Schedule of investments
Delaware Emerging Markets Debt Corporate Fund April 30, 2020 (Unaudited)
Principal amount° | Value (US $) | ||
Corporate Bonds – 92.34%D | |||
Argentina - 2.19% | |||
Aeropuertos Argentina 2000 144A 6.875% 2/1/27 # | 783,125 | $ | 494,896 |
Tecpetrol 144A 4.875% 12/12/22 # | 235,000 | 185,603 | |
Transportadora de Gas del Sur 144A 6.75% 5/2/25 # | 515,000 | 381,440 | |
YPF 144A 8.50% 6/27/29 # | 637,000 | 300,728 | |
1,362,667 | |||
Brazil - 8.35% | |||
Aegea Finance 144A 5.75% 10/10/24 # | 435,000 | 427,475 | |
BRF 144A 4.875% 1/24/30 # | 580,000 | 503,440 | |
Centrais Eletricas Brasileiras 144A 4.625% 2/4/30 # | 595,000 | 515,121 | |
CSN Resources | |||
144A 7.625% 2/13/23 # | 545,000 | 430,659 | |
144A 7.625% 4/17/26 # | 200,000 | 142,920 | |
Itau Unibanco Holding 144A 3.25% 1/24/25 # | 605,000 | 589,119 | |
JBS Investments II | |||
144A 5.75% 1/15/28 # | 490,000 | 480,029 | |
144A 7.00% 1/15/26 # | 495,000 | 515,765 | |
Klabin Austria 144A 7.00% 4/3/49 # | 600,000 | 585,000 | |
Petrobras Global Finance | |||
144A 5.093% 1/15/30 # | 290,000 | 265,249 | |
6.90% 3/19/49 | 300,000 | 293,250 | |
Rede D’or Finance 144A 4.50% 1/22/30 # | 520,000 | 442,338 | |
5,190,365 | |||
Chile - 4.26% | |||
AES Gener 144A 7.125% 3/26/79 #µ | 605,000 | 578,947 | |
Colbun 144A 3.15% 3/6/30 # | 395,000 | 378,706 | |
Engie Energia Chile 144A 4.50% 1/29/25 # | 435,000 | 457,559 | |
Inversiones CMPC 144A 3.85% 1/13/30 # | 410,000 | 397,433 | |
Latam Finance | |||
144A 6.875% 4/11/24 # | 200,000 | 84,000 | |
144A 7.00% 3/1/26 # | 605,000 | 253,858 | |
Sociedad Quimica y Minera de Chile 144A | |||
3.625% 4/3/23 # | 500,000 | 496,600 | |
2,647,103 | |||
China - 7.11% | |||
Baidu 3.875% 9/29/23 | 400,000 | 417,896 | |
Bank of China 144A 5.00% 11/13/24 # | 420,000 | 458,296 | |
China Overseas Finance Cayman V 3.95% 11/15/22 | 592,000 | 609,066 | |
JD. com 3.125% 4/29/21 | 400,000 | 402,782 | |
Kaisa Group Holdings 144A 11.95% 10/22/22 # | 745,000 | 728,759 | |
Shimao Property Holdings 5.60% 7/15/26 | 615,000 | 618,380 |
NQ-227 [4/20] 6/20 (1204415) 1
Schedule of investments
Delaware Emerging Markets Debt Corporate Fund (Unaudited)
Principal amount° | Value (US $) | ||
Corporate BondsD(continued) | |||
China(continued) | |||
Sinopec Group Overseas Development 2018 144A | |||
2.50% 8/8/24 # | 500,000 | $ | 507,998 |
Tencent Holdings 144A 3.28% 4/11/24 # | 640,000 | 671,971 | |
4,415,148 | |||
Colombia - 6.58% | |||
Bancolombia | |||
3.00% 1/29/25 | 765,000 | 710,516 | |
4.625% 12/18/29 µ | 400,000 | 347,500 | |
Ecopetrol | |||
6.875% 4/29/30 | 735,000 | 759,821 | |
5.375% 6/26/26 | 256,000 | 255,260 | |
Empresas Publicas de Medellin 144A 4.25% 7/18/29 # | 785,000 | 744,101 | |
Geopark | |||
144A 5.50% 1/17/27 # | 565,000 | 362,312 | |
144A 6.50% 9/21/24 # | 210,000 | 152,817 | |
Gran Tierra Energy 144A 7.75% 5/23/27 # | 400,000 | 97,750 | |
Millicom International Cellular 144A 6.25% 3/25/29 # | 670,000 | 659,715 | |
4,089,792 | |||
Dominican Republic - 0.62% | |||
AES Andres 144A 7.95% 5/11/26 # | 440,000 | 383,354 | |
383,354 | |||
Georgia - 1.08% | |||
Bank of Georgia 144A 6.00% 7/26/23 # | 680,000 | 673,200 | |
673,200 | |||
Ghana - 0.50% | |||
Tullow Oil 144A 7.00% 3/1/25 # | 595,000 | 313,119 | |
313,119 | |||
Hong Kong - 2.99% | |||
AIA Group | |||
3.125% 3/13/23 | 715,000 | 736,042 | |
144A 3.375% 4/7/30 # | 400,000 | 432,045 | |
CK Hutchison International 17 144A 2.875% 4/5/22 # | 475,000 | 483,674 | |
CLP Power Hong Kong Financing 2.875% 4/26/23 | 200,000 | 205,745 | |
1,857,506 | |||
India - 4.18% | |||
Adani Electricity Mumbai 144A 3.949% 2/12/30 # | 610,000 | 520,668 | |
Future Retail 144A 5.60% 1/22/25 # | 780,000 | 212,753 | |
Greenko Solar Mauritius 144A 5.95% 7/29/26 # | 760,000 | 669,186 | |
ICICI Bank 144A 4.00% 3/18/26 # | 450,000 | 432,004 | |
ReNew Power 144A 5.875% 3/5/27 # | 590,000 | 483,026 | |
Vedanta Resources Finance II 144A 9.25% 4/23/26 # | 670,000 | 278,050 | |
2,595,687 |
2 NQ-227 [4/20] 6/20 (1204415)
(Unaudited) | |||
Principal amount° | Value (US $) | ||
Corporate BondsD(continued) | |||
Indonesia - 1.40% | |||
Bayan Resources 144A 6.125% 1/24/23 # | 360,000 | $ | 286,872 |
Listrindo Capital 144A 4.95% 9/14/26 # | 602,000 | 582,315 | |
869,187 | |||
Israel - 4.71% | |||
Altice Financing 144A 5.00% 1/15/28 # | 600,000 | 588,750 | |
Bank Leumi Le-Israel 144A 3.275% 1/29/31 #µ | 655,000 | 608,495 | |
Israel Chemicals 144A 6.375% 5/31/38 # | 450,000 | 499,913 | |
Israel Electric 144A 5.00% 11/12/24 # | 400,000 | 438,924 | |
Teva Pharmaceutical Finance Netherlands III | |||
6.75% 3/1/28 | 490,000 | 506,243 | |
144A 7.125% 1/31/25 # | 275,000 | 286,275 | |
2,928,600 | |||
Jamaica - 0.44% | |||
Digicel Group One 144A 8.25% 12/30/22 # | 455,000 | 273,000 | |
273,000 | |||
Kazakhstan - 0.88% | |||
KazTransGas JSC 144A 4.375% 9/26/27 # | 575,000 | 547,555 | |
547,555 | |||
Kuwait - 0.77% | |||
Equate Petrochemical 144A 3.00% 3/3/22 # | 475,000 | 476,458 | |
476,458 | |||
Macau - 0.48% | |||
Wynn Macau 144A 5.50% 10/1/27 # | 310,000 | 299,398 | |
299,398 | |||
Malaysia - 0.72% | |||
Resorts World Las Vegas 144A 4.625% 4/16/29 # | 500,000 | 447,917 | |
447,917 | |||
Mexico - 8.42% | |||
Aerovias de Mexico 144A 7.00% 2/5/25 # | 505,000 | 194,425 | |
Banco Mercantil del Norte 144A 6.75%#µy | 440,000 | 350,922 | |
Banco Santander Mexico 144A 5.95% 10/1/28 #µ | 535,000 | 518,741 | |
Banco Santander Mexico Institucion de Banca Multiple | |||
Grupo Financiero 144A 5.375% 4/17/25 # | 250,000 | 257,187 | |
BBVA Bancomer 144A 5.125% 1/18/33 #µ | 460,000 | 400,798 | |
Cemex 144A 5.45% 11/19/29 # | 530,000 | 438,919 | |
Cydsa 144A 6.25% 10/4/27 # | 430,000 | 386,828 | |
El Puerto de Liverpool | |||
144A 3.875% 10/6/26 # | 255,000 | 228,761 | |
144A 3.95% 10/2/24 # | 495,000 | 459,113 | |
Grupo Cementos de Chihuahua 144A 5.25% 6/23/24 # | 500,000 | 466,150 | |
Infraestructura Energetica Nova | |||
144A 4.875% 1/14/48 # | 500,000 | 420,050 |
NQ-227 [4/20] 6/20 (1204415) 3
Schedule of investments
Delaware Emerging Markets Debt Corporate Fund (Unaudited)
Principal amount° | Value (US $) | ||
Corporate BondsD(continued) | |||
Mexico(continued) | |||
Infraestructura Energetica Nova | |||
144A 3.75% 1/14/28 # | 420,000 | $ | 378,882 |
Minera Mexico 144A 4.50% 1/26/50 # | 525,000 | 456,277 | |
Petroleos Mexicanos 6.75% 9/21/47 | 391,000 | 274,482 | |
5,231,535 | |||
Morocco - 0.79% | |||
OCP | |||
144A 4.50% 10/22/25 # | 200,000 | 207,410 | |
144A 6.875% 4/25/44 # | 235,000 | 281,413 | |
488,823 | |||
Nigeria - 1.02% | |||
IHS Netherlands Holdco 144A 7.125% 3/18/25 # | 685,000 | 630,200 | |
630,200 | |||
Panama - 1.85% | |||
Banco General 144A 4.125% 8/7/27 # | 400,000 | 396,004 | |
C&W Senior Financing DAC 144A 7.50% 10/15/26 # | 400,000 | 402,408 | |
Sable International Finance 144A 5.75% 9/7/27 # | 350,000 | 353,360 | |
1,151,772 | |||
Paraguay - 2.39% | |||
Bioceanico Sovereign Certificate 144A 2.634% 6/5/34 #^ | 880,000 | 565,840 | |
Rutas 2 and 7 Finance 144A 3.413% 9/30/36 #^ | 615,000 | 381,977 | |
Telefonica Celular del Paraguay 144A 5.875% 4/15/27 # | 550,000 | 539,000 | |
1,486,817 | |||
Peru - 3.45% | |||
Banco de Credito del Peru 144A 2.70% 1/11/25 # | 505,000 | 493,966 | |
Banco Internacional del Peru 144A 3.375% 1/18/23 # | 623,000 | 627,548 | |
Kallpa Generacion 144A 4.125% 8/16/27 # | 600,000 | 589,740 | |
Lima Metro Line 2 Finance 144A 4.35% 4/5/36 # | 425,000 | 434,393 | |
�� | 2,145,647 | ||
Qatar - 1.79% | |||
Ooredoo International Finance 144A 5.00% 10/19/25 # | 510,000 | 566,939 | |
QNB Finance 3.50% 3/28/24 | 525,000 | 545,549 | |
1,112,488 | |||
Republic of Korea - 3.83% | |||
Kia Motors 144A 3.00% 4/25/23 # | 695,000 | 692,022 | |
Kookmin Bank 144A 2.875% 3/25/23 # | 475,000 | 491,734 | |
Shinhan Financial Group 144A 3.34% 2/5/30 #µ | 555,000 | 561,172 | |
Woori Bank 144A 4.75% 4/30/24 # | 600,000 | 634,803 | |
2,379,731 |
4 NQ-227 [4/20] 6/20 (1204415)
(Unaudited) | |||
Principal amount° | Value (US $) | ||
Corporate BondsD(continued) | |||
Republic of Lithuania - 0.63% | |||
ASG Finance Designated Activity 144A 7.875% 12/3/24 # | 734,000 | $ | 392,690 |
392,690 | |||
Republic of Vietnam - 1.11% | |||
Mong Duong Finance Holdings 144A 5.125% 5/7/29 # | 720,000 | 688,020 | |
688,020 | |||
Russia - 4.26% | |||
Gazprom PJSC via Gaz Finance 144A 3.25% 2/25/30 # | 1,145,000 | 1,082,231 | |
Novolipetsk Steel Via Steel Funding DAC 144A | |||
4.00% 9/21/24 # | 600,000 | 623,175 | |
Phosagro OAO via Phosagro Bond Funding DAC 144A | |||
3.949% 4/24/23 # | 200,000 | 205,000 | |
VEON Holdings 144A 4.00% 4/9/25 # | 708,000 | 734,246 | |
2,644,652 | |||
Saudi Arabia - 2.92% | |||
Arabian Centres Sukuk 144A 5.375% 11/26/24 # | 525,000 | 459,375 | |
Saudi Arabian Oil | |||
144A 2.875% 4/16/24 # | 485,000 | 488,048 | |
144A 4.25% 4/16/39 # | 400,000 | 412,787 | |
Saudi Electricity Global Sukuk 4 4.222% 1/27/24 | 430,000 | 450,713 | |
1,810,923 | |||
Singapore - 2.06% | |||
BOC Aviation 144A 2.375% 9/15/21 # | 600,000 | 598,746 | |
DBS Group Holdings 144A 4.52% 12/11/28 #µ | 645,000 | 680,223 | |
1,278,969 | |||
South Africa - 1.13% | |||
Gold Fields Orogen Holdings BVI 144A 6.125% 5/15/29 # | 540,000 | 572,346 | |
Sasol Financing USA 6.50% 9/27/28 | 200,000 | 132,000 | |
704,346 | |||
Thailand - 1.48% | |||
Bangkok Bank 144A 3.733% 9/25/34 #µ | 1,025,000 | 919,074 | |
919,074 | |||
Turkey - 3.92% | |||
Akbank T. A. S. | |||
144A 5.125% 3/31/25 # | 400,000 | 367,080 | |
144A 7.20% 3/16/27 #µ | 405,000 | 371,810 | |
Petkim Petrokimya Holding 144A 5.875% 1/26/23 # | 200,000 | 190,055 | |
Turk Telekomunikasyon 144A 6.875% 2/28/25 # | 600,000 | 600,330 | |
Turkcell Iletisim Hizmetleri 144A 5.80% 4/11/28 # | 590,000 | 555,898 | |
Turkiye Garanti Bankasi 144A 5.25% 9/13/22 # | 355,000 | 350,491 | |
2,435,664 | |||
Ukraine - 1.81% | |||
Kernel Holding 144A 6.50% 10/17/24 # | 645,000 | 552,081 |
NQ-227 [4/20] 6/20 (1204415) 5
Schedule of investments
Delaware Emerging Markets Debt Corporate Fund (Unaudited)
Principal amount° | Value (US $) | ||
Corporate BondsD(continued) | |||
Ukraine(continued) | |||
MHP 144A 7.75% 5/10/24 # | 200,000 | $ | 195,968 |
MHP Lux 144A 6.95% 4/3/26 # | 400,000 | 373,136 | |
1,121,185 | |||
United Arab Emirates - 1.61% | |||
DP World Crescent 144A 3.908% 5/31/23 # | 465,000 | 461,417 | |
Emirates NBD Bank PJSC 3.25% 11/14/22 | 530,000 | 540,997 | |
1,002,414 | |||
Zambia - 0.61% | |||
First Quantum Minerals 144A 7.50% 4/1/25 # | 425,000 | 377,273 | |
377,273 | |||
Total Corporate Bonds(cost $63,612,782) | 57,372,279 | ||
Sovereign Bonds – 3.67%D | |||
Argentina - 0.43% | |||
Argentine Republic Government International Bond | |||
5.625% 1/26/22 | 938,000 | 264,047 | |
264,047 | |||
Ecuador - 0.26% | |||
Ecuador Government International Bond 144A | |||
10.75% 1/31/29 # | 550,000 | 160,881 | |
160,881 | |||
Mongolia - 1.00% | |||
Development Bank of Mongolia 144A 7.25% 10/23/23 # | 710,000 | 619,479 | |
619,479 | |||
Philippines - 1.14% | |||
Philippine Government International Bond 2.457% 5/5/30 | 695,000 | 710,464 | |
710,464 | |||
Qatar - 0.84% | |||
Qatar Government International Bond 144A | |||
3.40% 4/16/25 # | 490,000 | 522,176 | |
522,176 | |||
Total Sovereign Bonds(cost $3,020,315) | 2,277,047 | ||
Supranational Bank – 0.80% | |||
Banque Ouest Africaine de Developpement 144A | |||
4.70% 10/22/31 # | 548,000 | 496,466 | |
Total Supranational Bank(cost $548,000) | 496,466 |
6 NQ-227 [4/20] 6/20 (1204415)
(Unaudited) | |||
Number of shares | Value (US $) | ||
Short-Term Investments – 2.19% | |||
Money Market Mutual Funds - 2.19% | |||
BlackRock FedFund – Institutional Shares (seven-day | |||
effective yield 0.21%) | 272,445 | $ | 272,445 |
Fidelity Investments Money Market Government | |||
Portfolio – Class I (seven-day effective yield 0.16%) | 272,444 | 272,444 | |
GS Financial Square Government Fund – Institutional | |||
Shares (seven-day effective yield 0.25%) | 272,444 | 272,444 | |
Morgan Stanley Government Portfolio – Institutional Share | |||
Class (seven-day effective yield 0.13%) | 272,444 | 272,444 | |
State Street Institutional US Government Money Market | |||
Fund – Investor Class (seven-day effective yield 0.14%) | 272,444 | 272,444 | |
Total Short-Term Investments(cost $1,362,221) | 1,362,221 | ||
Total Value of Securities – 99.00% | |||
(cost $68,543,318) | 61,508,013 | ||
Receivables and Other Assets Net of Liabilities – 1.00% | 623,864 | ||
Net Assets Applicable to 8,053,878 Shares Outstanding – 100.00% | $ | 62,131,877 |
# | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. |
At April 30, 2020, the aggregate value of Rule 144A securities was $51,365,039, which represents | |
82.67% of the Fund’s net assets. | |
° | Principal amount shown is stated in USD unless noted that the security is denominated in another |
currency. | |
D | Securities have been classified by country of origin. |
µ | Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at April 30, 2020. |
Rate will reset at a future date. | |
y | No contractual maturity date. |
^ | Zero-coupon security. The rate shown is the effective yield at the time of purchase. |
NQ-227 [4/20] 6/20 (1204415) 7
Schedule of investments
Delaware Emerging Markets Debt Corporate Fund (Unaudited)
The following swap contracts were outstanding at April 30, 2020: | |||||||||||||
Swap Contracts | |||||||||||||
CDS Contract1 | |||||||||||||
Variation | |||||||||||||
Counterparty/ | Upfront | Margin | |||||||||||
Reference Obligation/ | Annual | Payments | Due from | ||||||||||
Termination Date/ | Notional | Protection | Paid | Unrealized | (Due to) | ||||||||
Payment Frequency | Amount2 | Receipts | Value | (Received) | Appreciation3 | Brokers | |||||||
Over-The-Counter/ | |||||||||||||
Protection purchases/ | |||||||||||||
Moody’s Ratings: | |||||||||||||
JPMCB-Mexico | |||||||||||||
3.60% | |||||||||||||
12/31/21WR | |||||||||||||
6/20/25- | |||||||||||||
Quarterly | 3,709,000 | 1.00 | % | $ | 277,289 | $ | 272,678 | $ | 4,611 | $ | — |
The use of swap contracts involve elements of market risk and risks in excess of the amounts disclosed
in these financial statements. The notional amounts presented above represent the Fund’s total exposure
in such contracts, whereas only the variation margin is reflected in the Fund’s net assets.
1A 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.
2Notional amount shown is stated in US Dollars unless noted that the swap is denominated in another
currency.
3Unrealized appreciation (depreciation) does not include periodic interest payments (receipts) on swap
contracts accrued daily in the amount of $(4,224).
8 NQ-227 [4/20] 6/20 (1204415)
(Unaudited)
Summary of abbreviations:
CDS – Credit Default Swap
DAC – Designated Activity Company
GS – Goldman Sachs
JPMCB – JPMorgan Chase Bank
JSC – Joint Stock Company
PJSC – Private Joint Stock Company
USD – US Dollar
NQ-227 [4/20] 6/20 (1204415) 9