UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO
HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment Company Act file
number:
|
811-02806
|
|
|
Exact name of registrant as specified in
charter:
|
Delaware Group
®
Cash
Reserve
|
|
|
Address of principal executive
offices:
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2005 Market Street
|
|
Philadelphia, PA 19103
|
|
|
Name and address of agent for
service:
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David F. Connor, Esq.
|
|
2005 Market Street
|
|
Philadelphia, PA 19103
|
|
|
Registrants telephone number, including
area code:
|
(800)
523-1918
|
|
|
Date of fiscal year end:
|
March 31
|
|
|
Date of reporting period:
|
June 30,
2013
|
Item 1. Schedule of Investments.
Schedule of Investments
(Unaudited)
Delaware Cash
Reserve
®
Fund
June 30, 2013
|
Principal
|
|
|
|
|
Amount
|
|
Value
|
Certificates of Deposit 12.55%
|
|
|
|
|
|
Bank of Montreal Chicago 0.09%
7/2/13
|
$
|
11,500,000
|
|
$
|
11,500,000
|
Bank of Nova Scotia
Houston 0.23% 10/15/13
|
|
5,000,000
|
|
|
5,000,000
|
Chase Bank USA 0.22% 12/4/13
|
|
5,000,000
|
|
|
5,000,000
|
DnB Nor Bank ASA New
York 0.18% 9/5/13
|
|
10,000,000
|
|
|
10,000,000
|
Total Certificates
of Deposit (cost $31,500,000)
|
|
|
|
|
31,500,000
|
|
Commercial Paper 75.29%
|
|
|
|
|
|
Aerospace &
Defense 2.99%
|
|
|
|
|
|
≠
Rockwell Collins
0.10% 8/2/13
|
|
7,500,000
|
|
|
7,499,333
|
|
|
|
|
|
7,499,333
|
Colleges & Universities
22.08%
|
|
|
|
|
|
≠
Brown University
|
|
|
|
|
|
0.15% 8/7/13
|
|
5,000,000
|
|
|
4,999,229
|
0.18% 7/16/13
|
|
2,500,000
|
|
|
2,499,813
|
Connecticut Health
& Education 0.14% 7/1/13
|
|
1,750,000
|
|
|
1,750,000
|
≠
Cornell University
|
|
|
|
|
|
0.14% 9/3/13
|
|
2,000,000
|
|
|
1,999,502
|
0.14% 11/13/13
|
|
4,500,000
|
|
|
4,497,638
|
0.16% 7/17/13
|
|
3,000,000
|
|
|
2,999,787
|
≠
Dartmouth
College
|
|
|
|
|
|
0.13% 7/2/13
|
|
3,000,000
|
|
|
2,999,989
|
0.13% 8/5/13
|
|
2,500,000
|
|
|
2,499,684
|
≠
Duke University 0.13% 7/2/13
|
|
4,000,000
|
|
|
3,999,986
|
Emory
University
|
|
|
|
|
|
0.14% 7/2/13
|
|
5,000,000
|
|
|
5,000,000
|
0.14% 7/23/13
|
|
5,000,000
|
|
|
5,000,000
|
≠
Leland Stanford Junior University 0.11%
8/28/13
|
|
5,000,000
|
|
|
4,999,114
|
≠
University of Chicago
0.14% 9/16/13
|
|
5,000,000
|
|
|
4,998,503
|
≠
Yale University 0.15% 7/18/13
|
|
7,150,000
|
|
|
7,149,494
|
|
|
|
|
|
55,392,739
|
Diversified
Financial Services 15.92%
|
|
|
|
|
|
Abbey National North
America
|
|
|
|
|
|
0.10% 7/1/13
|
|
11,000,000
|
|
|
11,000,000
|
≠
0.25% 7/2/13
|
|
1,000,000
|
|
|
999,993
|
≠
CPPIB Capital
|
|
|
|
|
|
0.17% 12/12/13
|
|
4,000,000
|
|
|
3,996,902
|
0.20% 8/22/13
|
|
7,500,000
|
|
|
7,497,833
|
≠
General Electric
Capital 0.10% 8/21/13
|
|
5,000,000
|
|
|
4,999,292
|
Natixis US Finance 0.11%
7/1/13
|
|
2,465,000
|
|
|
2,465,000
|
≠
Nordea North America
0.125% 7/18/13
|
|
4,000,000
|
|
|
3,999,764
|
≠Toyota Motor Credit 0.24%
8/27/13
|
|
5,000,000
|
|
|
4,998,100
|
|
|
|
|
|
39,956,884
|
Industrial
4.78%
|
|
|
|
|
|
Total Capital 0.06%
7/1/13
|
|
12,000,000
|
|
|
12,000,000
|
|
|
|
|
|
12,000,000
|
Miscellaneous Manufacturing
2.99%
|
|
|
|
|
|
≠
Danaher 0.12% 7/26/13
|
|
7,500,000
|
|
|
7,499,375
|
|
|
|
|
|
7,499,375
|
Mortgage Bankers
& Brokers 22.62%
|
|
|
|
|
|
≠Barclays US Funding
0.20% 9/23/13
|
|
7,500,000
|
|
|
7,496,500
|
≠
BNP Paribas Finance 0.14%
7/2/13
|
|
11,500,000
|
|
|
11,499,955
|
≠
Credit Suisse New
York 0.25% 8/16/13
|
4,000,000
|
|
|
3,998,722
|
|
≠
Lloyds TSB Bank
|
|
|
|
|
|
0.08% 7/3/13
|
6,500,000
|
|
|
6,499,971
|
|
0.17% 8/5/13
|
5,000,000
|
|
|
4,999,174
|
|
≠
National Australia
Funding 0.17% 7/15/13
|
6,675,000
|
|
|
6,674,559
|
|
≠
Societe Generale North
America
|
|
|
|
|
|
0.15% 7/10/13
|
2,300,000
|
|
|
2,299,914
|
|
0.40% 10/9/13
|
800,000
|
|
|
799,111
|
|
≠
Standard Chartered
Bank
|
|
|
|
|
|
0.18% 8/12/13
|
1,500,000
|
|
|
1,499,685
|
|
0.18% 8/21/13
|
7,500,000
|
|
|
7,498,088
|
|
≥
Westpac Banking
0.27% 3/28/14
|
3,500,000
|
|
|
3,500,000
|
|
|
|
|
|
56,765,679
|
|
Oil & Gas
Services 3.91%
|
|
|
|
|
|
Baker Hughes 0.13%
7/15/13
|
2,300,000
|
|
|
2,299,884
|
|
Schlumberger Investment 0.15%
7/10/13
|
7,500,000
|
|
|
7,499,719
|
|
|
|
|
|
9,799,603
|
|
Total Commercial
Paper (cost $188,913,613)
|
|
|
|
188,913,613
|
|
|
Corporate Bonds 7.66%
|
|
|
|
|
|
Banks
3.66%
|
|
|
|
|
|
JPMorgan
Chase
|
|
|
|
|
|
2.05% 1/24/14
|
2,000,000
|
|
|
2,019,677
|
|
4.88% 3/15/14
|
3,500,000
|
|
|
3,603,923
|
|
Wachovia 4.88% 2/15/14
|
1,000,000
|
|
|
1,027,077
|
|
Wells Fargo 4.95%
10/16/13
|
2,500,000
|
|
|
2,532,256
|
|
|
|
|
|
9,182,933
|
|
Diversified Financials 2.21%
|
|
|
|
|
|
General Electric Capital 5.40%
9/20/13
|
3,000,000
|
|
|
3,032,995
|
|
Toyota Motor Credit 0.36% 7/25/13
|
2,500,000
|
|
|
2,500,000
|
|
|
|
|
|
5,532,995
|
|
Healthcare & Pharmaceuticals
1.79%
|
|
|
|
|
|
Wyeth 5.50% 2/1/14
|
4,368,000
|
|
|
4,499,835
|
|
|
|
|
|
4,499,835
|
|
Total Corporate
Bonds (cost $19,215,763)
|
|
|
|
19,215,763
|
|
|
Municipal Bonds 4.58%
|
|
|
|
|
|
New York State
Housing Finance Agency (Broadway) Series B 0.13% 5/1/44
|
2,000,000
|
|
|
2,000,000
|
|
Orange County,
California Pension Obligation Series A
|
|
|
|
|
|
0.58% 8/1/13
|
1,750,000
|
|
|
1,750,000
|
|
0.61% 11/1/13
|
5,750,000
|
|
|
5,750,000
|
|
0.68% 2/1/14
|
2,000,000
|
|
|
2,000,928
|
|
Total Municipal
Bonds (cost $11,500,928)
|
|
|
|
11,500,928
|
|
|
Total Value of Securities
100.08%
|
|
|
|
|
|
(cost $251,130,304)
©
|
|
|
|
251,130,304
|
|
Liabilities Net of
Receivables and Other Assets (0.08%)
|
|
|
|
(211,548
|
)
|
Net Assets Applicable to 251,249,977 Shares
Outstanding 100.00%
|
|
|
$
|
250,918,756
|
|
≠
The
rate shown is the effective yield at the time of purchase.
Variable rate security. The rate shown is
the rate as of June 30, 2013. Interest rates reset periodically.
≥Commercial paper exempt from registration
under Section 4(2) and/or Rule 144A of the Securities Act of 1933, as amended,
and may be resold in transactions exempt from registration only to dealers in
that program or other "accredited investors". At June 30, 2013, the aggregate
amount of these securities equaled $3,500,000, which represented 1.39% of the
Fund's net assets. See Note 3 in "Notes."
©
Also the cost for federal income tax
purposes.
Notes
1. Significant Accounting Policies
The following accounting policies are in
accordance with U.S. generally accepted accounting principles (U.S. GAAP) and
are consistently followed by Delaware Group
®
Cash Reserve Delaware
Cash Reserve Fund (Fund). This report covers the period of time since the Funds
last fiscal year end.
Security Valuation
Securities are valued at amortized cost, which approximates
market value.
Federal Income Taxes
No provision for federal income taxes has been made as the
Fund intends to continue to qualify for federal income tax purposes as a
regulated investment company under Subchapter M of the Internal Revenue Code of
1986, as amended, and make the requisite distributions to shareholders. The Fund
evaluates tax positions taken or expected to be taken in the course of preparing
the Funds tax returns to determine whether the tax positions are
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
Funds tax positions taken for all open federal income tax years (March 31, 2010
March 31, 2013), and has concluded that no provision for federal income tax is
required in the Funds financial statements.
Class Accounting
Investment income and common expenses are allocated to the
various classes of the Fund on the basis of settled shares of each class in
relation to the net assets of the Fund. Realized and unrealized gain (loss) on
investments are allocated to the various classes of the Fund on the basis of
daily net assets of each class. Distribution expenses relating to a specific
class are charged directly to that class.
Use of Estimates
The preparation of financial statements in conformity with
U.S. GAAP requires management to make estimates and assumptions that affect the
fair value of investments, the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the
reporting period. Actual results could differ from those estimates and the
differences could be material.
Other
Expenses directly attributable to
the Fund are charged directly to the Fund. Other expenses common to various
funds within the Delaware Investments
®
Family of Funds are generally
allocated among such funds on the basis of average net assets. Management fees
and some other expenses are paid monthly. Security transactions are recorded on
the date the securities are purchased or sold (trade date) for financial
reporting purposes. Costs used in calculating realized gains and losses on the
sale of investment securities are those of the specific securities sold.
Interest income is recorded on the accrual basis. Discounts and premiums on debt
securities are amortized to interest income over the lives of the respective
securities using the effective interest method. The Fund declares dividends
daily from net investment income and pays the dividends monthly and declares and
pays distributions from net realized gain on investments, if any, annually.
Dividends and distributions, if any, are recorded on the ex-dividend date.
2. Investments
U.S. GAAP defines fair
value as the price that the Fund would receive to sell an asset or pay to
transfer a liability in an orderly transaction between market participants at
the measurement date under current market conditions. A three level hierarchy
for fair value measurements has been established based upon the transparency of
inputs to the valuation of an asset or liability. Inputs may be observable or
unobservable and refer broadly to the assumptions that market participants would
use in pricing the asset or liability. Observable inputs reflect the assumptions
market participants would use in pricing the asset or liability based on market
data obtained from sources independent of the reporting entity. Unobservable
inputs reflect the reporting entitys own assumptions about the assumptions that
market participants would use in pricing the asset or liability developed based
on the best information available under the circumstances. The Funds investment
in its entirety is assigned a level based upon the observability of the inputs
which are significant to the overall valuation. The three level hierarchy of
inputs is summarized below.
Level 1- inputs are quoted prices in
active markets for identical investments (e.g., equity securities, open-end
investment companies, futures contracts, exchange-traded options
contracts)
Level 2- other observable inputs (including, but not limited to:
quoted prices for similar assets or liabilities in markets that are active,
quoted prices for identical or similar assets or liabilities in markets that are
not active, inputs other than quoted prices that are observable for the assets
or liabilities (such as interest rates, yield curves, volatilities, prepayment
speeds, loss severities, credit risks and default rates) or other
market-corroborated inputs) (e.g., debt securities, government securities, swap
contracts, foreign currency exchange contracts, foreign securities utilizing
international fair value pricing, broker-quoted securities, fair valued
securities)
Level 3- inputs are significant unobservable inputs (including
the Fund's own assumptions used to determine the fair value of investments)
(e.g., broker-quoted securities, fair valued securities)
Level 3 investments are valued using
significant unobservable inputs. The Fund may also use an 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.
The following table summarizes the
valuation of the Funds investments by fair value hierarchy levels as of June
30, 2013:
|
Level
2
|
Corporate
Bonds
|
$
|
19,215,763
|
Municipal Bonds
|
|
11,500,928
|
Short-Term
Investments
|
|
220,413,613
|
Total
|
$
|
251,130,304
|
During the period ended June 30, 2013,
there were no transfers between Level 1 investments, Level 2 investments or
Level 3 investments that had a significant impact to the Fund. The Funds policy
is to recognize transfers between levels at the beginning of the reporting
period.
3. Credit and Market Risk
An investment in the Fund is not insured
or guaranteed by the Federal Deposit Insurance Corporation or any other
government agency. Although the Fund seeks to preserve the value of your
investment at $1.00 per share, it is possible to lose money by investing in the
Fund.
The Fund may invest up to 5% of its net
assets in illiquid securities, which may include securities with contractual
restrictions on resale, securities exempt from registration under Rule 144A of
the Securities Act of 1933 (Act), as amended, and other securities which may not
be readily marketable. The relative illiquidity of these securities may impair
the Fund from disposing of them in a timely manner and at a fair price when it
is necessary or desirable to do so. While maintaining oversight, the Funds
Board of Trustees has delegated to Delaware Management Company, a series of
Delaware Management Business Trust, the day-to-day functions of determining
whether individual securities are liquid for purposes of the Funds limitation
on investments in illiquid assets. The Fund may also invest in securities exempt
from registration under Section 4(2) of the Act, which exempts from registration
transactions by an issuer not involving any public offering. Securities eligible
for resale pursuant to Rule 144A, which are determined to be liquid, are not
subject to the Funds 5% limit on investments in illiquid securities. As of June
30, 2013, no securities have been determined to be illiquid under the Funds
Liquidity Procedures. Section 4(2) and Rule 144A securities have been identified
on the schedule of investments.
4. Subsequent Events
Management has determined that no
material events or transactions occurred subsequent to June 30, 2013 that would
require recognition or disclosure in the Funds schedule of investments.
Item 2. Controls and Procedures.
The
registrants principal executive officer and principal financial officer have
evaluated the registrants 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 registrants internal control over financial reporting that occurred during
the registrants last fiscal quarter that have materially affected, or are
reasonably likely to materially affect, the registrants internal control over
financial reporting.
Item 3. Exhibits.
File as exhibits as part of this
Form a separate certification for each principal executive officer and principal
financial officer of the registrant as required by Rule 30a-2(a) under the Act
(17 CFR 270.30a-2(a)), exactly as set forth below:
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