NPORT-EX 2 AGC0DelEmergingMarketsDebtFd.htm gc_del-emdcf.htm - Generated by SEC Publisher for SEC Filing

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 

 

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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 

 

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(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 

 

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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 

 

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(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 

 

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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 

 

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(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. 

 

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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

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