 3,525,026 | |
Class C | 546,339 | 698,490 | |
Class R | 639,440 | 259,057 | |
Institutional Class | 82,994,899 | 67,539,219 | |
Class R6 | 15,491,308 | 14,982,914 | |
Shares issued upon reinvestment of dividends and distributions: | |||
Class A | 209,290 | 1,278,296 | |
Class C | 127,086 | 945,352 | |
Class R | 21,062 | 138,973 | |
Institutional Class | 2,686,419 | 12,750,523 | |
Class R6 | 423,763 | 1,809,532 | |
106,979,545 | 103,927,382 | ||
Shares redeemed: | |||
Class A | (5,427,774) | (4,815,693) | |
Class C | (2,107,590) | (2,650,192) | |
Class R | (384,170) | (377,314) | |
Institutional Class | (67,047,059) | (57,842,998) | |
Class R6 | (9,259,811) | (5,236,194) | |
(84,226,404) | (70,922,391) | ||
Net increase | 22,753,141 | 33,004,991 |
Exchange Redemptions | Exchange Subscriptions | |||||||||||||||||
Class A Shares | Class C Shares | Institutional Class Shares | Class R6 Shares | Class A Shares | Institutional Class Shares | Class R6 Shares | Value | |||||||||||
Year ended | ||||||||||||||||||
11/30/20 | 14,411 | 75,181 | 11,086 | — | 38,586 | 41,582 | 9,921 | $1,908,221 | ||||||||||
Year ended | ||||||||||||||||||
11/30/19 | 28,993 | 16,061 | 1,919,173 | 153,502 | 1,548 | 194,245 | 1,916,718 | 49,384,010 |
then ended.
and Shareholders of Delaware Small Cap Core Fund
Philadelphia, Pennsylvania
January 21, 2021
(A) Long-Term Capital Gain Distributions (Tax Basis) | 72.24% |
(B) Ordinary Income Distributions (Tax Basis)* | 27.76% |
Total Distributions (Tax Basis) | 100.00% |
(C) Qualified Dividends | 100.00% |
Sub-Adviser to the Fund. In reviewing the nature, extent, and quality of services, the Board considered
Sub-Advisers.
of the Fund in view of the importance of investment performance to shareholders. Although the Board considered performance reports and discussions with portfolio managers at Investment Committee meetings throughout the year, the Board gave particular weight to the Broadridge reports furnished for the Annual Meeting. The Broadridge reports prepared for the Fund showed the investment performance of its Class A shares in comparison to a group of similar funds as selected by Broadridge (the “Performance Universe”). A fund with the best performance ranked first, and a fund with the poorest performance ranked last. The highest/best performing 25% of funds in the Performance Universe make up the first quartile; the next 25%, the second quartile; the next 25%, the third quartile; and the
poorest/worst performing 25% of funds in the Performance Universe make up the fourth quartile. Comparative annualized performance for the Fund was shown for the past 1-, 3-, 5-, and 10-year periods, to the extent, applicable, ended January 31, 2020. The Board’s objective is that the Fund’s performance for the 1-, 3-, and 5-year periods be at or above the median of its Performance Universe.
Name, Address, and Birth Date | Position(s) Held with Fund(s) | Length of Time Served | Principal Occupation(s) During the Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee or Officer | Other Directorships Held by Trustee or Officer |
Interested Trustee | |||||
Shawn K. Lytle1 610 Market Street Philadelphia, PA 19106-2354 February 1970 | President, Chief Executive Officer, and Trustee | President and Chief Executive Officer since August 2015 Trustee since September 2015 | Global Head of Macquarie Investment Management2 (January 2019–Present) Head of Americas of Macquarie Group (December 2017–Present) Deputy Global Head of Macquarie Investment Management (2017–2019) Head of Macquarie Investment Management Americas (2015–2017) | 85 | Trustee — UBS Relationship Funds, SMA Relationship Trust, and UBS Funds (May 2010–April 2015) |
Name, Address, and Birth Date | Position(s) Held with Fund(s) | Length of Time Served | Principal Occupation(s) During the Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee or Officer | Other Directorships Held by Trustee or Officer |
Independent Trustees | |||||
Jerome D. Abernathy 610 Market Street Philadelphia, PA 19106-2354 July 1959 | Trustee | Since January 2019 | Managing Member, Stonebrook Capital Management, LLC (financial technology: macro factors and databases) (January 1993-Present) | 85 | None |
Thomas L. Bennett 610 Market Street Philadelphia, PA 19106-2354 October 1947 | Chair and Trustee | Trustee since March 2005 Chair since March 2015 | Private Investor (March 2004–Present) | 85 | None |
Ann D. Borowiec 610 Market Street Philadelphia, PA 19106-2354 November 1958 | Trustee | Since March 2015 | Chief Executive Officer, Private Wealth Management (2011–2013) and Market Manager, New Jersey Private Bank (2005–2011) — J.P. Morgan Chase & Co. | 85 | Director — Banco Santander International (October 2016–December 2019) Director — Santander Bank, N.A. (December 2016–December 2019) |
Name, Address, and Birth Date | Position(s) Held with Fund(s) | Length of Time Served | Principal Occupation(s) During the Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee or Officer | Other Directorships Held by Trustee or Officer |
Joseph W. Chow 610 Market Street Philadelphia, PA 19106-2354 January 1953 | Trustee | Since January 2013 | Private Investor (April 2011–Present) | 85 | Director and Audit Committee Member — Hercules Technology Growth Capital, Inc. (July 2004–July 2014) |
John A. Fry 610 Market Street Philadelphia, PA 19106-2354 May 1960 | Trustee | Since January 2001 | President — Drexel University (August 2010–Present) President — Franklin & Marshall College (July 2002–June 2010) | 85 | Director; Compensation Committee and Governance Committee Member — Community Health Systems (May 2004–Present) Director — Drexel Morgan & Co. (2015–2019) Director and Audit Committee Member — vTv Therapeutics Inc. (2017–Present) Director and Audit Committee Member — FS Credit Real Estate Income Trust, Inc. (2018–Present) Director — Federal Reserve Bank of Philadelphia (January 2020–Present) |
Name, Address, and Birth Date | Position(s) Held with Fund(s) | Length of Time Served | Principal Occupation(s) During the Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee or Officer | Other Directorships Held by Trustee or Officer |
Lucinda S. Landreth 610 Market Street Philadelphia, PA 19106-2354 June 1947 | Trustee | Since March 2005 | Private Investor (2004–Present) | 85 | None |
Frances A. Sevilla-Sacasa 610 Market Street Philadelphia, PA 19106-2354 January 1956 | Trustee | Since September 2011 | Private Investor (January 2017–Present) Chief Executive Officer — Banco Itaú International (April 2012–December 2016) Executive Advisor to Dean (August 2011–March 2012) and Interim Dean (January 2011–July 2011) — University of Miami School of Business Administration President — U.S. Trust, Bank of America Private Wealth Management (Private Banking) (July 2007-December 2008) | 85 | Trust Manager and Audit Committee Chair — Camden Property Trust (August 2011–Present) Director; Strategic Planning and Reserves Committee and Nominating and Governance Committee Member — Callon Petroleum Company (December 2019–Present) Director; Audit Committee Member — Carrizo Oil & Gas, Inc. (March 2018–December 2019) |
Name, Address, and Birth Date | Position(s) Held with Fund(s) | Length of Time Served | Principal Occupation(s) During the Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee or Officer | Other Directorships Held by Trustee or Officer |
Thomas K. Whitford 610 Market Street Philadelphia, PA 19106-2354 March 1956 | Trustee | Since January 2013 | Vice Chairman (2010–April 2013) — PNC Financial Services Group | 85 | Director — HSBC North America Holdings Inc. (December 2013–Present) Director — HSBC USA Inc. (July 2014–Present) Director — HSBC Bank USA, National Association (July 2014–March 2017) Director — HSBC Finance Corporation (December 2013–April 2018) |
Name, Address, and Birth Date | Position(s) Held with Fund(s) | Length of Time Served | Principal Occupation(s) During the Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee or Officer | Other Directorships Held by Trustee or Officer |
Christianna Wood 610 Market Street Philadelphia, PA 19106-2354 August 1959 | Trustee | Since January 2019 | Chief Executive Officer and President — Gore Creek Capital, Ltd. (August 2009–Present) | 85 | Director; Finance Committee and Audit Committee Member — H&R Block Corporation (July 2008–Present) Director; Investments Committee, Capital and Finance Committee, and Audit Committee Member — Grange Insurance (2013–Present) Trustee; Chair of Nominating and Governance Committee and Audit Committee Member — The Merger Fund (2013–Present), The Merger Fund VL (2013–Present); WCM Alternatives: Event-Driven Fund (2013–Present), and WCM Alternatives: Credit Event Fund (December 2017–Present) Director; Chair of Governance Committee and Audit Committee Member — International Securities Exchange (2010–2016) |
Name, Address, and Birth Date | Position(s) Held with Fund(s) | Length of Time Served | Principal Occupation(s) During the Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee or Officer | Other Directorships Held by Trustee or Officer |
Janet L. Yeomans 610 Market Street Philadelphia, PA 19106-2354 July 1948 | Trustee | Since April 1999 | Vice President and Treasurer (January 2006–July 2012), Vice President — Mergers & Acquisitions (January 2003–January 2006), and Vice President and Treasurer (July 1995–January 2003) — 3M Company | 85 | Director; Personnel and Compensation Committee Chair; Member of Nominating, Investments, and Audit Committees for various periods throughout directorship — Okabena Company (2009–2017) |
Officers | |||||
David F. Connor 610 Market Street Philadelphia, PA 19106-2354 December 1963 | Senior Vice President, General Counsel, and Secretary | Senior Vice President, since May 2013; General Counsel since May 2015; Secretary since October 2005 | David F. Connor has served in various capacities at different times at Macquarie Investment Management. | 85 | None3 |
Daniel V. Geatens 610 Market Street Philadelphia, PA 19106-2354 October 1972 | Vice President and Treasurer | Vice President and Treasurer since October 2007 | Daniel V. Geatens has served in various capacities at different times at Macquarie Investment Management. | 85 | None3 |
Name, Address, and Birth Date | Position(s) Held with Fund(s) | Length of Time Served | Principal Occupation(s) During the Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee or Officer | Other Directorships Held by Trustee or Officer |
Richard Salus 610 Market Street Philadelphia, PA 19106-2354 October 1963 | Senior Vice President and Chief Financial Officer | Senior Vice President and Chief Financial Officer since November 2006 | Richard Salus has served in various capacities at different times at Macquarie Investment Management. | 85 | None |
Chief Executive Officer
Delaware Funds®
by Macquarie
Philadelphia, PA
Stonebrook Capital
Management, LLC
Jersey City, NJ
Delaware Funds
by Macquarie
Private Investor
Rosemont, PA
Officer
Private Wealth Management
J.P. Morgan Chase & Co.
New York, NY
President
State Street Corporation
Boston, MA
Drexel University
Philadelphia, PA
Officer
Assurant, Inc.
New York, NY
Sevilla-Sacasa
Officer
Banco Itaú International
Miami, FL
PNC Financial Services Group
Pittsburgh, PA
and President
Gore Creek Capital, Ltd.
Golden, CO
Treasurer
3M Company
St. Paul, MN
General Counsel,
and Secretary
Delaware Funds
by Macquarie
Philadelphia, PA
Treasurer
Delaware Funds
by Macquarie
Philadelphia, PA
Chief Financial Officer
Delaware Funds
by Macquarie
Philadelphia, PA
delawarefunds.com/literature.
and use
broker/dealers; and other financial services companies with whom we have joint marketing agreements). Our service providers also include nonfinancial companies and individuals (for example, consultants; information services vendors; and companies that perform mailing or marketing services on our behalf). Information obtained from a report prepared by a service provider may be kept by the service provider and shared with other persons; however, we require our service providers to protect your personal information and to use or disclose it only for the work they are performing for us, or as permitted by law.
This and other information can be found in the Fund’s prospectus and, if available, its summary prospectus.
A Delaware Funds by Macquarie prospectus may be obtained by visiting delawarefunds.com/literature or
calling 800 523-1918. Investors should read the prospectus and, if available, the summary prospectus carefully
before investing.
Municipal fixed income funds
out the convenient options provided by Macquarie Investment 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).
any changes:
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.
read it carefully before buying shares through an exchange.
800 523-1918, weekdays from 8:30am to
6:00pm ET
institutions representatives only
800 362-7500
P.O. Box 9876
Providence, RI 02940-8076
4400 Computer Drive
Westborough, MA 01581-1722
Macquarie Investment Management (MIM) is the marketing name for certain companies comprising the asset management division of Macquarie Group. This includes the following investment advisers: Macquarie Investment Management Business Trust (MIMBT), Macquarie Funds Management Hong Kong Limited, Macquarie Investment Management Austria Kapitalanlage AG, Macquarie Investment Management Global Limited, Macquarie Investment Management Europe Limited, and Macquarie Investment Management Europe S.A.
Visit delawarefunds.com/edelivery.
with offices in the United States, Europe, Asia, and Australia. As active
managers, we prioritize autonomy and accountability at the investment
team level in pursuit of opportunities that matter for clients. Delaware Funds
is one of the longest-standing mutual fund families, with more than 80 years
in existence.
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Delaware Small Cap Value Fund | December 8, 2020 (Unaudited) |
Delaware Small Cap Value Fund (Institutional Class shares) | 1-year return | -5.43% |
Delaware Small Cap Value Fund (Class A shares) | 1-year return | -5.70% |
Russell 2000® Value Index | 1-year return | +0.35% |
In our opinion, Delaware Small Cap Value Fund benefited from: • unprecedented levels of monetary and fiscal support • procyclical sector positioning • stock selection in the financial services and technology sectors • stock selection and a relative underweight in the REIT sector. |
high unemployment rates.
fiscal year.
Delaware Small Cap Value Fund | November 30, 2020 (Unaudited) |
Fund and benchmark performance1,2 | Average annual total returns through November 30, 2020 | |||
1 year | 5 year | 10 year | Lifetime | |
Class A (Est. June 24, 1987) | ||||
Excluding sales charge | -5.70% | +5.62% | +8.13% | +10.39% |
Including sales charge | -11.12% | +4.38% | +7.49% | +10.19% |
Class C (Est. November 29, 1995) | ||||
Excluding sales charge | -6.38% | +4.84% | +7.32% | +8.39% |
Including sales charge | -7.28% | +4.84% | +7.32% | +8.39% |
Class R (Est. June 2, 2003) | ||||
Excluding sales charge | -5.92% | +5.36% | +7.86% | +8.41% |
Including sales charge | -5.92% | +5.36% | +7.86% | +8.41% |
Institutional Class (Est. November 9, 1992) | ||||
Excluding sales charge | -5.43% | +5.89% | +8.40% | +9.82% |
Including sales charge | -5.43% | +5.89% | +8.40% | +9.82% |
Class R6 (Est. May 2, 2016) | ||||
Excluding sales charge | -5.28% | — | — | +6.71% |
Including sales charge | -5.28% | — | — | +6.71% |
Russell 2000 Value Index | +0.35% | +6.83% | +8.70% | +9.82%* |
*The benchmark lifetime return is for Institutional Class share comparison only and is calculated using the last business day in the month of the Fund’s Institutional Class inception date. |
12b-1 fee of 0.25% of average daily net assets. Performance for Class A shares, excluding sales charges, assumes that no front-end sales
charge applied.
higher volatility than investments in multiple industry sectors.
Fund expense ratios | Class A | Class C | Class R | Institutional Class | Class R6 |
Total annual operating expenses (without fee waivers) | 1.15% | 1.90% | 1.40% | 0.90% | 0.72% |
Net expenses (including fee waivers, if any) | 1.15% | 1.90% | 1.40% | 0.90% | 0.72% |
Type of waiver | n/a | n/a | n/a | n/a | n/a |
For period beginning November 30, 2010 through November 30, 2020 | Starting value | Ending value | |
Russell 2000 Value Index | $10,000 | $23,025 | |
Delaware Small Cap Value Fund — Institutional Class shares | $10,000 | $22,404 | |
Delaware Small Cap Value Fund — Class A shares | $9,425 | $20,586 |
pages 5 through 8.
in the Russell 2000 Value Index as of
November 30, 2010. The Russell 2000 Value Index measures the performance of the small-cap value segment of the US equity universe. It includes
growth values.
small-cap value segment of the US equity universe. It includes those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values.
Nasdaq symbols | CUSIPs | |
Class A | DEVLX | 246097109 |
Class C | DEVCX | 246097406 |
Class R | DVLRX | 246097505 |
Institutional Class | DEVIX | 246097208 |
Class R6 | DVZRX | 24610B818 |
do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher. The Fund's expenses shown in the table reflect
fee waivers in effect and assume reinvestment of all dividends and distributions.
Expense analysis of an investment of $1,000
Beginning Account Value 6/1/20 | Ending Account Value 11/30/20 | Annualized Expense Ratio | Expenses Paid During Period 6/1/20 to 11/30/20* | |
Actual Fund return† | ||||
Class A | $1,000.00 | $1,240.40 | 1.13% | $6.33 |
Class C | 1,000.00 | 1,235.80 | 1.88% | 10.51 |
Class R | 1,000.00 | 1,238.80 | 1.38% | 7.72 |
Institutional Class | 1,000.00 | 1,241.90 | 0.88% | 4.93 |
Class R6 | 1,000.00 | 1,242.80 | 0.72% | 4.04 |
Hypothetical 5% return (5% return before expenses) | ||||
Class A | $1,000.00 | $1,019.35 | 1.13% | $5.70 |
Class C | 1,000.00 | 1,015.60 | 1.88% | 9.47 |
Class R | 1,000.00 | 1,018.10 | 1.38% | 6.96 |
Institutional Class | 1,000.00 | 1,020.60 | 0.88% | 4.45 |
Class R6 | 1,000.00 | 1,021.40 | 0.72% | 3.64 |
*“Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). |
†Because actual returns reflect only the most recent six-month period, the returns shown may differ significantly from fiscal year returns. |
Delaware Small Cap Value Fund | As of November 30, 2020 (Unaudited) |
Security type / sector | Percentage of net assets |
Common Stock♦ | 97.62% |
Basic Industry | 7.61% |
Business Services | 1.80% |
Capital Spending | 10.07% |
Consumer Cyclical | 4.33% |
Consumer Services | 9.82% |
Consumer Staples | 3.76% |
Energy | 2.93% |
Financial Services | 26.62% |
Healthcare | 3.39% |
Real Estate Investment Trusts | 8.55% |
Technology | 11.58% |
Transportation | 3.15% |
Utilities | 4.01% |
Short-Term Investments | 2.32% |
Total Value of Securities | 99.94% |
Receivables and Other Assets Net of Liabilities | 0.06% |
Total Net Assets | 100.00% |
♦Narrow industries are utilized for compliance purposes for diversification whereas broad sectors are used for financial reporting. |
Top 10 equity holdings | Percentage of net assets |
East West Bancorp | 2.72% |
MasTec | 2.21% |
Stifel Financial | 2.20% |
Berry Global Group | 1.97% |
ITT | 1.96% |
Altra Industrial Motion | 1.90% |
Louisiana-Pacific | 1.80% |
Webster Financial | 1.76% |
Flex | 1.70% |
Western Alliance Bancorp | 1.62% |
Delaware Small Cap Value Fund | November 30, 2020 |
Number of shares | Value (US $) | ||
Common Stock — 97.62%♦ | |||
Basic Industry — 7.61% | |||
Arconic † | 1,270,900 | $34,962,459 | |
Ashland Global Holdings | 405,200 | 30,458,884 | |
Berry Global Group † | 1,740,110 | 92,225,830 | |
HB Fuller | 1,040,600 | 54,454,598 | |
Huntsman | 1,585,100 | 39,262,927 | |
Louisiana-Pacific | 2,461,700 | 84,263,991 | |
Summit Materials Class A † | 1,096,000 | 20,824,000 | |
356,452,689 | |||
Business Services — 1.80% | |||
Deluxe | 478,300 | 12,311,442 | |
PAE † | 1,295,100 | 12,445,911 | |
WESCO International † | 913,100 | 59,552,382 | |
84,309,735 | |||
Capital Spending — 10.07% | |||
Altra Industrial Motion | 1,571,043 | 89,172,401 | |
Atkore International Group † | 1,270,800 | 49,535,784 | |
H&E Equipment Services | 822,200 | 22,100,736 | |
ITT | 1,262,500 | 91,695,375 | |
KBR | 1,151,052 | 31,964,714 | |
MasTec † | 1,829,359 | 103,742,949 | |
Primoris Services | 1,268,100 | 30,751,425 | |
Rexnord | 1,408,100 | 52,817,831 | |
471,781,215 | |||
Consumer Cyclical — 4.33% | |||
Adient † | 965,800 | 30,219,882 | |
Barnes Group | 893,500 | 41,109,935 | |
KB Home | 1,277,700 | 44,975,040 | |
Knoll | 1,354,669 | 18,504,778 | |
Meritage Homes † | 582,200 | 52,485,330 | |
Standard Motor Products | 333,940 | 15,458,083 | |
202,753,048 | |||
Consumer Services — 9.82% | |||
Aaron's Holdings | 642,200 | 40,413,646 | |
Acushnet Holdings | 641,000 | 24,165,700 | |
Asbury Automotive Group † | 362,800 | 40,912,956 | |
Cable One | 19,180 | 37,989,251 | |
Choice Hotels International | 529,000 | 52,714,850 | |
Cracker Barrel Old Country Store | 360,500 | 50,318,590 | |
Steven Madden | 1,355,125 | 42,645,784 | |
TEGNA | 2,773,800 | 39,970,458 |
Number of shares | Value (US $) | ||
Common Stock♦ (continued) | |||
Consumer Services (continued) | |||
Texas Roadhouse | 510,200 | $38,673,160 | |
UniFirst | 282,500 | 52,228,600 | |
Wolverine World Wide | 1,397,841 | 40,341,691 | |
460,374,686 | |||
Consumer Staples — 3.76% | |||
Core-Mark Holding | 890,100 | 27,762,219 | |
J & J Snack Foods | 310,200 | 45,099,978 | |
Performance Food Group † | 760,654 | 32,997,171 | |
Scotts Miracle-Gro | 194,200 | 34,134,534 | |
Spectrum Brands Holdings | 543,050 | 36,292,031 | |
176,285,933 | |||
Energy — 2.93% | |||
CNX Resources † | 3,956,100 | 37,226,901 | |
Delek US Holdings | 1,302,400 | 17,308,896 | |
Dril-Quip † | 619,400 | 17,603,348 | |
Helix Energy Solutions Group † | 3,611,900 | 13,580,744 | |
Patterson-UTI Energy | 3,169,400 | 13,660,114 | |
WPX Energy † | 5,309,700 | 37,805,064 | |
137,185,067 | |||
Financial Services — 26.62% | |||
American Equity Investment Life Holding | 2,267,700 | 59,595,156 | |
Bank of NT Butterfield & Son | 1,065,200 | 33,724,232 | |
East West Bancorp | 2,981,823 | 127,383,479 | |
First Financial Bancorp | 2,494,800 | 40,041,540 | |
First Interstate BancSystem Class A | 1,047,200 | 39,845,960 | |
First Midwest Bancorp | 2,784,400 | 38,953,756 | |
FNB | 7,259,400 | 64,100,502 | |
Great Western Bancorp | 2,106,350 | 34,607,330 | |
Hancock Whitney | 2,573,400 | 72,286,806 | |
Hanover Insurance Group | 595,700 | 66,926,895 | |
Kemper | 539,800 | 40,458,010 | |
NBT Bancorp | 599,200 | 17,946,040 | |
Prosperity Bancshares | 670,100 | 42,102,383 | |
S&T Bancorp | 808,156 | 18,094,613 | |
Sandy Spring Bancorp | 687,100 | 20,241,966 | |
Selective Insurance Group | 1,133,006 | 70,042,431 | |
Stifel Financial | 1,487,500 | 103,083,750 | |
Synovus Financial | 1,479,800 | 46,717,286 | |
Umpqua Holdings | 4,788,500 | 66,512,265 | |
Valley National Bancorp | 5,999,200 | 54,832,688 | |
Webster Financial | 2,179,000 | 82,453,360 |
Number of shares | Value (US $) | ||
Common Stock♦ (continued) | |||
Financial Services (continued) | |||
WesBanco | 1,095,900 | $31,375,617 | |
Western Alliance Bancorp | 1,480,200 | 75,889,854 | |
1,247,215,919 | |||
Healthcare — 3.39% | |||
Avanos Medical † | 955,700 | 40,512,123 | |
Integer Holdings † | 596,800 | 43,023,312 | |
Integra LifeSciences Holdings † | 799,600 | 43,762,108 | |
Service Corp. International | 652,400 | 31,732,736 | |
159,030,279 | |||
Real Estate Investment Trusts — 8.55% | |||
Brandywine Realty Trust | 4,090,137 | 45,523,225 | |
Independence Realty Trust | 1,740,700 | 22,420,216 | |
Kite Realty Group Trust | 1,305,457 | 18,798,581 | |
Lexington Realty Trust | 4,601,100 | 46,977,231 | |
Life Storage | 474,600 | 52,073,112 | |
National Health Investors | 516,600 | 33,403,356 | |
Outfront Media | 3,008,800 | 56,986,672 | |
RPT Realty | 2,553,689 | 18,718,540 | |
Spirit Realty Capital | 1,309,900 | 48,256,716 | |
STAG Industrial | 781,881 | 23,284,416 | |
Summit Hotel Properties | 3,017,700 | 26,223,813 | |
Washington Real Estate Investment Trust | 350,600 | 8,137,426 | |
400,803,304 | |||
Technology — 11.58% | |||
Cirrus Logic † | 589,100 | 47,186,910 | |
Coherent † | 215,408 | 26,232,386 | |
Diodes † | 441,500 | 30,004,340 | |
Flex † | 4,911,669 | 79,716,388 | |
NCR † | 436,207 | 12,069,848 | |
NetScout Systems † | 1,150,506 | 26,944,851 | |
ON Semiconductor † | 1,866,300 | 53,656,125 | |
SYNNEX | 284,700 | 45,640,257 | |
Teradyne | 616,100 | 67,980,474 | |
Tower Semiconductor † | 2,061,800 | 50,431,628 | |
TTM Technologies † | 3,361,402 | 43,899,910 | |
Viavi Solutions † | 3,063,100 | 41,489,689 | |
Vishay Intertechnology | 905,100 | 17,522,736 | |
542,775,542 |
Number of shares | Value (US $) | ||
Common Stock♦ (continued) | |||
Transportation — 3.15% | |||
Kirby † | 693,000 | $35,065,800 | |
Saia † | 224,450 | 39,175,503 | |
SkyWest | 533,400 | 22,898,862 | |
Werner Enterprises | 1,259,900 | 50,383,401 | |
147,523,566 | |||
Utilities — 4.01% | |||
ALLETE | 565,200 | 31,786,848 | |
Black Hills | 799,100 | 48,609,253 | |
PNM Resources | 760,300 | 37,338,333 | |
South Jersey Industries | 1,024,900 | 23,593,198 | |
Southwest Gas Holdings | 721,800 | 46,375,650 | |
187,703,282 | |||
Total Common Stock (cost $3,609,061,899) | 4,574,194,265 | ||
Short-Term Investments — 2.32% | |||
Money Market Mutual Funds — 2.32% | |||
BlackRock FedFund – Institutional Shares (seven-day effective yield 0.00%) | 27,163,019 | 27,163,019 | |
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 0.01%) | 27,163,018 | 27,163,018 | |
GS Financial Square Government Fund – Institutional Shares (seven-day effective yield 0.01%) | 27,163,019 | 27,163,019 | |
Morgan Stanley Government Portfolio – Institutional Share Class (seven-day effective yield 0.00%) | 27,163,018 | 27,163,018 | |
Total Short-Term Investments (cost $108,652,074) | 108,652,074 | ||
Total Value of Securities—99.94% (cost $3,717,713,973) | $4,682,846,339 |
♦ | Narrow industries are utilized for compliance purposes for diversification whereas broad sectors are used for financial reporting. |
† | Non-income producing security. |
Summary of abbreviations: |
GS – Goldman Sachs |
Delaware Small Cap Value Fund | November 30, 2020 |
Assets: | |
Investments, at value* | $4,682,846,339 |
Cash | 463,980 |
Dividends and interest receivable | 5,200,206 |
Receivable for fund shares sold | 12,309,814 |
Total Assets | 4,700,820,339 |
Liabilities: | |
Payable for fund shares redeemed | 10,555,303 |
Investment management fees payable to affiliates | 2,385,189 |
Dividend disbursing and transfer agent fees and expenses payable to non-affiliates | 975,540 |
Payable for securities purchased | 620,350 |
Other accrued expenses | 394,844 |
Distribution fees payable to affiliates | 163,483 |
Dividend disbursing and transfer agent fees and expenses payable to affiliates | 33,255 |
Trustees' fees and expenses payable to affiliates | 29,646 |
Accounting and administration expenses payable to affiliates | 12,848 |
Legal fees payable to affiliates | 5,994 |
Reports and statements to shareholders expenses payable to affiliates | 4,523 |
Total Liabilities | 15,180,975 |
Total Net Assets | $4,685,639,364 |
Net Assets Consist of: | |
Paid-in capital | $3,748,679,648 |
Total distributable earnings (loss) | 936,959,716 |
Total Net Assets | $4,685,639,364 |
Net Asset Value | |
Class A: | |
Net assets | $551,442,245 |
Shares of beneficial interest outstanding, unlimited authorization, no par | 9,903,206 |
Net asset value per share | $55.68 |
Sales charge | 5.75% |
Offering price per share, equal to net asset value per share / (1 - sales charge) | $59.08 |
Class C: | |
Net assets | $46,462,677 |
Shares of beneficial interest outstanding, unlimited authorization, no par | 1,039,276 |
Net asset value per share | $44.71 |
Class R: | |
Net assets | $43,823,600 |
Shares of beneficial interest outstanding, unlimited authorization, no par | 815,437 |
Net asset value per share | $53.74 |
Institutional Class: | |
Net assets | $3,115,292,799 |
Shares of beneficial interest outstanding, unlimited authorization, no par | 52,636,192 |
Net asset value per share | $59.19 |
Class R6: | |
Net assets | $928,618,043 |
Shares of beneficial interest outstanding, unlimited authorization, no par | 15,653,612 |
Net asset value per share | $59.32 |
*Investments, at cost | $3,717,713,973 |
Delaware Small Cap Value Fund | Year ended November 30, 2020 |
Investment Income: | |
Dividends | $76,162,766 |
Expenses: | |
Management fees | 25,559,981 |
Distribution expenses — Class A | 1,272,170 |
Distribution expenses — Class C | 503,587 |
Distribution expenses — Class R | 211,998 |
Dividend disbursing and transfer agent fees and expenses | 6,418,773 |
Accounting and administration expenses | 685,410 |
Reports and statements to shareholders expenses | 437,926 |
Registration fees | 237,283 |
Trustees’ fees and expenses | 224,720 |
Legal fees | 203,730 |
Custodian fees | 119,266 |
Audit and tax fees | 35,286 |
Other | 105,956 |
36,016,086 | |
Less expenses paid indirectly | (9,432) |
Total operating expenses | 36,006,654 |
Net Investment Income | 40,156,112 |
Net Realized and Unrealized Loss: | |
Net realized loss on investments | (39,807,994) |
Net change in unrealized appreciation (depreciation) of investments | (79,578,311) |
Net Realized and Unrealized Loss | (119,386,305) |
Net Decrease in Net Assets Resulting from Operations | $(79,230,193) |
Year ended | |||
11/30/20 | 11/30/19 | ||
Increase (Decrease) in Net Assets from Operations: | |||
Net investment income | $40,156,112 | $44,693,729 | |
Net realized gain (loss) | (39,807,994) | 138,185,186 | |
Net change in unrealized appreciation (depreciation) | (79,578,311) | 171,381,637 | |
Net increase (decrease) in net assets resulting from operations | (79,230,193) | 354,260,552 | |
Dividends and Distributions to Shareholders from: | |||
Distributable earnings: | |||
Class A | (26,836,930) | (48,159,678) | |
Class C | (3,124,333) | (5,793,001) | |
Class R | (2,279,071) | (4,426,662) | |
Institutional Class | (124,086,181) | (192,050,571) | |
Class R6 | (27,982,274) | (29,190,659) | |
(184,308,789) | (279,620,571) | ||
Capital Share Transactions: | |||
Proceeds from shares sold: | |||
Class A | 137,462,793 | 125,669,755 | |
Class C | 9,629,288 | 12,928,017 | |
Class R | 10,625,442 | 12,291,124 | |
Institutional Class | 1,229,328,754 | 876,690,020 | |
Class R6 | 596,941,661 | 281,229,086 | |
Net asset value of shares issued upon reinvestment of dividends and distributions: | |||
Class A | 26,442,390 | 47,116,404 | |
Class C | 3,058,818 | 5,707,402 | |
Class R | 2,278,860 | 4,426,273 | |
Institutional Class | 120,505,849 | 186,340,898 | |
Class R6 | 26,477,062 | 28,524,928 | |
2,162,750,917 | 1,580,923,907 |
Year ended | |||
11/30/20 | 11/30/19 | ||
Capital Share Transactions (continued): | |||
Cost of shares redeemed: | |||
Class A | $(187,767,639) | $(273,609,076) | |
Class C | (24,774,471) | (23,929,760) | |
Class R | (18,475,683) | (23,592,812) | |
Institutional Class | (1,036,049,988) | (888,513,776) | |
Class R6 | (269,976,409) | (119,337,638) | |
(1,537,044,190) | (1,328,983,062) | ||
Increase in net assets derived from capital share transactions | 625,706,727 | 251,940,845 | |
Net Increase in Net Assets | 362,167,745 | 326,580,826 | |
Net Assets: | |||
Beginning of year | 4,323,471,619 | 3,996,890,793 | |
End of year | $4,685,639,364 | $4,323,471,619 |
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income1 |
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 return2 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets3 |
Ratio of net investment income to average net assets |
Portfolio turnover |
1 | The average shares outstanding method has been applied for per share information. |
2 | 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. |
3 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
Year ended | ||||||||
11/30/20 | 11/30/19 | 11/30/18 | 11/30/17 | 11/30/16 | ||||
$61.58 | $61.81 | $67.13 | $58.16 | $52.55 | ||||
0.39 | 0.52 | 0.37 | 0.34 | 0.28 | ||||
(3.67) | 3.63 | (4.81) | 8.94 | 8.55 | ||||
(3.28) | 4.15 | (4.44) | 9.28 | 8.83 | ||||
(0.58) | (0.42) | (0.27) | (0.31) | (0.32) | ||||
(2.04) | (3.96) | (0.61) | — | (2.90) | ||||
(2.62) | (4.38) | (0.88) | (0.31) | (3.22) | ||||
$55.68 | $61.58 | $61.81 | $67.13 | $58.16 | ||||
(5.70%) | 8.69% | (6.70%) | 16.01% | 18.47% | ||||
$551,442 | $637,146 | $733,864 | $881,709 | $870,158 | ||||
1.14% | 1.15% | 1.15% | 1.18% | 1.24% | ||||
0.80% | 0.90% | 0.56% | 0.55% | 0.57% | ||||
23% | 18% | 18% | 15% | 19% |
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income (loss)1 |
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 return2 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets3 |
Ratio of net investment income (loss) to average net assets |
Portfolio turnover |
1 | The average shares outstanding method has been applied for per share information. |
2 | 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. |
3 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
Year ended | ||||||||
11/30/20 | 11/30/19 | 11/30/18 | 11/30/17 | 11/30/16 | ||||
$49.95 | $50.96 | $55.65 | $48.34 | $44.24 | ||||
0.02 | 0.07 | (0.10) | (0.10) | (0.07) | ||||
(3.00) | 2.88 | (3.98) | 7.43 | 7.09 | ||||
(2.98) | 2.95 | (4.08) | 7.33 | 7.02 | ||||
(0.22) | — | — | (0.02) | (0.02) | ||||
(2.04) | (3.96) | (0.61) | — | (2.90) | ||||
(2.26) | (3.96) | (0.61) | (0.02) | (2.92) | ||||
$44.71 | $49.95 | $50.96 | $55.65 | $48.34 | ||||
(6.38%) | 7.88% | (7.41%) | 15.17% | 17.58% | ||||
$46,463 | $69,109 | $74,828 | $105,757 | $107,104 | ||||
1.89% | 1.90% | 1.90% | 1.93% | 1.99% | ||||
0.05% | 0.15% | (0.19%) | (0.20%) | (0.18%) | ||||
23% | 18% | 18% | 15% | 19% |
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income1 |
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 return2 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets3 |
Ratio of net investment income to average net assets |
Portfolio turnover |
1 | The average shares outstanding method has been applied for per share information. |
2 | 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. |
3 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
Year ended | ||||||||
11/30/20 | 11/30/19 | 11/30/18 | 11/30/17 | 11/30/16 | ||||
$59.52 | $59.86 | $65.05 | $56.40 | $51.05 | ||||
0.26 | 0.36 | 0.20 | 0.18 | 0.15 | ||||
(3.56) | 3.52 | (4.66) | 8.66 | 8.30 | ||||
(3.30) | 3.88 | (4.46) | 8.84 | 8.45 | ||||
(0.44) | (0.26) | (0.12) | (0.19) | (0.20) | ||||
(2.04) | (3.96) | (0.61) | — | (2.90) | ||||
(2.48) | (4.22) | (0.73) | (0.19) | (3.10) | ||||
$53.74 | $59.52 | $59.86 | $65.05 | $56.40 | ||||
(5.92%) | 8.42% | (6.92%) | 15.71% | 18.19% | ||||
$43,823 | $55,697 | $62,791 | $84,131 | $83,557 | ||||
1.39% | 1.40% | 1.40% | 1.43% | 1.49% | ||||
0.55% | 0.65% | 0.31% | 0.30% | 0.32% | ||||
23% | 18% | 18% | 15% | 19% |
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income1 |
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 return2 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets3 |
Ratio of net investment income to average net assets |
Portfolio turnover |
1 | The average shares outstanding method has been applied for per share information. |
2 | 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. |
3 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
Year ended | ||||||||
11/30/20 | 11/30/19 | 11/30/18 | 11/30/17 | 11/30/16 | ||||
$65.28 | $65.29 | $70.83 | $61.32 | $55.23 | ||||
0.55 | 0.70 | 0.57 | 0.52 | 0.42 | ||||
(3.86) | 3.86 | (5.08) | 9.42 | 9.02 | ||||
(3.31) | 4.56 | (4.51) | 9.94 | 9.44 | ||||
(0.74) | (0.61) | (0.42) | (0.43) | (0.45) | ||||
(2.04) | (3.96) | (0.61) | — | (2.90) | ||||
(2.78) | (4.57) | (1.03) | (0.43) | (3.35) | ||||
$59.19 | $65.28 | $65.29 | $70.83 | $61.32 | ||||
(5.43%) | 8.95% | (6.46%) | 16.30% | 18.77% | ||||
$3,115,293 | $2,955,897 | $2,731,344 | $3,270,954 | $2,166,172 | ||||
0.89% | 0.90% | 0.90% | 0.93% | 0.99% | ||||
1.05% | 1.15% | 0.81% | 0.80% | 0.82% | ||||
23% | 18% | 18% | 15% | 19% |
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 net investment income to average net assets |
Portfolio turnover |
1 | Date of commencement of operations; ratios have been annualized and total return has not been annualized. |
2 | The average shares outstanding method has been applied for per share information. |
3 | Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. |
4 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
5 | Portfolio turnover is representative of the Fund for the entire period. |
Year ended | 5/2/161 to 11/30/16 | |||||||
11/30/20 | 11/30/19 | 11/30/18 | 11/30/17 | |||||
$65.41 | $65.41 | $70.95 | $61.38 | $51.46 | ||||
0.64 | 0.81 | 0.69 | 0.65 | 0.32 | ||||
(3.85) | 3.85 | (5.08) | 9.43 | 9.60 | ||||
(3.21) | 4.66 | (4.39) | 10.08 | 9.92 | ||||
(0.84) | (0.70) | (0.54) | (0.51) | — | ||||
(2.04) | (3.96) | (0.61) | — | — | ||||
(2.88) | (4.66) | (1.15) | (0.51) | — | ||||
$59.32 | $65.41 | $65.41 | $70.95 | $61.38 | ||||
(5.28%) | 9.14% | (6.29%) | 16.52% | 19.28% | ||||
$928,618 | $605,623 | $394,064 | $207,719 | $4,187 | ||||
0.72% | 0.72% | 0.72% | 0.75% | 0.77% | ||||
1.22% | 1.33% | 0.99% | 0.98% | 0.96% | ||||
23% | 18% | 18% | 15% | 19%5 |
Delaware Small Cap Value Fund | November 30, 2020 |
(US GAAP) and are consistently followed by the Fund.
“more-likely-than-not” threshold are recorded as a tax benefit or expense in the current year. Management has analyzed the Fund’s tax positions taken or expected to be taken on the Fund's federal
November 30, 2017–November 30, 2019), and has concluded that no provision for federal income tax is required in the Fund’s financial statements. 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 year ended November 30, 2020, the Fund did not incur any interest or tax penalties.
“Less expenses paid indirectly.” For the year ended November 30, 2020, the Fund earned $2,127 under this arrangement.
these commissions were entirely used to offset upfront commissions previously paid by DDLP to
broker/dealers on sales of those shares.
Purchases | $1,339,832,604 |
Sales | 867,279,751 |
Cost of investments | $3,739,250,746 |
Aggregate unrealized appreciation of investments | $1,227,293,493 |
Aggregate unrealized depreciation of investments | (283,697,900) |
Net unrealized appreciation of investments | $943,595,593 |
income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may also be based upon current market prices of securities that are comparable in coupon, rating, maturity, and industry. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.
Level 1 | |
Securities | |
Assets: | |
Common Stock | $4,574,194,265 |
Short-Term Investments | 108,652,074 |
Total Value of Securities | $4,682,846,339 |
Year ended | |||
11/30/20 | 11/30/19 | ||
Ordinary income | $47,922,741 | $65,079,056 | |
Long-term capital gains | 136,386,048 | 214,541,515 | |
Total | $184,308,789 | $279,620,571 |
Shares of beneficial interest | $3,748,679,648 |
Undistributed ordinary income | 31,678,777 |
Capital loss carryforwards | (38,314,654) |
Unrealized appreciation of investments | 943,595,593 |
Net assets | $4,685,639,364 |
as follows:
Loss carryforward character | |||||
Short-term | Long-term | Total | |||
$ 38,314,654 | $ — | $ 38,314,654 |
Year ended | |||
11/30/20 | 11/30/19 | ||
Shares sold: | |||
Class A | 2,909,812 | 2,210,400 | |
Class C | 236,401 | 285,091 | |
Class R | 227,744 | 221,304 | |
Institutional Class | 25,659,869 | 14,452,689 | |
Class R6 | 11,282,268 | 4,643,083 | |
Shares issued upon reinvestment of dividends and distributions: | |||
Class A | 433,909 | 977,924 | |
Class C | 62,070 | 145,005 | |
Class R | 38,657 | 94,822 | |
Institutional Class | 1,864,838 | 3,655,894 | |
Class R6 | 409,481 | 559,532 | |
43,125,049 | 27,245,744 | ||
Shares redeemed: | |||
Class A | (3,787,725) | (4,713,812) | |
Class C | (642,826) | (514,743) | |
Class R | (386,778) | (429,251) | |
Institutional Class | (20,166,039) | (14,666,586) | |
Class R6 | (5,296,959) | (1,968,495) | |
(30,280,327) | (22,292,887) | ||
Net increase | 12,844,722 | 4,952,857 |
Exchange Redemptions | Exchange Subscriptions | |||||||||||||||||
Class A Shares | Class C Shares | Institutional Class Shares | Class R6 Shares | Class A Shares | Institutional Class Shares | Class R6 Shares | Value | |||||||||||
Year ended | ||||||||||||||||||
11/30/20 | 11,650 | 7,387 | 51,430 | 3,811 | 4,924 | 15,758 | 51,397 | $4,454,823 | ||||||||||
Year ended | ||||||||||||||||||
11/30/19 | 43,988 | 3,061 | 380,736 | 17,034 | 3,175 | 57,579 | 380,602 | 27,557,018 |
then ended.
and Shareholders of Delaware Small Cap Value Fund
Philadelphia, Pennsylvania
January 21, 2021
(A) Long-Term Capital Gain Distributions (Tax Basis) | 74.00% |
(B) Ordinary Income Distributions (Tax Basis)* | 26.00% |
Total Distributions (Tax Basis) | 100.00% |
(C) Qualifying Dividends1 | 100.00% |
from an experienced and knowledgeable independent fund consultant, JDL Consultants, LLC (“JDL”). Although the Board gave attention to all information furnished, the following discussion identifies,
under separate headings, the primary factors taken into account by the Board during its contract
renewal considerations.
3-year period was in the third quartile of its Performance Universe and the Fund’s total return for the
5- and 10-year periods was in the second quartile of its Performance Universe. When compared to other small-cap value funds, the Broadridge report comparison showed that the Fund’s total return for the
1-, 3-, 5-, and 10-year periods was in the first quartile of the Performance Universe. The Board was satisfied with performance.
Name, Address, and Birth Date | Position(s) Held with Fund(s) | Length of Time Served | Principal Occupation(s) During the Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee or Officer | Other Directorships Held by Trustee or Officer |
Interested Trustee | |||||
Shawn K. Lytle1 610 Market Street Philadelphia, PA 19106-2354 February 1970 | President, Chief Executive Officer, and Trustee | President and Chief Executive Officer since August 2015 Trustee since September 2015 | Global Head of Macquarie Investment Management2 (January 2019–Present) Head of Americas of Macquarie Group (December 2017–Present) Deputy Global Head of Macquarie Investment Management (2017–2019) Head of Macquarie Investment Management Americas (2015–2017) | 85 | Trustee — UBS Relationship Funds, SMA Relationship Trust, and UBS Funds (May 2010–April 2015) |
Name, Address, and Birth Date | Position(s) Held with Fund(s) | Length of Time Served | Principal Occupation(s) During the Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee or Officer | Other Directorships Held by Trustee or Officer |
Independent Trustees | |||||
Jerome D. Abernathy 610 Market Street Philadelphia, PA 19106-2354 July 1959 | Trustee | Since January 2019 | Managing Member, Stonebrook Capital Management, LLC (financial technology: macro factors and databases) (January 1993-Present) | 85 | None |
Thomas L. Bennett 610 Market Street Philadelphia, PA 19106-2354 October 1947 | Chair and Trustee | Trustee since March 2005 Chair since March 2015 | Private Investor (March 2004–Present) | 85 | None |
Ann D. Borowiec 610 Market Street Philadelphia, PA 19106-2354 November 1958 | Trustee | Since March 2015 | Chief Executive Officer, Private Wealth Management (2011–2013) and Market Manager, New Jersey Private Bank (2005–2011) — J.P. Morgan Chase & Co. | 85 | Director — Banco Santander International (October 2016–December 2019) Director — Santander Bank, N.A. (December 2016–December 2019) |
Name, Address, and Birth Date | Position(s) Held with Fund(s) | Length of Time Served | Principal Occupation(s) During the Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee or Officer | Other Directorships Held by Trustee or Officer |
Joseph W. Chow 610 Market Street Philadelphia, PA 19106-2354 January 1953 | Trustee | Since January 2013 | Private Investor (April 2011–Present) | 85 | Director and Audit Committee Member — Hercules Technology Growth Capital, Inc. (July 2004–July 2014) |
John A. Fry 610 Market Street Philadelphia, PA 19106-2354 May 1960 | Trustee | Since January 2001 | President — Drexel University (August 2010–Present) President — Franklin & Marshall College (July 2002–June 2010) | 85 | Director; Compensation Committee and Governance Committee Member — Community Health Systems (May 2004–Present) Director — Drexel Morgan & Co. (2015–2019) Director and Audit Committee Member — vTv Therapeutics Inc. (2017–Present) Director and Audit Committee Member — FS Credit Real Estate Income Trust, Inc. (2018–Present) Director — Federal Reserve Bank of Philadelphia (January 2020–Present) |
Name, Address, and Birth Date | Position(s) Held with Fund(s) | Length of Time Served | Principal Occupation(s) During the Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee or Officer | Other Directorships Held by Trustee or Officer |
Lucinda S. Landreth 610 Market Street Philadelphia, PA 19106-2354 June 1947 | Trustee | Since March 2005 | Private Investor (2004–Present) | 85 | None |
Frances A. Sevilla-Sacasa 610 Market Street Philadelphia, PA 19106-2354 January 1956 | Trustee | Since September 2011 | Private Investor (January 2017–Present) Chief Executive Officer — Banco Itaú International (April 2012–December 2016) Executive Advisor to Dean (August 2011–March 2012) and Interim Dean (January 2011–July 2011) — University of Miami School of Business Administration President — U.S. Trust, Bank of America Private Wealth Management (Private Banking) (July 2007-December 2008) | 85 | Trust Manager and Audit Committee Chair — Camden Property Trust (August 2011–Present) Director; Strategic Planning and Reserves Committee and Nominating and Governance Committee Member — Callon Petroleum Company (December 2019–Present) Director; Audit Committee Member — Carrizo Oil & Gas, Inc. (March 2018–December 2019) |
Name, Address, and Birth Date | Position(s) Held with Fund(s) | Length of Time Served | Principal Occupation(s) During the Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee or Officer | Other Directorships Held by Trustee or Officer |
Thomas K. Whitford 610 Market Street Philadelphia, PA 19106-2354 March 1956 | Trustee | Since January 2013 | Vice Chairman (2010–April 2013) — PNC Financial Services Group | 85 | Director — HSBC North America Holdings Inc. (December 2013–Present) Director — HSBC USA Inc. (July 2014–Present) Director — HSBC Bank USA, National Association (July 2014–March 2017) Director — HSBC Finance Corporation (December 2013–April 2018) |
Name, Address, and Birth Date | Position(s) Held with Fund(s) | Length of Time Served | Principal Occupation(s) During the Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee or Officer | Other Directorships Held by Trustee or Officer |
Christianna Wood 610 Market Street Philadelphia, PA 19106-2354 August 1959 | Trustee | Since January 2019 | Chief Executive Officer and President — Gore Creek Capital, Ltd. (August 2009–Present) | 85 | Director; Finance Committee and Audit Committee Member — H&R Block Corporation (July 2008–Present) Director; Investments Committee, Capital and Finance Committee, and Audit Committee Member — Grange Insurance (2013–Present) Trustee; Chair of Nominating and Governance Committee and Audit Committee Member — The Merger Fund (2013–Present), The Merger Fund VL (2013–Present); WCM Alternatives: Event-Driven Fund (2013–Present), and WCM Alternatives: Credit Event Fund (December 2017–Present) Director; Chair of Governance Committee and Audit Committee Member — International Securities Exchange (2010–2016) |
Name, Address, and Birth Date | Position(s) Held with Fund(s) | Length of Time Served | Principal Occupation(s) During the Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee or Officer | Other Directorships Held by Trustee or Officer |
Janet L. Yeomans 610 Market Street Philadelphia, PA 19106-2354 July 1948 | Trustee | Since April 1999 | Vice President and Treasurer (January 2006–July 2012), Vice President — Mergers & Acquisitions (January 2003–January 2006), and Vice President and Treasurer (July 1995–January 2003) — 3M Company | 85 | Director; Personnel and Compensation Committee Chair; Member of Nominating, Investments, and Audit Committees for various periods throughout directorship — Okabena Company (2009–2017) |
Officers | |||||
David F. Connor 610 Market Street Philadelphia, PA 19106-2354 December 1963 | Senior Vice President, General Counsel, and Secretary | Senior Vice President, since May 2013; General Counsel since May 2015; Secretary since October 2005 | David F. Connor has served in various capacities at different times at Macquarie Investment Management. | 85 | None3 |
Daniel V. Geatens 610 Market Street Philadelphia, PA 19106-2354 October 1972 | Vice President and Treasurer | Vice President and Treasurer since October 2007 | Daniel V. Geatens has served in various capacities at different times at Macquarie Investment Management. | 85 | None3 |
Name, Address, and Birth Date | Position(s) Held with Fund(s) | Length of Time Served | Principal Occupation(s) During the Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee or Officer | Other Directorships Held by Trustee or Officer |
Richard Salus 610 Market Street Philadelphia, PA 19106-2354 October 1963 | Senior Vice President and Chief Financial Officer | Senior Vice President and Chief Financial Officer since November 2006 | Richard Salus has served in various capacities at different times at Macquarie Investment Management. | 85 | None |
Chief Executive Officer
Delaware Funds®
by Macquarie
Philadelphia, PA
Stonebrook Capital
Management, LLC
Jersey City, NJ
Delaware Funds
by Macquarie
Private Investor
Rosemont, PA
Officer
Private Wealth Management
J.P. Morgan Chase & Co.
New York, NY
President
State Street Corporation
Boston, MA
Drexel University
Philadelphia, PA
Officer
Assurant, Inc.
New York, NY
Sevilla-Sacasa
Officer
Banco Itaú International
Miami, FL
PNC Financial Services Group
Pittsburgh, PA
and President
Gore Creek Capital, Ltd.
Golden, CO
Treasurer
3M Company
St. Paul, MN
General Counsel,
and Secretary
Delaware Funds
by Macquarie
Philadelphia, PA
Treasurer
Delaware Funds
by Macquarie
Philadelphia, PA
Chief Financial Officer
Delaware Funds
by Macquarie
Philadelphia, PA
delawarefunds.com/literature.
and use
broker/dealers; and other financial services companies with whom we have joint marketing agreements). Our service providers also include nonfinancial companies and individuals (for example, consultants; information services vendors; and companies that perform mailing or marketing services on our behalf). Information obtained from a report prepared by a service provider may be kept by the service provider and shared with other persons; however, we require our service providers to protect your personal information and to use or disclose it only for the work they are performing for us, or as permitted by law.
This and other information can be found in the Fund’s prospectus and, if available, its summary prospectus.
A Delaware Funds by Macquarie prospectus may be obtained by visiting delawarefunds.com/literature or
calling 800 523-1918. Investors should read the prospectus and, if available, the summary prospectus carefully
before investing.
Municipal fixed income funds
out the convenient options provided by Macquarie Investment 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).
any changes:
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.
read it carefully before buying shares through an exchange.
800 523-1918, weekdays from 8:30am to
6:00pm ET
institutions representatives only
800 362-7500
P.O. Box 9876
Providence, RI 02940-8076
4400 Computer Drive
Westborough, MA 01581-1722
Macquarie Investment Management (MIM) is the marketing name for certain companies comprising the asset management division of Macquarie Group. This includes the following investment advisers: Macquarie Investment Management Business Trust (MIMBT), Macquarie Funds Management Hong Kong Limited, Macquarie Investment Management Austria Kapitalanlage AG, Macquarie Investment Management Global Limited, Macquarie Investment Management Europe Limited, and Macquarie Investment Management Europe S.A.
Visit delawarefunds.com/edelivery.
with offices in the United States, Europe, Asia, and Australia. As active
managers, we prioritize autonomy and accountability at the investment
team level in pursuit of opportunities that matter for clients. Delaware Funds
is one of the longest-standing mutual fund families, with more than 80 years
in existence.
1 | |
4 | |
9 | |
11 | |
13 | |
39 | |
41 | |
43 | |
46 | |
54 | |
76 | |
77 | |
82 | |
90 |
Delaware Wealth Builder Fund | December 8, 2020 (Unaudited) |
Delaware Wealth Builder Fund (Institutional Class shares) | 1-year return | +1.50% |
Delaware Wealth Builder Fund (Class A shares) | 1-year return | +1.30% |
60% S&P 500® Index / 40% Bloomberg Barclays US Aggregate Index (primary benchmark) | 1-year return | +15.03% |
S&P 500 Index (secondary benchmark) | 1-year return | +17.46% |
We believe vigilant and continuous assessment of the current market environment offers opportunities to take advantage of market dislocations and achieve what we consider to be attractive, risk-adjusted returns through an active focus on portfolio risk and diversification. |
the virus.
12-month period.
Delaware Wealth Builder Fund | November 30, 2020 (Unaudited) |
Fund and benchmark performance1,2 | Average annual total returns through November 30, 2020 | |||
1 year | 5 year | 10 year | Lifetime | |
Class A (Est. December 2, 1996) | ||||
Excluding sales charge | +1.30% | +4.93% | +6.97% | +7.22% |
Including sales charge | -4.49% | +3.70% | +6.33% | +6.96% |
Class C (Est. October 1, 2003) | ||||
Excluding sales charge | +0.47% | +4.13% | +6.16% | +5.25% |
Including sales charge | -0.51% | +4.13% | +6.16% | +5.25% |
Class R (Est. October 1, 2003) | ||||
Excluding sales charge | +0.99% | +4.66% | +6.70% | +5.77% |
Including sales charge | +0.99% | +4.66% | +6.70% | +5.77% |
Institutional Class (Est. December 2, 1996) | ||||
Excluding sales charge | +1.50% | +5.18% | +7.23% | +7.41% |
Including sales charge | +1.50% | +5.18% | +7.23% | +7.41% |
60% S&P 500 Index / 40% Bloomberg Barclays US Aggregate Index | +15.03% | +10.54% | +10.24% | +7.79%* |
S&P 500 Index | +17.46% | +13.99% | +14.19% | +8.89%* |
*The benchmark lifetime return is for Institutional Class share comparison only and is calculated using the last business day in the month of the Fund’s Institutional Class inception date. |
(12b-1) fee.
12b-1 fee of 0.25% of average daily net assets. Performance for Class A shares, excluding sales charges, assumes that no front-end sales
charge applied.
its debt.
grade bonds.
strategy performance.
Fund expense ratios | Class A | Class C | Class R | Institutional Class |
Total annual operating expenses (without fee waivers) | 1.09% | 1.84% | 1.34% | 0.84% |
Net expenses (including fee waivers, if any) | 1.08% | 1.83% | 1.33% | 0.83% |
Type of waiver | Contractual | Contractual | Contractual | Contractual |
For period beginning November 30, 2010 through November 30, 2020 | Starting value | Ending value | |
S&P 500 Index | $10,000 | $37,704 | |
60% S&P 500 Index / 40% Bloomberg Barclays US Aggregate Index | $10,000 | $26,519 | |
Delaware Wealth Builder Fund — Institutional Class shares | $10,000 | $20,099 | |
Delaware Wealth Builder Fund — Class A shares | $9,425 | $18,479 |
through 8.
stock market.
Nasdaq symbols | CUSIPs | |
Class A | DDIAX | 24610B107 |
Class C | DDICX | 24610B305 |
Class R | DDDRX | 24610B842 |
Institutional Class | DDIIX | 24610B404 |
do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher. The Fund's expenses shown in the table reflect
fee waivers in effect and assume reinvestment of all dividends and distributions.
Expense analysis of an investment of $1,000
Beginning Account Value 6/1/20 | Ending Account Value 11/30/20 | Annualized Expense Ratio | Expenses Paid During Period 6/1/20 to 11/30/20* | |
Actual Fund return† | ||||
Class A | $1,000.00 | $1,113.20 | 1.09% | $5.76 |
Class C | 1,000.00 | 1,108.90 | 1.84% | 9.70 |
Class R | 1,000.00 | 1,112.10 | 1.34% | 7.08 |
Institutional Class | 1,000.00 | 1,114.90 | 0.84% | 4.44 |
Hypothetical 5% return (5% return before expenses) | ||||
Class A | $1,000.00 | $1,019.55 | 1.09% | $5.50 |
Class C | 1,000.00 | 1,015.80 | 1.84% | 9.27 |
Class R | 1,000.00 | 1,018.30 | 1.34% | 6.76 |
Institutional Class | 1,000.00 | 1,020.80 | 0.84% | 4.24 |
*“Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). |
†Because actual returns reflect only the most recent six-month period, the returns shown may differ significantly from fiscal year returns. |
Delaware Wealth Builder Fund | As of November 30, 2020 (Unaudited) |
Security type / sector | Percentage of net assets |
Agency Mortgage-Backed Securities | 0.82% |
Collateralized Debt Obligations | 0.20% |
Convertible Bonds | 9.17% |
Corporate Bonds | 16.38% |
Banking | 1.10% |
Basic Industry | 1.86% |
Capital Goods | 0.96% |
Communications | 1.50% |
Consumer Cyclical | 1.50% |
Consumer Non-Cyclical | 1.10% |
Energy | 2.10% |
Financials | 0.74% |
Healthcare | 1.18% |
Insurance | 0.23% |
Media | 1.51% |
Real Estate Investment Trusts | 0.29% |
Services | 0.62% |
Technology & Electronics | 0.40% |
Transportation | 0.29% |
Utilities | 1.00% |
Non-Agency Commercial Mortgage-Backed Securities | 0.59% |
Sovereign Bonds | 2.05% |
Supranational Bank | 0.25% |
US Treasury Obligations | 1.30% |
Common Stock | 54.17% |
Communication Services | 5.70% |
Consumer Discretionary | 4.01% |
Consumer Staples | 6.25% |
Energy | 1.26% |
Financials | 5.41% |
Healthcare | 8.83% |
Industrials | 6.15% |
Information Technology | 7.63% |
Materials | 1.82% |
REIT Diversified | 0.57% |
REIT Healthcare | 0.47% |
REIT Industrial | 0.66% |
REIT Information Technology | 0.68% |
Security type / sector | Percentage of net assets |
REIT Mall | 0.12% |
REIT Manufactured Housing | 0.25% |
REIT Multifamily | 1.71% |
REIT Office | 0.26% |
REIT Self-Storage | 0.38% |
REIT Shopping Center | 0.35% |
REIT Single Tenant | 0.24% |
REIT Specialty | 0.21% |
Utilities | 1.21% |
Convertible Preferred Stock | 2.91% |
Preferred Stock | 0.17% |
Exchange-Traded Funds | 8.25% |
Limited Partnerships | 2.12% |
Leveraged Non-Recourse Security | 0.00% |
Short-Term Investments | 1.49% |
Total Value of Securities | 99.87% |
Receivables and Other Assets Net of Liabilities | 0.13% |
Total Net Assets | 100.00% |
Top 10 equity holdings | Percentage of net assets |
Dollar Tree | 1.43% |
American International Group | 1.38% |
Comcast Class A | 1.36% |
Cisco Systems | 1.36% |
Raytheon Technologies | 1.35% |
Caterpillar | 1.35% |
DuPont de Nemours | 1.35% |
Broadcom | 1.34% |
Equity Residential | 1.33% |
Walt Disney | 1.32% |
Delaware Wealth Builder Fund | November 30, 2020 |
Principal amount° | Value (US $) | ||
Agency Mortgage-Backed Securities — 0.82% | |||
Fannie Mae S.F. 30 yr | |||
2.00% 11/1/50 | 149,593 | $155,419 | |
2.50% 9/1/50 | 295,187 | 309,629 | |
2.50% 10/1/50 | 291,147 | 305,392 | |
3.00% 11/1/46 | 106,772 | 112,354 | |
3.00% 11/1/48 | 19,914 | 20,868 | |
3.00% 12/1/49 | 8,912 | 9,529 | |
3.00% 7/1/50 | 193,910 | 203,050 | |
3.50% 2/1/48 | 101,364 | 110,144 | |
3.50% 11/1/48 | 37,069 | 39,198 | |
3.50% 12/1/49 | 301,340 | 326,951 | |
4.00% 4/1/47 | 15,219 | 16,777 | |
4.00% 6/1/48 | 176,988 | 194,696 | |
4.00% 9/1/48 | 10,337 | 11,177 | |
4.00% 6/1/49 | 15,167 | 16,579 | |
4.50% 2/1/41 | 15,648 | 17,567 | |
4.50% 10/1/45 | 15,410 | 17,196 | |
4.50% 4/1/48 | 614,499 | 683,920 | |
4.50% 1/1/49 | 231,381 | 256,256 | |
4.50% 1/1/50 | 26,166 | 28,596 | |
5.00% 7/1/49 | 221,307 | 248,008 | |
Freddie Mac S.F. 30 yr | |||
3.00% 1/1/50 | 19,095 | 20,216 | |
4.00% 7/1/47 | 6,264 | 6,731 | |
4.00% 10/1/47 | 59,847 | 64,140 | |
4.50% 1/1/49 | 18,142 | 20,095 | |
4.50% 4/1/49 | 21,396 | 23,489 | |
4.50% 8/1/49 | 47,862 | 53,138 | |
Total Agency Mortgage-Backed Securities (cost $3,213,379) | 3,271,115 | ||
Collateralized Debt Obligations — 0.20% | |||
Cedar Funding IX CLO Series 2018-9A A1 144A 1.198% (LIBOR03M + 0.98%, Floor 0.98%) 4/20/31 #, • | 250,000 | 247,714 | |
Octagon Investment Partners 48 Series 2020-3A A 144A 1.732% (LIBOR03M + 1.50%, Floor 1.50%) 10/20/31 #, • | 300,000 | 300,552 | |
Sound Point Clo XXI Series 2018-3A A1A 144A 1.395% (LIBOR03M + 1.18%, Floor 1.18%) 10/26/31 #, • | 250,000 | 248,737 | |
Total Collateralized Debt Obligations (cost $793,757) | 797,003 | ||
Principal amount° | Value (US $) | ||
Convertible Bonds — 9.17% | |||
Capital Goods — 0.40% | |||
Aerojet Rocketdyne Holdings 2.25% exercise price $26.00, maturity date 12/15/23 | 174,000 | $257,398 | |
Chart Industries 144A 1.00% exercise price $58.72, maturity date 11/15/24 # | 721,000 | 1,347,820 | |
1,605,218 | |||
Communications — 1.35% | |||
DISH Network 3.375% exercise price $65.18, maturity date 8/15/26 | 1,153,000 | 1,152,308 | |
InterDigital 2.00% exercise price $81.29, maturity date 6/1/24 | 1,391,000 | 1,458,292 | |
Liberty Broadband 144A 1.25% exercise price $900.01, maturity date 9/30/50 # | 1,250,000 | 1,274,375 | |
Liberty Media 2.25% exercise price $33.41, maturity date 9/30/46 | 3,239,000 | 1,526,831 | |
5,411,806 | |||
Consumer Non-Cyclical — 2.93% | |||
BioMarin Pharmaceutical 0.599% exercise price $124.67, maturity date 8/1/24 | 689,000 | 718,870 | |
Chefs' Warehouse 144A 1.875% exercise price $44.20, maturity date 12/1/24 # | 1,250,000 | 1,178,756 | |
Coherus Biosciences 144A 1.50% exercise price $19.26, maturity date 4/15/26 # | 109,000 | 129,875 | |
Collegium Pharmaceutical 2.625% exercise price $29.19, maturity date 2/15/26 | 722,000 | 678,229 | |
FTI Consulting 2.00% exercise price $101.38, maturity date 8/15/23 | 979,000 | 1,198,296 | |
Integra LifeSciences Holdings 144A 0.50% exercise price $73.67, maturity date 8/15/25 # | 1,246,000 | 1,260,796 | |
Jazz Investments I 144A 2.00% exercise price $155.81, maturity date 6/15/26 # | 865,000 | 1,031,086 | |
Ligand Pharmaceuticals 0.75% exercise price $248.48, maturity date 5/15/23 | 937,000 | 872,581 | |
Neurocrine Biosciences 2.25% exercise price $75.92, maturity date 5/15/24 | 310,000 | 429,931 | |
Paratek Pharmaceuticals 4.75% exercise price $15.90, maturity date 5/1/24 | 1,600,000 | 1,385,714 | |
Team 5.00% exercise price $21.70, maturity date 8/1/23 | 1,615,000 | 1,454,792 | |
Travere Therapeutics 2.50% exercise price $38.80, maturity date 9/15/25 | 1,442,000 | 1,367,737 | |
11,706,663 |
Principal amount° | Value (US $) | ||
Convertible Bonds (continued) | |||
Energy — 1.38% | |||
Cheniere Energy 4.25% exercise price $138.38, maturity date 3/15/45 | 2,892,000 | $2,192,538 | |
Helix Energy Solutions Group 6.75% exercise price $6.97, maturity date 2/15/26 | 1,476,000 | 1,438,767 | |
PDC Energy 1.125% exercise price $85.39, maturity date 9/15/21 | 1,936,000 | 1,897,379 | |
5,528,684 | |||
Real Estate Investment Trusts — 0.41% | |||
Blackstone Mortgage Trust 4.75% exercise price $36.23, maturity date 3/15/23 | 1,671,000 | 1,660,969 | |
1,660,969 | |||
Technology — 2.41% | |||
Boingo Wireless 1.00% exercise price $42.31, maturity date 10/1/23 | 2,304,000 | 2,067,840 | |
Knowles 3.25% exercise price $18.43, maturity date 11/1/21 | 585,000 | 649,974 | |
Microchip Technology 1.625% exercise price $94.91, maturity date 2/15/27 | 634,000 | 1,244,225 | |
ON Semiconductor 1.625% exercise price $20.72, maturity date 10/15/23 | 544,000 | 843,477 | |
Palo Alto Networks 0.75% exercise price $266.35, maturity date 7/1/23 | 767,000 | 954,712 | |
Pluralsight 0.375% exercise price $38.76, maturity date 3/1/24 | 1,796,000 | 1,632,193 | |
Quotient Technology 1.75% exercise price $17.36, maturity date 12/1/22 | 1,633,000 | 1,572,679 | |
Synaptics 0.50% exercise price $73.02, maturity date 6/15/22 | 544,000 | 665,040 | |
9,630,140 | |||
Utilities — 0.29% | |||
NRG Energy 2.75% exercise price $46.25, maturity date 6/1/48 | 1,065,000 | 1,155,108 | |
1,155,108 | |||
Total Convertible Bonds (cost $35,250,172) | 36,698,588 | ||
Corporate Bonds — 16.38% | |||
Banking — 1.10% | |||
Banco de Credito del Peru 144A 2.70% 1/11/25 # | 204,000 | 211,395 | |
Banco del Estado de Chile 144A 2.704% 1/9/25 # | 205,000 | 216,405 | |
Banco Nacional de Panama 144A 2.50% 8/11/30 # | 200,000 | 199,750 |
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Banking (continued) | |||
Bank of America | |||
1.922% 10/24/31 μ | 70,000 | $70,623 | |
2.456% 10/22/25 μ | 15,000 | 15,928 | |
2.884% 10/22/30 μ | 20,000 | 21,875 | |
3.194% 7/23/30 μ | 55,000 | 61,455 | |
Bank of Georgia 144A 6.00% 7/26/23 # | 200,000 | 214,540 | |
BBVA Bancomer | |||
144A 1.875% 9/18/25 # | 200,000 | 201,000 | |
144A 6.75% 9/30/22 # | 274,000 | 296,811 | |
Deutsche Bank 2.222% 9/18/24 μ | 150,000 | 153,161 | |
Goldman Sachs Group 3.50% 4/1/25 | 80,000 | 88,716 | |
JPMorgan Chase & Co. | |||
2.739% 10/15/30 μ | 20,000 | 21,720 | |
4.023% 12/5/24 μ | 80,000 | 88,088 | |
5.00% μ, ψ | 85,000 | 89,354 | |
Morgan Stanley | |||
1.433% 5/8/24 • | 35,000 | 35,626 | |
1.794% 2/13/32 μ | 25,000 | 25,207 | |
5.00% 11/24/25 | 95,000 | 113,348 | |
5.875% μ, ψ | 530,000 | 590,287 | |
Natwest Group 8.625% μ, ψ | 320,000 | 333,626 | |
PNC Financial Services Group 2.60% 7/23/26 | 180,000 | 197,128 | |
Popular 6.125% 9/14/23 | 560,000 | 605,441 | |
State Street | |||
3.10% 5/15/23 | 10,000 | 10,649 | |
3.30% 12/16/24 | 130,000 | 144,112 | |
Truist Bank 2.636% 9/17/29 μ | 185,000 | 193,873 | |
US Bancorp | |||
3.00% 7/30/29 | 25,000 | 28,059 | |
3.10% 4/27/26 | 25,000 | 27,889 | |
3.375% 2/5/24 | 60,000 | 65,092 | |
USB Capital IX 3.50% (LIBOR03M + 1.02%) ψ, • | 85,000 | 81,524 | |
4,402,682 | |||
Basic Industry — 1.86% | |||
Allegheny Technologies 5.875% 12/1/27 | 270,000 | 281,306 | |
AngloGold Ashanti Holdings 3.75% 10/1/30 | 200,000 | 212,845 | |
Avient 144A 5.75% 5/15/25 # | 118,000 | 126,260 | |
Boise Cascade 144A 4.875% 7/1/30 # | 87,000 | 94,558 | |
Chemours 144A 5.75% 11/15/28 # | 250,000 | 254,844 |
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Basic Industry (continued) | |||
Corp Nacional del Cobre de Chile 144A 3.15% 1/14/30 # | 200,000 | $217,029 | |
CSN Inova Ventures 144A 6.75% 1/28/28 # | 200,000 | 209,950 | |
First Quantum Minerals | |||
144A 7.25% 4/1/23 # | 250,000 | 256,494 | |
144A 7.50% 4/1/25 # | 250,000 | 260,000 | |
Freeport-McMoRan | |||
4.55% 11/14/24 | 200,000 | 218,975 | |
4.625% 8/1/30 | 235,000 | 261,267 | |
5.45% 3/15/43 | 320,000 | 400,595 | |
Hudbay Minerals 144A 7.625% 1/15/25 # | 135,000 | 140,316 | |
Hutama Karya Persero 144A 3.75% 5/11/30 # | 200,000 | 222,977 | |
Koppers 144A 6.00% 2/15/25 # | 434,000 | 448,376 | |
Methanex 5.25% 12/15/29 | 185,000 | 194,157 | |
Minera Mexico 144A 4.50% 1/26/50 # | 200,000 | 227,500 | |
Newmont 2.80% 10/1/29 | 190,000 | 208,549 | |
Nutrition & Biosciences 144A 1.832% 10/15/27 # | 135,000 | 137,987 | |
OCP 144A 4.50% 10/22/25 # | 200,000 | 215,816 | |
Olin | |||
5.00% 2/1/30 | 135,000 | 140,712 | |
5.125% 9/15/27 | 437,000 | 453,934 | |
PowerTeam Services 144A 9.033% 12/4/25 # | 485,000 | 533,803 | |
Standard Industries 144A 4.75% 1/15/28 # | 230,000 | 242,650 | |
Steel Dynamics 5.00% 12/15/26 | 505,000 | 539,110 | |
Tronox 144A 6.50% 4/15/26 # | 530,000 | 551,189 | |
Univar Solutions USA 144A 5.125% 12/1/27 # | 180,000 | 190,240 | |
US Concrete 6.375% 6/1/24 | 2,000 | 2,069 | |
Vale Overseas 3.75% 7/8/30 | 193,000 | 212,831 | |
7,456,339 | |||
Capital Goods — 0.96% | |||
Ardagh Packaging Finance 144A 5.25% 8/15/27 # | 510,000 | 532,364 | |
Bombardier 144A 6.00% 10/15/22 # | 240,000 | 228,798 | |
Crown Americas 4.75% 2/1/26 | 463,000 | 482,300 | |
Mauser Packaging Solutions Holding 144A 5.50% 4/15/24 # | 551,000 | 558,692 | |
Reynolds Group Issuer 144A 4.00% 10/15/27 # | 495,000 | 504,009 | |
Roper Technologies 2.35% 9/15/24 | 185,000 | 196,071 | |
Terex 144A 5.625% 2/1/25 # | 260,000 | 267,313 | |
TransDigm 144A 6.25% 3/15/26 # | 492,000 | 522,137 | |
Vertical US Newco 144A 5.25% 7/15/27 # | 510,000 | 536,456 | |
3,828,140 |
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Communications — 1.50% | |||
Altice France 144A 7.375% 5/1/26 # | 565,000 | $593,843 | |
Altice France Holding 144A 6.00% 2/15/28 # | 515,000 | 523,655 | |
AT&T 4.35% 3/1/29 | 170,000 | 202,457 | |
CenturyLink 144A 5.125% 12/15/26 # | 485,000 | 505,028 | |
Colombia Telecomunicaciones 144A 4.95% 7/17/30 # | 200,000 | 222,250 | |
Connect Finco 144A 6.75% 10/1/26 # | 250,000 | 259,463 | |
Frontier Communications 144A 5.875% 10/15/27 # | 230,000 | 242,219 | |
Level 3 Financing 144A 4.25% 7/1/28 # | 220,000 | 227,370 | |
Millicom International Cellular 144A 4.50% 4/27/31 # | 200,000 | 215,950 | |
Ooredoo International Finance 144A 5.00% 10/19/25 # | 200,000 | 233,492 | |
Sprint 7.125% 6/15/24 | 527,000 | 613,960 | |
T-Mobile USA | |||
144A 3.875% 4/15/30 # | 120,000 | 137,777 | |
6.50% 1/15/26 | 460,000 | 478,607 | |
Verizon Communications | |||
4.50% 8/10/33 | 95,000 | 121,136 | |
4.522% 9/15/48 | 35,000 | 46,582 | |
Vodafone Group | |||
4.25% 9/17/50 | 110,000 | 135,108 | |
4.875% 6/19/49 | 40,000 | 52,694 | |
7.00% 4/4/79 μ | 215,000 | 264,451 | |
Zayo Group Holdings | |||
144A 4.00% 3/1/27 # | 415,000 | 413,421 | |
144A 6.125% 3/1/28 # | 500,000 | 529,610 | |
6,019,073 | |||
Consumer Cyclical — 1.50% | |||
Allison Transmission 144A 5.875% 6/1/29 # | 460,000 | 513,528 | |
B2W Digital 144A 4.375% 12/20/30 # | 200,000 | 207,398 | |
Boyd Gaming 6.375% 4/1/26 | 452,000 | 470,143 | |
Caesars Entertainment 144A 6.25% 7/1/25 # | 505,000 | 539,211 | |
Carnival 144A 7.625% 3/1/26 # | 85,000 | 90,391 | |
Ford Motor 9.00% 4/22/25 | 235,000 | 285,881 | |
Ford Motor Credit | |||
3.375% 11/13/25 | 480,000 | 482,856 | |
4.542% 8/1/26 | 515,000 | 540,750 | |
General Motors Financial | |||
4.35% 4/9/25 | 75,000 | 83,722 | |
5.25% 3/1/26 | 95,000 | 111,273 | |
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Consumer Cyclical (continued) | |||
H&E Equipment Services 144A 3.875% 12/15/28 # | 145,000 | $145,000 | |
Hilton Domestic Operating 144A 4.00% 5/1/31 # | 205,000 | 216,019 | |
Hilton Worldwide Finance 4.875% 4/1/27 | 545,000 | 569,124 | |
L Brands 144A 6.875% 7/1/25 # | 485,000 | 525,139 | |
Lowe's | |||
3.00% 10/15/50 | 85,000 | 91,747 | |
4.05% 5/3/47 | 5,000 | 6,153 | |
MGM Resorts International 4.75% 10/15/28 | 95,000 | 99,097 | |
Scientific Games International 144A 8.25% 3/15/26 # | 164,000 | 176,186 | |
William Carter 144A 5.625% 3/15/27 # | 200,000 | 211,125 | |
Wyndham Hotels & Resorts 144A 4.375% 8/15/28 # | 627,000 | 642,440 | |
6,007,183 | |||
Consumer Non-Cyclical — 1.10% | |||
Alcon Finance 144A 3.00% 9/23/29 # | 200,000 | 218,038 | |
Anheuser-Busch InBev Worldwide | |||
3.65% 2/1/26 | 125,000 | 141,320 | |
4.15% 1/23/25 | 50,000 | 56,821 | |
Auna 144A 6.50% 11/20/25 # | 200,000 | 209,300 | |
BAT Capital 2.259% 3/25/28 | 55,000 | 56,806 | |
Bunge Finance 1.63% 8/17/25 | 150,000 | 153,205 | |
CVS Health 3.25% 8/15/29 | 185,000 | 206,821 | |
Gilead Sciences 4.15% 3/1/47 | 165,000 | 203,088 | |
JBS USA LUX | |||
144A 5.75% 6/15/25 # | 318,000 | 328,732 | |
144A 6.50% 4/15/29 # | 305,000 | 349,609 | |
Kraft Heinz Foods | |||
144A 3.875% 5/15/27 # | 240,000 | 260,022 | |
5.20% 7/15/45 | 480,000 | 566,665 | |
Pilgrim's Pride 144A 5.75% 3/15/25 # | 535,000 | 550,221 | |
Post Holdings | |||
144A 5.00% 8/15/26 # | 311,000 | 323,202 | |
144A 5.625% 1/15/28 # | 160,000 | 170,500 | |
144A 5.75% 3/1/27 # | 295,000 | 311,225 | |
Primo Water Holdings 144A 5.50% 4/1/25 # | 272,000 | 281,520 | |
4,387,095 | |||
Energy — 2.10% | |||
Cheniere Corpus Christi Holdings 7.00% 6/30/24 | 135,000 | 155,779 |
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Energy (continued) | |||
CNX Resources | |||
144A 6.00% 1/15/29 # | 255,000 | $258,187 | |
144A 7.25% 3/14/27 # | 120,000 | 127,052 | |
Crestwood Midstream Partners 6.25% 4/1/23 | 245,000 | 246,569 | |
DCP Midstream Operating 5.125% 5/15/29 | 360,000 | 381,982 | |
Energy Transfer Operating | |||
5.25% 4/15/29 | 95,000 | 107,589 | |
6.25% 4/15/49 | 60,000 | 70,215 | |
Enterprise Products Operating 3.20% 2/15/52 | 50,000 | 50,638 | |
EQM Midstream Partners 144A 6.50% 7/1/27 # | 475,000 | 524,360 | |
Galaxy Pipeline Assets Bidco 144A 1.75% 9/30/27 # | 200,000 | 201,554 | |
Grupo Energia Bogota 144A 4.875% 5/15/30 # | 400,000 | 469,300 | |
Israel Electric 144A 4.25% 8/14/28 # | 300,000 | 346,500 | |
KazTransGas 144A 4.375% 9/26/27 # | 381,000 | 431,532 | |
Lukoil Securities 144A 3.875% 5/6/30 # | 205,000 | 221,400 | |
Marathon Oil 4.40% 7/15/27 | 150,000 | 163,724 | |
MPLX | |||
4.00% 3/15/28 | 30,000 | 33,884 | |
5.50% 2/15/49 | 55,000 | 68,476 | |
Murphy Oil 5.875% 12/1/27 | 295,000 | 267,435 | |
Murphy Oil USA 5.625% 5/1/27 | 609,000 | 647,708 | |
Noble Energy | |||
3.25% 10/15/29 | 85,000 | 96,466 | |
3.90% 11/15/24 | 20,000 | 22,312 | |
4.20% 10/15/49 | 15,000 | 19,002 | |
4.95% 8/15/47 | 50,000 | 69,148 | |
5.05% 11/15/44 | 5,000 | 6,831 | |
NuStar Logistics 5.625% 4/28/27 | 228,000 | 234,228 | |
Occidental Petroleum 3.50% 8/15/29 | 600,000 | 525,960 | |
Oleoducto Central 144A 4.00% 7/14/27 # | 200,000 | 216,150 | |
Petrobras Global Finance 6.75% 6/3/50 | 150,000 | 177,131 | |
Pioneer Natural Resources 1.90% 8/15/30 | 95,000 | 93,570 | |
Precision Drilling 144A 7.125% 1/15/26 # | 185,000 | 122,759 | |
PTTEP Treasury Center 144A 2.587% 6/10/27 # | 185,000 | 192,824 | |
Sabine Pass Liquefaction | |||
5.625% 3/1/25 | 55,000 | 63,798 | |
5.75% 5/15/24 | 110,000 | 125,070 | |
Saudi Arabian Oil 144A 1.625% 11/24/25 # | 200,000 | 203,746 | |
Southwestern Energy 7.75% 10/1/27 | 290,000 | 306,494 | |
Targa Resources Partners 5.375% 2/1/27 | 237,000 | 248,214 |
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Energy (continued) | |||
Tengizchevroil Finance Co. International 144A 2.625% 8/15/25 # | 200,000 | $207,111 | |
Tennessee Gas Pipeline 144A 2.90% 3/1/30 # | 130,000 | 137,332 | |
WPX Energy 5.25% 10/15/27 | 525,000 | 554,762 | |
8,396,792 | |||
Financials — 0.74% | |||
AerCap Global Aviation Trust 144A 6.50% 6/15/45 #, μ | 240,000 | 231,000 | |
AerCap Ireland Capital 4.45% 4/3/26 | 150,000 | 161,546 | |
Air Lease 2.875% 1/15/26 | 150,000 | 155,475 | |
Ally Financial | |||
5.75% 11/20/25 | 798,000 | 932,891 | |
8.00% 11/1/31 | 385,000 | 552,596 | |
DAE Funding 144A 5.75% 11/15/23 # | 284,000 | 292,875 | |
DAE Sukuk Difc 144A 3.75% 2/15/26 # | 400,000 | 403,200 | |
Jefferies Group | |||
4.15% 1/23/30 | 170,000 | 199,704 | |
6.45% 6/8/27 | 10,000 | 12,697 | |
6.50% 1/20/43 | 5,000 | 6,809 | |
2,948,793 | |||
Healthcare — 1.18% | |||
Bausch Health 144A 5.50% 11/1/25 # | 490,000 | 505,239 | |
Centene | |||
3.375% 2/15/30 | 295,000 | 309,657 | |
144A 5.375% 8/15/26 # | 470,000 | 497,613 | |
Community Health Systems 144A 6.625% 2/15/25 # | 170,000 | 173,366 | |
Encompass Health 5.75% 9/15/25 | 244,000 | 252,540 | |
Hadrian Merger Sub 144A 8.50% 5/1/26 # | 275,000 | 281,479 | |
HCA | |||
5.375% 2/1/25 | 339,000 | 380,024 | |
5.875% 2/15/26 | 219,000 | 252,398 | |
7.58% 9/15/25 | 219,000 | 262,800 | |
Hill-Rom Holdings 144A 5.00% 2/15/25 # | 242,000 | 250,016 | |
Ortho-Clinical Diagnostics | |||
144A 7.25% 2/1/28 # | 115,000 | 122,692 | |
144A 7.375% 6/1/25 # | 245,000 | 262,609 | |
Service Corp. International 4.625% 12/15/27 | 280,000 | 297,325 | |
Tenet Healthcare | |||
5.125% 5/1/25 | 345,000 | 348,864 | |
144A 6.125% 10/1/28 # | 280,000 | 284,375 | |
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Healthcare (continued) | |||
Universal Health Services 144A 5.00% 6/1/26 # | 5,000 | $5,205 | |
Verscend Escrow 144A 9.75% 8/15/26 # | 225,000 | 244,828 | |
4,731,030 | |||
Insurance — 0.23% | |||
HUB International 144A 7.00% 5/1/26 # | 415,000 | 433,573 | |
USI 144A 6.875% 5/1/25 # | 468,000 | 481,158 | |
914,731 | |||
Media — 1.51% | |||
Altice Financing 144A 5.00% 1/15/28 # | 200,000 | 204,537 | |
AMC Networks 4.75% 8/1/25 | 541,000 | 557,768 | |
CCO Holdings | |||
144A 4.50% 8/15/30 # | 105,000 | 110,841 | |
144A 4.50% 5/1/32 # | 60,000 | 63,489 | |
144A 5.375% 6/1/29 # | 520,000 | 568,693 | |
144A 5.875% 5/1/27 # | 519,000 | 542,485 | |
Charter Communications Operating | |||
4.80% 3/1/50 | 70,000 | 84,182 | |
5.05% 3/30/29 | 100,000 | 121,175 | |
Comcast 3.20% 7/15/36 | 80,000 | 91,374 | |
CSC Holdings | |||
144A 3.375% 2/15/31 # | 400,000 | 389,500 | |
5.25% 6/1/24 | 5,000 | 5,422 | |
Cumulus Media New Holdings 144A 6.75% 7/1/26 # | 253,000 | 247,109 | |
Discovery Communications 4.125% 5/15/29 | 135,000 | 158,319 | |
Gray Television 144A 4.75% 10/15/30 # | 475,000 | 482,719 | |
Lamar Media 5.75% 2/1/26 | 473,000 | 490,986 | |
Netflix 5.875% 11/15/28 | 400,000 | 483,786 | |
Sinclair Television Group 144A 5.125% 2/15/27 # | 362,000 | 356,344 | |
Sirius XM Radio 144A 5.00% 8/1/27 # | 470,000 | 495,232 | |
Terrier Media Buyer 144A 8.875% 12/15/27 # | 250,000 | 270,469 | |
Time Warner Cable 7.30% 7/1/38 | 60,000 | 88,219 | |
Time Warner Entertainment 8.375% 3/15/23 | 25,000 | 29,481 | |
ViacomCBS 4.375% 3/15/43 | 180,000 | 209,285 | |
6,051,415 | |||
Real Estate Investment Trusts — 0.29% | |||
American Tower 1.875% 10/15/30 | 155,000 | 157,079 | |
Crown Castle International 5.25% 1/15/23 | 125,000 | 137,174 | |
CubeSmart 3.00% 2/15/30 | 140,000 | 151,869 | |
Iron Mountain 144A 4.50% 2/15/31 # | 440,000 | 449,385 |
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Real Estate Investment Trusts (continued) | |||
MGM Growth Properties Operating Partnership | |||
144A 3.875% 2/15/29 # | 100,000 | $101,188 | |
5.75% 2/1/27 | 160,000 | 178,583 | |
1,175,278 | |||
Services — 0.62% | |||
Aramark Services 144A 5.00% 2/1/28 # | 485,000 | 509,977 | |
Ashtead Capital 144A 5.25% 8/1/26 # | 570,000 | 604,200 | |
Covanta Holding 5.875% 7/1/25 | 233,000 | 243,461 | |
GFL Environmental 144A 3.75% 8/1/25 # | 98,000 | 100,144 | |
Prime Security Services Borrower 144A 5.75% 4/15/26 # | 310,000 | 336,738 | |
United Rentals North America 3.875% 2/15/31 | 636,000 | 665,812 | |
2,460,332 | |||
Technology & Electronics — 0.40% | |||
Apple 2.20% 9/11/29 | 140,000 | 150,820 | |
CommScope Technologies 144A 5.00% 3/15/27 # | 192,000 | 191,400 | |
Global Payments 2.65% 2/15/25 | 135,000 | 144,633 | |
NXP 144A 4.875% 3/1/24 # | 80,000 | 90,251 | |
Sensata Technologies UK Financing 144A 6.25% 2/15/26 # | 285,000 | 296,222 | |
SS&C Technologies 144A 5.50% 9/30/27 # | 660,000 | 706,952 | |
1,580,278 | |||
Transportation — 0.29% | |||
Delta Air Lines | |||
144A 7.00% 5/1/25 # | 485,000 | 554,520 | |
7.375% 1/15/26 | 140,000 | 157,550 | |
Mileage Plus Holdings 144A 6.50% 6/20/27 # | 250,000 | 271,563 | |
Rutas 2 and 7 Finance 144A 3.413% 9/30/36 #, ^ | 200,000 | 146,500 | |
Southwest Airlines 5.125% 6/15/27 | 40,000 | 46,590 | |
1,176,723 | |||
Utilities — 1.00% | |||
Calpine | |||
144A 4.50% 2/15/28 # | 92,000 | 95,128 | |
144A 5.00% 2/1/31 # | 255,000 | 269,089 | |
144A 5.25% 6/1/26 # | 248,000 | 257,312 | |
Centrais Eletricas Brasileiras 144A 3.625% 2/4/25 # | 200,000 | 203,300 | |
Duke Energy 4.875% μ, ψ | 85,000 | 91,333 | |
Enel 144A 8.75% 9/24/73 #, μ | 200,000 | 234,440 | |
Entergy Louisiana 4.95% 1/15/45 | 5,000 | 5,490 | |
Entergy Mississippi 2.85% 6/1/28 | 60,000 | 66,350 |
Principal amount° | Value (US $) | ||
Corporate Bonds (continued) | |||
Utilities (continued) | |||
Entergy Texas 3.55% 9/30/49 | 115,000 | $134,931 | |
Evergy 2.90% 9/15/29 | 160,000 | 174,041 | |
Evergy Metro 3.65% 8/15/25 | 25,000 | 28,202 | |
Infraestructura Energetica Nova 144A 3.75% 1/14/28 # | 205,000 | 209,395 | |
MidAmerican Energy 3.15% 4/15/50 | 55,000 | 64,108 | |
Mong Duong Finance Holdings 144A 5.125% 5/7/29 # | 500,000 | 528,696 | |
National Rural Utilities Cooperative Finance 4.75% 4/30/43 μ | 5,000 | 5,274 | |
NextEra Energy Capital Holdings 5.65% 5/1/79 μ | 55,000 | 64,595 | |
PacifiCorp 3.50% 6/15/29 | 75,000 | 86,821 | |
PG&E 5.25% 7/1/30 | 500,000 | 545,625 | |
Southern California Edison | |||
4.00% 4/1/47 | 30,000 | 35,768 | |
4.875% 3/1/49 | 45,000 | 58,065 | |
Southwestern Electric Power 4.10% 9/15/28 | 165,000 | 192,895 | |
Vistra Operations 144A 5.50% 9/1/26 # | 620,000 | 649,512 | |
4,000,370 | |||
Total Corporate Bonds (cost $62,329,066) | 65,536,254 | ||
Non-Agency Commercial Mortgage-Backed Securities — 0.59% | |||
BANK | |||
Series 2017-BNK5 B 3.896% 6/15/60 • | 95,000 | 103,548 | |
Series 2019-BN20 A3 3.011% 9/15/62 | 250,000 | 278,626 | |
Benchmark Mortgage Trust Series 2020-B20 A5 2.034% 10/15/53 | 300,000 | 311,507 | |
CD Mortgage Trust Series 2019-CD8 A4 2.912% 8/15/57 | 250,000 | 275,929 | |
DB-JPM Mortgage Trust Series 2016-C3 A5 2.89% 8/10/49 | 250,000 | 272,112 | |
Grace Trust Series 2020-GRCE A 144A 2.347% 12/10/40 # | 100,000 | 104,865 | |
GS Mortgage Securities Trust | |||
Series 2017-GS6 A3 3.433% 5/10/50 | 165,000 | 185,141 | |
Series 2019-GC42 A4 3.001% 9/1/52 | 250,000 | 277,869 | |
JPM-BB Commercial Mortgage Securities Trust Series 2015-C33 A4 3.77% 12/15/48 | 500,000 | 562,579 | |
Total Non-Agency Commercial Mortgage-Backed Securities (cost $2,253,156) | 2,372,176 | ||
Principal amount° | Value (US $) | ||
Sovereign Bonds — 2.05%Δ | |||
Bermuda — 0.05% | |||
Bermuda Government International Bond | |||
144A 2.375% 8/20/30 # | 200,000 | $208,100 | |
208,100 | |||
Brazil — 0.11% | |||
Brazil Notas do Tesouro Nacional Serie F | |||
10.00% 1/1/27 | BRL | 2,000,000 | 420,223 |
420,223 | |||
Czechia — 0.09% | |||
Czech Republic Government Bond | |||
0.45% 10/25/23 | CZK | 7,570,000 | 344,494 |
344,494 | |||
Dominican Republic — 0.10% | |||
Dominican Republic International Bond | |||
144A 4.50% 1/30/30 # | 396,000 | 416,695 | |
416,695 | |||
Egypt — 0.11% | |||
Egypt Government International Bond | |||
144A 5.75% 5/29/24 # | 400,000 | 421,846 | |
421,846 | |||
Gabon — 0.05% | |||
Gabon Government International Bond | |||
144A 6.625% 2/6/31 # | 200,000 | 197,207 | |
197,207 | |||
Georgia — 0.05% | |||
Georgia Government International Bond | |||
6.875% 4/12/21 | 200,000 | 203,385 | |
203,385 | |||
Honduras — 0.06% | |||
Honduras Government International Bond | |||
144A 5.625% 6/24/30 # | 200,000 | 226,000 | |
226,000 | |||
Indonesia — 0.08% | |||
Indonesia Government International Bond | |||
144A 4.125% 1/15/25 # | 300,000 | 335,999 | |
335,999 |
Principal amount° | Value (US $) | ||
Sovereign BondsΔ (continued) | |||
Israel — 0.09% | |||
Israel Government International Bond | |||
2.75% 7/3/30 | 310,000 | $343,007 | |
343,007 | |||
Ivory Coast — 0.03% | |||
Ivory Coast Government International Bond | |||
144A 6.875% 10/17/40 # | EUR | 100,000 | 130,971 |
130,971 | |||
Kenya — 0.05% | |||
Kenya Government International Bond | |||
144A 6.875% 6/24/24 # | 200,000 | 216,852 | |
216,852 | |||
Malaysia — 0.04% | |||
Malaysia Government Bond | |||
3.955% 9/15/25 | MYR | 647,000 | 171,444 |
171,444 | |||
Mongolia — 0.11% | |||
Development Bank of Mongolia 144A 7.25% 10/23/23 # | 200,000 | 213,462 | |
Mongolia Government International Bond 144A 5.625% 5/1/23 # | 200,000 | 211,500 | |
424,962 | |||
Morocco — 0.03% | |||
Morocco Government International Bond | |||
144A 1.375% 3/30/26 # | EUR | 100,000 | 120,002 |
120,002 | |||
North Macedonia — 0.03% | |||
North Macedonia Government International Bond | |||
144A 3.675% 6/3/26 # | EUR | 100,000 | 132,970 |
132,970 | |||
Panama — 0.04% | |||
Panama Government International Bond | |||
144A 3.75% 4/17/26 # | 155,000 | 168,805 | |
168,805 | |||
Paraguay — 0.17% | |||
Paraguay Government International Bond | |||
144A 4.625% 1/25/23 # | 200,000 | 213,002 | |
144A 4.95% 4/28/31 # | 400,000 | 476,004 | |
689,006 |
Principal amount° | Value (US $) | ||
Sovereign BondsΔ (continued) | |||
Peru — 0.19% | |||
Corp Financiera de Desarrollo 144A 2.40% 9/28/27 # | 200,000 | $203,400 | |
Peruvian Government International Bond | |||
2.392% 1/23/26 | 200,000 | 210,900 | |
144A 5.35% 8/12/40 # | PEN | 1,178,000 | 334,168 |
748,468 | |||
Poland — 0.04% | |||
Republic of Poland Government Bond | |||
4.00% 10/25/23 | PLN | 553,000 | 164,118 |
164,118 | |||
Romania — 0.07% | |||
Romanian Government International Bond | |||
144A 2.625% 12/2/40 # | EUR | 73,000 | 87,992 |
144A 3.00% 2/14/31 # | 190,000 | 203,578 | |
291,570 | |||
Senegal — 0.06% | |||
Senegal Government International Bond | |||
144A 6.25% 5/23/33 # | 200,000 | 221,243 | |
221,243 | |||
Serbia — 0.13% | |||
Serbia International Bond | |||
144A 2.125% 12/1/30 # | 200,000 | 197,166 | |
144A 3.125% 5/15/27 # | EUR | 250,000 | 333,774 |
530,940 | |||
Turkey — 0.05% | |||
Turkey Government International Bond | |||
6.375% 10/14/25 | 200,000 | 210,228 | |
210,228 | |||
Ukraine — 0.10% | |||
Ukraine Government International Bond | |||
144A 7.75% 9/1/21 # | 384,000 | 398,486 | |
398,486 | |||
Uruguay — 0.05% | |||
Uruguay Government International Bond | |||
4.375% 1/23/31 | 100,000 | 121,033 | |
4.50% 8/14/24 | 53,000 | 58,427 | |
179,460 |
Principal amount° | Value (US $) | ||
Sovereign BondsΔ (continued) | |||
Uzbekistan — 0.07% | |||
Republic of Uzbekistan Bond | |||
144A 4.75% 2/20/24 # | 250,000 | $267,615 | |
267,615 | |||
Total Sovereign Bonds (cost $7,786,559) | 8,184,096 | ||
Supranational Bank — 0.25% | |||
Banco Latinoamericano de Comercio Exterior 144A 2.375% 9/14/25 # | 250,000 | 255,925 | |
Banque Ouest Africaine de Developpement 144A 4.70% 10/22/31 # | 402,000 | 432,094 | |
Central American Bank For Economic Integration 144A 2.00% 5/6/25 # | 300,000 | 314,820 | |
Total Supranational Bank (cost $960,693) | 1,002,839 | ||
US Treasury Obligations — 1.30% | |||
US Treasury Bonds | |||
1.375% 8/15/50 | 150,000 | 142,559 | |
4.375% 2/15/38 | 255,000 | 383,685 | |
US Treasury Floating Rate Note 0.239% (USBMMY3M + 0.15%) 1/31/22 • | 1,525,000 | 1,527,074 | |
US Treasury Inflation Indexed Notes | |||
0.125% 1/15/30 | 369,252 | 406,933 | |
0.125% 7/15/30 | 649,709 | 719,915 | |
US Treasury Notes | |||
0.25% 10/31/25 | 350,000 | 348,195 | |
0.375% 11/30/25 | 270,000 | 270,158 | |
0.625% 8/15/30 | 965,000 | 945,700 | |
1.50% 2/15/30 | 315,000 | 334,835 | |
1.75% 12/31/24 | 2,700 | 2,861 | |
US Treasury Strip Principal 2.10% 5/15/44 ^ | 165,000 | 115,651 | |
Total US Treasury Obligations (cost $5,170,141) | 5,197,566 |
Number of shares | |||
Common Stock — 54.17% | |||
Communication Services — 5.70% | |||
AT&T | 166,500 | 4,786,875 | |
Century Communications † | 1,625,000 | 0 | |
Comcast Class A | 108,303 | 5,441,143 | |
KDDI | 40,200 | 1,148,434 |
Number of shares | Value (US $) | ||
Common Stock (continued) | |||
Communication Services (continued) | |||
Orange | 78,400 | $990,371 | |
Verizon Communications | 85,200 | 5,146,932 | |
Walt Disney † | 35,666 | 5,278,924 | |
22,792,679 | |||
Consumer Discretionary — 4.01% | |||
adidas AG † | 3,260 | 1,039,447 | |
Dollar Tree † | 52,500 | 5,735,100 | |
Hennes & Mauritz Class B † | 34,180 | 723,698 | |
Lowe's | 29,200 | 4,549,944 | |
Next | 6,340 | 553,786 | |
Publicis Groupe | 31,500 | 1,431,223 | |
Sodexo | 11,050 | 914,234 | |
Swatch Group | 4,420 | 1,090,470 | |
16,037,902 | |||
Consumer Staples — 6.25% | |||
Archer-Daniels-Midland | 102,600 | 5,106,402 | |
Asahi Group Holdings | 20,200 | 781,105 | |
Conagra Brands | 133,600 | 4,884,416 | |
Danone | 26,390 | 1,695,476 | |
Diageo | 41,800 | 1,604,899 | |
Kao | 6,300 | 471,173 | |
Kerry Group Class A | 1,670 | 233,868 | |
Kirin Holdings | 16,900 | 368,028 | |
Koninklijke Ahold Delhaize | 45,470 | 1,301,191 | |
Lawson | 11,500 | 521,025 | |
Mondelez International Class A | 88,400 | 5,078,580 | |
Nestle | 15,420 | 1,716,859 | |
Seven & i Holdings | 38,700 | 1,228,095 | |
24,991,117 | |||
Energy — 1.26% | |||
ConocoPhillips | 127,761 | 5,054,225 | |
5,054,225 | |||
Financials — 5.41% | |||
Allstate | 50,300 | 5,148,205 | |
American International Group | 143,000 | 5,496,920 | |
Banco Espirito Santo † | 105,000 | 0 | |
Bank of New York Mellon | 25,870 | 1,012,034 | |
Discover Financial Services | 64,257 | 4,894,456 | |
Truist Financial | 109,400 | 5,078,348 | |
21,629,963 |
Number of shares | Value (US $) | ||
Common Stock (continued) | |||
Healthcare — 8.83% | |||
Alexandria Real Estate Equities | 3,800 | $622,174 | |
Brookdale Senior Living † | 23,966 | 101,616 | |
Cardinal Health | 87,600 | 4,782,084 | |
Cigna | 23,300 | 4,872,962 | |
CVS Health | 69,800 | 4,731,742 | |
Fresenius Medical Care AG & Co. | 19,730 | 1,659,213 | |
Healthcare Trust of America Class A | 14,882 | 387,378 | |
Johnson & Johnson | 33,700 | 4,875,716 | |
Merck & Co. | 62,400 | 5,016,336 | |
Novo Nordisk Class B | 24,870 | 1,672,693 | |
Pfizer | 68,533 | 2,625,499 | |
Roche Holding | 5,570 | 1,832,967 | |
Viatris † | 126,581 | 2,129,092 | |
35,309,472 | |||
Industrials — 6.15% | |||
Caterpillar | 31,093 | 5,397,434 | |
G4S † | 487,740 | 1,437,010 | |
Honeywell International | 25,533 | 5,206,689 | |
Makita | 11,900 | 615,517 | |
Northrop Grumman | 15,400 | 4,654,804 | |
Raytheon Technologies | 75,279 | 5,399,010 | |
Secom | 4,700 | 467,974 | |
Securitas Class B † | 87,810 | 1,443,553 | |
24,621,991 | |||
Information Technology — 7.63% | |||
Broadcom | 13,300 | 5,341,014 | |
Cisco Systems | 126,400 | 5,437,728 | |
Cognizant Technology Solutions Class A | 65,432 | 5,112,202 | |
Intel | 91,900 | 4,443,365 | |
Motorola Solutions | 29,000 | 4,974,370 | |
Oracle | 84,700 | 4,888,884 | |
SAP | 2,540 | 308,983 | |
30,506,546 | |||
Materials — 1.82% | |||
Air Liquide | 11,580 | 1,901,388 | |
DuPont de Nemours | 85,000 | 5,392,400 | |
7,293,788 | |||
REIT Diversified — 0.57% | |||
Alpine Income Property Trust | 8,757 | 140,199 | |
Colony Capital | 72,359 | 312,591 |
Number of shares | Value (US $) | ||
Common Stock (continued) | |||
REIT Diversified (continued) | |||
Cousins Properties | 11,983 | $400,352 | |
Gaming and Leisure Properties | 4,572 | 189,921 | |
Lexington Realty Trust | 31,322 | 319,798 | |
QTS Realty Trust Class A | 5,378 | 319,507 | |
VICI Properties | 22,944 | 580,254 | |
2,262,622 | |||
REIT Healthcare — 0.47% | |||
CareTrust REIT | 7,157 | 139,061 | |
Healthpeak Properties | 13,701 | 395,411 | |
Medical Properties Trust | 24,674 | 478,676 | |
National Health Investors | 2,155 | 139,342 | |
Ventas | 1,990 | 95,341 | |
Welltower | 9,787 | 616,385 | |
1,864,216 | |||
REIT Industrial — 0.66% | |||
Americold Realty Trust | 5,974 | 203,893 | |
Duke Realty | 11,785 | 448,537 | |
Prologis | 19,692 | 1,970,184 | |
2,622,614 | |||
REIT Information Technology — 0.68% | |||
CyrusOne | 2,856 | 199,663 | |
Digital Realty Trust | 6,750 | 909,562 | |
Equinix | 2,325 | 1,622,362 | |
2,731,587 | |||
REIT Mall — 0.12% | |||
Simon Property Group | 6,025 | 497,484 | |
497,484 | |||
REIT Manufactured Housing — 0.25% | |||
Equity LifeStyle Properties | 7,007 | 410,540 | |
Sun Communities | 4,220 | 586,580 | |
997,120 | |||
REIT Multifamily — 1.71% | |||
Apartment Investment and Management Class A † | 3,219 | 97,693 | |
AvalonBay Communities | 2,714 | 452,125 | |
Bluerock Residential Growth REIT | 46 | 469 | |
Camden Property Trust | 2,403 | 237,488 | |
Equity Residential | 92,025 | 5,330,088 |
Number of shares | Value (US $) | ||
Common Stock (continued) | |||
REIT Multifamily (continued) | |||
Essex Property Trust | 1,933 | $475,286 | |
UDR | 6,761 | 260,096 | |
6,853,245 | |||
REIT Office — 0.26% | |||
Boston Properties | 6,675 | 655,218 | |
Highwoods Properties | 9,097 | 348,415 | |
Piedmont Office Realty Trust Class A | 14 | 219 | |
SL Green Realty | 825 | 47,768 | |
1,051,620 | |||
REIT Self-Storage — 0.38% | |||
Extra Space Storage | 5,289 | 596,229 | |
Life Storage | 1,925 | 211,211 | |
National Storage Affiliates Trust | 5,403 | 183,594 | |
Public Storage | 2,421 | 543,418 | |
1,534,452 | |||
REIT Shopping Center — 0.35% | |||
Agree Realty | 3,207 | 211,341 | |
Brixmor Property Group | 9,099 | 138,942 | |
Kimco Realty | 22,585 | 326,127 | |
Regency Centers | 5,355 | 244,081 | |
Retail Opportunity Investments | 9,931 | 128,904 | |
Urban Edge Properties | 12,511 | 162,393 | |
Weingarten Realty Investors | 9,915 | 207,323 | |
1,419,111 | |||
REIT Single Tenant — 0.24% | |||
Realty Income | 10,244 | 614,333 | |
Spirit Realty Capital | 9,815 | 361,584 | |
975,917 | |||
REIT Specialty — 0.21% | |||
Invitation Homes | 22,743 | 649,995 | |
Outfront Media | 9,480 | 179,551 | |
829,546 | |||
Utilities — 1.21% | |||
Edison International | 79,100 | 4,853,576 | |
4,853,576 | |||
Total Common Stock (cost $200,994,662) | 216,730,793 | ||
Number of shares | Value (US $) | ||
Convertible Preferred Stock — 2.91% | |||
2020 Mandatory Exchangeable Trust 144A 6.50% exercise price $47.09, maturity date 5/16/23 # | 925 | $1,642,661 | |
AMG Capital Trust II 5.15% exercise price $195.47, maturity date 10/15/37 | 20,037 | 963,028 | |
Assurant 6.50% exercise price $106.55, maturity date 3/15/21 | 8,095 | 994,876 | |
Bank of America 7.25% exercise price $50.00 ψ | 621 | 921,018 | |
El Paso Energy Capital Trust I 4.75% exercise price $34.49, maturity date 3/31/28 | 37,355 | 1,900,622 | |
Elanco Animal Health 5.00% exercise price $38.40, maturity date 2/1/23 | 26,756 | 1,269,840 | |
Essential Utilities 6.00% exercise price $42.29, maturity date 4/30/22 | 18,650 | 1,096,807 | |
Lyondellbasell Advanced Polymers 6.00% exercise price $52.33 ψ | 2,119 | 2,187,867 | |
QTS Realty Trust 6.50% exercise price $46.81 ψ | 4,904 | 662,138 | |
Total Convertible Preferred Stock (cost $10,140,142) | 11,638,857 | ||
Preferred Stock — 0.17% | |||
Bank of America 6.50% μ | 440,000 | 497,200 | |
GMAC Capital Trust I 6.007% (LIBOR03M + 5.785%) • | 5,000 | 129,950 | |
Washington Prime Group 6.875% | 4,840 | 66,114 | |
Total Preferred Stock (cost $687,001) | 693,264 | ||
Exchange-Traded Funds — 8.25% | |||
iShares MSCI EAFE ETF | 370 | 25,956 | |
iShares Russell 1000 Growth ETF | 70,510 | 16,304,732 | |
Vanguard FTSE Developed Markets ETF | 7,920 | 357,113 | |
Vanguard Mega Cap Growth ETF | 83,000 | 16,297,050 | |
Total Exchange-Traded Funds (cost $27,612,501) | 32,984,851 | ||
Limited Partnerships — 2.12% | |||
Merion Champion's Walk=, †, π | 2,790,000 | 2,255,436 | |
Merion Countryside=, †, π | 2,342,813 | 2,466,044 | |
Merion The Ledges=, †, π | 3,970,235 | 3,769,342 | |
Total Limited Partnerships (cost $5,625,035) | 8,490,822 |
Principal amount° | Value (US $) | ||
Leveraged Non-Recourse Security — 0.00% | |||
JPMorgan Fixed Income Pass Through Trust Auction Series 2007-B 144A 0.241% 1/15/87 #, =, ♦ | 1,300,000 | $1,300 | |
Total Leveraged Non-Recourse Security (cost $1,105,000) | 1,300 |
Number of shares | |||
Short-Term Investments — 1.49% | |||
Money Market Mutual Funds — 1.49% | |||
BlackRock FedFund – Institutional Shares (seven-day effective yield 0.00%) | 1,492,331 | 1,492,331 | |
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 0.01%) | 1,492,331 | 1,492,331 | |
GS Financial Square Government Fund – Institutional Shares (seven-day effective yield 0.01%) | 1,492,331 | 1,492,331 | |
Morgan Stanley Government Portfolio – Institutional Share Class (seven-day effective yield 0.00%) | 1,492,331 | 1,492,331 | |
Total Short-Term Investments (cost $5,969,324) | 5,969,324 | ||
Total Value of Securities—99.87% (cost $369,890,588) | $399,568,848 |
° | Principal amount shown is stated in USD unless noted that the security is denominated in another currency. |
# | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At November 30, 2020, the aggregate value of Rule 144A securities was $53,567,121, which represents 13.39% of the Fund's net assets. See Note 11 in “Notes to financial statements.” |
• | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at November 30, 2020. 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. LIBOR03M, LIBOR06M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
μ | Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at November 30, 2020. Rate will reset at a future date. |
ψ | No contractual maturity date. |
^ | Zero-coupon security. The rate shown is the effective yield at the time of purchase. |
Δ | Securities have been classified by country of origin. |
† | Non-income producing security. |
= | The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in “Notes to financial statements.” |
π | Restricted security. These investments are in securities not registered under the Securities Act of 1933, as amended, and have certain restrictions on resale which may limit their liquidity. At November 30, 2020, the aggregate value of restricted securities was $8,490,822, which represented 2.12% of the Fund’s net assets. See table on the next page for additional details on restricted securities. |
♦ | 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. |
Restricted Securities | ||||||
Investments | Date of Acquisition | Cost | Value | |||
Merion Champion’s Walk | 5/13/2016 | $2,059,199 | $2,043,424 | |||
Merion Champion’s Walk | 2/13/2018 | 53,412 | 53,003 | |||
Merion Champion’s Walk | 7/11/2018 | 56,182 | 53,003 | |||
Merion Champion’s Walk | 10/22/2018 | 57,118 | 53,003 | |||
Merion Champion’s Walk | 2/13/2019 | 58,032 | 53,003 | |||
Merion Countryside | 5/11/2016 | 0 | 2,189,847 | |||
Merion Countryside | 4/7/2017 | 0 | 177,555 | |||
Merion Countryside | 5/3/2018 | 0 | 98,642 | |||
Merion The Ledges | 9/26/2018 | 3,207,683 | 3,628,607 | |||
Merion The Ledges | 9/12/2019 | 133,409 | 140,735 | |||
Total | $5,625,035 | $8,490,822 |
Foreign Currency Exchange Contracts | ||||||||||||
Counterparty | Currency to Receive (Deliver) | In Exchange For | Settlement Date | Unrealized Appreciation | Unrealized Depreciation | |||||||
BNYM | EUR | (68,246) | USD | 81,023 | 12/2/20 | $— | $(389) | |||||
JPMCB | BRL | (1,878,568) | USD | 339,000 | 8/27/21 | — | (7,187) | |||||
JPMCB | CNY | 1,307,686 | USD | (197,000) | 1/22/21 | 766 | — | |||||
JPMCB | EUR | 73,000 | USD | (86,923) | 12/2/20 | 159 | — | |||||
JPMCB | EUR | (650,214) | USD | 773,624 | 1/15/21 | — | (3,145) | |||||
JPMCB | EUR | (392,711) | USD | 462,185 | 1/22/21 | — | (7,033) | |||||
JPMCB | KZT | 70,682,750 | USD | (161,671) | 1/15/21 | 2,163 | — | |||||
Total Foreign Currency Exchange Contracts | $3,088 | $(17,754) |
Futures Contracts | |||||||||||
Contracts to Buy (Sell) | Notional Amount | Notional Cost (Proceeds) | Expiration Date | Value/ Unrealized Depreciation | Variation Margin Due from (Due to) Brokers | ||||||
(7) | US Treasury 10 yr Notes | $(967,203) | $(965,436) | 3/22/21 | $(1,767) | $109 |
CDS Contracts2 | ||||||||||||||
Counterparty/ Reference Obligation/ Termination Date/ Payment Frequency | Notional Amount3 | Annual Protection Payments | Value | Upfront Payments Paid (Received) | Unrealized Appreciation4 | Unrealized Depreciation4 | Variation Margin Due from (Due to) Brokers | |||||||
Over-The-Counter: | ||||||||||||||
Protection Purchased/Moody’s Ratings: | ||||||||||||||
JPMCB-Republic of Brazil 9/20/25- Quarterly | 359,000 | 1.000% | $10,020 | $18,457 | $— | $(8,437) | $— | |||||||
JPMCB-Republic of Turkey 12/20/25- Quarterly | 200,000 | 1.000% | 25,645 | 34,523 | — | (8,878) | — | |||||||
$35,665 | $52,980 | $— | $(17,315) | $— |
1 | See Note 8 in "Notes to Financial statements". |
2 | A CDS contract is a risk-transfer instrument through which one party (purchaser of protection) transfers to another party (seller of protection) the financial risk of a credit event (as defined in the CDS agreement), as it relates to a particular reference security or basket of securities (such as an index). Periodic payments (receipts) on such contracts are accrued daily and recorded as unrealized losses (gains) on swap contracts. Upon payment (receipt), such amounts are recorded as realized losses (gains) on swap contracts. Upfront payments made or received in connection with CDS contracts are amortized over the expected life of the CDS contracts as unrealized losses (gains) on swap contracts. The change in value of CDS contracts is recorded daily as unrealized appreciation or depreciation. A realized gain or loss is recorded upon a credit event (as defined in the CDS agreement) or the maturity or termination of the CDS agreement. |
3 | Notional amount shown is stated in USD unless noted that the swap is denominated in another currency. |
4 | Unrealized appreciation (depreciation) does not include periodic interest payments (receipt) on swap contracts accrued daily in the amount of $(1,014) |
Summary of abbreviations: |
AG – Aktiengesellschaft |
BB – Barclays Bank |
BNYM – Bank of New York Mellon |
CD – Certificate of Deposit |
CDS – Credit Default Swap |
CLO – Collateralized Loan Obligation |
EAFE – Europe, Australasia, and Far East |
ETF – Exchange-Traded Fund |
FTSE – Financial Times Stock Exchange |
GS – Goldman Sachs |
ICE – Intercontinental Exchange, Inc. |
JPM – JPMorgan |
JPMCB – JPMorgan Chase Bank |
LIBOR – London interbank offered rate |
LIBOR03M – ICE LIBOR USD 3 Month |
LIBOR06M – ICE LIBOR USD 6 Month |
MSCI – Morgan Stanley Capital International |
REIT – Real Estate Investment Trust |
S.F. – Single Family |
USBMMY3M – US Treasury 3 Month Bill Money Market Yield |
yr – Year |
Summary of currencies: |
BRL – Brazilian Real |
CNY – China Yuan Renminbi |
CZK – Czech Koruna |
EUR – European Monetary Unit |
KZT – Kazakhstan Tenge |
MYR – Malaysia Ringgit |
PEN – Peruvian Sol |
PLN – Polish Zloty |
USD – US Dollar |
Delaware Wealth Builder Fund | November 30, 2020 |
Assets: | |
Investments, at value* | $399,568,848 |
Cash | 73,901 |
Cash collateral due from broker | 10,780 |
Foreign currencies, at valueΔ | 78,022 |
Dividends and interest receivable | 1,665,611 |
Receivable for securities sold | 1,030,318 |
Receivable for fund shares sold | 368,805 |
Foreign tax reclaims receivable | 260,093 |
Upfront payments paid on over the counter credit default swap contracts | 52,980 |
Unrealized appreciation on foreign currency exchange contracts | 3,088 |
Variation margin due from broker on futures contracts | 109 |
Total Assets | 403,112,555 |
Liabilities: | |
Payable for securities purchased | 1,951,283 |
Payable for fund shares redeemed | 514,096 |
Investment management fees payable to affiliates | 187,146 |
Other accrued expenses | 125,441 |
Distribution fees payable to affiliates | 89,655 |
Cash collateral due to broker | 60,000 |
Dividend disbursing and transfer agent fees and expenses payable to non-affiliates | 48,610 |
Unrealized depreciation on foreign currency exchange contracts | 17,754 |
Unrealized depreciation on over the counter credit default swap contracts | 17,315 |
Swap payments payable | 8,159 |
Dividend disbursing and transfer agent fees and expenses payable to affiliates | 2,909 |
Trustees' fees and expenses payable | 2,787 |
Legal fees payable to affiliates | 1,978 |
Accounting and administration expenses payable to affiliates | 1,423 |
Reports and statements to shareholders expenses payable to affiliates | 386 |
Total Liabilities | 3,028,942 |
Total Net Assets | $400,083,613 |
Net Assets Consist of: | |
Paid-in capital | $394,502,690 |
Total distributable earnings (loss) | 5,580,923 |
Total Net Assets | $400,083,613 |
Net Asset Value | |
Class A: | |
Net assets | $230,167,711 |
Shares of beneficial interest outstanding, unlimited authorization, no par | 16,793,610 |
Net asset value per share | $13.71 |
Sales charge | 5.75% |
Offering price per share, equal to net asset value per share / (1 - sales charge) | $14.55 |
Class C: | |
Net assets | $52,257,762 |
Shares of beneficial interest outstanding, unlimited authorization, no par | 3,804,876 |
Net asset value per share | $13.73 |
Class R: | |
Net assets | $1,069,064 |
Shares of beneficial interest outstanding, unlimited authorization, no par | 77,992 |
Net asset value per share | $13.71 |
Institutional Class: | |
Net assets | $116,589,076 |
Shares of beneficial interest outstanding, unlimited authorization, no par | 8,510,538 |
Net asset value per share | $13.70 |
*Investments, at cost | $369,890,588 |
ΔForeign currencies, at cost | 76,035 |
Delaware Wealth Builder Fund | Year ended November 30, 2020 |
Investment Income: | |
Dividends | $7,358,629 |
Interest | 5,445,260 |
Foreign tax withheld | (49,513) |
12,754,376 | |
Expenses: | |
Management fees | 2,767,300 |
Distribution expenses — Class A | 569,216 |
Distribution expenses — Class C | 708,159 |
Distribution expenses — Class R | 5,607 |
Dividend disbursing and transfer agent fees and expenses | 408,605 |
Accounting and administration expenses | 111,198 |
Reports and statements to shareholders expenses | 101,964 |
Registration fees | 90,225 |
Audit and tax fees | 56,076 |
Custodian fees | 37,195 |
Legal fees | 25,158 |
Trustees’ fees and expenses | 24,497 |
Other | 60,544 |
4,965,744 | |
Less expenses waived | (121,022) |
Less expenses paid indirectly | (838) |
Total operating expenses | 4,843,884 |
Net Investment Income | 7,910,492 |
Net Realized and Unrealized Gain (Loss): | |
Net realized gain (loss) on: | |
Investments | $(22,034,090) |
Foreign currencies | (77,689) |
Foreign currency exchange contracts | (98,606) |
Futures contracts | 117,086 |
Swap contracts | 1,108,793 |
Net realized loss | (20,984,506) |
Net change in unrealized appreciation (depreciation) of: | |
Investments | 8,696,891 |
Foreign currencies | 27,143 |
Foreign currency exchange contracts | (18,189) |
Futures contracts | (245,933) |
Swap contracts | 247,423 |
Net change in unrealized appreciation (depreciation) | 8,707,335 |
Net Realized and Unrealized Loss | (12,277,171) |
Net Decrease in Net Assets Resulting from Operations | $(4,366,679) |
Year ended | |||
11/30/20 | 11/30/19 | ||
Increase (Decrease) in Net Assets from Operations: | |||
Net investment income | $7,910,492 | $20,526,365 | |
Net realized gain (loss) | (20,984,506) | 2,827,411 | |
Net change in unrealized appreciation (depreciation) | 8,707,335 | 16,534,872 | |
Net increase (decrease) in net assets resulting from operations | (4,366,679) | 39,888,648 | |
Dividends and Distributions to Shareholders from: | |||
Distributable earnings: | |||
Class A | (8,240,009) | (22,227,219) | |
Class C | (2,241,972) | (9,875,532) | |
Class R | (38,520) | (152,030) | |
Institutional Class | (5,073,888) | (15,088,656) | |
(15,594,389) | (47,343,437) | ||
Capital Share Transactions: | |||
Proceeds from shares sold: | |||
Class A | 26,340,207 | 26,721,168 | |
Class C | 2,983,512 | 6,055,876 | |
Class R | 237,780 | 180,663 | |
Institutional Class | 18,294,356 | 22,726,766 | |
Net asset value of shares issued upon reinvestment of dividends and distributions: | |||
Class A | 7,785,843 | 21,081,563 | |
Class C | 2,119,949 | 9,359,325 | |
Class R | 38,519 | 151,066 | |
Institutional Class | 4,609,859 | 13,671,291 | |
62,410,025 | 99,947,718 |
Year ended | |||
11/30/20 | 11/30/19 | ||
Capital Share Transactions (continued): | |||
Cost of shares redeemed: | |||
Class A | $(55,627,830) | $(59,772,304) | |
Class C | (43,414,656) | (54,997,396) | |
Class R | (430,547) | (979,678) | |
Institutional Class | (54,660,568) | (63,450,417) | |
(154,133,601) | (179,199,795) | ||
Decrease in net assets derived from capital share transactions | (91,723,576) | (79,252,077) | |
Net Decrease in Net Assets | (111,684,644) | (86,706,866) | |
Net Assets: | |||
Beginning of year | 511,768,257 | 598,475,123 | |
End of year | $400,083,613 | $511,768,257 |
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income1 |
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 return2 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets5, 6 |
Ratio of expenses to average net assets prior to fees waived5 |
Ratio of net investment income to average net assets7 |
Ratio of net investment income to average net assets prior to fees waived |
Portfolio turnover |
1 | The average shares outstanding method has been applied for per share information. |
2 | 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. |
3 | Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. |
4 | General Motors term loan litigation were included in total return. If excluded, the impact on the total return would be 0.11% lower. See Note 13 in “Notes to financial statements.” |
5 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
6 | The ratios of expenses to average net assets excluding interest expense and dividend expense for the years ended November 30, 2018, 2017, and 2016 were 1.09%, 1.09%, and 1.12%, respectively. |
7 | The ratios of net investment income to average net assets excluding interest expense and dividend expense for the years ended November 30, 2018, 2017, and 2016 were 2.40%, 2.51%, and 2.05%, respectively. |
Year ended | ||||||||
11/30/20 | 11/30/19 | 11/30/18 | 11/30/17 | 11/30/16 | ||||
$14.01 | $14.15 | $14.62 | $13.64 | $13.16 | ||||
0.25 | 0.53 | 0.35 | 0.36 | 0.27 | ||||
(0.09) | 0.50 | (0.43) | 0.98 | 0.52 | ||||
0.16 | 1.03 | (0.08) | 1.34 | 0.79 | ||||
(0.27) | (0.35) | (0.34) | (0.36) | (0.31) | ||||
(0.19) | (0.82) | (0.05) | — | — | ||||
(0.46) | (1.17) | (0.39) | (0.36) | (0.31) | ||||
$13.71 | $14.01 | $14.15 | $14.62 | $13.64 | ||||
1.30%3 | 8.30%4 | (0.56%) | 9.90% | 6.11% | ||||
$230,168 | $259,283 | $273,384 | $256,157 | $270,324 | ||||
1.09% | 1.09% | 1.09% | 1.09% | 1.13% | ||||
1.12% | 1.09% | 1.09% | 1.09% | 1.13% | ||||
1.91% | 3.91% | 2.41% | 2.51% | 2.04% | ||||
1.88% | 3.91% | 2.41% | 2.51% | 2.04% | ||||
68% | 91% | 57% | 81% | 102% |
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income1 |
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 return2 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets5, 6 |
Ratio of expenses to average net assets prior to fees waived5 |
Ratio of net investment income to average net assets7 |
Ratio of net investment income to average net assets prior to fees waived |
Portfolio turnover |
1 | The average shares outstanding method has been applied for per share information. |
2 | 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. |
3 | Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. |
4 | General Motors term loan litigation were included in total return. If excluded, the impact on the total return would be 0.11% lower. See Note 13 in “Notes to financial statements.” |
5 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
6 | The ratios of expenses to average net assets excluding interest expense and dividend expense for the years ended November 30, 2018, 2017, and 2016 were 1.84%, 1.84%, and 1.87%, respectively. |
7 | The ratios of net investment income to average net assets excluding interest expense and dividend expense for the years ended November 30, 2018, 2017, and 2016 were 1.65%, 1.76%, and 1.30%, respectively. |
Year ended | ||||||||
11/30/20 | 11/30/19 | 11/30/18 | 11/30/17 | 11/30/16 | ||||
$14.04 | $14.18 | $14.65 | $13.66 | $13.18 | ||||
0.15 | 0.43 | 0.24 | 0.25 | 0.17 | ||||
(0.10) | 0.49 | (0.43) | 0.99 | 0.52 | ||||
0.05 | 0.92 | (0.19) | 1.24 | 0.69 | ||||
(0.17) | (0.24) | (0.23) | (0.25) | (0.21) | ||||
(0.19) | (0.82) | (0.05) | — | — | ||||
(0.36) | (1.06) | (0.28) | (0.25) | (0.21) | ||||
$13.73 | $14.04 | $14.18 | $14.65 | $13.66 | ||||
0.47%3 | 7.46%4 | (1.34%) | 9.13% | 5.30% | ||||
$52,258 | $95,672 | $137,403 | $225,604 | $283,243 | ||||
1.84% | 1.84% | 1.84% | 1.84% | 1.88% | ||||
1.87% | 1.84% | 1.84% | 1.84% | 1.88% | ||||
1.16% | 3.17% | 1.66% | 1.76% | 1.29% | ||||
1.13% | 3.17% | 1.66% | 1.76% | 1.29% | ||||
68% | 91% | 57% | 81% | 102% |
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income1 |
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 return2 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets5, 6 |
Ratio of expenses to average net assets prior to fees waived5 |
Ratio of net investment income to average net assets7 |
Ratio of net investment income to average net assets prior to fees waived |
Portfolio turnover |
1 | The average shares outstanding method has been applied for per share information. |
2 | 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. |
3 | Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. |
4 | General Motors term loan litigation were included in total return. If excluded, the impact on the total return would be 0.11% lower. See Note 13 in “Notes to financial statements.” |
5 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
6 | The ratios of expenses to average net assets excluding interest expense and dividend expense for the years ended November 30, 2018, 2017, and 2016 were 1.34%, 1.34%, and 1.37%, respectively. |
7 | The ratios of net investment income to average net assets excluding interest expense and dividend expense for the years ended November 30, 2018, 2017, and 2016 were 2.15%, 2.26%, and 1.80%, respectively. |
Year ended | ||||||||
11/30/20 | 11/30/19 | 11/30/18 | 11/30/17 | 11/30/16 | ||||
$14.02 | $14.16 | $14.62 | $13.63 | $13.16 | ||||
0.21 | 0.49 | 0.31 | 0.32 | 0.24 | ||||
(0.09) | 0.50 | (0.42) | 0.99 | 0.51 | ||||
0.12 | 0.99 | (0.11) | 1.31 | 0.75 | ||||
(0.24) | (0.31) | (0.30) | (0.32) | (0.28) | ||||
(0.19) | (0.82) | (0.05) | — | — | ||||
(0.43) | (1.13) | (0.35) | (0.32) | (0.28) | ||||
$13.71 | $14.02 | $14.16 | $14.62 | $13.63 | ||||
0.99%3 | 8.02%4 | (0.78%) | 9.70% | 5.76% | ||||
$1,069 | $1,288 | $1,968 | $2,320 | $3,229 | ||||
1.34% | 1.34% | 1.34% | 1.34% | 1.38% | ||||
1.37% | 1.34% | 1.34% | 1.34% | 1.38% | ||||
1.66% | 3.66% | 2.16% | 2.26% | 1.79% | ||||
1.63% | 3.66% | 2.16% | 2.26% | 1.79% | ||||
68% | 91% | 57% | 81% | 102% |
Net asset value, beginning of period |
Income (loss) from investment operations: |
Net investment income1 |
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 return2 |
Ratios and supplemental data: |
Net assets, end of period (000 omitted) |
Ratio of expenses to average net assets5, 6 |
Ratio of expenses to average net assets prior to fees waived5 |
Ratio of net investment income to average net assets7 |
Ratio of net investment income to average net assets prior to fees waived |
Portfolio turnover |
1 | The average shares outstanding method has been applied for per share information. |
2 | 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. |
3 | Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. |
4 | General Motors term loan litigation were included in total return. If excluded, the impact on the total return would be 0.11% lower. See Note 13 in “Notes to financial statements.” |
5 | Expense ratios do not include expenses of the Underlying Funds in which the Fund invests. |
6 | The ratios of expenses to average net assets excluding interest expense and dividend expense for the years ended November 30, 2018, 2017, and 2016 were 0.84%, 0.84%, and 0.87%, respectively. |
7 | The ratios of net investment income to average net assets excluding interest expense and dividend expense for the years ended November 30, 2018, 2017, and 2016 were 2.65%, 2.76%, and 2.30%, respectively. |
Year ended | ||||||||
11/30/20 | 11/30/19 | 11/30/18 | 11/30/17 | 11/30/16 | ||||
$14.01 | $14.15 | $14.63 | $13.64 | $13.16 | ||||
0.28 | 0.56 | 0.38 | 0.39 | 0.30 | ||||
(0.10) | 0.50 | (0.43) | 0.99 | 0.52 | ||||
0.18 | 1.06 | (0.05) | 1.38 | 0.82 | ||||
(0.30) | (0.38) | (0.38) | (0.39) | (0.34) | ||||
(0.19) | (0.82) | (0.05) | — | — | ||||
(0.49) | (1.20) | (0.43) | (0.39) | (0.34) | ||||
$13.70 | $14.01 | $14.15 | $14.63 | $13.64 | ||||
1.50%3 | 8.59%4 | (0.37%) | 10.24% | 6.37% | ||||
$116,589 | $155,525 | $185,720 | $201,285 | $149,830 | ||||
0.84% | 0.84% | 0.84% | 0.84% | 0.88% | ||||
0.87% | 0.84% | 0.84% | 0.84% | 0.88% | ||||
2.16% | 4.16% | 2.66% | 2.76% | 2.29% | ||||
2.13% | 4.16% | 2.66% | 2.76% | 2.29% | ||||
68% | 91% | 57% | 81% | 102% |
Delaware Wealth Builder Fund | November 30, 2020 |
(US GAAP) and are consistently followed by the Fund.
“more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are recorded as a tax benefit or expense in the current year. Management has analyzed the Fund’s tax positions taken or expected to be taken on the Fund’s federal income tax returns through the year ended November 30, 2020 and for all open tax years (years ended November 30, 2017–November 30, 2019), and has concluded that no provision for federal income tax is required in the Fund’s financial statements. If applicable, the Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in “Other” on the “Statement of operations.” 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. During the year ended November 30, 2020, the Fund did not incur any interest or tax penalties.
“Less expenses paid indirectly.” For the year ended November 30, 2020, the Fund earned $636 under this arrangement.
pay/reimburse the Fund to the extent necessary to ensure total annual operating 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) from exceeding 0.83% of the Fund’s average daily net assets from
March 27, 2020 through November 30, 2020.* For purposes of these waivers and reimbursements, nonroutine expenses may also include such additional costs and expenses as may be agreed upon from time to time by the Board and DMC. These expense waivers and reimbursements apply to expenses paid directly to the Fund and may only be terminated by agreement of DMC and the Fund. The waivers and reimbursements are accrued daily and received monthly.
“Legal fees.”
broker/dealers on sales of those shares.
Purchases other than US government securities | $262,096,565 |
Purchases of US government securities | 19,965,668 |
Sales other than US government securities | 347,281,451 |
Sales of US government securities | 21,289,009 |
Cost of investments and derivatives | $372,595,457 |
Aggregate unrealized appreciation of investments and derivatives | $38,361,102 |
Aggregate unrealized depreciation of investments and derivatives | (11,421,459) |
Net unrealized appreciation of investments and derivatives | $26,939,643 |
income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may also be based upon current market prices of securities that are comparable in coupon, rating, maturity, and industry. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.
Level 1 | Level 2 | Level 3 | Total | ||||||
Securities | |||||||||
Assets: | |||||||||
Agency Mortgage-Backed Securities | $— | $3,271,115 | $— | $3,271,115 | |||||
Collateralized Debt Obligations | — | 797,003 | — | 797,003 | |||||
Common Stock | 216,730,793 | — | — | 216,730,793 | |||||
Convertible Bonds | — | 36,698,588 | — | 36,698,588 | |||||
Convertible Preferred Stock1 | 6,845,301 | 4,793,556 | — | 11,638,857 | |||||
Corporate Bonds | — | 65,536,254 | — | 65,536,254 | |||||
Exchange-Traded Funds | 32,984,851 | — | — | 32,984,851 | |||||
Leveraged Non-Recourse Security | — | — | 1,300 | 1,300 | |||||
Limited Partnerships | — | — | 8,490,822 | 8,490,822 |
Level 1 | Level 2 | Level 3 | Total | ||||||||
Non-Agency Commercial Mortgage-Backed Securities | $— | $2,372,176 | $— | $2,372,176 | |||||||
Preferred Stock1 | 196,064 | 497,200 | — | 693,264 | |||||||
Sovereign Bonds | — | 8,184,096 | — | 8,184,096 | |||||||
Supranational Bank | — | 1,002,839 | — | 1,002,839 | |||||||
US Treasury Obligations | — | 5,197,566 | — | 5,197,566 | |||||||
Short-Term Investments | 5,969,324 | — | — | 5,969,324 | |||||||
Total Value of Securities | $262,726,333 | $128,350,393 | $8,492,122 | $399,568,848 | |||||||
Derivatives2 | |||||||||||
Assets: | |||||||||||
Foreign Currency Exchange Contracts | $— | $3,088 | $— | $3,088 | |||||||
Liabilities: | |||||||||||
Foreign Currency Exchange Contracts | $— | $(17,754) | $— | $(17,754) | |||||||
Futures Contracts | (1,767) | — | — | (1,767) | |||||||
Swap Contracts | — | (17,315) | — | (17,315) |
1Security type is valued across multiple levels. Level 1 investments represent exchange-traded investments, Level 2 investments represent investments with observable inputs or matrix-priced investments, and Level 3 investments represent investments without observable inputs. The amounts attributed to Level 1 investments, Level 2 investments, and Level 3 investments represent the following percentages of the total market value of these security types: |
Level 1 | Level 2 | Level 3 | Total | ||||
Preferred Stock | 28.28% | 71.72% | — | 100.00% | |||
Convertible Preferred Stock | 58.81% | 41.19% | — | 100.00% | |||
2Futures contracts and swap contracts are valued at the unrealized appreciation (depreciation) on the instrument at the year end. |
Limited Partnerships | Leveraged Non-Recourse Security | Total | |||
Beginning balance November 30, 2019 | $7,830,543 | $1,300 | $7,831,843 | ||
Return of capital | (541,821) | — | (541,821) | ||
Net change in unrealized appreciation (depreciation) | 1,202,100 | — | 1,202,100 | ||
Ending balance November 30, 2020 | $8,490,822 | $1,300 | $8,492,122 | ||
Net change in unrealized appreciation from investments still held at the end of the year | $1,202,100 | $— | $1,202,100 |
Assets | Value | Valuation Techniques | Unobservable Inputs | |||
Limited Partnership | $8,490,822 | Market cap rate method | Trailing 12 months NOI, adjusted for assets and liabilities; liquidity discount | |||
Leveraged Non-Recourse Security | 1,300 | Valued by 3rd party | Unadjusted price provided by 3rd party | |||
Total | $8,492,122 |
Year ended | |||
11/30/20 | 11/30/19 | ||
Ordinary income | $12,949,815 | $14,605,108 | |
Long-term capital gains | 2,644,574 | 32,738,329 | |
Total | $15,594,389 | $47,343,437 |
Shares of beneficial interest | $394,502,690 |
Undistributed ordinary income | 1,383,192 |
Capital loss carryforwards | (22,741,912) |
Unrealized appreciation (depreciation) of investments and foreign currencies | 26,939,643 |
Net assets | $400,083,613 |
Paid-in capital | $(806) |
Total distributable earnings (loss) | 806 |
Loss carryforward character | |||||
Short-term | Long-term | Total | |||
$ 11,579,740 | $ 11,162,172 | $ 22,741,912 |
Year ended | |||
11/30/20 | 11/30/19 | ||
Shares sold: | |||
Class A | 2,060,385 | 1,964,437 | |
Class C | 224,529 | 450,690 | |
Class R | 18,351 | 13,428 | |
Institutional Class | 1,423,139 | 1,688,057 | |
Shares issued upon reinvestment of dividends and distributions: | |||
Class A | 589,479 | 1,666,341 | |
Class C | 158,249 | 744,080 | |
Class R | 2,912 | 11,990 | |
Institutional Class | 349,100 | 1,080,956 | |
4,826,144 | 7,619,979 | ||
Shares redeemed: | |||
Class A | (4,358,810) | (4,444,226) | |
Class C | (3,391,081) | (4,072,093) | |
Class R | (35,182) | (72,569) | |
Institutional Class | (4,363,203) | (4,791,380) | |
(12,148,276) | (13,380,268) | ||
Net decrease | (7,322,132) | (5,760,289) |
Exchange Redemptions | Exchange Subscriptions | |||||||||||
Class A Shares | Class C Shares | Class A Shares | Institutional Class Shares | Value | ||||||||
Year ended | ||||||||||||
11/30/20 | 18,524 | 65,286 | 58,583 | 25,347 | $1,068,685 | |||||||
Year ended | ||||||||||||
11/30/19 | 15,392 | 61,229 | 48,707 | 28,025 | 1,042,765 |
then ended.
Asset Derivatives Fair Value | |||
Statement of Assets and Liabilities Location | Currency Contracts | ||
Unrealized appreciation on foreign currency exchange contracts | $3,088 |
Liability Derivatives Fair Value | ||||||||
Statement of Assets and Liabilities Location | Currency Contracts | Interest Rate Contracts | Credit Contracts | Total | ||||
Unrealized depreciation on foreign currency exchange contracts | $(17,754) | $— | $— | $(17,754) | ||||
Variation margin due to broker on futures contracts* | — | (1,767) | — | (1,767) | ||||
Unrealized depreciation on over the counter credit default swap contracts | — | — | (17,315) | (17,315) | ||||
Total | $(17,754) | $(1,767) | $(17,315) | $(36,836) | ||||
*Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts were opened through November 30, 2020. Only current day variation margin is reported on the “Statement of assets and liabilities.” |
November 30, 2020 was as follows:
Net Realized Gain (Loss) on: | |||||||
Foreign Currency Exchange Contracts | Futures Contracts | Swap Contracts | Total | ||||
Currency contracts | $(98,606) | $— | $— | $(98,606) | |||
Interest rate contracts | — | 117,086 | — | 117,086 | |||
Credit contracts | — | — | 1,108,793 | 1,108,793 | |||
Total | $(98,606) | $117,086 | $1,108,793 | $1,127,273 |
Net Change in Unrealized Appreciation (Depreciation) of: | |||||||
Foreign Currency Exchange Contracts | Futures Contracts | Swap Contracts | Total | ||||
Currency contracts | $(18,189) | $— | $— | $(18,189) | |||
Interest rate contracts | — | (245,933) | — | (245,933) | |||
Credit contracts | — | — | 247,423 | 247,423 | |||
Total | $(18,189) | $(245,933) | $247,423 | $(16,699) |
Long Derivative Volume | Short Derivative Volume | ||||
Foreign currency exchange contracts (average notional value) | $384,771 | $1,190,113 | |||
Futures contracts (average notional value) | 463,060 | 1,027,561 | |||
CDS contracts (average notional value)* | 7,650,298 | — | |||
*Long represents buying protection and short represents selling protection. |
Delaware Wealth Builder Fund | ||||||
Counterparty | Gross Value of Derivative Asset | Gross Value of Derivative Liability | Net Position | |||
Bank of New York Mellon | $966 | $(1,355) | $(389) | |||
JPMorgan Chase Bank | 3,088 | (34,680) | (31,592) | |||
Total | $4,054 | $(36,035) | $(31,981) |
Counterparty | Net Position | Fair Value of Non-Cash Collateral Received | Cash Collateral Received(a) | Fair Value of Non-Cash Collateral Pledged | Cash Collateral Pledged | Net Exposure(b) | ||||||
Bank of New York Mellon | $(389) | $— | $389 | $— | $— | $— | ||||||
JPMorgan Chase Bank | (31,592) | — | 31,592 | — | — | — | ||||||
Total | $(31,981) | $— | $31,981 | $— | $— | $— | ||||||
(a)The value of the related collateral exceeded the value of the net position, purchase agreements, and securities lending transactions as of November 30, 2020. | ||||||||||||
(b)Net exposure represents the receivable (payable) that would be due from (to) the counterparty in the event of default. |
the Fund.
grade securities.
November 30, 2020, that would require recognition or disclosure in the Fund's financial statements.
Philadelphia, Pennsylvania
January 21, 2021
(A) Long-Term Capital Gain Distributions (Tax Basis) | 16.96% |
(B) Ordinary Income Distribution (Tax Basis)* | 83.04% |
Total Distributions (Tax Basis) | 100.00% |
(C) Qualified Dividends1 | 50.28% |
Name, Address, and Birth Date | Position(s) Held with Fund(s) | Length of Time Served | Principal Occupation(s) During the Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee or Officer | Other Directorships Held by Trustee or Officer |
Interested Trustee | |||||
Shawn K. Lytle1 610 Market Street Philadelphia, PA 19106-2354 February 1970 | President, Chief Executive Officer, and Trustee | President and Chief Executive Officer since August 2015 Trustee since September 2015 | Global Head of Macquarie Investment Management2 (January 2019–Present) Head of Americas of Macquarie Group (December 2017–Present) Deputy Global Head of Macquarie Investment Management (2017–2019) Head of Macquarie Investment Management Americas (2015–2017) | 85 | Trustee — UBS Relationship Funds, SMA Relationship Trust, and UBS Funds (May 2010–April 2015) |
Name, Address, and Birth Date | Position(s) Held with Fund(s) | Length of Time Served | Principal Occupation(s) During the Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee or Officer | Other Directorships Held by Trustee or Officer |
Independent Trustees | |||||
Jerome D. Abernathy 610 Market Street Philadelphia, PA 19106-2354 July 1959 | Trustee | Since January 2019 | Managing Member, Stonebrook Capital Management, LLC (financial technology: macro factors and databases) (January 1993-Present) | 85 | None |
Thomas L. Bennett 610 Market Street Philadelphia, PA 19106-2354 October 1947 | Chair and Trustee | Trustee since March 2005 Chair since March 2015 | Private Investor (March 2004–Present) | 85 | None |
Ann D. Borowiec 610 Market Street Philadelphia, PA 19106-2354 November 1958 | Trustee | Since March 2015 | Chief Executive Officer, Private Wealth Management (2011–2013) and Market Manager, New Jersey Private Bank (2005–2011) — J.P. Morgan Chase & Co. | 85 | Director — Banco Santander International (October 2016–December 2019) Director — Santander Bank, N.A. (December 2016–December 2019) |
Name, Address, and Birth Date | Position(s) Held with Fund(s) | Length of Time Served | Principal Occupation(s) During the Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee or Officer | Other Directorships Held by Trustee or Officer |
Joseph W. Chow 610 Market Street Philadelphia, PA 19106-2354 January 1953 | Trustee | Since January 2013 | Private Investor (April 2011–Present) | 85 | Director and Audit Committee Member — Hercules Technology Growth Capital, Inc. (July 2004–July 2014) |
John A. Fry 610 Market Street Philadelphia, PA 19106-2354 May 1960 | Trustee | Since January 2001 | President — Drexel University (August 2010–Present) President — Franklin & Marshall College (July 2002–June 2010) | 85 | Director; Compensation Committee and Governance Committee Member — Community Health Systems (May 2004–Present) Director — Drexel Morgan & Co. (2015–2019) Director and Audit Committee Member — vTv Therapeutics Inc. (2017–Present) Director and Audit Committee Member — FS Credit Real Estate Income Trust, Inc. (2018–Present) Director — Federal Reserve Bank of Philadelphia (January 2020–Present) |
Name, Address, and Birth Date | Position(s) Held with Fund(s) | Length of Time Served | Principal Occupation(s) During the Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee or Officer | Other Directorships Held by Trustee or Officer |
Lucinda S. Landreth 610 Market Street Philadelphia, PA 19106-2354 June 1947 | Trustee | Since March 2005 | Private Investor (2004–Present) | 85 | None |
Frances A. Sevilla-Sacasa 610 Market Street Philadelphia, PA 19106-2354 January 1956 | Trustee | Since September 2011 | Private Investor (January 2017–Present) Chief Executive Officer — Banco Itaú International (April 2012–December 2016) Executive Advisor to Dean (August 2011–March 2012) and Interim Dean (January 2011–July 2011) — University of Miami School of Business Administration President — U.S. Trust, Bank of America Private Wealth Management (Private Banking) (July 2007-December 2008) | 85 | Trust Manager and Audit Committee Chair — Camden Property Trust (August 2011–Present) Director; Strategic Planning and Reserves Committee and Nominating and Governance Committee Member — Callon Petroleum Company (December 2019–Present) Director; Audit Committee Member — Carrizo Oil & Gas, Inc. (March 2018–December 2019) |
Name, Address, and Birth Date | Position(s) Held with Fund(s) | Length of Time Served | Principal Occupation(s) During the Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee or Officer | Other Directorships Held by Trustee or Officer |
Thomas K. Whitford 610 Market Street Philadelphia, PA 19106-2354 March 1956 | Trustee | Since January 2013 | Vice Chairman (2010–April 2013) — PNC Financial Services Group | 85 | Director — HSBC North America Holdings Inc. (December 2013–Present) Director — HSBC USA Inc. (July 2014–Present) Director — HSBC Bank USA, National Association (July 2014–March 2017) Director — HSBC Finance Corporation (December 2013–April 2018) |
Name, Address, and Birth Date | Position(s) Held with Fund(s) | Length of Time Served | Principal Occupation(s) During the Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee or Officer | Other Directorships Held by Trustee or Officer |
Christianna Wood 610 Market Street Philadelphia, PA 19106-2354 August 1959 | Trustee | Since January 2019 | Chief Executive Officer and President — Gore Creek Capital, Ltd. (August 2009–Present) | 85 | Director; Finance Committee and Audit Committee Member — H&R Block Corporation (July 2008–Present) Director; Investments Committee, Capital and Finance Committee, and Audit Committee Member — Grange Insurance (2013–Present) Trustee; Chair of Nominating and Governance Committee and Audit Committee Member — The Merger Fund (2013–Present), The Merger Fund VL (2013–Present); WCM Alternatives: Event-Driven Fund (2013–Present), and WCM Alternatives: Credit Event Fund (December 2017–Present) Director; Chair of Governance Committee and Audit Committee Member — International Securities Exchange (2010–2016) |
Name, Address, and Birth Date | Position(s) Held with Fund(s) | Length of Time Served | Principal Occupation(s) During the Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee or Officer | Other Directorships Held by Trustee or Officer |
Janet L. Yeomans 610 Market Street Philadelphia, PA 19106-2354 July 1948 | Trustee | Since April 1999 | Vice President and Treasurer (January 2006–July 2012), Vice President — Mergers & Acquisitions (January 2003–January 2006), and Vice President and Treasurer (July 1995–January 2003) — 3M Company | 85 | Director; Personnel and Compensation Committee Chair; Member of Nominating, Investments, and Audit Committees for various periods throughout directorship — Okabena Company (2009–2017) |
Officers | |||||
David F. Connor 610 Market Street Philadelphia, PA 19106-2354 December 1963 | Senior Vice President, General Counsel, and Secretary | Senior Vice President, since May 2013; General Counsel since May 2015; Secretary since October 2005 | David F. Connor has served in various capacities at different times at Macquarie Investment Management. | 85 | None3 |
Daniel V. Geatens 610 Market Street Philadelphia, PA 19106-2354 October 1972 | Vice President and Treasurer | Vice President and Treasurer since October 2007 | Daniel V. Geatens has served in various capacities at different times at Macquarie Investment Management. | 85 | None3 |
Name, Address, and Birth Date | Position(s) Held with Fund(s) | Length of Time Served | Principal Occupation(s) During the Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee or Officer | Other Directorships Held by Trustee or Officer |
Richard Salus 610 Market Street Philadelphia, PA 19106-2354 October 1963 | Senior Vice President and Chief Financial Officer | Senior Vice President and Chief Financial Officer since November 2006 | Richard Salus has served in various capacities at different times at Macquarie Investment Management. | 85 | None |
Chief Executive Officer
Delaware Funds®
by Macquarie
Philadelphia, PA
Stonebrook Capital
Management, LLC
Jersey City, NJ
Delaware Funds
by Macquarie
Private Investor
Rosemont, PA
Officer
Private Wealth Management
J.P. Morgan Chase & Co.
New York, NY
President
State Street Corporation
Boston, MA
Drexel University
Philadelphia, PA
Officer
Assurant, Inc.
New York, NY
Sevilla-Sacasa
Officer
Banco Itaú International
Miami, FL
PNC Financial Services Group
Pittsburgh, PA
and President
Gore Creek Capital, Ltd.
Golden, CO
Treasurer
3M Company
St. Paul, MN
General Counsel,
and Secretary
Delaware Funds
by Macquarie
Philadelphia, PA
Treasurer
Delaware Funds
by Macquarie
Philadelphia, PA
Chief Financial Officer
Delaware Funds
by Macquarie
Philadelphia, PA
delawarefunds.com/literature.
and use
broker/dealers; and other financial services companies with whom we have joint marketing agreements). Our service providers also include nonfinancial companies and individuals (for example, consultants; information services vendors; and companies that perform mailing or marketing services on our behalf). Information obtained from a report prepared by a service provider may be kept by the service provider and shared with other persons; however, we require our service providers to protect your personal information and to use or disclose it only for the work they are performing for us, or as permitted by law.
This and other information can be found in the Fund’s prospectus and, if available, its summary prospectus.
A Delaware Funds by Macquarie prospectus may be obtained by visiting delawarefunds.com/literature or
calling 800 523-1918. Investors should read the prospectus and, if available, the summary prospectus carefully
before investing.
Municipal fixed income funds
out the convenient options provided by Macquarie Investment 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).
any changes:
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.
read it carefully before buying shares through an exchange.
800 523-1918, weekdays from 8:30am to
6:00pm ET
institutions representatives only
800 362-7500
P.O. Box 9876
Providence, RI 02940-8076
4400 Computer Drive
Westborough, MA 01581-1722
Macquarie Investment Management (MIM) is the marketing name for certain companies comprising the asset management division of Macquarie Group. This includes the following investment advisers: Macquarie Investment Management Business Trust (MIMBT), Macquarie Funds Management Hong Kong Limited, Macquarie Investment Management Austria Kapitalanlage AG, Macquarie Investment Management Global Limited, Macquarie Investment Management Europe Limited, and Macquarie Investment Management Europe S.A.
Item 2. Code of Ethics
The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. A copy of the registrant’s Code of Business Ethics has been posted on the Delaware Funds® by Macquarie Internet Web site at www.delawarefunds.com. Any amendments to the Code of Business Ethics, and information on any waiver from its provisions granted by the registrant, will also be posted on this Web site within five business days of such amendment or waiver and will remain on the Web site for at least 12 months.
Item 3. Audit Committee Financial Expert
The registrant’s Board of Trustees has determined that certain members of the registrant’s Audit Committee are audit committee financial experts, as defined below. For purposes of this item, an “audit committee financial expert” is a person who has the following attributes:
a. An understanding of generally accepted accounting principles and financial statements;
b. The ability to assess the general application of such principles in connection with the accounting for estimates, accruals, and reserves;
c. Experience preparing, auditing, analyzing, or evaluating financial statements that present a breadth and level of complexity of accounting issues that are generally comparable to the breadth and complexity of issues that can reasonably be expected to be raised by the registrant’s financial statements, or experience actively supervising one or more persons engaged in such activities;
d. An understanding of internal controls and procedures for financial reporting; and
e. An understanding of audit committee functions.
An “audit committee financial expert” shall have acquired such attributes through:
a. Education and experience as a principal financial officer, principal accounting officer, controller, public accountant, or auditor or experience in one or more positions that involve the performance of similar functions;
b. Experience actively supervising a principal financial officer, principal accounting officer, controller, public accountant, auditor, or person performing similar functions;
c. Experience overseeing or assessing the performance of companies or public accountants with respect to the preparation, auditing, or evaluation of financial statements; or
d. Other relevant experience.
The registrant’s Board of Trustees has also determined that each member of the registrant’s Audit Committee is independent. In order to be “independent” for purposes of this item, the Audit Committee member may not: (i) other than in his or her capacity as a member of the Board of Trustees or any committee thereof, accept directly or indirectly any consulting, advisory or other compensatory fee from the issuer; or (ii) be an “interested person” of the registrant as defined in Section 2(a)(19) of the Investment Company Act of 1940.
The names of the audit committee financial experts on the registrant’s Audit Committee are set forth below:
Jerome D. Abernathy
John A. Fry
Thomas K. Whitford, Chair
Christianna Wood
Item 4. Principal Accountant Fees and Services
(a) Audit fees.
The aggregate fees billed for services provided to the registrant by its independent auditors for the audit of the registrant’s annual financial statements and for services normally provided by the independent auditors in connection with statutory and regulatory filings or engagements were $101,660 for the fiscal year ended November 30, 2020.
The aggregate fees billed for services provided to the registrant by its independent auditors for the audit of the registrant’s annual financial statements and for services normally provided by the independent auditors in connection with statutory and regulatory filings or engagements were $103,940 for the fiscal year ended November 30, 2019.
(b) Audit-related fees.
The aggregate fees billed by the registrant’s independent auditors for services relating to the performance of the audit of the registrant’s financial statements and not reported under paragraph (a) of this Item were $0 for the fiscal year ended November 30, 2020.
The aggregate fees billed by the registrant’s independent auditors for services relating to the performance of the audit of the financial statements of the registrant’s investment adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $903,282 for the registrant’s fiscal year ended November 30, 2020. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the de minimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%. These audit-related services were as follows: year-end audit procedures; group reporting and subsidiary statutory audits.
The aggregate fees billed by the registrant’s independent auditors for services relating to the performance of the audit of the registrant’s financial statements and not reported under paragraph (a) of this Item were $0 for the fiscal year ended November 30, 2019.
The aggregate fees billed by the registrant’s independent auditors for services relating to the performance of the audit of the financial statements of the registrant’s investment adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $909,000 for the registrant’s fiscal year ended November 30, 2019. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the de minimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%. These audit-related services were as follows: year-end audit procedures; group reporting and subsidiary statutory audits.
(c) Tax fees.
The aggregate fees billed by the registrant’s independent auditors for tax-related services provided to the registrant were $17,310 for the fiscal year ended November 30, 2020. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the de minimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%. These tax-related services were as follows: review of income tax returns and review of annual excise distribution calculations.
The aggregate fees billed by the registrant’s independent auditors for tax-related services provided to the registrant’s investment adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $0 for the registrant’s fiscal year ended November 30, 2020.
The aggregate fees billed by the registrant’s independent auditors for tax-related services provided to the registrant were $17,310 for the fiscal year ended November 30, 2019. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the de minimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%. These tax-related services were as follows: review of income tax returns and review of annual excise distribution calculations.
The aggregate fees billed by the registrant’s independent auditors for tax-related services provided to the registrant’s investment adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $0 for the registrant’s fiscal year ended November 30, 2019.
(d) All other fees.
The aggregate fees billed for all services provided by the independent auditors to the registrant other than those set forth in paragraphs (a), (b) and (c) of this Item were $0 for the fiscal year ended November 30, 2020.
The aggregate fees billed for all services other than those set forth in paragraphs (b) and (c) of this Item provided by the registrant’s independent auditors to the registrant’s adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $0 for the registrant’s fiscal year ended November 30, 2020. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the de minimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%.
The aggregate fees billed for all services provided by the independent auditors to the registrant other than those set forth in paragraphs (a), (b) and (c) of this Item were $0 for the fiscal year ended November 30, 2019.
The aggregate fees billed for all services other than those set forth in paragraphs (b) and (c) of this Item provided by the registrant’s independent auditors to the registrant’s adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $0 for the registrant’s fiscal year ended November 30, 2019. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the de minimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%.
(e) The registrant’s Audit Committee has established pre-approval policies and procedures as permitted by Rule 2-01(c)(7)(i)(B) of Regulation S-X (the “Pre-Approval Policy”) with respect to services provided by the registrant’s independent auditors. Pursuant to the Pre-Approval Policy, the Audit Committee has pre-approved the services set forth in the table below with respect to the registrant up to the specified fee limits. Certain fee limits are based on aggregate fees to the registrant and other registrants within the Delaware Funds® by Macquarie.
Service | Range of Fees |
Audit Services | |
Statutory audits or financial audits for new Funds | up to $40,000 per Fund |
Services associated with SEC registration statements (e.g., Form N-1A, Form N-14, etc.), periodic reports and other documents filed with the SEC or other documents issued in connection with securities offerings (e.g., comfort letters for closed-end Fund offerings, consents), and assistance in responding to SEC comment letters | up to $10,000 per Fund |
Consultations by Fund management as to the accounting or disclosure treatment of transactions or events and/or the actual or potential impact of final or proposed rules, standards or interpretations by the SEC, FASB, or other regulatory or standard-setting bodies (Note: Under SEC rules, some consultations may be considered “audit-related services” rather than “audit services”) | up to $25,000 in the aggregate |
Audit-Related Services | |
Consultations by Fund management as to the accounting or disclosure treatment of transactions or events and /or the actual or potential impact of final or proposed rules, standards or interpretations by the SEC, FASB, or other regulatory or standard-setting bodies (Note: Under SEC rules, some consultations may be considered “audit services” rather than “audit-related services”) | up to $25,000 in the aggregate |
Tax Services | |
U.S. federal, state and local and international tax planning and advice (e.g., consulting on statutory, regulatory or administrative developments, evaluation of Funds’ tax compliance function, etc.) | up to $25,000 in the aggregate |
U.S. federal, state and local tax compliance (e.g., excise distribution reviews, etc.) | up to $5,000 per Fund |
Review of federal, state, local and international income, franchise and other tax returns | up to $5,000 per Fund |
Under the Pre-Approval Policy, the Audit Committee has also pre-approved the services set forth in the table below with respect to the registrant’s investment adviser and other entities controlling, controlled by or under common control with the investment adviser that provide ongoing services to the registrant (the “Control Affiliates”) up to the specified fee limit. This fee limit is based on aggregate fees to the investment adviser and its Control Affiliates.
Service | Range of Fees |
Non-Audit Services | |
Services associated with periodic reports and other documents filed with the SEC and assistance in responding to SEC comment letters | up to $10,000 in the aggregate |
The Pre-Approval Policy requires the registrant’s independent auditors to report to the Audit Committee at each of its regular meetings regarding all services initiated since the last such report was rendered, including those services authorized by the Pre-Approval Policy.
(f) Not applicable.
(g) The aggregate non-audit fees billed by the registrant’s independent auditors for services rendered to the registrant and to its investment adviser and other service providers under common control with the adviser were $8,455,000 and $4,687,000 for the registrant’s fiscal years ended November 30, 2020 and November 30, 2019, respectively.
(h) In connection with its selection of the independent auditors, the registrant’s Audit Committee has considered the independent auditors’ provision of non-audit services to the registrant’s investment adviser and other service providers under common control with the adviser that were not required to be pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X. The Audit Committee has determined that the independent auditors’ provision of these services is compatible with maintaining the auditors’ independence.
Item 5. Audit Committee of Listed Registrants
Not applicable.
Item 6. Investments
(a) Included as part of report to shareholders filed under Item 1 of this Form N-CSR.
(b) Divestment of securities in accordance with Section 13(c) of the Investment Company Act of 1940.
Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders
Not applicable.
Item 11. Controls and Procedures
The registrant’s principal executive officer and principal financial officer have evaluated the registrant’s disclosure controls and procedures within 90 days of the filing of this report and have concluded that they are effective in providing reasonable assurance that the information required to be disclosed by the registrant in its reports or statements filed under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission.
There were no significant changes in the registrant’s internal control over financial reporting that occurred during the period covered by the report to stockholders included herein that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable.
Item 13. Exhibits
(a) (1) Code of Ethics
Not applicable.
(3) Written solicitations to purchase securities pursuant to Rule 23c-1 under the Securities Exchange Act of 1934.
Not applicable.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf, by the undersigned, thereunto duly authorized.
DELAWARE GROUP® EQUITY FUNDS V
/s/SHAWN K. LYTLE | |
By: | Shawn K. Lytle |
Title: | President and Chief Executive Officer |
Date: | February 5, 2021 |
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: | February 5, 2021 |
/s/RICHARD SALUS | |
By: | Richard Salus |
Title: | Chief Financial Officer |
Date: | February 5, 2021 |