Schedule of investments
Delaware Emerging Markets Debt Corporate Fund | October 31, 2020 (Unaudited) |
Principal amount° | Value (US $) | ||
Corporate Bonds – 95.61%Δ | |||
Argentina − 1.95% | |||
Aeropuertos Argentina 2000 144A PIK 9.375% 2/1/27 #, * | 806,338 | $512,025 | |
Transportadora de Gas del Sur 144A 6.75% 5/2/25 # | 515,000 | 424,875 | |
YPF 144A 8.50% 6/27/29 # | 637,000 | 357,675 | |
1,294,575 | |||
Brazil − 7.43% | |||
Azul Investments 144A 5.875% 10/26/24 # | 650,000 | 518,512 | |
Banco BTG Pactual 144A 4.50% 1/10/25 # | 470,000 | 478,225 | |
Braskem Netherlands Finance 144A 8.50% 1/23/81 #, μ | 465,000 | 473,026 | |
Centrais Eletricas Brasileiras 144A 4.625% 2/4/30 # | 395,000 | 400,431 | |
CSN Islands XI 144A 6.75% 1/28/28 # | 255,000 | 251,427 | |
CSN Resources 144A 7.625% 4/17/26 # | 200,000 | 205,700 | |
JSM Global 144A 4.75% 10/20/30 # | 510,000 | 515,865 | |
Klabin Austria 144A 7.00% 4/3/49 # | 400,000 | 457,700 | |
Petrobras Global Finance | |||
5.093% 1/15/30 | 210,000 | 219,581 | |
6.75% 6/3/50 | 350,000 | 384,535 | |
Rede D'or Finance 144A 4.50% 1/22/30 # | 520,000 | 512,200 | |
Vale Overseas 3.75% 7/8/30 | 495,000 | 521,725 | |
4,938,927 | |||
Canada − 0.20% | |||
Gran Tierra Energy 144A 7.75% 5/23/27 # | 400,000 | 131,004 | |
131,004 | |||
Cayman Islands − 0.58% | |||
Bioceanico Sovereign Certificate 144A 2.557% 6/5/34 #, ^ | 526,633 | 387,075 | |
387,075 | |||
Chile − 4.38% | |||
AES Gener 144A 7.125% 3/26/79 #, μ | 605,000 | 626,533 | |
Antofagasta 144A 2.375% 10/14/30 # | 680,000 | 671,500 | |
Engie Energia Chile 144A 4.50% 1/29/25 # | 435,000 | 479,473 | |
Inversiones CMPC 144A 3.85% 1/13/30 # | 410,000 | 448,191 | |
Sable International Finance 144A 5.75% 9/7/27 # | 350,000 | 371,504 | |
Sociedad Quimica y Minera de Chile 144A 3.625% 4/3/23 # | 300,000 | 314,144 | |
2,911,345 | |||
China − 7.55% | |||
Bank of China 144A 5.00% 11/13/24 # | 420,000 | 466,605 |
NQ-227 [10/20] 12/20 (1440398) 1
Schedule of investments
Delaware Emerging Markets Debt Corporate Fund (Unaudited)
Principal amount° | Value (US $) | ||
Corporate BondsΔ (continued) | |||
China (continued) | |||
ENN Energy Holdings 144A 2.625% 9/17/30 # | 535,000 | $538,787 | |
JD.com 3.875% 4/29/26 | 465,000 | 516,327 | |
Kaisa Group Holdings 9.375% 6/30/24 | 545,000 | 495,168 | |
Meituan 144A 3.05% 10/28/30 # | 925,000 | 927,338 | |
Shimao Group Holdings 5.60% 7/15/26 | 615,000 | 674,921 | |
Tencent Holdings 144A 3.28% 4/11/24 # | 640,000 | 681,012 | |
Three Gorges Finance I Cayman Islands 144A 2.15% 9/22/30 # | 280,000 | 278,343 | |
Yuzhou Group Holdings 7.70% 2/20/25 | 440,000 | 439,343 | |
5,017,844 | |||
Colombia − 5.82% | |||
Bancolombia 3.00% 1/29/25 | 520,000 | 525,491 | |
Ecopetrol | |||
5.375% 6/26/26 | 311,000 | 342,881 | |
6.875% 4/29/30 | 285,000 | 343,496 | |
Geopark | |||
144A 5.50% 1/17/27 # | 565,000 | 492,968 | |
144A 6.50% 9/21/24 # | 210,000 | 197,925 | |
Grupo Energia Bogota 144A 4.875% 5/15/30 # | 610,000 | 696,467 | |
Millicom International Cellular | |||
144A 4.50% 4/27/31 # | 345,000 | 350,606 | |
144A 6.25% 3/25/29 # | 310,000 | 343,423 | |
Oleoducto Central 144A 4.00% 7/14/27 # | 550,000 | 576,483 | |
3,869,740 | |||
Congo (Democratic Republic) − 1.03% | |||
HTA Group 144A 7.00% 12/18/25 # | 655,000 | 687,632 | |
687,632 | |||
Cyprus − 0.81% | |||
ASG Finance Designated Activity 144A 7.875% 12/3/24 # | 734,000 | 535,820 | |
535,820 | |||
Dominican Republic − 0.67% | |||
AES Andres 144A 7.95% 5/11/26 # | 440,000 | 447,154 | |
447,154 | |||
Georgia − 0.75% | |||
Bank of Georgia 144A 6.00% 7/26/23 # | 480,000 | 499,200 | |
499,200 |
2 NQ-227 [10/20] 12/20 (1440398)
(Unaudited)
Principal amount° | Value (US $) | ||
Corporate BondsΔ (continued) | |||
Ghana − 0.24% | |||
Tullow Oil 144A 7.00% 3/1/25 # | 300,000 | $158,250 | |
158,250 | |||
Hong Kong − 1.77% | |||
AIA Group 144A 3.375% 4/7/30 # | 400,000 | 444,977 | |
CLP Power Hong Kong Financing 2.875% 4/26/23 | 200,000 | 207,649 | |
Goodman HK Finance 4.375% 6/19/24 | 485,000 | 524,504 | |
1,177,130 | |||
India − 4.22% | |||
Adani Electricity Mumbai 144A 3.949% 2/12/30 # | 410,000 | 406,710 | |
Future Retail 144A 5.60% 1/22/25 # | 780,000 | 538,200 | |
Greenko Solar Mauritius 144A 5.95% 7/29/26 # | 560,000 | 593,374 | |
ICICI Bank 144A 4.00% 3/18/26 # | 450,000 | 478,913 | |
India Green Energy Holdings 144A 5.375% 4/29/24 # | 500,000 | 501,772 | |
Vedanta Resources Finance II 144A 9.25% 4/23/26 # | 455,000 | 285,740 | |
2,804,709 | |||
Indonesia − 2.31% | |||
Cikarang Listrindo 144A 4.95% 9/14/26 # | 602,000 | 620,060 | |
Hutama Karya Persero 144A 3.75% 5/11/30 # | 543,000 | 587,734 | |
Indika Energy Capital IV 144A 8.25% 10/22/25 # | 330,000 | 329,896 | |
1,537,690 | |||
Ireland − 0.32% | |||
C&W Senior Financing 144A 7.50% 10/15/26 # | 200,000 | 211,179 | |
211,179 | |||
Israel − 3.46% | |||
Bank Leumi Le-Israel 144A 3.275% 1/29/31 #, μ | 655,000 | 662,140 | |
Israel Chemicals 144A 6.375% 5/31/38 # | 475,000 | 610,659 | |
Israel Electric 144A 5.00% 11/12/24 # | 200,000 | 226,729 | |
Teva Pharmaceutical Finance Netherlands III | |||
6.75% 3/1/28 | 490,000 | 515,578 | |
7.125% 1/31/25 | 275,000 | 285,513 | |
2,300,619 | |||
Jamaica − 0.52% | |||
Digicel Group 0.5 PIK 10.00% 4/1/24 * | 449,682 | 342,882 | |
342,882 |
NQ-227 [10/20] 12/20 (1440398) 3
Schedule of investments
Delaware Emerging Markets Debt Corporate Fund (Unaudited)
Principal amount° | Value (US $) | ||
Corporate BondsΔ (continued) | |||
Kazakhstan − 1.96% | |||
KazTransGas JSC 144A 4.375% 9/26/27 # | 575,000 | $629,268 | |
Tengizchevroil Finance Co. International 144A 2.625% 8/15/25 # | 670,000 | 673,434 | |
1,302,702 | |||
Kuwait − 1.02% | |||
Equate Petrochemical 144A 3.00% 3/3/22 # | 275,000 | 279,279 | |
MEGlobal Canada 144A 5.875% 5/18/30 # | 335,000 | 399,952 | |
679,231 | |||
Luxembourg − 0.88% | |||
Altice Financing 144A 5.00% 1/15/28 # | 600,000 | 582,789 | |
582,789 | |||
Macao − 2.06% | |||
MGM China Holdings 144A 5.25% 6/18/25 # | 495,000 | 499,802 | |
Sands China | |||
144A 3.80% 1/8/26 # | 380,000 | 390,199 | |
144A 4.375% 6/18/30 # | 465,000 | 478,029 | |
1,368,030 | |||
Mexico − 6.79% | |||
Aerovias de Mexico 144A 7.00% 2/5/25 #, ‡ | 505,000 | 122,463 | |
Banco Mercantil del Norte 144A 8.375% #, μ, ψ | 410,000 | 435,732 | |
Banco Santander Mexico Institucion de Banca Multiple Grupo Financiero 144A 5.95% 10/1/28 #, μ | 335,000 | 356,693 | |
BBVA Bancomer | |||
144A 1.875% 9/18/25 # | 370,000 | 367,687 | |
144A 5.125% 1/18/33 #, μ | 260,000 | 256,815 | |
Cemex 144A 7.375% 6/5/27 # | 480,000 | 529,325 | |
Fresnillo 144A 4.25% 10/2/50 # | 515,000 | 525,300 | |
Grupo Cementos de Chihuahua 144A 5.25% 6/23/24 # | 500,000 | 519,327 | |
Infraestructura Energetica Nova | |||
144A 3.75% 1/14/28 # | 220,000 | 219,408 | |
144A 4.875% 1/14/48 # | 300,000 | 287,189 | |
Minera Mexico 144A 4.50% 1/26/50 # | 525,000 | 569,677 | |
Petroleos Mexicanos 5.95% 1/28/31 | 385,000 | 322,726 | |
4,512,342 |
4 NQ-227 [10/20] 12/20 (1440398)
(Unaudited)
Principal amount° | Value (US $) | ||
Corporate BondsΔ (continued) | |||
Morocco − 1.27% | |||
OCP | |||
144A 4.50% 10/22/25 # | 515,000 | $546,373 | |
144A 6.875% 4/25/44 # | 235,000 | 295,503 | |
841,876 | |||
Netherlands − 1.11% | |||
VEON Holdings 144A 4.00% 4/9/25 # | 708,000 | 739,587 | |
739,587 | |||
Nigeria − 1.05% | |||
IHS Netherlands Holdco 144A 7.125% 3/18/25 # | 685,000 | 695,275 | |
695,275 | |||
Panama − 2.67% | |||
Autoridad del Canal de Panama 144A 4.95% 7/29/35 # | 330,000 | 414,333 | |
Banco Nacional de Panama 144A 2.50% 8/11/30 # | 635,000 | 631,692 | |
Banistmo 144A 4.25% 7/31/27 # | 700,000 | 729,540 | |
1,775,565 | |||
Paraguay − 0.88% | |||
Telefonica Celular del Paraguay 144A 5.875% 4/15/27 # | 550,000 | 583,963 | |
583,963 | |||
Peru − 2.44% | |||
Banco de Credito del Peru 144A 2.70% 1/11/25 # | 505,000 | 523,963 | |
Kallpa Generacion 144A 4.125% 8/16/27 # | 600,000 | 632,400 | |
Lima Metro Line 2 Finance 144A 4.35% 4/5/36 # | 425,000 | 465,534 | |
1,621,897 | |||
Philippines − 1.06% | |||
BDO Unibank 2.125% 1/13/26 | 700,000 | 702,227 | |
702,227 | |||
Qatar − 2.28% | |||
Ooredoo International Finance 144A 5.00% 10/19/25 # | 225,000 | 262,334 | |
QNB Finance | |||
2.625% 5/12/25 | 665,000 | 692,810 | |
3.50% 3/28/24 | 525,000 | 559,157 | |
1,514,301 |
NQ-227 [10/20] 12/20 (1440398) 5
Schedule of investments
Delaware Emerging Markets Debt Corporate Fund (Unaudited)
Principal amount° | Value (US $) | ||
Corporate BondsΔ (continued) | |||
Republic of Korea − 1.55% | |||
Shinhan Financial Group 144A 3.34% 2/5/30 #, μ | 355,000 | $371,960 | |
Woori Bank 144A 4.75% 4/30/24 # | 600,000 | 660,900 | |
1,032,860 | |||
Republic of Vietnam − 1.10% | |||
Mong Duong Finance Holdings 144A 5.125% 5/7/29 # | 720,000 | 734,345 | |
734,345 | |||
Russia − 1.92% | |||
Gazprom PJSC via Gaz Finance 144A 3.25% 2/25/30 # | 455,000 | 454,591 | |
Lukoil Securities 144A 3.875% 5/6/30 # | 575,000 | 610,995 | |
Phosagro OAO Via Phosagro Bond Funding 144A 3.949% 4/24/23 # | 200,000 | 208,125 | |
1,273,711 | |||
Saudi Arabia − 2.58% | |||
Arabian Centres Sukuk 144A 5.375% 11/26/24 # | 525,000 | 492,188 | |
Saudi Arabian Oil | |||
144A 2.875% 4/16/24 # | 285,000 | 298,967 | |
144A 4.25% 4/16/39 # | 400,000 | 456,205 | |
Saudi Electricity Global Sukuk 4 4.222% 1/27/24 | 430,000 | 465,952 | |
1,713,312 | |||
Singapore − 1.81% | |||
BOC Aviation 144A 2.625% 9/17/30 # | 515,000 | 502,447 | |
DBS Group Holdings 144A 4.52% 12/11/28 #, μ | 645,000 | 703,683 | |
1,206,130 | |||
South Africa − 1.51% | |||
Gold Fields Orogen Holdings BVI 144A 6.125% 5/15/29 # | 540,000 | 645,300 | |
Sasol Financing USA 5.875% 3/27/24 | 370,000 | 358,808 | |
1,004,108 | |||
Tanzania − 0.81% | |||
AngloGold Ashanti Holdings 3.75% 10/1/30 | 510,000 | 540,977 | |
540,977 | |||
Thailand − 1.80% | |||
Bangkok Bank | |||
144A 3.733% 9/25/34 #, μ | 345,000 | 338,507 | |
144A 5.00% #, μ, ψ | 380,000 | 378,752 | |
PTTEP Treasury Center 144A 2.587% 6/10/27 # | 465,000 | 480,821 | |
1,198,080 |
6 NQ-227 [10/20] 12/20 (1440398)
(Unaudited)
Principal amount° | Value (US $) | ||
Corporate BondsΔ (continued) | |||
Turkey − 4.08% | |||
Akbank T.A.S. 144A 6.80% 2/6/26 # | 530,000 | $514,841 | |
Turk Telekomunikasyon 144A 6.875% 2/28/25 # | 600,000 | 613,200 | |
Turkcell Iletisim Hizmetleri 144A 5.80% 4/11/28 # | 590,000 | 571,958 | |
Turkiye Sise ve Cam Fabrikalari 144A 6.95% 3/14/26 # | 505,000 | 512,469 | |
Ulker Biskuvi Sanayi 144A 6.95% 10/30/25 # | 505,000 | 501,681 | |
2,714,149 | |||
Ukraine − 2.48% | |||
Kernel Holding 144A 6.50% 10/17/24 # | 445,000 | 449,117 | |
Metinvest | |||
144A 7.65% 10/1/27 # | 293,000 | 286,712 | |
144A 8.50% 4/23/26 # | 300,000 | 304,155 | |
MHP | |||
144A 6.95% 4/3/26 # | 400,000 | 403,040 | |
144A 7.75% 5/10/24 # | 200,000 | 209,460 | |
1,652,484 | |||
United Arab Emirates − 2.75% | |||
DP World 144A 4.70% 9/30/49 # | 320,000 | 327,536 | |
Emirates NBD Bank PJSC 2.625% 2/18/25 | 470,000 | 491,080 | |
Galaxy Pipeline Assets Bidco | |||
144A 1.75% 9/30/27 # | 505,000 | 503,989 | |
144A 2.625% 3/31/36 # | 505,000 | 504,510 | |
1,827,115 | |||
United States − 2.63% | |||
Hyundai Capital America 144A 3.50% 11/2/26 # | 450,000 | 481,874 | |
JBS Investments II | |||
144A 5.75% 1/15/28 # | 490,000 | 515,725 | |
144A 7.00% 1/15/26 # | 295,000 | 315,659 | |
Rutas 2 and 7 Finance 144A 3.413% 9/30/36 #, ^ | 615,000 | 433,575 | |
1,746,833 | |||
Zambia − 1.11% | |||
First Quantum Minerals | |||
144A 6.875% 10/15/27 # | 315,000 | 313,819 | |
144A 7.50% 4/1/25 # | 425,000 | 427,390 | |
741,209 | |||
Total Corporate Bonds (cost $63,161,783) | 63,557,873 | ||
NQ-227 [10/20] 12/20 (1440398) 7
Schedule of investments
Delaware Emerging Markets Debt Corporate Fund (Unaudited)
Principal amount° | Value (US $) | ||
Loan Agreements – 0.25% | |||
Grupo Aeromexico TBD 8/19/22 | 170,000 | $170,000 | |
Total Loan Agreements (cost $170,000) | 170,000 | ||
Sovereign Bonds – 1.24%Δ | |||
Argentina − 0.61% | |||
Argentine Republic Government International Bond | |||
0.125% 7/9/30 ~ | 1,064,860 | 390,804 | |
1.00% 7/9/29 | 31,613 | 13,056 | |
403,860 | |||
Mongolia − 0.63% | |||
Development Bank of Mongolia 144A 7.25% 10/23/23 # | 400,000 | 418,444 | |
Total Sovereign Bonds (cost $995,025) | 822,304 | ||
Supranational Bank – 0.87% | |||
Banque Ouest Africaine de Developpement 144A 4.70% 10/22/31 # | 548,000 | 576,534 | |
Total Supranational Bank (cost $548,000) | 576,534 |
Number of shares | |||
Short-Term Investments – 2.14% | |||
Money Market Mutual Funds – 2.14% | |||
BlackRock FedFund – Institutional Shares (seven-day effective yield 0.00%) | 356,587 | 356,587 | |
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 0.01%) | 356,586 | 356,586 | |
GS Financial Square Government Fund – Institutional Shares (seven-day effective yield 0.00%) | 356,587 | 356,587 | |
Morgan Stanley Government Portfolio – Institutional Share Class (seven-day effective yield 0.00%) | 356,586 | 356,586 | |
Total Short-Term Investments (cost $1,426,346) | 1,426,346 | ||
Total Value of Securities−100.11% (cost $66,301,154) | 66,553,057 | ||
Liabilities Net of Receivables and Other Assets — (0.11)% | (74,202) |
8 NQ-227 [10/20] 12/20 (1440398)
(Unaudited)
Net Assets Applicable to 7,829,374 Shares Outstanding — 100.00% | $66,478,855 |
° | Principal amount shown is stated in USD unless noted that the security is denominated in another currency. |
Δ | Securities have been classified by country of origin. |
# | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At October 31, 2020, the aggregate value of Rule 144A securities was $54,079,520, which represents 81.35% of the Fund's net assets. |
* | PIK. 78% of the income received was in cash and 22% was in principal. |
μ | Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at October 31, 2020. Rate will reset at a future date. |
^ | Zero-coupon security. The rate shown is the effective yield at the time of purchase. |
‡ | Non-income producing security. Security is currently in default. |
ψ | No contractual maturity date. |
~ | Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Stated rate in effect at October 31, 2020. |
Unfunded Loan Commitments
The Fund may invest in floating rate loans. In connection with these investments, the Fund may also enter into unfunded corporate loan commitments (commitments). Commitments may obligate the Fund to furnish temporary financing to a borrower until permanent financing can be arranged. In connection with these commitments, the Fund earns a commitment fee, typically set as a percentage of the commitment amount. The following unfunded loan commitments were outstanding at October 31, 2020:
Borrower | Principal Amount | Commitment | Value | Unrealized Appreciation (Depreciation) | ||||
Grupo Aeromexico 12.50% 8/19/22 | $340,000 | $340,000 | $340,000 | $— | ||||
Grupo Aeromexico TBD 8/19/22 | $170,000 | $170,000 | $170,000 | $— | ||||
The following futures and swap contracts were outstanding at October 31, 2020:
Futures Contracts | |||||||||||
Contracts to Buy (Sell) | Notional Amount | Notional Cost (Proceeds) | Expiration Date | Value/ Unrealized Appreciation | Variation Margin Due from (Due to) Brokers | ||||||
(11) | US Treasury 10 yr Ultra Notes | $(1,730,094) | $(1,753,446) | 12/21/20 | $23,352 | $3,781 |
NQ-227 [10/20] 12/20 (1440398) 9
Schedule of investments
Delaware Emerging Markets Debt Corporate Fund (Unaudited)
Swap Contracts
CDS Contracts1 | ||||||||||||||
Counterparty/ Reference Obligation/ Termination Date/ Payment Frequency | Notional Amount2 | Annual Protection Payments | Value | Upfront Payments Paid (Received) | Unrealized Appreciation3 | Unrealized Depreciation3 | Variation Margin Due from (Due to) Brokers | |||||||
Over-The-Counter: | ||||||||||||||
Protection Purchased/Moody’s Ratings: | ||||||||||||||
JPMCB-Mexico 3.60% 12/31/22 WR 6/20/25-Quarterly | 3,709,000 | 1.000% | $26,079 | $245,934 | $— | $(219,855) | $— |
The use of futures and 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.
1 | 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. |
2 | Notional amount shown is stated in USD unless noted that the swap is denominated in another currency. |
3 | Unrealized appreciation (depreciation) does not include periodic interest payments (receipt) on swap contracts accrued daily in the amount of $(4,121). |
Summary of abbreviations: |
CDS – Credit Default Swap |
GS – Goldman Sachs |
JPMCB – JPMorgan Chase Bank |
JSC – Joint Stock Company |
10 NQ-227 [10/20] 12/20 (1440398)
(Unaudited)
Summary of abbreviations: (continued) |
PIK – Payment-in-kind |
PJSC – Private Joint Stock Company |
TBD – To be determined |
yr – Year |
Summary of currencies: |
USD – US Dollar |
NQ-227 [10/20] 12/20 (1440398) 11