Delaware Emerging Markets Debt Corporate Fund | April 30, 2023 (Unaudited) |
Principal amount° | Value (US $) | ||
Corporate Bonds – 96.18%Δ | |||
Argentina − 2.11% | |||
Aeropuertos Argentina 2000 144A 8.50% 8/1/31 # | 544,629 | $ 479,938 | |
Transportadora de Gas del Sur 144A 6.75% 5/2/25 # | 515,000 | 450,017 | |
YPF 144A 6.95% 7/21/27 # | 1,085,000 | 782,304 | |
1,712,259 | |||
Australia − 0.51% | |||
AngloGold Ashanti Holdings 3.375% 11/1/28 | 460,000 | 415,606 | |
415,606 | |||
Brazil − 9.29% | |||
Arcos Dorados 144A 6.125% 5/27/29 # | 410,000 | 391,217 | |
Azul Investments | |||
144A 5.875% 10/26/24 # | 420,000 | 332,005 | |
144A 7.25% 6/15/26 # | 400,000 | 282,982 | |
Banco do Brasil 144A 6.25% 4/18/30 # | 665,000 | 662,007 | |
Braskem Netherlands Finance 144A 7.25% 2/13/33 # | 650,000 | 623,246 | |
CSN Resources | |||
144A 5.875% 4/8/32 # | 630,000 | 519,021 | |
144A 7.625% 4/17/26 # | 400,000 | 401,633 | |
Embraer Netherlands Finance 5.40% 2/1/27 | 665,000 | 640,444 | |
Guara Norte 144A 5.198% 6/15/34 # | 778,538 | 663,886 | |
Itau Unibanco Holding 144A 3.875% 4/15/31 #, μ | 485,000 | 455,900 | |
JBS USA Lux | |||
144A 3.75% 12/1/31 # | 310,000 | 258,402 | |
144A 5.50% 1/15/30 # | 540,000 | 516,221 | |
MC Brazil Downstream Trading 144A 7.25% 6/30/31 # | 396,163 | 304,831 | |
Natura Cosmeticos 144A 4.125% 5/3/28 # | 620,000 | 517,632 | |
Rumo Luxembourg 144A 5.25% 1/10/28 # | 395,000 | 367,844 | |
Vale Overseas 3.75% 7/8/30 | 670,000 | 598,121 | |
7,535,392 | |||
Chile − 4.51% | |||
AES Andes 144A 7.125% 3/26/79 #, μ | 605,000 | 570,421 | |
Alfa Desarrollo 144A 4.55% 9/27/51 # | 616,943 | 446,821 | |
Antofagasta 144A 5.625% 5/13/32 # | 475,000 | 476,259 | |
Banco de Credito e Inversiones 144A 3.50% 10/12/27 # | 565,000 | 519,337 | |
Colbun 144A 3.95% 10/11/27 # | 520,000 | 490,960 | |
Interchile 144A 4.50% 6/30/56 # | 465,000 | 381,463 | |
Inversiones La Construccion 144A 4.75% 2/7/32 # | 635,000 | 507,108 | |
Sociedad de Transmision Austral 144A 4.00% 1/27/32 # | 310,000 | 265,833 | |
3,658,202 |
Principal amount° | Value (US $) | ||
Corporate BondsΔ (continued) | |||
China − 3.98% | |||
Alibaba Group Holding 2.70% 2/9/41 | 645,000 | $ 433,724 | |
Country Garden Holdings | |||
4.20% 2/6/26 | 274,000 | 134,121 | |
7.25% 4/8/26 | 405,000 | 210,653 | |
ENN Energy Holdings 144A 2.625% 9/17/30 # | 750,000 | 636,355 | |
Huarong Finance 2019 3.875% 11/13/29 | 570,000 | 434,401 | |
RKPF Overseas 2020 5.125% 7/26/26 | 380,000 | 216,766 | |
Sino-Ocean Land Treasure IV | |||
2.70% 1/13/25 | 420,000 | 139,650 | |
4.75% 8/5/29 | 420,000 | 103,256 | |
Tencent Holdings | |||
144A 2.88% 4/22/31 # | 495,000 | 429,586 | |
144A 3.68% 4/22/41 # | 350,000 | 273,001 | |
West China Cement 4.95% 7/8/26 | 275,000 | 216,964 | |
3,228,477 | |||
Colombia − 3.61% | |||
Banco GNB Sudameris 144A 7.50% 4/16/31 #, μ | 800,000 | 596,000 | |
Bancolombia 6.909% 10/18/27 μ | 570,000 | 533,545 | |
Canacol Energy 144A 5.75% 11/24/28 # | 450,000 | 359,728 | |
Ecopetrol | |||
5.875% 11/2/51 | 410,000 | 260,245 | |
6.875% 4/29/30 | 640,000 | 578,708 | |
Geopark 144A 5.50% 1/17/27 # | 725,000 | 602,857 | |
2,931,083 | |||
Costa Rica − 1.22% | |||
Liberty Costa Rica Senior Secured Finance 144A 10.875% 1/15/31 # | 1,020,000 | 987,901 | |
987,901 | |||
Czech Republic − 0.94% | |||
Energo-Pro 144A 8.50% 2/4/27 # | 795,000 | 763,200 | |
763,200 | |||
Georgia − 0.63% | |||
Georgian Railway JSC 4.00% 6/17/28 | 597,000 | 513,601 | |
513,601 | |||
Ghana − 1.46% | |||
Kosmos Energy 144A 7.75% 5/1/27 # | 815,000 | 705,233 | |
Tullow Oil 144A 10.25% 5/15/26 # | 610,000 | 476,980 | |
1,182,213 |
Principal amount° | Value (US $) | ||
Corporate BondsΔ (continued) | |||
Guatemala − 1.89% | |||
Banco Industrial 144A 4.875% 1/29/31 #, μ | 305,000 | $ 285,826 | |
Central American Bottling 144A 5.25% 4/27/29 # | 670,000 | 625,398 | |
CT Trust 144A 5.125% 2/3/32 # | 750,000 | 619,460 | |
1,530,684 | |||
Hong Kong − 2.97% | |||
AIA Group 144A 3.375% 4/7/30 # | 600,000 | 556,976 | |
CK Hutchison International 23 | |||
144A 4.75% 4/21/28 # | 460,000 | 464,975 | |
144A 4.875% 4/21/33 # | 825,000 | 836,810 | |
Standard Chartered 144A 6.301% 1/9/29 #, μ | 540,000 | 554,145 | |
2,412,906 | |||
India − 3.87% | |||
CA Magnum Holdings 144A 5.375% 10/31/26 # | 535,000 | 471,722 | |
Future Retail 144A 5.60% 1/22/25 # | 425,000 | 12,240 | |
Greenko Power II 144A 4.30% 12/13/28 # | 453,625 | 394,283 | |
ICICI Bank 144A 4.00% 3/18/26 # | 450,000 | 435,852 | |
JSW Hydro Energy 144A 4.125% 5/18/31 # | 535,425 | 446,968 | |
Summit Digitel Infrastructure 144A 2.875% 8/12/31 # | 790,000 | 636,682 | |
UltraTech Cement 144A 2.80% 2/16/31 # | 895,000 | 740,028 | |
3,137,775 | |||
Indonesia − 4.57% | |||
Cikarang Listrindo 144A 4.95% 9/14/26 # | 792,000 | 745,619 | |
Freeport Indonesia | |||
144A 5.315% 4/14/32 # | 630,000 | 608,652 | |
144A 6.20% 4/14/52 # | 270,000 | 249,256 | |
Indika Energy Capital IV 144A 8.25% 10/22/25 # | 595,000 | 590,830 | |
Indofood CBP Sukses Makmur Tbk PT 3.541% 4/27/32 | 605,000 | 517,282 | |
Medco Laurel Tree 144A 6.95% 11/12/28 # | 754,000 | 682,632 | |
Minejesa Capital 144A 5.625% 8/10/37 # | 395,000 | 314,542 | |
3,708,813 | |||
Israel − 5.51% | |||
Altice Financing 144A 5.00% 1/15/28 # | 600,000 | 486,436 | |
Bank Hapoalim 144A 3.255% 1/21/32 #, μ | 605,000 | 507,664 | |
Bank Leumi Le-Israel | |||
144A 5.125% 7/27/27 # | 515,000 | 511,807 | |
144A 7.129% 7/18/33 #, μ | 650,000 | 633,799 | |
Energean Israel Finance 144A 4.875% 3/30/26 # | 535,000 | 495,544 | |
ICL Group 144A 6.375% 5/31/38 # | 380,000 | 379,109 | |
Israel Electric 144A 3.75% 2/22/32 # | 635,000 | 561,139 |
Principal amount° | Value (US $) | ||
Corporate BondsΔ (continued) | |||
Israel (continued) | |||
Teva Pharmaceutical Finance Netherlands III | |||
5.125% 5/9/29 | 560,000 | $ 520,142 | |
6.75% 3/1/28 | 375,000 | 373,770 | |
4,469,410 | |||
Jamaica − 0.83% | |||
Sagicor Financial 144A 5.30% 5/13/28 # | 700,000 | 674,870 | |
674,870 | |||
Kazakhstan − 1.19% | |||
KazMunayGas National | |||
144A 4.75% 4/19/27 # | 200,000 | 190,547 | |
144A 5.375% 4/24/30 # | 430,000 | 394,868 | |
Tengizchevroil Finance Co. International 144A 2.625% 8/15/25 # | 420,000 | 377,748 | |
963,163 | |||
Kuwait − 0.92% | |||
NBK SPC 144A 1.625% 9/15/27 #, μ | 835,000 | 749,493 | |
749,493 | |||
Macao − 3.28% | |||
MGM China Holdings | |||
144A 4.75% 2/1/27 # | 760,000 | 695,210 | |
144A 5.25% 6/18/25 # | 205,000 | 195,995 | |
Sands China | |||
3.75% 8/8/31 | 465,000 | 384,393 | |
4.30% 1/8/26 | 580,000 | 546,142 | |
Studio City Finance 144A 6.50% 1/15/28 # | 970,000 | 837,322 | |
2,659,062 | |||
Madagascar − 0.42% | |||
Axian Telecom 144A 7.375% 2/16/27 # | 375,000 | 342,000 | |
342,000 | |||
Malaysia − 1.54% | |||
CIMB Bank 144A 2.125% 7/20/27 # | 525,000 | 481,574 | |
MISC Capital Two Labuan 144A 3.75% 4/6/27 # | 810,000 | 768,365 | |
1,249,939 | |||
Mexico − 7.46% | |||
Alsea 144A 7.75% 12/14/26 # | 590,000 | 586,537 | |
America Movil 4.70% 7/21/32 | 740,000 | 735,844 | |
Banco Mercantil del Norte 144A 8.375% 10/14/30 #, μ, ψ | 410,000 | 388,167 | |
BBVA Bancomer 144A 5.875% 9/13/34 #, μ | 620,000 | 561,602 |
Principal amount° | Value (US $) | ||
Corporate BondsΔ (continued) | |||
Mexico (continued) | |||
Cemex 144A 9.125% 3/14/28 #, μ, ψ | 620,000 | $ 616,436 | |
CIBANCO Institucion de Banca Multiple Trust 144A 4.375% 7/22/31 # | 890,000 | 663,589 | |
GCC 144A 3.614% 4/20/32 # | 790,000 | 672,209 | |
Grupo Aeromexico 144A 8.50% 3/17/27 # | 1,010,000 | 904,383 | |
Nemak 144A 3.625% 6/28/31 # | 575,000 | 430,244 | |
Petroleos Mexicanos 144A 10.00% 2/7/33 # | 535,000 | 497,344 | |
6,056,355 | |||
Morocco − 0.72% | |||
OCP | |||
144A 5.125% 6/23/51 # | 270,000 | 199,966 | |
144A 6.875% 4/25/44 # | 415,000 | 383,381 | |
583,347 | |||
Nigeria − 1.44% | |||
Access Bank 144A 6.125% 9/21/26 # | 765,000 | 608,710 | |
IHS Holding 144A 5.625% 11/29/26 # | 665,000 | 558,148 | |
1,166,858 | |||
Oman − 0.94% | |||
Oryx Funding 144A 5.80% 2/3/31 # | 780,000 | 759,849 | |
759,849 | |||
Panama − 0.38% | |||
UEP Penonome II 144A 6.50% 10/1/38 # | 422,015 | 313,346 | |
313,346 | |||
Paraguay − 1.62% | |||
Banco Continental 144A 2.75% 12/10/25 # | 850,000 | 766,526 | |
Rutas 2 and 7 Finance 144A 3.494% 9/30/36 #, ^ | 837,000 | 544,740 | |
1,311,266 | |||
Peru − 2.79% | |||
Consorcio Transmantaro 144A 5.20% 4/11/38 # | 605,000 | 559,471 | |
InRetail Consumer 144A 3.25% 3/22/28 # | 715,000 | 614,771 | |
Lima Metro Line 2 Finance 144A 4.35% 4/5/36 # | 563,166 | 508,750 | |
SAN Miguel Industrias 144A 3.50% 8/2/28 # | 680,000 | 580,601 | |
2,263,593 | |||
Philippines − 1.21% | |||
International Container Terminal Services 4.75% 6/17/30 | 645,000 | 611,137 | |
Jollibee Worldwide Pte 3.90% 1/23/25 μ, ψ | 392,000 | 374,360 | |
985,497 |
Principal amount° | Value (US $) | ||
Corporate BondsΔ (continued) | |||
Qatar − 0.93% | |||
QNB Finance 2.625% 5/12/25 | 790,000 | $ 755,083 | |
755,083 | |||
Republic of Korea − 3.17% | |||
Hana Bank 144A 1.25% 12/16/26 # | 335,000 | 296,786 | |
Kia 144A 2.375% 2/14/25 # | 645,000 | 613,875 | |
Shinhan Bank 3.875% 3/24/26 | 490,000 | 466,760 | |
Shinhan Financial Group 144A 3.34% 2/5/30 #, μ | 355,000 | 340,480 | |
SK Hynix | |||
144A 1.50% 1/19/26 # | 390,000 | 345,043 | |
144A 6.50% 1/17/33 # | 510,000 | 506,428 | |
2,569,372 | |||
Republic of Vietnam − 0.37% | |||
Mong Duong Finance Holdings 144A 5.125% 5/7/29 # | 350,000 | 304,724 | |
304,724 | |||
Saudi Arabia − 3.14% | |||
EIG Pearl Holdings 144A 4.387% 11/30/46 # | 515,000 | 413,287 | |
Greensaif Pipelines Bidco 144A 6.51% 2/23/42 # | 580,000 | 620,265 | |
SA Global Sukuk 144A 2.694% 6/17/31 # | 215,000 | 192,121 | |
Saudi Arabian Oil | |||
144A 3.50% 11/24/70 # | 410,000 | 279,851 | |
144A 4.25% 4/16/39 # | 600,000 | 552,092 | |
TMS Issuer 144A 5.78% 8/23/32 # | 465,000 | 489,747 | |
2,547,363 | |||
Singapore − 1.29% | |||
BOC Aviation USA 144A 4.875% 5/3/33 # | 740,000 | 735,890 | |
GLP 3.875% 6/4/25 | 445,000 | 311,537 | |
1,047,427 | |||
South Africa − 3.46% | |||
Anglo American Capital 144A 5.50% 5/2/33 # | 735,000 | 734,900 | |
Bidvest Group UK 144A 3.625% 9/23/26 # | 785,000 | 715,755 | |
Sasol Financing USA | |||
6.50% 9/27/28 | 400,000 | 369,916 | |
144A 8.75% 5/3/29 # | 505,000 | 507,028 | |
Stillwater Mining 144A 4.50% 11/16/29 # | 575,000 | 476,456 | |
2,804,055 | |||
Taiwan − 0.87% | |||
TSMC Global 144A 4.625% 7/22/32 # | 695,000 | 707,686 | |
707,686 |
Principal amount° | Value (US $) | ||
Corporate BondsΔ (continued) | |||
Thailand − 1.62% | |||
Bangkok Bank 144A 5.00% 9/23/25 #, μ, ψ | 380,000 | $ 354,701 | |
PTTEP Treasury Center 144A 2.587% 6/10/27 # | 465,000 | 430,592 | |
Thaioil Treasury Center 144A 2.50% 6/18/30 # | 640,000 | 526,087 | |
1,311,380 | |||
Turkey − 3.10% | |||
Akbank TAS 144A 6.80% 2/6/26 # | 730,000 | 700,432 | |
Coca-Cola Icecek 144A 4.50% 1/20/29 # | 475,000 | 421,002 | |
Turkcell Iletisim Hizmetleri 144A 5.80% 4/11/28 # | 605,000 | 537,189 | |
Turkiye Garanti Bankasi 144A 7.177% 5/24/27 #, μ | 465,000 | 431,869 | |
Turkiye Sise ve Cam Fabrikalari 144A 6.95% 3/14/26 # | 435,000 | 423,925 | |
2,514,417 | |||
Ukraine − 0.95% | |||
Metinvest 144A 7.75% 10/17/29 # | 810,000 | 469,800 | |
MHP Lux 144A 6.25% 9/19/29 # | 430,000 | 209,088 | |
State Agency of Roads of Ukraine 144A 6.25% 6/24/30 # | 560,000 | 93,839 | |
772,727 | |||
United Arab Emirates − 4.33% | |||
Abu Dhabi National Energy PJSC 144A 2.00% 4/29/28 # | 585,000 | 528,698 | |
Emirates NBD Bank PJSC | |||
2.625% 2/18/25 | 410,000 | 392,000 | |
6.125% 4/9/26 μ, ψ | 400,000 | 396,328 | |
First Abu Dhabi Bank 4.50% 4/5/26 μ, ψ | 415,000 | 392,401 | |
Galaxy Pipeline Assets Bidco 144A 2.94% 9/30/40 # | 812,122 | 667,906 | |
MAF Global Securities 7.875% 6/30/27 μ, ψ | 635,000 | 646,268 | |
Sweihan PV Power PJSC 144A 3.625% 1/31/49 # | 584,148 | 486,610 | |
3,510,211 | |||
Zambia − 1.14% | |||
First Quantum Minerals | |||
144A 6.875% 10/15/27 # | 515,000 | 500,464 | |
144A 7.50% 4/1/25 # | 425,000 | 424,405 | |
924,869 | |||
Total Corporate Bonds (cost $83,261,971) | 78,035,474 | ||
Sovereign Bonds – 0.44%Δ | |||
Hong Kong − 0.44% | |||
Airport Authority 144A 2.50% 1/12/32 # | 410,000 | 355,220 | |
355,220 | |||
Total Sovereign Bonds (cost $409,676) | 355,220 |
Number of shares | Value (US $) | ||
Common Stock – 0.41% | |||
Mexico − 0.41% | |||
Grupo Aeromexico =, † | 29,657 | $ 329,898 | |
Total Common Stock (cost $484,744) | 329,898 | ||
Short-Term Investments – 3.30% | |||
Money Market Mutual Funds – 3.30% | |||
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.75%) | 668,370 | 668,370 | |
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.73%) | 668,369 | 668,369 | |
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.87%) | 668,369 | 668,369 | |
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 4.78%) | 668,370 | 668,370 | |
Total Short-Term Investments (cost $2,673,478) | 2,673,478 | ||
Total Value of Securities−100.33% (cost $86,829,869) | 81,394,070 | ||
Liabilities Net of Receivables and Other Assets — (0.33%) | (264,279) |
Net Assets Applicable to 10,962,379 Shares Outstanding — 100.00% | $81,129,791 |
° | 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 risk. |
# | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At April 30, 2023, the aggregate value of Rule 144A securities was $65,167,526, which represents 80.33% of the Fund's net assets. |
μ | Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at April 30, 2023. Rate will reset at a future date. |
ψ | Perpetual security. Maturity date represents next call date. |
^ | Zero-coupon security. The rate shown is the effective yield at the time of purchase. |
= | The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security. |
† | Non-income producing security. |
Futures Contracts Exchange-Traded | |||||||||||
Contracts to Buy (Sell) | Notional Amount | Notional Cost (Proceeds) | Expiration Date | Value/ Unrealized Depreciation | Variation Margin Due from (Due to) Brokers | ||||||
(17) | US Treasury 10 yr Ultra Notes | $(2,064,703) | $(1,986,434) | 6/21/23 | $(78,269) | $(12,750) | |||||
(2) | US Treasury Long Bonds | (263,313) | (250,448) | 6/21/23 | (12,865) | (2,500) | |||||
Total Futures Contracts | $(2,236,882) | $(91,134) | $(15,250) |
CDS Contracts1 | ||||||||||
Counterparty/ Reference Obligation/ Termination Date/ Payment Frequency | Notional Amount2 | Annual Protection Payments | Value | Upfront Payments Paid (Received) | Unrealized Depreciation3 | |||||
Over-The-Counter: | ||||||||||
Protection Purchased/Moody’s Ratings: | ||||||||||
JPMCB Mexico 10.375% 1/28/33 Baa2 6/22/26-Quarterly | 1,748,000 | 1.000% | $(19,232) | $8,219 | $(27,451) | |||||
JPMCB Republic of Brazil 4.25% 1/7/25 Ba2 6/20/26-Quarterly | 2,527,000 | 1.000% | 17,798 | 50,182 | (32,384) | |||||
Total CDS Contracts | $(1,434) | $58,401 | $(59,835) |
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 $(4,988). |
Summary of abbreviations: |
CDS – Credit Default Swap |
JSC – Joint Stock Company |
PJSC – Private Joint Stock Company |
yr – Year |
JPMCB – JPMorgan Chase Bank |
USD – US Dollar |