Schedule of investments
| Delaware Emerging Markets Debt Fund | October 31, 2019 (Unaudited) | ||
| Principal amount° | Value (US $) | ||
| Corporate Bonds – 80.53%D | |||
| Argentina - 2.08% | |||
| Aeropuertos Argentina 2000 144A 6.875% 2/1/27 # | 370,313 | $ | 345,316 |
| Tecpetrol 144A 4.875% 12/12/22 # | 235,000 | 216,494 | |
| Transportadora de Gas del Sur 144A 6.75% 5/2/25 # | 515,000 | 434,403 | |
| YPF | |||
| 144A 8.50% 6/27/29 # | 637,000 | 488,706 | |
| 144A 63.354% (BADLARPP + 4.00%) 7/7/20 #• | 170,000 | 37,842 | |
| 1,522,761 | |||
| Bahrain - 0.36% | |||
| Oil and Gas Holding 144A 7.625% 11/7/24 # | 230,000 | 261,107 | |
| 261,107 | |||
| Brazil - 10.20% | |||
| Aegea Finance 144A 5.75% 10/10/24 # | 435,000 | 460,017 | |
| Banco do Brasil 3.875% 10/10/22 | 308,000 | 316,008 | |
| Braskem Finance 6.45% 2/3/24 | 515,000 | 575,513 | |
| BRF 144A 4.875% 1/24/30 # | 1,065,000 | 1,063,829 | |
| CSN Resources 144A 7.625% 2/13/23 # | 1,060,000 | 1,098,557 | |
| Itau Unibanco Holding 144A 5.50% 8/6/22 # | 600,000 | 637,800 | |
| JBS Investments II | |||
| 144A 5.75% 1/15/28 # | 490,000 | 511,683 | |
| 144A 7.00% 1/15/26 # | 245,000 | 266,193 | |
| Klabin Austria 144A 7.00% 4/3/49 # | 600,000 | 648,906 | |
| Petrobras Global Finance | |||
| 144A 5.093% 1/15/30 # | 290,000 | 307,907 | |
| 6.90% 3/19/49 | 300,000 | 349,290 | |
| 7.25% 3/17/44 | 105,000 | 127,837 | |
| Rede D’or Finance 144A 4.95% 1/17/28 # | 460,000 | 467,475 | |
| Suzano Austria 5.00% 1/15/30 | 635,000 | 654,844 | |
| 7,485,859 | |||
| Chile - 2.56% | |||
| AES Gener 144A 7.125% 3/26/79 #µ | 405,000 | 421,527 | |
| Engie Energia Chile 144A 4.50% 1/29/25 # | 435,000 | 464,559 | |
| Latam Finance 144A 7.00% 3/1/26 # | 405,000 | 437,197 | |
| Sociedad Quimica y Minera de Chile 144A 4.25% 5/7/29 # | 525,000 | 556,631 | |
| 1,879,914 | |||
| China - 7.48% | |||
| Baidu 3.875% 9/29/23 | 400,000 | 415,785 | |
| Bank of China 144A 5.00% 11/13/24 # | 405,000 | 442,031 | |
| BOC Aviation 144A 2.375% 9/15/21 # | 400,000 | 397,364 | |
| China Overseas Finance Cayman V 3.95% 11/15/22 | 592,000 | 611,674 | |
| JD. com 3.125% 4/29/21 | 400,000 | 402,140 | |
| Kaisa Group Holdings 144A 11.95% 10/22/22 # | 745,000 | 757,106 | |
| Shimao Property Holdings 5.60% 7/15/26 | 615,000 | 643,262 | |
NQ-227 [10/19] 12/19 (1029357) 1
Schedule of investments
Delaware Emerging Markets Debt Fund (Unaudited)
| Principal amount° | Value (US $) | ||
| Corporate BondsD(continued) | |||
| China(continued) | |||
| Sinopec Group Overseas Development 2018 144A | |||
| 2.50% 8/8/24 # | 500,000 | $ | 499,047 |
| State Grid Overseas Investment 2016 144A | |||
| 2.25% 5/4/20 # | 210,000 | 210,006 | |
| Syngenta Finance 144A 5.182% 4/24/28 # | 425,000 | 451,074 | |
| Tencent Holdings 144A 3.28% 4/11/24 # | 640,000 | 659,793 | |
| 5,489,282 | |||
| Colombia - 2.55% | |||
| Empresas Publicas de Medellin 144A 4.25% 7/18/29 # | 585,000 | 613,841 | |
| Geopark 144A 6.50% 9/21/24 # | 400,000 | 414,900 | |
| Gran Tierra Energy 144A 7.75% 5/23/27 # | 400,000 | 384,000 | |
| Millicom International Cellular 144A 6.25% 3/25/29 # | 420,000 | 459,367 | |
| 1,872,108 | |||
| Dominican Republic - 0.64% | |||
| AES Andres 144A 7.95% 5/11/26 # | 440,000 | 470,804 | |
| 470,804 | |||
| Ecuador - 0.69% | |||
| International Airport Finance 144A 12.00% 3/15/33 # | 470,000 | 509,245 | |
| 509,245 | |||
| Georgia - 0.57% | |||
| Bank of Georgia 144A 6.00% 7/26/23 # | 400,000 | 416,728 | |
| 416,728 | |||
| Ghana - 0.84% | |||
| Tullow Oil 144A 7.00% 3/1/25 # | 595,000 | 616,569 | |
| 616,569 | |||
| Guatemala - 0.28% | |||
| Comunicaciones Celulares via Comcel Trust 144A | |||
| 6.875% 2/6/24 # | 200,000 | 206,500 | |
| 206,500 | |||
| Hong Kong - 0.66% | |||
| CK Hutchison International 17 144A 2.875% 4/5/22 # | 475,000 | 480,451 | |
| 480,451 | |||
| India - 4.97% | |||
| Adani Ports & Special Economic Zone | |||
| 144A 3.375% 7/24/24 # | 265,000 | 268,195 | |
| 144A 4.375% 7/3/29 # | 205,000 | 214,210 | |
| Azure Power Solar Energy 144A 5.65% 12/24/24 # | 655,000 | 659,421 | |
| Bharti Airtel 144A 4.375% 6/10/25 # | 580,000 | 584,274 | |
| Greenko Solar Mauritius 144A 5.95% 7/29/26 # | 760,000 | 769,576 |
2 NQ-227 [10/19] 12/19 (1029357)
(Unaudited)
| Principal amount° | Value (US $) | ||
| Corporate BondsD(continued) | |||
| India(continued) | |||
| ICICI Bank 144A 4.00% 3/18/26 # | 460,000 | $ | 480,052 |
| Vedanta Resources Finance II 144A 9.25% 4/23/26 # | 670,000 | 674,355 | |
| 3,650,083 | |||
| Indonesia - 1.31% | |||
| Listrindo Capital 144A 4.95% 9/14/26 # | 942,000 | 958,014 | |
| 958,014 | |||
| Israel - 1.94% | |||
| Israel Chemicals 144A 6.375% 5/31/38 # | 450,000 | 543,557 | |
| Israel Electric 144A 5.00% 11/12/24 # | 400,000 | 440,800 | |
| Teva Pharmaceutical Finance Netherlands III | |||
| 6.75% 3/1/28 | 490,000 | 441,000 | |
| 1,425,357 | |||
| Kazakhstan - 1.17% | |||
| KazMunayGas National JSC 144A 6.375% 10/24/48 # | 200,000 | 252,220 | |
| KazTransGas JSC 144A 4.375% 9/26/27 # | 575,000 | 604,635 | |
| 856,855 | |||
| Kuwait - 0.65% | |||
| Equate Petrochemical 144A 3.00% 3/3/22 # | 475,000 | 476,632 | |
| 476,632 | |||
| Malaysia - 0.72% | |||
| Resorts World Las Vegas 144A 4.625% 4/16/29 # | 500,000 | 526,757 | |
| 526,757 | |||
| Mexico - 9.45% | |||
| Alpek 144A 4.25% 9/18/29 # | 655,000 | 668,264 | |
| Banco Mercantil del Norte 144A 6.75%#µy | 440,000 | 450,344 | |
| Banco Santander Mexico | |||
| 144A 4.125% 11/9/22 # | 150,000 | 156,750 | |
| 144A 5.95% 10/1/28 #µ | 205,000 | 220,785 | |
| BBVA Bancomer | |||
| 144A 5.125% 1/18/33 #µ | 460,000 | 449,903 | |
| 144A 6.75% 9/30/22 # | 314,000 | 345,777 | |
| Cydsa 144A 6.25% 10/4/27 # | 430,000 | 445,054 | |
| El Puerto de Liverpool 144A 3.95% 10/2/24 # | 695,000 | 717,136 | |
| Grupo Bimbo 144A 4.00% 9/6/49 # | 605,000 | 579,693 | |
| Grupo Cementos de Chihuahua 144A 5.25% 6/23/24 # | 500,000 | 521,255 | |
| Infraestructura Energetica Nova 144A 4.875% 1/14/48 # | 500,000 | 478,750 | |
| Minera Mexico 144A 4.50% 1/26/50 # | 960,000 | 943,872 | |
| Orbia Advance 144A 5.50% 1/15/48 # | 594,000 | 603,801 | |
| Petroleos Mexicanos 144A 7.69% 1/23/50 # | 325,000 | 355,193 | |
| 6,936,577 |
NQ-227 [10/19] 12/19 (1029357) 3
Schedule of investments
Delaware Emerging Markets Debt Fund (Unaudited)
| Principal amount° | Value (US $) | ||
| Corporate BondsD(continued) | |||
| Morocco - 0.69% | |||
| OCP | |||
| 144A 4.50% 10/22/25 # | 200,000 | $ | 212,119 |
| 144A 6.875% 4/25/44 # | 235,000 | 293,322 | |
| 505,441 | |||
| Nigeria - 0.97% | |||
| IHS Netherlands Holdco 144A 7.125% 3/18/25 # | 685,000 | 708,975 | |
| 708,975 | |||
| Panama - 3.06% | |||
| Banco General 144A 4.125% 8/7/27 # | 400,000 | 419,980 | |
| Banistmo 144A 3.65% 9/19/22 # | 639,000 | 649,384 | |
| C&W Senior Financing DAC 144A 7.50% 10/15/26 # | 400,000 | 430,500 | |
| Cable Onda 144A 4.50% 1/30/30 # | 735,000 | 746,223 | |
| 2,246,087 | |||
| Paraguay - 1.38% | |||
| Bioceanico Sovereign Certificate 144A 2.634% 6/5/34 # | 880,000 | 613,800 | |
| Rutas 2 and 7 Finance 144A 3.413% 9/30/36 # | 615,000 | 401,287 | |
| 1,015,087 | |||
| Peru - 3.00% | |||
| Banco de Credito del Peru 144A 2.70% 1/11/25 # | 505,000 | 503,106 | |
| Banco Internacional del Peru 144A 3.375% 1/18/23 # | 623,000 | 632,033 | |
| Kallpa Generacion 144A 4.125% 8/16/27 # | 600,000 | 612,720 | |
| Lima Metro Line 2 Finance 144A 4.35% 4/5/36 # | 425,000 | 452,625 | |
| 2,200,484 | |||
| Qatar - 0.74% | |||
| QNB Finance 3.50% 3/28/24 | 525,000 | 543,250 | |
| 543,250 | |||
| Republic of Korea - 2.97% | |||
| Kia Motors 144A 3.00% 4/25/23 # | 695,000 | 704,271 | |
| Kookmin Bank 144A 2.875% 3/25/23 # | 475,000 | 482,432 | |
| Shinhan Financial Group 144A 3.34% 2/5/30 #µ | 555,000 | 565,650 | |
| Woori Bank 144A 4.75% 4/30/24 # | 400,000 | 429,202 | |
| 2,181,555 | |||
| Republic of Vietnam - 1.00% | |||
| Mong Duong Finance Holdings 144A 5.125% 5/7/29 # | 720,000 | 734,937 | |
| 734,937 | |||
| Russia - 4.03% | |||
| Gazprom OAO via Gaz Capital 144A 4.95% 3/23/27 # | 675,000 | 731,462 | |
| Novolipetsk Steel via Steel Funding DAC 144A | |||
| 4.00% 9/21/24 # | 600,000 | 624,859 | |
| Phosagro OAO via Phosagro Bond Funding DAC | |||
| 144A 3.949% 4/24/23 # | 200,000 | 206,145 |
4 NQ-227 [10/19] 12/19 (1029357)
(Unaudited)
| Principal amount° | Value (US $) | ||
| Corporate BondsD(continued) | |||
| Russia(continued) | |||
| Phosagro OAO via Phosagro Bond Funding DAC | |||
| 144A 3.95% 11/3/21 # | 240,000 | $ | 245,828 |
| VEON Holdings 144A 4.00% 4/9/25 # | 1,118,000 | 1,149,930 | |
| 2,958,224 | |||
| Saudi Arabia - 2.24% | |||
| Saudi Arabian Oil | |||
| 144A 2.875% 4/16/24 # | 485,000 | 492,803 | |
| 144A 4.25% 4/16/39 # | 400,000 | 429,287 | |
| Saudi Electricity Global Sukuk 4 4.222% 1/27/24 | 680,000 | 721,018 | |
| 1,643,108 | |||
| Singapore - 0.93% | |||
| DBS Group Holdings 144A 4.52% 12/11/28 #µ | 645,000 | 685,603 | |
| 685,603 | |||
| South Africa - 1.43% | |||
| Gold Fields Orogen Holdings BVI 144A 6.125% 5/15/29 # | 540,000 | 611,550 | |
| Sasol Financing USA | |||
| 5.875% 3/27/24 | 200,000 | 215,827 | |
| 6.50% 9/27/28 | 200,000 | 223,789 | |
| 1,051,166 | |||
| Thailand - 1.42% | |||
| Bangkok Bank 144A 3.733% 9/25/34 #µ | 1,025,000 | 1,042,996 | |
| 1,042,996 | |||
| Turkey - 2.80% | |||
| Akbank T. A. S. | |||
| 144A 5.125% 3/31/25 # | 400,000 | 383,459 | |
| 144A 7.20% 3/16/27 #µ | 205,000 | 194,430 | |
| Petkim Petrokimya Holding 144A 5.875% 1/26/23 # | 400,000 | 394,837 | |
| Turk Telekomunikasyon 144A 6.875% 2/28/25 # | 600,000 | 638,298 | |
| Turkiye Garanti Bankasi 144A 6.25% 4/20/21 # | 430,000 | 442,074 | |
| 2,053,098 | |||
| Ukraine - 2.35% | |||
| Kernel Holding | |||
| 144A 6.50% 10/17/24 # | 645,000 | 649,515 | |
| 144A 8.75% 1/31/22 # | 420,000 | 445,654 | |
| MHP 144A 7.75% 5/10/24 # | 200,000 | 212,708 | |
| MHP LUX 144A 6.95% 4/3/26 # | 400,000 | 413,604 | |
| 1,721,481 |
NQ-227 [10/19] 12/19 (1029357) 5
Schedule of investments
Delaware Emerging Markets Debt Fund (Unaudited)
| Principal amount° | Value (US $) | ||
| Corporate BondsD(continued) | |||
| United Arab Emirates - 2.40% | |||
| ADES International Holding 144A 8.625% 4/24/24 # | 430,000 | $ | 443,438 |
| DAE Funding 144A 5.00% 8/1/24 # | 545,000 | 570,233 | |
| DP World Crescent 144A 3.908% 5/31/23 # | 200,000 | 207,500 | |
| Emirates NBD 3.25% 11/14/22 | 530,000 | 541,685 | |
| 1,762,856 | |||
| Total Corporate Bonds(cost $57,987,498) | 59,095,951 | ||
| Sovereign Bonds – 5.83%D | |||
| Argentina - 0.55% | |||
| Argentine Republic Government International Bond | |||
| 5.625% 1/26/22 | 938,000 | 402,411 | |
| 402,411 | |||
| Dominican Republic - 0.49% | |||
| Dominican Republic International Bond 144A | |||
| 6.00% 7/19/28 # | 325,000 | 360,347 | |
| 360,347 | |||
| Egypt - 0.58% | |||
| Egypt Government International Bond 144A | |||
| 7.60% 3/1/29 # | 400,000 | 424,116 | |
| 424,116 | |||
| El Salvador - 0.53% | |||
| El Salvador Government International Bond 144A | |||
| 7.125% 1/20/50 # | 380,000 | 386,935 | |
| 386,935 | |||
| Ghana - 0.73% | |||
| Ghana Government International Bond 144A | |||
| 7.875% 3/26/27 # | 515,000 | 536,017 | |
| 536,017 | |||
| Ivory Coast - 0.27% | |||
| Ivory Coast Government International Bond 144A | |||
| 6.125% 6/15/33 # | 200,000 | 196,840 | |
| 196,840 | |||
| Kenya - 0.62% | |||
| Kenya Government International Bond 144A | |||
| 8.00% 5/22/32 # | 430,000 | 459,180 | |
| 459,180 | |||
| Mongolia - 0.29% | |||
| Development Bank of Mongolia 144A 7.25% 10/23/23 # | 200,000 | 209,992 | |
| 209,992 | |||
| Russia - 0.29% | |||
| Russian Foreign Bond - Eurobond 144A 4.25% 6/23/27 # | 200,000 | 214,681 | |
| 214,681 | |||
6 NQ-227 [10/19] 12/19 (1029357)
(Unaudited)
| Principal amount° | Value (US $) | |||
| Sovereign BondsD(continued) | ||||
| Sri Lanka - 0.55% | ||||
| Sri Lanka Government International Bond 144A | ||||
| 7.55% 3/28/30 # | 400,000 | $ | 404,749 | |
| 404,749 | ||||
| Turkey - 0.29% | ||||
| Turkey Government International Bond 7.625% 4/26/29 | 200,000 | 215,000 | ||
| 215,000 | ||||
| Ukraine - 0.64% | ||||
| Ukraine Government International Bond 144A | ||||
| 7.75% 9/1/26 # | 435,000 | 468,490 | ||
| 468,490 | ||||
| Total Sovereign Bonds(cost $4,189,838) | 4,278,758 | |||
| Supranational Bank – 0.76% | ||||
| Banque Ouest Africaine de Developpement 144A | ||||
| 4.70% 10/22/31 # | 548,000 | 552,814 | ||
| Total Supranational Bank(cost $548,000) | 552,814 | |||
| Number of shares | ||||
| Short-Term Investments – 12.91% | ||||
| Money Market Mutual Funds - 12.91% | ||||
| BlackRock FedFund – Institutional Shares (seven-day | ||||
| effective yield 1.72%) | 1,894,832 | 1,895,083 | ||
| Fidelity Investments Money Market Government | ||||
| Portfolio – Class I (seven-day effective yield 1.72%) | 1,894,831 | 1,895,083 | ||
| GS Financial Square Government Fund – Institutional | ||||
| Shares (seven-day effective yield 1.71%) | 1,894,831 | 1,895,083 | ||
| Morgan Stanley Government Portfolio – Institutional Share | ||||
| Class (seven-day effective yield 1.72%) | 1,894,831 | 1,895,083 | ||
| State Street Institutional US Government Money Market | ||||
| Fund – Investor Class (seven-day effective yield 1.67%) | 1,894,831 | 1,894,987 | ||
| Total Short-Term Investments(cost $9,475,319) | 9,475,319 | |||
| Total Value of Securities – 100.03% | ||||
| (cost $72,200,655) | 73,402,842 | |||
| Liabilities Net of Receivables and Other Assets – (0.03%) | (20,894) | |||
| Net Assets Applicable to 8,425,233 Shares Outstanding – 100.00% | $ | 73,381,948 | ||
# Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended.
At Oct. 31, 2019, the aggregate value of Rule 144A securities was $56,527,190, which represents
77.03% of the Fund’s net assets.
NQ-227 [10/19] 12/19 (1029357) 7
Schedule of investments
Delaware Emerging Markets Debt Fund (Unaudited)
° 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 Oct. 31, 2019.
Rate will reset at a future date.
y No contractual maturity date.
• Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at
Oct. 31, 2019. For securities based on a published reference rate and spread, the reference rate and
spread are indicated in their description above. The reference rate descriptions (i.e. LIBOR03M,
LIBOR06M, etc.) used in this report are identical for different securities, but the underlying reference
rates may differ due to the timing of the reset period. Certain variable rate securities are not based on
a published reference rate and spread but are determined by the issuer or agent and are based on
current market conditions, or for mortgage-backed securities, are impacted by the individual
mortgages which are paying off over time. These securities do not indicate a reference rate and
spread in their description above.
Summary of abbreviations:
BADLARPP – Argentina Term Deposit Rate
DAC – Designated Activity Company
GS – Goldman Sachs
ICE – Intercontinental Exchange
JSC – Joint Stock Company
LIBOR – London Interbank Offered Rate
LIBOR03M – ICE LIBOR USD 3 Month
LIBOR06M – ICE LIBOR USD 6 Month
USD – US Dollar
8 NQ-227 [10/19] 12/19 (1029357)
