Delaware Emerging Markets Debt Corporate Fund | April 30, 2021 (Unaudited) |
Principal amount° | Value (US $) | ||
Corporate Bonds – 94.75%Δ | |||
Argentina − 2.23% | |||
Aeropuertos Argentina 2000 PIK 144A 9.375% 2/1/27 #, >> | 844,148 | $686,423 | |
Transportadora de Gas del Sur 144A 6.75% 5/2/25 # | 515,000 | 447,416 | |
YPF 144A 6.95% 7/21/27 # | 855,000 | 528,108 | |
1,661,947 | |||
Brazil − 9.51% | |||
Azul Investments 144A 5.875% 10/26/24 # | 650,000 | 619,245 | |
B2W Digital 144A 4.375% 12/20/30 # | 615,000 | 607,620 | |
Banco BTG Pactual 144A 4.50% 1/10/25 # | 470,000 | 484,845 | |
Centrais Eletricas Brasileiras 144A 3.625% 2/4/25 # | 465,000 | 472,426 | |
CSN Inova Ventures 144A 6.75% 1/28/28 # | 460,000 | 500,533 | |
CSN Islands XII 144A 7.00% 9/23/15 #, ψ | 245,000 | 248,063 | |
GUSAP III 144A 4.25% 1/21/30 # | 355,000 | 374,344 | |
Itau Unibanco Holding 144A 3.875% 4/15/31 #, μ | 410,000 | 398,663 | |
JBS Investments II 144A 5.75% 1/15/28 # | 490,000 | 521,340 | |
JSM Global 144A 4.75% 10/20/30 # | 455,000 | 461,238 | |
Klabin Austria 144A 7.00% 4/3/49 # | 400,000 | 491,664 | |
NBM US Holdings 144A 6.625% 8/6/29 # | 435,000 | 483,418 | |
Petrobras Global Finance 6.75% 6/3/50 | 350,000 | 383,499 | |
Rede D'or Finance 144A 4.50% 1/22/30 # | 520,000 | 511,420 | |
Vale Overseas 3.75% 7/8/30 | 495,000 | 521,359 | |
7,079,677 | |||
Chile − 4.67% | |||
AES Gener 144A 7.125% 3/26/79 #, μ | 605,000 | 641,067 | |
ATP Tower Holdings 144A 4.05% 4/27/26 # | 750,000 | 740,250 | |
Banco de Credito e Inversiones 144A 3.50% 10/12/27 # | 435,000 | 463,949 | |
EnfraGen Energia Sur 144A 5.375% 12/30/30 # | 705,000 | 701,641 | |
Sociedad Quimica y Minera de Chile 144A 3.625% 4/3/23 # | 300,000 | 315,343 | |
VTR Comunicaciones 144A 4.375% 4/15/29 # | 610,000 | 614,880 | |
3,477,130 | |||
China − 7.03% | |||
Alibaba Group Holding 2.70% 2/9/41 | 655,000 | 610,894 | |
Bank of China 144A 5.00% 11/13/24 # | 420,000 | 469,428 | |
ENN Energy Holdings 144A 2.625% 9/17/30 # | 535,000 | 522,485 | |
JD.com 3.875% 4/29/26 | 465,000 | 507,514 | |
Kaisa Group Holdings 9.375% 6/30/24 | 545,000 | 542,275 | |
Meituan 144A 2.125% 10/28/25 # | 370,000 | 364,980 | |
Prosus 144A 3.832% 2/8/51 # | 520,000 | 476,200 |
Principal amount° | Value (US $) | ||
Corporate BondsΔ (continued) | |||
China (continued) | |||
Shimao Group Holdings 5.60% 7/15/26 | 615,000 | $666,506 | |
Tencent Holdings | |||
144A 2.88% 4/22/31 # | 325,000 | 329,732 | |
144A 3.68% 4/22/41 # | 350,000 | 356,029 | |
Yuzhou Group Holdings 7.70% 2/20/25 | 440,000 | 387,742 | |
5,233,785 | |||
Colombia − 3.98% | |||
Banco de Bogota 144A 6.25% 5/12/26 # | 365,000 | 407,979 | |
Banco GNB Sudameris 144A 7.50% 4/16/31 #, μ | 685,000 | 706,612 | |
Ecopetrol | |||
5.375% 6/26/26 | 311,000 | 349,393 | |
6.875% 4/29/30 | 585,000 | 710,044 | |
Geopark 144A 5.50% 1/17/27 # | 765,000 | 787,846 | |
2,961,874 | |||
Georgia − 0.69% | |||
Bank of Georgia 144A 6.00% 7/26/23 # | 480,000 | 512,842 | |
512,842 | |||
Ghana − 0.35% | |||
Tullow Oil 144A 7.00% 3/1/25 # | 300,000 | 262,125 | |
262,125 | |||
Guatemala − 1.71% | |||
Banco Industrial 144A 4.875% 1/29/31 #, μ | 605,000 | 624,085 | |
Investment Energy Resources 144A 6.25% 4/26/29 # | 605,000 | 646,442 | |
1,270,527 | |||
Hong Kong − 1.57% | |||
AIA Group 144A 3.375% 4/7/30 # | 400,000 | 433,012 | |
CLP Power Hong Kong Financing 2.875% 4/26/23 | 200,000 | 207,661 | |
Goodman HK Finance 4.375% 6/19/24 | 485,000 | 527,687 | |
1,168,360 | |||
India − 5.35% | |||
Adani Electricity Mumbai 144A 3.949% 2/12/30 # | 410,000 | 412,236 | |
Clean Renewable Power Mauritius 144A 4.25% 3/25/27 # | 775,000 | 781,200 | |
Future Retail 144A 5.60% 1/22/25 # | 425,000 | 340,463 | |
Greenko Solar Mauritius 144A 5.95% 7/29/26 # | 560,000 | 602,420 | |
ICICI Bank 144A 4.00% 3/18/26 # | 450,000 | 484,228 | |
UltraTech Cement 144A 2.80% 2/16/31 # | 590,000 | 552,617 |
Principal amount° | Value (US $) | ||
Corporate BondsΔ (continued) | |||
India (continued) | |||
Vedanta Resources Finance II 144A 8.95% 3/11/25 # | 815,000 | $809,527 | |
3,982,691 | |||
Indonesia − 2.53% | |||
Cikarang Listrindo 144A 4.95% 9/14/26 # | 602,000 | 618,856 | |
Indika Energy Capital IV 144A 8.25% 10/22/25 # | 330,000 | 352,852 | |
Majapahit Holding 144A 7.875% 6/29/37 # | 255,000 | 357,486 | |
Perusahaan Listrik Negara 144A 3.875% 7/17/29 # | 525,000 | 552,253 | |
1,881,447 | |||
Israel − 4.66% | |||
Altice Financing 144A 5.00% 1/15/28 # | 600,000 | 593,001 | |
Bank Leumi Le-Israel 144A 3.275% 1/29/31 #, μ | 445,000 | 460,186 | |
Energean Israel Finance 144A 4.875% 3/30/26 # | 355,000 | 367,182 | |
Israel Chemicals 144A 6.375% 5/31/38 # | 350,000 | 443,632 | |
Israel Electric 144A 5.00% 11/12/24 # | 200,000 | 225,021 | |
Mizrahi Tefahot Bank 144A 3.077% 4/7/31 #, μ | 505,000 | 513,838 | |
Teva Pharmaceutical Finance Netherlands III 6.75% 3/1/28 | 790,000 | 862,087 | |
3,464,947 | |||
Jamaica − 0.62% | |||
Digicel Group Holdings PIK 10.00% 4/1/24 >> | 472,166 | 462,427 | |
462,427 | |||
Kazakhstan − 0.98% | |||
KazTransGas JSC 144A 4.375% 9/26/27 # | 269,000 | 300,439 | |
Tengizchevroil Finance Co. International 144A 2.625% 8/15/25 # | 420,000 | 429,509 | |
729,948 | |||
Kuwait − 1.01% | |||
Equate Petrochemical | |||
144A 2.625% 4/28/28 # | 340,000 | 341,487 | |
144A 4.25% 11/3/26 # | 370,000 | 409,377 | |
750,864 | |||
Lithuania − 0.96% | |||
ASG Finance Designated Activity 144A 7.875% 12/3/24 # | 734,000 | 711,980 | |
711,980 | |||
Macao − 2.41% | |||
MGM China Holdings 144A 4.75% 2/1/27 # | 475,000 | 492,812 |
Principal amount° | Value (US $) | ||
Corporate BondsΔ (continued) | |||
Macao (continued) | |||
Sands China | |||
3.80% 1/8/26 | 380,000 | $404,252 | |
4.375% 6/18/30 | 465,000 | 497,201 | |
Wynn Macau 144A 5.625% 8/26/28 # | 375,000 | 395,162 | |
1,789,427 | |||
Mexico − 4.97% | |||
Aerovias de Mexico 144A 7.00% 2/5/25 #, ‡ | 505,000 | 280,911 | |
Banco Mercantil del Norte 144A 8.375% 10/14/30 #, μ, ψ | 410,000 | 487,777 | |
Banco Santander Mexico Institucion de Banca Multiple Grupo Financiero 144A 5.95% 10/1/28 #, μ | 335,000 | 363,941 | |
BBVA Bancomer 144A 5.125% 1/18/33 #, μ | 260,000 | 270,427 | |
Cemex 144A 3.875% 7/11/31 # | 320,000 | 317,147 | |
Fresnillo 144A 4.25% 10/2/50 # | 315,000 | 309,128 | |
Infraestructura Energetica Nova | |||
144A 3.75% 1/14/28 # | 220,000 | 235,950 | |
144A 4.875% 1/14/48 # | 300,000 | 305,082 | |
Minera Mexico 144A 4.50% 1/26/50 # | 525,000 | 555,188 | |
Trust Fibra Uno 144A 5.25% 1/30/26 # | 510,000 | 575,410 | |
3,700,961 | |||
Morocco − 0.67% | |||
OCP | |||
144A 4.50% 10/22/25 # | 200,000 | 214,003 | |
144A 6.875% 4/25/44 # | 235,000 | 284,175 | |
498,178 | |||
Nigeria − 1.68% | |||
IHS Netherlands Holdco 144A 7.125% 3/18/25 # | 685,000 | 718,394 | |
SEPLAT Petroleum Development 144A 7.75% 4/1/26 # | 515,000 | 529,162 | |
1,247,556 | |||
Oman − 0.83% | |||
Oryx Funding 144A 5.80% 2/3/31 # | 585,000 | 620,969 | |
620,969 | |||
Panama − 1.11% | |||
Sable International Finance 144A 5.75% 9/7/27 # | 350,000 | 368,156 | |
UEP Penonome II 144A 6.50% 10/1/38 # | 458,476 | 460,489 | |
828,645 | |||
Paraguay − 2.52% | |||
Banco Continental 144A 2.75% 12/10/25 # | 620,000 | 607,650 |
Principal amount° | Value (US $) | ||
Corporate BondsΔ (continued) | |||
Paraguay (continued) | |||
Bioceanico Sovereign Certificate 144A 2.557% 6/5/34 #, ^ | 521,560 | $384,348 | |
Rutas 2 and 7 Finance 144A 3.413% 9/30/36 #, ^ | 415,000 | 296,206 | |
Telefonica Celular del Paraguay 144A 5.875% 4/15/27 # | 550,000 | 585,945 | |
1,874,149 | |||
Peru − 2.91% | |||
Auna 144A 6.50% 11/20/25 # | 575,000 | 580,224 | |
Kallpa Generacion 144A 4.125% 8/16/27 # | 600,000 | 617,544 | |
Lima Metro Line 2 Finance 144A 4.35% 4/5/36 # | 425,000 | 438,498 | |
Volcan Cia Minera 144A 4.375% 2/11/26 # | 535,000 | 528,428 | |
2,164,694 | |||
Philippines − 1.94% | |||
BDO Unibank 2.125% 1/13/26 | 700,000 | 713,125 | |
International Container Terminal Services 4.75% 6/17/30 | 655,000 | 727,556 | |
1,440,681 | |||
Qatar − 1.77% | |||
Ooredoo International Finance 144A 5.00% 10/19/25 # | 225,000 | 259,426 | |
QNB Finance 2.625% 5/12/25 | 1,015,000 | 1,058,158 | |
1,317,584 | |||
Republic of Korea − 2.64% | |||
Kia 144A 1.00% 4/16/24 # | 530,000 | 533,224 | |
Shinhan Financial Group 144A 3.34% 2/5/30 #, μ | 355,000 | 371,913 | |
SK Hynix 144A 2.375% 1/19/31 # | 1,105,000 | 1,062,743 | |
1,967,880 | |||
Republic of Vietnam − 0.98% | |||
Mong Duong Finance Holdings 144A 5.125% 5/7/29 # | 720,000 | 727,319 | |
727,319 | |||
Russia − 2.60% | |||
Gazprom PJSC via Gaz Finance 144A 3.25% 2/25/30 # | 455,000 | 450,783 | |
Lukoil Securities 144A 3.875% 5/6/30 # | 575,000 | 604,929 | |
Phosagro OAO Via Phosagro Bond Funding DAC 144A 3.949% 4/24/23 # | 200,000 | 208,093 | |
VEON Holdings 144A 3.375% 11/25/27 # | 665,000 | 670,632 | |
1,934,437 |
Principal amount° | Value (US $) | ||
Corporate BondsΔ (continued) | |||
Saudi Arabia − 1.73% | |||
Saudi Arabian Oil | |||
144A 3.50% 11/24/70 # | 420,000 | $384,436 | |
144A 4.25% 4/16/39 # | 400,000 | 436,992 | |
Saudi Electricity Global Sukuk 4 4.222% 1/27/24 | 430,000 | 466,692 | |
1,288,120 | |||
Singapore − 1.34% | |||
BOC Aviation USA 144A 1.625% 4/29/24 # | 365,000 | 366,747 | |
Oversea-Chinese Banking 144A 4.25% 6/19/24 # | 575,000 | 628,626 | |
995,373 | |||
South Africa − 1.58% | |||
Gold Fields Orogen Holdings BVI 144A 6.125% 5/15/29 # | 540,000 | 638,550 | |
Sasol Financing USA 4.375% 9/18/26 | 525,000 | 537,941 | |
1,176,491 | |||
Tanzania − 1.66% | |||
AngloGold Ashanti Holdings 3.75% 10/1/30 | 510,000 | 530,017 | |
HTA Group 144A 7.00% 12/18/25 # | 655,000 | 701,269 | |
1,231,286 | |||
Thailand − 2.08% | |||
Bangkok Bank 144A 5.00% 9/23/25 #, μ, ψ | 380,000 | 400,303 | |
GC Treasury Center 144A 4.30% 3/18/51 # | 640,000 | 665,543 | |
PTTEP Treasury Center 144A 2.587% 6/10/27 # | 465,000 | 479,841 | |
1,545,687 | |||
Turkey − 3.94% | |||
Akbank TAS 144A 6.80% 2/6/26 # | 530,000 | 550,227 | |
Turk Telekomunikasyon 144A 6.875% 2/28/25 # | 600,000 | 657,150 | |
Turkcell Iletisim Hizmetleri 144A 5.80% 4/11/28 # | 590,000 | 619,648 | |
Turkiye Sise ve Cam Fabrikalari 144A 6.95% 3/14/26 # | 505,000 | 558,859 | |
Ulker Biskuvi Sanayi 144A 6.95% 10/30/25 # | 505,000 | 546,059 | |
2,931,943 | |||
Ukraine − 2.14% | |||
Kernel Holding 144A 6.50% 10/17/24 # | 445,000 | 468,087 | |
Metinvest 144A 7.65% 10/1/27 # | 548,000 | 587,434 | |
MHP 144A 7.75% 5/10/24 # | 510,000 | 540,324 | |
1,595,845 | |||
United Arab Emirates − 3.69% | |||
Abu Dhabi National Energy PJSC 144A 2.00% 4/29/28 # | 585,000 | 584,216 |
Principal amount° | Value (US $) | ||
Corporate BondsΔ (continued) | |||
United Arab Emirates (continued) | |||
DAE Funding 144A 3.375% 3/20/28 # | 555,000 | $555,409 | |
DAE Sukuk DIFC 144A 3.75% 2/15/26 # | 455,000 | 473,737 | |
Emirates NBD Bank PJSC 2.625% 2/18/25 | 470,000 | 493,383 | |
Galaxy Pipeline Assets Bidco 144A 2.94% 9/30/40 # | 655,000 | 642,213 | |
2,748,958 | |||
United States − 0.65% | |||
Hyundai Capital America 144A 3.50% 11/2/26 # | 450,000 | 485,278 | |
485,278 | |||
Zambia − 1.06% | |||
First Quantum Minerals | |||
144A 6.875% 10/15/27 # | 315,000 | 346,106 | |
144A 7.50% 4/1/25 # | 425,000 | 441,735 | |
787,841 | |||
Total Corporate Bonds (cost $68,604,159) | 70,511,873 | ||
Sovereign Bonds – 0.60%Δ | |||
Argentina − 0.02% | |||
Argentine Republic Government International Bond 1.00% 7/9/29 | 31,613 | 12,045 | |
Mongolia − 0.58% | |||
Development Bank of Mongolia 144A 7.25% 10/23/23 # | 400,000 | 431,391 | |
Total Sovereign Bonds (cost $450,969) | 443,436 |
Number of shares | |||
Short-Term Investments – 2.06% | |||
Money Market Mutual Funds – 2.06% | |||
BlackRock FedFund – Institutional Shares (seven-day effective yield 0.03%) | 384,131 | 384,131 | |
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 0.01%) | 384,131 | 384,131 | |
GS Financial Square Government Fund – Institutional Shares (seven-day effective yield 0.03%) | 384,130 | 384,130 |
Number of shares | Value (US $) | ||
Short-Term Investments (continued) | |||
Money Market Mutual Funds (continued) | |||
Morgan Stanley Government Portfolio – Institutional Share Class (seven-day effective yield 0.00%) | 384,130 | $384,130 | |
Total Short-Term Investments (cost $1,536,523) | 1,536,522 | ||
Total Value of Securities−98.24% (cost $71,208,258) | 73,108,438 | ||
Receivables and Other Assets Net of Liabilities — 1.76% | 1,308,704 |
Net Assets Applicable to 8,441,841 Shares Outstanding — 100.00% | $74,417,142 |
° | 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 April 30, 2021, the aggregate value of Rule 144A securities was $58,775,851, which represents 78.98% of the Fund's net assets. |
>> | PIK. 100% of the income received was in the form of principal. |
ψ | Perpetual security. Maturity date represents next call date. |
μ | Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at April 30, 2021. Rate will reset at a future date. |
‡ | Non-income producing security. Security is currently in default. |
^ | Zero-coupon security. The rate shown is the effective yield at the time of purchase. |
Borrower | Principal Amount | Commitment | Value | Unrealized Appreciation (Depreciation) | ||||
Grupo Aeromexico 9.00% 12/31/21 | $340,000 | $340,000 | $340,000 | $— | ||||
Grupo Aeromexico 13.5% (LIBOR03M + 12.5%) 8/19/22 13.50% | 276,607 | 276,607 | 276,607 | — |
Futures Contracts Exchange-Traded | |||||||||||
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 | $(1,601,016) | $(1,636,137) | 6/21/21 | $35,121 | $(1,375) |
CDS Contracts1 | ||||||||||||
Counterparty/ Reference Obligation/ Termination Date/ Payment Frequency | Notional Amount2 | Annual Protection Payments | Value | Upfront Payments Paid (Received) | Unrealized Depreciation3 | Variation Margin Due from (Due to) Brokers | ||||||
Over-The-Counter: | ||||||||||||
Protection Purchased/Moody’s Ratings: | ||||||||||||
JPMCB Mexico 10.375% 9/20/22 Baa2 6/22/26-Quarterly | 1,748,000 | 1.000% | $(5,089) | $13,445 | $(18,534) | $— | ||||||
JPMCB Republic of Colombia 10.375% 12/31/24 Baa2 6/22/26-Quarterly | 1,763,000 | 1.000% | 23,069 | 30,720 | (7,651) | — | ||||||
17,980 | 44,165 | (26,185) | — |
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 $(2,681). |
Summary of abbreviations: |
CDS – Credit Default Swap |
DAC – Designated Activity Company |
DIFC – Dubai International Financial Centre |
GS – Goldman Sachs |
ICE – Intercontinental Exchange, Inc. |
JPMCB – JPMorgan Chase Bank |
JSC – Joint Stock Company |
LIBOR – London interbank offered rate |
LIBOR03M – ICE LIBOR USD 3 Month |
PIK – Payment-in-kind |
PJSC – Private Joint Stock Company |
USD – US Dollar |
yr – Year |